Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 39

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 39
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 totaled $626 million at March 31, 2025 . This subset of loans had a weighted average coupon of 9.10%, of which 3.77% represented deferred interest. 

At origination, the weighted average FICO score of sponsors of these loan borrowers was 753 and the weighted average as-repaired LTV ratio of these loans was 66%. Overall repayment velocity on these loans was strong in three months ended March 31, 2025 with principal repayments of $178 million.

At March 31, 2025, loans in this portfolio with an aggregate fair value of $230 million and an unpaid principal balance of $272 million, were greater than 90+ days delinquent. Included in the 90+ days delinquent balance are loans in foreclosure with an aggregate fair value of $33 million and an aggregate unpaid principal balance of $48 million. Additionally, REO associated with bridge loans decreased from $78 million at December 31, 2024, to $68 million at March 31, 2025, resulting from a decrease in fair value of $14 million, partially offset by transfers to REO of $2 million.

The fair value of residential investor bridge loans held-for-investment of $1.81 billion at March 31, 2025 declined slightly from $1.86 billion at December 31, 2024. Changes in the value of these loans during the first quarter of 2025 reflect incremental negative fair value changes primarily resulting from higher bridge loan delinquencies on certain 2021 and 2022 vintage bridge loans. For the three months ended March 31, 2025 and December 31, 2024, we modified or put into forbearance loans with a total aggregate unpaid principal balance of $206 million and $353 million, respectively. This balance included modifications to the contractual interest rates (including, in certain cases, deferrals of interest) on loans and modifications involving only extensions of loan maturities and/or covenant terms.

For the three months ended March 31, 2025 and December 31, 2024, loans with modifications involving reductions in contractual interest rates (including, in certain cases, deferrals of interest) had an aggregate unpaid principal balance of $68 million and $167 million at March 31, 2025 and December 31, 2024, respectively. In the three months ended March 31, 2025, modifications on these loans maintained a