10-K Filing

REDWOOD ENHANCED INCOME CORP. CIK: 1870267 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001558370-23-004108`
Period End Date	20221231
Filing Date	20230317
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	tmb-20221231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 31 Income Statement 27 Cash Flow Statement 31

Balance Sheet 31 line items

Line Item	Tag	Value	Unit	Period
Cost	`InvestmentOwnedAtCost`	$286.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Non-controlled, non-affiliated investments (cost of $286,760)	`InvestmentOwnedAtFairValue`	$272.73M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.22M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$757.00K	USD	Point-in-time
Derivatives, at fair value	`DerivativeAssets`	$375.00K	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.59M	USD	Point-in-time
Deferred debt issuance costs	`DeferredOfferingCosts`	$2.09M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$317.00K	USD	Point-in-time
Total assets	`Assets`	$282.40M	USD	Point-in-time
Debt	`LongTermDebt`	$121.74M	USD	Point-in-time
Interest and other debt related payables	`InterestAndOtherDebtRelatedPayables`	$309.00K	USD	Point-in-time
Distributions payable	`DistributionPayable`	$6.09M	USD	Point-in-time
Payable for investments purchased	`PayableInvestmentPurchase`	$15.47M	USD	Point-in-time
Management fees payable	`ManagementFeePayable`	$511.00K	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$475.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$144.59M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net assets	`AssetsNet`	$137.81M	USD	Point-in-time
Common stock, $0.001 par value 1,000,000,000 shares authorized, 10,224,654 shares issued and outstanding, respectively.	`CommonStockValue`	$10.00K	USD	Point-in-time
Paid-in capital in excess of par	`AdditionalPaidInCapital`	$151.39M	USD	Point-in-time
Distributable earnings (deficit)	`InvestmentCompanyDistributableEarnings`	$-13.60M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$137.81M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$50.00K	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$282.40M	USD	Point-in-time
Shares outstanding	`SharesOutstanding`	10.22M	shares	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$15.00	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$13.48	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Interest income, excluding payment-in-kind ("PIK")	`InterestIncomeOperatingPaidInCash`	$14.71M	USD	3 Qtrs
PIK income	`InterestIncomeOperatingPaidInKind`	$321.00K	USD	3 Qtrs
Other income	`OtherIncome`	$92.00K	USD	3 Qtrs
Total investment income	`GrossInvestmentIncomeOperating`	$15.12M	USD	3 Qtrs
Interest and other debt expenses	`InterestAndDebtExpense`	$3.71M	USD	3 Qtrs
Organization expenses	`OrganizationExpenses`	$671.00K	USD	3 Qtrs
Management fees	`ManagementFeeExpense`	$1.14M	USD	3 Qtrs
Administrative expenses	`AdministrativeFeesExpense`	$127.00K	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$508.00K	USD	3 Qtrs
Directors' fees	`DirectorsFeeExpense`	$225.00K	USD	3 Qtrs
Custody and transfer agent fees	`NoninterestExpenseTransferAgentAndCustodianFees`	$60.00K	USD	3 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$217.00K	USD	3 Qtrs
Total operating expenses, before expense reimbursement and waiver	`InvestmentIncomeInvestmentExpense`	$6.66M	USD	3 Qtrs
Expense reimbursement	`InvestmentCompanyExpenseReimbursement`	$313.00K	USD	3 Qtrs
Organization expenses waived	`InvestmentCompanyOrganizationExpensesWaived`	$671.00K	USD	3 Qtrs
Total operating expenses, net of expense reimbursement and waiver	`InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement`	$5.67M	USD	3 Qtrs
Net investment income	`NetInvestmentIncome`	$9.45M	USD	3 Qtrs
Net realized and unrealized gain (loss) on derivatives:	`UnrealizedGainLossOnDerivatives`	$384.00K	USD	3 Qtrs
Net realized gain (loss)	`RealizedInvestmentGainsLosses`	$335.00K	USD	3 Qtrs
Net change in net unrealized appreciation (depreciation)	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$-14.65M	USD	3 Qtrs
Net increase (decrease) in net assets from operations	`NetIncomeLoss`	$-4.36M	USD	3 Qtrs
Net investment income per share, Basic	`NetInvestmentIncomePerShareBasic`	$1.31	USD	3 Qtrs
Net investment income per share, Diluted	`NetInvestmentIncomePerShareDiluted`	$1.31	USD	3 Qtrs
Earnings Per Share, Basic	`EarningsPerShareBasic`	$-0.60	USD	3 Qtrs
Earnings Per Share, Diluted	`EarningsPerShareDiluted`	$-0.60	USD	3 Qtrs
Weighted average shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.23M	shares	3 Qtrs
Weighted average shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.23M	shares	3 Qtrs

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$-4.36M	USD	3 Qtrs
Purchases of investments	`PaymentsForPurchaseOfInvestmentOperatingActivity`	$314.04M	USD	3 Qtrs
Proceeds from disposition of investments	`ProceedsFromDispositionOfInvestmentOperatingActivity`	$29.67M	USD	3 Qtrs
Net realized (gain) loss on investments	`RealizedInvestmentGainsLosses`	$335.00K	USD	3 Qtrs
Change in net unrealized (appreciation)/depreciation of investments	`DebtAndEquitySecuritiesUnrealizedGainLoss`	$-14.65M	USD	3 Qtrs
Change in net unrealized (appreciation)/depreciation of foreign currency transactions	`ForeignCurrencyTransactionGainLossUnrealized`	$624.00K	USD	3 Qtrs
Net amortization of investment discounts and premiums	`AmortizationOfDebtDiscountPremium`	$-1.76M	USD	3 Qtrs
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$2.09M	USD	3 Qtrs
Interest and dividend income paid in kind	`InterestAndDividendIncomeOperatingPaidInKind`	$296.00K	USD	3 Qtrs
Decrease (increase) in interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$3.59M	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$317.00K	USD	3 Qtrs
Decrease (increase) in derivatives, at fair value	`IncreaseDecreaseInDerivativeAssets`	$375.00K	USD	3 Qtrs
Increase (decrease) in interest and other debt related payables	`IncreaseDecreaseInInterestPayableNet`	$309.00K	USD	3 Qtrs
Increase (decrease) in management fees payable	`IncreaseDecreaseInManagementFeePayable`	$511.00K	USD	3 Qtrs
Increase (decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$475.00K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-262.52M	USD	3 Qtrs
Proceeds from shares of common stock sold	`ProceedsFromIssuanceOfCommonStock`	$151.36M	USD	3 Qtrs
Debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$253.39M	USD	3 Qtrs
Debt repayments	`RepaymentsOfLongTermDebt`	$131.65M	USD	3 Qtrs
Distribution paid	`PaymentsOfDividends`	$3.16M	USD	3 Qtrs
Deferred debt issuance costs paid	`PaymentsOfDebtIssuanceCosts`	$4.18M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$265.76M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents (including restricted cash)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.24M	USD	3 Qtrs
Cash and cash equivalents (including restricted cash) at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents (including restricted cash) at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.29M	USD	Point-in-time
Cash and cash equivalents (including restricted cash) at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents (including restricted cash) at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.29M	USD	Point-in-time
Interest and other debt expenses paid	`InterestPaidNet`	$2.82M	USD	3 Qtrs
Upfront fees paid	`UpfrontFeesPaid`	$1.35M	USD	3 Qtrs
Other financing fees paid	`OtherFinancingFees`	$600.00K	USD	3 Qtrs
Reinvestment of stockholder distributions	`ReinvestmentOfStockholderDistributions`	$1.51M	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.