Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 82

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 joint ventures. See Note 12 for additional information on these joint ventures.During the three months ended March 31, 2025 and 2024, mortgage banking activities, net were $11 million and $7 million, respectively, and included changes in fair value of residential investor loans held-for-sale, interest rate lock commitments, and related risk management derivatives in our CoreVest Mortgage Banking segment. See Note 5 for additional information. During the three months ended March 31, 2025 and 2024, Fee income, net was $2 million and $1 million, respectively, and primarily included portfolio administration fees earned on term and bridge loans.The following table provides the activity of unsecuritized residential investor loans during the three months ended March 31, 2025 and 2024.Table 8.2 – Activity of Unsecuritized Residential Investor LoansThree Months Ended  March 31, 2025Three Months Ended  March 31, 2024(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge LoansPrincipal balance of loans originated$188,218 $266,144 $117,090 $194,029 Principal balance of loans acquired6,800 — — 15,677 Principal balance of loans sold to third parties (1)182,415 156,493 6,032 53,221 Transfer of loans between portfolios (2)— (50,619)— (98,731)

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REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2025(Unaudited) Note 8. Residential Investor Loans - (continued)

Footnotes to table 8.2(1)For the three months ended March 31, 2025 and 2024 the principal balance of loans sold to third parties is net of $16 million and $15 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 12 for additional information on these joint ventures.(2)Transfers of unsecuritized residential investor term loans between portfolios represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated term securitizations. Transfers of unsecuritized residential investor bridge loans, represents the transfer of residential investor bridge loans from "Unsecuritized Bridge" to "Sec