Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 154

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 154
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1,550 (1,198)1,902 262 1,640 Realized gains, net640 567 73 1,207 409 798 Total non-interest (loss) income, net(51,937)45,906 (97,843)(6,031)92,493 (98,524)General and administrative expenses(36,983)(37,471)488 (74,454)(67,853)(6,601)Portfolio management costs(10,028)(6,491)(3,537)(16,519)(8,461)(8,058)Loan acquisition costs(4,781)(3,568)(1,213)(8,349)(5,901)(2,448)Other expenses(4,035)(3,909)(126)(7,944)(8,538)594 Total Operating expenses(55,827)(51,439)(4,388)(107,266)(90,753)(16,513)Net Loss (Income) Before Income Taxes(93,930)22,409 (116,339)(71,521)51,243 (122,764)Provision for income taxes(4,562)(6,262)1,700 (10,824)(5,447)(5,377)Net Income (Loss)(98,492)16,147 (114,639)(82,345)45,796 (128,141)Dividends on preferred stock(1,757)(1,750)(7)(3,507)(3,507)— Net Income (Loss) Available (Related) to Common Stockholders$(100,249)$14,397 $(114,646)$(85,852)$42,289 $(128,141)

63

Three Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025 

Net Interest Income 

Net interest income decreased by $14 million during the second quarter of 2025, primarily due to an $11 million decline from our Legacy Investments segment. The decrease was largely due to an increase in the balance of our legacy unsecuritized bridge and term loan portfolios on non-accrual during the quarter, which in certain cases caused a reversal of prior quarter net interest income. This segment was previously included within Redwood Investments, and primarily consists of assets no longer aligned with our core strategic objectives and involves positions primarily linked to legacy