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Yahoo
5 minutes ago
- Yahoo
State of Freight for August: Market outlook remains murky
FreightWaves' State of Freight webinar painted a picture of an industry stuck in neutral as summer draws to a close. Founder and CEO Craig Fuller and Head of Freight Market Intelligence Zach Strickland described a market plagued by soft demand, economic uncertainty, and stubborn structural challenges. Here are five key takeaways: Freight demand remains historically weak Strickland noted that national truckload volumes are down 14% to 15% year-over-year, with demand even lower than 2019. 'A lot of the people I talked to in the shipping community, they're still dealing with some levels of uncertainty, not just from their procurement strategies for the raw inputs and things in the goods economy, but also from their consumers in the downstream, because there's still some level of, 'We don't know where this economy is going,'' Strickland said. Despite seasonal catalysts like back-to-school and hurricane season, volumes show little sign of rebound. 'It has not been the freight market that we hoped for. That's the freight market we've got,' Fuller said. Consumer spending shifts are reshaping freight flows Retailers with strong grocery and staples sales are holding up, while discretionary goods are faltering, Fuller said. 'If you're in a big-box retailer with groceries, you're probably doing okay. But when you get into discretionary spending items, that's where the challenge is,' Fuller said. 'Restaurant failures and weak housing turnover are adding more pressure.' Housing and autos remain critical weak spots Both sectors, which drive a large share of freight, continue to struggle. Fuller estimated that as much as 20% of trucking freight is tied to housing. Without a housing recovery, 'it's hard to believe that a freight market would come back,' he said. Automakers are also showing signs of stress, particularly in the electric vehicle segment. 'One of the core theses of the Biden administration was that electric vehicles should replace internal combustion engines. And a lot of Biden's infrastructure bill — the core thesis of that was decarbonization and electrification of the auto and power sector. That is no longer a core. It is obvious that that has changed,' Fuller said. 'The Trump administration is far more focused on moving back towards a multi-platform energy process.' Carrier capacity is shrinking, but not enough to spark a recovery Tender rejection rates are higher than 2019, not because of rising freight volumes, but due to carriers exiting the market. 'The outbound tender rejection index is actually up year over year. And it's significantly higher than it was in 2019, where we were covering right under 4% at this point in 2019,' Strickland said. Strickland said more carriers exiting the market through closures and bankruptcies has helped increase tender rejection rates across the country. 'We're going to continue to see bankruptcies,' Strickland said, pointing to the recent Carroll Fulmer collapse. Fuller added that the industry is in a 'range-bound' cycle where volumes and rates remain stuck. Uncertainty dominates business decisions Executives across sectors are pulling back on investment, delaying hiring, and prioritizing cost-cutting. 'It's the uncertainty element. And hiring people — when you don't know where things are headed, your natural inclination is to do nothing,' Fuller said. 'Once you resolve that things might get worse, you then resolve yourself to actually shrink, whether we're talking human capital or investments. That's what I think businesses have been doing for the last couple of quarters. That's why earnings look so great, because they're generating a lot of revenue and yet their costs are being turned out. What they're actually doing is they are sacrificing growth in the future by cutting back.' The post State of Freight for August: Market outlook remains murky appeared first on FreightWaves.
Yahoo
5 minutes ago
- Yahoo
Redwood Trust Launches Reopening of $50 Million of 7.75% Convertible Senior Notes Due 2027
MILL VALLEY, Calif., August 21, 2025--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; "Redwood" or the "Company") today announced that it plans to offer, subject to market and other conditions, $50 million aggregate principal amount of its 7.75% convertible senior notes due 2027 (the "Notes") in a direct placement registered under the Securities Act of 1933, as amended. The Notes will be issued as a reopening of, and will be part of the same series as, the 7.75% convertible senior notes due 2027 that the Company originally issued in June 2022 (the "Initial Notes") and the 7.75% convertible senior notes due 2027 that the Company issued in October 2024 (the "Initial Additional Notes" and, together with the Initial Notes, the "Existing Notes"). Currently, $247,170,000 aggregate principal amount of Existing Notes are outstanding. Redwood intends to use the net proceeds from this offering for general corporate purposes, which may include (i) funding of Redwood's operating business and investment activity, which may include funding its residential and business purpose lending mortgage banking businesses, acquiring mortgage-backed securities for its investment portfolio, and funding strategic acquisitions and investments and/or (ii) the repayment of existing indebtedness, which may include the repurchase or repayment of a portion of the 5.75% exchangeable senior notes due 2025 issued by one of Redwood's subsidiaries. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Redwood Trust Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. In addition, through RWT Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating platforms. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. CAUTIONARY STATEMENT: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as statements related to the placement of Notes and the expected use of the net proceeds. Forward-looking statements involve numerous risks and uncertainties. Redwood's actual results may differ materially from those projected, and Redwood cautions investors not to place undue reliance on the forward-looking statements contained in this release. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan," and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in Redwood's filings with the Securities and Exchange Commission. Redwood undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. View source version on Contacts Kaitlyn MauritzHead of Investor RelationsPhone: (866) 269-4976Email: investorrelations@
The Drive
6 minutes ago
- The Drive
New Jeep Cherokee Will Still Be Capable Off-Road, CEO Says
The latest car news, reviews, and features. After a multi-year hiatus, the Jeep Cherokee is officially back! And while the 2026 model will be a mid-sizer like the car it replaced, it will hit the showrooms of a very different Jeep brand operating in a challenging and unpredictable environment. Over at Stellantis, we hear they call that 'Tuesday.' But the market has changed considerably since we last saw a Cherokee. This time, it won't be going it alone against a sea of cute 'utes and dated competition. Toyota has a new Land Cruiser and a new 4Runner, Subaru and Honda have both gotten more serious about the off-road capabilities of their midsize two-rows, and Nissan says it will find a way to bring back the Xterra. Plus, being an SUV brand just isn't special anymore. It's 2025. They're all SUV brands. If you take a look at a Jeep showroom, you'll find a bunch of people window shopping for Wranglers and Gladiators, but driving off the lot in Grand Cherokees and Compasses. Where Stellantis hasn't spent the last several years pricing itself out of many mainstream markets, it has been forced to axe highly profitable, long-running products. The reasonably priced, midsize Cherokee will give Jeep dealers a third relief valve for buyers whose wallets force them to be more sensible than their hearts would otherwise allow. But just because Jeep needs volume doesn't mean its volume models necessarily have to be boring. Jeep CEO Bob Broderdorf was eager to reassure us that despite that giant elephant in the room, the new Cherokee will indeed lean into the company's 4×4 heritage. When asked about its future aspirations, Broderdorf assured us that not only will a Trailhawk happen eventually, but even the most basic Cherokee models will have the fundamental mechanical components needed to go off-road. 'It's a Jeep,' Broderdorf said, with confident emphasis. And while Cherokee arrives on the same new chassis as the company's other midsize cars and SUVs, this is not going to be a primary outlet for the company's electrification push, nor should we expect to see any of Jeep's longitudinal powertrains in the midsize Cherokee. The four-cylinder hybrid is an east-west setup with a traditional mechanical transaxle and prop shaft going to the rear. In other words, no, that thang ain't got a Hemi, nor should you expect one. The only question Broderdorf wasn't able to answer is 'When?' Got a tip? Let us know at tips@
