Redwood Trust Reports Fourth Quarter and Full Year 2025 Financial Results; Record Platform Performance Drives Earnings Growth

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 December 31, 2025.","length":280,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Fourth quarter results reflect continued momentum across Redwood’s Mortgage Banking platforms, with higher production revenues translating directly into earnings growth","length":168,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Mortgage Banking production reached a record $7.3 billion (1) ","length":60,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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) ","length":188,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":248,"olType":false}]},{"val":[{"type":"text","content":"Wind-down of Legacy Investments portfolio on target; capital allocated to legacy assets declined to 19% at year-end 2025","length":120,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":536,"olType":false},{"type":"text","content":" Full Year 2025 Highlights ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Full year results driven by a record $23 billion of combined Mortgage Banking volume, a 111% year-over-year increase","length":116,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Achieved full-year combined Mortgage Banking GAAP net income of $146.2 million and ROC of 26% (2) ","length":96,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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) ","length":173,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":269,"olType":false}]},{"val":[{"type":"text","content":"Repurchased 9.2 million shares of common stock for $53 million, resulting in $0.13 of accretion to book value per share","length":119,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":504,"olType":false},{"type":"text","content":" Key Financial Fourth Quarter 2025 Results and Metrics ","length":53,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP book value per common share was $7.36 at December 31, 2025, compared to $7.35 per share at September 30, 2025","length":114,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Economic return on book value of 2.6% for the fourth quarter 2025 (4) ","length":68,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":68,"olType":false}]},{"val":[{"type":"text","content":"GAAP net income of $18.3 million or $0.13 per basic and diluted common share","length":76,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"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) ","length":235,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":493,"olType":false},{"type":"text","content":""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. 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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":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"7.","length":2,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","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":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"8.","length":2,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"Aspire lock volume is included in the Sequoia Mortgage Banking business segment results.","length":88,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"9.","length":2,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","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":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"10.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"Net cost to originate for the CoreVest Mortgage Banking segment is calculated as operating expenses, less upfront origination fees, divided by origination volume.","length":162,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"11.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"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.","length":442,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"12.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"Excludes value of real estate owned ("REO").","length":54,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"13.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"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.","length":406,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"14.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"Excludes $9 million of promissory notes payable on demand after 90-day notice.","length":78,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"15.","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:5.0px;","val":[{"type":"text","content":"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.","length":387,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":4491},{"type":"text","content":" Fourth Quarter 2025 Redwood Review and Supplemental Tables Available Online ","length":75,"tagName":"p"},{"type":"text","content":"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.","length":410,"tagName":"p"},{"type":"text","content":" Conference Call and Webcast ","length":27,"tagName":"p"},{"type":"text","content":"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.","length":544,"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 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.","length":641,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:72%;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:1%;","val":[]},{"colspan":"3","rowspan":"1","style":"padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:1%;","val":[]},{"colspan":"3","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:72%;","val":[{"type":"text","content":" REDWOOD TRUST, INC. 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