Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 273

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 273
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 subject to specified portfolio triggers. Refer to Notes 8, 9, and 19 for additional information.

(2)Maximum loss exposure from our involvement with unconsolidated VIEs pertains to the carrying value of our securities and MSRs retained from these VIEs and represents estimated losses that would be incurred under severe, hypothetical circumstances, such as if the value of our interests and any associated collateral declines to zero. This does not include, for example, any potential exposure to representation and warranty claims associated with our initial transfer of loans into a securitization. 

Note 17. Asset-Backed Securities Issued

ABS issued represents securities issued by non-recourse securitization entities we consolidate under GAAP. The majority of our ABS issued is carried at fair value under the CFE election (see Note 16 for additional detail) with the remainder carried at amortized cost. The carrying values of ABS issued by our consolidated securitization entities at September 30, 2025 and December 31, 2024, along with other selected information, are summarized in the following table.Table 17.1 – Asset-Backed Securities IssuedSeptember 30, 2025UPBCarrying ValueWeighted Average Interest RateStated MaturitiesNumber of Series(Dollars in Thousands)Sequoia$13,316,632 $12,863,481 2.50% to 8.37%2028-206367CAFL (1)2,655,244 2,622,847 2.85% to 8.72%2027-204020Freddie Mac SLST (2)1,026,688 996,185 3.50%2028-20292HEI127,399 127,568 6.72%20531ABS Issued at Fair Value$17,125,963 $16,610,081 CAFL91,544 91,544 4.31% to 6.56%20292Freddie Mac SLST (2)124,614 123,393 7.50%20591ABS Issued at Amortized Cost$216,158 $214,937 Total ABS Issued$17,342,121 $16,825,018 

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REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025(Un