Redwood Trust closed its inaugural non‑qualified mortgage securitization, SPIRE 2026‑1, on March 06 2026, raising $391 million through its Aspire platform.
The transaction was structured by Morgan Stanley & Co. LLC, which served as sole structuring agent and bookrunner. Aspire has become one of the largest non‑QM correspondent platforms, having locked more than $3 billion in production across DSCR and expanded‑credit programs over the past year.
By closing SPIRE 2026‑1, Redwood adds a new channel for distributing its non‑QM loans, reinforcing its strategy to capture the expanding $100 billion+ non‑QM market and diversify funding sources beyond traditional whole‑loan sales. The deal also supports the company’s broader goal of accelerating the wind‑down of legacy investments while growing high‑return mortgage‑banking platforms.
The securitization demonstrates Redwood’s ability to execute complex securitizations at scale and signals confidence in the continued growth of the non‑QM segment, which has attracted institutional investors seeking higher yields and diversified risk profiles.
The move positions Redwood to capture a larger share of the non‑QM market, projected to exceed $100 billion in 2026, and provides a flexible funding source that can be deployed to support future loan origination and portfolio growth.
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