Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 119

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 119
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December 31, 2024Payable to non-controlling interests$150,958 $123,258 Margin payable138,685 20,340 Accrued interest payable83,139 70,988 Accrued compensation26,160 34,002 Operating lease liabilities12,344 11,028 Accrued operating expenses13,908 11,074 Accrued taxes payable8,154 — Current accounts payable9,345 6,803 Unsettled trades7,799 5,127 Guarantee obligations2,053 2,806 Repurchase reserve4,305 4,727 Bridge loan holdbacks (1)2,116 2,148 Preferred stock dividends payable1,478 1,478 Other20,213 19,958 Total Accrued Expenses and Other Liabilities$480,657 $313,737 (1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.Legal and Repurchase ReservesSee Note 19 for additional information on legal and repurchase reserves.Payable to Non-Controlling InterestsRedwood and a third-party co-investor, through two partnership entities consolidated by Redwood, purchased servicer advances and excess MSRs related to a portfolio of residential mortgage loans serviced by the co-investor (see Note 11 and Note 16 for additional information on the partnership entities and associated investments). We account for the co-investor’s interests in the entities as liabilities, and at June 30, 2025, the carrying value of their interests was $23 million, representing their current economic interest in the entities. Earnings from the partnership entities are allocated to the co-investors on a proportional basis and during the three and six months ended June 30, 2025, we allocated $2 million and $4 million, respectively, of income to the co-investors, respectively, recorded in Other expenses on our consolidated statements of income.Additionally, Redwood and a third-party investor co-sponsored the transfer and securitization of HEI through two HEI securitization entities. Other third-party investors contributed HEI into these securitizations through Redwood and retained subordinate beneficial interests issued by the securitization entities alongside Red