Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 334

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 334
---
115 $9,155 $(4,914)$14,069 

CoreVest segment income presented in the table above is comprised of Mortgage banking income, consisting of net interest income from our loans held-for-sale in inventory, mortgage banking activities, net (see Note 5 of our Notes to Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further detail on the composition of mortgage banking activities), and other income, net for this segment. Operating expenses presented in the table above includes general and administrative expenses, loan acquisition costs and other expenses (including amortization of purchased intangibles) for this segment.

Activity of this segment that is performed within/at our TRS is subject to federal and state income taxes. The benefit from income taxes was primarily due to GAAP losses generated by this segment’s operations at our TRS in those periods presented above. 

The following table provides unsecuritized residential investor loan origination activity during the three and six months ended June 30, 2025. 

Table 8 – Residential Investor Loans - Funding ActivityThree Months Ended June 30, 2025Six Months Ended June 30, 2025(In Thousands)Term LoansBridge Loans (1)TotalTerm LoansBridge Loans (1)TotalFair value at beginning of period$146,232 $72,053 $218,285 $23,491 $78,587 $102,078 Fundings (1) (2)228,545 172,401 400,946 347,537 465,632 813,169 Acquisitions— 25,233 25,233 — 25,233 25,233 Sales (2)(254,346)(182,092)(436,438)(254,559)(365,522)(620,081)Transfers between segments (3)(558)(20,572)(21,130)(558)(126,098)(126,656)Transfers to REO— — — — (109)(109)Principal repayments(72)(3,056)(3,128)(96)(13,933)(14,029)Changes in fair value, net5,119 (761)4,358 9,105 (584)8,521 Fair Value at End of Period$124,920 $63,206 $188,126 $124,920 $63,206 $188