Company: RWT-PA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000930236-25-000007
Chunk: 311

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 311
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ination and other fees on loans, mark-to-market adjustments on loans from the time loans are originated or purchased to when they are sold, securitized or transferred into our Redwood Investments portfolio, and gains/losses from associated hedges. Direct operating expenses and tax expenses associated with these activities are also included in this segment.

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The following tables present an earnings summary and Residential Investor loan origination activity for our CoreVest Mortgage Banking segment for the years ended December 31, 2024 and 2023.

Table 7 – CoreVest Mortgage Banking Earnings SummaryYears Ended December 31,(In Thousands)20242023ChangeMortgage banking income$58,059 $48,035 $10,024 Operating expenses(57,984)(62,889)4,905 Benefit from income taxes2,219 2,279 (60)Segment Contribution$2,294 $(12,575)$14,869 

Table 8 – Residential Investor Loans Funding ActivityYear Ended December 31, 2024Year Ended December 31, 2023(In Thousands)Term LoansBridge Loans (1)TotalTerm LoansBridge Loans (1)TotalFair value at beginning of year$144,359 $35,891 $180,250 $358,791 $5,282 $364,073 Fundings (1) (2)724,607 1,047,979 1,772,586 525,130 1,189,913 1,715,043 Sales (2)(727,008)(476,277)(1,203,285)(453,766)(120,976)(574,742)Transfers between segments (3)13,630 (520,850)(507,220)(274,043)(1,039,064)(1,313,107)Principal repayments(1,050)(10,725)(11,775)(16,580)(4,052)(20,632)Changes in fair value, net4,099 2,569 6,668 4,827 4,788 9,615 Fair Value at End of Year$158,637 $78,587 $237,224 $144,359 $35,891 $180,250 

(1)We originate Residential investor bridge loans at our TRS and transfer many of them to our REIT. Origination fees and any fair value