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Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Changes to Accumulated Other Comprehensive Income by Component

The following table provides a summary of changes to accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021.

Table 17.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component

						Three Months Ended June 30, 2022												Three Months Ended June 30, 2021
(In Thousands)						Available-for-Sale Securities						Interest Rate Agreements Accounted for as Cash Flow Hedges						Available-for-Sale Securities						Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period						$	48,938					$	(75,412)					$	84,527					$	(79,539)
Other comprehensive (loss) income before reclassifications						(33,409)						—						11,224						—
Amounts reclassified from other accumulated comprehensive (income) loss						1,066						1,029						(7,500)						1,028
Net current-period other comprehensive (loss) income						(32,343)						1,029						3,724						1,028
Balance at End of Period						$	16,595					$	(74,383)					$	88,251					$	(78,511)

						Six Months Ended June 30, 2022												Six Months Ended June 30, 2021
(In Thousands)						Available-for-Sale Securities						Interest Rate Agreements Accounted for as Cash Flow Hedges						Available-for-Sale Securities						Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period						$	67,503					$	(76,430)					$	76,336					$	(80,557)
Other comprehensive (loss) income before reclassifications						(51,282)						—						22,210						—
Amounts reclassified from other accumulated comprehensive (income) loss						374						2,047						(10,295)						2,046
Net current-period other comprehensive (loss) income						(50,908)						2,047						11,915						2,046
Balance at End of Period						$	16,595					$	(74,383)					$	88,251					$	(78,511)

Reclassifications out of Accumulated Other Comprehensive Income

The following table provides a summary of reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021.

Table 17.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

												Amount Reclassified From Accumulated Other Comprehensive (Loss)
						Affected Line Item in the						Three Months Ended June 30,
(In Thousands)						Income Statement						2022						2021
Net Realized (Gain) Loss on AFS Securities
Increase (decrease) in allowance for credit losses on AFS securities						Investment fair value changes, net						$	1,066					$	(13)
Gain on sale of AFS securities						Realized gains, net						—						(7,487)
												$	1,066					$	(7,500)
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	1,029					$	1,028
												$	1,029					$	1,028

												Amount Reclassified From Accumulated Other Comprehensive (Loss)
						Affected Line Item in the						Six Months Ended June 30,
(In Thousands)						Income Statement						2022						2021
Net Realized (Gain) Loss on AFS Securities
Increase (decrease) in allowance for credit losses on AFS securities						Investment fair value changes, net						$	1,771					$	(388)
Gain on sale of AFS securities						Realized gains, net						(1,397)						(9,907)
												$	374					$	(10,295)
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	2,047					$	2,046
												$	2,047					$	2,046

Basic and Diluted Earnings Per Common Share

The following table provides the basic and diluted (loss) earnings per common share computations for the three and six months ended June 30, 2022 and 2021.

Table 17.3 – Basic and Diluted Earnings per Common Share

						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands, except Share Data)						2022						2021						2022						2021
Basic Earnings per Common Share:
Net (loss) income attributable to Redwood						$	(99,966)					$	90,025					$	(69,051)					$	187,282
Less: Dividends and undistributed earnings allocated to participating securities						(1,159)						(3,149)						(2,286)						(6,458)
Net (loss) income allocated to common shareholders						$	(101,125)					$	86,876					$	(71,337)					$	180,824
Basic weighted average common shares outstanding						119,660,173						112,921,070						119,771,554						112,337,984
Basic (Loss) Earnings per Common Share						$	(0.85)					$	0.77					$	(0.60)					$	1.61
Diluted Earnings per Common Share:
Net (loss) income attributable to Redwood						$	(99,966)					$	90,025					$	(69,051)					$	187,282
Less: Dividends and undistributed earnings allocated to participating securities						(1,159)						(2,869)						(2,286)						(5,829)
Add back: Interest expense on convertible notes for the period, net of tax						—						6,990						—						13,971
Net (loss) income allocated to common shareholders						$	(101,125)					$	94,146					$	(71,337)					$	195,424
Weighted average common shares outstanding						119,660,173						112,921,070						119,771,554						112,337,984
Net effect of dilutive equity awards						—						273,139						—						234,353
Net effect of assumed convertible notes conversion to common shares						—						28,566,875						—						28,566,875
Diluted weighted average common shares outstanding						119,660,173						141,761,084						119,771,554						141,139,212
Diluted (Loss) Earnings per Common Share						$	(0.85)					$	0.66					$	(0.60)					$	1.38

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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