Redwood Trust, Inc. Q2 FY2026 Earnings Call
With Dash Robinson (President), Brooke Carillo (CFO), Chris Abate (CEO) and 2 more.
Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on making credit sensitive investments in residential loans and other mortgage-related assets, with the goal of delivering a stable and growing stream of attractive earnings and dividends for our shareholders.
More about Redwood Trust, Inc.
We also earn income through our residential mortgage banking activities. Redwood Trust, Inc. was established in 1994, is internally managed, and structured as a real estate investment trust (“REIT”) for tax purposes. Our employees are a team of disciplined, dedicated and talented professionals who do what it takes to make the Company a leader in innovation and reputation. We value everyone's contribution, actively soliciting feedback at all levels within the organization. Work gets done in a non-hierarchical, hard-working and fun environment.
1Prepared remarks4 speakers
Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's second quarter 2026 earnings conference call. With me on today's call are Chris Abate, Chief Executive Officer, Dash Robinson, President, Brooke Carillo, Chief Financial Officer, and Abhinav Asthana, our Chief Technology Officer. Before we begin today, I want to remind you that certain statements made during management's presentation today with respect to future financial and business performance may constitute forward-looking…
Thank you, and good morning, everyone. Redwood exceeded $8 billion of mortgage banking volume for the second straight quarter. We did over 20 securitizations for the first half of the year. We ended the quarter pricing three securitizations in a single week, one for each of our operating platforms. A first for Redwood in our 32-year history. That makes us happy and a little nostalgic at how productive the company operates these days relative to the past, when two to four securitizations a year was deemed just fine…
Thank you, Chris. Our second quarter operating performance reflected the combined benefits of product diversification, capital-efficient distribution channels, and an operating framework that's fully integrated with core AI initiatives at the center of our strategic blueprint. The result was an eighth consecutive quarter of mortgage banking returns north of 20%, increasingly fertile ground for continued capital redeployment away from our non-core portfolio holdings. At Sequoia, second quarter lock volume totaled…
Thank you, Dash. Turning to our second quarter results, we reported a GAAP net loss of $3 million, or $0.03 per share, compared with a $0.07 per share loss in the first quarter. Book value per common share was $6.90 at June 30th. The 3% decline from $7.12 at March 31st was primarily driven by marked-to-market changes and ongoing carry…