Q1 2026 Redwood Trust Inc Earnings Call Transcript

Apr 29, 2026 / 09:00PM GMT

Release Date Price: $5.61 (-2.43%)

Transcript 10-Q8-K

Key Points

Positve

Redwood Trust Inc (RWT) achieved a third consecutive record operating quarter with mortgage banking volume surpassing $8.5 billion.
The company completed 11 securitizations in the first quarter, setting an in-house record.
Redwood Trust Inc (RWT) has implemented significant operational efficiencies, partly due to strong adoption of AI across the enterprise.
The company announced a major partnership with Castle Lake, bringing approximately $8 billion of incremental purchasing power to Sequoia.
Aspire's lock volume increased to $1.6 billion, with April lock volume ahead of that pace, indicating strong growth potential.

Negative

Redwood Trust Inc (RWT) reported a GAAP net loss of $7 million or $0.07 per share for the first quarter.
Book value per share declined by 3% from Q4, driven by non-cash market-related valuation changes and certain non-recurring expense items.
CoreVest's first-quarter volume totaled $432 million, down modestly from the fourth quarter.
Legacy investments recorded a GAAP net loss of $13 million, although this was an improvement from the previous quarter.
The company faced volatility in the macro economy, impacting mortgage rates and market conditions.

Operator

Good afternoon, and welcome to the Redwood Trust, Inc.'s first-quarter 2026 financial results conference call. Today's conference is being recorded.

I will now turn the call over to [Natasha Fatheree], Senior Vice President of Finance. Please go ahead, ma'am.

Unidentified Company Representative

Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's first-quarter 2026 earnings conference call. With me on today's call are Chris Abate, Chief Executive Officer; Dash Robinson, President; and Brooke Carillo, Chief Financial Officer.

Before we begin today, I want to remind you that certain statements made during management's presentation today with respect to future financial and business performance may constitute forward-looking statements. Forward-looking statements are based on current expectations, forecasts, and assumptions, which include risks and uncertainties that could cause actual results to differ materially.

We encourage you to read the company's annual report on Form 10-K, which provides a description of

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