Company: RWT-PA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000930236-25-000007
Chunk: 110

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 16
Chunk 110
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 HEI income, net for the years ended December 31, 2024, 2023 and 2022.Table 10.3 – Components of HEI Income, netYears Ended December 31,(In Thousands)202420232022Net market valuation gains (losses) recorded on HEI at Redwood$28,739 $30,750 $(201)Net market valuation gains recorded on Securitized HEI57,948 23,177 5,875 Net market valuation gains (losses) recorded on ABS Issued from HEI securitizations(1)(21,686)(11,020)2,334 Net market valuation (losses) recorded on non-controlling interests in HEI securitizations(23,170)(7,790)(5,294)Total HEI income, net$41,831 $35,117 $2,714 (1)Amount includes interest expense associated with ABS issued, which totaled $12 million, $6 million and $5 million for 2024, 2023 and 2022, respectively.

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REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024Note 10. Home Equity Investments - (continued)

The following tables present the geographic concentration of HEI recorded on our consolidated balance sheets at December 31, 2024 and 2023.Table 10.4 – Geographic Concentration of HEI December 31, 2024Geographic Concentration(by Investment Amount)           HEI at RedwoodSecuritized HEICalifornia49 %47 %Florida12 %7 %Washington6 %7 %Colorado6 %4 %Arizona5 %6 %New York4 %7 %Other states (none greater than 5%)18 %22 %Total100 %100 % December 31, 2023Geographic Concentration(by Investment Amount)HEI at RedwoodSecuritized HEICalifornia48 %47 %Florida12 %7 %Washington6 %7 %Colorado6 %4 %Arizona5 %6 %New York4 %7 %Other states (none greater than 5%)19 %22 %Total100 %100 %

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REDWOOD TR