Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 310

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 310
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297 Investment Fair Value Changes, NetResidential investor term loans held-for-sale(140)(9,489)(9,671)(2,837)Residential investor bridge loans held-for-investment(5,946)(57,998)(86,783)(27,503)Real estate securities(1,173)(1,117)(6,397)3,282 Servicer advance investments(920)(1,825)(4,098)8,252 Excess MSRs104 (1,144)(2,230)(3,876)Net investments in Sequoia entities (3)(951)(18,095)(31,615)4,929 Net investments in SLST (re-performing loans) entities (3)5,264 (175)34,210 18,411 Net investments in CAFL entities (3)2,619 (3,600)(542)19,830 Other investments (4)(3,916)(8,252)(25,447)(9,497)Risk management derivatives, net(1,932)16,984 35,683 (258)Total investment fair value changes, net(6,991)(84,711)(96,890)10,733 HEI income, NetUnsecuritized HEI198 (14,306)(6,972)23,618 Net investments in HEI securitization entities (3)133 1,225 4,293 11,903 Total HEI income, net331 (13,081)(2,679)35,521 Servicing income, netMSRs(1,283)(944)(1,033)1,633 Total Servicing income, net (5)(1,283)(944)(1,033)1,633 Fee income, netOther— — — (248)Total Fee Income, net— — — (248)Total Market Valuation Gains, Net$24,459 $(66,018)$(8,406)$103,936 

(1)Represents fair value changes on trading securities that are being used along with risk management derivatives to manage the market risks associated with our Sequoia Mortgage Banking operations.

(2)Mortgage banking activities, net presented above does not include fee income from loan originations or acquisitions, provisions for repurchases, or other expenses that are components of Mortgage banking activities, net presented