These distribution capabilities have helped drive the re-scaling of our operating businesses. Lock volume for our Sequoia jumbo loan platform totaled $90亿 in 2024, up close to 300% from 2023. This growth enabled us to reach a new threshold for our share of the jumbo market, which doubled from our historical 2%-3% range. We expect to continue this growth into 2025 through new and existing bank relationships, and an expanded product suite. Full-year 2024 origination volume at our business purpose lending platform, CoreVest, was nearly 10% higher than 2023, with the fourth quarter our most active quarter of the year as we built momentum across the business. The vast majority of these loans are now distributed into joint ventures, leading to more efficient use of Redwood’s portfolio capital as well as growth in asset management fee generation. Our CoreVest volume mix continues to focus increasingly on smaller-balance, more liquid loan products such as single-asset bridge (「SAB」)
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and debt service coverage ratio (「DSCR」) loans that garner deep investor demand and whose production metrics are responsive to further scale through technology.
For our shareholders, the key takeaway is our unwavering focus on growth - both within our core business lines and through new initiatives designed to expand access to the non-Agency housing finance market. In 2025, we are setting ambitious new benchmarks for volume and distribution, reinforcing our leadership position in the space. We are also focused on identifying and capitalizing on transformational opportunities, be they frontier technologies like AI or more established asset classes – such as homebuilder finance – with an intriguing macro-overlay. With the recent addition of a new Chief Technology Officer, we believe we are well-positioned to scale these initiatives meaningfully in the year ahead.
Before we conclude, as a California headquartered company, we want to take a moment to express our deepest sympathy to all those who lost their homes in the devastating fires that swept through the Los Angeles area in January. While we anticipate minimal financial impact to our business due to our limited exposure to the directly affected regions, we are reminded of the significant losses experienced by homeowners and tenants across the state, including some with ties to our workforce and a small number who have received financing through our platforms. Our servicing team is actively engaging impacted homeowners, and we are profoundly grateful to the first responders, firefighters, and countless volunteers who have selflessly assisted all those impacted. Their efforts are a testament to the power of community, and the vital role we all play in rebuilding, restoring, and protecting the dream of homeownership.