Redwood Trust (RWT) Corporate presentation summary

Aspire platform overview

• Launched in January 2025, Aspire targets high-quality borrowers needing alternative underwriting, scaling to $3.2 billion in locks in 2025 and ranking as a Top 5 non-QM platform by acquisition volume.

• Aspire sources loans from both bank and non-bank originators, leveraging Redwood's established seller network, with 65% overlap with Sequoia sellers.

• The platform integrates into Redwood's broader capital markets and risk management infrastructure, reinforcing its mission to expand access to quality housing credit.

Market opportunity and growth drivers

• The non-QM market is rapidly expanding, with issuance up 30% in 2025 and projected to grow another 25% in 2026, reaching an estimated $130 billion TAM.

• Aspire's market share is currently 2-3%, indicating substantial runway for growth.

• Growth is fueled by increased demand from self-employed borrowers, improved borrower credit quality, and robust investor appetite for high-quality residential credit.

Key differentiators and strategy

• Aspire benefits from Redwood's 30+ years of credit and market expertise, targeting prime-quality borrowers underserved by agency frameworks.

• The platform brings standardization and responsible credit standards to a fragmented non-QM market, focusing on disciplined credit and consistent execution.

• Loans are sourced, reviewed, and managed within Redwood's institutional-grade risk and surveillance framework.