Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 159

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 159
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 higher portfolio management costs related to specially serviced residential investor bridge loans.

Additional detail on our General and administrative expenses is presented in Table 22.1 of our Notes to Consolidated Financial Statements in Part 1, Item 1 of this Quarterly Report on Form 10-Q.

Provision for Income Taxes

Our provision for income taxes is almost entirely related to activity at our taxable REIT subsidiaries ("TRS"), which primarily includes our mortgage banking activities and MSR investments, as well as certain other investment and hedging activities. The increase of $5 million for the tax provision in the six months ended June 30, 2025 was primarily the result of a higher effective rate and higher income from mortgage banking activities at our TRS compared to the same period ended June 30, 2024.

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Consolidated Net Interest Income 

The following tables present the components of net interest income recorded in each line item of our consolidated statements of income for the three and six months ended June 30, 2025 to the immediate preceding quarter ended March 31, 2025 and year-to-date period ended June 30, 2024. 

Table 2 – Consolidated Net Interest IncomeThree Months EndedJune 30, 2025March 31, 2025(Dollars in Thousands)Interest Income/ (Expense) Average    Balance (1)YieldInterest Income/ (Expense) Average    Balance (1)YieldInterest IncomeResidential consumer loans  Unsecuritized $20,600 $1,416,602 5.8 %$15,726 $966,777 6.5 %Securitized - Sequoia (2)150,300 10,842,220 5.5 %132,882 9,540,373 5.6 %Securitized - SLST (re-performing loans) (2)13,503 1,274,048 4.2 %13,735 1,237,704 4.4 %Total residential consumer loans$184,403 $13,532,870 5.5 %$162,343 $11,744,854 5.5 %Residential investor loansUnsecuritized - Term2,783 162,296 6.9 %2,625 160,895 6.5 %Unsecuritized - Bridge10,751 1