REDWOOD TRUST INC
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Consolidated Balance Sheets at December 31, 2025 and 2024
| (In Thousands, except Share Data) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| ASSETS (1) | ||
| Residential consumer loans | $17,935,761 | $11,077,823 |
| Residential investor loans | 3,616,664 | 4,587,090 |
| Consolidated Agency multifamily loans | — | 424,597 |
| Home equity investments | 329,883 | 589,785 |
| Real estate securities | 423,016 | 405,223 |
| Servicing investments | 302,230 | 297,683 |
| Strategic investments | 101,958 | 78,123 |
| Derivative assets | 105,597 | 46,003 |
| Cash and cash equivalents | 255,664 | 245,165 |
| Restricted cash | 193,446 | 67,762 |
| Goodwill | 23,373 | 23,373 |
| Other assets | 413,522 | 415,717 |
| Total Assets | $23,701,114 | $18,258,344 |
| LIABILITIES AND EQUITY (1) | ||
| Liabilities | ||
| Asset-backed securities issued (includes $17,433,600 and $12,879,530 at fair value), net | $17,492,031 | $13,270,204 |
| Debt obligations, net | 4,799,382 | 3,462,880 |
| Derivative liabilities | 28,150 | 23,660 |
| Accrued expenses and other liabilities | 398,935 | 313,737 |
| Total liabilities | 22,718,498 | 17,070,481 |
| Commitments and Contingencies (see Note 19) | ||
| Equity | ||
| Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding | 66,948 | 66,948 |
| Common stock, par value $0.01 per share, 392,010,000 shares authorized; 124,459,837 and 132,519,579 issued and outstanding | 1,245 | 1,325 |
| Additional paid-in capital | 2,463,473 | 2,504,029 |
| Accumulated other comprehensive loss | (31,669) | (43,071) |
| Cumulative earnings | 1,114,360 | 1,191,401 |
| Cumulative distributions to stockholders | (2,631,741) | (2,532,769) |
| Total Equity | 982,616 | 1,187,863 |
| Total Liabilities and Equity | $23,701,114 | $18,258,344 |
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(1)Our consolidated balance sheets include assets of VIEs that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2025 and 2024, assets of consolidated VIEs totaled $18,927,094 and $14,654,942, respectively. At December 31, 2025 and 2024, liabilities of consolidated VIEs totaled $17,850,175 and $13,620,239, respectively. See Note 15 for further discussion.
F- 6
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