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RWTRedwood Trust, Inc.
$3.72$466M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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RWT logo

Redwood Trust, Inc.

RWT
NYSE · Mortgage REITs
$3.72
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$466M
P/E-5.9x
52W High$6.97
Volume4.74M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Extreme Leverage and Cash Flow Volatility Undermine Dividend Sustainability

Redwood Trust's aggressive balance sheet expansion, with total debt surging 105% to $27.5B against a 22% equity decline to $934M, has resulted in a debt-to-equity ratio of 29.41x, creating significant refinancing risk. The company's core mortgage banking opera...

GrowthMixed
ProfitabilityStrained
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

RWT price & volume

Price trend, volume and key moving averages

Launch Terminal
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Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

3/12 Beats

EPS beat 3 of last 12 quarters

02

Valuation risk

-179% Peers

P/E is 179% below peer median

03

Market leadership

RS 15 · Lag

Laggard (Underperforming 85% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 28

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
RWT-24.60%
S&P 500 (^GSPC)+12.39%
1-Year Return
RWT-20.34%
S&P 500 (^GSPC)+15.77%
3-Year Return
RWT-19.31%
S&P 500 (^GSPC)+73.75%
5-Year Return
RWT-41.05%
S&P 500 (^GSPC)+64.99%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-5.9x
Forward P/E
4.0x
EV/EBITDA40th %ile
21.0x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-5.9x
20.4x
0th· Low
EV/EBITDA
21.0x
21.2x
40th· Fair
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.11B+2.2% YoY
Net income
-$70M-229.7% YoY
Free cash flow
-$10.09B-72.2% YoY
Operating margin
95.3%+10.8 pts YoY
ROIC (TTM)3.9%
Avg ROIC 5Y-
ROE (TTM)-6.5%
Piotroski Score2 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate3/12 (25%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 28, 2026
$0.25+8.8%
vs $0.23
$79M-12.2%
vs $89M
Q2 2026
Apr 29, 2026
$0.28+31.1%
vs $0.21
$87M+0.1%
vs $87M
Q1 2026
Feb 11, 2026
$0.15-31.8%
vs $0.22
$88M+14.7%
vs $76M
Q4 2025
Oct 29, 2025
-$0.08-150.0%
vs $0.16
$61M-20.5%
vs $77M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·Sep 14, 2026
Bradley L. Radoff Urges Redwood Trust's Board of Directors to Explore a Sale

HOUSTON--(BUSINESS WIRE)--Bradley L. Radoff today issued the following open letter to the Board of Directors of Redwood Trust, Inc. (NYSE: RWT). *** September 14, 2026 Redwood Trust, Inc. One Belvedere Place, Suite 300 Mill Valley, California 94941 Attn: The Board of Directors Members of the Board of Directors (the “Board”), I am a significant holder of the outstanding shares of Redwood Trust, Inc. (“Redwood Trust” or the “Company”). Given the Company's recent refinancing, I believe the Board s.

GuruFocus·Sep 11, 2026
Redwood Trust Prices Upsized $185.0 Million Convertible Senior Notes Offering

[url="]Redwood Trust, Inc.[/url] (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today anno

Business Wire·Sep 11, 2026
Redwood Trust Prices Upsized $185.0 Million Convertible Senior Notes Offering

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced that it priced $185,000,000 aggregate principal amount of its 7.00% convertible senior notes due 2030 (the “Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate princ.

Business Wire·Sep 10, 2026
Redwood Trust Announces Third Quarter 2026 Common and Preferred Dividends

MILL VALLEY, Calif.--(BUSINESS WIRE)--Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced that its Board of Directors (the “Board”) has declared third quarter 2026 common and preferred stock dividends.Common Stock DividendThe Board has authorized the declaration of a third quarter 2026 regular common stock dividend of $0.18 per share, unchanged from the second quarter of 2026. This marks the Company's 10.

Filtered for Redwood Trust, Inc.More Headlines
04

Compare before deciding

Benchmark RWT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Redwood Trust, Inc. (RWT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
RWT logoRWTRedwood Trust, Inc.Current
$3.72$465.8M-5.902.18%-6.33%-6.45%20.43%
MFA logoMFAMFA Financial, Inc.
$8.32$849.42M4.95213.02%19.71%8.23%—
MITT logoMITTTPG Mortgage Investment Trust Inc
$6.19$196.86M6.8814.4%9.02%7.95%—
SACH logoSACHSachem Capital Corp.
$0.91$43.81M23.31-18.16%-26.75%-5.37%—
BXMT logoBXMTBlackstone Mortgage Trust, Inc.
$12.57$2.12B19.64-13.96%1.19%0.45%—
RC logoRCReady Capital Corporation
$1.46$241.22M-1.011725.96%-135.95%-35.22%—

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

RWT SEC Filings & Documents

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

8-K Announcements

6
Material company update

Sep 15, 2026·SEC

Material company update

Sep 10, 2026·SEC

Material company update

Jul 28, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 7, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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RWT Frequently Asked Questions

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

Growth & Financials
What is Redwood Trust, Inc.'s revenue?

Redwood Trust, Inc. (RWT) reported $1.32B in revenue for fiscal year 2025. This represents a 7699% increase from $16.9M in 1996.

How fast is Redwood Trust, Inc. growing?

Redwood Trust, Inc. (RWT) grew revenue by 2.2% over the past year. Growth has been modest.

Is RWT profitable?

Yes, Redwood Trust, Inc. (RWT) is profitable, generating $5.7M in net income for fiscal year 2025 (-6.3% net margin).

Dividend & Returns
Does RWT pay dividends?

Yes, Redwood Trust, Inc. (RWT) pays a dividend with a yield of 20.43%. This makes it attractive for income-focused investors.

What is RWT's return on equity?

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

Industry Metrics
What is Redwood Trust, Inc.'s FFO?

Redwood Trust, Inc. (RWT) generated Funds From Operations (FFO) of $15.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is RWT a good dividend stock?

Redwood Trust, Inc. (RWT) offers a 20.43% 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

See returns →