Redwood Trust Q2 GAAP loss $100.2M ($0.76/sh); book value falls to $7.49; accelerates legacy wind-down

REDWOOD TRUST INC

2025-Q2 EPS reported -$0.67

GAAP net loss $100.2M ($0.76/sh) vs prior Q income $14.3M; book value per share dropped to $7.49 from $8.39.
Non-GAAP Core Segments EAD $25.0M ($0.18/sh) vs $28.0M ($0.20/sh) in Q1; new Legacy Investments segment posted $104M loss.
Accelerating legacy portfolio wind-down; expects to generate $200-$250M incremental capital by year-end 2025.
Share repurchase authorization increased to $150M; 2.4M shares repurchased since June 2025 with plans to expand.
Sequoia mortgage banking net income $22.2M, CoreVest $6.1M, Redwood Investments $11.9M; combined mortgage banking GAAP ROE >20%.

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