Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 181

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 181
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 by our joint venture during the three months ending June 30, 2025, which we consolidate for GAAP purposes. These increases were offset by the sales of $115 million of non-strategic third-party securities during the six months ended June 30, 2025 to facilitate the rotation of capital toward our operating platforms and retained operating investments throughout the remainder of 2025. At both June 30, 2025 and December 31, 2024, 93% and 87% of our Redwood Investments portfolio economic interests were retained interests from our securitizations or securitized bridge loans, respectively, and 7% and 13% were purchased from third parties, respectively. See the Investments Detail and Activity section that follows for additional detail on our portfolio investments and their associated borrowings.

Investments Detail and Activity

This section presents additional details on our investments in this segment and their activity during the three and six months ended June 30, 2025. 

Real Estate Securities Portfolio

The following table sets forth activity in our real estate securities portfolio for the three and six months ended June 30, 2025. This table includes both our securities held on balance sheet and our economic interest in securities we own in securitizations we consolidate in accordance with GAAP.

Table 11 – Activity of Real Estate Securities Owned at Redwood and in Consolidated EntitiesThree Months Ended June 30, 2025Retained Operating InvestmentsThird-Party Portfolio InvestmentsTotalSequoia Securities on Balance SheetConsolidated Sequoia SecuritiesConsolidated CAFL SecuritiesConsolidated Multifamily SecuritiesOther Third-Party Securities(In Thousands)Beginning fair value$138,715 $532,910 $327,324 $35,563 $237,250 $1,271,762 Acquisitions— 110,695 — — 12,884 123,579 Sales— — — — (100,894)(100,894)Gains on sales and calls, net— — — — 639 639 Effect of principal payments (1)(95)(2,449)— — (132)(2,676)Change in fair value, net(1,486)(30,619)3,016 414 (21,884)(50,559)Ending Fair Value (2)$137,134 $610,537 $330,340 $35,977 $127,