Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 114

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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,860N/A7.10 %1/2037, 7/2037N/A9.125% Senior Notes (3)160,00057,877N/A9.13 %3/2029N/A9.0% Senior Notes (3)185,00082,112N/A9.00 %9/2029N/ATotal Debt Obligations$3,482,175 $3,462,880 $3,701,592 (1)Carrying value presented net of total deferred issuance costs of $20 million at both March 31, 2025 and December 31, 2024.(2)Variable rate borrowings are based on 1- or 3-month SOFR, plus an applicable spread.(3)Borrowing has a fixed interest rate at period end.(4)Facility may be extended for one year at our option.(5)Promissory notes payable on demand to lender with 90-day notice.In January 2025, Redwood issued $90 million of 9.125% Senior Notes due in 2030. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.125% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2025. The Senior Notes mature on March 1, 2030. We may redeem the Senior Notes, in whole or in part, at any time on or after March 1, 2027 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest.

43

REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2025(Unaudited) 

Note 19. Commitments and Contingencies

Lease CommitmentsAt March 31, 2025, we were obligated under nine non-cancelable operating leases with expiration dates through 2031 for $15 million of cumulative lease payments. For both the three-months ended March 31, 2025 and 2024, our operating lease expense was $1 million and $1 million, respectively. During the three months ended March 31, 2025, we entered into two new office leases with a lease term of greater than one year.At March 31