Redwood Trust Reports Second Quarter 2025 Financial Results and Accelerates Transition to Core Operating Strategy

About this update from Redwood Trust, Inc.

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The Company also announced an expedited transition to the scalable and simplified operating model initially described at its March 2024 Investor Day, as well as an increased share repurchase authorization.","length":478,"tagName":"p"},{"type":"text","content":" Accelerated shift towards operating model and wind-down of legacy portfolio holdings ","length":84,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Dispositions primarily focused on unsecuritized bridge loans and other non-core assets, now part of a new Legacy Investments (1) reporting segment","length":145,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Expected to generate up to $200-$250 million of incremental capital by year-end 2025 for efficient redeployment, complementing $302 million of unrestricted cash at June 30, 2025","length":177,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":322,"olType":false},{"type":"text","content":" Immediate avenues for capital redeployment to grow high-earning, core operating initiatives ","length":91,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Mortgage banking platforms continue to profitably scale","length":55,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Combined mortgage banking GAAP returns above 20% for four consecutive quarters","length":78,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Capital allocated to mortgage banking has increased by $200 million since the second quarter 2024","length":97,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":97,"olType":false}]},{"val":[{"type":"text","content":"Company sees transformative growth opportunities through both ongoing strategic engagement with banks and unique positioning to benefit across a wide range of potential outcomes for housing finance reform","length":204,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":379,"olType":false}]},{"val":[{"type":"text","content":"Simplified revenue mix to enhance transparency of valuation and predictability of earnings","length":90,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Mortgage banking activities – including upfront and recurring fee streams – and joint venture co-investments remain primary revenue drivers","length":139,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":139,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":663,"olType":false},{"type":"text","content":" Concurrent focus on return of capital to shareholders ","length":53,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In tandem, the Company announced an upsized common stock repurchase authorization to $150 million, reflecting confidence in the go-forward value of the franchise","length":161,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company expects to expand upon the 2.4 million shares repurchased since June 2025","length":85,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":246,"olType":false},{"type":"text","content":""This quarter marks a pivotal moment for Redwood as we further evolve toward a more scalable business underpinned by growing and durable fee streams," said Christopher Abate, Chief Executive Officer of Redwood. "By proactively reallocating capital from legacy investments into our high-performing platforms, we’re enhancing our capacity to capitalize on growth opportunities in an evolving market landscape—unlocking greater long-term earnings potential while eliminating legacy overhangs that have impacted our current performance. Our strategic transition to a larger and simplified operating model includes an ongoing focus on partnerships with strategic capital providers—those looking both to acquire the assets our platforms originate and to invest directly in the expansion of our businesses."","length":820,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Continued Abate, "Our recent common stock repurchases and the refreshed buyback authorization reflect our strong conviction in the strategic direction of the business. We plan to expand our repurchase activity in the third quarter as we continue to execute on this strategy. We remain highly encouraged by our competitive positioning, sustained demand from loan sellers and private capital partners, and compelling opportunities to scale our business and enhance long-term shareholder value."","length":502,"tagName":"p"},{"type":"text","content":" Key Q2 2025 Financial Results and Metrics ","length":41,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP book value per common share was $7.49 at June 30, 2025, relative to $8.39 per share at March 31, 2025","length":106,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Economic return on book value of (8.6)% for the second quarter (2) ","length":65,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":65,"olType":false}]},{"val":[{"type":"text","content":"GAAP net loss related to common stockholders of $(100.2) million or $(0.76) per basic and diluted common share, driven by Legacy 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A replay of the call will be available through midnight on Wednesday, August 13, 2025, 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 #13754528.","length":538,"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 needed audio software. 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, August 11, 2025, and also make it available on Redwood’s website.","length":646,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"9","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" REDWOOD TRUST, INC. 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