REDWOOD TRUST INC
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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, 2026 · Filed Nov 9, 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, 2026
OR
| ☐ | 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 |
| 9.00% Senior Notes Due 2029 | RWTO | New York Stock Exchange |
| 9.125% Senior Notes Due 2030 | RWTP | New York Stock Exchange |
| 9.50% Senior Notes Due 2030 | RWTQ | New York Stock Exchange |
| 9.75% Senior Notes Due 2031 | RWTR | New York Stock Exchange |
| Series X Preferred Stock Purchase Rights | N/A | 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 | 116,630,154 | shares outstanding as of November 9, 2026 |
|---|
REDWOOD TRUST, INC.
2026 FORM 10-Q REPORT
TABLE OF CONTENTS
| Page | |||
|---|---|---|---|
| PART I — · FINANCIAL INFORMATION | |||
| Item 1. | Financial Statements | 2 | |
| Consolidated Balance Sheets at September 30, 2026 (Unaudited) and December 31, 2025 | 2 | ||
| Consolidated Statements of (Loss) Income for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 3 | ||
| Consolidated Statements of Loss for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 4 | ||
| Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 5 | ||
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 (Unaudited) | 7 | ||
| Notes to Consolidated Financial Statements (Unaudited) | 9 | ||
| Note 1. Organization | 9 | ||
| Note 2. Basis of Presentation | 10 | ||
| Note 3. Summary of Significant Accounting Policies | 11 | ||
| Note 4. Segment Information | 12 | ||
| Note 5. Mortgage Banking Activities, Net | 17 | ||
| Note 6. Fair Value of Financial Instruments | 18 | ||
| Note 7. Residential Consumer Loans | 24 | ||
| Note 8. Residential Investor Loans | 27 | ||
| Note 9. Real Estate Securities | 33 | ||
| Note 10. Home Equity Investments (HEI) | 35 | ||
| Note 11. Servicing Investments | 38 | ||
| Note 12. Strategic Investments | 38 | ||
| Note 13. Derivative Financial Instruments | 40 | ||
| Note 14. Offsetting Assets and Liabilities | 41 | ||
| Note 15. Other Assets and Liabilities | 43 | ||
| Note 16. Principles of Consolidation | 46 | ||
| Note 17. Asset-Backed Securities Issued | 48 | ||
| Note 18. Debt Obligations, Net | 51 | ||
| Note 19. Commitments and Contingencies | 54 | ||
| Note 20. Equity | 55 | ||
| Note 21. Net Loss per Common Share | 58 | ||
| Note 22. General and Administrative Expenses | 59 | ||
| Note 23. Taxes | 59 | ||
| Note 24. Subsequent Events | 60 | ||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 61 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 94 | |
| Item 4. | Controls and Procedures | 94 | |
| PART II — | OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 95 | |
| Item 1A. | Risk Factors | 95 | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 98 | |
| Item 3. | Defaults Upon Senior Securities | 98 | |
| Item 4. | Mine Safety Disclosures (Not Applicable) | 99 | |
| Item 5. | Other Information | 99 | |
| Item 6. | Exhibits | 100 | |
| Signatures | 102 | ||
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