Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 266

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 266
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 Operations section, in accordance with Item 303(c)(2)(ii) of Regulation S-K, we have elected to discuss any material changes in our results of operations by comparing our quarter ended March 31, 2025 to the immediate preceding quarter. We believe that providing a sequential discussion of our results of operations offers highly relevant information for investors and stakeholders to understand and analyze our business activities. Additionally, we generally continue to address material changes in our results of operations for the most recent fiscal year-to-date period, compared to the corresponding year-to-date period of the preceding fiscal year, pursuant to Item 303(c)(2)(i) of Regulation S-K. Unless otherwise specified, references in this section to increases or decreases during the "three-month periods" refer to the change in results for the first quarter of 2025, compared to the first quarter of 2024.

Consolidated Results of Operations

The following table presents the components of our net income (loss) for the three months ended March 31, 2025 to the immediate preceding quarter ended December 31, 2024 and year-to-date period ended March 31, 2024. 

Table 1 – Net Income (Loss) Three Months EndedThree Months Ended(In Thousands, except per Share Data)March 31, 2025December 31, 2024ChangeMarch 31, 2025March 31, 2024ChangeNet Interest Income From:Sequoia mortgage banking$18,344 $17,025 $1,319 $18,344 $6,047 $12,297 CoreVest mortgage banking2,005 1,143 862 2,005 894 $1,111 Redwood Investments23,453 23,650 (197)23,453 29,599 (6,146)Corporate/other(15,860)(14,211)(1,649)(15,860)(12,330)$(3,530)Net Interest Income$27,942 $27,607 $335 $27,942 $24,210 $3,732 Non-Interest IncomeSequoia mortgage banking activities, net22,151 16,792 5,359 22,151 7,827 14,324 CoreVest mortgage banking activities, net10,902 9,557 1,345 10,902 6,729 4,173 Invest