Company: RWT-PA
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000930236-25-000037
Chunk: 90

Company: REDWOOD TRUST INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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uritized Residential Investor Loans Held-for-Investment We invest in securities issued by securitizations sponsored by CoreVest and consolidate the underlying residential investor term loans and bridge loans owned by these entities. For loans held at our consolidated securitization entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to CFE guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income (loss). We did not elect to account for some of our Bridge securitizations under the CFE guidelines, but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. See further discussion in Note 16.Residential Investor Loan CharacteristicsThe following table provides the activity of securitized residential investor loans held-for-investment during the three and nine months ended September 30, 2025 and 2024. Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-InvestmentThree Months Ended September 30,20252024(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized BridgeNet market valuation gains (losses) recorded $20,614 $6,384 $78,275 $1,623 Fair value of loans transferred to HFI— 38,179 — 62,386 Nine Months Ended September 30,20252024(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized BridgeNet market valuation gains (losses) recorded$34,667 $(1,901)$89,388 $443 Fair value of loans transferred to HFI— 164,792 — 250,319 The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at September 30, 2025 and December 31, 2024.Table 8.4 – Characteristics of Residential Investor Loans September 30, 2025Unsecuritized TermSecuritized Term(1)Unsecuritized Bridge Securitized Bridge(1)(Dollars in Thousands)Unpaid principal balance$163,683 $2,251,096 $665,040 $917,991 Average UPB of loans1,129 3,063 1,945 1,237 Fair value of loans