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Redwood Trust (RWT) investor relations material
Redwood Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record loan originations in Q3 2025, with $7 billion in production and strong growth across Sequoia, Aspire, and CoreVest platforms, despite a subdued housing market.
Accelerated strategic transition by reducing legacy asset exposure to 25% of capital, unlocking $150 million for redeployment into core mortgage banking segments.
Expanded partnership with CPP Investments, increasing secured borrowing facility to $400 million and extending the joint venture to 2028.
Maintained mortgage banking segment ROEs above 20% for five consecutive quarters, with Sequoia and CoreVest delivering strong returns.
Repurchased up to 6.5 million shares since June, optimizing capital structure.
Financial highlights
Reported GAAP net loss of $9.5 million ($0.08/share), a significant improvement from $100 million loss in Q2, mainly due to legacy investment expenses.
Book value per share declined to $7.35 from $7.49 sequentially, with a total economic return of 0.5% for Q3.
Non-GAAP Core Segments EAD was $27 million ($0.20/share), with a 16.8% ROE, up from $0.18/share in Q2.
Net interest income increased to $21.2 million from $15.5 million sequentially.
Dividend per share was $0.18, representing a 12.4% indicative yield.
Outlook and guidance
Targeting further reduction of legacy investments to 0–5% of capital by year-end 2026, with capital redeployment into high-ROE mortgage banking segments.
Optimistic about housing finance sector growth in 2026 as mortgage rates decline and monetary easing is anticipated.
Plan to fundraise for Sequoia platform and expand transaction activity as rates fall.
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Next Redwood Trust earnings date
Q4 202513 Feb, 2026
Next Redwood Trust earnings date
Q4 202513 Feb, 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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