Redwood Trust
Provides mortgage-credit liquidity through securitization and business-purpose lending platforms.
Something off on this page? Send us feedback.
Profile
Provides liquidity to U.S. housing-credit segments not well served by government programs. Sequoia and CoreVest acquire or originate loans for sale or securitization, while Aspire acquires residential loans.
Provides liquidity to U.S. housing-credit segments not well served by government programs. Sequoia operates a private-label, non-agency securitization platform; CoreVest provides short- and long-term financing to rental-real-estate investors; Aspire acquires residential loans.
Sequoia Mortgage Banking and CoreVest Mortgage Banking originate or acquire loans and then sell or securitize them. Redwood Investments is a named operating platform, while Legacy Investments is being wound down through asset dispositions or runoff.
The business centers on U.S. housing credit and is internally managed as a REIT for federal income-tax purposes. Its simplified operating model is focused on the Sequoia, Aspire, and CoreVest platforms.
Company facts
Categories
Key statistics
Year to date −18.3% · Average volume (30d) 1.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | UBS | Reiterate | Buy | $7 | $6.50 | |
| Jul 29, 2026 | Wells Fargo | Reiterate | Equal Weight | $6 | ||
| Jul 9, 2026 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform | ||
| Jul 2, 2026 | Piper Sandler | Reiterate | Neutral | $6.50 | $5.50 | |
| Jun 17, 2026 | BTIG | Reiterate | Buy | $10.50 | $6 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.23 | $0.25 | +8.8% | $89.5M | $78.5M | −12.2% | +0.21% |
| Apr 29, 2026Q1 FY26 | $0.28 | $0.28 | 0.0% | $87.0M | $63.9M | −26.6% | −0.89% |
| Feb 11, 2026Q4 FY25 | $0.22 | $0.33 | +50.0% | $76.5M | $87.7M | +14.7% | +20.58% |
| Oct 29, 2025Q3 FY25 | $0.16 | $0.20 | +25.0% | $24.9M | $61.4M | +146.7% | −2.73% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $307.9M | $217.6M | $327.6M | $210.7M | $370.7M | $409.0M | |
| Gross profit | $63.8M | −$52.9M | $43.0M | $201.4M | $48.5M | $43.0M | |
| Operating income | $263.8M | −$93.9M | −$1.4M | $329.1M | −$8.0M | $353.2M | |
| Net income | $16.1M | −$98.5M | −$7.7M | $20.0M | −$5.5M | −$1.1M | |
| Diluted EPS | $0.10 | −$0.76 | −$0.08 | $0.13 | −$0.07 | −$0.02 | |
| Gross margin | 20.7% | -24.3% | 13.1% | 95.6% | 13.1% | 10.5% | |
| Operating margin | 85.7% | -43.2% | -0.4% | 156.1% | -2.2% | 86.4% |
Fiscal years (4-quarter sums)FY21 $545.2M · FY22 −$22.1M · FY23 $153.8M · FY24 $254.7M · FY25 $1.06B
Balance sheet, Jun 30, 2026Cash & short-term investments $672.7M · Total debt $27.47B · Total assets $28.82B · Shareholders' equity $934.0M
Dividends
Raised for 2 straight years — most recently to $0.18 from $0.17 in Dec 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 23, 2026 | Jun 23 | Jun 30 | $0.18 | |
| Mar 24, 2026 | Mar 24 | Mar 31 | $0.18 | |
| Dec 23, 2025 | Dec 23 | Dec 30 | $0.18 | |
| Sep 23, 2025 | Sep 23 | Sep 30 | $0.18 | |
| Jun 23, 2025 | Jun 23 | Jun 30 | $0.18 | |
| Mar 24, 2025 | Mar 24 | Mar 31 | $0.18 | |
| Dec 23, 2024 | Dec 23 | Dec 30 | $0.18 | raised from $0.17 |
| Sep 23, 2024 | Sep 23 | Sep 30 | $0.17 | raised from $0.16 |
Ownership
Shares outstanding 125.61M · Float 123.42M · 98.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 20.28M | 16.15% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 8.74M | 6.95% | 13F | Aug 14, 2026 |
| Bay Pond Investors (Bermuda) L.P. | 6.38M | 5.10% | 13G | Aug 20, 2026 |
| Vanguard Capital Management LLC | 5.58M | 4.44% | 13F | Aug 13, 2026 |
| State Street Corp | 5.22M | 4.15% | 13F | Aug 7, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Rithm Capital
Non-QM securitization and residential-investor lending peer
- Chimera Investment
Non-QM, business-purpose, and non-agency mortgage-credit peer
- Arbor Realty Trust
Single-family-rental and bridge-finance peer for business-purpose loans
- PennyMac Financial Services
Large correspondent-mortgage and secondary-market execution peer
- Figure
Home-equity financing and capital-market platform peer
- Sachem Capital
Short-term investor-property bridge-lending peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Redwood Trust | $4.65 | +0.84% | $580.3M | — | 4.9 | 0.4 | +68.5% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| Chimera Investment | $11.50 | −0.04% | $961.9M | — | 5.9 | 1.4 | −64.4% |
| Arbor Realty Trust | $5.06 | 0.00% | $973.3M | 37.4 | 12.0 | 0.8 | −11.1% |
| PennyMac Financial Services | $73.05 | −0.43% | $3.81B | 10.1 | 8.7 | 0.8 | −52.2% |
| Figure | $36.01 | −0.06% | $6.58B | 47.4 | 28.6 | 9.2 | — |
| Sachem Capital | $0.8940 | +0.45% | $42.9M | — | — | 1.0 | −13.1% |
| Median | 27.1 | 8.7 | 1.0 | −13.1% |