Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 319

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 319
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$102,078 Fundings (1) (2)97,120 424,214 521,334 444,657 889,846 1,334,503 Acquisitions530 80,381 80,911 530 105,614 106,144 Sales (2)(101,328)(257,231)(358,559)(355,887)(622,753)(978,640)Transfers between segments (3)(103)(137,671)(137,774)(661)(263,769)(264,430)Transfers to REO— — — — (109)(109)Principal repayments(9,740)(9,401)(19,141)(9,836)(23,334)(33,170)Changes in fair value, net1,977 (3,850)(1,873)11,082 (4,434)6,648 Fair Value at End of Period$113,376 $159,648 $273,024 $113,376 $159,648 $273,024 

(1)We originate Residential investor bridge loans at our TRS and transfer many of them to our REIT. Origination fees and any fair value changes on these loans prior to transfer or sale are recognized within Mortgage banking activities, net on our consolidated statements of income. Loans transferred to our REIT are classified as held-for-investment, with fair value changes subsequent to their transfer generally recorded through Investment fair value changes, net on our consolidated statements of income. 

(2)Funding and sales for Residential investor bridge loans for the three and nine months ended September 30, 2025, includes $34 million and $94 million, respectively, of construction draws, of which $6 million and $38 million, respectively, were related to construction draws on loans sold to our joint ventures.

(3)For Residential investor term loans, amounts primarily represent loans transferred into consolidated securitizations reflected within our Redwood Investments Segment. Residential investor bridge loan amounts represent the transfer of loans originated or acquired by our CoreVest Mortgage Banking segment at our TRS and transferred to our Redwood Investments segment at our REIT.

Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025 

The decrease in segment contribution in the three months ended September 30, 2025, as compared to the three months ended June 30, 2025