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RWT logoRedwood Trust, Inc.(RWT)Earnings, Financials & Key Ratios

RWT•NYSE•REIT / Real Estate
$5.57
$696M mkt cap·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryResidential mortgage originators and conduits
AboutRedwood Trust, Inc., together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential Mortgage Banking segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio. This segment also offers derivative financial instruments to manage risks associated with residential loans. The Business Purpose Mortgage Banking segment operates a platform that originates and acquires business purpose loans, such as single-family rental and bridge loans for subsequent securitization, sale, or transfer into its investment portfolio. The Investment Portfolio segment invests in securities retained from residential and business purpose securitization activities, and residential and small-balance multifamily bridge loans, as well as residential mortgage-backed securities issued by third parties, Freddie Mac K-Series multifamily loan securitizations and reperforming loan securitizations, servicer advance investments, home equity investments, and other housing-related investments. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, it intends to distribute at least 90% of its taxable income as dividends to shareholders. Redwood Trust, Inc. was incorporated in 1994 and is headquartered in Mill Valley, California.Show more
  • Revenue$1.11B+356.5%
  • FFO-$60M-191.0%
  • FFO/Share-0.46-192.3%
  • FFO Payout-165.05%-217.1%
  • FFO per Share-0.46-192.3%
  • NOI Margin95.63%+11.0%
  • FFO Margin-5.42%-119.9%
  • ROE-6.45%-242.8%
  • ROA-0.33%-201.2%
  • Debt/Assets93.51%+4.1%
  • Net Debt/EBITDA20.56-90.5%
  • Book Value/Share7.54-16.1%
Technical→

RWT Key Insights

Redwood Trust, Inc. (RWT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 34.5%
  • ✓High NOI margin of 95.6%
  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗High debt to equity ratio of 22.6x
  • ✗FFO declining 184.5% TTM

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

RWT Price & Volume

Redwood Trust, Inc. (RWT) stock price & volume — 10-year historical chart

Loading chart...

RWT Growth Metrics

Redwood Trust, Inc. (RWT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years17.85%
5 Years-
3 Years-
TTM338.53%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-229.67%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-286.26%

Return on Capital

10 Years1.59%
5 Years1.63%
3 Years2.2%
Last Year6.06%

RWT Recent Earnings

Redwood Trust, Inc. (RWT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
EPS
$0.06
Est $0.28
-120.9%
Revenue
$64M
Est $87M
-26.6%
Q1 2026
Feb 11, 2026
EPS
$0.33
Est $0.22
+50.0%
Revenue
$88M
Est $76M
+14.7%
Q4 2025
Oct 29, 2025
EPS
$0.20
Est $0.16
+25.0%
Revenue
$61M
Est $25M
+146.7%
Q3 2025
Jul 30, 2025
EPS
$0.18
Est $0.19
-5.3%
Revenue
$47M
Est $30M
+57.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.06vs $0.28-120.9%
$64Mvs $87M-26.6%
Q1 2026Feb 11, 2026
$0.33vs $0.22+50.0%
$88Mvs $76M+14.7%
Q4 2025Oct 29, 2025
$0.20vs $0.16+25.0%
$61Mvs $25M+146.7%
Q3 2025Jul 30, 2025
$0.18vs $0.19-5.3%
$47Mvs $30M+57.3%
Based on last 12 quarters of dataView full earnings history →

RWT Peer Comparison

Redwood Trust, Inc. (RWT) competitors in Residential mortgage originators and conduits — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MFA logoMFAMFA Financial, Inc.Direct Competitor975M9.555.68213.02%39.14%7.42%7.82%6.01
MITT logoMITTTPG Mortgage Investment Trust IncDirect Competitor251.35M7.928.8014.4%6.82%6.11%23.7%14.45
SACH logoSACHSachem Capital Corp.Direct Competitor50.85M1.0627.04-18.16%16.66%3.56%4.92%1.59
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.23B19.1229.88-13.96%6.75%2.93%8.55%4.61
RC logoRCReady Capital CorporationDirect Competitor323.67M2.00-0.76-92.98%-15.93%-16.58%3.12
NLY logoNLYAnnaly Capital Management, Inc.Product Competitor16.08B22.387.665.35%30.28%14.05%6.92
AGNC logoAGNCAGNC Investment Corp.Product Competitor9.62B10.7211.53384.69%24.23%7.32%0.89%0.01
TWO logoTWOTwo Harbors Investment Corp.Product Competitor1.29B12.26-2.81-28.4%-44.82%-19.11%6.9%4.79

Compare RWT vs Peers

Redwood Trust, Inc. (RWT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MFA

Most directly comparable listed peer for RWT.

Scale Benchmark

vs NLY

Larger-name benchmark to compare RWT against a more recognizable public peer.

Peer Set

Compare Top 5

vs MFA, MITT, SACH, BXMT

RWT Income Statement

Redwood Trust, Inc. (RWT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue239.18M216.17M327.17M-318.03M539.6M-22.1M158.6M242.5M1.11B
Revenue Growth %-7.85%-9.62%51.35%-197.21%269.67%-104.1%817.51%52.9%356.5%
Property Operating Expenses07.48M9.94M12.73M21.98M19.72M21.74M33.59M48.38M
Net Operating Income (NOI)
239.18M▲ 0%
208.69M▼ 12.7%
317.24M▲ 52.0%
-330.76M▼ 204.3%
517.62M▲ 256.5%
-41.82M▼ 108.1%
136.86M▲ 427.3%
208.91M▲ 52.6%
1.06B▲ 406.7%
NOI Margin %100%96.54%96.96%104%95.93%189.2%86.29%86.15%95.63%
Operating Expenses77.16M75.3M105.73M108.65M161.41M133.91M126.3M134.39M3.23M
G&A Expenses77.16M75.3M105.73M108.65M161.41M133.91M126.3M134.39M0
EBITDA163.24M134.7M308.61M-422.05M388.31M-159.81M10.57M74.51M1.07B
EBITDA Margin %68.25%62.31%94.33%132.71%71.96%722.98%6.66%30.73%96.25%
Depreciation & Amortization1.21M1.31M97.1M17.36M32.09M15.92M0010.06M
D&A / Revenue %0.51%0.61%29.68%-5.46%5.95%-72.03%0%0%0.91%
Operating Income
162.02M▲ 0%
133.39M▼ 17.7%
211.51M▲ 58.6%
-439.41M▼ 307.7%
356.22M▲ 181.1%
-175.73M▼ 149.3%
10.57M▲ 106.0%
74.51M▲ 605.2%
1.06B▲ 1316.4%
Operating Margin %67.74%61.71%64.65%138.17%66.02%795.01%6.66%30.73%95.34%
Interest Expense109M239M480M448M427M552M631.52M842.56M1.1B
Interest Coverage2.40x1.55x-0.02x-0.04x-0.04x0.67x0.02x0.09x0.96x
Non-Operating Income-109.78M1.31M192.98M-475.57M358.69M15.92M10.57M74.51M-1
Pretax Income
152.16M▲ 0%
130.69M▼ 14.1%
176.62M▲ 35.1%
-586.46M▼ 432.0%
338.09M▲ 157.6%
-183.44M▼ 154.3%
-639K▲ 99.7%
72.84M▲ 11499.2%
-44.84M▼ 161.6%
Pretax Margin %63.62%60.46%53.98%184.4%62.66%829.9%-0.4%30.04%-4.05%
Income Tax11.75M11.09M7.44M-4.61M18.48M-19.92M1.64M18.84M25.18M
Effective Tax Rate %7.72%8.48%4.21%0.79%5.47%10.86%-255.87%25.86%-56.17%
Net Income
140.41M▲ 0%
119.6M▼ 14.8%
169.18M▲ 41.5%
-581.85M▼ 443.9%
319.61M▲ 154.9%
-163.52M▼ 151.2%
-2.27M▲ 98.6%
54M▲ 2474.8%
-70.03M▼ 229.7%
Net Margin %58.7%55.33%51.71%182.95%59.23%739.78%-1.43%22.27%-6.33%
Net Income Growth %6.97%-14.82%41.46%-443.92%154.93%-151.16%98.61%2474.85%-229.67%
Funds From Operations (FFO)
141.62M▲ 0%
120.91M▼ 14.6%
266.28M▲ 120.2%
-564.48M▼ 312.0%
351.7M▲ 162.3%
-147.6M▼ 142.0%
12.58M▲ 108.5%
65.92M▲ 424.0%
-59.96M▼ 191.0%
FFO Margin %59.21%55.93%81.39%177.49%65.18%667.74%7.93%27.18%-5.42%
FFO Growth %6.97%-14.62%120.23%-311.99%162.31%-141.97%108.52%424.01%-190.96%
FFO per Share1.391.101.95-4.952.48-1.260.110.50-0.46
FFO Payout Ratio %62.35%80.06%48.62%-14.88%26.07%-75.66%702.51%140.92%-165.05%
EPS (Diluted)
1.60▲ 0%
1.09▼ 31.9%
1.46▲ 33.9%
-5.11▼ 450.0%
2.37▲ 146.4%
-1.43▼ 160.3%
-0.11▲ 92.3%
0.32▲ 390.9%
-0.63▼ 296.9%
EPS Growth %3.9%-31.87%33.95%-450%146.38%-160.34%92.31%390.91%-296.88%
EPS (Basic)1.831.411.46-5.192.73-1.43-0.110.32-0.63
Diluted Shares Outstanding101.97M110.03M136.78M113.94M142.07M117.23M116.28M132.14M130.25M

RWT Balance Sheet

Redwood Trust, Inc. (RWT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets7.04B11.94B18B10.36B14.71B13.03B14.5B18.26B23.7B
Asset Growth %28.4%69.56%50.75%-42.46%42.03%-11.4%11.31%25.88%29.81%
Real Estate & Other Assets-1.47B8.37B-18B254.31M-895.99M-724.47M-543.92M-837.62M243.69M
PP&E (Net)2.65M5.11M16.77M19.21M27.79M28.79M20.36M14.17M15.9M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets144.66M175.76M740.5M000001B
Cash & Equivalents145M176M197M461.26M450.49M258.89M293.1M245.16M255.66M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets0000-794.86M-505.76M-550.26M-670.58M193.45M
Intangible Assets64M60.28M72.79M56.87M41.56M40.89M28.46M19.05M10.62M
Total Liabilities5.83B10.59B16.17B9.24B13.32B11.95B13.3B17.07B22.72B
Total Debt5.68B10.38B15.8B8.85B12.88B11.5B12.84B16.39B22.16B
Net Debt5.53B10.21B15.6B8.39B12.43B11.25B12.55B16.15B21.91B
Long-Term Debt3.74B7.98B13.33B8.39B10.76B9.58B11.48B14.63B18.87B
Short-Term Borrowings1.29B1.41B2.33B444.83M2.1B1.9B1.35B1.75B3.28B
Capital Lease Obligations0013.44M13.22M20.96M18.56M14.72M11.03M10.67M
Total Current Liabilities2.09B2.61B2.39B629.49M00003.55B
Accounts Payable18.43M42.53M66.12M34.86M47.57M50.85M57.75M77.79M91.55M
Deferred Revenue-649.06M-988.61M000005.13M32.05M
Other Liabilities-3.75B-7.99B71.43M71.84M-10.78B-9.6B-11.49B-14.65B249.76M
Total Equity
6.74B▲ 0%
11.53B▲ 70.9%
17.35B▲ 50.5%
1.11B▼ 93.6%
1.39B▲ 24.8%
1.08B▼ 21.8%
1.2B▲ 11.0%
1.19B▼ 1.2%
982.62M▼ 17.3%
Equity Growth %31.88%70.93%50.5%-93.6%24.77%-21.8%10.95%-1.23%-17.28%
Shareholders Equity1.21B1.35B1.83B1.11B1.39B1.08B1.2B1.19B982.62M
Minority Interest5.53B10.18B15.52B000000
Common Stock766K849K1.14M1.12M1.15M1.14M1.31M1.32M1.25M
Additional Paid-in Capital1.67B1.81B2.27B2.26B2.32B2.35B2.49B2.5B2.46B
Retained Earnings-547.57M-524.77M-485.04M-1.15B1.32B1.15B1.14B1.19B-1.52B
Preferred Stock00000066.95M66.95M66.95M
Return on Assets (ROA)2.24%1.26%1.13%-4.1%2.55%-1.18%-0.02%0.33%-0.33%
Return on Equity (ROE)2.37%1.31%1.17%-6.3%25.6%-13.24%-0.2%4.52%-6.45%
Debt / Assets80.67%86.97%87.79%85.46%87.57%88.29%88.55%89.79%93.51%
Debt / Equity0.84x0.90x0.91x7.97x9.29x10.61x10.68x13.80x22.56x
Net Debt / EBITDA33.90x75.77x50.55x-32.01x-1187.88x216.73x20.56x
Book Value per Share66.13104.76126.839.759.769.2510.348.997.54

RWT Cash Flow Statement

Redwood Trust, Inc. (RWT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-1.71B-1.61B-1.17B-505.47M-5.69B-139.14M-2.02B-5.86B-10.09B
Operating CF Growth %-213.97%5.92%27.68%56.63%-1026.59%97.56%-1348.77%-190.82%-72.19%
Operating CF / Revenue %-716.27%-745.57%-356.26%158.93%-1055.33%629.48%-1271.03%-2417.57%-911.88%
Net Income140.41M119.6M169.18M-581.85M319.61M-163.52M-2.27M54M-70.03M
Depreciation & Amortization1.21M1.31M10.13M17.36M16.78M15.92M14.85M11.92M0
Stock-Based Compensation10.38M13.74M14.96M15.3M18.9M23.94M19.06M20.74M0
Other Non-Cash Items-1.8B-1.74B-1.19B-189.16M-6.03B21.11M-2B-5.93B-10.11B
Working Capital Changes-22.38M-20.77M-78.71M232.87M-22.87M-36.59M-51.49M-16.51M85.54M
Cash from Investing286.86M-12.75M1.03B4.07B1.4B213.89M908.72M2.54B4.53B
Acquisitions (Net)643K25.49M-451.63M00-40.64M000
Purchase of Investments-600.88M-1.34B-711.16M-292.05M-398.77M-263.22M-117.91M-236.87M0
Sale of Investments306.2M761.47M995.54M937.36M184.74M177.8M243.77M61.27M10.96B
Other Investing581.53M566.22M-67.68M3.43B1.62B339.95M782.86M2.71B-6.43B
Cash from Financing1.36B1.68B225.47M-3.31B4.28B-276.87M1.15B3.27B5.7B
Dividends Paid-88.3M-96.8M-129.45M-83.98M-91.67M-111.67M-93.58M-99.91M-105.99M
Common Dividends-88.3M-96.8M-129.45M-83.98M-91.67M-111.67M-88.38M-92.9M-98.97M
Debt Issuance (Net)1000K1000K-1000K-1000K1000K-1000K1000K1000K1000K
Share Repurchases-8.42M-16.32M0-21.66M0-56.5M00-51.83M
Other Financing-11.65M-10.11M-14.6M-94.92M4.74M-28.36M-15.42M-23.62M-6.04M
Net Change in Cash
-68.18M▲ 0%
58.27M▲ 185.5%
85.76M▲ 47.2%
253.62M▲ 195.7%
-12.97M▼ 105.1%
-202.12M▼ 1458.8%
39.42M▲ 119.5%
-55.86M▼ 241.7%
136.18M▲ 343.8%
Exchange Rate Effect000000000
Cash at Beginning212.84M146.81M205.08M290.83M544.45M531.48M329.36M368.79M312.93M
Cash at End144.66M205.08M290.83M544.45M531.48M329.36M368.79M312.93M449.11M
Free Cash Flow
-1.71B▲ 0%
-1.64B▲ 4.5%
95.21M▲ 105.8%
-505.47M▼ 630.9%
-5.69B▼ 1026.6%
-139.14M▲ 97.6%
-2.02B▼ 1348.8%
-5.86B▼ 190.8%
-10.09B▼ 72.2%
FCF Growth %-205.5%4.47%105.82%-630.89%-1026.59%97.56%-1348.77%-190.82%-72.19%
FCF / Revenue %-716.54%-757.36%29.1%158.93%-1055.33%629.48%-1271.03%-2417.57%-911.88%

RWT Key Ratios

Redwood Trust, Inc. (RWT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share1.351.391.11.95-4.952.48-1.260.110.5-0.46
FFO Payout Ratio66.82%62.35%80.06%48.62%-14.88%26.07%-75.66%702.51%140.92%-165.05%
NOI Margin94.28%100%96.54%96.96%104%95.93%189.2%86.29%86.15%95.63%
Net Debt / EBITDA21.41x33.90x75.77x50.55x-32.01x-1187.88x216.73x20.56x
Debt / Assets76.35%80.67%86.97%87.79%85.46%87.57%88.29%88.55%89.79%93.51%
Interest Coverage2.65x2.40x1.55x-0.02x-0.04x-0.04x0.67x0.02x0.09x0.96x
Book Value / Share52.2266.13104.76126.839.759.769.2510.348.997.54
Revenue Growth21.14%-7.85%-9.62%51.35%-197.21%269.67%-104.1%817.51%52.9%356.5%

RWT SEC Filings & Documents

Redwood Trust, Inc. (RWT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Mar 12, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FY 2025

May 9, 2025·SEC

RWT Frequently Asked Questions

Redwood Trust, Inc. (RWT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Redwood Trust, Inc. (RWT) reported $1.06B in revenue for fiscal year 2025. This represents a 6195% increase from $16.9M in 1996.

Redwood Trust, Inc. (RWT) grew revenue by 356.5% over the past year. This is strong growth.

Redwood Trust, Inc. (RWT) reported a net loss of $70.0M for fiscal year 2025.

Dividend & Returns

Yes, Redwood Trust, Inc. (RWT) pays a dividend with a yield of 13.64%. This makes it attractive for income-focused investors.

Redwood Trust, Inc. (RWT) has a return on equity (ROE) of -6.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Redwood Trust, Inc. (RWT) generated Funds From Operations (FFO) of $-60.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Redwood Trust, Inc. (RWT) offers a 13.64% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More RWT

Redwood Trust, Inc. (RWT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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