Redwood Trust fourth-quarter taxable loss improves, net income slips

MILL VALLEY --  Real estate investment trust Redwood Trust Inc. (NYSE: RWT) today reported its fourth-quarter estimated taxable loss was $6 million, or  per share, compared with $35 million such loss a year before and a $9 million such loss in the third quarter.

Estimated taxable losses per share were 7 cents in the fourth quarter, 44 cents at the end of 2009 and 11 cents in the third quarter.

Fourth-quarter net income was $15 million, or 18 cents per fully diluted share. That was a 62.5 percent decrease from $40 million, or 51 cents a share, a year before and a 25 percent decrease from $20 million, or 25 cents per share in the third quarter.

"As we look back, we realize we have come a long way over the past year," wrote Martin Hughes, president and chief executive officer, and Brett Nicholas, chief investment and operating officer, in the company's quarterly financial results commentary. "There is a real sense of momentum in our residential and commercial businesses, even though progress in 2010 was slower than we would have liked."

As of Dec. 31, GAAP book value was $13.63 per share, an increase of 61 cents per share from Sept. 30. Management's estimate of non-GAAP economic value was $14.31 per share, an increase of 58 cents per share from September 30, 2010.

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