Redwood Trust Reports First Quarter 2021 Financial Results MILL VALLEY, Calif. , April 28, 2021 |PRNewswire| -- Redwood Trust, Inc. (NYSE: RWT ), a leader in expanding access to housing for homebuyers and renters, today reported its financial results for the quarter ended March 31, 2021. Key Financial Results and Metrics GAAP net income was $97 million , or $0.72 per diluted common share GAAP book value per common share was $10.76 at March 31, 2021 Economic return on book value (1) of 10% Recourse leverage ratio (2) of 1.9x at March 31, 2021 Declared and paid a regular quarterly dividend of $0.16 per common share for the first quarter Operating Business Highlights Residential Lending Locked a record $4.6 billion (3) of jumbo residential loans, up 22% from the fourth quarter of 2020; loan purchase commitments were $3.5 billion (4) , up 41% from the fourth quarter of 2020 Lock mix (3) was approximately 38% purchase money loans and 62% refinancing; 95% Select loans and 5% Choice loans Loan pipeline at March 31, 2021 included $3.3 billion of loans identified for purchase, up 7% from the fourth quarter of 2020 Purchased $3.1 billion of jumbo loans and sold $1.4 billion of whole loans Completed two securitizations backed by $876 million of Select jumbo loans, in aggregate Exercised call options on three Sequoia securitizations, acquiring $19 million of jumbo loans in March and $56 million in April As of March 31, 2021 , funded $274 million of residential loan purchases through "Rapid Funding" since inception, a proprietary technology-enabled program that significantly accelerates purchase timelines for qualified originators _____________________ (1) Economic return on book value is based on the period change in GAAP book value per common share plus dividends declared per common share in the period. (2) Recourse leverage ratio is defined as recourse debt at Redwood divided by tangible stockholders' equity.