Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 166

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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,492 $6,135 $(2,643)$12,646 $769 $11,877 

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. 

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

Table 8 – Residential Investor Loans - Funding ActivityThree Months Ended September 30, 2025Nine Months Ended September 30, 2025(In Thousands)Term LoansBridge Loans (1)TotalTerm LoansBridge Loans (1)TotalFair value at beginning of period$124,920 $63,206 $188,126 $23,491 $78,587 $102,078 Fundings (1) (2)97,120 424,214 521,334 444,657 889,846 1,334,503 Acquisitions530 80,381 80,911 530 105,614 106,144 Sales (2)(101,328)(257,231)(358,559)(355,887)(622,753)(978,640)Transfers between segments (3)(103)(137,671)(137,774)(661)(263,769)(264,430)Transfers to REO— — — — (109)(109)Principal repayments(9,740)(9,401)(19,141)(9,836)(23,334)(33,170)Changes in fair value, net1,977 (3,850)(1,873)11,082 (4,434)6,648 Fair Value at End of Period$113,376 $159,648 $273,024 $113,376 $159,648 $273,024 

(1)We originate Residential investor bridge loans at our TRS and transfer many of them to our REIT. Origination fees and any fair value changes on these loans prior to transfer or sale are recognized within Mortgage banking activities, net on our consolidated statements of income. Loans transferred to our REIT