Redwood Trust is a specialty finance company focused on residential mortgage credit in segments underserved by GSEs like Fannie Mae and Freddie Mac. Redwood operates as a mortgage conduit: it buys or originates loans, distributes them through its private-label securitization programs or whole loan sales to banks, insurers, and asset managers, and retains subordinate (residual) interests on its balance sheet. Redwood's two core businesses are Sequoia and CoreVest. Sequoia buys jumbo residential mortgages — loans too large for GSE programs — from a network of over 200 banks and independent mortgage bankers, then distributes them through its SEMT® securitization program or whole loan sales. Redwood also recently launched Aspire, a non-QM platform targeting self-employed and alternative-income borrowers, which locked over $3B in loans in its first year. CoreVest originates business-purpose loans to real estate investors buying, renovating, or renting single-family and small multifamily properties, offering both bridge and term loans distributed through securitization, whole loan sales, and joint ventures with institutional capital partners. Redwood earns gain-on-sale income when distributing loans, net interest income on retained securitization interests, and asset management fees from CoreVest joint ventures. Loans turn over in roughly 35 days on average, recycling capital quickly. Redwood's growth strategy centers on bank disintermediation as banks reduce mortgage balance sheet exposure, scaling Aspire's non-QM platform, and potential GSE reform expanding the private-label market. Redwood is structured as a REIT.