10-Q Filing

REDWOOD ENHANCED INCOME CORP. CIK: 1870267 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-009841`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	tmb-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 47 Cash Flow Statement 61

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Cost	`InvestmentOwnedAtCost`	$325.86M	USD	Point-in-time
Cost	`InvestmentOwnedAtCost`	$286.76M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Non-controlled/non-affiliated investments, at fair value (1)	`InvestmentOwnedAtFairValue`	$272.73M	USD	Point-in-time
Non-controlled/non-affiliated investments, at fair value (1)	`InvestmentOwnedAtFairValue`	$311.62M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.78M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.22M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.22M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$820.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.78M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$757.00K	USD	Point-in-time
Derivatives, at fair value	`DerivativeAssets`	$375.00K	USD	Point-in-time
Derivatives, at fair value	`DerivativeAssets`	$201.00K	USD	Point-in-time
Receivables for securities sold	`ReceivableInvestmentSale`	$10.91M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$5.99M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.59M	USD	Point-in-time
Deferred debt issuance costs	`DeferredOfferingCosts`	$1.86M	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`	$332.95M	USD	Point-in-time
Total assets	`Assets`	$282.40M	USD	Point-in-time
Debt	`LongTermDebt`	$121.74M	USD	Point-in-time
Debt	`LongTermDebt`	$151.09M	USD	Point-in-time
Incentive fees payable	`IncentiveFeePayable`	$362.00K	USD	Point-in-time
Interest and other debt related payables	`InterestAndOtherDebtRelatedPayables`	$163.00K	USD	Point-in-time
Interest and other debt related payables	`InterestAndOtherDebtRelatedPayables`	$309.00K	USD	Point-in-time
Distributions payable	`DistributionPayable`	$4.86M	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
Management fees payable	`ManagementFeePayable`	$726.00K	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$532.00K	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
Total liabilities	`Liabilities`	$157.73M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net assets	`AssetsNet`	$137.81M	USD	Point-in-time
Net assets	`AssetsNet`	$175.22M	USD	Point-in-time
Common stock, $0.001 par value (1,000,000,000 shares authorized, 12,781,489 and 10,224,654 shares issued and outstanding, respectively)	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.001 par value (1,000,000,000 shares authorized, 12,781,489 and 10,224,654 shares issued and outstanding, respectively)	`CommonStockValue`	$13.00K	USD	Point-in-time
Paid-in capital in excess of par	`AdditionalPaidInCapital`	$151.39M	USD	Point-in-time
Paid-in capital in excess of par	`AdditionalPaidInCapital`	$187.24M	USD	Point-in-time
Distributable earnings (deficit)	`InvestmentCompanyDistributableEarnings`	$-13.60M	USD	Point-in-time
Distributable earnings (deficit)	`InvestmentCompanyDistributableEarnings`	$-12.04M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$50.00K	USD	Point-in-time
Total net assets	`StockholdersEquity`	$175.22M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$137.81M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$-62.00K	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$332.95M	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
Shares outstanding	`SharesOutstanding`	12.78M	shares	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$13.71	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$13.48	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Interest income, excluding payment-in-kind ("PIK")	`InterestIncomeOperatingPaidInCash`	$9.32M	USD	1 Quarter
PIK income	`InterestIncomeOperatingPaidInKind`	$223.00K	USD	1 Quarter
Other income	`OtherIncome`	$32.00K	USD	1 Quarter
Total investment income	`GrossInvestmentIncomeOperating`	$9.58M	USD	1 Quarter
Interest and other debt expenses	`InterestAndDebtExpense`	$2.92M	USD	1 Quarter
Organization expenses	`OrganizationExpenses`	$660.00K	USD	Point-in-time
Management fees	`ManagementFeeExpense`	$594.00K	USD	1 Quarter
Administrative expenses	`AdministrativeFeesExpense`	$44.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$47.00K	USD	Point-in-time
Professional fees	`ProfessionalFees`	$77.00K	USD	1 Quarter
Directors' fees	`DirectorsFeeExpense`	$56.00K	USD	Point-in-time
Directors' fees	`DirectorsFeeExpense`	$56.00K	USD	1 Quarter
Custody and transfer agent fees	`NoninterestExpenseTransferAgentAndCustodianFees`	$20.00K	USD	1 Quarter
Incentive fees	`IncentiveFeeExpense`	$362.00K	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$91.00K	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$9.00K	USD	Point-in-time
Total operating expenses, before expense reimbursement and waiver	`InvestmentIncomeInvestmentExpense`	$4.17M	USD	1 Quarter
Total operating expenses, before expense reimbursement and waiver	`InvestmentIncomeInvestmentExpense`	$772.00K	USD	Point-in-time
Expense reimbursement	`InvestmentCompanyExpenseReimbursement`	$66.00K	USD	1 Quarter
Organization expenses waiver	`InvestmentCompanyOrganizationExpensesWaived`	$660.00K	USD	Point-in-time
Total operating expenses, net of expense reimbursement and waiver	`InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement`	$112.00K	USD	Point-in-time
Total operating expenses, net of expense reimbursement and waiver	`InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement`	$4.10M	USD	1 Quarter
Net investment income (loss)	`NetInvestmentIncome`	$-112.00K	USD	Point-in-time
Net investment income (loss)	`NetInvestmentIncome`	$5.48M	USD	1 Quarter
Net realized and unrealized gain (loss) on derivatives	`UnrealizedGainLossOnDerivatives`	$-111.00K	USD	1 Quarter
Foreign currency debt	`ForeignCurrencyTransactionGainLossRealizedExcludingInvestmentPriceChangeAfterTax`	-	USD	Point-in-time
Foreign currency debt	`ForeignCurrencyTransactionGainLossRealizedExcludingInvestmentPriceChangeAfterTax`	$91.00K	USD	1 Quarter
Net realized gain (loss)	`RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionAndOtherAfterTax`	$1.42M	USD	1 Quarter
Foreign currency investments	`UnrealizedGainLossForeignCurrencyInvestmentAfterTax`	$-105.00K	USD	1 Quarter
Foreign currency investments	`UnrealizedGainLossForeignCurrencyInvestmentAfterTax`	-	USD	Point-in-time
Foreign currency debt	`ForeignCurrencyTransactionGainLossUnrealizedExcludingInvestmentPriceChangeAfterTax`	$-164.00K	USD	1 Quarter
Net change in net unrealized appreciation (depreciation)	`UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingAfterTax`	$-372.00K	USD	1 Quarter
Net realized and unrealized gain (loss)	`RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingAfterTax`	$937.00K	USD	1 Quarter
Net increase (decrease) in net assets from operations	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net increase (decrease) in net assets from operations	`NetIncomeLoss`	$-112.00K	USD	Point-in-time
Net investment income (loss) per share, Basic	`NetInvestmentIncomePerShareBasic`	$-0.03	USD	Point-in-time
Net investment income (loss) per share, Basic	`NetInvestmentIncomePerShareBasic`	$0.47	USD	1 Quarter
Net investment income (loss) per share, Diluted	`NetInvestmentIncomePerShareDiluted`	$-0.03	USD	Point-in-time
Net investment income (loss) per share, Diluted	`NetInvestmentIncomePerShareDiluted`	$0.47	USD	1 Quarter
Earnings (loss) per share, Basic	`EarningsPerShareBasic`	$-0.03	USD	Point-in-time
Earnings (loss) per share, Basic	`EarningsPerShareBasic`	$0.55	USD	1 Quarter
Earnings (loss) per share, Diluted	`EarningsPerShareDiluted`	$0.55	USD	1 Quarter
Earnings (loss) per share, Diluted	`EarningsPerShareDiluted`	$-0.03	USD	Point-in-time
Weighted average shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3,333.00	shares	Point-in-time
Weighted average shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.60M	shares	1 Quarter
Weighted average shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3,333.00	shares	Point-in-time
Weighted average shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.60M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$-112.00K	USD	Point-in-time
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$6.42M	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfInvestmentOperatingActivity`	-	USD	Point-in-time
Purchases of investments	`PaymentsForPurchaseOfInvestmentOperatingActivity`	$54.92M	USD	1 Quarter
Proceeds from disposition of investments	`ProceedsFromDispositionOfInvestmentOperatingActivity`	-	USD	Point-in-time
Proceeds from disposition of investments	`ProceedsFromDispositionOfInvestmentOperatingActivity`	$18.45M	USD	1 Quarter
Net realized (gain) loss on foreign currency debt	`ForeignCurrencyTransactionGainLossRealizedExcludingInvestmentPriceChangeAfterTax`	-	USD	Point-in-time
Net realized (gain) loss on foreign currency debt	`ForeignCurrencyTransactionGainLossRealizedExcludingInvestmentPriceChangeAfterTax`	$91.00K	USD	1 Quarter
Change in net unrealized (appreciation)/depreciation of foreign currency investments	`UnrealizedGainLossForeignCurrencyInvestmentAfterTax`	$-105.00K	USD	1 Quarter
Change in net unrealized (appreciation)/depreciation of foreign currency investments	`UnrealizedGainLossForeignCurrencyInvestmentAfterTax`	-	USD	Point-in-time
Change in net unrealized (appreciation)/depreciation of foreign currency debt	`ForeignCurrencyTransactionGainLossUnrealizedExcludingInvestmentPriceChangeAfterTax`	$-164.00K	USD	1 Quarter
Net amortization of investment discounts and premiums	`AmortizationOfDebtDiscountPremium`	-	USD	Point-in-time
Net amortization of investment discounts and premiums	`AmortizationOfDebtDiscountPremium`	$-1.08M	USD	1 Quarter
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	Point-in-time
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$228.00K	USD	1 Quarter
Interest paid in kind	`InterestAndDividendIncomeOperatingPaidInKind`	-	USD	Point-in-time
Interest paid in kind	`InterestAndDividendIncomeOperatingPaidInKind`	$223.00K	USD	1 Quarter
Decrease (increase) in derivatives, at fair value	`IncreaseDecreaseInDerivativeAssets`	-	USD	Point-in-time
Decrease (increase) in derivatives, at fair value	`IncreaseDecreaseInDerivativeAssets`	$-174.00K	USD	1 Quarter
Decrease (increase) in receivable for investments sold	`IncreaseDecreaseInReceivableForInvestmentSold`	-	USD	Point-in-time
Decrease (increase) in receivable for investments sold	`IncreaseDecreaseInReceivableForInvestmentSold`	$10.91M	USD	1 Quarter
Decrease (increase) in interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$2.40M	USD	1 Quarter
Decrease (increase) in interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	Point-in-time
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-317.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	Point-in-time
Increase (decrease) in incentive fees payable	`IncreaseDecreaseInIncentiveFeePayable`	-	USD	Point-in-time
Increase (decrease) in incentive fees payable	`IncreaseDecreaseInIncentiveFeePayable`	$362.00K	USD	1 Quarter
Increase (decrease) in interest and other debt related payables	`IncreaseDecreaseInInterestPayableNet`	-	USD	Point-in-time
Increase (decrease) in interest and other debt related payables	`IncreaseDecreaseInInterestPayableNet`	$-146.00K	USD	1 Quarter
Increase (decrease) in payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentPurchased`	-	USD	Point-in-time
Increase (decrease) in payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentPurchased`	$-15.47M	USD	1 Quarter
Increase (decrease) in management fees payable	`IncreaseDecreaseInManagementFeePayable`	-	USD	Point-in-time
Increase (decrease) in management fees payable	`IncreaseDecreaseInManagementFeePayable`	$215.00K	USD	1 Quarter
Increase (decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$112.00K	USD	Point-in-time
Increase (decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$57.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	-	USD	Point-in-time
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-59.97M	USD	1 Quarter
Proceeds from shares of common stock sold	`ProceedsFromIssuanceOfCommonStock`	-	USD	Point-in-time
Proceeds from shares of common stock sold	`ProceedsFromIssuanceOfCommonStock`	$35.85M	USD	1 Quarter
Debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$69.98M	USD	1 Quarter
Debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Point-in-time
Debt repayments	`RepaymentsOfLongTermDebt`	$40.70M	USD	1 Quarter
Debt repayments	`RepaymentsOfLongTermDebt`	-	USD	Point-in-time
Distribution paid	`PaymentsOfDividends`	$6.09M	USD	1 Quarter
Distribution paid	`PaymentsOfDividends`	-	USD	Point-in-time
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$59.04M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Point-in-time
Net increase (decrease) in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	Point-in-time
Net increase (decrease) in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-932.00K	USD	1 Quarter
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.29M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.00K	USD	Point-in-time
Cash and cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.29M	USD	Point-in-time
Interest and other debt expenses paid	`InterestPaidNet`	$2.53M	USD	1 Quarter
Interest and other debt expenses paid	`InterestPaidNet`	-	USD	Point-in-time
Reinvestment of stockholder distributions	`ReinvestmentOfStockholderDistributions`	$1.09M	USD	1 Quarter
Reinvestment of stockholder distributions	`ReinvestmentOfStockholderDistributions`	-	USD	Point-in-time

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