Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 241

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 241
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 our joint ventures. See Note 19 for additional information on these commitments. During the three and nine months ended September 30, 2025, we sold $114 million and $416 million of residential investor bridge loans, net of $6 million and $38 million of construction draws to one of our joint ventures, respectively. See Note 12 for additional information on these joint ventures.During the three and nine months ended September 30, 2025 and 2024, income from mortgage banking activities, net were $11 million and $39 million, and $13 million and $32 million, respectively, and included changes in fair value of residential investor loans held-for-sale, interest rate lock commitments, and related risk management derivatives in our CoreVest Mortgage Banking segment. See Note 5 for additional information. During the three and nine months ended September 30, 2025, Fee income, net was $5 million and $9 million, respectively, and primarily included portfolio administration fees earned on term and bridge loans.The following table provides the activity of unsecuritized residential investor loans during the three and nine months ended September 30, 2025 and 2024.Table 8.2 – Activity of Unsecuritized Residential Investor LoansThree Months Ended September 30,20252024(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge LoansPrincipal balance of loans originated$228,298 $258,594 $158,584 $286,833 Principal balance of loans acquired (1)530 80,223 3,145 — Principal balance of loans sold to third parties (2)228,741 625,196 206,380 67,655 Transfer of loans between portfolios (3)— 38,179 — (62,386)Nine Months Ended September 30,20252024(In Thousands)Unsecuritized Term LoansUnsecuritized Bridge LoansUnsecuritized Term LoansUnsecuritized Bridge LoansPrincipal balance of loans originated$645,061 $666,494 $493,212 $714,977 Principal balance of loans acquired (1)43,567 105,456 3,793 15,677 Principal balance of loans sold to third parties (2)661,951 1,007,770 464,836 277,170 Transfer of loans between portfolios (3)— 63,554 —