REDWOOD TRUST INC RWT
Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through our best-in-class securitization platforms, whole-loan distribution activities and our publicly-traded securities. Our aggregation, origination, and investment activities have evolved to incorporate a diverse mix of residential consumer and residential investor housing credit assets. We operate our business across four reportable segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments, and Legacy Investments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.18B | $945.2M | $724.5M | $707.9M | $574.9M | $571.9M | $622.3M | $378.7M | $248.1M | $246.4M |
| SG&A | $153.9M | $136.4M | $128.3M | $140.9M | $165.2M | $113.5M | $108.7M | $75.3M | $77.2M | $4.5M |
| Total operating expenses | — | — | $166.3M | $176.2M | $203.9M | $235.0M | $131.7M | $83.0M | $77.2M | $88.8M |
| Interest expense | $82.7M | $102.6M | $92.9M | $155.5M | $426.7M | $448.0M | $479.8M | $239.0M | $108.8M | $88.5M |
| Pre-tax income | -$44.8M | $72.8M | -$639.0K | -$183.4M | $338.1M | -$586.5M | $176.6M | $130.7M | $152.2M | $135.0M |
| Income tax | $25.2M | $18.8M | $1.6M | $19.9M | $18.5M | $4.6M | $7.4M | $11.1M | $11.8M | $3.7M |
| Net income | -$70.0M | $54.0M | -$2.3M | -$163.5M | $319.6M | -$581.8M | $169.2M | $119.6M | $140.4M | $131.3M |
| EPS, basic | -0.63 | 0.32 | -0.11 | -1.43 | 2.73 | -5.12 | 1.63 | 1.47 | 1.78 | 1.66 |
| EPS, diluted | -0.63 | 0.32 | -0.11 | -1.43 | 2.37 | -5.12 | 1.46 | 1.34 | 1.60 | 1.54 |
| Shares, diluted (wtd. avg.) | $130.3M | $132.1M | $116.3M | $117.2M | $142.1M | $113.9M | $136.8M | $110.0M | $102.0M | $97.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $255.7M | $245.2M | $293.0M | $329.4M | $531.5M | $544.5M | $290.8M | $205.1M | $146.8M | $221.5M |
| Property, plant and equipment | $6.4M | $4.7M | $7.8M | $12.6M | $9.0M | $4.2M | $4.9M | $5.1M | — | — |
| Goodwill | $23.4M | $23.4M | $23.4M | $23.4M | $0 | $0 | $88.7M | $0 | — | — |
| Other intangibles | $10.6M | $19.0M | $28.5M | $40.9M | $41.6M | $56.9M | $72.8M | $0 | — | — |
| Total assets | $23.70B | $18.26B | $14.50B | $13.03B | $14.71B | $10.36B | $18.00B | $11.94B | — | — |
| Accounts payable | $9.7M | $6.8M | $5.0M | $4.2M | $8.3M | $14.6M | $5.5M | $423.0K | — | — |
| Short-term debt | — | — | $1.56B | $2.03B | $2.18B | $522.6M | $2.33B | $2.40B | — | — |
| Long-term debt | — | — | $1.68B | $1.73B | $1.64B | $1.43B | — | — | — | — |
| Total liabilities | $22.72B | $17.07B | $13.30B | $11.95B | $13.32B | $9.24B | $16.17B | $10.59B | — | — |
| Retained earnings | $1.11B | $1.19B | $1.14B | $1.15B | $1.32B | $997.3M | $1.58B | $1.41B | — | — |
| Total equity | $982.6M | $1.19B | $1.20B | $1.08B | $1.39B | $1.11B | $1.83B | $1.35B | $1.21B | $1.15B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.09B | -$5.86B | -$2.02B | -$139.1M | -$5.69B | -$505.5M | -$1.17B | -$1.61B | -$1.71B | -$545.7M |
| Stock-based compensation | — | — | $19.1M | $23.9M | $18.9M | $15.3M | $15.0M | $13.7M | $10.4M | $12.6M |
| Investing cash flow | $4.53B | $2.54B | $908.7M | $213.9M | $1.40B | $4.07B | $1.03B | -$12.8M | $280.4M | $1.34B |
| Financing cash flow | $5.70B | $3.27B | $1.15B | -$276.9M | $4.28B | -$3.31B | $225.5M | $1.68B | $1.36B | -$795.4M |
| Dividends paid | $99.0M | $92.9M | $88.4M | $111.7M | $91.7M | $84.0M | $129.5M | $96.8M | $88.3M | $88.5M |
| Buybacks | $51.8M | $0 | $0 | $56.5M | $0 | $21.7M | $0 | $16.3M | $8.4M | $28.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000930236-26-000007.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |