Redwood Trust, Inc. · NYSE:RWT
Redwood Trust — Investor Presentation (January 2026)
11 slides from Redwood Trust's investor presentation, Jan 26, 2026
Slide 1: Introduction to Aspire’s Non-QM Platform
Introduction to Aspire’s Non-QM Platform January 26, 2026 REDWOODTRUST.COM Redwood conducts residential mortgage banking business through Redwood Residential Acquisition Corporation (NMLS# 221649)
Slide 2: Cautionary Statement
Cautionary Statement These materials are a review of Redwood’s residential mortgage loan acquisition program, and include The Materials are for the sole use of the intended recipient(s) and contain confidential information. Any descriptions of Redwood’s loan acquisition sourcing strategy, Redwood’s
Slide 3: Aspire Builds on Redwood’s Market Leading Position
Aspire Builds on Redwood’s Market Leading Position What are Aspire’s Key Differentiators? Deep Existing Proven Credit & Market Borrower Quality Expertise Aspire targets high-quality borrowers Seller Network underserved by Agency frameworks Aspire sources heavily from Aspire benefits from Redwood’s 3
Slide 4: What is Redwood’s Aspire Non-QM Platform?
What is Redwood’s Aspire Non-QM Platform? Launched in January 2025, Aspire sources loans from both bank and non-bank originators Overview of Aspire Aspire 2025 Quarterly Lock Volumes(1) $ millions • Aspire’s products are tailored towards high-quality 20% $1,497 QoQ Gain borrowers that require an alt
Slide 5: Aspire is an Integral Part of Redwood’s Operating Strategy
Aspire is an Integral Part of Redwood’s Operating Strategy Mission Centric Builds on Proven Strengthens Market Enhances Expands Redwood’s reach in Platform Expertise Connectivity Redwood’s Platform housing credit consistent with the Builds off Redwood’s 30+ year Harnesses long-standing Integrates se
Slide 6: Why Launch a Non-QM Platform Now?
Why Launch a Non-QM Platform Now? ▪ Seller Base Shift Is Driving Immediate ▪ Non-QM Borrower Quality Has Non-QM Demand Structurally Improved Redwood’s evolving seller mix—particularly A growing cohort of strong, creditworthy increased bank participation—is creating clear borrowers falls outside QM d
Slide 7: What is the Addressable Market for Aspire?
What is the Addressable Market for Aspire? Overview of the Non-QM Market Growing Non-QM TAM(1) ▪ Non-QM Is a Large and Rapidly Growing $150 Market The Non-QM market has expanded significantly $130bn in recent years, driven by sustained borrower TAM $130 demand and improving fundamentals ▪ Non-QM iss
Slide 8: What is Driving the Growing Non-QM Market?
What is Driving the Growing Non-QM Market? Increased demand for non-traditional borrowing and deep investor appetite is driving non-QM activity higher Self-Employed Borrowers Credit Quality of Underlying Borrowers Capital Markets (Securitization) Activity 16.50 ’21-’25 Avg FICO: 742 $80 748 746 Indu
Slide 9: What are the Characteristics of Aspire’s Loan Lock Volume?
What are the Characteristics of Aspire’s Loan Lock Volume? Category Aspire Q4’25 Locks(1) FICO Distribution(1) <660 2% Size (bn) $1.5 660-699 10% >780 30% Total # of Sellers 123 700-739 24% Average Loan Size $573k WA FICO 755 740-779 34% WA LTV 69% LTV Distribution(1) <50.00 Expanded / DSCR >80.00 6
Slide 10: Who Does Aspire Buy Loans From?
Who Does Aspire Buy Loans From? Aspire has an extensive and growing network of bulk and flow loan sellers, with significant overlap with Sequoia’s existing seller base Sourcing Overview Summary of Aspire Seller Network(1) Aspire’s network of loan sellers represents over 60% of Aspire’s network has o
Slide 11: How Does Aspire Distribute Loans?
How Does Aspire Distribute Loans? Aspire will leverage Redwood Trust’s long-standing track record of distribution excellence across whole loan sales, securitizations, and joint venture partnerships Distribution Strategy Redwood’s Track Record of Distribution Strength ▪ Strong whole loan execution: ▪