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Redwood Trust Inc | Series A Reset Rate Cumulative Redeemable Preferred Stock (RWT.PRA)
Prospectus excerpt: We are offering 2,600,000 shares of our 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the “Series A Preferred Stock”. We will pay quarterly cumulative cash dividends on the Series A Preferred Stock based on the stated liquidation preference of $25.00 per share, in arrears, when authorized by our board of directors and declared by us, on the 15th day of each April, July, October and January, beginning on April 15, 2023 (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date (as defined herein) may be paid on the next succeeding business day) (i) from, and including, the date of original issuance to, but excluding, April 15, 2028, at a fixed rate equal to 10% (equivalent to $2.50 per annum per share of Series A Preferred Stock), and (ii) from and including April 15, 2028, during each reset period (as defined herein), at a rate per annum equal to the five-year U.S. Treasury Rate (as defined herein) as of the most recent reset dividend determination date (as described elsewhere in this prospectus supplement) plus a spread of 6.278% per annum. The Series A Preferred Stock will be senior to our common stock with respect to dividend rights and rights upon our liquidation, dissolution or winding up. Full Prospectus PDF », Secondary Prospectus PDF », RWT Page »
Series: | A | Alternate symbology: | RWT-A, RWT-PA, RWTprA | Redeemable?: | Yes | Call Date: | 4/15/2028 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 2,600,000 | Overallotment: | 390,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $24.50 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-0.50 (-2.00%) | Annualized Dividend: | 2.5 | Recent Ex-Date: | 3/28/2024 | Current Yield: | 10.20% | Original Coupon: | 10.00% until 4/15/2028, then it will be equal to the sum of the Five-Year U.S. Treasury Rate on the applicable fixed rate calculation date plus 6.278%, resetting every 5 years thereafter on applicable fixed rate calculation date | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
Learn RWT.PRA's Rating
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Redwood Trust is a real estate investment trust. Co. is a finance company focused on several main areas of housing credit. Co. operates its business in three segments: Residential Lending, which consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer into Co.'s investment portfolio; Business Purpose Lending, which consists of a platform that originates and acquires business purpose loans for subsequent securitization or transfer into Co.'s investment portfolio; and Third-Party Investments, which consists of investments sourced through its residential and business purpose mortgage banking operations. Preferred: RWT.PRA Open the RWT Information Page »
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Name: |
Redwood Trust Inc |
Website: |
www.redwoodtrust.com |
Sector: |
REITs |
Number of ETFs Holding RWT: |
42 (see which ones) |
Total Market Value Held by ETFs: |
$207,739,700.3 |
Total Market Capitalization: |
$749,000,000 |
% of Market Cap. Held by ETFs: |
27.74% |
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