REDWOOD TRUST INC RWT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 3.18 2026-10-23
Market cap $399.4M 2026-06-30 share count
52-week range 2.88 - 6.97

Valuation FY2025 figures against the last close

P/S0.3x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield24.8%
Diluted EPS-0.63

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.630.32-0.11-1.432.73-5.121.631.471.781.66
EPS, diluted -0.630.32-0.11-1.432.37-5.121.461.341.601.54
Shares, diluted (wtd. avg.) 130.3M132.1M116.3M117.2M142.1M113.9M136.8M110.0M102.0M97.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B -500M 0 500M 1B 1.5B Revenue, FY2016: 246.4M Net income, FY2016: 131.3M Revenue, FY2017: 248.1M Net income, FY2017: 140.4M Revenue, FY2018: 378.7M Net income, FY2018: 119.6M Revenue, FY2019: 622.3M Net income, FY2019: 169.2M Revenue, FY2020: 571.9M Net income, FY2020: -581.8M Revenue, FY2021: 574.9M Net income, FY2021: 319.6M Revenue, FY2022: 707.9M Net income, FY2022: -163.5M Revenue, FY2023: 724.5M Net income, FY2023: -2.3M Revenue, FY2024: 945.2M Net income, FY2024: 54M Revenue, FY2025: 1.2B Net income, FY2025: -70M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $246.4M $248.1M $378.7M $622.3M $571.9M $574.9M $707.9M $724.5M $945.2M $1.18B
Gross profit — — — — — — — — — —
Net income $131.3M $140.4M $119.6M $169.2M -$581.8M $319.6M -$163.5M -$2.3M $54.0M -$70.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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