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Redwood conducts residential mortgage banking business through Redwood Residential Acquisition Corporation (NMLS# 221649) R E D W O O D T R U S T . C O M Introduction to Aspire’s Non-QM Platform January 26, 2026
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2 These materials are a review of Redwood’s residential mortgage loan acquisition program, and include descriptions of Redwood’s loan acquisition sourcing strategy, Redwood’s loan due diligence process, and Redwood’s loan disposition strategies, including through its Aspire securitization program. Although these materials describe the Aspire securitization program and provide certain information and data about past Sequoia securitization transactions, these materials are not intended as, and should not be interpreted or construed as, market materials for any past or future Sequoia or Aspire securitization transaction. In particular, these materials shall not constitute an offer to sell or a solicitation of an offer to buy any securities issued by Redwood or in any Aspire or Sequoia securitization transaction, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made in the future only by means of a private placement memorandum, prospectus, or other written offering materials and, if applicable, a related registration statement filed with the SEC. Information presented within these materials is only current as of the date it was prepared or, if specified herein, as of the date specified herein. Redwood undertakes no obligation to update or revise these materials, whether as a result of new information, future events, or otherwise. This document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes only and are not intended as, and should not be interpreted or construed as, an offer to sell or a solicitation of an offer to buy any securities that may be issued by Redwood in any Aspire securitization transaction. If any offer of securities is made in the future, it will be made pursuant to separate written offering materials as described above, prepared by or on behalf of an issuing entity, which will contain material information not contained herein and which will supersede, as to any securities offered, the information provided herein in its entirety. Any decision to invest in the future in any securities offered in the future should be made after reviewing the final written offering materials provided therewith, conducting such investigations as you deem necessary and consulting your own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in any securities that may, in the future, be offered. By accepting any Materials, the recipient thereof acknowledges and agrees to the matters set forth below in this notice. Cautionary Statement The Materials are for the sole use of the intended recipient(s) and contain confidential information. Any unauthorized review, use, disclosure or distribution of this information by or to any third party( ies) is prohibited. If you are not the intended recipient, please destroy all copies of the Materials. Redwood makes no representation or warranty (express or implied) regarding the adequacy, accuracy or completeness of any information in the Materials. Information in the materials is preliminary and is not intended to be complete, and such information is qualified in its entirety. Any opinions or estimates contained in the Materials represent the judgment of Redwood at this time and are subject to change without notice. Interested parties are advised to contact Redwood for more information. The Materials do not constitute investment research or an investment research recommendation for the purposes of a research report under U.S. law. The Materials are not intended to provide, and must not be relied on for, accounting, legal, regulatory, tax, business, financial or related advice or investment recommendations. No person providing any Materials is acting as fiduciary or advisor with respect to the Materials. You must consult with your own advisors as to the legal, regulatory, tax, business, financial, investment and other aspects of the Materials. The Materials contains forward-looking statements, including statements regarding the outlook for growth industry-wide in the non-QM market, and Aspire’s opportunity for market share growth. Forward- looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward -looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2024 under the caption “Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports the Company files with the Securities and Exchange Commission, including reports on Form 10-Q and Form 8-K. Past performance is no guarantee of future results.
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3 Aspire Builds on Redwood’s Market Leading Position Institutional-Grade Infrastructure Loans are sourced, reviewed, and managed within Redwood’s existing risk and surveillance framework Established Capital Markets Engine Aspire leverages Redwood’s broader capital markets infrastructure including leading securitization platform and extensive whole loan distribution network Deep Existing Seller Network Aspire sources heavily from Redwood’s existing seller base – 65% of Aspire sellers already do business with Redwood Proven Credit & Market Expertise Aspire benefits from Redwood’s 30+ years of navigating complex credit and housing cycles Source: Redwood Trust. What are Aspire’s Key Differentiators? Borrower Quality Aspire targets high-quality borrowers underserved by Agency frameworks while maintaining conservative credit profiles—extending Sequoia’s credit philosophy into Non-QM
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4 What is Redwood’s Aspire Non-QM Platform? Aspire 2025 Quarterly Lock Volumes(1) $ millions Overview of Aspire • Aspire’s products are tailored towards high-quality borrowers that require an alternative underwriting approach • Since launch, Aspire has scaled efficiently, focused on quality originations from a strong and growing seller network base • Aspire continues to build significant momentum, recording $3.2 billion of locks in 2025, including $1.5 billion in Q4’25 • Today, Aspire is a Top 5 non-QM platform by acquisition volume Launched in January 2025, Aspire sources loans from both bank and non-bank originators $111 $330 $1,243 $1,497 Q1'25 Q2'25 Q3'25 Q4'25 Source: Redwood Trust. (1) Data as of December 31, 2025. 20% QoQ Gain
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5 Aspire is an Integral Part of Redwood’s Operating Strategy Bridge / Rental Products Builds on Proven Platform Expertise Builds off Redwood’s 30+ year track record of leadership and innovation in non-agency housing finance Strengthens Market Connectivity Harnesses long-standing relationships to deliver products to a growing homeowner and homebuyer base Enhances Redwood’s Platform Integrates seamlessly into Redwood’s ecosystem, reinforcing its role as a full- spectrum provider of housing credit and investment solutions Mission Centric Expands Redwood’s reach in housing credit consistent with the firm’s core mission of making quality housing – whether rented or owned – accessible to all American households Source: Redwood Trust.
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6 Why Launch a Non-QM Platform Now? ▪ Seller Base Shift Is Driving Immediate Non-QM Demand Redwood’s evolving seller mix—particularly increased bank participation—is creating clear demand for a trusted, scalable Non-QM execution beyond agency and jumbo. ▪ Attractive Entry Point for Disciplined Residential Credit Market volatility and uneven underwriting have created compelling relative value for platforms focused on prime-quality collateral and credit discipline. ▪ Clear Need for Consistency in a Fragmented Market Aspire brings simplicity, standardization, and responsible credit standards to a Non-QM market marked by widening dispersion across issuers. ▪ Non-QM Borrower Quality Has Structurally Improved A growing cohort of strong, creditworthy borrowers falls outside QM definitions, creating durable demand for responsibly underwritten Non-QM credit. ▪ Institutional and Private Capital Investors Are Leaning in on Up-in-Quality Residential Credit Investors are actively seeking high-quality residential exposure with larger, more liquid deal sizes, transparent underwriting, and repeatable issuance. ▪ Aspire Extends Redwood’s Proven Franchise Built on Redwood’s deep credit expertise, long-standing seller and investor relationships, and securitization track record, Aspire is a natural next step for the platform.
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7 $50 $51 $100 $130 $150 FY'22 FY'23 FY'24 FY'25 FY'26E Origination Volume ($bn) What is the Addressable Market for Aspire? Source: Redwood Trust. (1) Data as of December 31, 2025. FY’25 Est volume per internal estimates and industry sources. Market share calculated based on these estimates. Growing Non-QM TAM(1)Overview of the Non-QM Market ▪ Non-QM Is a Large and Rapidly Growing Market The Non-QM market has expanded significantly in recent years, driven by sustained borrower demand and improving fundamentals ▪ Non-QM issuance was up 30% in 2025, and is estimated to grow another 25% in 2026 ▪ Substantial Runway for Aspire Despite strong volume growth in 2025, Aspire’s estimated market share is only 2-3% $130bn TAM
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8 What is Driving the Growing Non-QM Market? Self-Employed Borrowers Credit Quality of Underlying Borrowers Increased demand for non-traditional borrowing and deep investor appetite is driving non-QM activity higher Source: Bureau of Labor and JP Morgan Research. 12.50 13.00 13.50 14.00 14.50 15.00 15.50 16.00 16.50Self Employed Borrowers (mm) 720 721 725 723 731 743 738 739 746 748 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ’16-’20 Avg FICO: 724 ’21-’25 Avg FICO: 742 Industry Average FICO Capital Markets (Securitization) Activity $1 $4 $14 $29 $21 $31 $41 $31 $47 $80 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry Annual Securitization Issuance ($bn)
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9 What are the Characteristics of Aspire’s Loan Lock Volume? Category Aspire Q4’25 Locks(1) Size (bn) $1.5 Total # of Sellers 123 Average Loan Size $573k WA FICO 755 WA LTV 69% Expanded / DSCR Program Composition 61% / 37% Bulk / Flow Composition 31% / 69% Purchase / Refi Composition 48% / 52% FICO Distribution(1) LTV Distribution(1) Source: Redwood Trust. (1) Data as of December 31, 2025. Percentages are based on unpaid principal balance (“UPB”). <660 2% 660-699 10% 700-739 24% 740-779 34% >780 30% <50.00 10% 50.01-60.00 11% 60.01-70.00 23% 70.01-80.00 53% >80.00 3%
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10 Aspire’s network of loan sellers represents over 60% of the non-QM origination market and consists of: ▪ Institutional Originators: Aspire sources loans primarily from independent mortgage banking companies and banks ▪ Sequoia Sellers: 65% of Aspire sellers overlap with Sequoia’s seller base ▪ Scaled, Consistent Producers: Sellers demonstrate multi-year, consistent origination volumes. ▪ Aligned Product Focus: Originators are active in Non- Agency, Non-QM, and DSCR (business-purpose) lending. ▪ Disciplined Counterparty Selection: Sellers are identified through deep industry relationships and market intelligence and undergo standardized vetting. Who Does Aspire Buy Loans From? Sourcing Overview Relationship Scope Summary of Aspire Seller Network(1) Bank 28% Non-Bank 72% Aspire’s network has over 120 loan sellers Aspire has an extensive and growing network of bulk and flow loan sellers, with significant overlap with Sequoia’s existing seller base Source: Redwood Trust. (1) Data as of December 31, 2025. By Type Aspire 35% Sequoia + Aspire 65%
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11 How Does Aspire Distribute Loans? Aspire will leverage Redwood Trust’s long-standing track record of distribution excellence across whole loan sales, securitizations, and joint venture partnerships 159 SEMT Securitizations Since Inception $105bn Loans Distributed through Securitization / Whole Loan Sales 350+ Securitization and Whole Loan Investors $11bn+ FY’25 Distribution; Most Active Year Since 2004 ▪ Strong whole loan execution: ▪ In 2025, Aspire distributed 100% of production via whole loan sales, totaling nearly $1.0 billion across various diversified counterparties ▪ Expanding distribution toolkit: ▪ Building on this foundation, Aspire plans to broaden distribution channels by adding securitization capabilities and joint venture partnerships in 2026, enhancing flexibility, liquidity, and capital efficiency Source: Redwood Trust. All data on this page is as of December 31, 2025 unless otherwise noted. Securitization count is as of January 2026. Distribution Strategy Redwood’s Track Record of Distribution Strength