Redwood Trust Reports Third Quarter 2025 Financial Results; Record Production Volumes Advance Transition to Core Operating Model

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 September 30, 2025.","length":280,"tagName":"p"},{"type":"text","content":" Mortgage Banking Platforms Continue to Profitably Scale ","length":55,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Record $6.8 billion of cumulative loan production across operating platforms; capital allocated to mortgage banking up 84% since the second quarter 2024","length":152,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Delivered highest mortgage banking revenues since the third quarter of 2021","length":75,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":227,"olType":false},{"type":"text","content":" Executed on Capital Management Initiatives ","length":42,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Transferred approximately $1 billion of Legacy Investments segment holdings (1) , inclusive of activity through October 29, 2025, unlocking $150 million of capital for deployment towards mortgage banking platform growth","length":217,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Repurchased five million shares of common stock for approximately $29 million","length":77,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Subsequent to quarter-end, expanded partnership with CPP Investments to support ongoing platform growth, including extension of secured financing facility and joint venture commitment period (each to September 2028) and upsize of secured financing facility to $400 million","length":272,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":566,"olType":false},{"type":"text","content":" Key Financial Results and Metrics ","length":33,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP book value per common share was $7.35 at September 30, 2025, compared to $7.49 per share at June 30, 2025","length":110,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Economic return on book value of 0.5% for the third quarter (2) ","length":62,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":62,"olType":false}]},{"val":[{"type":"text","content":"GAAP net loss of $(9.5) million or $(0.08) per basic and diluted common share, primarily driven by one-time expenses associated with the transfer or resolution of certain Legacy Investments","length":189,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Non-GAAP Core Segments EAD of $27.1 million or $0.20 per basic common share (refer to non-GAAP reconciliation under the section titled "Non-GAAP Disclosures") (3) ","length":171,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":532,"olType":false},{"type":"text","content":""The third quarter was extremely productive at Redwood," said Christopher Abate, Chief Executive Officer. 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Capital redeployment of $150 million reflects activity through October 28, 2025.","length":256,"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 Earnings Available for Distribution ("Core Segments EAD") was a non-GAAP measure established in the second quarter of 2025 and is 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 were also non-GAAP measures established in the second quarter 2025 and are calculated using Core Segments EAD. See Non-GAAP Disclosures section that follows for additional information on these measures.","length":968,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Annualized ROE by segment is net income (loss) for the segment divided by average segment capital utilized for the period. Earnings Available for Distribution ("EAD") and EAD ROE are non-GAAP measures that the Company has historically reported and continue to be used to present management’s non-GAAP analysis of the performance of the Company’s different business segments, exclusive of any allocation of the Company’s Corporate segment. See Non-GAAP Disclosures section that follows for additional information on these measures.","length":540,"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":"Aspire lock volume is included in the Sequoia Mortgage Banking business segment results.","length":88,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Redwood Investments consists of retained operating investments sourced through our Sequoia securitizations and CoreVest term and bridge loan securitizations, some of which we consolidate for GAAP purposes, investments in joint ventures, and other third-party investments.","length":271,"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 September 30, 2025 recourse debt excludes $15.8 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 September 30, 2025 was $441 million.","length":444,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Legacy Investments consists of certain unsecuritized residential investor bridge loans (including multifamily loans), certain REO investments and other third-party originated investments.","length":187,"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 September 30, 2025 recourse debt excludes $1.3 billion 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 September 30, 2025 was $459 million.","length":408,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Recourse leverage ratio is defined as recourse debt at Redwood divided by tangible stockholders' equity. At September 30, 2025, and June 30, 2025, recourse debt excluded $17.7 billion and $16.9 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 $36 million and $38 million, respectively, of goodwill and intangible assets.","length":492,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Excludes $11 million of promissory notes payable on demand after 90-day notice.","length":79,"tagName":"p","attribs":{}}]}],"tagName":"ol","bulletedList":false,"length":4071}]}]}],"length":4091},{"type":"text","content":" Third Quarter 2025 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 third 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. 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