Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 148

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 148
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 change in results for the third quarter of 2025, compared to the second quarter of 2025. Similarly, references in this section to increases or decreases during the "nine month periods" refer to the change in results for the nine months ending September 30, 2025, compared to the nine months ending September 30, 2024.

Consolidated Results of Operations

The following table presents the components of our net (loss) income for the three and nine months ended September 30, 2025, the immediate preceding quarter ended June 30, 2025, and year-to-date period ended September 30, 2024. 

Table 1 – Net (Loss) Income Three Months EndedNine Months Ended(In Thousands, except per Share Data)September 30, 2025June 30, 2025ChangeSeptember 30, 2025September 30, 2024ChangeNet Interest Income From:Sequoia mortgage banking$21,233 $15,519 $5,714 $55,096 $26,770 $28,326 CoreVest mortgage banking1,498 1,834 (336)5,336 4,167 1,169 Redwood Investments17,582 22,097 (4,515)61,294 74,666 (13,372)Legacy Investments(9,052)(9,449)397 (16,664)9,613 (26,277)Corporate/other(16,267)(16,167)(100)(48,292)(40,215)(8,077)Net Interest Income14,994 13,834 1,160 56,770 75,001 (18,231)Non-Interest IncomeSequoia mortgage banking activities, net28,719 24,396 4,323 75,266 40,787 34,479 CoreVest mortgage banking activities, net11,413 16,461 (5,048)38,776 32,262 6,514 Investment fair value changes, net(6,971)(84,704)77,733 (96,863)10,733 (107,596)HEI income (loss), net454 (12,899)13,353 (2,279)35,696 (37,975)Servicing income1,416 1,608