Redwood Trust is cultivating a forest of real estate mortgage assets. The real estate investment trust (REIT) finances, manages, and invests in residential real estate mortgages and securities backed by such loans. It also invests in commercial real estate loans and securities. Redwood acquires assets throughout the US, but has a concentration of credit risk in California, Texas, Massachusetts, Florida, and New York, which hold some of the US' most active real estate markets. Redwood Trust slowed loan origination, acquisition, and securitization during the most recent recession, but has picked up those activities as the economy has recovered.