Company: RWT-PA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000930236-25-000007
Chunk: 299

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 299
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 Redwood Investments121,434138,951(17,517)Corporate/other(67,931)(50,116)(17,815)Net Interest Income102,608 92,943 9,665 Non-Interest IncomeSequoia mortgage banking activities, net57,579 27,78229,797 CoreVest mortgage banking activities, net41,819 39,604 2,215 Investment fair value changes, net(14,759)(44,400)29,641 HEI income, net41,831 35,117 6,714 Other income, net27,528 12,886 14,642 Realized gains, net306 1,699 (1,393)Total non-interest income, net154,304 72,688 81,616 General and administrative expenses(136,393)(128,295)(8,098)Portfolio management costs(20,915)(14,571)(6,344)Loan acquisition costs(12,675)(7,166)(5,509)Other expenses(14,088)(16,238)2,150 Total operating expenses(184,071)(166,270)(17,801)Net Income (Loss) Before Income Taxes72,841 (639)73,480 Provision for income taxes(18,837)(1,635)(17,202)Net Income (Loss)54,004 (2,274)56,278 Dividends on preferred stock(7,015)(6,684)(331)Net Income (Loss) Available (Related) to Common Stockholders$46,989 $(8,958)$55,947 

Net Interest Income 

Net interest income increased by $10 million from $93 million in 2023 to $103 million in 2024. Net interest income from Sequoia Mortgage Banking operations increased by $43 million, primarily due to higher average residential consumer loan balances and the addition of certain hedges accretive to net interest income. This was partially offset by a decrease of $18 million from our Redwood Investments portfolio from $139 million in 2023 to $121 million in 2024, primarily related to lower net interest income from our bridge loan portfolio, an increase in borrowing costs on debt facilities and ABS issued to finance our investments within this segment.

Corporate net interest expense increased by $18 million from $50