Redwood Trust Reports Record 2025 Mortgage Volumes

Company sees strong growth in origination and distribution platforms, improved earnings, and progress winding down legacy investments.

Published on Feb. 14, 2026

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Redwood Trust (NYSE:RWT) reported strong fourth-quarter and full-year 2025 results, highlighted by record mortgage banking activity across its Sequoia, CoreVest, and Aspire platforms, which generated a combined $23 billion in volume for the year. The company saw improved capital efficiency, a more durable earnings profile, and progress in winding down legacy investments.

Why it matters

Redwood Trust's performance reflects the continued shift in the mortgage industry toward a more capital-efficient, originate-to-distribute model. The company's ability to grow its core mortgage banking platforms while reducing exposure to legacy investments suggests it is well-positioned to navigate the evolving mortgage market.

The details

Redwood's Sequoia platform locked $5.3 billion in loans in Q4, up 5% from Q3 and 130% from a year earlier. Bulk activity represented close to 60% of Sequoia's volume, including a $500 million pool sourced from a regional bank. Aspire, Redwood's non-QM platform, locked a record $1.5 billion in loans in Q4, up 20% sequentially. CoreVest's full-year volumes rose 13% as the company repositioned production toward smaller-balance products. Redwood also made progress winding down its legacy investment portfolio, reducing the principal balance by nearly 40% in Q4.

  • Redwood reported Q4 2025 results on February 14, 2026.
  • For the full year 2025, Redwood's mortgage banking platforms generated $23 billion in volume, the highest in company history.
  • In January 2026, Redwood's volume totaled $3.6 billion, indicating continued acceleration in run-rate activity.

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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