Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 97

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 97
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 million and $6 million, and $32 million and $21 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 12 for additional information on these joint ventures.(3)Transfers of unsecuritized residential investor term loans between portfolios represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated term securitizations. Transfers of unsecuritized bridge loans, represents the transfer of residential investor bridge loans from "Unsecuritized Bridge" to "Securitized Bridge" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing.Securitized Residential Investor Loans Held-for-Investment We invest in securities issued by securitizations sponsored by CoreVest and consolidate the underlying residential investor term loans and bridge loans owned by these entities. For loans held at our consolidated securitization entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to CFE guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income (loss). We did not elect to account for three of our Bridge securitizations under the CFE guidelines, but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. See further discussion in Note 16.

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REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025(Unaudited) Note 8. Residential Investor Loans - (continued)

Residential Investor Loan CharacteristicsThe following table provides the activity of securitized residential investor loans held-for-investment during the three and six months ended June 30, 2025 and 2024. Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-InvestmentThree Months Ended June 30,20252024(In Thousands)Securitized TermSecuritized BridgeSecuritized TermSecuritized BridgeNet market valuation gains (losses) recorded $14,122 $(4,591)$3,530 $(4,870)Fair value of loans transferred to HFI— 75,994 — 89,202 Six Months Ended June 30,20252024