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Redwood Trust (RWT) Financials

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$5.84 -0.05 (-0.85%)
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Annual Income Statements for Redwood Trust

Annual Income Statements for Redwood Trust

This table shows Redwood Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -164 -8.96 47
Consolidated Net Income / (Loss)		 -164 -2.27 54
Net Income / (Loss) Continuing Operations		 -164 -2.27 54
Total Pre-Tax Income 		-183 -0.64 73
Total Revenue		 -7.23 166 257
Net Interest Income / (Expense)		 155 93 103
Total Interest Income		 708 724 945
Loans and Leases Interest Income		 632 655 855
Investment Securities Interest Income		 38 22 50
Other Interest Income		 38 48 40
Total Interest Expense		 552 632 843
Long-Term Debt Interest Expense		 182 260 270
Other Interest Expense		 370 372 572
Total Non-Interest Income		 -163 73 154
Other Service Charges		 21 13 28
Net Realized & Unrealized Capital Gains on Investments		 -170 -7.58 27
Other Non-Interest Income		 -14 67 99
Total Non-Interest Expense		 176 166 184
Other Operating Expenses		 164 159 171
Restructuring Charge		 12 7.17 13
Income Tax Expense		 -20 1.64 19
Preferred Stock Dividends Declared		 0.00 6.68 7.02
Basic Earnings per Share		 ($1.43) ($0.11) $0.32
Weighted Average Basic Shares Outstanding		 117.23M 116.28M 132.05M
Diluted Earnings per Share		 ($1.43) ($0.11) $0.32
Weighted Average Diluted Shares Outstanding		 117.23M 116.28M 132.14M
Weighted Average Basic & Diluted Shares Outstanding		 113.59M 131.58M 132.86M
Cash Dividends to Common per Share		 $0.92 $0.71 $0.67

Quarterly Income Statements for Redwood Trust

This table shows Redwood Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -50 -44 3.20 1.12 -33 19 29 14 13 -8.38
Consolidated Net Income / (Loss)		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62
Net Income / (Loss) Continuing Operations		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62
Total Pre-Tax Income 		-49 -53 3.50 2.94 -29 22 31 20 22 -0.36
Total Revenue		 -2.20 -6.39 48 43 11 64 75 67 70 45
Net Interest Income / (Expense)		 35 27 26 26 20 20 24 25 25 28
Total Interest Income		 178 173 179 179 177 190 205 225 249 266
Loans and Leases Interest Income		 161 156 160 160 160 175 187 204 226 239
Investment Securities Interest Income		 6.99 6.94 6.43 6.22 5.11 3.79 6.28 11 14 19
Other Interest Income		 9.71 10 12 13 12 11 12 10 9.31 8.51
Total Interest Expense		 143 146 152 153 157 170 181 200 223 239
Long-Term Debt Interest Expense		 28 111 33 63 65 99 36 67 71 96
Other Interest Expense		 91 85 87 90 91 103 120 133 152 166
Total Non-Interest Income		 -37 -33 21 17 -9.59 44 50 42 44 18
Other Service Charges		 4.03 4.19 4.56 4.16 2.35 1.83 4.51 6.29 6.00 11
Net Realized & Unrealized Capital Gains on Investments		 -58 -21 -0.13 -3.54 -31 27 31 17 -1.34 -19
Other Non-Interest Income		 17 -16 17 17 19 15 15 19 40 26
Total Non-Interest Expense		 47 47 44 40 40 42 44 47 48 46
Other Operating Expenses		 44 46 43 39 38 39 42 43 45 42
Restructuring Charge		 2.43 1.40 1.29 1.44 1.88 2.55 2.24 3.66 3.18 3.60
Income Tax Expense		 1.42 -9.44 -1.12 0.07 1.70 0.99 0.52 4.92 7.13 6.26
Preferred Stock Dividends Declared		 0.00 - 1.42 1.76 1.75 1.76 1.75 1.76 1.75 1.76
Basic Earnings per Share		 ($0.44) ($0.39) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08)
Weighted Average Basic Shares Outstanding		 116.09M 117.23M 113.68M 114.05M 115.47M 116.28M 131.57M 132.12M 132.22M 132.05M
Diluted Earnings per Share		 ($0.44) ($0.38) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08)
Weighted Average Diluted Shares Outstanding		 116.09M 117.23M 114.13M 114.45M 115.47M 116.28M 131.57M 132.12M 132.36M 132.14M
Weighted Average Basic & Diluted Shares Outstanding		 113.35M 113.59M 114.03M 114.23M 118.64M 131.58M 132.15M 132.22M 132.27M 132.86M

Annual Cash Flow Statements for Redwood Trust

This table details how cash moves in and out of Redwood Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -202 39 -56
Net Cash From Operating Activities		 -139 -2,016 -5,863
Net Cash From Continuing Operating Activities		 -139 -2,016 -5,863
Net Income / (Loss) Continuing Operations		 -164 -2.27 54
Consolidated Net Income / (Loss)		 -164 -2.27 54
Depreciation Expense		 16 15 12
Amortization Expense		 6.25 18 12
Non-Cash Adjustments to Reconcile Net Income		 39 -1,995 -5,924
Changes in Operating Assets and Liabilities, net		 -37 -51 -17
Net Cash From Investing Activities		 214 909 2,538
Net Cash From Continuing Investing Activities		 214 909 2,538
Purchase of Investment Securities		 -1,969 -930 -385
Sale and/or Maturity of Investments		 2,140 1,796 2,874
Other Investing Activities, net		 43 43 50
Net Cash From Financing Activities		 -277 1,147 3,268
Net Cash From Continuing Financing Activities		 -277 1,147 3,268
Issuance of Debt		 8,417 6,171 15,334
Issuance of Preferred Equity		 0.00 67 0.00
Issuance of Common Equity		 68 124 0.46
Repayment of Debt		 -8,586 -5,110 -11,959
Repurchase of Common Equity		 -56 0.00 0.00
Payment of Dividends		 -112 -94 -100
Other Financing Activities, Net		 -7.25 -12 -6.91
Cash Interest Paid		 519 603 811
Cash Income Taxes Paid		 4.94 -1.45 4.06

Quarterly Cash Flow Statements for Redwood Trust

This table details how cash moves in and out of Redwood Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -75 -40 161 -44 -187 109 -28 -1.01 -13 -13
Net Cash From Operating Activities		 361 -9.71 102 -78 -891 -1,148 -954 -1,966 -2,088 -854
Net Cash From Continuing Operating Activities		 357 -9.71 102 -78 -891 -1,148 -961 -1,959 -2,088 -854
Net Income / (Loss) Continuing Operations		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62
Consolidated Net Income / (Loss)		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62
Depreciation Expense		 4.41 3.81 3.67 3.67 3.75 3.77 3.47 2.85 2.82 2.79
Amortization Expense		 4.58 4.21 5.82 4.37 3.95 3.78 4.85 2.98 1.72 2.61
Non-Cash Adjustments to Reconcile Net Income		 392 57 112 -117 -877 -1,112 -1,014 -2,019 -2,131 -760
Changes in Operating Assets and Liabilities, net		 6.14 -31 -24 28 9.47 -65 15 39 23 -93
Net Cash From Investing Activities		 -35 45 111 276 253 269 350 551 636 1,001
Net Cash From Continuing Investing Activities		 -35 45 111 276 253 269 350 551 636 1,001
Purchase of Investment Securities		 -549 -316 -254 -238 -221 -216 -178 -59 -94 -55
Sale and/or Maturity of Investments		 505 354 357 505 465 469 516 595 720 1,044
Other Investing Activities, net		 9.36 7.56 7.75 9.28 9.12 17 12 16 9.75 13
Net Cash From Financing Activities		 -401 -75 -52 -241 451 988 575 1,414 1,439 -160
Net Cash From Continuing Financing Activities		 -401 -75 -52 -241 451 988 575 1,414 1,439 -160
Issuance of Debt		 1,206 1,168 1,364 616 1,658 2,532 2,510 4,000 4,978 3,845
Issuance of Common Equity		 0.13 0.14 0.16 0.15 33 91 0.13 0.10 0.12 0.11
Repayment of Debt		 -1,549 -1,214 -1,454 -832 -1,217 -1,606 -1,910 -2,561 -3,512 -3,976
Payment of Dividends		 -28 -27 -28 -21 -21 -24 -24 -24 -25 -27
Other Financing Activities, Net		 -1.45 -2.02 -1.21 -3.53 -2.18 -5.34 -0.82 -2.29 -1.41 -2.40
Cash Interest Paid		 131 140 139 149 149 166 169 198 355 90
Cash Income Taxes Paid		 - 1.04 -1.39 0.34 0.02 -0.41 -0.43 0.06 0.72 3.71

Annual Balance Sheets for Redwood Trust

This table presents Redwood Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 13,031 14,504 18,258
Cash and Due from Banks		 259 293 245
Restricted Cash		 70 76 68
Trading Account Securities		 261 142 1,041
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Goodwill		 23 23 23
Other Assets		 12,397 13,970 16,881
Total Liabilities & Shareholders' Equity		 13,031 14,504 18,258
Total Liabilities		 11,947 13,302 17,070
Long-Term Debt		 9,720 13,051 16,733
Other Long-Term Liabilities		 - 251 337
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,084 1,203 1,188
Total Preferred & Common Equity		 1,084 1,203 1,188
Preferred Stock		 0.00 67 67
Total Common Equity		 1,084 1,136 1,121
Common Stock		 2,351 2,489 2,505
Retained Earnings		 -1,198 -1,295 -1,341
Accumulated Other Comprehensive Income / (Loss)		 -69 -58 -43

Quarterly Balance Sheets for Redwood Trust

This table presents Redwood Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 13,146 13,121 12,797 13,021 15,058 16,491 18,427
Cash and Due from Banks		 297 404 357 204 275 276 254
Restricted Cash		 72 86 90 56 65 64 72
Trading Account Securities		 324 255 187 167 215 313 413
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 12,472 12,325 12,097 12,529 14,315 15,686 17,688
Total Liabilities & Shareholders' Equity		 13,146 13,121 12,797 13,021 15,058 16,491 18,427
Total Liabilities		 11,992 11,984 11,673 11,915 13,834 15,270 17,204
Long-Term Debt		 9,674 10,180 9,985 10,222 12,335 14,970 16,821
Other Long-Term Liabilities		 - - - - - - 383
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,154 1,138 1,124 1,106 1,224 1,221 1,223
Total Preferred & Common Equity		 1,154 1,138 1,124 1,106 1,224 1,221 1,223
Preferred Stock		 - 67 67 67 67 67 67
Total Common Equity		 1,154 1,071 1,057 1,039 1,157 1,154 1,156
Common Stock		 2,346 2,356 2,360 2,396 2,495 2,499 2,503
Retained Earnings		 -1,127 -1,222 -1,241 -1,293 -1,289 -1,297 -1,308
Accumulated Other Comprehensive Income / (Loss)		 -65 -63 -62 -65 -49 -47 -39

Annual Metrics and Ratios for Redwood Trust

This table displays calculated financial ratios and metrics derived from Redwood Trust's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -101.33% 2,392.47% 55.11%
EBITDA Growth		 -146.73% 119.92% 201.63%
EBIT Growth		 -154.26% 99.65% 11,499.22%
NOPAT Growth		 -140.18% 99.65% 12,173.33%
Net Income Growth		 -151.16% 98.61% 2,474.85%
EPS Growth		 -160.34% 92.31% 390.91%
Operating Cash Flow Growth		 97.56% -1,348.77% -190.83%
Free Cash Flow Firm Growth		 137.32% -194.91% -157.46%
Invested Capital Growth		 -11.12% 10.92% 25.73%
Revenue Q/Q Growth		 -107.54% 74.04% -6.85%
EBITDA Q/Q Growth		 -120.45% 174.84% -20.21%
EBIT Q/Q Growth		 -125.55% 99.16% -23.51%
NOPAT Q/Q Growth		 -125.55% 99.16% -33.87%
Net Income Q/Q Growth		 -116.82% 96.62% -33.87%
EPS Q/Q Growth		 -101.41% 83.08% -42.86%
Operating Cash Flow Q/Q Growth		 93.19% -129.81% 4.78%
Free Cash Flow Firm Q/Q Growth		 871.83% -1,884.20% 29.83%
Invested Capital Q/Q Growth		 -0.73% 11.25% -0.68%
Profitability Metrics		 - - -
EBITDA Margin		 0.00% 19.40% 37.72%
EBIT Margin		 0.00% -0.39% 28.35%
Profit (Net Income) Margin		 0.00% -1.37% 21.02%
Tax Burden Percent		 89.14% 355.87% 74.14%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 25.86%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -0.02% 0.34%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -0.20% 4.18%
Return on Equity (ROE)		 -13.24% -0.20% 4.52%
Cash Return on Invested Capital (CROIC)		 10.83% -10.36% -22.46%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.44%
Return on Assets (ROA)		 0.00% -0.02% 0.33%
Return on Common Equity (ROCE)		 -13.24% -0.19% 4.27%
Return on Equity Simple (ROE_SIMPLE)		 -15.09% -0.19% 4.55%
Net Operating Profit after Tax (NOPAT)		 -128 -0.45 54
NOPAT Margin		 0.00% -0.27% 21.02%
Net Nonoperating Expense Percent (NNEP)		 0.28% 0.01% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 100.39% 71.65%
Earnings before Interest and Taxes (EBIT)		 -183 -0.64 73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -161 32 97
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.58 0.70 0.77
Price to Tangible Book Value (P/TBV)		 0.61 0.72 0.79
Price to Revenue (P/Rev)		 0.00 4.80 3.36
Price to Earnings (P/E)		 0.00 0.00 18.38
Dividend Yield		 16.69% 10.59% 10.26%
Earnings Yield		 0.00% 0.00% 5.44%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.95 0.97
Enterprise Value to Revenue (EV/Rev)		 0.00 81.78 67.54
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 421.57 179.04
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 238.20
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 321.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 8.16 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 10.86 10.85 14.09
Long-Term Debt to Equity		 8.97 10.85 14.09
Financial Leverage		 10.06 10.85 12.46
Leverage Ratio		 11.23 12.04 13.71
Compound Leverage Factor		 11.23 12.04 13.71
Debt to Total Capital		 91.56% 91.56% 93.37%
Short-Term Debt to Total Capital		 15.93% 0.00% 0.00%
Long-Term Debt to Total Capital		 75.64% 91.56% 93.37%
Preferred Equity to Total Capital		 0.00% 0.47% 0.37%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 8.44% 7.97% 6.25%
Debt to EBITDA		 -72.97 406.21 172.66
Net Debt to EBITDA		 -70.92 394.73 169.43
Long-Term Debt to EBITDA		 -60.27 406.21 172.66
Debt to NOPAT		 -91.64 -29,177.29 309.85
Net Debt to NOPAT		 -89.07 -28,352.82 304.05
Long-Term Debt to NOPAT		 -75.70 -29,177.29 309.85
Noncontrolling Interest Sharing Ratio		 0.00% 2.93% 5.60%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 1,479 -1,403 -3,613
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 2.68 -2.22 -4.29
Operating Cash Flow to Interest Expense		 -0.25 -3.19 -6.96
Operating Cash Flow Less CapEx to Interest Expense		 -0.25 -3.19 -6.96
Efficiency Ratios		 - - -
Asset Turnover		 0.00 0.01 0.02
Fixed Asset Turnover		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 12,851 14,254 17,921
Invested Capital Turnover		 0.00 0.01 0.02
Increase / (Decrease) in Invested Capital		 -1,607 1,403 3,667
Enterprise Value (EV)		 12,062 13,545 17,351
Market Capitalization		 625 795 864
Book Value per Share		 $9.56 $9.57 $8.47
Tangible Book Value per Share		 $9.00 $9.38 $8.30
Total Capital		 12,851 14,254 17,921
Total Debt		 11,767 13,051 16,733
Total Long-Term Debt		 9,720 13,051 16,733
Net Debt		 11,437 12,682 16,420
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 35 1.83 0.00
Net Nonoperating Obligations (NNO)		 11,767 13,051 16,733
Total Depreciation and Amortization (D&A)		 22 33 24
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($1.43) ($0.11) $0.32
Adjusted Weighted Average Basic Shares Outstanding		 117.23M 116.28M 132.05M
Adjusted Diluted Earnings per Share		 ($1.43) ($0.11) $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 117.23M 116.28M 132.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 113.59M 131.58M 132.86M
Normalized Net Operating Profit after Tax (NOPAT)		 -120 4.57 63
Normalized NOPAT Margin		 0.00% 2.76% 24.68%
Pre Tax Income Margin		 0.00% -0.39% 28.35%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -0.33 0.00 0.09
NOPAT to Interest Expense		 -0.23 0.00 0.06
EBIT Less CapEx to Interest Expense		 -0.33 0.00 0.09
NOPAT Less CapEx to Interest Expense		 -0.23 0.00 0.06
Payout Ratios		 - - -
Dividend Payout Ratio		 -68.29% -4,115.00% 185.01%
Augmented Payout Ratio		 -102.84% -4,115.00% 185.01%

Quarterly Metrics and Ratios for Redwood Trust

This table displays calculated financial ratios and metrics derived from Redwood Trust's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -101.57% -106.61% -33.85% 161.37% 588.95% 1,102.55% 56.83% 55.89% 548.15% -29.46%
EBITDA Growth		 -147.33% -206.65% -51.87% 110.68% 46.47% 165.06% 201.16% 139.38% 223.70% -82.97%
EBIT Growth		 -158.35% -210.03% -87.71% 102.69% 40.58% 141.19% 780.33% 595.38% 175.41% -101.62%
NOPAT Growth		 -138.85% -185.02% -85.06% 103.75% 40.58% 156.20% 555.02% 440.69% 172.75% -101.18%
Net Income Growth		 -157.10% -200.03% -85.06% 102.87% 38.88% 147.76% 555.02% 440.69% 148.12% -131.45%
EPS Growth		 -167.69% -211.76% -91.67% 100.00% 34.09% 142.11% 950.00% 0.00% 131.03% -150.00%
Operating Cash Flow Growth		 132.03% 99.49% 134.97% 60.61% -346.58% -11,729.05% -1,035.38% -2,406.37% -134.38% 25.63%
Free Cash Flow Firm Growth		 93.17% 137.04% 132.13% 157.09% 166.05% -188.04% -272.35% -422.86% -4,774.17% -165.38%
Invested Capital Growth		 1.05% -11.12% -7.59% -8.16% -1.02% 10.92% 14.46% 28.87% 40.83% 25.73%
Revenue Q/Q Growth		 96.88% -190.50% 843.78% -8.98% -75.14% 495.64% 16.35% -9.53% 3.37% -35.18%
EBITDA Q/Q Growth		 61.06% -13.66% 128.55% -15.44% -295.08% 238.13% 32.16% -32.78% 0.81% -80.99%
EBIT Q/Q Growth		 55.22% -9.18% 106.54% -15.87% -1,089.60% 175.69% 39.70% -33.55% 7.31% -101.62%
NOPAT Q/Q Growth		 55.22% -9.18% 112.34% -37.81% -809.36% 203.25% 43.81% -48.67% -4.56% -101.68%
Net Income Q/Q Growth		 49.57% 12.60% 110.49% -37.81% -1,172.40% 168.30% 43.81% -48.67% -4.56% -144.64%
EPS Q/Q Growth		 48.24% 13.64% 105.26% -100.00% 0.00% 155.17% 31.25% -52.38% -10.00% -188.89%
Operating Cash Flow Q/Q Growth		 281.48% -102.69% 1,150.77% -176.90% -1,035.94% -28.88% 16.91% -106.04% -6.22% 59.11%
Free Cash Flow Firm Q/Q Growth		 91.38% 1,029.08% -31.93% 4.73% -90.03% -1,338.33% -30.07% -96.18% -44.39% 29.69%
Invested Capital Q/Q Growth		 -5.41% -0.73% 0.73% -2.91% 1.94% 11.25% 3.70% 9.31% 11.40% -0.68%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 0.00% 0.00% 27.31% 25.38% -199.11% 46.17% 52.45% 38.97% 38.00% 11.15%
EBIT Margin		 0.00% 0.00% 7.36% 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79%
Profit (Net Income) Margin		 0.00% 0.00% 9.72% 6.64% -286.42% 32.84% 40.59% 23.03% 21.26% -14.64%
Tax Burden Percent		 102.89% 82.36% 132.11% 97.65% 105.83% 95.49% 98.30% 75.93% 67.53% 1,858.99%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% -32.11% 2.35% 0.00% 4.51% 1.70% 24.07% 32.47% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.04% -1.40% 0.40% 0.56% 0.35% 0.38% -0.01%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.04% -1.49% 0.40% 0.56% 0.35% 0.38% -0.05%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.42% -15.48% 4.36% 6.06% 3.91% 4.66% -0.64%
Return on Equity (ROE)		 0.00% -13.24% -14.70% 0.46% -16.88% 4.76% 6.62% 4.26% 5.04% -0.65%
Cash Return on Invested Capital (CROIC)		 -1.49% 10.83% 6.81% 7.99% 0.61% -10.36% -13.32% -24.98% -33.38% -22.46%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.04% -1.97% 0.41% 0.56% 0.45% 0.55% -0.01%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.04% -2.08% 0.40% 0.56% 0.34% 0.37% -0.23%
Return on Common Equity (ROCE)		 0.00% -13.24% -14.32% 0.45% -16.38% 4.62% 6.25% 4.02% 4.75% -0.61%
Return on Equity Simple (ROE_SIMPLE)		 -6.53% 0.00% -16.68% -7.74% -6.09% 0.00% 1.91% 2.95% 6.68% 0.00%
Net Operating Profit after Tax (NOPAT)		 -34 -37 4.62 2.87 -20 21 30 16 15 -0.25
NOPAT Margin		 0.00% 0.00% 9.72% 6.64% -189.46% 32.84% 40.59% 23.03% 21.26% -0.55%
Net Nonoperating Expense Percent (NNEP)		 0.14% 0.05% 0.00% 0.00% 0.09% 0.00% 0.00% 0.00% 0.00% 0.04%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 92.64% 93.20% 370.65% 65.61% 58.71% 69.67% 68.51% 100.79%
Earnings before Interest and Taxes (EBIT)		 -49 -53 3.50 2.94 -29 22 31 20 22 -0.36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -40 -45 13 11 -21 30 39 26 26 5.04
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.48 0.58 0.63 0.63 0.71 0.70 0.71 0.74 0.88 0.77
Price to Tangible Book Value (P/TBV)		 0.51 0.61 0.67 0.66 0.75 0.72 0.74 0.74 0.88 0.79
Price to Revenue (P/Rev)		 5.80 0.00 0.00 8.04 7.79 4.80 4.24 3.96 3.71 3.36
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 49.99 29.56 13.69 18.38
Dividend Yield		 19.34% 16.69% 15.38% 14.66% 12.02% 10.59% 10.30% 9.86% 8.41% 10.26%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.00% 3.38% 7.30% 5.44%
Enterprise Value to Invested Capital (EV/IC)		 0.93 0.94 0.93 0.93 0.96 0.95 0.95 0.96 0.97 0.97
Enterprise Value to Revenue (EV/Rev)		 125.02 0.00 0.00 142.63 128.78 81.78 73.38 71.77 63.76 67.54
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 421.57 242.71 211.58 144.77 179.04
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 530.48 352.35 184.64 238.20
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 604.96 431.91 215.32 321.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 47.39 31.25 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 8.16 13.14 11.18 155.80 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 10.22 10.86 10.38 10.18 10.59 10.85 11.10 12.27 13.75 14.09
Long-Term Debt to Equity		 8.38 8.97 8.95 8.88 9.24 10.85 10.08 12.26 13.75 14.09
Financial Leverage		 9.18 10.06 9.44 10.02 10.40 10.85 10.75 11.27 12.25 12.46
Leverage Ratio		 10.36 11.23 10.60 11.20 11.58 12.04 11.93 12.49 13.50 13.71
Compound Leverage Factor		 10.36 11.23 10.60 11.20 11.58 12.04 11.93 12.49 13.50 13.71
Debt to Total Capital		 91.08% 91.56% 91.21% 91.06% 91.37% 91.56% 91.74% 92.46% 93.22% 93.37%
Short-Term Debt to Total Capital		 16.35% 15.93% 12.57% 11.61% 11.59% 0.00% 8.49% 0.04% 0.00% 0.00%
Long-Term Debt to Total Capital		 74.73% 75.64% 78.64% 79.44% 79.78% 91.56% 83.25% 92.43% 93.22% 93.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.52% 0.53% 0.52% 0.47% 0.45% 0.41% 0.37% 0.37%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 8.92% 8.44% 8.27% 8.41% 8.11% 7.97% 7.81% 7.12% 6.41% 6.25%
Debt to EBITDA		 -161.18 -72.97 -67.37 -186.02 -272.70 406.21 233.37 203.62 138.49 172.66
Net Debt to EBITDA		 -156.13 -70.92 -64.57 -178.76 -266.65 394.73 227.53 199.01 135.81 169.43
Long-Term Debt to EBITDA		 -132.24 -60.27 -58.09 -162.30 -238.10 406.21 211.78 203.54 138.49 172.66
Debt to NOPAT		 -207.10 -91.64 -80.94 -170.22 -219.57 -29,177.29 581.68 415.67 205.98 309.85
Net Debt to NOPAT		 -200.62 -89.07 -77.58 -163.57 -214.70 -28,352.82 567.11 406.25 201.98 304.05
Long-Term Debt to NOPAT		 -169.92 -75.70 -69.78 -148.51 -191.71 -29,177.29 527.87 415.50 205.98 309.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 2.59% 2.81% 2.96% 2.93% 5.67% 5.71% 5.75% 5.60%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -169 1,570 1,068 1,119 112 -1,382 -1,842 -3,613 -5,216 -3,668
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -1.18 10.72 7.03 7.32 0.71 -8.14 -10.20 -18.05 -23.38 -15.36
Operating Cash Flow to Interest Expense		 2.53 -0.07 0.67 -0.51 -5.69 -6.76 -5.29 -9.82 -9.36 -3.58
Operating Cash Flow Less CapEx to Interest Expense		 2.53 -0.07 0.67 -0.51 -5.69 -6.76 -5.29 -9.82 -9.36 -3.58
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 12,945 12,851 12,945 12,569 12,813 14,254 14,817 16,197 18,044 17,921
Invested Capital Turnover		 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.02
Increase / (Decrease) in Invested Capital		 135 -1,607 -1,064 -1,116 -132 1,403 1,872 3,628 5,231 3,667
Enterprise Value (EV)		 11,977 12,062 12,063 11,726 12,255 13,545 14,137 15,561 17,584 17,351
Market Capitalization		 555 625 679 661 741 795 817 858 1,022 864
Book Value per Share		 $9.89 $9.56 $9.43 $9.27 $9.09 $9.57 $8.80 $8.73 $8.74 $8.47
Tangible Book Value per Share		 $9.31 $9.00 $8.89 $8.76 $8.61 $9.38 $8.42 $8.73 $8.74 $8.30
Total Capital		 12,945 12,851 12,945 12,569 12,813 14,254 14,817 16,197 18,044 17,921
Total Debt		 11,791 11,767 11,807 11,444 11,707 13,051 13,593 14,976 16,821 16,733
Total Long-Term Debt		 9,674 9,720 10,180 9,985 10,222 13,051 12,335 14,970 16,821 16,733
Net Debt		 11,421 11,437 11,317 10,998 11,447 12,682 13,252 14,637 16,495 16,420
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 16 6.61 0.00 0.00 10 0.00 0.00 0.00 0.00 6.37
Net Nonoperating Obligations (NNO)		 11,791 11,767 11,807 11,444 11,707 13,051 13,593 14,976 16,821 16,733
Total Depreciation and Amortization (D&A)		 8.98 8.02 9.49 8.04 7.70 7.55 8.31 5.82 4.54 5.39
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.44) ($0.39) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08)
Adjusted Weighted Average Basic Shares Outstanding		 116.09M 117.23M 113.68M 114.05M 115.47M 116.28M 131.57M 132.12M 132.22M 132.05M
Adjusted Diluted Earnings per Share		 ($0.44) ($0.38) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08)
Adjusted Weighted Average Diluted Shares Outstanding		 116.09M 117.23M 114.13M 114.45M 115.47M 116.28M 131.57M 132.12M 132.36M 132.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 113.35M 113.59M 114.03M 114.23M 118.64M 131.58M 132.15M 132.22M 132.27M 132.86M
Normalized Net Operating Profit after Tax (NOPAT)		 -33 -36 3.35 4.28 -19 23 32 18 17 2.27
Normalized NOPAT Margin		 0.00% 0.00% 7.05% 9.90% -177.22% 36.65% 43.54% 27.16% 24.34% 5.02%
Pre Tax Income Margin		 0.00% 0.00% 7.36% 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -0.34 -0.37 0.02 0.02 -0.19 0.13 0.17 0.10 0.10 0.00
NOPAT to Interest Expense		 -0.24 -0.26 0.03 0.02 -0.13 0.12 0.17 0.08 0.07 0.00
EBIT Less CapEx to Interest Expense		 -0.34 -0.37 0.02 0.02 -0.19 0.13 0.17 0.10 0.10 0.00
NOPAT Less CapEx to Interest Expense		 -0.24 -0.26 0.03 0.02 -0.13 0.12 0.17 0.08 0.07 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 -148.74% -68.29% -58.19% -118.49% -143.76% -4,115.00% 384.61% 257.93% 118.47% 185.01%
Augmented Payout Ratio		 -223.65% -102.84% -58.19% -118.49% -143.76% -4,115.00% 384.61% 257.93% 118.47% 185.01%

Frequently Asked Questions About Redwood Trust's Financials

When does Redwood Trust's fiscal year end?

According to the most recent income statement we have on file, Redwood Trust's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Redwood Trust's net income changed over the last 2 years?

Redwood Trust's net income appears to be on a downward trend, with a most recent value of $54.00 million in 2024, falling from -$163.52 million in 2022. The previous period was -$2.27 million in 2023. See Redwood Trust's forecast for analyst expectations on what’s next for the company.

How has Redwood Trust revenue changed over the last 2 years?

Over the last 2 years, Redwood Trust's total revenue changed from -$7.23 million in 2022 to $256.91 million in 2024, a change of -3,655.9%.

How much debt does Redwood Trust have?

Redwood Trust's total liabilities were at $17.07 billion at the end of 2024, a 28.3% increase from 2023, and a 42.9% increase since 2022.

How much cash does Redwood Trust have?

In the past 2 years, Redwood Trust's cash and equivalents has ranged from $245.17 million in 2024 to $293.10 million in 2023, and is currently $245.17 million as of their latest financial filing in 2024.

How has Redwood Trust's book value per share changed over the last 2 years?

Over the last 2 years, Redwood Trust's book value per share changed from 9.56 in 2022 to 8.47 in 2024, a change of -11.4%.


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This page (NYSE:RWT) was last updated on 5/5/2025 by MarketBeat.com Staff
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