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RWTRedwood Trust, Inc.
$5.16$645M
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RWT logoRedwood Trust, Inc.(RWT)Earnings, Financials & Key Ratios

RWT•NYSE•REIT / Real Estate
Price updated Jun 19, 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%

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.

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RWT Price & Volume

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

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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 6/12 qtrs (50%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.28+19.1%
$0.24
Rev
$64M-26.6%
$87M
Q1 2026
Feb 11, 2026
Metric
Actual
Est
EPS
$0.33+50.0%
$0.22
Rev
$88M+14.7%
$76M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.20+25.0%
$0.16
Rev
$61M+146.7%
$25M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.18-5.3%
$0.19
Rev
$47M+57.3%
$30M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.28vs $0.24+19.1%
$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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MFA logoMFAMFA Financial, Inc.Direct Competitor972.95M9.535.67213.02%20.7%7.43%6.01
MITT logoMITTTPG Mortgage Investment Trust IncDirect Competitor251.98M7.948.8214.4%6.82%6.11%14.45
SACH logoSACHSachem Capital Corp.Direct Competitor44.6M0.9323.72-18.16%-1.5%-0.39%1.59
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.05B18.0928.27-13.96%6.75%2.93%4.61
RC logoRCReady Capital CorporationDirect Competitor289.13M1.75-1.2217.26%-290.69%-29.57%3.55
NLY logoNLYAnnaly Capital Management, Inc.Product Competitor15.96B22.217.615.35%30.28%14.05%6.92
AGNC logoAGNCAGNC Investment Corp.Product Competitor11.66B10.387.06-60.79%87.02%15.1%0.01
TWO logoTWOTwo Harbors Investment Corp.Product Competitor1.29B12.32-2.83-28.4%-44.82%-19.11%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 RKT

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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue
239.18M216.17M327.17M-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 Expenses
07.48M9.94M12.73M21.98M19.72M21.74M33.59M48.38M
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 Expenses
77.16M75.3M105.73M108.65M161.41M133.91M126.3M134.39M3.23M
G&A Expenses
77.16M75.3M105.73M108.65M161.41M133.91M126.3M134.39M0
EBITDA
163.24M134.7M308.61M-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 & Amortization
1.21M1.31M97.1M17.36M32.09M15.92M0010.06M
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 Expense
109M239M480M448M427M552M631.52M842.56M1.1B
Interest Coverage
2.40x1.55x-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 Tax
11.75M11.09M7.44M-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 Share
1.391.101.95-4.952.48-1.260.110.50-0.46
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 Outstanding
101.97M110.03M136.78M113.94M142.07M117.23M116.28M132.14M130.25M

RWT Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets
7.04B11.94B18B10.36B14.71B13.03B14.5B18.26B23.7B
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 Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets
144.66M175.76M740.5M000001B
Cash & Equivalents
145M176M197M461.26M450.49M258.89M293.1M245.16M255.66M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
0000-794.86M-505.76M-550.26M-670.58M193.45M
Intangible Assets
64M60.28M72.79M56.87M41.56M40.89M28.46M19.05M10.62M
Total Liabilities
5.83B10.59B16.17B9.24B13.32B11.95B13.3B17.07B22.72B
Total Debt
5.68B10.38B15.8B8.85B12.88B11.5B12.84B16.39B22.16B
Net Debt
5.53B10.21B15.6B8.39B12.43B11.25B12.55B16.15B21.91B
Long-Term Debt
3.74B7.98B13.33B8.39B10.76B9.58B11.48B14.63B18.87B
Short-Term Borrowings
1.29B1.41B2.33B444.83M2.1B1.9B1.35B1.75B3.28B
Capital Lease Obligations
0013.44M13.22M20.96M18.56M14.72M11.03M10.67M
Total Current Liabilities
2.09B2.61B2.39B629.49M00003.55B
Accounts Payable
18.43M42.53M66.12M34.86M47.57M50.85M57.75M77.79M91.55M
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 Equity
1.21B1.35B1.83B1.11B1.39B1.08B1.2B1.19B982.62M
Minority Interest
5.53B10.18B15.52B000000
Common Stock
766K849K1.14M1.12M1.15M1.14M1.31M1.32M1.25M
Additional Paid-in Capital
1.67B1.81B2.27B2.26B2.32B2.35B2.49B2.5B2.46B
Retained Earnings
-547.57M-524.77M-485.04M-1.15B1.32B1.15B1.14B1.19B-1.52B
Preferred Stock
00000066.95M66.95M66.95M
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 / Assets
80.67%86.97%87.79%85.46%87.57%88.29%88.55%89.79%93.51%
Debt / Equity
0.84x0.90x0.91x7.97x9.29x10.61x10.68x13.80x22.56x
Net Debt / EBITDA
33.90x75.77x50.55x-32.01x-1187.88x216.73x20.56x
Book Value per Share
66.13104.76126.839.759.769.2510.348.997.54

RWT Cash Flow Statement

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

MetricDec'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 Income
140.41M119.6M169.18M-581.85M319.61M-163.52M-2.27M54M-70.03M
Depreciation & Amortization
1.21M1.31M10.13M17.36M16.78M15.92M14.85M11.92M0
Stock-Based Compensation
10.38M13.74M14.96M15.3M18.9M23.94M19.06M20.74M0
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 Investing
286.86M-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 Investments
306.2M761.47M995.54M937.36M184.74M177.8M243.77M61.27M10.96B
Other Investing
581.53M566.22M-67.68M3.43B1.62B339.95M782.86M2.71B-6.43B
Cash from Financing
1.36B1.68B225.47M-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 Effect
000000000
Cash at Beginning
212.84M146.81M205.08M290.83M544.45M531.48M329.36M368.79M312.93M
Cash at End
144.66M205.08M290.83M544.45M531.48M329.36M368.79M312.93M449.11M
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 Share
1.351.391.11.95-4.952.48-1.260.110.5-0.46
FFO Payout Ratio
66.82%62.35%80.06%48.62%-14.88%26.07%-75.66%702.51%140.92%-165.05%
NOI Margin
94.28%100%96.54%96.96%104%95.93%189.2%86.29%86.15%95.63%
Net Debt / EBITDA
21.41x33.90x75.77x50.55x-32.01x-1187.88x216.73x20.56x
Debt / Assets
76.35%80.67%86.97%87.79%85.46%87.57%88.29%88.55%89.79%93.51%
Interest Coverage
2.65x2.40x1.55x-0.02x-0.04x-0.04x0.67x0.02x0.09x0.96x
Book Value / Share
52.2266.13104.76126.839.759.769.2510.348.997.54
Revenue Growth
21.14%-7.85%-9.62%51.35%-197.21%269.67%-104.1%817.51%52.9%356.5%
Related:RWT Dividend History·RWT Revenue History·RWT Price History·RWT P/E History·RWT Financial Ratios·RWT Institutional Holders

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 14.73%. 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 14.73% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in RWT back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in RWT be worth today?

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