Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 56

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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558,119)(2,532,769)Total equity1,183,494 1,187,863 Total Liabilities and Equity$19,871,775 $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 March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $15,936,091 and $14,654,942, respectively. At March 31, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $14,825,826 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 INCOME

(In Thousands, except Share Data)Three Months Ended March 31,(Unaudited)20252024Interest IncomeResidential consumer loans$162,343 $86,935 Residential investor loans78,155 95,035 Consolidated Agency multifamily loans4,448 4,581 Real estate securities18,537 6,280 Other interest income8,611 11,909 Total interest income272,094 204,740 Interest ExpenseAsset-backed securities issued(179,370)(120,259)Debt obligations(64,782)(60,271)Total interest expense(244,152)(180,530)Net Interest Income27,942 24,210 Non-Interest IncomeMortgage banking activities, net33,053 14,556 Investment fair value changes, net(5,188)21,837 HEI income, net10,166 9,086 Servicing income, net3,407 4,225 Fee income, net2,351 1,001 Other income (loss), net1,550 (775)Realized gains, net567 409 Total non-interest income, net45,906 50,339 General and administrative expenses(37,471)(34,569)Portfolio management costs(6,491)(3,597)Loan