US Market News
3週前
Redwood Trust Prices $125.0 Million Senior Notes OfferingMay 19, 2026 8:33 PM
Business Wire Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”) today announced the pricing of an underwritten public offering of $125,000,000 aggregate principal amount of its 9.75% senior notes due 2031 (the “Notes”). In connection with the offering, Redwood granted the underwriters a 30-day option to purchase up to an additional $18,750,000 aggregate principal amount of Notes, to cover over-allotments. The offering is expected to close on May 27, 2026, subject to the satisfaction of certain closing conditions. Redwood intends to apply to list the Notes on the New York Stock Exchange under the symbol “RWTR” and, if the application is approved, trading of the Notes on the New York Stock Exchange is expected to begin within 30 days after the Notes are first issued. Redwood intends to use the net proceeds from the offering for general corporate purposes, including funding its operating businesses and investment activities, such as its Sequoia, Aspire, and CoreVest mortgage banking platforms, acquiring related assets for its Redwood Investments portfolio, and pursuing strategic acquisitions and investments. The Notes will be senior unsecured obligations of Redwood. The Notes will bear interest at a rate equal to 9.75% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2026. The Notes will mature on June 1, 2031. The Notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof or in units. Redwood will have the right to redeem the Notes, in whole or in part, at its option at any time and from time to time, on or after June 1, 2028 at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a change of control, Redwood will be required to make an offer to repurchase all outstanding Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date. Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC and Piper Sandler & Co., are acting as joint book-running managers for the proposed offering. Mischler Financial Group, Inc. and Seaport Global Securities LLC are acting as co-managers for the proposed offering. The public offering will be made pursuant to an automatic shelf registration statement on Form S-3 that was filed by Redwood with the Securities and Exchange Commission (“SEC”) and became effective on March 3, 2025, as amended on August 22, 2025. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting: Morgan Stanley & Co. LLC
180 Varick Street
New York, NY 10014
Attention: Prospectus Department
Or by telephone: (866) 718-1649
Or by email: prospectus@morganstanley.com RBC Capital Markets, LLC
Attention: Transaction Management
Brookfield Place
200 Vesey Street, 8th Floor
New York, NY 10281-8098
Or by telephone: 866-375-6829
Or by email: rbcnyfixedincomeprospectus@rbccm.com UBS Investment Bank Attention: Prospectus Department
11 Madison Avenue
New York, NY 10010
Or by telephone: 833-481-0269 Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attention: WFS Customer Service
Or by telephone: (800) 645-3751
Or by email: wfscustomerservice@wellsfargo.com Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Or by telephone: 866-471-2526
Or by email: registration-syndops@ny.email.gs.com Piper Sandler & Co.
Attention: Debt Capital Markets
1251 Avenue of the Americas, 6th Floor
New York, NY 10020
Or by email: fsg-dcm@psc.com This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About Redwood Trust Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. Redwood Investments also includes RWT Horizons®, our unified technology platform spanning internal AI innovation and strategic investments across the ecosystem, which supports our efforts to develop an AI-first operating model that enables compounding operational leverage and scalable growth. This reflects how we manage and organize our business and may differ from the manner in which our reportable segments are presented for financial reporting purposes. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. CAUTIONARY STATEMENT: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as statements related to the offering, including the terms thereof, the anticipated closing date, the intention to apply to list the securities on the New York Stock Exchange and the expected use of the net proceeds. Forward-looking statements involve numerous risks and uncertainties. Redwood’s actual results may differ materially from those projected, and Redwood cautions investors not to place undue reliance on the forward-looking statements contained in this release. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan,” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. No assurance can be given that the offering will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described, the application to list the securities on the New York Stock Exchange and the application of the net proceeds, are subject to numerous conditions, risks and uncertainties, many of which are beyond the control of Redwood, including, among other things, those described in Redwood’s preliminary prospectus supplement dated May 19, 2026, the accompanying prospectus dated March 3, 2025, as amended on August 22, 2025, and the documents incorporated in the prospectus supplement and the prospectus by reference. Redwood undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519834881/en/ Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com Original: Redwood Trust Prices $125.0 Million Senior Notes Offering
US Market News
1月前
Redwood Trust Reports First Quarter Financial Results; Mortgage Banking Production Reaches a Record $8.5 BillionApril 29, 2026 4:15 PM
Business Wire
Redwood Trust, Inc. (NYSE:RWT; "Redwood", the "Company"), a leader in expanding access to housing for homebuyers and renters, today reported its financial results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights
On a consolidated basis, GAAP net loss was $(0.07) per basic and diluted common share. Non- GAAP Earnings Available for Distribution ("EAD") was $0.21 per share(1), an increase from the prior quarter and once again exceeding the Company’s dividend
Demonstrated sustained momentum in Mortgage Banking despite a more volatile and uncertain macroeconomic backdrop
Mortgage Banking production reached a record $8.5 billion, up from $7.3 billion in the previous quarter and marking a third consecutive quarterly record(2)
Gross margins remained within targeted ranges despite increased market volatility late in the quarter from changes in interest rates and mortgage spreads
Distribution remained strong across platforms, supported by record securitization activity and continued momentum in whole loan sales, enabling efficient risk transfer and consistent market access
Variability between Consolidated GAAP and EAD results primarily reflects market-driven changes in portfolio valuations rather than underlying operating performance
Key Financial First Quarter 2026 Results and Metrics
GAAP book value per common share was $7.12 at March 31, 2026, compared to $7.36 per share at December 31, 2025
Economic return on book value of (0.8)% for the first quarter 2026(3)
GAAP net loss of $(7.3) million or $(0.07) per basic and diluted common share
Non-GAAP Earnings Available for Distribution ("EAD") of $27.1 million or $0.21 per basic common share(1)
Non-GAAP Core Segments Earnings Available for Distribution ("Core Segments EAD") of $36.5 million, or $0.28 per basic common share(4)
Declared and paid a regular quarterly dividend of $0.18 per common share
“We delivered a third consecutive quarter of record mortgage banking volume, as Sequoia and Aspire continued to scale while maintaining disciplined margins,” said Christopher Abate, Chief Executive Officer of Redwood Trust. “What stands out in this environment is not just the level of production, but how we’re processing it using active distribution and technology to drive capital turnover and efficiently manage risk. As we expand our product set and deepen relationships across our ecosystem, we are seeing sustained demand from institutional investors seeking consistent access to the high-quality assets we source.”
Three Months Ended
3/31/2026
12/31/2025
Financial Performance
Book Value per Common Share
$
7.12
$
7.36
Economic Return on Book Value (3)
(0.8
)%
2.6
%
Net (Loss) Income per Basic Common Share
$
(0.07
)
$
0.13
Non-GAAP EAD per Basic Common Share (non-GAAP) (1)
$
0.21
$
0.20
Non-GAAP Core Segments EAD per Basic Common Share (4)
$
0.28
$
0.33
Dividends per Common Share
$
0.18
$
0.18
Q1 2026 Segment Highlights (5)
GAAP Segment Net (Loss) Income Results Summary
($ in millions)
Three Months Ended
3/31/2026
12/31/2025
Core Segments:
Mortgage Banking Platforms:
Sequoia Mortgage Banking
$
37.8
$
33.3
Aspire Mortgage Banking
2.3
3.3
CoreVest Mortgage Banking
(3.4
)
6.8
Total Mortgage Banking Platforms
$
36.7
$
43.5
Redwood Investments
(8.0
)
15.2
Total Core Segments
$
28.7
$
58.7
Legacy Investments
$
(13.1
)
$
(22.9
)
Corporate/Other
$
(22.9
)
$
(17.5
)
Total GAAP Net (Loss) Income
$
(7.3
)
$
18.3
Mortgage Banking Platforms
Total Mortgage Banking Platforms GAAP net income of $36.7 million
Generated 38% annualized return on capital ("ROC")(6)
Continued expansion across platforms, including Sequoia’s new medical professional loan program and Aspire’s inaugural non-QM securitization, supporting volume growth and expanded distribution capabilities
Aspire Mortgage Banking reported as a separate segment beginning in the first quarter of 2026
Sequoia Mortgage Banking(5)
Gain on sale margin of 96 basis points, at the higher end of the Company’s target range, and partially impacted by market volatility late in the first quarter
Locked $6.5 billion of loans, up 22% from the fourth quarter 2025 and 67% from the first quarter 2025(7)
Distributed $5.5 billion of loans through a combination of securitizations ($4.6 billion) and whole loan sales ($915 million), a 35% increase from the prior quarter
Completed a record level of securitization activity, including the first ever securitization backed by medical professional loans
Cost per loan improved to 18 basis points in the first quarter(8), compared to 26 basis points in the prior quarter, reflecting continued operating scale benefits
Aspire Mortgage Banking(5)
Gain on sale margins of 73 basis points, compared to 92 basis points in the fourth quarter 2025
Lock volume of $1.6 billion reflects incremental growth from the fourth quarter and strong underlying demand for Aspire products from a growing network of loan sellers(7)
Distributed $1.0 billion of loans through a combination of securitizations ($391 million) and whole loan sales ($656 million), a 44% increase from the prior quarter
Expanded distribution capabilities through issuance of Aspire’s inaugural securitization
CoreVest Mortgage Banking(5)
Segment GAAP net loss of $(3.4) million included $5.0 million of expenses related to organizational changes during the quarter, impacting comparability to the prior quarter. Non-GAAP EAD was $1.8 million
Funded $432 million of loans (61% bridge and 39% term), a 6% decrease from the fourth quarter 2025 and a 10% decrease from the first quarter 2025
Distributed $694 million of newly-originated loans through whole loan sales, securitizations and sales to joint ventures ("JVs"), up 19% from the fourth quarter 2025
Volume reflected a more cautious approach late in the quarter, with intentional pipeline discipline during March volatility and heightened month-end activity, as we worked closely with our borrowers to manage execution in response to evolving investor demand
Redwood Investments
Generated a segment GAAP net loss of $(8.0) million
Results were primarily driven by unrealized market-related valuation changes during the quarter, partially offset by net interest income from portfolio investments
Redwood Investments recourse leverage ratio increased to 1.1x at March 31, 2026, from 1.0x at December 31, 2025(10)
Legacy Investments
Segment GAAP net loss of $(13.1) million
Continued resolution activity within the legacy bridge portfolio supported capital redeployment and a reduction in portfolio exposure
Segment capital allocation decreased to 15% of total invested capital, compared to 19% at December 31, 2025
Closed a $225 million securitization backed by a mix of performing/non-performing bridge loans which included $66 million of loans from the legacy investments portfolio
Legacy Investments recourse leverage ratio of 1.6x at March 31, 2026(11)
Capital and Financing
Maintained strong liquidity and stable recourse leverage, supporting continued investment in operating platforms
Unrestricted cash and cash equivalents of $202 million at March 31, 2026
Recourse debt of $4.7 billion at March 31, 2026 compared to $4.4 billion at December 31, 2025(12)
Increased overall warehouse capacity and added a new financing counterparty, supporting continued scale across the mortgage operating platforms
Renewed or established over $2.8 billion in total financing capacity
Total excess warehouse financing capacity of $3.9 billion at March 31, 2026
Tightened financing spreads and improved advance rates across key facilities
____________________
Earnings available for distribution ("EAD"), EAD per share and EAD ROE are non-GAAP measures. See Non-GAAP Disclosures section that follows for additional information on these measures.
Mortgage Banking refers to the combined performance or data related to Sequoia Mortgage Banking, Aspire Mortgage Banking and CoreVest Mortgage Banking segments. Production consists of loan locks from Sequoia Mortgage Banking and Aspire Mortgage Banking, as well as loan fundings from CoreVest Mortgage Banking.
Economic return on book value is based on the period change in GAAP book value per common share plus dividends declared per common share in the period.
Core Segments EAD is a non-GAAP measure used to present management’s non-GAAP analysis of the combined performance of the Company’s mortgage banking platforms and related investments (which consist of the Company’s Sequoia Mortgage Banking, Aspire Mortgage Banking, CoreVest Mortgage Banking and Redwood Investments segments), inclusive of an allocated portion of the Company’s Corporate segment relating to those Core Segments. Core Segments EAD excludes the Company’s Legacy Investments segment and excludes an allocated portion of the Company’s Corporate segment relating to the Legacy Investments segment. Core Segments EAD per basic common share and Core Segments EAD ROE are also non-GAAP financial measures and are calculated using Core Segments EAD. See Non-GAAP Disclosures section that follows for additional information on these measures.
Beginning in the first quarter of 2026, we revised our segment reporting to (i) present Aspire Mortgage Banking as a new reportable segment separate from our Sequoia Mortgage Banking segment and (ii) allocate corporate financing costs to our Sequoia, Aspire, CoreVest Mortgage Banking, Redwood Investments and Legacy Investments segments. This change had no impact on the consolidated financial statements and all prior period amounts were conformed to the current presentation.
ROC for the combined Mortgage Banking platforms is a non-GAAP measure calculated as annualized net income for the Company’s combined Mortgage Banking platforms divided by the average capital utilized by the combined Mortgage Banking platforms for the period. Average capital utilized represents management's internal estimate of the average capital deployed to support the activities of each segment and for Q1'26 the combined Mortgage Banking platform average capital was $386 million.
Beginning in the first quarter of 2026, we revised our segment reporting to allocate corporate financing costs to our Sequoia, Aspire, CoreVest Mortgage Banking, Redwood Investments and Legacy Investments segments. This change had no impact on the consolidated financial statements and all prior period amounts were conformed to the current presentation.
Lock volume represents loans identified for purchase from loan sellers. Lock volume does not account for potential fallout from pipeline that typically occurs through the lending process.
Cost per loan for the Sequoia Mortgage Banking segment is calculated as general and administrative expenses and loan acquisition costs of this segment divided by loan purchase commitments of this segment.
EAD ROC for a segment is calculated as non-GAAP segment EAD annualized divided by average capital utilized for the segment during the period. Non-GAAP EAD is defined as: GAAP net income (loss) available (related) to common stockholders adjusted to: (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition related expenses; (iv) exclude certain organizational restructuring charges (as applicable); and (v) adjust for the hypothetical income taxes associated with these adjustments. Average capital utilized represents management's internal estimate of the average economic capital allocated to support the activities of each segment.
Redwood Investments recourse leverage ratio is defined as recourse debt at Redwood Investments divided by capital invested. At March 31, 2026 recourse debt excludes $20.5 billion of consolidated securitization debt (ABS issued and servicer advance financing), other liabilities and other debt that is non-recourse to Redwood at Redwood Investments. Capital invested in our Redwood Investments segment at March 31, 2026 was $510 million.
Legacy Investments recourse leverage ratio is defined as recourse debt at Legacy Investments divided by capital invested. At March 31, 2026 recourse debt excludes $181 million of consolidated securitization debt (ABS issued), other liabilities and other debt that is non-recourse to Redwood at Legacy Investments. Capital invested in our Legacy Investments segment at March 31, 2026 was $242 million.
At March 31, 2026, and December 31, 2025, recourse debt excluded $21.2 billion and $18.3 billion, respectively, of consolidated securitization debt (ABS issued and servicer advance financing), other liabilities and other debt that is non-recourse to Redwood, and tangible stockholders' equity excluded $32 million and $34 million, respectively, of goodwill and intangible assets.
First Quarter 2026 Redwood Review and Supplemental Tables Available Online
A further discussion of Redwood's business and financial results is included in the first quarter 2026 Shareholder Letter and Redwood Review which are available under "Financial Info" within the Investor Relations section of the Company’s website at redwoodtrust.com/investor-relations. Additional supplemental financial tables can also be found within this section of the Company's website.
Conference Call and Webcast
Redwood will host an earnings call today, April 29, 2026, at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time to discuss its first quarter 2026 financial results. The number to dial in order to listen to the conference call is 1-877-423-9813 in the U.S. and Canada. International callers must dial 1-201-689-8573. A replay of the call will be available through midnight on Wednesday, May 13, 2026, and can be accessed by dialing 1-844-512-2921 in the U.S. and Canada or 1-412-317-6671 internationally and entering access code #13759155.
The conference call will be webcast live in listen-only mode through the News & Events section of Redwood’s Investor Relations website at https://www.redwoodtrust.com/investor-relations/news-events/events. To listen to the webcast, please go to Redwood's website at least 15 minutes before the call to register and to download and install any audio software needed. An audio replay of the call will also be available on Redwood's website following the call. Redwood plans to file its Quarterly Report on Form 10-Q with the Securities and Exchange Commission by Monday, May 11, 2026, and also make it available on Redwood’s website.
REDWOOD TRUST, INC.
Consolidated Income Statements (1)
Three Months Ended
($ in millions, except share and per share data)
3/31/26
12/31/25
Net Interest Income
$
34.7
$
25.9
Non-interest income
Mortgage banking activities, net
32.0
53.1
Investment fair value changes, net
(23.2
)
(0.5
)
HEI income, net
7.1
3.0
Servicing income, net
8.0
3.6
Fee income, net
2.9
1.8
Other income, net
2.4
2.2
Realized gains, net
—
(1.8
)
Total non-interest income, net
$
29.2
$
61.3
General and administrative expenses
(49.4
)
(40.8
)
Portfolio management costs
(8.7
)
(4.8
)
Loan acquisition costs
(6.7
)
(5.4
)
Other expenses
(7.1
)
(8.2
)
Benefit from (Provision for) income taxes
2.5
(8.0
)
Net (loss) income
$
(5.5
)
$
20.0
Dividends on preferred stock
(1.8
)
(1.8
)
Net (loss) income (related) available to common stockholders
$
(7.3
)
$
18.3
Weighted average basic common shares (thousands)
124,769
126,295
Weighted average diluted common shares (thousands) (2)
124,769
126,570
(Loss) Earnings per basic common share
$
(0.07
)
$
0.13
(Loss) Earnings per diluted common share
$
(0.07
)
$
0.13
Regular dividends declared per common share
$
0.18
$
0.18
(1)
Certain totals may not foot due to rounding.
(2)
Actual shares outstanding (in thousands) at March 31, 2026 and December 31, 2025 were 125,015 and 124,460, respectively
REDWOOD TRUST, INC.
Consolidated Balance Sheets (1)
($ in millions, except share and per share data)
3/31/26
12/31/25
Residential consumer loans
$
21,300
$
17,936
Residential investor loans
3,311
3,617
Real estate securities
476
423
Home equity investments (HEI)
341
330
Servicing investments
300
302
Strategic investments
107
102
Cash and cash equivalents
202
256
Other assets
779
736
Total assets
$
26,816
$
23,701
Asset-backed securities issued, net
$
20,418
$
17,492
Debt obligations, net
4,867
4,799
Other liabilities
574
427
Total liabilities
$
25,859
$
22,718
Stockholders' equity
957
983
Total liabilities and equity
$
26,816
$
23,701
Common shares outstanding at period end (thousands)
125,015
124,460
GAAP book value per common share
$
7.12
$
7.36
(1)
Certain totals may not foot due to rounding.
Segment Financial Information(1)(2)
Three Months Ended March 31, 2026
(In Millions)
Sequoia
Mortgage
Banking
Aspire
Mortgage
Banking
CoreVest
Mortgage
Banking
Redwood
Investments
Legacy
Investments
Corporate/
Other
Total
Interest income
$
61.3
$
18.4
$
4.2
$
268.7
$
4.0
$
0.3
$
356.9
Interest expense
(36.3
)
(14.8
)
(2.1
)
(256.3
)
(12.7
)
—
(322.2
)
Net interest income (expense)
25.0
3.6
2.1
12.4
(8.7
)
0.3
34.7
Non-interest income (loss)
Mortgage banking activities, net
22.1
2.7
7.2
—
—
—
32.0
Investment fair value changes, net
—
—
(0.3
)
(15.4
)
(7.5
)
—
(23.2
)
HEI income, net
—
—
—
0.6
6.5
—
7.1
Servicing Income, net
—
—
—
8.0
—
—
8.0
Fee Income, net
—
—
2.8
0.2
(0.1
)
—
2.9
Other income, net
—
—
0.6
0.9
1.0
—
2.4
Realized gains, net
—
—
—
—
—
—
—
Total non-interest income, net
22.1
2.7
10.4
(5.8
)
(0.1
)
—
29.2
General and administrative expenses
(7.0
)
(2.5
)
(13.0
)
(3.4
)
—
(23.5
)
(49.4
)
Portfolio management costs
—
—
—
(4.2
)
(4.5
)
—
(8.7
)
Loan acquisition costs
(2.8
)
(1.0
)
(2.8
)
—
—
—
(6.7
)
Other expenses
—
—
(2.0
)
(5.1
)
—
—
(7.1
)
Benefit from (Provision for) income taxes
1.2
(0.3
)
2.1
(1.4
)
0.6
0.3
2.5
Net Income (Loss)
$
38.4
$
2.5
$
(3.3
)
$
(7.3
)
$
(12.8
)
$
(22.9
)
$
(5.5
)
Preferred Dividends
(0.5
)
(0.2
)
(0.1
)
(0.7
)
(0.3
)
—
(1.8
)
Net income (loss) available (related) to common stockholders
$
37.8
$
2.3
$
(3.4
)
$
(8.0
)
$
(13.1
)
$
(22.9
)
$
(7.3
)
Total Assets
$
2,573.7
$
891.5
$
329.3
$
21,903.5
$
945.0
$
172.7
$
26,815.8
Three Months Ended December 31, 2025
(In Millions)
Sequoia
Mortgage
Banking
Aspire
Mortgage
Banking
CoreVest
Mortgage
Banking
Redwood
Investments
Legacy
Investments
Corporate/
Other
Total
Interest income
$
52.3
$
14.7
$
6.3
$
248.6
$
4.7
$
0.5
$
327.0
Interest expense
(34.3
)
(11.8
)
(4.3
)
(233.7
)
(16.9
)
—
(301.0
)
Net interest income (expense)
17.9
2.9
2.0
14.9
(12.2
)
0.5
25.9
Non-interest income (loss)
Mortgage banking activities, net
35.2
5.2
12.7
—
—
—
53.1
Investment fair value changes, net
—
—
—
7.6
(8.1
)
—
(0.5
)
HEI income, net
—
—
—
0.5
2.5
—
3.0
Servicing Income, net
—
—
—
3.6
—
—
3.6
Fee Income, net
—
—
1.7
0.2
(0.1
)
—
1.8
Other income, net
—
—
1.9
0.8
(0.6
)
—
2.2
Realized gains, net
—
—
—
—
(1.8
)
—
(1.8
)
Total non-interest income, net
35.2
5.2
16.3
12.7
(8.1
)
—
61.3
General and administrative expenses
(10.0
)
(2.7
)
(8.9
)
(1.1
)
—
(18.1
)
(40.8
)
Portfolio management costs
—
—
—
(2.8
)
(2.0
)
—
(4.8
)
Loan acquisition costs
(2.1
)
(0.7
)
(2.7
)
—
—
—
(5.4
)
Other expenses
—
—
(2.0
)
(6.2
)
—
—
(8.2
)
Provision for income taxes
(7.3
)
(1.1
)
2.3
(1.8
)
(0.2
)
0.2
(8.0
)
Net Income (Loss)
$
33.8
$
3.5
$
7.0
$
15.7
$
(22.5
)
$
(17.5
)
$
20.0
Preferred Dividends
(0.5
)
(0.2
)
(0.1
)
(0.6
)
(0.4
)
—
(1.8
)
Net income (loss) available (related) to common stockholders
$
33.3
$
3.3
$
6.8
$
15.2
$
(22.9
)
$
(17.5
)
$
18.3
Total Assets
$
2,411.8
$
909.3
$
357.4
$
18,789.6
$
943.3
$
289.7
$
23,701.1
(1)
Certain totals may not foot due to rounding.
(2)
Prior period amounts have been conformed to reflect the updated segment structure and allocation of corporate financing costs, enabling comparability with the current period presentation.
Non-GAAP Disclosures
To supplement consolidated and segment financial information prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also provides Earnings Available for Distribution (“EAD”), EAD Return on Equity ("EAD ROE"), Core Segments Earnings Available for Distribution (“Core Segments EAD”) and Core Segments EAD Return on Equity ("Core Segments EAD ROE") as non-GAAP measures.
Management believes these non-GAAP measures provide useful supplemental information to investors and management in evaluating the Company’s operating performance, facilitating comparisons to industry peers, and assessing the current income-generating capacity of the Company’s operating platforms as of the period presented, including the Company’s ability to pay dividends. These measures also assist in evaluating the Company’s ongoing transition to a more scalable and simplified business model, including the wind-down of legacy portfolio holdings within the Legacy Investments segment.
These non-GAAP measures should not be utilized in isolation, nor should they be considered as an alternative to GAAP net income (loss) available (related) to common stockholders, or other measurements of results of operations computed in accordance with GAAP or for federal income tax purposes.
Earnings Available for Distribution (“EAD”) and EAD ROE are non-GAAP financial measures that the Company has historically reported and continues to use to present management’s non-GAAP analysis of the operating performance of the Company’s different business segments. EAD is defined, as GAAP net income (loss) available (related) to common stockholders, adjusted to (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition-related expenses; (iv) exclude certain organizational restructuring charges, as applicable; and (v) reflect a hypothetical income tax adjustment associated with these items. EAD ROE is defined as EAD divided by average common equity.
Core Segments EAD and Core Segments EAD ROE represent management’s non-GAAP assessment of the combined performance of the Company’s mortgage banking platforms and related investments, which include the Sequoia Mortgage Banking, CoreVest Mortgage Banking, and Redwood Investments segments (collectively, the “Core Segments”), together with an allocated portion of the Corporate segment attributable to those operations.
Core Segments EAD excludes the Legacy Investments segment and the portion of the Corporate segment attributable to Legacy Investments. Core Segments EAD ROE is calculated as Core Segments EAD divided by the average capital utilized by the Core Segments during the period, which represents management’s internal estimate of the average economic capital allocated to support Core Segments activities.
Non-GAAP Disclosures (continued)
Reconciliation of GAAP to non-GAAP EAD – First Quarter 2026 (1)
Three Months Ended March 31, 2026
($ in millions)
Sequoia
Mortgage
Banking
Aspire
Mortgage
Banking
CoreVest
Mortgage
Banking
Redwood
Investments
Total
Core Segments (4)
Legacy
Investments
Corporate/
Other (3)
Total
GAAP Net Income (Loss)
$
37.8
$
2.3
$
(3.4
)
$
(8.0
)
$
28.7
$
(13.1
)
$
(22.9
)
$
(7.3
)
EAD Adjustments:
Investment fair value changes, net (5)
—
—
—
15.4
15.4
7.5
—
22.9
Realized (gains)/losses, net (6)
—
—
—
—
—
—
—
—
Acquisition related expenses (7)
—
—
2.0
—
2.0
—
—
2.0
Organizational restructuring charges (8)
—
—
5.0
2.1
7.1
—
0.3
7.4
Tax effect of adjustments(9)
—
—
(1.8
)
3.8
2.0
0.1
(0.1
)
1.9
Non-GAAP EAD (2)
$
37.8
$
2.3
$
1.8
$
13.3
$
55.2
$
(5.5
)
$
(22.7
)
$
27.1
Adjustment for allocation of Corporate segment (10)
(7.0
)
(2.6
)
(1.1
)
(8.0
)
(18.7
)
(3.9
)
22.7
—
Non-GAAP EAD with Allocated Corporate Segment
$
30.8
$
(0.3
)
$
0.7
$
5.3
$
36.5
$
(9.4
)
$
—
$
27.1
Net Income (loss) (GAAP)
$
(7.3
)
EAD (Non-GAAP)
$
27.1
Core Segments EAD (Non-GAAP)
$
36.5
Net Income (loss) per Basic Common Share (GAAP)
$
(0.07
)
EAD per Basic common share (Non-GAAP)
$
0.21
Core Segments EAD per Basic Common Share (Non-GAAP) (11)
$
0.28
Return on Equity ("ROE") (annualized) (12)
(3.1
)%
EAD ROE (Non-GAAP) (annualized)
11.5
%
Core Segments EAD Return on Equity (annualized) ("Core Segments EAD ROE") (Non-GAAP) (13)
19.1
%
Non-GAAP Disclosures (continued)
Reconciliation of GAAP to non-GAAP EAD – Fourth Quarter 2025 (1)
Three Months Ended December 31, 2025
($ in millions)
Sequoia
Mortgage
Banking
Aspire
Mortgage
Banking
CoreVest
Mortgage
Banking
Redwood
Investments
Total Core
Segments (4)
Legacy
Investments
Corporate/
Other (3)
Total
GAAP Net Income (Loss)
$
33.3
$
3.3
$
6.8
$
15.2
$
58.6
$
(22.9
)
$
(17.5
)
$
18.3
EAD Adjustments:
Investment fair value changes, net (5)
—
—
—
(7.6
)
(7.6
)
8.1
—
0.5
Realized (gains)/losses, net (6)
—
—
—
—
—
1.8
—
1.8
Acquisition related expenses (7)
—
—
2.0
—
2.0
—
—
2.0
Tax effect of adjustments (9)
—
—
(0.5
)
4.4
3.9
0.1
(0.1
)
3.8
Non-GAAP EAD (2)
$
33.3
$
3.3
$
8.3
$
12.0
$
56.9
$
(12.9
)
$
(17.6
)
$
26.4
Adjustment for allocation of Corporate segment (10)
(4.8
)
(1.9
)
(1.1
)
(5.8
)
(13.6
)
(4.0
)
17.6
—
Non-GAAP EAD with Allocated Corporate Segment
$
28.5
$
1.4
$
7.2
$
6.2
$
43.2
$
(16.9
)
$
—
$
26.4
Net Income (loss) (GAAP)
$
18.3
EAD (Non-GAAP)
$
26.4
Core Segments EAD (Non-GAAP)
$
43.2
Net Income (loss) per Basic Common Share (GAAP)
$
0.13
EAD per Basic common share (Non-GAAP)
$
0.20
Core Segments EAD per Basic Common Share (Non-GAAP) (11)
$
0.33
Return on Equity ("ROE") (annualized) (12)
7.7
%
EAD ROE (Non-GAAP) (annualized)
11.1
%
Core Segments EAD Return on Equity (annualized) ("Core Segments EAD ROE") (Non-GAAP) (13)
23.8
%
Certain totals may not foot due to rounding.
Earnings Available for Distribution (“EAD”) is a non-GAAP measure that the Company has historically reported and continues to use to present management’s non-GAAP analysis of the operating performance of the Company’s different business segments. EAD is defined, as GAAP net income (loss) available (related) to common stockholders, adjusted to (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition-related expenses; (iv) exclude certain organizational restructuring charges, as applicable; and (v) reflect a hypothetical income tax adjustment associated with these items.
Beginning in the first quarter of 2026, we revised our segment reporting to allocate corporate financing costs to our Sequoia Mortgage Banking, Aspire Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments and Legacy Investments segments. This change had no impact on the consolidated financial statements and all prior period amounts were conformed to the current presentation.
Core Segments EAD and Core Segments EAD ROE are non-GAAP measures and are used to present management’s non-GAAP analysis of the combined performance of the Company’s mortgage banking platforms and related investments (which are defined as the "Core Segments" and which consist of the Company’s Sequoia Mortgage Banking, Aspire Mortgage Banking, CoreVest Mortgage Banking and Redwood Investments segments), inclusive of an allocated portion of the Company’s Corporate segment relating to those Core Segments. Core Segments EAD excludes the Company’s Legacy Investments segment and excludes an allocated portion of the Company’s Corporate segment relating to the Legacy Investments segment.
Core Segments EAD is defined as: GAAP net income (loss) available (related) to common stockholders adjusted to (i) exclude GAAP net loss from the Legacy Investments Segment, (ii) exclude the portion of the Corporate Segment allocation relating to the Legacy Investments segment, (iii) exclude investment fair value changes, net; (iv) exclude realized gains and losses; (v) exclude acquisition related expenses; (vi) exclude certain organizational restructuring charges (as applicable); and (vii) adjust for the hypothetical income taxes associated with these adjustments.
Refer to footnote 13 below for the definition of Core Segments EAD ROE.
Investment fair value changes, net includes all amounts within that same line item in our consolidated statements of (loss) income that are attributable to each segment, which primarily represents both realized and unrealized gains and losses on our investments held in each segment and associated hedges. Realized and unrealized gains and losses on our HEI investments are reflected in a separate line item on our consolidated income statements titled "HEI income, net".
Realized (gains)/losses, net includes all amounts within that line item on our consolidated statements of (loss) income that are attributable to each segment.
Acquisition related expenses include transaction costs paid to third parties, as applicable, and the ongoing amortization of intangible assets related to the Riverbend and CoreVest acquisitions.
Organizational restructuring charges for the first quarter of 2026 represent costs associated with employee severance and related transition expenses.
Tax effect of adjustments represents the hypothetical income taxes associated with EAD adjustments used to calculate each segment EAD.
Allocation of Corporate Segment is based on the average capital utilized by the segment during the period, which represents management’s internal estimate of the average economic capital allocated to support the activities of each segment.
Core Segments EAD per basic common share is a non-GAAP measure and is defined as Core Segments EAD divided by basic weighted average common shares outstanding at the end of the period.
ROE consists of consolidated GAAP net income annualized divided by average common equity for the period.
Core Segments EAD ROE is a non-GAAP measure and is defined as Core Segments EAD annualized divided by average capital utilized by the Core Segments of $762 million and $726 million for the three months ended March 31, 2026 and December 31, 2025, respectively. Average capital utilized is management's internal estimate of the average economic capital allocated to support the activities of the Core Segments.
About Redwood
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. Redwood Investments also includes RWT Horizons®, our unified technology platform spanning internal AI innovation and strategic investments across the ecosystem, which supports our efforts to develop an AI-first operating model that enables compounding operational leverage and scalable growth. This reflects how we manage and organize our business and may differ from the manner in which our reportable segments are presented for financial reporting purposes.
Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
Cautionary Statement; Forward-Looking Statements:
This press release and the related conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing for the filing of Redwood's Quarterly Report on Form 10-Q. Forward-looking statements involve numerous risks and uncertainties. Redwood's actual results may differ from Redwood's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, opportunities, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2025 under the caption “Risk Factors”. Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-K, 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429897923/en/
Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
Original: Redwood Trust Reports First Quarter Financial Results; Mortgage Banking Production Reaches a Record $8.5 Billion
US Market News
4月前
Redwood Trust Reports Fourth Quarter and Full Year 2025 Financial Results; Record Platform Performance Drives Earnings GrowthFebruary 11, 2026 4:15 PM
Business Wire
Redwood Trust, Inc. (NYSE:RWT; "Redwood", the "Company"), a leader in expanding access to housing for homebuyers and renters, today reported its financial results for the quarter ended December 31, 2025.
Fourth Quarter 2025 Highlights
Fourth quarter results reflect continued momentum across Redwood’s Mortgage Banking platforms, with higher production revenues translating directly into earnings growth
Mortgage Banking production reached a record $7.3 billion(1)
Profitably generated record Mortgage Banking GAAP net income of $51.3 million; sixth consecutive quarter of 20%+ Return on Capital ("ROC") for our Mortgage Banking segments(1)(2)
Wind-down of Legacy Investments portfolio on target; capital allocated to legacy assets declined to 19% at year-end 2025
Full Year 2025 Highlights
Full year results driven by a record $23 billion of combined Mortgage Banking volume, a 111% year-over-year increase
Achieved full-year combined Mortgage Banking GAAP net income of $146.2 million and ROC of 26%(2)
Mortgage Banking volumes significantly outpaced operating expense growth, affirming the leverage within our fixed cost base; total operating cost per loan improved 44%(1)(3)
Repurchased 9.2 million shares of common stock for $53 million, resulting in $0.13 of accretion to book value per share
Key Financial Fourth Quarter 2025 Results and Metrics
GAAP book value per common share was $7.36 at December 31, 2025, compared to $7.35 per share at September 30, 2025
Economic return on book value of 2.6% for the fourth quarter 2025(4)
GAAP net income of $18.3 million or $0.13 per basic and diluted common share
Non-GAAP Core Segments Earnings Available for Distribution ("Core Segments EAD") of $43.2 million or $0.33 per basic common share (refer to non-GAAP reconciliation under the section titled "Non-GAAP Disclosures")(5)
“The past year was a transformational one for our operating platforms and reflected the progress we have made in enhancing their scale and profitability,” said Christopher Abate, Chief Executive Officer of Redwood. “Across Sequoia, Aspire, and CoreVest, strong volume growth translated directly into record revenues and attractive returns, even amidst a muted housing environment. In recent months, we have taken targeted actions to further simplify our operating structure and sharpen our focus on businesses generating strong and sustainable returns, positioning the platform to realize cost savings in future periods. As we look ahead, we see a clear opportunity to further scale our core businesses, where positive operating leverage and pace of capital turnover are driving a durable earnings profile, and where incremental capital can be deployed efficiently to support continued growth.”
($ in millions, except per share data)
Three Months Ended
12/31/2025
9/30/2025
Financial Performance
Book Value per Common Share
$
7.36
$
7.35
Economic Return on Book Value (4)
2.6
%
0.5
%
Net Income (Loss) per Basic Common Share
$
0.13
$
(0.08
)
Non-GAAP Core Segments EAD per Basic Common Share (5)
$
0.33
$
0.20
Dividends per Common Share
$
0.18
$
0.18
Q4 2025 Segment Highlights
GAAP Segment Net Income (Loss) Results Summary
($ in millions)
Three Months Ended
12/31/2025
9/30/2025
Core Segments:
Sequoia Mortgage Banking
$
43.8
$
34.3
CoreVest Mortgage Banking
7.5
3.5
Redwood Investments
20.9
10.3
Total Core Segments
$
72.2
$
48.2
Legacy Investments Segment
$
(18.6
)
$
(22.2
)
Corporate/Other
$
(35.3
)
$
(35.4
)
Total GAAP Net Income (Loss)
$
18.3
$
(9.5
)
Sequoia Mortgage Banking
Segment GAAP net income of $43.8 million
Generated 29% annualized ROC(2) and non-GAAP EAD ROC(6)
Gain on sale margin of 127 basis points, up 37% from 93 basis points in the third quarter 2025, exceeding our target range of 75 to 100 basis points
Locked $6.8 billion of loans, up 8% from $6.3 billion in the third quarter 2025 and up 193% from $2.3 billion in the fourth quarter 2024(7)
Sequoia lock volume of $5.3 billion, driven by increased wallet share across both bank and non-bank sellers
Aspire lock volume of $1.5 billion represented a 19% increase from the third quarter of 2025 as the platform continued to scale(8)
Distributed $4.8 billion of loans through a combination of securitizations ($3.0 billion) and whole loan sales ($1.8 billion)
Cost per loan improved 21% year-over-year in 2025 to 23bps(9)
CoreVest Mortgage Banking
Segment GAAP net income of $7.5 million
Generated 30% and 36% annualized ROC(2) and non-GAAP EAD ROC(6), respectively
Funded $460 million of loans (54% bridge and 46% term), a 12% decrease from $521 million in the third quarter 2025 and an 8% decrease from $501 million in the fourth quarter 2024
Decline in bridge and term volumes offset by continued growth in small-balance (DSCR and RTL) production
Distributed $582 million of loans through whole loan sales, securitizations and sales to joint ventures ("JVs"), up over 50% from the third quarter 2025
Full-year 2025 net cost to originate improved by 22% year-over-year, reflecting reduced production costs and increased revenue margins through our joint venture and other distribution channels(10)
Redwood Investments
Generated segment GAAP net income of $20.9 million and 17% annualized ROC(2)
Results improved quarter over quarter due to positive fair value changes from spread tightening on the quarter and higher net interest income from increased capital deployment
Redwood Investments recourse leverage ratio remained low at 1.0x at December 31, 2025, effectively unchanged from September 30, 2025(11)
Legacy Investments
Segment GAAP net loss of $(18.6) million
Results improved quarter over quarter on lower negative carry costs, which benefited from continued resolutions within our legacy bridge portfolio
Segment capital allocation decreased to 19% of total invested capital, compared to 28% at September 30, 2025
Legacy Bridge unpaid principal balance ("UPB") declined 38% to $272 million(12)
Legacy Investments recourse leverage ratio of 1.3x at December 31, 2025(13)
Capital and Financing
Unrestricted cash and cash equivalents of $256 million at December 31, 2025
Raised $100 million of gross proceeds in senior unsecured bond offering
Retired outstanding convertible debt maturing October 2025; next unsecured corporate debt maturity in June 2027(14)
Recourse debt of $4.4 billion at December 31, 2025 compared to $3.8 billion at September 30, 2025(15)
Increase in recourse debt driven by higher utilization of mortgage banking warehouse facilities where loans are typically held an average of 30 days before borrowings are repaid
Repurchased 2.7 million shares of common stock for $15 million, resulting in $0.04 of accretion to book value per share
____________________
1.
Mortgage Banking refers to the combined performance or data related to Sequoia Mortgage Banking and CoreVest Mortgage Banking segments.
2.
ROC is a non-GAAP measure for a segment that is calculated as GAAP segment net income (loss) annualized divided by average capital utilized for the segment during the period. Average capital utilized represents management's internal estimate of the average economic capital allocated to support the activities of each segment.
3.
Operating cost per loan is calculated as total operating expense (including corporate) divided by total mortgage banking volume for Sequoia Mortgage Banking and CoreVest Mortgage Banking segments. Improvement represents the change in this figure for full year 2025 compared to full year 2024.
4.
Economic return on book value is based on the period change in GAAP book value per common share plus dividends declared per common share in the period.
5.
Core Segments EAD is a non-GAAP measure used to present management’s non-GAAP analysis of the combined performance of the Company’s mortgage banking platforms and related investments (which consist of the Company’s Sequoia Mortgage Banking, CoreVest Mortgage Banking and Redwood Investments segments), inclusive of an allocated portion of the Company’s Corporate segment relating to those Core Segments. Core Segments EAD excludes the Company’s Legacy Investments segment and excludes an allocated portion of the Company’s Corporate segment relating to the Legacy Investments segment. Core Segments EAD per basic common share and Core Segments EAD ROE are also non-GAAP financial measures and are calculated using Core Segments EAD. See Non-GAAP Disclosures section that follows for additional information on these measures.
6.
EAD ROC for a segment is calculated as non-GAAP segment EAD annualized divided by average capital utilized for the segment during the period. Non-GAAP EAD is defined as: GAAP net income (loss) available (related) to common stockholders adjusted to: (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition related expenses; (iv) exclude certain organizational restructuring charges (as applicable); and (v) adjust for the hypothetical income taxes associated with these adjustments. Average capital utilized represents management's internal estimate of the average economic capital allocated to support the activities of each segment.
7.
Lock volume represents loans identified for purchase from loan sellers. Lock volume does not account for potential fallout from pipeline that typically occurs through the lending process.
8.
Aspire lock volume is included in the Sequoia Mortgage Banking business segment results.
9.
Cost per loan for the Sequoia Mortgage Banking segment is calculated as general and administrative expenses and loan acquisition costs of this segment divided by loan purchase commitments of this segment.
10.
Net cost to originate for the CoreVest Mortgage Banking segment is calculated as operating expenses, less upfront origination fees, divided by origination volume.
11.
Redwood Investments recourse leverage ratio is defined as recourse debt at Redwood Investments divided by capital invested. At December 31, 2025 recourse debt excludes $17.6 billion of consolidated securitization debt (ABS issued and servicer advance financing), other liabilities and other debt that is non-recourse to Redwood at Redwood Investments. Capital invested in our Redwood Investments segment at December 31, 2025 was $504 million.
12.
Excludes value of real estate owned ("REO").
13.
Legacy Investments recourse leverage ratio is defined as recourse debt at Legacy Investments divided by capital invested. At December 31, 2025 recourse debt excludes $176 million of consolidated securitization debt (ABS issued), other liabilities and other debt that is non-recourse to Redwood at Legacy Investments. Capital invested in our Legacy Investments segment at December 31, 2025 was $306 million.
14.
Excludes $9 million of promissory notes payable on demand after 90-day notice.
15.
At December 31, 2025, and September 30, 2025, recourse debt excluded $18.3 billion and $17.7 billion, respectively, of consolidated securitization debt (ABS issued and servicer advance financing), other liabilities and other debt that is non-recourse to Redwood, and tangible stockholders' equity excluded $34 million and $36 million, respectively, of goodwill and intangible assets.
Fourth Quarter 2025 Redwood Review and Supplemental Tables Available Online
A further discussion of Redwood's business and financial results is included in the fourth quarter 2025 Shareholder Letter and Redwood Review which are available under "Financial Info" within the Investor Relations section of the Company’s website at redwoodtrust.com/investor-relations. Additional supplemental financial tables can also be found within this section of the Company's website.
Conference Call and Webcast
Redwood will host an earnings call today, February 11, 2026, at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time to discuss its fourth quarter 2025 financial results. The number to dial in order to listen to the conference call is 1-877-423-9813 in the U.S. and Canada. International callers must dial 1-201-689-8573. A replay of the call will be available through midnight on Wednesday, February 11, 2026, and can be accessed by dialing 1-844-512-2921 in the U.S. and Canada or 1-412-317-6671 internationally and entering access code #13755968.
The conference call will be webcast live in listen-only mode through the News & Events section of Redwood’s Investor Relations website at https://www.redwoodtrust.com/investor-relations/news-events/events. To listen to the webcast, please go to Redwood's website at least 15 minutes before the call to register and to download and install any audio software needed. An audio replay of the call will also be available on Redwood's website following the call. Redwood plans to file its Annual Report on Form 10-K with the Securities and Exchange Commission by Monday, March 2, 2026, and also make it available on Redwood’s website.
REDWOOD TRUST, INC.
Consolidated Income Statements (1)
Three Months Ended
($ in millions, except share and per share data)
12/31/25
9/30/25
Net Interest Income from:
Sequoia mortgage banking
$
27.3
$
21.2
CoreVest mortgage banking
3.1
1.5
Redwood investments
20.1
17.6
Legacy investments
(8.4
)
(9.1
)
Corporate/other
(16.2
)
(16.3
)
Net Interest Income
$
25.9
$
15.0
Non-interest income
Sequoia mortgage banking activities, net
40.4
28.7
CoreVest mortgage banking activities, net
12.7
11.4
Investment fair value changes, net
(0.5
)
(7.0
)
HEI income, net
3.0
0.5
Servicing income, net
3.6
1.4
Fee income, net
1.8
4.6
Other income, net
2.2
(0.2
)
Realized gains, net
(1.8
)
—
Total non-interest income, net
$
61.3
$
39.4
General and administrative expenses
(40.8
)
(38.7
)
Portfolio management costs
(4.8
)
(7.0
)
Loan acquisition costs
(5.4
)
(4.4
)
Other expenses
(8.2
)
(5.7
)
(Provision for) income taxes
(8.0
)
(6.4
)
Net income (loss)
$
20.0
$
(7.7
)
Dividends on preferred stock
(1.8
)
(1.8
)
Net income (loss) available (related) to common stockholders
$
18.3
$
(9.5
)
Weighted average basic common shares (thousands)
126,295
129,018
Weighted average diluted common shares (thousands) (2)
126,570
129,018
Earnings (loss) per basic common share
$
0.13
$
(0.08
)
Earnings (loss) per diluted common share
$
0.13
$
(0.08
)
Regular dividends declared per common share
$
0.18
$
0.18
(1)
Certain totals may not foot due to rounding.
(2)
Actual shares outstanding (in thousands) at December 31, 2025 and September 30, 2025 were 124,460 and 126,753, respectively.
REDWOOD TRUST, INC.
Consolidated Balance Sheets (1)
($ in millions, except share and per share data)
12/31/25
9/30/25
Residential consumer loans
$
17,936
$
16,783
Residential investor loans
3,617
3,858
Real estate securities
423
419
Home equity investments (HEI)
330
326
Servicing investments
302
282
Strategic investments
102
82
Cash and cash equivalents
256
226
Other assets
736
624
Total assets
$
23,701
$
22,601
Asset-backed securities issued, net
$
17,492
$
16,825
Debt obligations, net
4,799
4,357
Other liabilities
427
420
Total liabilities
$
22,718
$
21,602
Stockholders' equity
983
999
Total liabilities and equity
$
23,701
$
22,601
Common shares outstanding at period end (thousands)
124,460
126,753
GAAP book value per common share
$
7.36
$
7.35
(1)
Certain totals may not foot due to rounding.
Segment Financial Information (1)
Three Months Ended December 31, 2025
(In Millions)
Sequoia Mortgage Banking
CoreVest Mortgage Banking
Redwood Investments
Legacy Investments
Corporate/
Other
Total
Interest income
$
67.0
$
6.3
$
248.6
$
4.7
$
0.5
$
327.0
Interest expense
(39.7
)
(3.2
)
(228.5
)
(13.0
)
(16.6
)
(301.0
)
Net interest income (expense)
27.3
3.1
20.1
(8.4
)
(16.2
)
25.9
Non-interest income (loss)
Mortgage banking activities, net
40.4
12.7
—
—
—
53.1
Investment fair value changes, net
—
—
8.0
(8.1
)
(0.4
)
(0.5
)
HEI income, net
—
—
0.5
2.5
—
3.0
Servicing Income, net
—
—
3.6
—
—
3.6
Fee Income, net
—
1.7
0.2
(0.1
)
—
1.8
Other income, net
—
1.9
0.4
(0.6
)
0.5
2.2
Realized gains, net
—
—
—
(1.8
)
—
(1.8
)
Total non-interest income, net
40.4
16.3
12.7
(8.1
)
—
61.3
General and administrative expenses
(12.7
)
(9.5
)
(1.1
)
—
(17.5
)
(40.8
)
Portfolio management costs
—
—
(2.8
)
(2.0
)
—
(4.8
)
Loan acquisition costs
(2.8
)
(2.7
)
—
—
—
(5.4
)
Other expenses
—
(2.0
)
(6.2
)
—
—
(8.2
)
Provision for income taxes
(8.4
)
2.3
(1.8
)
(0.2
)
0.2
(8.0
)
Net Income (Loss) (2)
$
43.8
$
7.5
$
20.9
$
(18.6
)
$
(33.5
)
$
20.0
Total Assets
$
3,321.1
$
358.0
$
18,744.7
$
942.5
$
334.8
$
23,701.1
(1)
Certain totals may not foot due to rounding.
(2)
Net Income (Loss) by segment is also referred to as Segment Net Income (Loss).
Segment Financial Information (continued) (1)
Three Months Ended September 30, 2025
(In Millions)
Sequoia Mortgage Banking
CoreVest Mortgage Banking
Redwood Investments
Legacy Investments
Corporate/
Other
Total
Interest income
$
47.9
$
4.1
$
225.5
$
21.5
$
0.6
$
299.5
Interest expense
(26.7
)
(2.6
)
(207.9
)
(30.5
)
(16.9
)
(284.5
)
Net interest income (expense)
21.2
1.5
17.6
(9.1
)
(16.3
)
15.0
Non-interest income (loss)
Mortgage banking activities, net
28.7
11.4
—
—
—
40.1
Investment fair value changes, net
—
—
(1.7
)
(6.7
)
1.5
(7.0
)
HEI income, net
—
—
0.7
(0.3
)
—
0.5
Servicing Income, net
—
—
1.4
—
—
1.4
Fee Income, net
—
5.2
0.3
(0.9
)
—
4.6
Other income, net
—
(0.9
)
0.4
(0.5
)
0.9
(0.2
)
Realized gains, net
—
—
—
—
—
—
Total non-interest income (loss), net
28.7
15.7
1.1
(8.5
)
2.3
39.4
General and administrative expenses
(7.8
)
(10.0
)
(1.6
)
—
(19.3
)
(38.7
)
Portfolio management costs
—
—
(3.5
)
(3.4
)
—
(7.0
)
Loan acquisition costs
(2.4
)
(1.8
)
—
(0.2
)
—
(4.4
)
Other expenses
—
(2.0
)
(3.2
)
(0.5
)
—
(5.7
)
(Provision for) benefit from income taxes
(5.5
)
—
—
(0.6
)
(0.3
)
(6.4
)
Net Income (Loss) (2)
$
34.3
$
3.5
$
10.3
$
(22.2
)
$
(33.6
)
$
(7.7
)
Total Assets
$
2,659.3
$
393.8
$
16,906.8
$
2,305.2
$
335.8
$
22,600.8
(1)
Certain totals may not foot due to rounding.
(2)
Net Income (Loss) by segment is also referred to as Segment Net Income (Loss).
Non-GAAP Disclosures
To supplement consolidated and segment financial information prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also provides Earnings Available for Distribution (“EAD”), Core Segments Earnings Available for Distribution (“Core Segments EAD”) and Core Segments EAD Return on Equity ("Core Segments EAD ROE") as non-GAAP measures.
Management believes these non-GAAP measures provide useful supplemental information to investors and management in evaluating the Company’s operating performance, facilitating comparisons to industry peers, and assessing the current income-generating capacity of the Company’s operating platforms as of the period presented, including the Company’s ability to pay dividends. These measures also assist in evaluating the Company’s ongoing transition to a more scalable and simplified business model, including the wind-down of legacy portfolio holdings within the Legacy Investments segment.
These non-GAAP measures should not be utilized in isolation, nor should they be considered as an alternative to GAAP net income (loss) available (related) to common stockholders, or other measurements of results of operations computed in accordance with GAAP or for federal income tax purposes.
Earnings Available for Distribution (“EAD”) is a non-GAAP financial measure that the Company has historically reported and continues to use to present management’s non-GAAP analysis of the operating performance of the Company’s different business segments. EAD is defined, as GAAP net income (loss) available (related) to common stockholders, adjusted to (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition-related expenses; (iv) exclude certain organizational restructuring charges, as applicable; and (v) reflect a hypothetical income tax adjustment associated with these items.
Core Segments EAD and Core Segments EAD ROE represent management’s non-GAAP assessment of the combined performance of the Company’s mortgage banking platforms and related investments, which include the Sequoia Mortgage Banking, CoreVest Mortgage Banking, and Redwood Investments segments (collectively, the “Core Segments”), together with an allocated portion of the Corporate segment attributable to those operations.
Core Segments EAD excludes the Legacy Investments segment and the portion of the Corporate segment attributable to Legacy Investments. Core Segments EAD ROE is calculated as Core Segments EAD divided by the average capital utilized by the Core Segments during the period, which represents management’s internal estimate of the average economic capital allocated to support Core Segments activities.
Non-GAAP Disclosures (continued)
Reconciliation of GAAP to non-GAAP EAD – Fourth Quarter 2025 (1)
Three Months Ended December 31, 2025
($ in millions)
Sequoia Mortgage Banking
CoreVest Mortgage Banking
Redwood Investments
Total Core Segments (3)
Legacy Investments
Corporate/Other
Total
GAAP Net Income (Loss)
$
43.8
$
7.5
$
20.9
$
72.2
$
(18.6
)
$
(35.3
)
$
18.3
EAD Adjustments:
Investment fair value changes, net (4)
—
—
(8.0
)
(8.0
)
8.1
0.4
0.5
Realized (gains)/losses, net (5)
—
—
—
—
1.8
—
1.8
Acquisition related expenses (6)
—
2.0
—
2.0
—
—
2.0
Tax effect of adjustments(7)
—
(0.5
)
4.4
3.9
0.1
(0.1
)
3.8
Non-GAAP EAD (2)
$
43.8
$
9.0
$
17.3
$
70.1
$
(8.6
)
$
(35.0
)
$
26.4
Adjustment for allocation of Corporate segment (8)
(13.6
)
(2.2
)
(11.1
)
(26.9
)
(8.1
)
35.0
—
Non-GAAP EAD with Allocated Corporate Segment
$
30.2
$
6.8
$
6.2
$
43.2
$
(16.7
)
$
—
$
26.4
Net Income (loss) (GAAP)
$
18.3
EAD (Non-GAAP)
$
26.4
Core Segments EAD (Non-GAAP)
$
43.2
Net Income (loss) per Basic Common Share (GAAP)
$
0.13
EAD per Basic common share (Non-GAAP)
$
0.20
Core Segments EAD per Basic Common Share (Non-GAAP) (9)
$
0.33
Return on Equity ("ROE") (annualized) (10)
7.7
%
Core Segments EAD Return on Equity (annualized) ("Core Segments EAD ROE") (Non-GAAP) (11)
23.8
%
Non-GAAP Disclosures (continued)
Reconciliation of GAAP to non-GAAP EAD – Third Quarter 2025 (1)
Three Months Ended September 30, 2025
($ in millions)
Sequoia Mortgage Banking
CoreVest Mortgage Banking
Redwood Investments
Total Core Segments (3)
Legacy Investments
Corporate/Other
Total
GAAP Net Income (Loss)
$
34.3
$
3.5
$
10.3
$
48.1
$
(22.2
)
$
(35.4
)
$
(9.5
)
EAD Adjustments:
Investment fair value changes, net (4)
—
—
1.7
1.7
6.7
(1.5
)
7.0
Realized (gains)/losses, net (5)
—
—
—
—
—
0.1
0.1
Acquisition related expenses (6)
—
2.0
—
2.0
—
—
2.0
Tax effect of adjustments(7)
—
(0.5
)
0.1
(0.4
)
0.7
0.4
0.6
Non-GAAP EAD (2)
$
34.3
$
5.0
$
12.2
$
51.4
$
(14.8
)
$
(36.4
)
$
0.2
Adjustment for allocation of Corporate segment (8)
(11.5
)
(1.6
)
(11.3
)
(24.4
)
(12.0
)
36.4
—
Non-GAAP EAD with Allocated Corporate Segment
$
22.8
$
3.4
$
0.8
$
27.1
$
(26.8
)
$
—
$
0.2
Net Income (loss) (GAAP)
$
(9.5
)
EAD (Non-GAAP)
$
0.2
Core Segments EAD (Non-GAAP)
$
27.1
Net Income (loss) per Basic Common Share (GAAP)
$
(0.08
)
EAD per Basic common share (Non-GAAP)
$
0.01
Core Segments EAD per Basic Common Share (Non-GAAP) (9)
$
0.20
Return on Equity ("ROE") (annualized) (10)
(3.9
)%
Core Segments EAD Return on Equity (annualized) ("Core Segments EAD ROE") (Non-GAAP) (11)
16.8
%
1.
Certain totals may not foot due to rounding.
2.
EAD. Earnings Available for Distribution (“EAD”) is a non-GAAP measure that the Company has historically reported and continues to use to present management’s non-GAAP analysis of the operating performance of the Company’s different business segments. EAD is defined, as GAAP net income (loss) available (related) to common stockholders, adjusted to (i) exclude investment fair value changes, net; (ii) exclude realized gains and losses; (iii) exclude acquisition-related expenses; (iv) exclude certain organizational restructuring charges, as applicable; and (v) reflect a hypothetical income tax adjustment associated with these items.
3.
Core Segments EAD and Core Segments EAD ROE are non-GAAP measures and are used to present management’s non-GAAP analysis of the combined performance of the Company’s mortgage banking platforms and related investments (which are defined as the "Core Segments" and which consist of the Company’s Sequoia Mortgage Banking, CoreVest Mortgage Banking and Redwood Investments Segments), inclusive of an allocated portion of the Company’s Corporate segment relating to those Core Segments. Core Segments EAD excludes the Company’s Legacy Investments segment and excludes an allocated portion of the Company’s Corporate segment relating to the Legacy Investments segment.
Core Segments EAD is defined as: GAAP net income (loss) available (related) to common stockholders adjusted to (i) exclude GAAP net loss from the Legacy Investments Segment, (ii) exclude the portion of the Corporate Segment allocation relating to the Legacy Investments segment, (iii) exclude investment fair value changes, net; (iv) exclude realized gains and losses; (v) exclude acquisition related expenses; (vi) exclude certain organizational restructuring charges (as applicable); and (vii) adjust for the hypothetical income taxes associated with these adjustments.
Refer to footnote 11 below for the definition of Core Segments EAD ROE.
4.
Investment fair value changes, net includes all amounts within that same line item in our consolidated statements of (loss) income that are attributable to each segment, which primarily represents both realized and unrealized gains and losses on our investments held in each segment and associated hedges. Realized and unrealized gains and losses on our HEI investments are reflected in a separate line item on our consolidated income statements titled "HEI income, net".
5.
Realized (gains)/losses, net includes all amounts within that line item on our consolidated statements of (loss) income that are attributable to each segment.
6.
Acquisition related expenses include transaction costs paid to third parties, as applicable, and the ongoing amortization of intangible assets related to the Riverbend and CoreVest acquisitions.
7.
Tax effect of adjustments represents the hypothetical income taxes associated with EAD adjustments used to calculate each segment EAD.
8.
Allocation of Corporate Segment is based on the average capital utilized by the segment during the period, which represents management’s internal estimate of the average economic capital allocated to support the activities of each segment.
9.
Core Segments EAD per basic common share is a non-GAAP measure and is defined as Core Segments EAD divided by basic weighted average common shares outstanding at the end of the period.
10.
ROE consists of consolidated GAAP net income annualized divided by average common equity for the period.
11.
Core Segments EAD ROE is a non-GAAP measure and is defined as Core Segments EAD annualized divided by average capital utilized by the Core Segments of $726 million and $643 million for the three months ended December 31, 2025 and September 30, 2025, respectively. Average capital utilized is management's internal estimate of the average economic capital allocated to support the activities of the Core Segments.
About Redwood
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. In addition, through RWT Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating platforms. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
Cautionary Statement; Forward-Looking Statements:
This press release and the related conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing for the filing of Redwood's Annual Report on Form 10-K. Forward-looking statements involve numerous risks and uncertainties. Redwood's actual results may differ from Redwood's beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, opportunities, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2024 under the caption “Risk Factors”. Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-K, 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211018810/en/
Investor Relations
Kaitlyn Mauritz
Head of Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
Original: Redwood Trust Reports Fourth Quarter and Full Year 2025 Financial Results; Record Platform Performance Drives Earnings Growth
US Market News
4月前
Redwood Trust Announces Dividend Distribution Tax Information for 2025January 29, 2026 6:30 PM
Business Wire
Redwood Trust, Inc. (NYSE: RWT, “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced tax information regarding its dividend distributions for 2025.
Shareholders should check the tax statements they receive from their brokerage firms to confirm the Redwood dividend distribution information reported in those statements conforms to the information reported here. Set forth in this press release are Redwood's expectations with respect to the treatment of the Company’s 2025 dividend distributions for federal income tax purposes. Shareholders should consult their tax advisors to determine the amount of taxes that should be paid on Redwood's dividend distributions for federal, state, and other income tax purposes.
All common stock dividend distributions paid during 2025 are reportable on shareholders' 2025 federal income tax returns. Under the federal income tax rules applicable to real estate investment trusts (“REITs”), Redwood's 2025 common stock dividend distributions are expected to be characterized for income tax purposes as 39% ordinary income (Section 199A), 2% qualified dividends, and 59% return of capital.
Preferred stock dividend distributions paid in April, July, and October 2025 and in January 2026 are reportable on shareholders' 2025 federal income tax returns. Redwood's 2025 preferred stock dividend distributions are expected to be characterized for federal income tax purposes as 96% ordinary income (Section 199A) and 4% qualified dividends.
Due to Redwood’s classification as a REIT, the portion of both the 2025 common and preferred dividend distributions that can be characterized as qualified dividends is limited to Redwood’s qualified dividend income for the year. The amount characterized as ordinary income under the applicable federal income tax rules are generally taxed at full ordinary income tax rates.
Individual taxpayers may generally take a deduction from taxable income of 20% of their ordinary income REIT dividends under section 199A, provided that certain holding period requirements are satisfied. This deduction does not apply to REIT dividends classified as a return of capital, as qualified dividends, or as capital gain dividends.
For shareholders that are corporations, Redwood's dividend distributions are not generally eligible for the corporate dividends-received deduction or the 20% ordinary REIT dividend deduction.
The tables below provide more detailed information on the expected federal income tax characterization for each of Redwood's common and preferred stock dividend distributions that were attributable to 2025.
Common Stock (CUSIP 758075 40 2)
Record
Dates
Payable
Dates
Total
Distribution
Per Share
Box 1a
Total Ordinary
Dividends
Box 1b
Qualified
Dividends
Box 2a
Total Capital Gain
Dividends
Box 3
Non-Dividend
Distributions
Box 5
Section 199A
Dividends
03/24/2025
03/31/2025
$0.1800
$0.0735
$0.0029
$0.0000
$0.1065
$0.0706
06/23/2025
06/30/2025
$0.1800
$0.0735
$0.0029
$0.0000
$0.1065
$0.0706
09/23/2025
09/30/2025
$0.1800
$0.0735
$0.0029
$0.0000
$0.1065
$0.0706
12/23/2025
12/30/2025
$0.1800
$0.0735
$0.0029
$0.0000
$0.1065
$0.0706
Total
$0.7200
$0.2940
$0.0116
$0.000
$0.4260
$0.2824
Preferred Stock (CUSIP 758075 80 8)
Record
Dates
Payable
Dates
Total
Distribution
Per Share
Box 1a
Total Ordinary
Dividends
Box 1b
Qualified
Dividends
Box 2a
Total Capital Gain
Dividends
Box 3
Non-Dividend
Distributions
Box 5
Section 199A
Dividends
04/01/2025
04/15/2025
$0.6250
$0.6250
$0.0247
$0.0000
$0.0000
$0.6003
07/01/2025
07/15/2025
$0.6250
$0.6250
$0.0247
$0.0000
$0.0000
$0.6003
10/01/2025
10/15/2025
$0.6250
$0.6250
$0.0247
$0.0000
$0.0000
$0.6003
01/01/2026
01/15/2026
$0.6250
$0.6250
$0.0247
$0.0000
$0.0000
$0.6003
Total
$2.5000
$2.5000
$0.0988
$0.000
$0.000
$2.4012
No portion of Redwood's 2025 common or preferred dividend distributions is expected to consist of unrelated business taxable income (“UBTI”), subject to specialized tax reporting and other rules applicable for certain tax-exempt investors.
If you have questions, please consult your tax advisor for further guidance.
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. In addition, through RWT Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating platforms. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to Redwood’s expectations with respect to the treatment of our 2025 dividend distributions for federal income tax purposes. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2024 under the caption "Risk Factors." Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129704741/en/
Kaitlyn Mauritz
SVP, Head of Investor Relations
Phone: 866-269-4976
Email: investorrelations@redwoodtrust.com
Original: Redwood Trust Announces Dividend Distribution Tax Information for 2025