Redwood Trust Q1 net income $14.4M, $0.10 EPS; Sequoia lock volume surges to $4.0B

REDWOOD TRUST INC

2025-Q1 EPS reported $0.10

GAAP net income available to common $14.4M ($0.10/sh) vs Q4 loss of $8.4M; non-GAAP EAD $19.8M ($0.14/sh).
Book value per common share $8.39 (down $0.07 from Dec 31); economic return on BV 1.3% for Q1.
Sequoia mortgage banking locked $4.0B loans (up 73% QoQ, 125% YoY); segment net income $25.8M.
CoreVest funded $482M loans (up 48% YoY); net income $1.3M; EAD ROE 20%.
Quarterly dividend maintained at $0.18/sh; Q2 to date distributed ~$520M loans through securitizations.

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