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Equity (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021.

Table 18.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component

						Three Months Ended September 30, 2022												Three Months Ended September 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						$	16,595					$	(74,383)					$	88,251					$	(78,511)
Other comprehensive (loss) income before reclassifications						(8,731)						—						(2,658)						—
Amounts reclassified from other accumulated comprehensive (income) loss						544						1,040						(6,200)						1,041
Net current-period other comprehensive (loss) income						(8,187)						1,040						(8,858)						1,041
Balance at End of Period						$	8,408					$	(73,343)					$	79,393					$	(77,470)

						Nine Months Ended September 30, 2022												Nine Months Ended September 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						(60,013)						—						19,552						—
Amounts reclassified from other accumulated comprehensive (income) loss						918						3,087						(16,495)						3,087
Net current-period other comprehensive (loss) income						(59,095)						3,087						3,057						3,087
Balance at End of Period						$	8,408					$	(73,343)					$	79,393					$	(77,470)

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 nine months ended September 30, 2022 and 2021.

Table 18.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

												Amount Reclassified From Accumulated Other Comprehensive (Loss)
						Affected Line Item in the						Three Months Ended September 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						$	544					$	—
Gain on sale of AFS securities						Realized gains, net						—						(6,200)
												$	544					$	(6,200)
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	1,040					$	1,041
												$	1,040					$	1,041

												Amount Reclassified From Accumulated Other Comprehensive (Loss)
						Affected Line Item in the						Nine Months Ended September 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						$	2,315					$	(388)
Gain on sale of AFS securities						Realized gains, net						(1,397)						(16,107)
												$	918					$	(16,495)
Net Realized Loss on Interest Rate   Agreements Designated as Cash Flow Hedges
Amortization of deferred loss						Interest expense						$	3,087					$	3,087
												$	3,087					$	3,087

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 nine months ended September 30, 2022 and 2021.

Table 18.3 – Basic and Diluted Earnings per Common Share

						Three Months Ended September 30,												Nine Months Ended September 30,
(In Thousands, except Share Data)						2022						2021						2022						2021
Basic Earnings per Common Share:
Net (loss) income attributable to Redwood						$	(50,411)					$	88,286					$	(119,462)					$	275,568
Less: Dividends and undistributed earnings allocated to participating securities						(1,158)						(2,984)						(3,445)						(8,979)
Net (loss) income allocated to common shareholders						$	(51,569)					$	85,302					$	(122,907)					$	266,589
Basic weighted average common shares outstanding						116,087,890						112,995,847						118,530,172						112,754,691
Basic (Loss) Earnings per Common Share						$	(0.44)					$	0.75					$	(1.04)					$	2.36
Diluted Earnings per Common Share:
Net (loss) income attributable to Redwood						$	(50,411)					$	88,286					$	(119,462)					$	275,568
Less: Dividends and undistributed earnings allocated to participating securities						(1,158)						(2,747)						(3,445)						(8,151)
Add back: Interest expense on convertible notes for the period, net of tax						—						6,870						—						20,585
Net (loss) income allocated to common shareholders						$	(51,569)					$	92,409					$	(122,907)					$	288,002
Weighted average common shares outstanding						116,087,890						112,995,847						118,530,172						112,754,691
Net effect of dilutive equity awards						—						292,749						—						253,819
Net effect of assumed convertible notes conversion to common shares						—						28,566,875						—						28,566,875
Diluted weighted average common shares outstanding						116,087,890						141,855,471						118,530,172						141,575,385
Diluted (Loss) Earnings per Common Share						$	(0.44)					$	0.65					$	(1.04)					$	2.03

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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
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
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-Section 45
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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
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