Company: RWT-PA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000930236-25-000020
Chunk: 157

Company: REDWOOD TRUST INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 157
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 investments (both within our Redwood Investments segment and their activity during the three months ended March 31, 2025. 

Real Estate Securities Portfolio

The following table sets forth activity in our real estate securities portfolio for the three months ended March 31, 2025, organized by investments in retained securities from Sequoia and CoreVest securitizations and those acquired from third parties. This table includes both our securities held on balance sheet and our economic interest in securities we own in securitizations we consolidate in accordance with GAAP. 

Table 12 – Activity of Real Estate Securities Owned at Redwood and in Consolidated EntitiesThree Months Ended March 31, 2025Retained Operating InvestmentsThird-Party Portfolio InvestmentsTotalSequoia Securities on Balance SheetConsolidated Sequoia SecuritiesConsolidated CAFL SecuritiesConsolidated Re-Performing Loan (SLST) SecuritiesConsolidated Multifamily SecuritiesOther Third-Party Securities(In Thousands)Beginning fair value$139,683 $418,908 $326,074 $241,765 $35,163 $265,540 $1,427,133 Acquisitions— 138,358 — — — 9,203 147,561 Sales— — — — — (14,387)(14,387)Gains on sales and calls, net— — — — — 567 567 Effect of principal payments (1)(76)(2,466)— (6,978)— (126)(9,646)Change in fair value, net(892)(21,890)1,250 28,981 400 (23,547)(15,698)Ending Fair Value (2)$138,715 $532,910 $327,324 $263,768 $35,563 $237,250 $1,535,530 

(1)The effect of principal payments reflects the change in fair value due to principal payments, which is calculated as the cash principal received on a given security during the period multiplied by the prior quarter ending price or acquisition price for that security.

(2)At March 31, 2025, $51 million of Sequoia Securities and $126 million of Other Third-Party Securities were used as hedges for our Sequoia Mortgage Banking operations, and were included in our Sequoia Mortgage Banking segment. At March