NYSE : RWT
Redwood Trust, Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 3.13 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 393.17M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 1.37B | 1.18B | 945.16M | 724.46M | 707.85M | 574.93M |
| Total Interest Expense | 1.27B | 1.11B | 854.56M | 637.52M | 557.40M | 427.75M |
| Net Interest Income | 98.71M | 71.70M | 90.61M | 86.94M | 150.45M | 147.18M |
| Mortgage Banking | 157.23M | 167.11M | 99.40M | 67.39M | -13.66M | 235.74M |
| Gain (Loss) on Sale of Investments | -46.11M | -88.37M | -2.76M | -44.40M | -170.56M | 146.14M |
| Other Revenue | 51.74M | 26.94M | 69.67M | 55.70M | 11.66M | 10.54M |
| Revenue Before Loan Losses | 261.57M | 177.37M | 256.91M | 165.63M | -22.10M | 539.60M |
| Revenue | 261.57M | 177.37M | 256.91M | 165.63M | -22.10M | 539.60M |
| Salaries & Employee Benefits | 22.51M | 20.02M | 25.02M | 24.85M | 23.10M | 19.94M |
| Cost of Services Provided | 189.55M | 180.33M | 142.96M | 123.18M | 130.52M | 163.44M |
| Other Operating Expenses | 25.79M | 21.86M | 14.09M | 16.24M | 711.00K | 14.31M |
| Total Operating Expenses | 237.85M | 222.21M | 182.07M | 164.27M | 154.34M | 197.70M |
| Operating Income | 23.72M | -44.84M | 74.84M | 1.36M | -176.44M | 341.90M |
| EBT Excluding Unusual Items | 23.72M | -44.84M | 74.84M | 1.36M | -176.44M | 341.90M |
| Other Unusual Items | -5.00M | -2.00M | -2.00M | -7.00M | ||
| Pretax Income | 18.72M | -44.84M | 72.84M | -639.00K | -183.44M | 338.09M |
| Income Tax Expense | 13.00M | 25.18M | 18.84M | 1.64M | -19.92M | 18.48M |
| Net Income | 5.72M | -70.03M | 54.00M | -2.27M | -163.52M | 319.61M |
| Preferred Dividends & Other Adjustments | 12.55M | 12.66M | 11.41M | 10.68M | 4.33M | 10.63M |
| Net Income to Common | -6.83M | -82.68M | 42.60M | -12.96M | -167.85M | 308.98M |
| Shares Outstanding (Basic) | 126.33M | 130.25M | 132.05M | 116.28M | 117.23M | 113.23M |
| Shares Outstanding (Diluted) | 126.33M | 130.25M | 132.14M | 116.28M | 117.23M | 142.07M |
| EPS (Basic) | -0.05 | -0.63 | 0.32 | -0.11 | -1.43 | 2.73 |
| EPS (Diluted) | -0.05 | -0.63 | 0.32 | -0.11 | -1.43 | 2.37 |
| Dividend Per Share | 0.72 | 0.72 | 0.67 | 0.71 | 0.92 | 0.78 |
| Operating Margin | 9.07% | -25.28% | 29.13% | 0.82% | 63.36% | |
| Profit Margin | -2.61% | -46.62% | 16.58% | -7.82% | 57.26% | |
| Effective Tax Rate | 69.46% | 25.86% | 5.46% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 191.85M | 255.66M | 245.16M | 293.10M | 258.89M | 450.49M |
| Long-Term Investments | 814.09M | 805.91M | 961.47M | 758.76M | 631.87M | 485.40M |
| Trading Asset Securities | 252.99M | 241.06M | 239.75M | 54.64M | 129.16M | 197.09M |
| Loans & Lease Receivables | 23.43B | 17.95B | 14.84B | 11.60B | 10.23B | 10.65B |
| Other Receivables | 225.80M | 169.04M | 185.62M | 136.37M | 100.92M | 130.32M |
| Property, Plant & Equipment | 21.41M | 15.26M | 13.84M | 20.36M | 28.79M | 27.79M |
| Goodwill | 23.37M | 23.37M | 23.37M | 23.37M | 23.37M | |
| Other Intangible Assets | 48.40M | 43.66M | 50.64M | 53.34M | 66.31M | 54.00M |
| Restricted Cash | 99.47M | 193.45M | 67.76M | 75.68M | 70.47M | 81.00M |
| Other Current Assets | 21.46M | 33.44M | 28.31M | 33.41M | 13.80M | 7.27M |
| Long-Term Deferred Tax Assets | 12.35M | 12.35M | 27.14M | 40.12M | 41.93M | 20.87M |
| Other Long-Term Assets | 342.77M | 355.50M | 325.75M | 318.94M | 295.06M | 395.80M |
| Total Assets | 28.82B | 23.70B | 18.26B | 14.50B | 13.03B | 14.71B |
| Non-Interest Bearing Deposits | 17.47M | 9.70M | 6.80M | 4.99M | 4.23M | 8.27M |
| Total Deposits | 17.47M | 9.70M | 6.80M | 4.99M | 4.23M | 8.27M |
| Accrued Expenses | 139.35M | 133.43M | 116.06M | 86.42M | 83.28M | 118.31M |
| Short-Term Debt | 18.93M | 28.15M | 23.66M | 33.83M | 2.05B | 2.18B |
| Current Portion of Long-Term Debt | 4.00B | |||||
| Current Portion of Leases | 4.47M | |||||
| Long-Term Debt | 23.46B | 22.29B | 16.73B | 13.05B | 9.72B | 10.89B |
| Long-Term Leases | 13.45M | 6.20M | 11.03M | 14.72M | 18.56M | 20.96M |
| Current Income Taxes Payable | 1.44M | |||||
| Other Current Liabilities | 48.74M | 49.52M | 22.49M | 2.41M | 9.24M | 27.48M |
| Other Long-Term Liabilities | 180.41M | 192.71M | 155.88M | 106.78M | 64.88M | 70.77M |
| Total Liabilities | 27.88B | 22.72B | 17.07B | 13.30B | 11.95B | 13.32B |
| Common Stock | 1.26M | 1.25M | 1.32M | 1.31M | 1.14M | 1.15M |
| Additional Paid-In Capital | 2.47B | 2.46B | 2.50B | 2.49B | 2.35B | 2.32B |
| Retained Earnings | -1.58B | -1.52B | -1.34B | -1.30B | -1.20B | -922.93M |
| Comprehensive Income & Other | -31.06M | -31.67M | -43.07M | -57.96M | -68.87M | -8.93M |
| Total Common Equity | 866.89M | 915.67M | 1.12B | 1.14B | 1.08B | 1.39B |
| Shareholders' Equity | 935.32M | 984.09M | 1.19B | 1.20B | 1.08B | 1.39B |
| Total Liabilities & Equity | 28.82B | 23.70B | 18.26B | 14.50B | 13.03B | 14.71B |
| Total Debt | 27.50B | 22.33B | 16.77B | 13.10B | 11.79B | 13.10B |
| Net Cash (Debt) | -27.05B | -21.83B | -16.28B | -12.75B | -11.40B | -12.45B |
| Net Cash Per Share | -214.13 | -167.63 | -123.22 | -109.66 | -97.22 | -87.62 |
| Filing Date Shares Outstanding | 125.61M | 124.99M | 132.86M | 131.58M | 113.59M | 120.17M |
| Total Common Shares Outstanding | 125.61M | 124.46M | 132.52M | 131.49M | 113.48M | 114.89M |
| Working Capital | 23.33B | 22.22B | 16.69B | 13.16B | 9.80B | 11.39B |
| Book Value Per Share | 6.90 | 7.36 | 8.46 | 8.64 | 9.55 | 12.06 |
| Tangible Book Value | 836.92M | 881.67M | 1.08B | 1.08B | 1.02B | 1.34B |
| Tangible Book Value Per Share | 6.66 | 7.08 | 8.14 | 8.24 | 8.99 | 11.70 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.72M | -70.03M | 54.00M | -2.27M | -163.52M | 319.61M |
| Depreciation & Amortization | 9.26M | 10.06M | 11.92M | 14.85M | 15.92M | 16.78M |
| Gain on Sale of Loans & Receivables | -61.31M | -53.86M | -32.36M | -136.54M | ||
| Loss (Gain) From Sale of Investments | 129.29M | 75.41M | -90.89M | 17.91M | 6.25M | -183.82M |
| Asset Writedown & Restructuring Costs | -35.81M | 227.19M | ||||
| Provision for Credit Losses | -124.91M | -45.37M | 27.09M | -21.40M | ||
| Stock-Based Compensation | 18.35M | 17.17M | 20.74M | 19.06M | 23.94M | 18.90M |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -14.18B | -10.17B | -5.76B | -1.99B | -405.96M | -5.72B |
| Change in Accounts Payable | -18.10M | -18.10M | 24.20M | -10.33M | -79.18M | 41.97M |
| Other Operating Activities | -47.85M | 56.73M | -74.54M | 11.07M | 198.96M | 55.29M |
| Operating Cash Flow | -14.28B | -10.09B | -5.86B | -2.02B | -139.14M | -5.69B |
| Cash Acquisitions | -40.64M | |||||
| Investment in Securities | 290.98M | 425.86M | -175.96M | 70.09M | -156.02M | -93.67M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 5.28B | 4.13B | 2.74B | 787.86M | 344.35M | 1.65B |
| Other Investing Activities | 22.97M | -25.14M | -27.52M | 50.77M | 66.19M | -152.91M |
| Investing Cash Flow | 5.59B | 4.53B | 2.54B | 908.72M | 213.89M | 1.40B |
| Short-Term Debt Issued | 13.24B | |||||
| Long-Term Debt Issued | 26.38B | 15.33B | 6.17B | 8.42B | 5.93B | |
| Total Debt Issued | 37.67B | 26.38B | 15.33B | 6.17B | 8.42B | 19.16B |
| Short-Term Debt Repaid | -11.40B | |||||
| Long-Term Debt Repaid | -20.49B | -11.94B | -5.11B | -8.57B | -3.41B | |
| Total Debt Repaid | -28.96B | -20.49B | -11.94B | -5.11B | -8.57B | -14.82B |
| Net Debt Issued (Repaid) | 8.71B | 5.88B | 3.39B | 1.06B | -148.37M | 4.35B |
| Issuance of Preferred Stock | 66.95M | |||||
| Issuance of Common Stock | 384.00K | 434.00K | 462.00K | 124.47M | 68.03M | 21.94M |
| Repurchase of Common Stock | -50.41M | -57.12M | -5.01M | -5.35M | -58.94M | -2.27M |
| Common Dividends Paid | -96.12M | -98.97M | -92.90M | -88.38M | -111.67M | -91.67M |
| Preferred Dividends Paid | -7.02M | -7.01M | -7.01M | -5.20M | ||
| Total Dividends Paid | -103.13M | -105.99M | -99.91M | -93.58M | -111.67M | -91.67M |
| Other Financing Activities | -24.66M | -22.94M | -18.61M | -10.07M | -25.91M | 2.92M |
| Financing Cash Flow | 8.53B | 5.70B | 3.27B | 1.15B | -276.87M | 4.28B |
| Net Cash Flow | -156.91M | 136.18M | -55.86M | 39.42M | -202.12M | -12.97M |
| Cash Interest Paid | 1.22B | 1.08B | 811.42M | 603.32M | 518.60M | 400.84M |
| Cash Income Tax Paid | 9.74M | 8.80M | 4.06M | -1.45M | 4.94M | 43.14M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 404.47M | 700.55M | 863.70M | 879.09M | 766.24M | 1.51B |
| PE Ratio | 20.28 | 4.89 | ||||
| PS Ratio | 1.55 | 3.95 | 3.36 | 5.31 | -34.66 | 2.80 |
| PB Ratio | 0.45 | 0.71 | 0.73 | 0.73 | 0.71 | 1.09 |
| Debt / Equity Ratio | 29.40 | 22.69 | 14.10 | 10.88 | 10.87 | 9.45 |
| Net Debt / Equity Ratio | 28.92 | 22.19 | 13.69 | 10.59 | 10.51 | 8.98 |
| Quick Ratio | 5.70 | 82.10 | 91.76 | 94.70 | 5.00 | 4.90 |
| Current Ratio | 6.52 | 99.01 | 99.73 | 104.11 | 5.57 | 5.88 |
| Asset Turnover | 0.01 | 0.01 | 0.02 | 0.01 | 0.04 | |
| Return on Equity (ROE) | 0.57% | -6.44% | 4.51% | -0.20% | -13.24% | 25.60% |
| Return on Assets (ROA) | 0.02% | -0.33% | 0.33% | -0.02% | -1.18% | 2.55% |
| Return on Invested Capital (ROIC) | 0.03% | -0.22% | 0.34% | 0.01% | -1.29% | 2.62% |
| Earnings Yield | -1.68% | -10.00% | 6.25% | -0.26% | -21.34% | 21.13% |
| Dividend Yield | 22.36% | 12.79% | 10.28% | 10.62% | 13.63% | 5.92% |
| Payout Ratio | 185.01% | 28.68% | ||||
| Buyback Yield / Dilution | 4.71% | 1.43% | -13.64% | 0.81% | 17.49% | -24.69% |
| Total Shareholder Return | 27.07% | 14.22% | -3.36% | 11.43% | 31.11% | -18.77% |