Redwood Trust Q4 GAAP net income $18.3M; record $7.3B platform production drives Core Segments EAD $0.33/sh

REDWOOD TRUST INC

2025-FY EPS reported -$0.63

GAAP net income $18.3M ($0.13/sh) vs Q3 loss; Core Segments EAD $43.2M ($0.33/sh).
Combined Mortgage Banking production $7.3B in Q4; full-year volume $23B (+111% YoY), record GAAP net income $146.2M.
Sequoia locks $6.8B (+8% QoQ); gain-on-sale margin 127 bps (exceeded 75-100 target).
GAAP book value $7.36; repurchased 2.7M shares for $15M; raised $100M unsecured bonds.
Legacy Investments capital allocation down to 19% from 28%; segment loss improved to $(18.6)M from $(22.2)M.

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