RWTS · Redwood Trust Inc
Price & Indicators
The closing range uses available history since May 29, 2026; less than a full year is stored.
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AI Brief
Q2 FY26 earnings call · Jul 28, 2026TL;DR. Redwood reported a Q2 GAAP net loss of $3M ($0.03/share) and a 3% sequential decline in book value to $6.90, while core mortgage banking generated $34M of EAD at an 18.5% annualized ROE; Aspire posted record $2.1B lock volume (+32% QoQ) and the company continued executing its legacy investment wind-down, with allocation falling to 12% of capital and pro forma below 10%.
- + Aspire executed definitive documentation for a dedicated joint venture with Cray Hill Capital Management, with potential $8B loan purchasing power, providing recurring fee revenue and added performance fees. new
- + Aspire securitized population delinquencies remained under 10 bps at June 30, indicating strong credit performance. new
- + CoreVest completed its first term loan securitization since 2023, a $268M transaction priced accretively to loan sale economics and placed with close to two dozen investors. new
- + Operating platforms delivered a 33% annualized return on average capital and improved capital efficiency, with average capital required per dollar of production falling to ~2.6% in 1H 2026 from ~3% a year ago. new
- − Redwood reported a Q2 GAAP net loss of $3M ($0.03/share) and book value per share declined 3% sequentially to $6.90, driven by legacy portfolio mark-to-market changes, carry costs, and the $0.18 dividend. new
- − Sequoia GAAP net income declined to $32M from $38M in Q1 as purchase commitments fell 9%, reflecting cautious posture amid rate volatility and heightened bank competition.
- − CoreVest funded $410M of loans in Q2, down ~5% sequentially, as higher rates and legislative uncertainty weighed on portions of the pipeline.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Aspire gain on sale margins | 101 | the three months ended June 30, 2026 filing | — |
| Aspire lock volumes | 2.1B | the three months ended June 30, 2026 filing | — |
| Bridge loan fundings | $223.66M | three months ended June 30, 2026 filing | — |
| Bridge loan sales | $51.06M | three months ended June 30, 2026 filing | — |
| Bridge loans as a percentage of CoreVest quarterly fundings | 55% | the second quarter of 2026 filing | — |
| Capital allocated to Legacy Investments | 195M | the three months ended June 30, 2026 filing | — |
| Capital allocated to Legacy Investments declined | $47M | the second quarter of 2026 filing | — |
| CoreVest funding volumes | 410M | the three months ended June 30, 2026 filing | — |
| Distribution activity | 375M | the second quarter of 2026 filing | — |
| Gain on sale margins | 92 | the three months ended June 30, 2026 filing | — |
| Loans distributed | $6.5B | three months ended June 30, 2026 filing | — |
| Loans distributed through securitizations | $5.3B | three months ended June 30, 2026 filing | — |
| Lock volumes | 5.6B | the three months ended June 30, 2026 filing | — |
| LPCs entered into | $1.45B | three months ended June 30, 2026 filing | — |
| LPCs entered into (loan locks, adjusted for expected fallout) | 4.98B | three months ended June 30, 2026 filing | — |
| Mortgage Banking production volumes | $8B | three months ended June 30, 2026 filing | — |
| Net cost to originate | 96 | three months ended June 30, 2026 filing | — |
| Term loan fundings | $186.56M | three months ended June 30, 2026 filing | — |
| Term loan sales | $60.81M | three months ended June 30, 2026 filing | — |
| Term loans as a percentage of CoreVest quarterly fundings | 45% | the second quarter of 2026 filing | — |
| Total Loan distributions | $374.87M | three months ended June 30, 2026 filing | — |
| Total loan fundings | $410.22M | three months ended June 30, 2026 filing | — |
| Transfer to joint ventures | $253.14M | three months ended June 30, 2026 filing | — |
| Transfer to securitizations | $9.87M | three months ended June 30, 2026 filing | — |
| Weighted average contractual interest rate | 6.29% | three months ended June 30, 2026 filing | — |
| Whole loan sales | $1.2B | three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Mortgage — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RWTS
this stock
Redwood Trust Inc
|
$399.45M | — | — | — | — |
|
NLY
Annaly Capital Management Inc
|
$13.83B | -17.9% | — | 5.0 | 3.2% |
|
AGNC
AGNC Investment Corp.
|
$10.48B | -17.5% | — | 5.0 | 11.1% |
|
RITM
Rithm Capital Corp.
|
$5.24B | -13.9% | -6.7% | 15.7 | 6.2% |
|
STWD
Starwood Property Trust, Inc.
|
$4.66B | -30.1% | -5.3% | — | 6.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 13, 2026
- This year
- 20
Redwood Trust, Inc. scheduled to release third quarter 2026 results on Tuesday, November 3, 2026, after the New York Stock Exchange close, with a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RWTS | +1.7% | -2.9% | — | -5.2% | — |
| SPY | -0.4% | -1.5% | +5.8% | -0.4% | +11.5% |
| vs SPY | +2.1% | -1.5% | — | -4.8% | — |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.