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Redwood Trust, Inc. reported second-quarter 2026 results with a GAAP net loss of $2.9 million, or $(0.03) per basic and diluted common share. Non-GAAP Earnings Available for Distribution were $20.3 million, or $0.15 per share, and Core Segments EAD were $34.0 million, or $0.25 per share. GAAP book value per common share was $6.90 at June 30, 2026, down from $7.12 at March 31, 2026, and the company declared a $0.18 quarterly common dividend, producing an economic return on book value of (0.6)%.
Mortgage banking production exceeded $8 billion for the second consecutive quarter, generating $40.1 million of GAAP net income and a 33% annualized return on capital across Sequoia, Aspire and CoreVest. Sequoia locked $5.6 billion of loans, Aspire locked a record $2.1 billion, and CoreVest funded $410 million, while more than 20 securitizations were completed year-to-date.
Management highlights AI-enabled automation delivering approximately 23,600 annualized hours of time savings, over 50% above the first-quarter baseline, alongside stable gain-on-sale margins and lower cost per loan in key platforms. Unrestricted cash and cash equivalents were $192 million and recourse debt $4.5 billion at June 30, 2026, with recourse leverage of 5.0x. Legacy Investments produced a GAAP net loss of $(23.3) million, and capital allocated to this segment is described as falling toward less than 10% of total capital as positions are wound down.
Redwood Trust, Inc. reported that its mortgage banking businesses continued to grow in the second quarter of 2026, with aggregate volumes over $8 billion. Aspire, its non-QM platform, delivered record lock volume of $2.1 billion, up 32% from the first quarter.
The company currently estimates a modest 1% to 3% decline in GAAP book value at June 30, 2026 from the prior quarter, with economic return on book value for the quarter estimated between (1.0)% and 1.0%, including the $0.18 per share dividend. Redwood also highlighted strong liquidity, citing a corporate unsecured senior notes offering completed in May and $3.5 billion of excess available asset funding capacity at June 30, 2026. It expects to report full second quarter results on July 28, 2026 and outlined plans to launch an Aspire joint venture with an institutional capital partner in the third quarter.
Redwood Trust, Inc. director Damon K. Doneene exercised deferred compensation awards by converting 4,975 Deferred Stock Units into the same number of shares of common stock on June 30, 2026. These units arose from director compensation and related dividend equivalent rights under the company’s Executive Deferred Compensation Plan.
Following this conversion, Doneene directly holds 7,455 shares of common stock, and no Deferred Stock Units remain outstanding in this filing. The transaction reflects a scheduled distribution after a mandatory holding period rather than an open-market purchase or sale.
Redwood Trust Inc. director Debora D. Horvath received a grant of 11,739.17 Deferred Stock Units as part of her director compensation. These units were acquired at a stated price of $0.00 per unit and are fully vested at grant. Each Deferred Stock Unit represents the right to receive an equivalent number of shares of Redwood Trust common stock in the future, in line with Horvath’s deferral election and the company’s Amended and Restated Executive Deferred Compensation Plan. Following this award, her reported holdings in these Deferred Stock Units total 11,739.17 units, reflecting compensation rather than an open-market purchase or sale.
KUBICEK GREG H reported acquisition or exercise transactions in this Form 4 filing.
Redwood Trust director Greg H. Kubicek received a grant of 22,072.23 Deferred Stock Units tied to company common stock. The award was made as part of his director compensation deferral election under Redwood Trust Inc.’s Amended and Restated Executive Deferred Compensation Plan.
The Deferred Stock Units are fully vested at grant and have no expiration date, meaning Kubicek’s right to receive the underlying common shares under the plan is immediately earned and does not lapse over time.
REDWOOD TRUST INC director Debora D. Horvath exercised deferred stock units into common stock as part of her director compensation plan. She converted 7,259 Deferred Stock Units into 7,259 shares of common stock in accordance with her prior deferral election under the Amended and Restated Executive Deferred Compensation Plan.
The units were distributed based on the fair market value of Redwood Trust common stock on the transaction date, with the related non-derivative entry showing a reference price of $4.73 per share. Following the conversion, she holds 156,295 common shares indirectly through a trust and 9,568.49 common shares indirectly in an IRA, while the reported Deferred Stock Units balance is now zero after the mandatory holding period ended and distribution occurred.
Redwood Trust, Inc. announced that its Board of Directors declared second quarter 2026 dividends on both its common and preferred stock. The regular common stock dividend is $0.18 per share, unchanged from the first quarter of 2026, payable on June 30, 2026 to stockholders of record on June 23, 2026.
For its 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, the Board declared a second quarter 2026 dividend of $0.625 per share, payable on July 15, 2026 to stockholders of record on July 1, 2026. The common dividend represents Redwood’s 108th consecutive quarterly common dividend, underscoring its long-running emphasis on regular income distributions as a real estate investment trust focused on housing credit.