Income StatementBalance SheetCash FlowSegments
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Redwood Trust Business Segments

Business, geographic, and product segment breakdowns

Redwood Trust generates $1.3B in annual revenue across 4 key segments: Aspire (-), CoreVest ($12.6M), Legacy Investments (-$2.2M), and Redwood Investments ($1.1M). Based on the Q1 2026 filing.

Aspire-CoreVest (TTM)$12.6MLegacy Investments (TTM)-$2.2MRedwood Investments (TTM)$1.1MSequoia (TTM)-
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$678.7M

Business Segments

Dividends, Preferred Stock

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments—$552.0K———$658.0K
Sequoia—$406.0K———$544.0K
Legacy Investments—$708.0K———$257.0K
Aspire—$17.0K———$204.0K
CoreVest—$67.0K———$87.0K

Fee income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CoreVest$3.7M$3.1M$2.8M$5.2M$1.7M$2.8M
Redwood Investments$168.0K$142.0K$412.0K$270.0K$199.0K$192.0K
Legacy Investments-$287.0K-$870.0K-$985.0K-$938.0K-$106.0K-$133.0K
Aspire—$0.0———$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

General and Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CoreVest$9.6M$10.0M$10.2M$10.0M$9.5M$13.0M
Sequoia$5.0M$5.4M$7.2M$7.8M$12.7M$7.0M
Redwood Investments$1.6M$1.9M$1.5M$1.6M$1.1M$3.4M
Aspire—$928.0K———$2.5M
Legacy Investments$15.0K$16.0K$57.0K$23.0K$16.0K$16.0K

HEI income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments$6.4M$10.1M-$13.0M-$291.0K—$6.5M
Redwood Investments$29.0K$55.0K$126.0K$745.0K$493.0K$575.0K
Aspire—$0.0———$0.0
CoreVest$0.0$0.0$0.0$0.0$0.0$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Income Tax Expense (Benefit)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CoreVest-$1.5M-$648.0K-$278.0K-$48.0K-$2.3M-$2.1M
Redwood Investments$2.1M-$304.0K-$1.6M$30.0K—$1.4M
Sequoia$6.0M$7.2M$9.3M$5.5M$8.4M-$1.2M
Legacy Investments$0.0$0.0-$2.5M$571.0K—-$610.0K
Aspire—$70.0K———$342.0K

Increase (Decrease) in Fair Value Adjustments on Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia—$30.4M-$38.6M$54.9M—$36.9M
Aspire—$226.0K———-$2.2M
CoreVest—$6.9M$4.6M$3.3M—-$1.7M

Increase (Decrease) in Fair Value of Price Risk Fair Value Hedging Instruments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia—$20.8M$47.0M-$2.4M—-$35.9M
Aspire—$0.0———$4.2M
CoreVest—-$2.9M$1.1M$18.0K—$301.0K

Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$164.9M$185.0M$197.6M$207.9M$228.5M$256.3M
Sequoia$19.1M$17.0M$21.5M$26.7M$39.7M$36.3M
Aspire—$227.0K———$14.8M
Legacy Investments$23.2M$38.9M$32.9M$30.5M$13.0M$12.7M
CoreVest$3.5M$3.0M$1.9M$2.6M$3.2M$2.1M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$189.5M$201.6M$219.7M$225.5M$248.6M$268.7M
Sequoia$36.1M$31.6M$37.0M$47.9M$67.0M$61.3M
Aspire—$44.0K———$18.4M
CoreVest$4.6M$4.4M$3.7M$4.1M$6.3M$4.2M
Legacy Investments$35.7M$34.2M$23.4M$21.5M$4.7M$4.0M

Interest Income (Expense), Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia$17.0M$14.6M$15.5M$21.2M$27.3M$25.0M
Redwood Investments$24.7M$16.5M$22.1M$17.6M$20.1M$12.4M
Legacy Investments$12.5M-$4.7M-$9.4M-$9.1M-$8.4M-$8.7M
Aspire—-$183.0K———$3.6M
CoreVest$1.1M$1.4M$1.8M$1.5M$3.1M$2.1M

Investment fair value changes, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$26.6M$26.3M-$27.0M-$1.7M$101.4M-$38.3M
Legacy Investments-$41.0M-$8.7M-$75.6M-$6.7M-$8.1M-$7.5M
CoreVest$0.0$0.0$0.0$0.0$0.0-$265.0K
Aspire—$0.0———$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Loan Acquisition Costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CoreVest$2.6M$2.5M$3.5M$1.8M$2.7M$2.8M
Sequoia$1.0M$1.1M$1.3M$2.4M$2.8M$2.8M
Aspire—$0.0———$1.0M
Legacy Investments—$0.0$0.0$156.0K$1.0K$0.0
Redwood Investments$1.0K$0.0$0.0$0.0$0.0$0.0

Mortgage banking activities, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia$16.8M$21.9M$24.4M$28.7M$40.4M$22.1M
CoreVest$9.7M$11.0M$16.5M$11.4M$12.5M$7.2M
Aspire—$233.0K———$2.7M
Legacy Investments$0.0$0.0$0.0$0.0$0.0$0.0
Redwood Investments$0.0$0.0$0.0$0.0$0.0$0.0

Mortgage banking activities, net, excluding risk management derivatives

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia$66.5M$1.1M-$22.6M$31.1M$39.6M$58.0M
CoreVest$7.1M$13.8M$15.4M$11.4M$12.6M$6.9M
Aspire—$233.0K———-$1.5M
Legacy Investments$0.0$0.0$0.0$0.0$0.0$0.0
Redwood Investments$0.0$0.0$0.0$0.0$0.0$0.0

Net (Loss) Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia$21.8M$22.9M$22.2M$34.3M$43.8M$38.4M
Legacy Investments-$17.3M-$8.6M-$104.0M-$22.2M-$18.6M-$12.8M
Redwood Investments$32.3M$19.4M$11.9M$10.3M$20.9M-$7.3M
CoreVest$1.5M$1.4M$6.1M$3.5M$7.5M-$3.3M
Aspire—-$948.0K———$2.5M

Net (loss) income (related) available to common stockholders

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia—$22.5M———$37.8M
Legacy Investments—-$9.3M———-$13.1M
Redwood Investments—$18.9M———-$8.0M
CoreVest—$1.3M———-$3.4M
Aspire—-$965.0K———$2.3M

Noninterest Income, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia$16.8M$21.9M$24.4M$28.7M$40.4M$22.1M
CoreVest$13.3M$14.0M$20.0M$15.7M$16.3M$10.4M
Redwood Investments$14.6M$8.2M-$5.8M$1.1M$12.7M-$5.8M
Aspire—$233.0K———$2.7M
Legacy Investments-$25.8M$510.0K-$89.6M-$8.5M-$8.1M-$140.0K

Other Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$1.1M$1.7M$1.8M$3.2M$6.2M$5.1M
CoreVest$2.2M$2.2M$2.2M$2.0M$2.0M$2.0M
Aspire—$0.0———$0.0
Legacy Investments$0.0$0.0$0.0$500.0K$0.0$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Other income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments$0.0$0.0$0.0-$532.0K-$559.0K$950.0K
Redwood Investments$983.0K$507.0K$394.0K$392.0K$394.0K$898.0K
CoreVest$0.0$0.0$715.0K-$928.0K$1.9M$589.0K
Aspire—$7.0K———$370.0K
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Portfolio Management Costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments$4.0M$4.4M$7.4M$3.4M$2.0M$4.5M
Redwood Investments$2.1M$2.1M$2.6M$3.5M$2.8M$4.2M
Aspire—$0.0———$0.0
CoreVest$0.0$0.0$0.0$0.0$0.0$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Realized gains, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aspire—$0.0———$0.0
CoreVest$0.0$0.0$0.0$0.0$0.0$0.0
Legacy Investments$0.0$0.0$0.0$0.0-$1.8M$0.0
Redwood Investments$40.0K$567.0K$640.0K$0.0$0.0$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Risk management derivatives (losses) gains, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sequoia-$49.7M$20.8M$47.0M-$2.4M$831.0K-$35.9M
Aspire—$0.0———$4.2M
CoreVest$2.4M-$2.9M$1.1M$18.0K$0.0$301.0K
Legacy Investments$0.0$0.0$0.0$0.0$0.0$0.0
Redwood Investments$0.0$0.0$0.0$0.0$0.0$0.0

Servicing income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$6.4M$3.4M$1.6M$1.4M$3.6M$8.0M
Aspire—$0.0———$0.0
CoreVest$0.0$0.0$0.0$0.0$0.0$0.0
Legacy Investments$0.0$0.0$0.0$0.0$0.0$0.0
Sequoia$0.0$0.0$0.0$0.0$0.0$0.0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Redwood Investments$13.3B$14.5B$16.0B$16.9B$18.7B$21.9B
Sequoia$1.2B$1.5B$1.7B$2.7B$3.3B$2.6B
Legacy Investments$3.1B$3.1B$3.0B$2.3B$942.5M$945.0M
Aspire—$15.7M———$891.5M
CoreVest$317.6M$344.0M$301.7M$393.8M$358.0M$329.3M

Other (loss) income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CoreVest Mortgage Banking—$5.9M$7.2M$7.1M—$8.2M
Sequoia Mortgage Banking—$85.0K$921.0K$655.0K—$567.0K

Allowance for credit loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments————$300.0K$3.0M

Financing receivables nonaccrual

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments———$298.0M$243.0M$245.0M

Home equity investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Legacy Investments——$579.0M$315.0M$314.0M$322.0M