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RWTNRedwood Trust, Inc. 9.125% Seni
$24.90$3.1B
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RWTN logoRedwood Trust, Inc. 9.125% Seni(RWTN)Earnings, Financials & Key Ratios

RWTN•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$275M+13.3%
  • FFO-$70M-206.3%
  • FFO/Share-0.62-224.2%
  • FFO Payout0%-100.0%
  • FFO per Share-0.62-224.2%
  • NOI Margin89.7%-10.3%
  • FFO Margin-25.49%-193.8%
  • ROE-6.45%-242.9%
  • ROA-0.33%-201.3%

RWTN Key Insights

Redwood Trust, Inc. 9.125% Seni (RWTN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 34.5%
  • ✓High NOI margin of 89.7%
  • ✓Healthy dividend yield of 3.5%
  • ✓Share count reduced 14.4% through buybacks
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 22.7x
  • ✗Weak Piotroski F-Score: 1/9
  • ✗FFO declining 203.4% TTM

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

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RWTN Price & Volume

Redwood Trust, Inc. 9.125% Seni (RWTN) stock price & volume — 10-year historical chart

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RWTN Growth Metrics

Redwood Trust, Inc. 9.125% Seni (RWTN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.52%
5 Years-
3 Years-
TTM302.8%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-229.71%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-524.2%

Return on Capital

10 Years0.75%
5 Years0.54%
3 Years0.26%
Last Year-0.13%

RWTN Recent Earnings

Redwood Trust, Inc. 9.125% Seni (RWTN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 0/4 qtrs (0%)●Beat Revenue 1/4 qtrs (25%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.21-1.7%
$0.21
Rev
$64M-26.6%
$87M
Q1 2026
Feb 11, 2026
Metric
Actual
Est
EPS
$0.13-18.3%
$0.16
Rev
$88M+14.7%
$76M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.00-97.8%
$0.17
Rev
$61M-20.5%
$77M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.10-158.5%
$0.17
Rev
$52M-166.4%
$78M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.21vs $0.21-1.7%
$64Mvs $87M-26.6%
Q1 2026Feb 11, 2026
$0.13vs $0.16-18.3%
$88Mvs $76M+14.7%
Q4 2025Oct 29, 2025
$0.00vs $0.17-97.8%
$61Mvs $77M-20.5%
Q3 2025Jul 30, 2025
$0.10vs $0.17-158.5%
$52Mvs $78M-166.4%
Based on last 4 quarters of dataView full earnings history →

RWTN Peer Comparison

Redwood Trust, Inc. 9.125% Seni (RWTN) 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
RWT logoRWTRedwood Trust, Inc.Direct Competitor644.97M5.16-8.19356.5%-6.58%-6.64%22.56
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
IVR logoIVRInvesco Mortgage Capital Inc.Direct Competitor574.68M8.005.23-24.6%30.19%13.34%7.05
CIM logoCIMChimera Investment CorporationDirect Competitor1.11B13.284.83218.22%2.72%0.75%5.08
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 RWTN vs Peers

Redwood Trust, Inc. 9.125% Seni (RWTN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RWT

Most directly comparable listed peer for RWTN.

Scale Benchmark

vs RKT

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

Peer Set

Compare Top 5

vs RWT, MFA, MITT, IVR

RWTN Income Statement

Redwood Trust, Inc. 9.125% Seni (RWTN) 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-22.1M158.6M242.5M274.78M
Revenue Growth %
-7.85%-9.62%51.35%-197.21%269.67%-104.1%817.51%52.9%13.31%
Property Operating Expenses
0000000028.3M
Net Operating Income (NOI)
239.18M▲ 0%
216.17M▼ 9.6%
327.17M▲ 51.3%
-318.03M▼ 197.2%
539.6M▲ 269.7%
-22.1M▼ 104.1%
158.6M▲ 817.5%
242.5M▲ 52.9%
246.48M▲ 1.6%
NOI Margin %
100%100%100%100%100%100%100%100%89.7%
Operating Expenses
87.02M85.49M105.73M108.65M161.41M133.91M126.3M134.39M273.15M
G&A Expenses
77.16M75.3M105.73M108.65M161.41M133.91M126.3M134.39M153.95M
EBITDA
00221.45M-426.68M378.2M-156.01M32.3M108.1M-26.77M
EBITDA Margin %
0%0%67.68%134.16%70.09%705.81%20.37%44.58%-9.74%
Depreciation & Amortization
-152.16M-130.69M0000000
D&A / Revenue %
-63.62%-60.46%0%0%0%0%0%0%0%
Operating Income
152.16M▲ 0%
130.69M▼ 14.1%
221.45M▲ 69.4%
-426.68M▼ 292.7%
378.2M▲ 188.6%
-156.01M▼ 141.3%
32.3M▲ 120.7%
108.1M▲ 234.7%
-26.67M▼ 124.7%
Operating Margin %
63.62%60.46%67.68%134.16%70.09%705.81%20.37%44.58%-9.71%
Interest Expense
0000000842.56M18.1M
Interest Coverage
-------0.13x-1.48x
Non-Operating Income
00221.45M-426.68M378.2M-156.01M32.3M108.1M100K
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%
-44.87M▼ 161.6%
Pretax Margin %
63.62%60.46%53.98%184.4%62.66%829.9%-0.4%30.04%-16.33%
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%-56.11%
Net Income
136.77M▲ 0%
115.85M▼ 15.3%
169.18M▲ 46.0%
-581.85M▼ 443.9%
319.61M▲ 154.9%
-163.52M▼ 151.2%
-2.27M▲ 98.6%
54M▲ 2474.8%
-70.05M▼ 229.7%
Net Margin %
57.19%53.59%51.71%182.95%59.23%739.78%-1.43%22.27%-25.49%
Net Income Growth %
7.27%-15.3%46.04%-443.92%154.93%-151.16%98.61%2474.85%-229.71%
Funds From Operations (FFO)
-15.38M▲ 0%
-14.84M▲ 3.5%
187.83M▲ 1365.5%
-564.48M▼ 400.5%
351.7M▲ 162.3%
-133.63M▼ 138.0%
25.01M▲ 118.7%
65.92M▲ 163.6%
-70.05M▼ 206.3%
FFO Margin %
-6.43%-6.87%57.41%177.49%65.18%604.55%15.77%27.18%-25.49%
FFO Growth %
12.35%3.52%1365.51%-400.53%162.31%-138%118.72%163.57%-
FFO per Share
-0.15-0.131.37-4.952.48-1.140.220.50-0.62
FFO Payout Ratio %
-573.97%-652.22%68.92%0%26.07%0%374.15%151.56%0%
EPS (Diluted)
1.34▲ 0%
1.05▼ 21.6%
1.20▲ 14.3%
-5.12▼ 526.7%
2.17▲ 142.4%
-1.43▼ 165.9%
-0.11▲ 92.3%
0.32▲ 390.9%
-0.62▼ 293.7%
EPS Growth %
3.08%-21.64%14.29%-526.67%142.38%-165.9%92.31%390.91%-293.75%
EPS (Basic)
1.601.341.46-5.122.37-1.43-0.110.32-0.62
Diluted Shares Outstanding
101.98M110.03M136.78M113.94M142.07M117.23M116.28M132.14M113.07M

RWTN Balance Sheet

Redwood Trust, Inc. 9.125% Seni (RWTN) 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 %
28.38%69.57%50.75%-42.46%42.03%-11.4%11.31%25.88%29.81%
Real Estate & Other Assets
6.83B11.7B17.58B9.81B14.17B12.65B14.11B-147.27M711.63M
PP&E (Net)
2.65M5.11M16.77M19.21M27.79M28.79M20.36M13.84M0
Investment Securities
000000001000K
Total Current Assets
144.66M175.76M196.97M461.26M450.49M258.89M293.1M0256M
Cash & Equivalents
144.66M175.76M196.97M461.26M450.49M258.89M293.1M312.93M256M
Receivables
00000001000K0
Other Current Assets
0000000-526.87M0
Intangible Assets
63.6M60.28M115.01M65.68M54M66.31M53.34M00
Total Liabilities
5.83B10.59B16.17B9.24B13.32B11.95B13.3B17.07B22.72B
Total Debt
3.74B7.98B13.47B8.53B10.89B9.72B11.49B16.75B22.29B
Net Debt
3.59B7.81B13.27B8.06B10.44B9.46B11.2B16.43B22.04B
Long-Term Debt
3.74B7.98B13.47B8.53B10.89B9.72B11.49B15.19B22.29B
Short-Term Borrowings
00000001.55B3.28B
Capital Lease Obligations
00000007.32M0
Total Current Liabilities
42.46M62.3M98.9M64.76M118.31M83.28M86.42M00
Accounts Payable
000000000
Deferred Revenue
000000000
Other Liabilities
2.05B2.54B2.6B653.26M2.31B2.14B1.72B-15.2B427M
Total Equity
1.21B▲ 0%
1.35B▲ 11.3%
1.83B▲ 35.5%
1.11B▼ 39.2%
1.39B▲ 24.8%
1.08B▼ 21.8%
1.2B▲ 11.1%
1.19B▼ 1.4%
983M▼ 17.2%
Equity Growth %
5.47%11.26%35.47%-39.2%24.77%-21.8%11.09%-1.35%-17.25%
Shareholders Equity
1.21B1.35B1.83B1.11B1.39B1.08B1.2B1.19B983M
Minority Interest
000000000
Common Stock
766K849K1.14M1.12M1.15M1.14M1.31M1.32M1.25M
Additional Paid-in Capital
00000002.5B2.46B
Retained Earnings
-547.57M-524.77M-485.04M-1.15B-922.93M-1.2B-1.3B-1.34B-1.52B
Preferred Stock
00000068.43M66.95M66.95M
Return on Assets (ROA)
2.18%1.22%1.13%-4.1%2.55%-1.18%-0.02%0.33%-0.33%
Return on Equity (ROE)
11.58%9.05%10.65%-39.61%25.6%-13.24%-0.2%4.52%-6.45%
Debt / Assets
53.12%66.87%74.85%82.34%74.08%74.59%79.24%91.72%94.05%
Debt / Equity
3.08x5.92x7.37x7.67x7.86x8.97x9.54x14.10x22.68x
Net Debt / EBITDA
--59.93x-27.62x-346.71x152.02x-
Book Value per Share
11.8912.2613.369.759.769.2510.368.998.69

RWTN Cash Flow Statement

Redwood Trust, Inc. 9.125% Seni (RWTN) 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%-3673.66%
Net Income
140.41M119.6M164.39M-583.84M308.98M-167.85M-6.27M54M0
Depreciation & Amortization
1.21M1.31M18.64M17.36M32.09M29.89M27.28M11.92M0
Stock-Based Compensation
10.38M13.74M0000025.02M0
Other Non-Cash Items
-1.85B-1.7B-1.27B-171.87M-6.01B35.42M-1.99B-5.91B-10.18B
Working Capital Changes
-17.56M-41.85M-78.71M232.87M-22.87M-36.59M-51.49M-40.71M85.54M
Cash from Investing
280.38M-12.75M1.03B4.07B1.4B213.89M908.72M2.54B4.53B
Acquisitions (Net)
0-237.65M-455.34M00-40.64M000
Purchase of Investments
00-707.45M-292.05M-330.54M-15.01M-9.86M00
Sale of Investments
00995.54M976.85M184.74M135.05M200.81M010.96B
Other Investing
280.38M224.9M1.19B3.39B1.55B134.47M717.76M2.54B-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-98.97M
Common Dividends
-88.3M-96.8M00000-99.91M0
Debt Issuance (Net)
00-1000K-1000K1000K-1000K1000K1000K1000K
Share Repurchases
-12.55M-21.15M0-21.66M0-56.5M0-5.01M-51.83M
Other Financing
1.45B1.78B-7.58M-84.68M4.74M-7.25M-12.25M-18.14M-13.05M
Net Change in Cash
-74.66M▲ 0%
58.27M▲ 178.0%
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
000010000
Cash at Beginning
221.47M146.81M205.08M290.83M544.45M531.48M329.36M368.79M312.93M
Cash at End
146.81M205.08M290.83M544.45M531.48M329.36M368.79M312.93M449.11M
Free Cash Flow
-1.71B▲ 0%
-1.61B▲ 5.9%
-1.17B▲ 27.7%
-505.47M▲ 56.6%
-5.69B▼ 1026.6%
-139.14M▲ 97.6%
-2.02B▼ 1348.8%
-5.86B▼ 190.8%
-10.09B▼ 72.2%
FCF Growth %
-213.97%5.92%27.68%56.63%-1026.59%97.56%-1348.77%-190.82%-72.19%
FCF / Revenue %
-716.27%-745.57%-356.26%158.93%-1055.33%629.48%-1271.03%-2417.57%-3673.66%

RWTN Key Ratios

Redwood Trust, Inc. 9.125% Seni (RWTN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share
-0.18-0.15-0.131.37-4.952.48-1.140.220.5-0.62
FFO Payout Ratio
-504.05%-573.97%-652.22%68.92%0%26.07%0%374.15%151.56%0%
NOI Margin
100%100%100%100%100%100%100%100%100%89.7%
Net Debt / EBITDA
---59.93x-27.62x-346.71x152.02x-
Debt / Assets
61.9%53.12%66.87%74.85%82.34%74.08%74.59%79.24%91.72%94.05%
Interest Coverage
--------0.13x-1.48x
Book Value / Share
11.7411.8912.2613.369.759.769.2510.368.998.69
Revenue Growth
21.14%-7.85%-9.62%51.35%-197.21%269.67%-104.1%817.51%52.9%13.31%
Related:RWTN Dividend History·RWTN Revenue History·RWTN Price History·RWTN P/E History·RWTN Financial Ratios·RWTN Institutional Holders

RWTN SEC Filings & Documents

Redwood Trust, Inc. 9.125% Seni (RWTN) 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

RWTN Frequently Asked Questions

Redwood Trust, Inc. 9.125% Seni (RWTN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Redwood Trust, Inc. 9.125% Seni (RWTN) reported $977.2M in revenue for fiscal year 2025. This represents a 261% increase from $270.8M in 2013.

Redwood Trust, Inc. 9.125% Seni (RWTN) grew revenue by 13.3% over the past year. This is steady growth.

Redwood Trust, Inc. 9.125% Seni (RWTN) reported a net loss of $70.0M for fiscal year 2025.

Dividend & Returns

Yes, Redwood Trust, Inc. 9.125% Seni (RWTN) pays a dividend with a yield of 3.52%. This makes it attractive for income-focused investors.

Redwood Trust, Inc. 9.125% Seni (RWTN) has a return on equity (ROE) of -6.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Redwood Trust, Inc. 9.125% Seni (RWTN) generated Funds From Operations (FFO) of $-73.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Redwood Trust, Inc. 9.125% Seni (RWTN) offers a 3.52% 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 RWTN back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

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

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