Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 165

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 165
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 excludes net MSR fee income or provision for repurchases, as these amounts do not represent market valuation adjustments.

69

Results of Operations by Segment

We report on our business using four segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments and Legacy Investments. For additional information on our segments, refer to Note 4 of our Notes to Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.     

The following table presents the segment contribution from our four segments reconciled to our consolidated net income for the three and six months ended June 30, 2025 to the immediate preceding quarter March 31, 2025 and year-to-date period June 30, 2024. 

Table 4 – Segment Results SummaryThree Months EndedSix Months Ended(In Thousands)June 30, 2025March 31, 2025ChangeJune 30, 2025June 30, 2024ChangeSegment Contribution from:Sequoia Mortgage Banking$22,154 $25,817 $(3,663)$47,970 $16,942 $31,028 CoreVest Mortgage Banking6,135 3,020 3,115 9,155 (4,914)14,069 Redwood Investments11,892 25,011 (13,119)36,859 84,457 (47,598)Legacy Investments(103,989)(2,099)(101,890)(106,088)9,819 (115,907)Corporate/Other(34,684)(35,602)918 (70,241)(60,508)(9,733)Net (Loss) Income$(98,492)$16,147 $(114,639)$(82,345)$45,796 $(128,141)

The sections that follow provide further detail on our business segments and their results of operations for the three and six months ended June 30, 2025 to the immediate preceding quarter ended March 31, 2025 and year-to-date period ended June 30, 2024. 

Corporate/Other

Net expense from Corporate/Other remained essentially flat quarter-over-quarter, with no material change between the three months ended June 30, 2025 and March 31, 2025. For the six months ended June 30, 2025 compared to the same period in 2024, net expenses increased by