Redwood Trust Inc 2025年季度报告

For the Quarterly Period Ended:March31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________.Commission File Number1-13759 REDWOOD TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland(State or Other Jurisdiction of Incorporation or Organization) (415)389-7373(Registrant’s Telephone Number, Including Area Code)Not Applicable(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerginggrowth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $0.01 par value per share 133,117,564shares outstanding as of May9, 2025 REDWOOD TRUST, INC.2025 FORM 10-Q REPORTTABLE OF CONTENTS PART I—FINANCIAL INFORMATION Financial Statements2Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 20242Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)3Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024(Unaudited)4Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2025 and 2024(Unaudited)5Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)6Notes to Consolidated Financial Statements (Unaudited)8Note 1. Organization8Note 2. Basis of Presentation8Note 3. Summary of Significant Accounting Policies10Note4. Segment Information10Note5. Mortgage Banking Activities, Net13Note6. Fair Value of Financial Instruments14Note7. Residential Consumer Loans19Note 8. Residential Investor Loans22Note 9. Real Estate Securities27Note 10. Home Equity Investments (HEI)30Note 11. Servicing Investments31Note 12. Strategic Investments31Note 13. Derivative Financial Instruments33Note 14. Offsetting Assets and Liabilities34Note 15. Other Assets and Liabilities36Note 16. Principles of Consolidation38Note 17. Asset-Backed Securities Issued40Note 18. Debt Obligations42Note 19. Commitments and Contingencies44Note 20. Equity45Note 21. Earnings Per Common Share47Note 22. General and Administrative Expenses48Note 23. Taxes48Management’s Discussion and Analysis of Financial Condition and Results of Operations49Quantitative and Qualitative Disclosures About Market Risk76Controls and Procedures76 PART II—OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety Disclosures (Not Applicable)Item 5.Other InformationItem 6.ExhibitsSignatures REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS The accompanying notes are an integral part of these consolidated financial statements. REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY The accompanying notes are an integral part of these consolidated financial statements. REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS REDWOOD TRUST, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) The accompanying notes are an integral part of these consolidated financial statements. REDWOOD TRUST, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTSMar