Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 59

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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131,870,835 $1,319 $2,493,856 $(48,901)$1,172,924 $(2,461,983)$1,224,163 

(1)    Includes dividends and dividend equivalents declared on common stock and stock-based compensation awards.

The accompanying notes are an integral part of these consolidated financial statements.

5

REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)(Unaudited)Three Months Ended March 31,20252024Cash Flows From Operating Activities:Net income$16,147 $30,262 Adjustments to reconcile net income to net cash used in operating activities:Amortization of premiums, discounts, and debt issuance costs, net2,941 4,845 Depreciation and amortization of non-financial assets2,753 3,469 Originations of held-for-sale loans(424,285)(199,477)Purchases of held-for-sale loans(2,363,479)(1,001,793)Proceeds from sales of held-for-sale loans751,376 228,004 Principal payments on held-for-sale loans30,412 20,674 Net settlements of derivatives(73,528)(17,154)Non-cash equity award compensation expense and other5,104 6,697 Market valuation adjustments(33,153)(44,020)Realized gains, net(567)(409)Net change in:Other assets37,286 17,139 Accrued expenses and other liabilities96,488 (2,408)Net cash used in operating activities(1,952,505)(954,171)Cash Flows From Investing Activities:Originations and purchases of loan investments(43,383)(120,341)Proceeds from sales of loans12,346 30,663 Principal payments on loan investments683,441 476,656 Purchases of HEI(1,834)(307)Repayments on HEI10,348 11,591 Purchases of real estate securities(9,203)(55,219)Proceeds from sales of real estate securities14,387 — Principal payments on real estate securities258 294 Repayments from servicer advance investments, net(1,956)8,678 Other investing activities, net(5,647)(1,728)Net cash provided by investing