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Redwood Trust
Redwood Trust (RWT) investor relations material
Redwood Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved record mortgage banking activity in 2025, with $23 billion in volume and 111% year-over-year growth, driven by Sequoia, CoreVest, and Aspire platforms, and a strategic shift toward capital-light, high-velocity business models.
Core segments represented over 80% of total capital at year-end, with mortgage banking accounting for 62% of core segment capital and 74% of core segment revenue.
Delivered positive GAAP consolidated earnings and strong earnings available for distribution in Q4 and full year, with full-year GAAP net income for mortgage banking of $146.2 million and a 26% return on capital.
Leveraged AI and automation to enhance risk management, reduce manual hours, and lower operating costs, achieving a 44% year-over-year reduction in operating cost per loan.
Accelerated wind-down of legacy investment portfolio, freeing up capital for redeployment and reducing capital allocation to legacy assets to 19% at year-end.
Financial highlights
Q4 GAAP net income was $18.3 million ($0.13/share), up from a Q3 loss of $9.5 million; book value per share at $7.36, with a 2.6% economic return on book value for Q4.
Non-GAAP Core Segments EAD was $0.33/share in Q4, with a Core Segments EAD ROE of 23.8%.
Total assets grew to $23.7 billion at year-end, up from $22.6 billion at Q3'25.
Dividend per share was $0.18 for Q4, yielding 13.0%.
Mortgage banking volumes grew 6x faster than total operating expenses in 2025; operating expense reduced to 0.9% of production volume from 1.6% in 2024.
Outlook and guidance
Management expects continued growth in mortgage banking volumes and market share, supported by a growing refinance opportunity and expansion in non-QM and small balance investor lending.
Anticipate continued volume acceleration in early 2026, with January volume at $3.6 billion, outpacing Q4 run rate.
Project higher volumes and consistent margins across all business lines in Q1 2026.
Non-QM origination issuance projected to grow 15% in 2026, with Aspire positioned for further market penetration.
Focus remains on scaling platforms, leveraging technology, and expanding third-party capital partnerships.
Quantify EAD impact of capital reallocation
How will Aspire's market share evolve in 2026?
Detail AI's contribution to operating leverage
Partial view of Summaries dataset, powered by Quartr API
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Next Redwood Trust earnings date
Q1 202629 Apr, 2026
Redwood Trust
Next Redwood Trust earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Redwood Trust Inc is a real estate investment trust (REIT) that invests in residential and business purpose mortgage assets. The company acquires, securitizes, and manages mortgage loans and related investments, including securities and structured transactions. Its operations span origination, capital markets, and investment management. The company is headquartered in Mill Valley, California, and its shares are listed on the NYSE.
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