Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 29

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 29
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 Investor Loans - Funding ActivityThree Months Ended June 30, 2025Six Months Ended June 30, 2025(In Thousands)Term LoansBridge Loans (1)TotalTerm LoansBridge Loans (1)TotalFair value at beginning of period$146,232 $72,053 $218,285 $23,491 $78,587 $102,078 Fundings (1) (2)228,545 172,401 400,946 347,537 465,632 813,169 Acquisitions— 25,233 25,233 — 25,233 25,233 Sales (2)(254,346)(182,092)(436,438)(254,559)(365,522)(620,081)Transfers between segments (3)(558)(20,572)(21,130)(558)(126,098)(126,656)Transfers to REO— — — — (109)(109)Principal repayments(72)(3,056)(3,128)(96)(13,933)(14,029)Changes in fair value, net5,119 (761)4,358 9,105 (584)8,521 Fair Value at End of Period$124,920 $63,206 $188,126 $124,920 $63,206 $188,126 

(1)We originate Residential investor bridge loans at our TRS and transfer many of them to our REIT. Origination fees and any fair value changes on these loans prior to transfer or sale are recognized within Mortgage banking activities, net on our consolidated statements of income. Loans transferred to our REIT are classified as held-for-investment, with fair value changes subsequent to their transfer generally recorded through Investment fair value changes, net on our consolidated statements of income. For the carrying value and activity of our Residential investor bridge loans held-for-investment, see the Redwood Investments section that follows.

(2)Funding and sales for Residential investor bridge loans for the three and six months ended June 30, 2025, includes $31 million and $59 million, respectively, of construction draws, of which $16 million and $32 million, respectively, were related to construction draws on loans sold to joint ventures.

(3)For Residential investor term loans, amounts primarily represent loans transferred into consolidated securitizations reflected within our Redwood Investments Segment. Residential investor bridge loan