Redwood Trust Inc 2025年度报告

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________.Commission File Number 1-13759 REDWOOD TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland (State or Other Jurisdiction ofIncorporation or Organization) One Belvedere Place,Suite 300Mill Valley, California(Address of Principal Executive Offices) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ At June30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $767,882,919 based on theclosing sale price as reported on the New York Stock Exchange. The number of shares of the registrant’s Common Stock outstanding on February27, 2026 was 124,989,447. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission under Regulation 14A within 120days after the end of registrant’s fiscal year covered by this Annual Report are incorporated by reference into Part III. REDWOOD TRUST, INC.2025 ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS PART I Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.Cyber Risk Management DisclosureItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures (Not Applicable) PARTII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities48Item6.[Reserved]50Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations51Item7A.Quantitative and Qualitative Disclosures about Market Risk81Item8.Financial Statements and Supplementary Data86Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure86Item9A.Controls and Procedures86Item9B.Other Information86Item9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections109 PART III Item10.Directors, Executive Officers and Corporate Governance88Item11.Executive Compensation88Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters88Item13.Certain Relationships and Related Transactions, and Director Independence88Item14.Principal Accounting Fees and Services88 PARTIV Item15.Exhibits, Financial Statement SchedulesItem 16.Form 10-K SummaryConsolidated Financial Statements Special Note - Cautionary Statement This Annual Report on Form 10-K and the documents in