Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 71

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 — — 39,569 Investment fair value changes, net, excluding risk management derivatives— — (9,127)6,312 (236)(3,051)Risk management derivatives (losses), net (1)— — — (9,151)— (9,151)Total Investment fair value changes, net— — (9,127)(2,839)(236)(12,202)HEI income, net— — 32 10,695 — 10,727 Servicing income, net— — 251 — — 251 Fee income, net— 5,434 64 (865)155 4,788 Other income (loss), net— — 932 — (52)880 Realized gains, net— — 211 — — 211 Total non-interest income (loss), net26,715 18,288 (7,637)6,991 (133)44,224 General and administrative expenses(5,240)(9,306)(1,861)— (19,601)(36,008)Portfolio management costs— — (1,550)(4,791)(15)(6,356)Loan acquisition costs(1,291)(1,885)— — — (3,176)Other expenses— (2,202)(26)— — (2,228)(Provision for) Benefit from income taxes(6,977)(981)606 — 224 (7,128)Net Income (Loss) (2)$22,755 $5,683 $16,430 $3,676 $(33,718)$14,826 Total Assets$1,543,380 $357,432 $12,815,147 $3,337,646 $373,821 $18,427,426 (1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Legacy Investments. Mortgage banking activities, net, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2)Net Income (Loss) by segment is also referred to as Segment Contribution.

14

REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025(Un