Redwood Trust (RWT) Financials

$5.79 +0.04 (+0.70%)

Closing price 10/8/2025 03:59 PM Eastern

Extended Trading

$5.78 0.00 (-0.09%)

As of 05:49 AM Eastern

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

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

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

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

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

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

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%

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%

Financials Breakdown Chart

Key Financial Trends

Redwood Trust (NYSE: RWT) has shown a fluctuating performance over the past several years, with recent quarterly updates indicating an improving trend in profitability and growth in key areas.

Positive financial highlights:

Q1 2025 reported consolidated net income of $16.15 million, a significant turnaround from Q4 2024’s loss of -$6.62 million, showing improving profitability.
Net interest income increased steadily, reaching $27.2 million in Q1 2025, up from $20.1 million in Q4 2023, indicating growth in core lending revenue.
Total revenue in Q1 2025 jumped to $73.8 million compared to $64.1 million in Q4 2023, helped by rising non-interest income.
Operating expenses have been stable relative to revenue, with Q1 2025 non-interest expenses around $51.4 million, indicating efficient cost control.
Cash and restricted cash balances increased to approximately $346.5 million in Q1 2025, up from $334.3 million in Q4 2024, enhancing liquidity.
Total assets grew steadily, reaching nearly $19.9 billion by Q1 2025 from $15 billion in Q1 2023, reflecting business expansion.
Long-term debt increased to about $18.2 billion in Q1 2025 from $12.3 billion in Q1 2023, indicating access to capital markets to fund growth.
Dividends per share have been consistently paid, increasing from $0.16 in early 2023 to $0.18 by Q1 2025, supporting shareholder returns.
Issuance of common equity and debt in Q1 2025 indicates an active financing strategy to support investment and operations.
Net cash from financing activities in Q1 2025 was strong at approximately $1.33 billion, supporting capital structure management.

Neutral observations:

Loans and leases net balance remains zero across all recent quarters, implying Redwood Trust primarily operates as a mortgage REIT rather than a traditional lender.
Depreciation and amortization expenses are steady but present due to intangible assets and goodwill, consistent with the business model.
Trading account securities represent a large portion of assets, reflecting significant marketable securities holdings as part of investment strategy.
Preferred stock equity is stable around $66-67 million, showing consistent preferred capital involvement.
Weighted average shares outstanding have increased slightly over time, reflecting some dilution from equity issuance.

Negative factors and risks:

The company experienced significant net losses in 2022, especially in Q4 2022 with a loss exceeding $44 million, reflecting past operational challenges.
Volatility in realized and unrealized capital gains/losses on investments affects net income, with some quarters showing large negative impacts.
Net cash from continuing operating activities has been consistently negative in recent quarters, pointing to cash flow challenges from core operations.
Long-term debt has nearly doubled in four years, which may raise concerns about leverage and interest expense burdens.
Interest expense remains high, exceeding $244 million in Q1 2025, which limits net interest income growth despite higher interest income.

Overall, Redwood Trust has demonstrated a recovery path from net losses in 2022 and early 2023 to profitability in more recent quarters, supported by strong revenue growth and improved earnings. However, investors should be mindful of the high leverage and negative operating cash flows that may pose risks if interest rates rise or market conditions shift unfavorably.

10/09/25 06:05 AM ETAI Generated. May Contain Errors.

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 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%.

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This page (NYSE:RWT) was last updated on 10/9/2025 by MarketBeat.com Staff

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Redwood Trust (RWT) Financials

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Redwood Trust (RWT) Financials

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