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Redwood Trust (RWT) Financials

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$5.28 -0.06 (-1.03%)
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 102 131 281 120 169 -582 320 -164 -8.96 47 -77
Consolidated Net Income / (Loss)		 102 131 140 120 169 -582 320 -164 -2.27 54 -70
Net Income / (Loss) Continuing Operations		 102 131 140 120 169 -582 320 -164 -2.27 54 -70
Total Pre-Tax Income 		92 135 152 131 177 -586 338 -183 -0.64 73 -45
Total Revenue		 189 217 229 214 308 -351 542 -7.23 166 257 177
Net Interest Income / (Expense)		 164 158 139 140 142 124 148 155 93 103 83
Total Interest Income		 259 246 248 379 622 572 575 708 724 945 1,183
Loans and Leases Interest Income		 162 168 154 265 502 495 495 632 655 855 1,088
Investment Securities Interest Income		 97 77 91 105 92 50 55 38 22 50 63
Other Interest Income		 0.34 1.18 2.89 8.17 28 27 25 38 48 40 32
Total Interest Expense		 96 89 109 239 480 448 427 552 632 843 1,100
Long-Term Debt Interest Expense		 44 52 53 81 89 97 78 182 260 270 295
Other Interest Expense		 21 15 19 99 294 300 306 370 372 572 805
Total Non-Interest Income		 25 59 90 74 166 -475 394 -163 73 154 95
Service Charges on Deposit Accounts		 - - - - - - - - 7.03 14 9.99
Other Service Charges		 3.19 21 12 13 19 4.19 12 21 5.73 13 15
Net Realized & Unrealized Capital Gains on Investments		 11 -0.57 24 1.35 59 -558 146 -170 -7.46 28 -97
Other Non-Interest Income		 11 39 54 60 87 78 236 -14 67 99 167
Total Non-Interest Expense		 97 89 77 83 132 231 204 176 166 184 222
Other Operating Expenses		 97 89 77 75 122 222 188 164 159 171 204
Restructuring Charge		 - - - 7.48 9.94 8.53 16 12 7.17 13 18
Income Tax Expense		 -10 3.71 12 11 7.44 -4.61 18 -20 1.64 19 25
Preferred Stock Dividends Declared		 - - - - - - 0.00 0.00 6.68 7.02 7.02
Basic Earnings per Share		 $1.20 $1.66 $1.78 $1.47 $1.63 ($5.12) $2.73 ($1.43) ($0.11) $0.32 ($0.63)
Weighted Average Basic Shares Outstanding		 82.95M 76.75M 76.79M 78.72M 101.12M 113.94M 113.23M 117.23M 116.28M 132.05M 130.25M
Diluted Earnings per Share		 $1.18 $1.54 $1.60 $1.34 $1.46 ($5.12) $2.37 ($1.43) ($0.11) $0.32 ($0.63)
Weighted Average Diluted Shares Outstanding		 84.52M 97.91M 101.98M 110.03M 136.78M 113.94M 142.07M 117.23M 116.28M 132.14M 130.25M
Weighted Average Basic & Diluted Shares Outstanding		 85.10M 79.10M 78.90M 81.40M 114.35M 112.09M 120.17M 113.59M 131.58M 132.86M 124.99M
Cash Dividends to Common per Share		 $1.12 $1.12 $1.12 $1.18 $1.20 $0.73 $0.78 $0.92 $0.71 $0.67 $0.72

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.12 -33 19 29 14 13 -8.38 14 -100 -9.45 18
Consolidated Net Income / (Loss)		 2.87 -31 21 30 16 15 -6.62 16 -98 -7.70 20
Net Income / (Loss) Continuing Operations		 2.87 -31 21 30 16 15 -6.62 16 -98 -7.70 20
Total Pre-Tax Income 		2.94 -29 22 31 20 22 -0.36 22 -94 -1.35 28
Total Revenue		 43 11 64 75 67 70 45 74 -38 54 87
Net Interest Income / (Expense)		 26 20 20 24 25 25 28 28 14 15 26
Total Interest Income		 179 177 190 205 225 249 266 272 284 300 327
Loans and Leases Interest Income		 160 160 175 187 204 226 239 245 261 277 305
Investment Securities Interest Income		 6.22 5.11 3.79 6.28 11 14 19 19 16 15 14
Other Interest Income		 13 12 11 12 10 9.31 8.51 8.61 7.20 8.08 8.19
Total Interest Expense		 153 157 170 181 200 223 239 244 271 285 301
Long-Term Debt Interest Expense		 63 65 99 60 67 71 96 65 72 76 82
Other Interest Expense		 90 91 103 120 133 152 166 179 199 208 219
Total Non-Interest Income		 17 -9.59 44 50 42 44 18 46 -52 39 61
Service Charges on Deposit Accounts		 - - - 4.23 3.55 0.25 - 3.41 1.61 1.42 3.56
Other Service Charges		 4.16 2.35 1.83 0.23 2.70 5.67 11 3.90 2.56 4.40 3.98
Net Realized & Unrealized Capital Gains on Investments		 -3.54 -31 27 31 17 -1.26 -19 5.55 -97 -6.57 0.72
Other Non-Interest Income		 17 19 15 15 19 40 26 33 41 40 53
Total Non-Interest Expense		 40 40 42 44 47 48 46 51 56 56 59
Other Operating Expenses		 39 38 39 42 43 45 42 48 51 51 54
Restructuring Charge		 1.44 1.88 2.55 2.24 3.66 3.18 3.60 3.57 4.78 4.36 5.44
Income Tax Expense		 0.07 1.70 0.99 0.52 4.92 7.13 6.26 6.26 4.56 6.35 8.01
Preferred Stock Dividends Declared		 1.76 1.75 1.76 1.75 1.76 1.75 1.76 1.75 1.76 1.75 1.76
Basic Earnings per Share		 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10 ($0.76) ($0.08) $0.11
Weighted Average Basic Shares Outstanding		 114.05M 115.47M 116.28M 131.57M 132.12M 132.22M 132.05M 132.77M 133.01M 129.02M 130.25M
Diluted Earnings per Share		 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10 ($0.76) ($0.08) $0.11
Weighted Average Diluted Shares Outstanding		 114.45M 115.47M 116.28M 131.57M 132.12M 132.36M 132.14M 132.77M 133.01M 129.02M 130.25M
Weighted Average Basic & Diluted Shares Outstanding		 114.23M 118.64M 131.58M 132.15M 132.22M 132.27M 132.86M 133.12M 129.22M 126.68M 124.99M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -50 -4.33 -75 58 86 254 -13 -202 39 -56 136
Net Cash From Operating Activities		 -1,250 -546 -1,713 -1,612 -1,166 -505 -5,695 -139 -2,016 -5,863 -10,095
Net Cash From Continuing Operating Activities		 -1,250 -546 -1,713 -1,612 -1,166 -505 -5,688 -139 -2,016 -5,863 -10,095
Net Income / (Loss) Continuing Operations		 102 131 140 120 169 -582 320 -164 -2.27 54 -70
Consolidated Net Income / (Loss)		 102 131 140 120 169 -582 320 -164 -2.27 54 -70
Depreciation Expense		 0.82 1.14 1.21 1.31 10 17 17 16 15 12 10
Amortization Expense		 -34 -26 -18 -14 -5.07 8.55 -9.79 6.25 18 12 13
Non-Cash Adjustments to Reconcile Net Income		 -1,236 -691 -1,814 -1,698 -1,261 -182 -5,991 39 -1,995 -5,924 -10,133
Changes in Operating Assets and Liabilities, net		 -82 46 -22 -21 -79 233 -23 -37 -51 -17 86
Net Cash From Investing Activities		 863 1,337 280 -13 1,026 4,070 1,404 214 909 2,538 4,532
Net Cash From Continuing Investing Activities		 863 1,337 280 -13 1,026 4,070 1,404 214 909 2,538 4,532
Purchase of Investment Securities		 -234 -318 -601 -1,555 -1,279 -517 -1,392 -1,969 -930 -385 -934
Sale and/or Maturity of Investments		 1,102 1,655 881 1,543 2,756 4,588 2,796 2,140 1,796 2,874 5,433
Other Investing Activities, net		 -4.94 - - 0.00 -452 0.00 0.00 43 43 50 32
Net Cash From Financing Activities		 337 -795 1,358 1,683 225 -3,311 4,278 -277 1,147 3,268 5,699
Net Cash From Continuing Financing Activities		 337 -795 1,358 1,683 225 -3,311 4,278 -277 1,147 3,268 5,699
Issuance of Debt		 9,971 4,689 5,708 8,834 8,237 8,655 19,162 8,417 6,171 15,334 26,375
Issuance of Preferred Equity		 - - - - - - 0.00 0.00 67 0.00 0.00
Issuance of Common Equity		 7.30 0.30 0.30 143 451 5.88 22 68 124 0.46 0.43
Repayment of Debt		 -9,451 -5,361 -4,249 -7,175 -8,325 -11,782 -14,820 -8,586 -5,110 -11,959 -20,513
Repurchase of Common Equity		 -86 -28 -8.42 -16 0.00 -22 0.00 -56 0.00 0.00 -52
Payment of Dividends		 -95 -88 -88 -97 -129 -84 -92 -112 -94 -100 -106
Other Financing Activities, Net		 -8.49 -7.49 -4.27 -5.13 -7.58 -85 4.74 -7.25 -12 -6.91 -6.04
Cash Interest Paid		 87 87 103 207 452 456 401 519 603 811 1,076
Cash Income Taxes Paid		 0.17 1.30 2.75 11 7.96 1.19 43 4.94 -1.45 4.06 8.80

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 -44 -187 109 -28 -1.01 -13 -13 34 102 -118 119
Net Cash From Operating Activities		 -78 -891 -1,148 -954 -1,966 -2,088 -854 -1,953 -2,113 -2,668 -3,361
Net Cash From Continuing Operating Activities		 -78 -891 -1,148 -954 -1,959 -2,088 -854 -1,953 -2,113 -2,668 -3,361
Net Income / (Loss) Continuing Operations		 2.87 -31 21 30 16 15 -6.62 16 -98 -7.70 20
Consolidated Net Income / (Loss)		 2.87 -31 21 30 16 15 -6.62 16 -98 -7.70 20
Depreciation Expense		 3.67 3.75 3.77 3.47 2.85 2.82 2.79 2.75 2.71 2.33 2.27
Amortization Expense		 4.37 3.95 3.78 4.85 2.98 1.72 2.61 2.94 2.73 3.16 4.16
Non-Cash Adjustments to Reconcile Net Income		 -117 -877 -1,112 -1,007 -2,019 -2,131 -760 -2,108 -1,959 -2,619 -3,447
Changes in Operating Assets and Liabilities, net		 28 9.47 -65 15 39 23 -93 134 -61 -47 60
Net Cash From Investing Activities		 276 253 269 350 551 636 1,001 659 979 1,284 1,611
Net Cash From Continuing Investing Activities		 276 253 269 350 551 636 1,001 659 979 1,284 1,611
Purchase of Investment Securities		 -238 -221 -216 -178 -59 -94 -55 -60 -229 -383 -261
Sale and/or Maturity of Investments		 505 465 469 516 595 720 1,044 708 1,197 1,662 1,866
Other Investing Activities, net		 9.28 9.12 17 12 16 9.75 13 10 11 5.09 5.63
Net Cash From Financing Activities		 -241 451 988 575 1,414 1,439 -160 1,327 1,236 1,266 1,869
Net Cash From Continuing Financing Activities		 -241 451 988 575 1,414 1,439 -160 1,327 1,236 1,266 1,869
Issuance of Debt		 616 1,658 2,532 2,510 4,000 4,978 3,845 4,748 5,837 6,557 9,232
Issuance of Common Equity		 0.15 33 91 0.13 0.10 0.12 0.11 0.11 0.13 0.16 0.04
Repayment of Debt		 -832 -1,217 -1,606 -1,910 -2,561 -3,512 -3,976 -3,392 -4,566 -5,235 -7,320
Repurchase of Common Equity		 - - - - - - - - - -30 -15
Payment of Dividends		 -21 -21 -24 -24 -24 -25 -27 -27 -27 -26 -26
Other Financing Activities, Net		 -3.53 -2.18 -5.34 -0.82 -2.29 -1.41 -2.40 -2.36 -1.26 -0.19 -2.22
Cash Interest Paid		 149 149 166 169 198 355 90 231 266 272 307
Cash Income Taxes Paid		 0.34 0.02 -0.41 -0.43 0.06 0.72 3.71 0.01 4.34 2.28 2.17

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 6,220 5,483 7,040 11,937 17,995 10,355 14,707 13,031 14,504 18,258 23,701
Cash and Due from Banks		 220 213 145 176 197 461 450 259 293 245 256
Restricted Cash		 5.57 8.62 2.14 29 94 83 81 70 76 68 193
Trading Account Securities		 1,250 1,055 1,492 1,488 1,136 397 404 261 142 451 529
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 23
Other Assets		 413 319 286 703 777 9,849 14,204 12,397 13,970 17,471 22,700
Total Liabilities & Shareholders' Equity		 6,220 5,483 7,040 11,937 17,995 10,355 14,707 13,031 14,504 18,258 23,701
Total Liabilities		 5,074 4,334 5,828 10,589 16,168 9,244 13,321 11,947 13,302 17,070 22,718
Short-Term Debt		 1,918 792 2,002 2,400 2,329 539 2,177 2,047 - 24 28
Other Short-Term Payables		 70 - 68 - - 179 - 180 - 314 399
Long-Term Debt		 3,077 3,394 3,740 7,982 13,469 8,526 10,894 9,720 13,051 16,733 22,291
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,203 1,188 983
Total Preferred & Common Equity		 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,203 1,188 983
Preferred Stock		 - - - - - - - 0.00 67 67 67
Total Common Equity		 1,146 1,149 1,212 1,349 1,827 1,111 1,386 1,084 1,136 1,121 916
Common Stock		 1,697 1,677 1,675 1,812 2,271 2,266 2,318 2,351 2,489 2,505 2,465
Retained Earnings		 -642 -600 -548 -525 -485 -1,151 -923 -1,198 -1,295 -1,341 -1,517
Accumulated Other Comprehensive Income / (Loss)		 92 72 85 61 42 -4.22 -8.93 -69 -58 -43 -32

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 Q2 2025 Q3 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 6/30/2025 9/30/2025
Total Assets		 13,876 13,146 13,121 12,797 13,021 15,058 16,491 18,427 19,872 21,333 22,601
Cash and Due from Banks		 371 297 404 357 204 275 276 254 260 302 226
Restricted Cash		 73 72 86 90 56 65 64 72 87 146 104
Trading Account Securities		 321 324 255 187 167 215 313 413 1,135 485 517
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		 - 23 23 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 20,377 21,730
Total Liabilities & Shareholders' Equity		 13,876 13,146 13,121 12,797 13,021 15,058 16,491 18,427 19,872 21,333 22,601
Total Liabilities		 12,617 11,992 11,984 11,673 11,915 13,834 15,270 17,204 18,688 20,280 21,602
Long-Term Debt		 10,550 9,674 10,180 9,985 10,222 12,335 14,970 16,821 18,219 19,730 21,182
Other Long-Term Liabilities		 - - - - - - - 383 469 549 420
Commitments & Contingencies		 0.00 0.00 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 1,053 999
Total Preferred & Common Equity		 1,258 1,154 1,138 1,124 1,106 1,224 1,221 1,223 1,183 1,053 999
Preferred Stock		 - - 67 67 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 1,117 987 932
Common Stock		 2,365 2,346 2,356 2,360 2,396 2,495 2,499 2,503 2,508 2,503 2,479
Retained Earnings		 -1,049 -1,127 -1,222 -1,241 -1,293 -1,289 -1,297 -1,308 -1,352 -1,478 -1,512
Accumulated Other Comprehensive Income / (Loss)		 -58 -65 -63 -62 -65 -49 -47 -39 -39 -39 -36

Annual Metrics And Ratios for Redwood Trust

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 126,682,210.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 126,682,210.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.55
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.87% 14.75% 5.85% -6.82% 44.30% -213.99% 254.22% -101.33% 2,392.47% 55.11% -30.96%
EBITDA Growth		 -13.61% 87.45% 23.27% -12.44% 53.57% -406.20% 162.03% -146.73% 119.92% 201.63% -122.48%
EBIT Growth		 -9.45% 47.11% 12.74% -14.11% 35.15% -429.66% 158.07% -154.26% 99.65% 11,499.22% -161.56%
NOPAT Growth		 1.51% 28.57% 6.97% -14.82% 41.46% -342.65% 177.86% -140.18% 99.65% 12,173.33% -158.12%
Net Income Growth		 1.51% 28.57% 6.97% -14.82% 41.46% -443.92% 154.93% -151.16% 98.61% 2,474.85% -229.67%
EPS Growth		 2.61% 30.51% 3.90% -16.25% 8.96% -450.68% 146.29% -160.34% 92.31% 390.91% -296.88%
Operating Cash Flow Growth		 30.20% 56.36% -213.97% 5.92% 27.68% 56.63% -1,026.59% 97.56% -1,348.77% -190.83% -72.19%
Free Cash Flow Firm Growth		 -131.18% 475.73% -257.69% -215.13% -22.90% 222.96% -156.29% 137.32% -194.91% -157.46% -48.17%
Invested Capital Growth		 6.07% -13.13% 30.34% 68.71% 50.24% -42.27% 42.08% -11.12% 10.92% 25.73% 29.86%
Revenue Q/Q Growth		 6.29% -7.60% 0.33% -11.96% 38.46% -0.57% -0.79% -107.54% 74.04% -6.85% 31.08%
EBITDA Q/Q Growth		 41.10% -9.62% 0.34% -18.37% 50.22% 2.99% -8.21% -120.45% 174.84% -20.21% 57.46%
EBIT Q/Q Growth		 22.45% -8.94% -1.16% -17.70% 46.00% 2.26% -5.15% -125.55% 99.16% -23.51% 38.77%
NOPAT Q/Q Growth		 15.81% -10.69% 4.14% -21.03% 42.02% 1.56% -3.11% -125.55% 99.16% -33.87% 38.77%
Net Income Q/Q Growth		 15.81% -10.69% 4.14% -21.03% 42.02% 0.88% -3.11% -116.82% 96.62% -33.87% 27.56%
EPS Q/Q Growth		 15.69% -9.41% 0.00% -17.79% 28.07% 13.22% -25.24% -101.41% 83.08% -42.86% 23.17%
Operating Cash Flow Q/Q Growth		 4.40% 42.95% -309.26% 34.14% 19.62% -260.53% -38.56% 93.19% -129.81% 4.78% -33.04%
Free Cash Flow Firm Q/Q Growth		 -108.70% 73.67% -608.27% -64.94% 7.28% 51.82% -77.38% 871.83% -1,884.20% 29.83% -28.68%
Invested Capital Q/Q Growth		 1.01% -6.19% 15.30% 30.26% 15.20% -0.69% 12.86% -0.73% 11.25% -0.68% 5.06%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 30.97% 50.60% 58.92% 55.37% 58.93% 0.00% 63.67% 0.00% 19.40% 37.72% -12.28%
EBIT Margin		 48.59% 62.30% 66.35% 61.16% 57.29% 0.00% 62.38% 0.00% -0.39% 28.35% -25.28%
Profit (Net Income) Margin		 54.07% 60.58% 61.23% 55.98% 54.87% 0.00% 58.97% 0.00% -1.37% 21.02% -39.48%
Tax Burden Percent		 111.28% 97.25% 92.28% 91.52% 95.79% 99.21% 94.53% 89.14% 355.87% 74.14% 156.17%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.72% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 -11.28% 2.75% 7.72% 8.48% 4.21% 0.00% 5.47% 0.00% 0.00% 25.86% 0.00%
Return on Invested Capital (ROIC)		 1.71% 2.29% 2.29% 1.28% 1.15% 0.00% 2.59% 0.00% 0.00% 0.34% -0.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.71% 2.29% 2.29% 1.28% 1.15% 0.00% 2.59% 0.00% -0.02% 0.34% -0.35%
Return on Net Nonoperating Assets (RNNOA)		 6.79% 9.15% 9.61% 8.06% 9.50% 0.00% 23.01% 0.00% -0.20% 4.18% -6.30%
Return on Equity (ROE)		 8.50% 11.43% 11.89% 9.34% 10.65% -39.61% 25.60% -13.24% -0.20% 4.52% -6.45%
Cash Return on Invested Capital (CROIC)		 -4.18% 16.34% -24.06% -49.86% -39.00% 50.64% -32.17% 10.83% -10.36% -22.46% -26.13%
Operating Return on Assets (OROA)		 1.51% 2.31% 2.43% 1.38% 1.18% 0.00% 2.70% 0.00% 0.00% 0.44% -0.21%
Return on Assets (ROA)		 1.68% 2.24% 2.24% 1.26% 1.13% 0.00% 2.55% 0.00% -0.02% 0.33% -0.33%
Return on Common Equity (ROCE)		 8.50% 11.43% 11.89% 9.34% 10.65% -39.61% 25.60% -13.24% -0.19% 4.27% -6.05%
Return on Equity Simple (ROE_SIMPLE)		 8.91% 11.42% 11.58% 8.87% 9.26% -52.38% 23.06% -15.09% -0.19% 4.55% -7.13%
Net Operating Profit after Tax (NOPAT)		 102 131 140 120 169 -411 320 -128 -0.45 54 -31
NOPAT Margin		 54.07% 60.58% 61.23% 55.98% 54.87% 0.00% 58.97% 0.00% -0.27% 21.02% -17.70%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 1.38% 0.00% 0.28% 0.01% 0.00% 0.20%
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		 51.60% 40.98% 33.65% 38.84% 42.71% 0.00% 37.62% 0.00% 100.39% 71.65% 125.28%
Earnings before Interest and Taxes (EBIT)		 92 135 152 131 177 -582 338 -183 -0.64 73 -45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 58 110 135 118 182 -556 345 -161 32 97 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.46 0.54 0.54 0.57 0.67 0.63 0.83 0.58 0.70 0.77 0.77
Price to Tangible Book Value (P/TBV)		 0.46 0.54 0.54 0.57 0.74 0.66 0.85 0.61 0.72 0.79 0.79
Price to Revenue (P/Rev)		 2.82 2.86 2.84 3.59 3.99 0.00 2.12 0.00 4.80 3.36 3.95
Price to Earnings (P/E)		 5.21 4.72 2.32 6.41 7.28 0.00 3.60 0.00 0.00 18.38 0.00
Dividend Yield		 17.30% 13.85% 13.25% 12.76% 10.98% 11.58% 7.78% 16.69% 10.59% 10.26% 13.02%
Earnings Yield		 19.20% 21.17% 43.09% 15.59% 13.74% 0.00% 27.80% 0.00% 0.00% 5.44% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.86 0.86 0.90 0.93 0.95 0.91 0.95 0.94 0.95 0.97 0.97
Enterprise Value to Revenue (EV/Rev)		 28.08 21.16 27.24 51.22 54.29 0.00 25.26 0.00 81.78 67.54 127.63
Enterprise Value to EBITDA (EV/EBITDA)		 90.65 41.82 46.23 92.51 92.12 0.00 39.67 0.00 421.57 179.04 0.00
Enterprise Value to EBIT (EV/EBIT)		 57.78 33.97 41.05 83.75 94.77 0.00 40.49 0.00 0.00 238.20 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 51.93 34.93 44.49 91.51 98.94 0.00 42.83 0.00 0.00 321.29 0.00
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)		 0.00 4.89 0.00 0.00 0.00 1.31 0.00 8.16 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 4.36 3.64 4.74 7.70 8.65 8.16 9.43 10.86 10.85 14.09 22.71
Long-Term Debt to Equity		 2.68 2.95 3.08 5.92 7.37 7.68 7.86 8.97 10.85 14.09 22.69
Financial Leverage		 3.97 4.00 4.20 6.30 8.24 8.46 8.87 10.06 10.85 12.46 18.00
Leverage Ratio		 5.05 5.10 5.30 7.41 9.42 9.65 10.04 11.23 12.04 13.71 19.33
Compound Leverage Factor		 5.05 5.10 5.30 7.41 9.42 9.72 10.04 11.23 12.04 13.71 19.33
Debt to Total Capital		 81.33% 78.46% 82.57% 88.50% 89.63% 89.08% 90.41% 91.56% 91.56% 93.37% 95.78%
Short-Term Debt to Total Capital		 31.23% 14.84% 28.79% 20.46% 13.21% 5.29% 15.06% 15.93% 0.00% 0.00% 0.12%
Long-Term Debt to Total Capital		 50.11% 63.62% 53.78% 68.04% 76.42% 83.79% 75.35% 75.64% 91.56% 93.37% 95.66%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.47% 0.37% 0.29%
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		 18.67% 21.54% 17.43% 11.50% 10.37% 10.92% 9.59% 8.44% 7.97% 6.25% 3.93%
Debt to EBITDA		 85.42 38.19 42.49 87.76 86.95 -16.29 37.88 -72.97 406.21 172.66 -1,024.40
Net Debt to EBITDA		 81.56 36.17 41.40 86.02 85.35 -15.32 36.34 -70.92 394.73 169.43 -1,003.78
Long-Term Debt to EBITDA		 52.62 30.96 27.68 67.47 74.13 -15.33 31.57 -60.27 406.21 172.66 -1,023.11
Debt to NOPAT		 48.93 31.89 40.89 86.81 93.38 -22.08 40.90 -91.64 -29,177.29 309.85 -711.07
Net Debt to NOPAT		 46.72 30.20 39.85 85.10 91.66 -20.76 39.24 -89.07 -28,352.82 304.05 -696.76
Long-Term Debt to NOPAT		 30.14 25.86 26.63 66.74 79.61 -20.77 34.09 -75.70 -29,177.29 309.85 -710.17
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.93% 5.60% 6.17%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -249 937 -1,478 -4,658 -5,725 7,039 -3,963 1,479 -1,403 -3,613 -5,389
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		 -2.60 10.59 -13.58 -19.49 -11.93 15.71 -9.29 2.68 -2.22 -4.29 -4.90
Operating Cash Flow to Interest Expense		 -13.04 -6.16 -15.74 -6.74 -2.43 -1.13 -13.34 -0.25 -3.19 -6.96 -9.17
Operating Cash Flow Less CapEx to Interest Expense		 -13.04 -6.16 -15.74 -6.74 -2.43 -1.13 -13.34 -0.25 -3.19 -6.96 -9.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.04 0.04 0.02 0.02 0.00 0.04 0.00 0.01 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		 6,141 5,335 6,954 11,731 17,625 10,176 14,458 12,851 14,254 17,921 23,302
Invested Capital Turnover		 0.03 0.04 0.04 0.02 0.02 0.00 0.04 0.00 0.01 0.02 0.01
Increase / (Decrease) in Invested Capital		 352 -806 1,619 4,778 5,894 -7,449 4,282 -1,607 1,403 3,667 5,358
Enterprise Value (EV)		 5,301 4,584 6,246 10,944 16,738 9,221 13,690 12,062 13,545 17,351 22,638
Market Capitalization		 532 620 652 767 1,231 701 1,149 625 795 864 701
Book Value per Share		 $13.96 $14.99 $15.72 $16.26 $16.21 $9.93 $12.09 $9.56 $9.57 $8.47 $7.23
Tangible Book Value per Share		 $13.96 $14.99 $15.72 $16.26 $14.78 $9.42 $11.72 $9.00 $9.38 $8.30 $7.04
Total Capital		 6,141 5,335 6,954 11,731 17,625 10,176 14,458 12,851 14,254 17,921 23,302
Total Debt		 4,995 4,186 5,741 10,383 15,798 9,065 13,072 11,767 13,051 16,733 22,320
Total Long-Term Debt		 3,077 3,394 3,740 7,982 13,469 8,526 10,894 9,720 13,051 16,733 22,291
Net Debt		 4,769 3,964 5,595 10,177 15,507 8,520 12,540 11,437 12,682 16,420 21,870
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 0.00 171 0.00 35 1.83 0.00 39
Net Nonoperating Obligations (NNO)		 4,995 4,186 5,741 10,383 15,798 9,065 13,072 11,767 13,051 16,733 22,320
Total Depreciation and Amortization (D&A)		 -33 -25 -17 -12 5.07 26 7.00 22 33 24 23
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.20 $1.66 $1.78 $1.47 $1.63 ($5.12) $2.73 ($1.43) ($0.11) $0.32 ($0.63)
Adjusted Weighted Average Basic Shares Outstanding		 82.95M 76.75M 76.79M 78.72M 101.12M 113.94M 113.23M 117.23M 116.28M 132.05M 130.25M
Adjusted Diluted Earnings per Share		 $1.18 $1.54 $1.60 $1.34 $1.46 ($5.12) $2.37 ($1.43) ($0.11) $0.32 ($0.63)
Adjusted Weighted Average Diluted Shares Outstanding		 84.52M 97.91M 101.98M 110.03M 136.78M 113.94M 142.07M 117.23M 116.28M 132.14M 130.25M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 77.25M 76.92M 75.56M 96.61M 114.35M 112.09M 120.17M 113.59M 131.58M 132.86M 124.99M
Normalized Net Operating Profit after Tax (NOPAT)		 64 131 140 126 179 -405 335 -120 4.57 63 -19
Normalized NOPAT Margin		 34.01% 60.58% 61.23% 59.18% 57.96% 0.00% 61.80% 0.00% 2.76% 24.68% -10.54%
Pre Tax Income Margin		 48.59% 62.30% 66.35% 61.16% 57.29% 0.00% 62.38% 0.00% -0.39% 28.35% -25.28%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.96 1.52 1.40 0.55 0.37 -1.30 0.79 -0.33 0.00 0.09 -0.04
NOPAT to Interest Expense		 1.06 1.48 1.29 0.50 0.35 -0.92 0.75 -0.23 0.00 0.06 -0.03
EBIT Less CapEx to Interest Expense		 0.96 1.52 1.40 0.55 0.37 -1.30 0.79 -0.33 0.00 0.09 -0.04
NOPAT Less CapEx to Interest Expense		 1.06 1.48 1.29 0.50 0.35 -0.92 0.75 -0.23 0.00 0.06 -0.03
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 92.93% 67.40% 62.89% 80.94% 76.52% -14.43% 28.68% -68.29% -4,115.00% 185.01% -151.35%
Augmented Payout Ratio		 177.00% 88.79% 68.88% 94.58% 76.52% -18.16% 28.68% -102.84% -4,115.00% 185.01% -225.37%

Quarterly Metrics And Ratios for Redwood Trust

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 126,682,210.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 126,682,210.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 161.37% 588.95% 1,102.55% 56.83% 55.89% 548.15% -29.46% -0.94% -156.49% -22.01% 93.06%
EBITDA Growth		 110.68% 46.47% 165.06% 201.16% 139.38% 223.70% -82.97% -28.12% -436.70% -84.39% 584.24%
EBIT Growth		 102.69% 40.58% 141.19% 780.33% 595.38% 175.41% -101.62% -27.21% -559.14% -106.15% 7,973.88%
NOPAT Growth		 103.75% 40.58% 156.20% 555.02% 440.69% 172.75% -101.18% -46.64% -523.27% -106.38% 8,134.91%
Net Income Growth		 102.87% 38.88% 147.76% 555.02% 440.69% 148.12% -131.45% -46.64% -734.04% -151.96% 402.55%
EPS Growth		 100.00% 34.09% 142.11% 950.00% 0.00% 131.03% -150.00% -52.38% -860.00% -188.89% 237.50%
Operating Cash Flow Growth		 60.61% -346.58% -11,729.05% -1,035.38% -2,406.37% -134.38% 25.63% -104.63% -7.49% -27.76% -293.52%
Free Cash Flow Firm Growth		 157.09% 166.05% -188.04% -272.35% -422.86% -4,774.17% -165.38% -148.14% -28.78% 20.68% -44.60%
Invested Capital Growth		 -8.16% -1.02% 10.92% 14.46% 28.87% 40.83% 25.73% 30.95% 28.32% 22.93% 29.86%
Revenue Q/Q Growth		 -8.98% -75.14% 495.64% 16.35% -9.53% 3.37% -35.18% 63.40% -151.60% 242.70% 60.47%
EBITDA Q/Q Growth		 -15.44% -295.08% 238.13% 32.16% -32.78% 0.81% -80.99% 457.93% -414.88% 104.67% 733.29%
EBIT Q/Q Growth		 -15.87% -1,089.60% 175.69% 39.70% -33.55% 7.31% -101.62% 6,394.66% -519.16% 98.56% 2,174.83%
NOPAT Q/Q Growth		 -37.81% -809.36% 203.25% 43.81% -48.67% -4.56% -101.68% 6,579.53% -507.20% 98.56% 2,217.27%
Net Income Q/Q Growth		 -37.81% -1,172.40% 168.30% 43.81% -48.67% -4.56% -144.64% 343.99% -709.97% 92.18% 359.90%
EPS Q/Q Growth		 -100.00% 0.00% 155.17% 31.25% -52.38% -10.00% -188.89% 225.00% -860.00% 89.47% 237.50%
Operating Cash Flow Q/Q Growth		 -176.90% -1,035.94% -28.88% 16.91% -106.04% -6.22% 59.11% -128.63% -8.23% -26.26% -25.95%
Free Cash Flow Firm Q/Q Growth		 4.73% -90.03% -1,338.33% -30.07% -96.18% -44.39% 29.69% -24.59% -1.81% 11.06% -29.00%
Invested Capital Q/Q Growth		 -2.91% 1.94% 11.25% 3.70% 9.31% 11.40% -0.68% 8.27% 7.12% 6.72% 5.06%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 25.38% -199.11% 46.17% 52.45% 38.97% 38.00% 11.15% 38.06% 0.00% 7.61% 39.50%
EBIT Margin		 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79% 30.34% 0.00% -2.48% 32.13%
Profit (Net Income) Margin		 6.64% -286.42% 32.84% 40.59% 23.03% 21.26% -14.64% 21.87% 0.00% -14.17% 22.95%
Tax Burden Percent		 97.65% 105.83% 95.49% 98.30% 75.93% 67.53% 1,858.99% 72.06% 104.86% 570.24% 71.43%
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		 2.35% 0.00% 4.51% 1.70% 24.07% 32.47% 0.00% 27.94% 0.00% 0.00% 28.57%
Return on Invested Capital (ROIC)		 0.04% -1.40% 0.40% 0.56% 0.35% 0.38% -0.01% 0.33% 0.00% -0.01% 0.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.04% -1.49% 0.40% 0.56% 0.35% 0.38% -0.05% 0.33% 0.00% -0.05% 0.20%
Return on Net Nonoperating Assets (RNNOA)		 0.42% -15.48% 4.36% 6.06% 3.91% 4.66% -0.64% 4.33% 0.00% -0.81% 3.55%
Return on Equity (ROE)		 0.46% -16.88% 4.76% 6.62% 4.26% 5.04% -0.65% 4.65% 0.00% -0.82% 3.75%
Cash Return on Invested Capital (CROIC)		 7.99% 0.61% -10.36% -13.32% -24.98% -33.38% -22.46% -26.57% -24.99% -20.82% -26.13%
Operating Return on Assets (OROA)		 0.04% -1.97% 0.41% 0.56% 0.45% 0.55% -0.01% 0.45% 0.00% -0.02% 0.27%
Return on Assets (ROA)		 0.04% -2.08% 0.40% 0.56% 0.34% 0.37% -0.23% 0.32% 0.00% -0.09% 0.19%
Return on Common Equity (ROCE)		 0.45% -16.38% 4.62% 6.25% 4.02% 4.75% -0.61% 4.39% 0.00% -0.77% 3.52%
Return on Equity Simple (ROE_SIMPLE)		 -7.74% -6.09% 0.00% 1.91% 2.95% 6.68% 0.00% 3.37% -7.04% -9.68% 0.00%
Net Operating Profit after Tax (NOPAT)		 2.87 -20 21 30 16 15 -0.25 16 -66 -0.95 20
NOPAT Margin		 6.64% -189.46% 32.84% 40.59% 23.03% 21.26% -0.55% 21.87% 0.00% -1.74% 22.95%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.09% 0.00% 0.00% 0.00% 0.00% 0.04% 0.00% 0.19% 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		 93.20% 370.65% 65.61% 58.71% 69.67% 68.51% 100.79% 69.66% 0.00% 102.48% 67.87%
Earnings before Interest and Taxes (EBIT)		 2.94 -29 22 31 20 22 -0.36 22 -94 -1.35 28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 -21 30 39 26 26 5.04 28 -88 4.14 34
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.63 0.71 0.70 0.71 0.74 0.88 0.77 0.72 0.80 0.80 0.77
Price to Tangible Book Value (P/TBV)		 0.66 0.75 0.72 0.74 0.74 0.88 0.79 0.74 0.82 0.82 0.79
Price to Revenue (P/Rev)		 8.04 7.79 4.80 4.24 3.96 3.71 3.36 3.15 5.22 5.53 3.95
Price to Earnings (P/E)		 0.00 0.00 0.00 49.99 29.56 13.69 18.38 24.53 0.00 0.00 0.00
Dividend Yield		 14.66% 12.02% 10.59% 10.30% 9.86% 8.41% 10.26% 11.37% 12.01% 12.44% 13.02%
Earnings Yield		 0.00% 0.00% 0.00% 2.00% 3.38% 7.30% 5.44% 4.08% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.93 0.96 0.95 0.95 0.96 0.97 0.97 0.97 0.97 0.98 0.97
Enterprise Value to Revenue (EV/Rev)		 142.63 128.78 81.78 73.38 71.77 63.76 67.54 73.17 133.65 160.12 127.63
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 421.57 242.71 211.58 144.77 179.04 218.19 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 530.48 352.35 184.64 238.20 290.79 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 604.96 431.91 215.32 321.29 469.95 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 31.25 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)		 11.18 155.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 10.18 10.59 10.85 11.10 12.27 13.75 14.09 15.39 18.73 21.20 22.71
Long-Term Debt to Equity		 8.88 9.24 10.85 10.08 12.26 13.75 14.09 15.39 18.73 21.20 22.69
Financial Leverage		 10.02 10.40 10.85 10.75 11.27 12.25 12.46 13.21 15.26 17.10 18.00
Leverage Ratio		 11.20 11.58 12.04 11.93 12.49 13.50 13.71 14.51 16.63 18.46 19.33
Compound Leverage Factor		 11.20 11.58 12.04 11.93 12.49 13.50 13.71 14.51 16.63 18.46 19.33
Debt to Total Capital		 91.06% 91.37% 91.56% 91.74% 92.46% 93.22% 93.37% 93.90% 94.93% 95.50% 95.78%
Short-Term Debt to Total Capital		 11.61% 11.59% 0.00% 8.49% 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.12%
Long-Term Debt to Total Capital		 79.44% 79.78% 91.56% 83.25% 92.43% 93.22% 93.37% 93.90% 94.93% 95.50% 95.66%
Preferred Equity to Total Capital		 0.53% 0.52% 0.47% 0.45% 0.41% 0.37% 0.37% 0.35% 0.32% 0.30% 0.29%
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		 8.41% 8.11% 7.97% 7.81% 7.12% 6.41% 6.25% 5.75% 4.75% 4.20% 3.93%
Debt to EBITDA		 -186.02 -272.70 406.21 233.37 203.62 138.49 172.66 212.06 -683.70 -413.58 -1,024.40
Net Debt to EBITDA		 -178.76 -266.65 394.73 227.53 199.01 135.81 169.43 208.02 -668.16 -407.13 -1,003.78
Long-Term Debt to EBITDA		 -162.30 -238.10 406.21 211.78 203.54 138.49 172.66 212.06 -683.70 -413.58 -1,023.11
Debt to NOPAT		 -170.22 -219.57 -29,177.29 581.68 415.67 205.98 309.85 456.74 -564.59 -413.22 -711.07
Net Debt to NOPAT		 -163.57 -214.70 -28,352.82 567.11 406.25 201.98 304.05 448.05 -551.76 -406.78 -696.76
Long-Term Debt to NOPAT		 -148.51 -191.71 -29,177.29 527.87 415.50 205.98 309.85 456.74 -564.59 -413.22 -710.17
Noncontrolling Interest Sharing Ratio		 2.81% 2.96% 2.93% 5.67% 5.71% 5.75% 5.60% 5.56% 0.00% 6.03% 6.17%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,119 112 -1,382 -1,842 -3,613 -5,216 -3,668 -4,569 -4,652 -4,138 -5,338
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		 7.32 0.71 -8.14 -10.20 -18.05 -23.38 -15.36 -18.72 -17.20 -14.54 -17.73
Operating Cash Flow to Interest Expense		 -0.51 -5.69 -6.76 -5.29 -9.82 -9.36 -3.58 -8.00 -7.81 -9.38 -11.16
Operating Cash Flow Less CapEx to Interest Expense		 -0.51 -5.69 -6.76 -5.29 -9.82 -9.36 -3.58 -8.00 -7.81 -9.38 -11.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 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		 12,569 12,813 14,254 14,817 16,197 18,044 17,921 19,402 20,784 22,181 23,302
Invested Capital Turnover		 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.01 0.01 0.01
Increase / (Decrease) in Invested Capital		 -1,116 -132 1,403 1,872 3,628 5,231 3,667 4,586 4,587 4,137 5,358
Enterprise Value (EV)		 11,726 12,255 13,545 14,137 15,561 17,584 17,351 18,746 20,136 21,667 22,638
Market Capitalization		 661 741 795 817 858 1,022 864 806 787 748 701
Book Value per Share		 $9.27 $9.09 $9.57 $8.80 $8.73 $8.74 $8.47 $8.40 $7.41 $7.21 $7.23
Tangible Book Value per Share		 $8.76 $8.61 $9.38 $8.42 $8.73 $8.74 $8.30 $8.23 $7.24 $7.03 $7.04
Total Capital		 12,569 12,813 14,254 14,817 16,197 18,044 17,921 19,402 20,784 22,181 23,302
Total Debt		 11,444 11,707 13,051 13,593 14,976 16,821 16,733 18,219 19,730 21,182 22,320
Total Long-Term Debt		 9,985 10,222 13,051 12,335 14,970 16,821 16,733 18,219 19,730 21,182 22,291
Net Debt		 10,998 11,447 12,682 13,252 14,637 16,495 16,420 17,872 19,282 20,851 21,870
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 10 0.00 0.00 0.00 0.00 6.37 0.00 33 6.76 0.00
Net Nonoperating Obligations (NNO)		 11,444 11,707 13,051 13,593 14,976 16,821 16,733 18,219 19,730 21,182 22,320
Total Depreciation and Amortization (D&A)		 8.04 7.70 7.55 8.31 5.82 4.54 5.39 5.69 5.44 5.49 6.43
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10 ($0.76) ($0.08) $0.11
Adjusted Weighted Average Basic Shares Outstanding		 114.05M 115.47M 116.28M 131.57M 132.12M 132.22M 132.05M 132.77M 133.01M 129.02M 130.25M
Adjusted Diluted Earnings per Share		 $0.00 ($0.29) $0.16 $0.21 $0.10 $0.09 ($0.08) $0.10 ($0.76) ($0.08) $0.11
Adjusted Weighted Average Diluted Shares Outstanding		 114.45M 115.47M 116.28M 131.57M 132.12M 132.36M 132.14M 132.77M 133.01M 129.02M 130.25M
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		 114.23M 118.64M 131.58M 132.15M 132.22M 132.27M 132.86M 133.12M 129.22M 126.68M 124.99M
Normalized Net Operating Profit after Tax (NOPAT)		 4.28 -19 23 32 18 17 2.27 19 -62 2.10 24
Normalized NOPAT Margin		 9.90% -177.22% 36.65% 43.54% 27.16% 24.34% 5.02% 25.35% 0.00% 3.87% 27.40%
Pre Tax Income Margin		 6.80% -270.65% 34.39% 41.30% 30.33% 31.49% -0.79% 30.34% 0.00% -2.48% 32.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.02 -0.19 0.13 0.17 0.10 0.10 0.00 0.09 -0.35 0.00 0.09
NOPAT to Interest Expense		 0.02 -0.13 0.12 0.17 0.08 0.07 0.00 0.07 -0.24 0.00 0.07
EBIT Less CapEx to Interest Expense		 0.02 -0.19 0.13 0.17 0.10 0.10 0.00 0.09 -0.35 0.00 0.09
NOPAT Less CapEx to Interest Expense		 0.02 -0.13 0.12 0.17 0.08 0.07 0.00 0.07 -0.24 0.00 0.07
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -118.49% -143.76% -4,115.00% 384.61% 257.93% 118.47% 185.01% 258.60% -143.44% -110.76% -151.35%
Augmented Payout Ratio		 -118.49% -143.76% -4,115.00% 384.61% 257.93% 118.47% 185.01% 258.60% -153.57% -149.11% -225.37%

Financials Breakdown Chart

Key Financial Trends

Here is MarketBeat's concise trend snapshot for Redwood Trust (RWT) using quarterly data from the last four years (2022–2025). The focus is on notable shifts in revenue, earnings, cash flows, and balance-sheet leverage that retail investors may want to watch.

  • Total revenue in Q4 2025 was 87,252,000, up from 45,194,000 in Q4 2024, signaling a notable top-line rebound.
  • Net income attributable to common shareholders in Q4 2025 was 18,265,000, with basic and diluted EPS at 0.11, marking a positive quarterly bottom line after prior troughs.
  • Investing cash flow in Q4 2025 was strongly positive at 1,610,597,000, driven by sale/maturity of investments and contributing to liquidity.
  • Debt issuance in Q4 2025 totaled about 9,232,111,000 in financing activities, providing a sizable liquidity cushion for funding investments and operations.
  • Operating cash flow has been negative in recent quarters, with net cash from continuing operating activities around -3.36 billion in Q4 2025, indicating ongoing cash outflows from core operations despite earnings improvements.
  • A large negative non-cash adjustment in Q4 2025 (-3,447,067,000) suggests substantial one-off accounting items that can distort cash-flow signals.
  • The balance sheet shows substantial long-term debt (around 21.18 billion) and total liabilities near 21.6–21.7 billion, indicating high leverage within a sizable asset base.
  • Operating cash flow has been negative across several recent quarters, underscoring ongoing cash burn from operating activities that could pressure near-term liquidity if earnings don’t stabilize.
  • Significant debt repayments in financing activities in multiple quarters reduce cash available for other uses and may heighten roll-over risk if refinancing conditions tighten.
  • Past quarters show earnings volatility, including restatements and periods of negative net income (e.g., 2023 restatements and 2023 Q4 losses), which can complicate long-term trend interpretation.
05/12/26 11:09 AM ETAI Generated. May Contain Errors.

Redwood Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Redwood Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Redwood Trust's net income appears to be on a downward trend, with a most recent value of -$70.03 million in 2025, falling from $102.09 million in 2015. The previous period was $54.00 million in 2024. See Redwood Trust's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Redwood Trust's total revenue changed from $188.80 million in 2015 to $177.37 million in 2025, a change of -6.1%.

Redwood Trust's total liabilities were at $22.72 billion at the end of 2025, a 33.1% increase from 2024, and a 347.8% increase since 2015.

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 $255.66 million as of their latest financial filing in 2025.

Over the last 10 years, Redwood Trust's book value per share changed from 13.96 in 2015 to 7.23 in 2025, a change of -48.2%.


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Financial statements for NYSE:RWT last updated on 3/1/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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