Company: RWT-PA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0000930236-25-000029
Chunk: 62

Company: REDWOOD TRUST INC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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333,020 $18,258,344 

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(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At June 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $17,484,443 and $14,654,942, respectively. At June 30, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $16,386,516 and $13,620,239, respectively. See Note 16 for further discussion.

The accompanying notes are an integral part of these consolidated financial statements.

2

REDWOOD TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In Thousands, except Share Data)Three Months Ended June 30,Six Months Ended June 30,(Unaudited)2025202420252024Interest IncomeResidential consumer loans$184,403 $106,710 $346,746 $193,645 Residential investor loans72,104 93,106 150,259 188,141 Consolidated Agency multifamily loans4,508 4,559 8,956 9,140 Real estate securities16,121 10,749 34,658 17,029 Other interest income7,200 10,293 15,811 22,202 Total interest income284,336 225,417 556,430 430,157 Interest ExpenseAsset-backed securities issued(198,537)(133,429)(377,907)(253,688)Debt obligations(71,965)(66,695)(136,747)(126,966)Total interest expense(270,502)(200,124)(514,654)(380,654)Net Interest Income13,834 25,293 41,776 49,503 Non-Interest IncomeMortgage banking activities, net40,857 18,924 73,910 33,480 Investment fair value changes, net(84,704)1,098 (89,892)22,935 HEI (loss) income, net(12,899)15,883 (2,