Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 54

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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$18,258,344 

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(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $18,284,133 and $14,654,942, respectively. At September 30, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $17,164,811 and $13,620,239, respectively. See Note 16 for further discussion.

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

2

REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In Thousands, except Share Data)Three Months Ended September 30,Nine Months Ended September 30,(Unaudited)2025202420252024Interest IncomeResidential consumer loans$210,090 $136,025 $556,836 $329,670 Residential investor loans63,263 85,137 213,522 273,278 Consolidated Agency multifamily loans3,266 4,586 12,222 13,726 Real estate securities14,829 13,585 49,487 30,614 Other interest income8,083 9,310 23,894 31,512 Total interest income299,531 248,643 855,961 678,800 Interest ExpenseAsset-backed securities issued(208,071)(152,374)(585,978)(406,062)Debt obligations(76,466)(70,771)(213,213)(197,737)Total interest expense(284,537)(223,145)(799,191)(603,799)Net Interest Income14,994 25,498 56,770 75,001 Non-Interest IncomeMortgage banking activities, net40,132 39,569 114,042 73,049 Investment fair value changes, net(6,971)(12,202)(96,863)10,733 HEI income (loss), net454 10,727 (2,279)35,696 Servicing income