Free Trial
Tada emoji MarketBeat All Access — Now Just $5.00 for 5 Weeks

Redwood Trust (RWT) Financials

Redwood Trust logo
$6.06 +0.05 (+0.75%)
As of 01:08 PM Eastern
This is a fair market value price provided by Polygon.io. Learn more.
Compare
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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 101 102 131 281 120 169 -582 320 -164 -8.96 47
Consolidated Net Income / (Loss)		 101 102 131 140 120 169 -582 320 -164 -2.27 54
Net Income / (Loss) Continuing Operations		 101 102 131 140 120 169 -582 320 -164 -2.27 54
Total Pre-Tax Income 		101 92 135 152 131 177 -586 338 -183 -0.64 73
Total Revenue		 192 189 217 229 214 308 -351 542 -7.23 166 257
Net Interest Income / (Expense)		 155 164 158 139 140 142 124 148 155 93 103
Total Interest Income		 242 259 246 248 379 622 572 575 708 724 945
Loans and Leases Interest Income		 117 162 168 154 265 502 495 495 632 655 855
Investment Securities Interest Income		 125 97 77 91 105 92 50 55 38 22 50
Other Interest Income		 0.07 0.34 1.18 2.89 8.17 28 27 25 38 48 40
Total Interest Expense		 87 96 89 109 239 480 448 427 552 632 843
Long-Term Debt Interest Expense		 30 44 52 53 81 89 97 78 182 260 270
Other Interest Expense		 31 21 15 19 99 294 300 306 370 372 572
Total Non-Interest Income		 38 25 59 90 74 166 -475 394 -163 73 154
Other Service Charges		 1.78 3.19 21 12 13 19 4.19 12 21 13 28
Net Realized & Unrealized Capital Gains on Investments		 1.02 11 -0.57 24 1.35 59 -558 146 -170 -7.58 27
Other Non-Interest Income		 35 11 39 54 60 87 78 236 -14 67 99
Total Non-Interest Expense		 90 97 89 77 83 132 231 204 176 166 184
Other Operating Expenses		 90 97 89 77 75 122 222 188 164 159 171
Restructuring Charge		 - - - - 7.48 9.94 8.53 16 12 7.17 13
Income Tax Expense		 0.74 -10 3.71 12 11 7.44 -4.61 18 -20 1.64 19
Preferred Stock Dividends Declared		 - - - - - - - 0.00 0.00 6.68 7.02
Basic Earnings per Share		 $1.18 $1.20 $1.66 $1.78 $1.47 $1.63 ($5.12) $2.73 ($1.43) ($0.11) $0.32
Weighted Average Basic Shares Outstanding		 82.84M 82.95M 76.75M 76.79M 78.72M 101.12M 113.94M 113.23M 117.23M 116.28M 132.05M
Diluted Earnings per Share		 $1.15 $1.18 $1.54 $1.60 $1.34 $1.46 ($5.12) $2.37 ($1.43) ($0.11) $0.32
Weighted Average Diluted Shares Outstanding		 85.10M 84.52M 97.91M 101.98M 110.03M 136.78M 113.94M 142.07M 117.23M 116.28M 132.14M
Weighted Average Basic & Diluted Shares Outstanding		 85.20M 85.10M 79.10M 78.90M 81.40M 114.35M 112.09M 120.17M 113.59M 131.58M 132.86M
Cash Dividends to Common per Share		 $1.12 $1.12 $1.12 $1.12 $1.18 $1.20 $0.73 $0.78 $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 Q1 2025
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 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -50 -44 3.20 1.12 -33 19 29 14 13 -8.38 14
Consolidated Net Income / (Loss)		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62 16
Net Income / (Loss) Continuing Operations		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62 16
Total Pre-Tax Income 		-49 -53 3.50 2.94 -29 22 31 20 22 -0.36 22
Total Revenue		 -2.20 -6.39 48 43 11 64 75 67 70 45 74
Net Interest Income / (Expense)		 35 27 26 26 20 20 24 25 25 28 28
Total Interest Income		 178 173 179 179 177 190 205 225 249 266 272
Loans and Leases Interest Income		 161 156 160 160 160 175 187 204 226 239 245
Investment Securities Interest Income		 6.99 6.94 6.43 6.22 5.11 3.79 6.28 11 14 19 19
Other Interest Income		 9.71 10 12 13 12 11 12 10 9.31 8.51 8.61
Total Interest Expense		 143 146 152 153 157 170 181 200 223 239 244
Long-Term Debt Interest Expense		 28 111 33 63 65 99 60 67 71 96 65
Other Interest Expense		 91 85 87 90 91 103 120 133 152 166 179
Total Non-Interest Income		 -37 -33 21 17 -9.59 44 50 42 44 18 46
Service Charges on Deposit Accounts		 - - - - - - 4.23 - - - 3.41
Other Service Charges		 4.03 4.19 4.56 4.16 2.35 1.83 0.23 6.29 6.00 11 3.90
Net Realized & Unrealized Capital Gains on Investments		 -58 -21 -0.13 -3.54 -31 27 31 17 -1.34 -19 5.55
Other Non-Interest Income		 17 -16 17 17 19 15 15 19 40 26 33
Total Non-Interest Expense		 47 47 44 40 40 42 44 47 48 46 51
Other Operating Expenses		 44 46 43 39 38 39 42 43 45 42 48
Restructuring Charge		 2.43 1.40 1.29 1.44 1.88 2.55 2.24 3.66 3.18 3.60 3.57
Income Tax Expense		 1.42 -9.44 -1.12 0.07 1.70 0.99 0.52 4.92 7.13 6.26 6.26
Preferred Stock Dividends Declared		 0.00 - 1.42 1.76 1.75 1.76 1.75 1.76 1.75 1.76 1.75
Basic Earnings per Share		 ($0.44) ($0.39) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10
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 132.77M
Diluted Earnings per Share		 ($0.44) ($0.38) $0.02 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10
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 132.77M
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 133.12M
Cash Dividends to Common per Share		 $0.23 - $0.23 $0.16 $0.16 - $0.16 $0.16 $0.17 - $0.18

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 97 -50 -4.33 -75 58 86 254 -13 -202 39 -56
Net Cash From Operating Activities		 -1,791 -1,250 -546 -1,713 -1,612 -1,166 -505 -5,695 -139 -2,016 -5,863
Net Cash From Continuing Operating Activities		 -1,791 -1,250 -546 -1,713 -1,612 -1,166 -505 -5,688 -139 -2,016 -5,863
Net Income / (Loss) Continuing Operations		 101 102 131 140 120 169 -582 320 -164 -2.27 54
Consolidated Net Income / (Loss)		 101 102 131 140 120 169 -582 320 -164 -2.27 54
Depreciation Expense		 0.51 0.82 1.14 1.21 1.31 10 17 17 16 15 12
Amortization Expense		 -34 -34 -26 -18 -14 -5.07 8.55 -9.79 6.25 18 12
Non-Cash Adjustments to Reconcile Net Income		 -1,799 -1,236 -691 -1,814 -1,698 -1,261 -182 -5,991 39 -1,995 -5,924
Changes in Operating Assets and Liabilities, net		 -60 -82 46 -22 -21 -79 233 -23 -37 -51 -17
Net Cash From Investing Activities		 741 863 1,337 280 -13 1,026 4,070 1,404 214 909 2,538
Net Cash From Continuing Investing Activities		 741 863 1,337 280 -13 1,026 4,070 1,404 214 909 2,538
Purchase of Investment Securities		 -302 -234 -318 -601 -1,555 -1,279 -517 -1,392 -1,969 -930 -385
Sale and/or Maturity of Investments		 1,043 1,102 1,655 881 1,543 2,756 4,588 2,796 2,140 1,796 2,874
Other Investing Activities, net		 -0.23 -4.94 - - 0.00 -452 0.00 0.00 43 43 50
Net Cash From Financing Activities		 1,147 337 -795 1,358 1,683 225 -3,311 4,278 -277 1,147 3,268
Net Cash From Continuing Financing Activities		 1,147 337 -795 1,358 1,683 225 -3,311 4,278 -277 1,147 3,268
Issuance of Debt		 9,091 9,971 4,689 5,708 8,834 8,237 8,655 19,162 8,417 6,171 15,334
Issuance of Preferred Equity		 - - - - - - - 0.00 0.00 67 0.00
Issuance of Common Equity		 9.51 7.30 0.30 0.30 143 451 5.88 22 68 124 0.46
Repayment of Debt		 -7,847 -9,451 -5,361 -4,249 -7,175 -8,325 -11,782 -14,820 -8,586 -5,110 -11,959
Repurchase of Common Equity		 0.00 -86 -28 -8.42 -16 0.00 -22 0.00 -56 0.00 0.00
Payment of Dividends		 -95 -95 -88 -88 -97 -129 -84 -92 -112 -94 -100
Other Financing Activities, Net		 -11 -8.49 -7.49 -4.27 -5.13 -7.58 -85 4.74 -7.25 -12 -6.91
Cash Interest Paid		 81 87 87 103 207 452 456 401 519 603 811
Cash Income Taxes Paid		 1.41 0.17 1.30 2.75 11 7.96 1.19 43 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 Q1 2025
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 3/31/2025
Net Change in Cash & Equivalents		 -75 -40 161 -44 -187 109 -28 -1.01 -13 -13 34
Net Cash From Operating Activities		 361 -9.71 102 -78 -891 -1,148 -954 -1,966 -2,088 -854 -1,953
Net Cash From Continuing Operating Activities		 357 -9.71 102 -78 -891 -1,148 -954 -1,959 -2,088 -854 -1,953
Net Income / (Loss) Continuing Operations		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62 16
Consolidated Net Income / (Loss)		 -50 -44 4.62 2.87 -31 21 30 16 15 -6.62 16
Depreciation Expense		 4.41 3.81 3.67 3.67 3.75 3.77 3.47 2.85 2.82 2.79 2.75
Amortization Expense		 4.58 4.21 5.82 4.37 3.95 3.78 4.85 2.98 1.72 2.61 2.94
Non-Cash Adjustments to Reconcile Net Income		 392 57 112 -117 -877 -1,112 -1,007 -2,019 -2,131 -760 -2,108
Changes in Operating Assets and Liabilities, net		 6.14 -31 -24 28 9.47 -65 15 39 23 -93 134
Net Cash From Investing Activities		 -35 45 111 276 253 269 350 551 636 1,001 659
Net Cash From Continuing Investing Activities		 -35 45 111 276 253 269 350 551 636 1,001 659
Purchase of Investment Securities		 -549 -316 -254 -238 -221 -216 -178 -59 -94 -55 -60
Sale and/or Maturity of Investments		 505 354 357 505 465 469 516 595 720 1,044 708
Other Investing Activities, net		 9.36 7.56 7.75 9.28 9.12 17 12 16 9.75 13 10
Net Cash From Financing Activities		 -401 -75 -52 -241 451 988 575 1,414 1,439 -160 1,327
Net Cash From Continuing Financing Activities		 -401 -75 -52 -241 451 988 575 1,414 1,439 -160 1,327
Issuance of Debt		 1,206 1,168 1,364 616 1,658 2,532 2,510 4,000 4,978 3,845 4,748
Issuance of Common Equity		 0.13 0.14 0.16 0.15 33 91 0.13 0.10 0.12 0.11 0.11
Repayment of Debt		 -1,549 -1,214 -1,454 -832 -1,217 -1,606 -1,910 -2,561 -3,512 -3,976 -3,392
Payment of Dividends		 -28 -27 -28 -21 -21 -24 -24 -24 -25 -27 -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 -2.36
Cash Interest Paid		 131 140 139 149 149 166 169 198 355 90 231
Cash Income Taxes Paid		 - 1.04 -1.39 0.34 0.02 -0.41 -0.43 0.06 0.72 3.71 0.01

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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,919 6,220 5,483 7,040 11,937 17,995 10,355 14,707 13,031 14,504 18,258
Cash and Due from Banks		 270 220 213 145 176 197 461 450 259 293 245
Restricted Cash		 0.63 5.57 8.62 2.14 29 94 83 81 70 76 68
Trading Account Securities		 1,396 1,250 1,055 1,492 1,488 1,136 397 404 261 142 451
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 - - - - 0.00 - - 0.00 23 23 23
Other Assets		 271 413 319 286 703 777 9,849 14,204 12,397 13,970 17,471
Total Liabilities & Shareholders' Equity		 5,919 6,220 5,483 7,040 11,937 17,995 10,355 14,707 13,031 14,504 18,258
Total Liabilities		 4,663 5,074 4,334 5,828 10,589 16,168 9,244 13,321 11,947 13,302 17,070
Long-Term Debt		 2,740 3,077 3,394 3,740 7,982 13,469 8,526 10,894 9,720 13,051 16,733
Other Long-Term Liabilities		 121 - 139 - 164 370 - 249 - 251 337
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,256 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,203 1,188
Total Preferred & Common Equity		 1,256 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,203 1,188
Preferred Stock		 - - - - - - - - 0.00 67 67
Total Common Equity		 1,256 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,136 1,121
Common Stock		 1,775 1,697 1,677 1,675 1,812 2,271 2,266 2,318 2,351 2,489 2,505
Retained Earnings		 -659 -642 -600 -548 -525 -485 -1,151 -923 -1,198 -1,295 -1,341
Accumulated Other Comprehensive Income / (Loss)		 141 92 72 85 61 42 -4.22 -8.93 -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 Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 6/30/2022 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 13,876 13,146 13,121 12,797 13,021 15,058 16,491 18,427 19,872
Cash and Due from Banks		 371 297 404 357 204 275 276 254 260
Restricted Cash		 73 72 86 90 56 65 64 72 87
Trading Account Securities		 321 324 255 187 167 215 313 413 1,135
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill		 - 23 23 23 23 23 - - 23
Other Assets		 13,519 12,472 12,325 12,097 12,529 14,315 15,686 17,688 18,367
Total Liabilities & Shareholders' Equity		 13,876 13,146 13,121 12,797 13,021 15,058 16,491 18,427 19,872
Total Liabilities		 12,617 11,992 11,984 11,673 11,915 13,834 15,270 17,204 18,688
Long-Term Debt		 10,550 9,674 10,180 9,985 10,222 12,335 14,970 16,821 18,219
Other Long-Term Liabilities		 - - - - - - - 383 469
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,258 1,154 1,138 1,124 1,106 1,224 1,221 1,223 1,183
Total Preferred & Common Equity		 1,258 1,154 1,138 1,124 1,106 1,224 1,221 1,223 1,183
Preferred Stock		 - - 67 67 67 67 67 67 67
Total Common Equity		 1,258 1,154 1,071 1,057 1,039 1,157 1,154 1,156 1,117
Common Stock		 2,365 2,346 2,356 2,360 2,396 2,495 2,499 2,503 2,508
Retained Earnings		 -1,049 -1,127 -1,222 -1,241 -1,293 -1,289 -1,297 -1,308 -1,352
Accumulated Other Comprehensive Income / (Loss)		 -58 -65 -63 -62 -65 -49 -47 -39 -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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -33.09% -1.87% 14.75% 5.85% -6.82% 44.30% -213.99% 254.22% -101.33% 2,392.47% 55.11%
EBITDA Growth		 -57.27% -13.61% 87.45% 23.27% -12.44% 53.57% -406.20% 162.03% -146.73% 119.92% 201.63%
EBIT Growth		 -45.00% -9.45% 47.11% 12.74% -14.11% 35.15% -429.66% 158.07% -154.26% 99.65% 11,499.22%
NOPAT Growth		 -41.95% 1.51% 28.57% 6.97% -14.82% 41.46% -342.65% 177.86% -140.18% 99.65% 12,173.33%
Net Income Growth		 -41.95% 1.51% 28.57% 6.97% -14.82% 41.46% -443.92% 154.93% -151.16% 98.61% 2,474.85%
EPS Growth		 -40.72% 2.61% 30.51% 3.90% -16.25% 8.96% -450.68% 146.29% -160.34% 92.31% 390.91%
Operating Cash Flow Growth		 -707.44% 30.20% 56.36% -213.97% 5.92% 27.68% 56.63% -1,026.59% 97.56% -1,348.77% -190.83%
Free Cash Flow Firm Growth		 140.94% -131.18% 475.73% -257.69% -215.13% -22.90% 222.96% -156.29% 137.32% -194.91% -157.46%
Invested Capital Growth		 -10.78% 6.07% -13.13% 30.34% 68.71% 50.24% -42.27% 42.08% -11.12% 10.92% 25.73%
Revenue Q/Q Growth		 -5.48% 6.29% -7.60% 0.33% -11.96% 38.46% -0.57% -0.79% -107.54% 74.04% -6.85%
EBITDA Q/Q Growth		 -3.59% 41.10% -9.62% 0.34% -18.37% 50.22% 2.99% -8.21% -120.45% 174.84% -20.21%
EBIT Q/Q Growth		 -2.69% 22.45% -8.94% -1.16% -17.70% 46.00% 2.26% -5.15% -125.55% 99.16% -23.51%
NOPAT Q/Q Growth		 2.02% 15.81% -10.69% 4.14% -21.03% 42.02% 1.56% -3.11% -125.55% 99.16% -33.87%
Net Income Q/Q Growth		 2.02% 15.81% -10.69% 4.14% -21.03% 42.02% 0.88% -3.11% -116.82% 96.62% -33.87%
EPS Q/Q Growth		 3.60% 15.69% -9.41% 0.00% -17.79% 28.07% 13.22% -25.24% -101.41% 83.08% -42.86%
Operating Cash Flow Q/Q Growth		 -41.06% 4.40% 42.95% -309.26% 34.14% 19.62% -260.53% -38.56% 93.19% -129.81% 4.78%
Free Cash Flow Firm Q/Q Growth		 119.28% -108.70% 73.67% -608.27% -64.94% 7.28% 51.82% -77.38% 871.83% -1,884.20% 29.83%
Invested Capital Q/Q Growth		 -34.65% 1.01% -6.19% 15.30% 30.26% 15.20% -0.69% 12.86% -0.73% 11.25% -0.68%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.18% 30.97% 50.60% 58.92% 55.37% 58.93% 0.00% 63.67% 0.00% 19.40% 37.72%
EBIT Margin		 52.66% 48.59% 62.30% 66.35% 61.16% 57.29% 0.00% 62.38% 0.00% -0.39% 28.35%
Profit (Net Income) Margin		 52.27% 54.07% 60.58% 61.23% 55.98% 54.87% 0.00% 58.97% 0.00% -1.37% 21.02%
Tax Burden Percent		 99.27% 111.28% 97.25% 92.28% 91.52% 95.79% 99.21% 94.53% 89.14% 355.87% 74.14%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.72% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.73% -11.28% 2.75% 7.72% 8.48% 4.21% 0.00% 5.47% 0.00% 0.00% 25.86%
Return on Invested Capital (ROIC)		 1.64% 1.71% 2.29% 2.29% 1.28% 1.15% 0.00% 2.59% 0.00% 0.00% 0.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.64% 1.71% 2.29% 2.29% 1.28% 1.15% 0.00% 2.59% 0.00% -0.02% 0.34%
Return on Net Nonoperating Assets (RNNOA)		 6.40% 6.79% 9.15% 9.61% 8.06% 9.50% 0.00% 23.01% 0.00% -0.20% 4.18%
Return on Equity (ROE)		 8.04% 8.50% 11.43% 11.89% 9.34% 10.65% -39.61% 25.60% -13.24% -0.20% 4.52%
Cash Return on Invested Capital (CROIC)		 13.03% -4.18% 16.34% -24.06% -49.86% -39.00% 50.64% -32.17% 10.83% -10.36% -22.46%
Operating Return on Assets (OROA)		 1.92% 1.51% 2.31% 2.43% 1.38% 1.18% 0.00% 2.70% 0.00% 0.00% 0.44%
Return on Assets (ROA)		 1.91% 1.68% 2.24% 2.24% 1.26% 1.13% 0.00% 2.55% 0.00% -0.02% 0.33%
Return on Common Equity (ROCE)		 8.04% 8.50% 11.43% 11.89% 9.34% 10.65% -39.61% 25.60% -13.24% -0.19% 4.27%
Return on Equity Simple (ROE_SIMPLE)		 8.01% 8.91% 11.42% 11.58% 8.87% 9.26% -52.38% 23.06% -15.09% -0.19% 4.55%
Net Operating Profit after Tax (NOPAT)		 101 102 131 140 120 169 -411 320 -128 -0.45 54
NOPAT Margin		 52.27% 54.07% 60.58% 61.23% 55.98% 54.87% 0.00% 58.97% 0.00% -0.27% 21.02%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.38% 0.00% 0.28% 0.01% 0.00%
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% 0.00%
Operating Expenses to Revenue		 46.84% 51.60% 40.98% 33.65% 38.84% 42.71% 0.00% 37.62% 0.00% 100.39% 71.65%
Earnings before Interest and Taxes (EBIT)		 101 92 135 152 131 177 -582 338 -183 -0.64 73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 68 58 110 135 118 182 -556 345 -161 32 97
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.60 0.46 0.54 0.54 0.57 0.67 0.63 0.83 0.58 0.70 0.77
Price to Tangible Book Value (P/TBV)		 0.60 0.46 0.54 0.54 0.57 0.74 0.66 0.85 0.61 0.72 0.79
Price to Revenue (P/Rev)		 3.88 2.82 2.86 2.84 3.59 3.99 0.00 2.12 0.00 4.80 3.36
Price to Earnings (P/E)		 7.43 5.21 4.72 2.32 6.41 7.28 0.00 3.60 0.00 0.00 18.38
Dividend Yield		 12.48% 17.30% 13.85% 13.25% 12.76% 10.98% 11.58% 7.78% 16.69% 10.59% 10.26%
Earnings Yield		 13.46% 19.20% 21.17% 43.09% 15.59% 13.74% 0.00% 27.80% 0.00% 0.00% 5.44%
Enterprise Value to Invested Capital (EV/IC)		 0.87 0.86 0.86 0.90 0.93 0.95 0.91 0.95 0.94 0.95 0.97
Enterprise Value to Revenue (EV/Rev)		 26.04 28.08 21.16 27.24 51.22 54.29 0.00 25.26 0.00 81.78 67.54
Enterprise Value to EBITDA (EV/EBITDA)		 74.02 90.65 41.82 46.23 92.51 92.12 0.00 39.67 0.00 421.57 179.04
Enterprise Value to EBIT (EV/EBIT)		 49.46 57.78 33.97 41.05 83.75 94.77 0.00 40.49 0.00 0.00 238.20
Enterprise Value to NOPAT (EV/NOPAT)		 49.82 51.93 34.93 44.49 91.51 98.94 0.00 42.83 0.00 0.00 321.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.26 0.00 4.89 0.00 0.00 0.00 1.31 0.00 8.16 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.61 4.36 3.64 4.74 7.70 8.65 8.16 9.43 10.86 10.85 14.09
Long-Term Debt to Equity		 2.18 2.68 2.95 3.08 5.92 7.37 7.68 7.86 8.97 10.85 14.09
Financial Leverage		 3.91 3.97 4.00 4.20 6.30 8.24 8.46 8.87 10.06 10.85 12.46
Leverage Ratio		 4.21 5.05 5.10 5.30 7.41 9.42 9.65 10.04 11.23 12.04 13.71
Compound Leverage Factor		 4.21 5.05 5.10 5.30 7.41 9.42 9.72 10.04 11.23 12.04 13.71
Debt to Total Capital		 78.30% 81.33% 78.46% 82.57% 88.50% 89.63% 89.08% 90.41% 91.56% 91.56% 93.37%
Short-Term Debt to Total Capital		 30.98% 31.23% 14.84% 28.79% 20.46% 13.21% 5.29% 15.06% 15.93% 0.00% 0.00%
Long-Term Debt to Total Capital		 47.32% 50.11% 63.62% 53.78% 68.04% 76.42% 83.79% 75.35% 75.64% 91.56% 93.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.47% 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% 0.00%
Common Equity to Total Capital		 21.70% 18.67% 21.54% 17.43% 11.50% 10.37% 10.92% 9.59% 8.44% 7.97% 6.25%
Debt to EBITDA		 66.97 85.42 38.19 42.49 87.76 86.95 -16.29 37.88 -72.97 406.21 172.66
Net Debt to EBITDA		 62.98 81.56 36.17 41.40 86.02 85.35 -15.32 36.34 -70.92 394.73 169.43
Long-Term Debt to EBITDA		 40.47 52.62 30.96 27.68 67.47 74.13 -15.33 31.57 -60.27 406.21 172.66
Debt to NOPAT		 45.08 48.93 31.89 40.89 86.81 93.38 -22.08 40.90 -91.64 -29,177.29 309.85
Net Debt to NOPAT		 42.39 46.72 30.20 39.85 85.10 91.66 -20.76 39.24 -89.07 -28,352.82 304.05
Long-Term Debt to NOPAT		 27.24 30.14 25.86 26.63 66.74 79.61 -20.77 34.09 -75.70 -29,177.29 309.85
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.93% 5.60%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 800 -249 937 -1,478 -4,658 -5,725 7,039 -3,963 1,479 -1,403 -3,613
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% 0.00%
Free Cash Flow to Firm to Interest Expense		 9.15 -2.60 10.59 -13.58 -19.49 -11.93 15.71 -9.29 2.68 -2.22 -4.29
Operating Cash Flow to Interest Expense		 -20.48 -13.04 -6.16 -15.74 -6.74 -2.43 -1.13 -13.34 -0.25 -3.19 -6.96
Operating Cash Flow Less CapEx to Interest Expense		 -20.48 -13.04 -6.16 -15.74 -6.74 -2.43 -1.13 -13.34 -0.25 -3.19 -6.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.03 0.04 0.04 0.02 0.02 0.00 0.04 0.00 0.01 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 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,790 6,141 5,335 6,954 11,731 17,625 10,176 14,458 12,851 14,254 17,921
Invested Capital Turnover		 0.03 0.03 0.04 0.04 0.02 0.02 0.00 0.04 0.00 0.01 0.02
Increase / (Decrease) in Invested Capital		 -699 352 -806 1,619 4,778 5,894 -7,449 4,282 -1,607 1,403 3,667
Enterprise Value (EV)		 5,011 5,301 4,584 6,246 10,944 16,738 9,221 13,690 12,062 13,545 17,351
Market Capitalization		 747 532 620 652 767 1,231 701 1,149 625 795 864
Book Value per Share		 $15.08 $13.96 $14.99 $15.72 $16.26 $16.21 $9.93 $12.09 $9.56 $9.57 $8.47
Tangible Book Value per Share		 $15.08 $13.96 $14.99 $15.72 $16.26 $14.78 $9.42 $11.72 $9.00 $9.38 $8.30
Total Capital		 5,790 6,141 5,335 6,954 11,731 17,625 10,176 14,458 12,851 14,254 17,921
Total Debt		 4,534 4,995 4,186 5,741 10,383 15,798 9,065 13,072 11,767 13,051 16,733
Total Long-Term Debt		 2,740 3,077 3,394 3,740 7,982 13,469 8,526 10,894 9,720 13,051 16,733
Net Debt		 4,263 4,769 3,964 5,595 10,177 15,507 8,520 12,540 11,437 12,682 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 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 171 0.00 35 1.83 0.00
Net Nonoperating Obligations (NNO)		 4,534 4,995 4,186 5,741 10,383 15,798 9,065 13,072 11,767 13,051 16,733
Total Depreciation and Amortization (D&A)		 -34 -33 -25 -17 -12 5.07 26 7.00 22 33 24
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.18 $1.20 $1.66 $1.78 $1.47 $1.63 ($5.12) $2.73 ($1.43) ($0.11) $0.32
Adjusted Weighted Average Basic Shares Outstanding		 82.84M 82.95M 76.75M 76.79M 78.72M 101.12M 113.94M 113.23M 117.23M 116.28M 132.05M
Adjusted Diluted Earnings per Share		 $1.15 $1.18 $1.54 $1.60 $1.34 $1.46 ($5.12) $2.37 ($1.43) ($0.11) $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 85.10M 84.52M 97.91M 101.98M 110.03M 136.78M 113.94M 142.07M 117.23M 116.28M 132.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $1.63 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 83.43M 77.25M 76.92M 75.56M 96.61M 114.35M 112.09M 120.17M 113.59M 131.58M 132.86M
Normalized Net Operating Profit after Tax (NOPAT)		 101 64 131 140 126 179 -405 335 -120 4.57 63
Normalized NOPAT Margin		 52.27% 34.01% 60.58% 61.23% 59.18% 57.96% 0.00% 61.80% 0.00% 2.76% 24.68%
Pre Tax Income Margin		 52.66% 48.59% 62.30% 66.35% 61.16% 57.29% 0.00% 62.38% 0.00% -0.39% 28.35%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.16 0.96 1.52 1.40 0.55 0.37 -1.30 0.79 -0.33 0.00 0.09
NOPAT to Interest Expense		 1.15 1.06 1.48 1.29 0.50 0.35 -0.92 0.75 -0.23 0.00 0.06
EBIT Less CapEx to Interest Expense		 1.16 0.96 1.52 1.40 0.55 0.37 -1.30 0.79 -0.33 0.00 0.09
NOPAT Less CapEx to Interest Expense		 1.15 1.06 1.48 1.29 0.50 0.35 -0.92 0.75 -0.23 0.00 0.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 94.73% 92.93% 67.40% 62.89% 80.94% 76.52% -14.43% 28.68% -68.29% -4,115.00% 185.01%
Augmented Payout Ratio		 94.73% 177.00% 88.79% 68.88% 94.58% 76.52% -18.16% 28.68% -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 Q1 2025
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 3/31/2025
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% -0.94%
EBITDA Growth		 -147.33% -206.65% -51.87% 110.68% 46.47% 165.06% 201.16% 139.38% 223.70% -82.97% -28.12%
EBIT Growth		 -158.35% -210.03% -87.71% 102.69% 40.58% 141.19% 780.33% 595.38% 175.41% -101.62% -27.21%
NOPAT Growth		 -138.85% -185.02% -85.06% 103.75% 40.58% 156.20% 555.02% 440.69% 172.75% -101.18% -46.64%
Net Income Growth		 -157.10% -200.03% -85.06% 102.87% 38.88% 147.76% 555.02% 440.69% 148.12% -131.45% -46.64%
EPS Growth		 -167.69% -211.76% -91.67% 100.00% 34.09% 142.11% 950.00% 0.00% 131.03% -150.00% -52.38%
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% -104.63%
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% -148.14%
Invested Capital Growth		 1.05% -11.12% -7.59% -8.16% -1.02% 10.92% 14.46% 28.87% 40.83% 25.73% 30.95%
Revenue Q/Q Growth		 96.88% -190.50% 843.78% -8.98% -75.14% 495.64% 16.35% -9.53% 3.37% -35.18% 63.40%
EBITDA Q/Q Growth		 61.06% -13.66% 128.55% -15.44% -295.08% 238.13% 32.16% -32.78% 0.81% -80.99% 457.93%
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% 6,394.66%
NOPAT Q/Q Growth		 55.22% -9.18% 112.34% -37.81% -809.36% 203.25% 43.81% -48.67% -4.56% -101.68% 6,579.53%
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% 343.99%
EPS Q/Q Growth		 48.24% 13.64% 105.26% -100.00% 0.00% 155.17% 31.25% -52.38% -10.00% -188.89% 225.00%
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% -128.63%
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% -24.59%
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% 8.27%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% 0.00% 27.31% 25.38% -199.11% 46.17% 52.45% 38.97% 38.00% 11.15% 38.06%
EBIT Margin		 0.00% 0.00% 7.36% 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79% 30.34%
Profit (Net Income) Margin		 0.00% 0.00% 9.72% 6.64% -286.42% 32.84% 40.59% 23.03% 21.26% -14.64% 21.87%
Tax Burden Percent		 102.89% 82.36% 132.11% 97.65% 105.83% 95.49% 98.30% 75.93% 67.53% 1,858.99% 72.06%
Interest Burden Percent		 100.00% 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% 27.94%
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% 0.33%
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% 0.33%
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% 4.33%
Return on Equity (ROE)		 0.00% -13.24% -14.70% 0.46% -16.88% 4.76% 6.62% 4.26% 5.04% -0.65% 4.65%
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% -26.57%
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% 0.45%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.04% -2.08% 0.40% 0.56% 0.34% 0.37% -0.23% 0.32%
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% 4.39%
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% 3.37%
Net Operating Profit after Tax (NOPAT)		 -34 -37 4.62 2.87 -20 21 30 16 15 -0.25 16
NOPAT Margin		 0.00% 0.00% 9.72% 6.64% -189.46% 32.84% 40.59% 23.03% 21.26% -0.55% 21.87%
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% 0.00%
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% 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% 69.66%
Earnings before Interest and Taxes (EBIT)		 -49 -53 3.50 2.94 -29 22 31 20 22 -0.36 22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -40 -45 13 11 -21 30 39 26 26 5.04 28
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 0.72
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 0.74
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 3.15
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 24.53
Dividend Yield		 19.34% 16.69% 15.38% 14.66% 12.02% 10.59% 10.30% 9.86% 8.41% 10.26% 11.37%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.00% 3.38% 7.30% 5.44% 4.08%
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 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 73.17
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 421.57 242.71 211.58 144.77 179.04 218.19
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 530.48 352.35 184.64 238.20 290.79
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 604.96 431.91 215.32 321.29 469.95
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 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 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 15.39
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 15.39
Financial Leverage		 9.18 10.06 9.44 10.02 10.40 10.85 10.75 11.27 12.25 12.46 13.21
Leverage Ratio		 10.36 11.23 10.60 11.20 11.58 12.04 11.93 12.49 13.50 13.71 14.51
Compound Leverage Factor		 10.36 11.23 10.60 11.20 11.58 12.04 11.93 12.49 13.50 13.71 14.51
Debt to Total Capital		 91.08% 91.56% 91.21% 91.06% 91.37% 91.56% 91.74% 92.46% 93.22% 93.37% 93.90%
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% 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% 93.90%
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% 0.35%
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% 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% 5.75%
Debt to EBITDA		 -161.18 -72.97 -67.37 -186.02 -272.70 406.21 233.37 203.62 138.49 172.66 212.06
Net Debt to EBITDA		 -156.13 -70.92 -64.57 -178.76 -266.65 394.73 227.53 199.01 135.81 169.43 208.02
Long-Term Debt to EBITDA		 -132.24 -60.27 -58.09 -162.30 -238.10 406.21 211.78 203.54 138.49 172.66 212.06
Debt to NOPAT		 -207.10 -91.64 -80.94 -170.22 -219.57 -29,177.29 581.68 415.67 205.98 309.85 456.74
Net Debt to NOPAT		 -200.62 -89.07 -77.58 -163.57 -214.70 -28,352.82 567.11 406.25 201.98 304.05 448.05
Long-Term Debt to NOPAT		 -169.92 -75.70 -69.78 -148.51 -191.71 -29,177.29 527.87 415.50 205.98 309.85 456.74
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 2.59% 2.81% 2.96% 2.93% 5.67% 5.71% 5.75% 5.60% 5.56%
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 -4,569
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% 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 -18.72
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 -8.00
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 -8.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01
Fixed Asset Turnover		 0.00 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 19,402
Invested Capital Turnover		 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.02 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 4,586
Enterprise Value (EV)		 11,977 12,062 12,063 11,726 12,255 13,545 14,137 15,561 17,584 17,351 18,746
Market Capitalization		 555 625 679 661 741 795 817 858 1,022 864 806
Book Value per Share		 $9.89 $9.56 $9.43 $9.27 $9.09 $9.57 $8.80 $8.73 $8.74 $8.47 $8.40
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 $8.23
Total Capital		 12,945 12,851 12,945 12,569 12,813 14,254 14,817 16,197 18,044 17,921 19,402
Total Debt		 11,791 11,767 11,807 11,444 11,707 13,051 13,593 14,976 16,821 16,733 18,219
Total Long-Term Debt		 9,674 9,720 10,180 9,985 10,222 13,051 12,335 14,970 16,821 16,733 18,219
Net Debt		 11,421 11,437 11,317 10,998 11,447 12,682 13,252 14,637 16,495 16,420 17,872
Capital Expenditures (CapEx)		 0.00 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 0.00
Net Nonoperating Obligations (NNO)		 11,791 11,767 11,807 11,444 11,707 13,051 13,593 14,976 16,821 16,733 18,219
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 5.69
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) $0.10
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 132.77M
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) $0.10
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 132.77M
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 $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 133.12M
Normalized Net Operating Profit after Tax (NOPAT)		 -33 -36 3.35 4.28 -19 23 32 18 17 2.27 19
Normalized NOPAT Margin		 0.00% 0.00% 7.05% 9.90% -177.22% 36.65% 43.54% 27.16% 24.34% 5.02% 25.35%
Pre Tax Income Margin		 0.00% 0.00% 7.36% 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79% 30.34%
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 0.09
NOPAT to Interest Expense		 -0.24 -0.26 0.03 0.02 -0.13 0.12 0.17 0.08 0.07 0.00 0.07
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 0.09
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 0.07
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% 258.60%
Augmented Payout Ratio		 -223.65% -102.84% -58.19% -118.49% -143.76% -4,115.00% 384.61% 257.93% 118.47% 185.01% 258.60%

Key Financial Trends

Redwood Trust Inc. (NYSE: RWT) shows a significant turnaround in earnings and cash flow in Q1 2025 compared to prior quarters and years. Here are the key trends and financial highlights from the last four years of quarterly data:

  • Q1 2025 net income rose sharply to $16.1 million, up from a loss of $6.6 million in Q4 2024 and positive compared to losses in 2022 and earlier quarters of 2023.
  • Net interest income remained positive but modest at $27.9 million in Q1 2025 with total revenue of $73.8 million, showing improvement from weaker quarters.
  • Non-interest income rebounded to $45.9 million in Q1 2025, more than doubling from $17.6 million in Q4 2024, boosted by higher realized and unrealized gains.
  • Cash flow from continuing financing activities jumped to $1.33 billion in Q1 2025, driven by increased debt issuance of $4.75 billion, supporting growth and liquidity.
  • Debt repayment of $3.39 billion in Q1 2025 indicates active liability management following heavy borrowings.
  • Total assets rose steadily from $12.7 billion in Q2 2022 to nearly $19.9 billion in Q1 2025, reflecting a growing investment portfolio primarily in trading securities and other assets.
  • Long-term debt increased substantially over four years, reaching $18.22 billion in Q1 2025 from $10 billion+ in 2022, which funds asset growth but raises leverage concerns.
  • Operating cash flow remains deeply negative with Q1 2025 at -$1.95 billion due to substantial non-cash adjustments and changes in operating capital, a pattern consistent over recent quarters.
  • Redwood experienced net losses with negative revenues and earnings throughout much of 2022, driven by large unrealized losses in capital gains and negative total revenues.
  • High interest expense of $244 million in Q1 2025, mostly from long-term debt and other interest, compressing net interest income despite rising interest income.

Overall, Redwood Trust has shown a solid recovery in early 2025 after a challenging 2022 and parts of 2023, with improving profitability and revenue streams. However, the company carries a large debt load and continues to generate negative operating cash flows, suggesting risks remain related to leverage and liquidity management. Retail investors should monitor how effectively Redwood converts its asset growth into sustainable net income and positive operating cash flow alongside managing its interest expenses.

08/29/25 01:08 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Redwood Trust's Financials

When does Redwood Trust's financial year end?

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

How has Redwood Trust's net income changed over the last 10 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 $100.57 million in 2014. The previous period was -$2.27 million in 2023. View Redwood Trust's forecast to see where analysts expect Redwood Trust to go next.

How has Redwood Trust's revenue changed over the last 10 years?

Over the last 10 years, Redwood Trust's total revenue changed from $192.40 million in 2014 to $256.91 million in 2024, a change of 33.5%.

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 266.1% increase since 2014.

How much cash does Redwood Trust have?

In the past 10 years, Redwood Trust's cash and equivalents has ranged from $144.66 million in 2017 to $461.26 million in 2020, 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 10 years?

Over the last 10 years, Redwood Trust's book value per share changed from 15.08 in 2014 to 8.47 in 2024, a change of -43.8%.


Related Companies

This page (NYSE:RWT) was last updated on 8/29/2025 by MarketBeat.com Staff
From Our Partners
Musk’s Project Colossus could mint millionaires
I predict this single breakthrough could make Elon the world’s first trillionaire — and mint more new milliona...
Brownstone Research | Sponsoredtc pixel
INVESTOR ALERT: Tiny “$3 AI Wonder Stock” on the Verge of Blasting Off
Right now, we’re witnessing a monumental shift in the world.
Traders Agency | Sponsoredtc pixel
BONUS GUIDE - Ben Stein Prepares For the Next Financial Crisis
With inflation high, debt soaring, and global tensions rising, a financial storm may be brewing. Economist ...
Goldco Precious Metals | Sponsoredtc pixel
This is my Christian duty
“This land I will give to you…” — a 4,000-year-old line from Genesis may hold the key to unlocking a $150 tril...
Paradigm Press | Sponsoredtc pixel
Everyone’s watching Nvidia right now. Here’s why I’m excited.
So, unless you’ve been living under a rock, you probably saw the news… Nvidia just signed a $7 BILLION deal...
Timothy Sykes | Sponsoredtc pixel
Alex’s “Next Magnificent Seven” stocks
The original “Magnificent Seven” turned $7K into $1.18 million. Now, Alex Green has identified AI’s Next Ma...
The Oxford Club | Sponsoredtc pixel
Elon’s Secret Social Security Bombshell
To All Americans Born Before April 16th, 1963: Did Trump Just Give The Green Light To Radically RE-DO Social S...
Banyan Hill Publishing | Sponsoredtc pixel
Out of 18,347 Cryptocurrencies... This is the ONLY One
The Single Most Undervalued DeFi Protocol You've Never Heard Of If there's one cryptocurrency you should b...
Crypto 101 Media | Sponsoredtc pixel