REDWOOD TRUST INC

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

RWT$3.12+0.3%Stored close · as of Nov 6, 2026

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UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______________ to _______________.

Commission File Number 1-13759

REDWOOD TRUST, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	68-0329422
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

One Belvedere Place, · Suite 300
Mill Valley,	California		94941
(Address of Principal Executive Offices)		(Zip Code)

(415)389-7373

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	RWT	New York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share	RWT PRA	New York Stock Exchange
9.125% Senior Notes Due 2029	RWTN	New York Stock Exchange
9.0% Senior Notes Due 2029	RWTO	New York Stock Exchange
9.125% Senior Notes Due 2030	RWTP	New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, $0.01 par value per share	126,682,210	shares outstanding as of November 6, 2025

REDWOOD TRUST, INC.

2025 FORM 10-Q REPORT

TABLE OF CONTENTS

Page
PART I — · FINANCIAL INFORMATION
Item 1.	Financial Statements		2
	Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024		2
	Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)		3
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)		4
	Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)		5
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)		7
	Notes to Consolidated Financial Statements (Unaudited)		9
	Note 1. Organization		9
	Note 2. Basis of Presentation		9
	Note 3. Summary of Significant Accounting Policies		10
	Note 4. Segment Information		11
	Note 5. Mortgage Banking Activities, Net		16
	Note 6. Fair Value of Financial Instruments		17
	Note 7. Residential Consumer Loans		22
	Note 8. Residential Investor Loans		26
	Note 9. Real Estate Securities		32
	Note 10. Home Equity Investments (HEI)		35
	Note 11. Servicing Investments		36
	Note 12. Strategic Investments		37
	Note 13. Derivative Financial Instruments		39
	Note 14. Offsetting Assets and Liabilities		41
	Note 15. Other Assets and Liabilities		43
	Note 16. Principles of Consolidation		45
	Note 17. Asset-Backed Securities Issued		48
	Note 18. Debt Obligations		51
	Note 19. Commitments and Contingencies		53
	Note 20. Equity		54
	Note 21. Earnings Per Common Share		57
	Note 22. General and Administrative Expenses		58
	Note 23. Taxes		58
	Note 24. Subsequent Events		59
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		60
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		87
Item 4.	Controls and Procedures		87
PART II —	OTHER INFORMATION
Item 1.	Legal Proceedings		88
Item 1A.	Risk Factors		88
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		88
Item 3.	Defaults Upon Senior Securities		88
Item 4.	Mine Safety Disclosures (Not Applicable)		88
Item 5.	Other Information		88
Item 6.	Exhibits		89
Signatures		90

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