Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 134

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 134
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 7/2037N/A9.125% Senior Notes (3)160,00057,877N/A9.13 %3/2029N/A9.0% Senior Notes (3)185,00082,112N/A9.00 %9/2029N/ATotal Debt Obligations$3,482,175 $3,462,880 $3,701,592 (1)Carrying value presented net of total deferred issuance costs of $18 million and $20 million at June 30, 2025 and December 31, 2024, respectively.(2)Variable rate borrowings are based on 1- or 3-month SOFR, plus an applicable spread.(3)Borrowing has a fixed interest rate at period end.(4)Facility may be extended for one year at our option.(5)Promissory notes payable on demand to lender with 90-day notice.In January 2025, Redwood issued $90 million of 9.125% Senior Notes due in 2030. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.125% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2025. The Senior Notes mature on March 1, 2030. We may redeem the Senior Notes, in whole or in part, at any time on or after March 1, 2027 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest.In June 2025, we entered into a new recourse subordinate securities financing facility providing non-marginable debt financing of certain securities retained from our consolidated Sequoia securitizations and other third-party issued interest-only securities. This financing is fully and unconditionally guaranteed by Redwood, with an interest rate of approximately 7.27% through June 2027, increasing to 10.27% from June 2027 through July 2028. This financing facility may be terminated at our option, beginning in June 2026, and has a final stated maturity in June 2027.

52

REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025(Unaudited) 

Note 19. Commitments and