Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 204

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 204
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,407 — 3,407 Fee income, net— 3,079 (728)— 2,351 Other income (loss), net— — 370 1,180 1,550 Realized gains, net— — 567 — 567 Total non-interest income, net22,151 13,981 8,674 1,100 45,906 General and administrative expenses(6,346)(10,597)(1,365)(19,163)(37,471)Portfolio management costs— — (6,491)— (6,491)Loan acquisition costs(1,071)(2,497)— — (3,568)Other expenses— (2,202)(1,707)— (3,909)(Provision for) benefit from income taxes(7,261)648 304 47 (6,262)Net Income (Loss) (2)$25,817 $1,338 $22,868 $(33,876)$16,147 Total Assets$1,559,117 $343,985 $17,601,951 $366,722 $19,871,775 (1)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2)Net Income (Loss) by segment is also referred to as Segment Contribution.

11

REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2025(Unaudited) Note 4. Segment Information - (continued)

Three Months Ended March 31, 2024(In Thousands)Sequoia Mortgage BankingCoreVest Mortgage BankingRedwood InvestmentsCorporate/OtherTotalInterest income$14,313 $3,771 $184,898 $1,758 $204,740 Interest expense(8,266)(2,877)(155,299)(14,088)(180,530)Net interest income (expense)6,047 894 29,599 (12,330)24,210 Non-interest income (loss)Mortgage banking activities, net, excluding risk management derivatives4,738 4,220 — — 8,958 Risk management derivatives gains