--- title: "Redwood Trust, Inc. | 10-K: FY2025 Revenue: USD 1.278 B" type: "news" locale: "en" url: "https://longbridge.com/en/news/277256002.md" published_at: "2026-02-27T22:24:15.000Z" --- # Redwood Trust, Inc. | 10-K: FY2025 Revenue: USD 1.278 B Revenue: As of FY2025, the actual value is USD 1.278 B. EPS: As of FY2025, the actual value is USD -0.63. EBIT: As of FY2025, the actual value is USD -127.54 M. #### Consolidated Operational Metrics - **Net (Loss) Income**: Redwood Trust, Inc. reported a net loss of - $70,026 thousand for the year ended December 31, 2025, a decrease of - $124,030 thousand compared to a net income of $54,004 thousand in 2024. The net loss available to common stockholders was - $77,041 thousand in 2025, down - $124,030 thousand from a net income of $46,989 thousand in 2024. - **Net Interest Income**: Total net interest income decreased by - $19,911 thousand to $82,697 thousand in 2025 from $102,608 thousand in 2024. - **Non-Interest Income (Loss), Net**: Total non-interest income (loss), net was $94,673 thousand in 2025, decreasing by - $59,631 thousand from $154,304 thousand in 2024. - **Total Operating Expenses**: Total operating expenses increased by $38,140 thousand to $222,211 thousand in 2025 from $184,071 thousand in 2024. - **Provision for Income Taxes**: The provision for income taxes increased by - $6,348 thousand to - $25,185 thousand in 2025 from - $18,837 thousand in 2024. #### Segment Contribution - **Sequoia Mortgage Banking**: Contributed $126,113 thousand in 2025, an increase of $64,616 thousand from $61,497 thousand in 2024. - **CoreVest Mortgage Banking**: Contributed $20,117 thousand in 2025, an increase of $17,823 thousand from $2,294 thousand in 2024. - **Redwood Investments**: Contributed $68,085 thousand in 2025, a decrease of - $65,115 thousand from $133,200 thousand in 2024. - **Legacy Investments**: Resulted in a contribution of - $146,941 thousand in 2025, a decrease of - $143,134 thousand from - $3,807 thousand in 2024. - **Corporate/Other**: Had a contribution of - $137,400 thousand in 2025, a slight increase of $1,780 thousand from - $139,180 thousand in 2024. #### Detailed Segment Metrics ##### Sequoia Mortgage Banking Segment - **Net Interest Income**: Increased by $38,612 thousand to $82,407 thousand in 2025 from $43,795 thousand in 2024. - **Mortgage Banking Activities, Net**: Increased by $58,070 thousand to $115,649 thousand in 2025 from $57,579 thousand in 2024. - **Loan Locks**: Total Sequoia loan lock volume was approximately $20.7 billion in 2025, more than double the 2024 production. In the fourth quarter of 2025, Sequoia locked $6.8 billion of loans. Aspire, included in Sequoia, locked $3.2 billion of loans in 2025, with $1.5 billion in the fourth quarter. - **Jumbo Market Share**: Increased to 7.0% in 2025 from 4.3% in 2024. - **Cost per Loan**: Operating expenses divided by loan purchase commitments declined to 0.23% in 2025 from 0.29% in 2024, representing a 21% year-over-year improvement. - **Distribution**: In the fourth quarter of 2025, Sequoia distributed approximately $3.0 billion of loans through securitizations and an additional $1.2 billion through whole loan sales. Loans were typically held on balance sheet for approximately 36 days prior to sale or securitization. Aspire completed $914 million of loan sales in 2025. - **Refinancing Volumes**: For Sequoia prime jumbo products, refinancing volumes increased during the second half of 2025, representing approximately 35% of second-half lock volume, compared to approximately 26% in the first half of the year. ##### CoreVest Mortgage Banking Segment - **Net Interest Income**: Increased by $3,088 thousand to $8,398 thousand in 2025 from $5,310 thousand in 2024. - **Mortgage Banking Activities, Net**: Increased by $9,638 thousand to $51,457 thousand in 2025 from $41,819 thousand in 2024. - **Funded Volume**: CoreVest delivered $2.0 billion of funded volume in 2025, indicating a 13% year-over-year growth. RTL and DSCR loans represented 40% of CoreVest’s full year 2025 volume. - **Net Cost to Originate**: Improved 22% year-over-year from 1.18% in 2024 to 0.92% in 2025. - **Delinquencies**: 90-day-plus delinquencies in the legacy unsecuritized bridge loans portfolio declined significantly during the year. - **Loan Transfers**: Cumulative loan transfers to joint ventures were $2.1 billion in early 2026. ##### Redwood Investments Segment - **Net Interest Income**: Decreased by - $17,960 thousand to $81,381 thousand in 2025 from $99,341 thousand in 2024. ##### Legacy Investments Segment - **Net Interest Income**: Resulted in - $25,028 thousand in 2025, a decrease of - $47,121 thousand from $22,093 thousand in 2024. - **Asset Dispositions**: Approximately $1.2 billion of legacy asset dispositions were completed during 2025. - **Capital Allocation**: Legacy Investments declined from approximately 33% of total capital in mid-2025 to 19% by year-end. #### Outlook / Guidance Redwood Trust, Inc. aims to achieve durable returns by scaling its operating platforms, efficiently deploying capital, and creating long-term value through disciplined execution and risk management. The company expects to continue resolving remaining Legacy Investments in 2026. Additionally, Aspire is preparing to launch its inaugural securitization platform in early 2026. ### Related Stocks - [RWTP.US - Redwood Trust, Inc.](https://longbridge.com/en/quote/RWTP.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Singapore Loans Increase to SG$887.5 Billion in January | Singapore Loans Increase to SG$887.5 Billion in January | [Link](https://longbridge.com/en/news/277142381.md) | | My ex-wife took out a $100K Parent PLUS loan for our son. 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