Redwood Trust Reports Record 2025 Mortgage Volumes

Earnings call highlights strong growth across operating platforms and shift to more capital-efficient model

Published on Feb. 12, 2026

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Redwood Trust (NYSE:RWT) reported record mortgage banking activity in 2025, with $23 billion in volume across its Sequoia, CoreVest, and Aspire platforms. The company saw improved earnings, progress in winding down legacy investments, and a continued shift toward a more capital-efficient, originate-to-distribute model.

Why it matters

Redwood Trust's strong performance in 2025 reflects the company's ability to adapt to market conditions and capitalize on opportunities in the residential mortgage market. The shift toward a more capital-efficient model and the growth of its branded securitization platforms could position Redwood for continued success in the years ahead.

The details

Redwood's Sequoia platform locked $5.3 billion in loans in Q4 2025, up 5% from Q3 and 130% from Q4 2024. Bulk activity represented close to 60% of Sequoia's volume, including a $500 million pool sourced from a regional bank. The Aspire non-QM platform locked a record $1.5 billion in loans in Q4, up 20% sequentially, with close to 70% sourced through flow. CoreVest's full-year volumes rose 13% versus 2024, with a focus on smaller-balance products like residential transition loans and DSCR loans.

  • Redwood ended 2025 with record mortgage banking activity.
  • In Q4 2025, Sequoia locked $5.3 billion in loans, up 5% from Q3 and 130% from Q4 2024.
  • Aspire locked a record $1.5 billion in loans in Q4 2025, up 20% sequentially.
  • CoreVest's full-year 2025 volumes rose 13% versus 2024.

The players

Redwood Trust

A publicly traded real estate investment trust specializing in the U.S. residential mortgage market, headquartered in Mill Valley, California.

Chris Abate

Chief Executive Officer of Redwood Trust.

Dash Robinson

President of Redwood Trust.

Brooke Carillo

Chief Financial Officer of Redwood Trust.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

Redwood Trust's strong performance in 2025 highlights the company's ability to adapt to market conditions and capitalize on opportunities in the residential mortgage market. The shift toward a more capital-efficient model and the growth of its branded securitization platforms could position Redwood for continued success in the years ahead.