Company: RWT-PA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000930236-25-000007
Chunk: 102

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 16
Chunk 102
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 2024Note 8. Residential Investor Loans - (continued)

The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 by collateral/strategy type.Table 8.5 – Residential Investor Loans Collateral/Strategy TypeDecember 31, 2024Term at RedwoodTerm at CAFL(1)Bridge at RedwoodBridge at CAFL(1)(Dollars in Thousands)TermSingle family rental$100,411 $2,042,803 $— $— Multifamily77,207 596,682 — — BridgeRenovate / Build for Rent ("BFR")(2)— — 432,363 377,947 Single Asset Bridge ("SAB")(3)— — 78,631 283,186 Multifamily(4)— — 648,972 148,096 Third-Party Originated— — 6,247 1,056 Total Residential Investor Loans$177,618 $2,639,485 $1,166,213 $810,285 (1)The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.(2)Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent.(3)Includes loans for light to moderate renovation of residential investor and small multifamily properties (generally less than 20 units).(4)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.Loan ModificationsWe may amend or modify a loan depending on the loan's specific facts and circumstances. These loan modifications typically include amendments and restructuring and include terms such as additional time for the borrower to refinance or sell the collateral property, interest rate reductions and/or deferral of scheduled principal and/or interest payments. In some instances, a loan amendment or restructuring may bring the loan out of delinquent status. In other instances, including in the case of Build for Rent ("BFR") loans, a loan modification may amend the project's underlying budget (including allocation of hard/soft costs, interest reserves and other items) or construction or completion milestones, if warranted, based on progress versus the initial budget. Because they finance the construction of rental housing, many