In short: "The one we were adding to most recently was the RWTS — the Redwood S is about a 10% yield." The income leg of the mortgage-REIT basket, still the most recent add ahead of the commons.
This is the safer, income-only way to own Redwood. A "baby bond" is a bond chopped into $25 pieces so it trades on the stock exchange like a share — you're a lender, not an owner, so you get paid before shareholders do. It yields about 10%, and it was the most recent thing he added in this part of the book. Same company, lower risk, fixed payout.
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In short: The income add — a new end-May Redwood baby bond yielding ~9.8% at ~$24.90; "still adding to the income portfolio... 10% is not bad for an unsecured bond in this environment." Two ~60¢ dividends (Aug 14 + Nov 13) → ~$1.20/share if bought before the Aug-14 x-date. (Distinct from the RWT common — the 42%-below-book / 17%-yield buy from early July.)
This is the income side of the Redwood trade. A "baby bond" is just a bond that trades in small $25 pieces like a stock, so ordinary investors can buy it. Redwood issued this one in late May and it yields about 10% — high for an unsecured bond right now — so Singh keeps adding it to his income book. Practical detail: two ~60-cent dividends are coming (mid-August and mid-November), so buying before the August 14 cut-off nets you about $1.20 a share in payments. (This is separate from Redwood's regular stock, RWT, which he bought earlier at a 42% discount to book.)
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