Redwood Trust Reports First Quarter Financial Results; Mortgage Banking Production Reaches a Record $8.5 Billion

About this update from Redwood Trust, Inc.

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(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.","length":274,"tagName":"p"},{"type":"text","content":" First Quarter 2026 Highlights ","length":29,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On a consolidated basis, GAAP net loss was $(0.07) per basic and diluted common share. 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Non-GAAP EAD was $1.8 million","length":203,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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","length":145,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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","length":175,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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","length":258,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":781,"olType":false},{"type":"text","content":" Redwood Investments ","length":19,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Generated a segment GAAP net loss of $(8.0) million","length":51,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Results were primarily driven by unrealized market-related valuation changes during the quarter, partially offset by net interest income from portfolio investments","length":163,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":163,"olType":false}]},{"val":[{"type":"text","content":"Redwood Investments recourse leverage ratio increased to 1.1x at March 31, 2026, from 1.0x at December 31, 2025 (10) ","length":115,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":329,"olType":false},{"type":"text","content":" Legacy Investments ","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Segment GAAP net loss of $(13.1) million","length":40,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Continued resolution activity within the legacy bridge portfolio supported capital redeployment and a reduction in portfolio exposure","length":133,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":133,"olType":false}]},{"val":[{"type":"text","content":"Segment capital allocation decreased to 15% of total invested capital, compared to 19% at December 31, 2025","length":107,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"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","length":168,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":168,"olType":false}]},{"val":[{"type":"text","content":"Legacy Investments recourse leverage ratio of 1.6x at March 31, 2026 (11) ","length":72,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":520,"olType":false},{"type":"text","content":" Capital and Financing ","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Maintained strong liquidity and stable recourse leverage, supporting continued investment in operating platforms","length":112,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Unrestricted cash and cash equivalents of $202 million at March 31, 2026","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse debt of $4.7 billion at March 31, 2026 compared to $4.4 billion at December 31, 2025 (12) ","length":97,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":169,"olType":false}]},{"val":[{"type":"text","content":"Increased overall warehouse capacity and added a new financing counterparty, supporting continued scale across the mortgage operating platforms","length":143,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Renewed or established over $2.8 billion in total financing capacity","length":68,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Total excess warehouse financing capacity of $3.9 billion at March 31, 2026","length":75,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":143,"olType":false}]},{"val":[{"type":"text","content":"Tightened financing spreads and improved advance rates across key facilities","length":76,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":643,"olType":false},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"____________________","length":20,"tagName":"p","attribs":{}}]}]}],"length":20},{"type":"list","items":[{"val":[{"type":"text","content":"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.","length":195,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":310,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":151,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":849,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":478,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":849,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":187,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":204,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":695,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":436,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":400,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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.","length":383,"tagName":"p","attribs":{}}]}],"tagName":"ol","bulletedList":false,"length":5137},{"type":"text","content":" First Quarter 2026 Redwood Review and Supplemental Tables Available Online ","length":74,"tagName":"p"},{"type":"text","content":"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.","length":409,"tagName":"p"},{"type":"text","content":" Conference Call and Webcast ","length":27,"tagName":"p"},{"type":"text","content":"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.","length":535,"tagName":"p"},{"type":"text","content":"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.","length":643,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:70%;","val":[{"type":"text","content":" REDWOOD TRUST, INC. 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