as of 10-20-2026 3:59pm EST
| Founded: | N/A | Country: | United States |
| Employees: | N/A | City: | MILL VALLEY |
| Market Cap: | N/A | IPO Year: | 1996 |
| Target Price: | N/A | AVG Volume (30 days): | 38.4K |
| Analyst Decision: | N/A | Number of Analysts: | N/A |
| Dividend Yield: | N/A | Dividend Payout Frequency: | quarterly |
| EPS: | -0.10 | EPS Growth: | -296.88 |
| 52 Week Low/High: | $19.13 - $24.99 | Next Earning Date: | N/A |
| Revenue: | N/A | Revenue Growth: | N/A |
| Revenue Growth (this year): | N/A | Revenue Growth (next year): | N/A |
| P/E Ratio: | -196.50 | Index: | N/A |
| Free Cash Flow: | N/A | FCF Growth: | N/A |
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SEC 8-K filings with transcript text
Jul 28, 2026
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Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2026
(Exact name of registrant as specified in its charter)
Maryland001-1375968-0329422
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew York Stock Exchange
9.125% Senior Notes Due 2029RWTNNew York Stock Exchange
9.00% Senior Notes Due 2029RWTONew York Stock Exchange
9.125% Senior Notes Due 2030RWTPNew York Stock Exchange
9.50% Senior Notes Due 2030RWTQNew York Stock Exchange
9.75% Senior Notes Due 2031RWTRNew York Stock Exchange
Item 2.02.Results of Operations and Financial Condition;
Item 7.01.Regulation FD Disclosure.
On July 28, 2026, Redwood Trust, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2026, the Redwood Trust Shareholder Letter – 2nd Quarter 2026 and The Redwood Review – 2nd Quarter 2026, copies of which are attached as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, respectively, to this current report on Form 8-K.
In addition, on July 28, 2026, the Company made available Supplemental Financial Tables presenting certain financial results for the quarter ended June 30, 2026. A link to the Supplemental Financial Tables is available at the Company’s website at http://www.redwoodtrust.com, in the Investor Relations section of the website under “Financials.”
The information contained in this Item 2.02 and Item 7.01 and the attached Exhibits 99.2, and 99.3 is furnished to and not filed with the SEC, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit 99.1 Press Release issued July 28, 2026
Exhibit 99.2 Redwood Trust Shareholder Letter - 2nd Quarter 2026
Exhibit 99.3 The Redwood Review – 2nd Quarter 2026
Exhibit 104Cover Page Interactive Data File (embedded within the inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: July 28, 2026
By: /s/ BROOKE E. CARILLO
Name: Brooke E. Carillo
Title: Chief Financial Officer
Jul 7, 2026
2 tm2619917d1_ex99-1.htm
Exhibit 99.1
Redwood Trust Highlights Continued Aspire Momentum and AI-Powered Technology;
Provides Preliminary Second Quarter Business Update
MILL VALLEY, CA – Redwood Trust, Inc. (NYSE:RWT; "Redwood", the "Company"), a leader in expanding access to housing for homebuyers and renters, today provided the following update regarding its Aspire business and selected consolidated operating results for the second quarter ended June 30, 2026.
Aspire Update
Christopher J. Abate, Chief Executive Officer, commented: "Our mortgage banking businesses continued their momentum in the second quarter, with aggregate volumes of over $8 billion despite continued geopolitical and interest rate volatility, and subdued overall housing market activity. This included another record production quarter from our Aspire non-QM business, which contributed $2.1 billion of lock volume, up 32% sequentially from the first quarter.”
Distribution and technology remain central to the platform’s growth. Aspire recently completed its second and third securitization issuances under the SPIRE shelf, and has grown its correspondent network to 140 discrete loan sellers. In support of rapid and scalable growth, Aspire has also recently developed and launched proprietary AI-powered engines for non-QM secondary market pricing and guideline comparison and analysis.
Abate continued, “These new tools deliver unified loan-level pricing and underwriting functions across bulk and flow channels, and are innovations that will support a dedicated Aspire joint venture. Key terms and documentation for this new joint venture have been fully negotiated with an institutional capital partner, and we expect to begin contributing loans to the JV during the third quarter.”
Second Quarter Business Update
During the second quarter, Redwood’s core operating businesses continued to execute with strong margins in the face of elevated market volatility. The Company currently estimates a modest 1 to 3% decline in GAAP book value at June 30, 2026 from the end of the first quarter of 2026, inclusive of its Legacy Investments segment, with an economic return on book value(1) for the second quarter currently estimated between (1.0)% and 1.0%, inclusive of its $0.18 per share second quarter dividend. Additionally, the Company maintained its strong liquidity profile, completing a successful corporate unsecured senior notes offering in May, and maintaining $3.5 billion of excess available asset funding capacity at June 30, 2026.
The Company expects to report full second quarter financial results on July 28, 2026.
1.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.
About Redwood
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. Redwood Investments also includes RWT Horizons®, our unified technology platform spanning internal AI innovation and strategic investments across the ecosystem, which supports our efforts to develop an AI-first operating model that enables compounding operational leverage and scalable growth. This reflects how we manage and organize our business and may differ from the manner in which our reporting segments are presented for financial reporting purposes.
Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
Cautionary Statement; Forward-Looking Statements:
This press release and the related conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including preliminary estimates related to book value per share at, and economic return on book value for, the quarter ended June 30, 2026, our expectations to launch a new joint venture with a strategic capital provider and begin contributing loans to this joint venture during the third quarter, and the expected timing for reporting full f
Apr 29, 2026
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Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2026
(Exact name of registrant as specified in its charter)
Maryland001-1375968-0329422
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew York Stock Exchange
9.125% Senior Notes Due 2029RWTNNew York Stock Exchange
9.0% Senior Notes Due 2029RWTONew York Stock Exchange
9.125% Senior Notes Due 2030RWTPNew York Stock Exchange
9.500% Senior Notes Due 2030RWTQNew York Stock Exchange
Item 2.02.Results of Operations and Financial Condition;
Item 7.01.Regulation FD Disclosure.
On April 29, 2026, Redwood Trust, Inc. (the "Company") issued the Redwood Trust Shareholder Letter – 1st Quarter 2026 and The Redwood Review – 1st Quarter 2026, copies of which are attached as Exhibit 99.2 and Exhibit 99.3, respectively, to this current report on Form 8-K.
In addition, on April 29, 2026, the Company made available Supplemental Financial Tables presenting certain financial results for the quarter ended March 31, 2026. A link to the Supplemental Financial Tables is available at the Company’s website at http://www.redwoodtrust.com, in the Investor Relations section of the website under “Financials.”
The information contained in this Item 2.02 and Item 7.01 and the attached Exhibits 99.2, and 99.3 is furnished to and not filed with the SEC, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 8.01.Other Events.
On April 29, 2026, the Company issued a press release announcing its financial results for the quarter ended March 31, 2026, a copy of which is attached as Exhibit 99.1 to this current report on Form 8-K.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit 99.1 Press Release issued April 29, 2026
Exhibit 99.2 Redwood Trust Shareholder Letter - 1st Quarter 2026
Exhibit 99.3 The Redwood Review – 1st Quarter 2026
Exhibit 104Cover Page Interactive Data File (embedded within the inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: April 29, 2026
By: /s/ BROOKE E. CARILLO
Name: Brooke E. Carillo
Title: Chief Financial Officer
Feb 11, 2026
rwt-20260211
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Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 11, 2026
(Exact name of registrant as specified in its charter)
Maryland001-1375968-0329422
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew York Stock Exchange
9.125% Senior Notes Due 2029RWTNNew York Stock Exchange
9.0% Senior Notes Due 2029RWTONew York Stock Exchange
9.125% Senior Notes Due 2030RWTPNew York Stock Exchange
9.500% Senior Notes Due 2030RWTQNew York Stock Exchange
Item 2.02.Results of Operations and Financial Condition;
Item 7.01.Regulation FD Disclosure.
On February 11, 2026, Redwood Trust, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended December 31, 2025, the Redwood Trust Shareholder Letter – 4th Quarter 2025, and The Redwood Review – 4th Quarter 2025, copies of which are attached as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, respectively, to this current report on Form 8-K.
In addition, on February 11, 2026, the Company made available Supplemental Financial Tables presenting certain financial results for the quarter ended December 31, 2025. A link to the Supplemental Financial Tables is available at the Company’s website at http://www.redwoodtrust.com, in the Investor Relations section of the website under “Financials.”
The information contained in this Item 2.02 and Item 7.01 and the attached Exhibits 99.1, 99.2, and 99.3 is furnished to and not filed with the SEC, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit 99.1 Press Release issued February 11, 2026
Exhibit 99.2 Redwood Trust Shareholder Letter - 4th Quarter 2025
Exhibit 99.3 The Redwood Review – 4th Quarter 2025
Exhibit 104Cover Page Interactive Data File (embedded within the inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: February 11, 2026
By: /s/ BROOKE E. CARILLO
Name: Brooke E. Carillo
Title: Chief Financial Officer
Oct 29, 2025
rwt-20251029
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Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2025
(Exact name of registrant as specified in its charter)
Maryland001-1375968-0329422
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew York Stock Exchange
9.125% Senior Notes Due 2029RWTNNew York Stock Exchange
9.0% Senior Notes Due 2029RWTONew York Stock Exchange
9.125% Senior Notes Due 2030RWTPNew York Stock Exchange
Item 2.02.Results of Operations and Financial Condition;
Item 7.01.Regulation FD Disclosure.
On October 29, 2025, Redwood Trust, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025, the Redwood Trust Shareholder Letter – 3rd Quarter 2025, and The Redwood Review – 3rd Quarter 2025, copies of which are attached as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, respectively, to this current report on Form 8-K.
In addition, on October 29, 2025, the Company made available Supplemental Financial Tables presenting certain financial results for the quarter ended September 30, 2025. A link to the Supplemental Financial Tables is available at the Company’s website at http://www.redwoodtrust.com, in the Investor Relations section of the website under “Financials.”
The information contained in this Item 2.02 and Item 7.01 and the attached Exhibits 99.1, 99.2, and 99.3 is furnished to and not filed with the SEC, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit 99.1 Press Release issued October 29, 2025
Exhibit 99.2 Redwood Trust Shareholder Letter - 3rd Quarter 2025
Exhibit 99.3 The Redwood Review – 3rd Quarter 2025
Exhibit 104Cover Page Interactive Data File (embedded within the inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: October 29, 2025
By: /s/ BROOKE E. CARILLO
Name: Brooke E. Carillo
Title: Chief Financial Officer
Jul 30, 2025
5 rwtex994q22025.htm
Document
REDWOOD TRUST ANNOUNCES UPSIZED COMMON STOCK REPURCHASE AUTHORIZATION TO $150 MILLION
MILL VALLEY, CA – Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced that its Board of Directors has upsized the Company’s authorization to repurchase common stock to $150 million. This stock repurchase authorization has no time limit and may be modified, suspended or discontinued at any time. The Board of Directors also continued its previous authorization for the repurchase of outstanding preferred stock and corporate debt securities.
“The Board’s decision to increase our share repurchase capacity to $150 million reflects our strong conviction in the intrinsic value of our stock, the strength of our operating platforms, and our strategic positioning,” said Christopher Abate, Chief Executive Officer of Redwood. “Having initiated common stock repurchases in the second quarter 2025, we intend to use this expanded authorization proactively to support our stock and drive shareholder value. Our strategic transition to a more scalable and simplified operating model entails an ongoing focus on partnerships with strategic capital providers—including those not only looking to acquire assets that our platforms originate or source, but also to invest directly in the expansion of our business.”
The timing and amount of stock repurchases made pursuant to the Redwood’s repurchase authorization are at the Company’s discretion and subject to various factors, including the Company's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions. This repurchase authorization does not obligate the Company to acquire any specific number of shares or securities. Repurchases of shares or securities by the Company may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit where we provide liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms, whole-loan distribution activities, joint ventures and our publicly traded shares. We operate through three core residential housing-focused operating platforms — Sequoia, Aspire, and CoreVest — alongside our complementary Redwood Investments portfolio which is primarily composed of assets we source through these platforms. In addition, through RWT Horizons®, our venture investing initiative, we invest in early-stage companies that have a direct nexus to our operating platforms. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. Redwood Trust is internally managed and structured as a real estate investment trust ("REIT") for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.
Investor Relations
Kaitlyn Mauritz – Head of Investor Relations
Phone: 415-384-3822
Email: investorrelations@redwoodtrust.com
Apr 30, 2025
rwt-20250430
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Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2025
(Exact name of registrant as specified in its charter)
Maryland001-1375968-0329422
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Belvedere Place
Suite 300
Mill Valley, California 94941
(Address of principal executive offices and Zip Code)
(415) 389-7373
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew York Stock Exchange
9.125% Senior Notes Due 2029RWTNNew York Stock Exchange
9.0% Senior Notes Due 2029RWTONew York Stock Exchange
9.125% Senior Notes Due 2030RWTPNew York Stock Exchange
Item 2.02.Results of Operations and Financial Condition;
Item 7.01.Regulation FD Disclosure.
On April 30, 2025, Redwood Trust, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2025 and The Redwood Review – 1st Quarter 2025, copies of which are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this current report on Form 8-K.
In addition, on April 30, 2025, the Company made available Supplemental Financial Tables presenting certain financial results for the quarter ended March 31, 2025. A link to the Supplemental Financial Tables is available at the Company’s website at http://www.redwoodtrust.com, in the Investor Relations section of the website under “Financials.”
The information contained in this Item 2.02 and Item 7.01 and the attached Exhibits 99.1 and 99.2 is furnished to and not filed with the SEC, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit 99.1 Press Release issued April 30, 2025
Exhibit 99.2 The Redwood Review – 1st Quarter 2025
Exhibit 104Cover Page Interactive Data File (embedded within the inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: April 30, 2025
By: /s/ BROOKE E. CARILLO
Name: Brooke E. Carillo
Title: Chief Financial Officer
Apr 22, 2025
2 tm2512784d1_ex99-1.htm
Exhibit 99.1
Dear Fellow Shareholders,
During extraordinary times like these, the past quarter seems like a distant memory, and our remarks may become outdated before the ink on this letter dries. With that context in mind, We’ll avoid burying the lede: Redwood has navigated this April crisis period for the broader financial markets in a position of strength. Our estimated GAAP book value at April 21, 2025, is up 1% to 1.5% from our March 31, 2025, GAAP book value per share of $8.39.
What should pique the interest of our long-term
shareholders is that the results of our strategic objectives have begun to take hold. While the large money-center banks recently reported quarterly mortgage volume declines of 20% to 30%, our jumbo lock volumes rose 73% from the prior quarter to $4 billion, our highest quarterly volume since the third quarter of 2021 – a period of extreme quantitative easing by the Federal Reserve. Growth in quarterly flow production was supplemented by the acquisition of large, seasoned loan pools from both money-center and regional banks, driving an annualized return on equity (“ROE”) for this segment of 28% for the first quarter 2025, with margins remaining above our historical target range. After making significant inroads with depositories over the past few years, bulk activity with banks now represents a unique and active addressable market for us.
During the first quarter, we announced a streamlining of our mortgage banking businesses that bears repeating. Our flagship qualified mortgage (“QM”) correspondent jumbo loan business now operates under the Sequoia brand. In complement, our Aspire platform now includes both our expanded / “non-QM” consumer correspondent business – tailored to borrowers requiring an alternative underwriting approach – and home equity investment options (“HEI”) that we originate ourselves. Lastly, CoreVest remains the platform through which we lend directly to housing investors. In combination, these business lines encompass the broadest suite of non-Agency products available in the marketplace, connecting borrowers not well-served by government programs with global asset allocators seeking exposure to U.S. housing.
Having these foundational pillars established is incredibly timely, as rapidly emerging dynamics in housing finance policy in Washington have the potential to create a significant greenfield for our platform. Recent activity by the Department of Government Efficiency (“DOGE”) has ushered in aggressive restructuring at the GSEs, including mass workforce reductions, board turnover, and ideological shifts aimed at reassessing their housing footprint. To wit, in recent years taxpayers have found themselves backstopping GSE mortgages over $1 million, mortgages on investment or vacation homes not occupied by homeowners, second-lien mortgages, and other products not squarely aligned with the government’s housing mission. With key personnel positions now filled at the FHFA and elsewhere, we remain optimistic that policymakers and regulators are poised to reorient the GSEs toward their core housing missions, with much of this work likely to precede any plan for a full release from conservatorship. In support of these efforts, we will continue advocating for the private sector solutions that Redwood offers, and we are positioned to seamlessly serve homebuyers to the extent there is a near-term shift in the GSE footprint and, hopefully, more comprehensive long-term structural changes.
This Shareholder Letter contains time-sensitive information and may contain forward-looking statements. The information contained herein is only accurate as of April 21, 2025. We undertake no obligation to update or revise the information contained herein, including forward-looking statements, whether as a result of new information, future events, or otherwise. Additional detail regarding the forward-looking statements in this Shareholder Letter and the important factors that may affect our actual results in 2025 are described at the end of this Shareholder Letter under the heading “Forward-Looking Statements.”
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Solidifying our product reach thus continues to be a priority. Following January’s successful launch of new expanded loan programs, Aspire achieved inaugural volume of over $100 million in the first quarter, across nearly 25 sellers, including large mortgage originators who have recently broadened their mandates to include this type of lending. Aspire’s current focus is targeted at origination criteria outside of the conventional “W-2” borrower, a historically manual underwriting discipline that can be uniquely influenced by technology enhancements. This notably includes artificial intelligence (“AI”), a technology that continues to dominate the tech landscape. Redwood is actively developing its own data and AI capabilities to more effectively harness this potential and transform the borrowing experience for the prospe
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