RWT

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Redwood Trust, Inc.

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Key Metrics

Previous Close: $4.83
52-Week Range: $4.19 – $6.97
Market Cap: $596.66M
P/E (TTM): —
EPS (TTM): -0.06
Dividend Yield: 14.91%

Advanced Metrics

Price/Book: 0.64
PEG Ratio: 1.47
Return on Equity: 0.57%
Return on Assets: 0.02%
Gross Margin: 80.88%
Operating Margin: 0.08%
Profit Margin: 2.19%
Current Ratio: 6.52
Debt/Equity: 29.40
Total Debt: $27.50B
Free Cash Flow: —
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $27.73B

RWT Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	-$26.94M	$143.89M	$223.32M	$130.97M
Selling, General & Admin	$127.26M	$123.10M	$131.63M	$147.34M
Pretax Income	-$183.44M	-$639.00K	$72.84M	-$44.84M
Income Tax	-$19.92M	$1.64M	$18.84M	$25.18M
Net Income	-$163.52M	-$2.27M	$54.00M	-$70.03M
Diluted EPS	-1.43	-0.11	0.33	-0.63
Diluted Shares	117.23M	116.28M	132.09M	130.25M

RWT Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$258.89M	$293.10M	$245.16M	$255.66M
Receivables	$114.72M	$169.79M	$213.94M	$202.48M
Total Assets	$13.03B	$14.50B	$18.26B	$23.70B
Long-Term Debt	$9.58B	$11.48B	$14.63B	$18.87B
Total Debt	$11.50B	$12.84B	$16.39B	$22.13B
Total Liabilities	$11.95B	$13.30B	$17.07B	$22.72B
Retained Earnings	$1.15B	$1.14B	-$1.34B	-$1.52B
Shareholders' Equity	$1.08B	$1.20B	$1.19B	$982.62M
Net Debt	$11.23B	$12.54B	$16.14B	$21.87B

RWT Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$139.14M	-$2.02B	-$5.86B	-$10.09B
Free Cash Flow	-$139.14M	-$2.02B	-$5.86B	-$10.09B
Depreciation & Amortisation	$15.92M	$14.85M	$11.92M	$10.06M
Stock-Based Compensation	$23.94M	$19.06M	$20.74M	$17.17M
Investing Cash Flow	$213.89M	$908.72M	$2.54B	$4.53B
Financing Cash Flow	-$276.87M	$1.15B	$3.27B	$5.70B
Dividends Paid	-$111.67M	-$93.58M	-$99.91M	-$105.99M
Share Repurchases	-$56.50M	$0.00	$0.00	-$51.83M
Net Change in Cash	-$202.12M	$39.42M	-$55.86M	$136.18M

RWT Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	-$52.91M	$43.04M	$77.06M	$48.48M	—
Selling, General & Admin	$35.47M	$37.67M	$38.33M	$47.42M	—
Pretax Income	-$93.93M	-$1.35M	$28.03M	-$8.01M	—
Income Tax	$4.56M	$6.35M	$8.01M	-$2.50M	—
Net Income	-$98.49M	-$7.70M	$20.02M	-$5.50M	—
Diluted EPS	-0.76	-0.08	—	-0.07	-0.03
Diluted Shares	133.01M	129.02M	—	124.77M	125.33M

RWT Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$259.92M	$301.98M	$226.32M	$255.66M	$202.41M
Receivables	$191.74M	$273.59M	$254.76M	$202.48M	$302.71M
Total Assets	$19.87B	$21.33B	$22.60B	$23.70B	$26.82B
Long-Term Debt	$15.82B	$17.16B	$17.97B	$18.87B	$21.79B
Total Debt	$17.86B	$19.51B	$21.03B	$22.13B	$25.05B
Total Liabilities	$18.69B	$20.28B	$21.60B	$22.72B	$25.86B
Retained Earnings	$1.21B	$1.11B	$1.10B	-$1.52B	-$1.55B
Shareholders' Equity	$1.18B	$1.05B	$999.01M	$982.62M	$956.71M
Net Debt	$17.58B	$19.20B	$20.79B	$21.87B	$24.84B

RWT Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$1.95B	-$2.11B	-$2.67B	-$3.36B	-$4.51B
Free Cash Flow	-$1.95B	-$2.11B	-$2.67B	-$3.36B	-$4.51B
Depreciation & Amortisation	$2.75M	$2.71M	$2.33M	$2.27M	$2.27M
Stock-Based Compensation	$5.10M	$4.63M	$5.07M	$2.36M	$6.21M
Investing Cash Flow	$658.76M	$979.08M	$1.28B	$1.61B	$1.23B
Financing Cash Flow	$1.33B	$1.24B	$1.27B	$1.87B	$3.12B
Dividends Paid	-$27.10M	-$27.08M	-$26.05M	-$25.76M	-$25.50M
Share Repurchases	$0.00	-$7.51M	-$29.56M	-$14.76M	-$1.12M
Net Change in Cash	$33.55M	$101.75M	-$118.04M	$118.92M	-$154.41M

Market Snapshot

About

Redwood Trust, Inc. is a specialty finance company focused on investing in mortgage-related assets and residential credit risk. The company operates through residential and business purpose lending segments, originating and aggregating loans for securitization. Redwood pioneered private-label mortgage securitization and continues to provide innovative capital solutions in residential and multifamily real estate finance.