Redwood Trust Financials

RWT

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Redwood Trust (RWT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$945.2M

YoY+64.4%

5Y CAGR+30.7%

10Y CAGR+15.1%

Redwood Trust generated $945.2M in revenue in fiscal year 2024. This represents an increase of 64.4% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$54.0M

YoY-83.1%

5Y CAGR-17.4%

10Y CAGR-8.5%

Redwood Trust reported $54.0M in net income in fiscal year 2024. This represents a decrease of 83.1% from the prior year.

EPS (Diluted)

$0.32

YoY-86.5%

5Y CAGR-27.5%

10Y CAGR-14.8%

Redwood Trust earned $0.32 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 86.5% from the prior year.

Cash & Debt

$245.2M

YoY-45.5%

5Y CAGR+11.1%

10Y CAGR+11.7%

Redwood Trust held $245.2M in cash against $1.7B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.67

YoY-14.1%

5Y CAGR-9.8%

10Y CAGR-3.9%

Redwood Trust paid $0.67 per share in dividends in fiscal year 2024. This represents a decrease of 14.1% from the prior year.

Shares Outstanding

133M

YoY+15.3%

5Y CAGR+11.6%

10Y CAGR+5.0%

Redwood Trust had 133M shares outstanding in fiscal year 2024. This represents an increase of 15.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

5.7%

YoY-49.9pp

5Y CAGR-50.9pp

10Y CAGR-51.2pp

Redwood Trust's net profit margin was 5.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 49.9 percentage points from the prior year.

Return on Equity

4.5%

YoY-18.5pp

5Y CAGR-7.0pp

10Y CAGR-7.0pp

Redwood Trust's ROE was 4.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 18.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

Redwood Trust spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

RWT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$945.2M+64.4%	$574.9M+0.5%	$571.9M-8.1%	$622.3M+64.3%	$378.7M+52.7%	$248.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$136.4M-17.4%	$165.2M+45.6%	$113.5M+4.4%	$108.7M+44.4%	$75.3M-2.4%	$77.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$842.6M+97.4%	$426.7M-4.7%	$448.0M-6.6%	$479.8M+100.7%	$239.0M+119.7%	$108.8M
Income Tax	$18.8M+1.9%	$18.5M+501.0%	-$4.6M-161.9%	$7.4M-32.9%	$11.1M-5.7%	$11.8M
Net Income	$54.0M-83.1%	$319.6M+154.9%	-$581.8M-443.9%	$169.2M+41.5%	$119.6M-14.8%	$140.4M
EPS (Diluted)	$0.32-86.5%	$2.37+146.3%	$-5.12-450.7%	$1.46+9.0%	$1.34-16.3%	$1.60

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	$299.5M+5.3%	$284.3M+4.5%	$272.1M+43.3%	$189.9M+7.2%	$177.1M-1.1%	$179.0M+0.3%	$178.5M+0.5%	$177.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$38.7M+4.7%	$37.0M-1.3%	$37.5M+16.2%	$32.2M+8.6%	$29.7M-3.6%	$30.8M-13.4%	$35.6M-7.0%	$38.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$284.5M+5.2%	$270.5M+10.8%	$244.2M+43.8%	$169.8M+8.4%	$156.7M+2.5%	$152.9M+0.5%	$152.1M+6.6%	$142.7M
Income Tax	$6.4M+39.3%	$4.6M-27.1%	$6.3M+530.6%	$993K-41.5%	$1.7M+2358.0%	$69K+106.1%	-$1.1M-179.3%	$1.4M
Net Income	-$7.7M+92.2%	-$98.5M-710.0%	$16.1M-23.3%	$21.0M+168.3%	-$30.8M-1172.4%	$2.9M-37.8%	$4.6M+109.2%	-$50.4M
EPS (Diluted)	$-0.08+89.5%	$-0.76-860.0%	$0.10-37.5%	$0.16+155.2%	$-0.29	$0.00-100.0%	$0.02+104.5%	$-0.44

RWT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$18.3B+24.1%	$14.7B+42.0%	$10.4B-42.5%	$18.0B+50.7%	$11.9B+69.6%	$7.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$245.2M-45.5%	$450.0M-2.4%	$461.0M+134.0%	$197.0M+11.9%	$176.0M+21.4%	$145.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.4M	$0	$0-100.0%	$88.7M	$0	N/A
Total Liabilities	$17.1B+28.1%	$13.3B+44.1%	$9.2B-42.8%	$16.2B+52.7%	$10.6B+81.7%	$5.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.7B+2.4%	$1.6B+15.1%	$1.4B	N/A	$2.6B-0.1%	$2.6B
Total Equity	$1.2B-14.3%	$1.4B+24.8%	$1.1B-39.2%	$1.8B+35.5%	$1.3B+11.3%	$1.2B
Retained Earnings	$1.2B-9.5%	$1.3B+32.0%	$997.3M-36.8%	$1.6B+12.0%	$1.4B+9.3%	$1.3B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$22.6B+5.9%	$21.3B+7.4%	$19.9B+37.0%	$14.5B+11.4%	$13.0B+1.8%	$12.8B-2.5%	$13.1B-0.2%	$13.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$226.3M-25.1%	$302.0M+16.2%	$259.9M-11.3%	$293.1M+43.9%	$203.6M-43.0%	$357.3M-11.6%	$404.0M+36.0%	$297.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M0.0%	$23.4M
Total Liabilities	$21.6B+6.5%	$20.3B+8.5%	$18.7B+40.5%	$13.3B+11.6%	$11.9B+2.1%	$11.7B-2.6%	$12.0B-0.1%	$12.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$1.7B+1.6%	$1.7B-8.1%	$1.8B+1.5%	$1.8B+4.0%	$1.7B+13.0%	$1.5B
Total Equity	$999.0M-5.2%	$1.1B-11.0%	$1.2B-1.6%	$1.2B+8.8%	$1.1B-1.6%	$1.1B-1.2%	$1.1B-1.4%	$1.2B
Retained Earnings	$1.1B-0.9%	$1.1B-8.3%	$1.2B+5.4%	$1.1B+1.7%	$1.1B-2.8%	$1.2B+0.1%	$1.2B-3.4%	$1.2B

RWT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$5.9B-2.9%	-$5.7B-1026.6%	-$505.5M+56.6%	-$1.2B+27.7%	-$1.6B+5.9%	-$1.7B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$2.5B+80.8%	$1.4B-65.5%	$4.1B+296.8%	$1.0B+8144.7%	-$12.8M-104.5%	$280.4M
Financing Cash Flow	$3.3B-23.6%	$4.3B+229.2%	-$3.3B-1568.6%	$225.5M-86.6%	$1.7B+23.9%	$1.4B
Dividends Paid	$92.9M+1.3%	$91.7M+9.2%	$84.0M-35.1%	$129.5M+33.7%	$96.8M+9.6%	$88.3M
Share Buybacks	$0	$0-100.0%	$21.7M	$0-100.0%	$16.3M+93.8%	$8.4M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	N/A	N/A	-$2.0B	N/A	N/A	N/A	$102.0M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	$658.8M	N/A	N/A	N/A	$110.7M	N/A
Financing Cash Flow	N/A	N/A	$1.3B	N/A	N/A	N/A	-$51.6M	N/A
Dividends Paid	N/A	N/A	$25.4M	N/A	N/A	N/A	$27.6M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RWT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	5.7%-49.9pp	55.6%+157.3pp	-101.7%-128.9pp	27.2%-4.4pp	31.6%-25.0pp	56.6%
Return on Equity	4.5%-18.5pp	23.1%	N/A	9.3%+0.4pp	8.9%-2.7pp	11.6%
Return on Assets	0.3%-1.9pp	2.2%+7.8pp	-5.6%-6.6pp	0.9%-0.1pp	1.0%-1.0pp	2.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	14.37+13.2	1.18-0.1	1.28-7.6	8.85+6.9	1.91-0.2	2.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-2.6%+32.1pp	-34.6%-40.6pp	5.9%-5.1pp	11.1%+28.5pp	-17.4%-19.0pp	1.6%-1.0pp	2.6%+31.0pp	-28.4%
Return on Equity	1.2%-0.1pp	1.3%-0.1pp	1.4%-0.4pp	1.8%	N/A	0.3%-0.2pp	0.4%	N/A
Return on Assets	-0.0%+0.4pp	-0.5%-0.5pp	0.1%-0.1pp	0.1%+0.4pp	-0.2%-0.3pp	0.0%-0.0pp	0.0%+0.4pp	-0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	21.62+2.4	19.25+3.5	15.79+14.4	1.40-0.3	1.65+0.1	1.60+0.1	1.52+0.2	1.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Financial Health Signals

Piotroski F-Score Weak

3/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Low Quality

-108.56x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Redwood Trust's annual revenue?

Redwood Trust (RWT) reported $945.2M in total revenue for fiscal year 2024. This represents a 64.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Redwood Trust's revenue growing?

Redwood Trust (RWT) revenue grew by 64.4% year-over-year, from $574.9M to $945.2M in fiscal year 2024.

Is Redwood Trust profitable?

Yes, Redwood Trust (RWT) reported a net income of $54.0M in fiscal year 2024, with a net profit margin of 5.7%.

What is Redwood Trust's earnings per share (EPS)?

Redwood Trust (RWT) reported diluted earnings per share of $0.32 for fiscal year 2024. This represents a -86.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Redwood Trust have?

As of fiscal year 2024, Redwood Trust (RWT) had $245.2M in cash and equivalents against $1.7B in long-term debt.

What is Redwood Trust's net profit margin?

Redwood Trust (RWT) had a net profit margin of 5.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Redwood Trust pay dividends?

Yes, Redwood Trust (RWT) paid $0.67 per share in dividends during fiscal year 2024.

What is Redwood Trust's return on equity (ROE)?

Redwood Trust (RWT) has a return on equity of 4.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Redwood Trust's operating cash flow?

Redwood Trust (RWT) generated -$5.9B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Redwood Trust's total assets?

Redwood Trust (RWT) had $18.3B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Redwood Trust have outstanding?

Redwood Trust (RWT) had 133M shares outstanding as of fiscal year 2024.

What is Redwood Trust's debt-to-equity ratio?

Redwood Trust (RWT) had a debt-to-equity ratio of 14.37 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Redwood Trust's return on assets (ROA)?

Redwood Trust (RWT) had a return on assets of 0.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Redwood Trust's cash runway?

Based on fiscal year 2024 data, Redwood Trust (RWT) had $245.2M in cash against an annual operating cash burn of $5.9B. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Redwood Trust's Piotroski F-Score?

Redwood Trust (RWT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Redwood Trust's earnings high quality?

Redwood Trust (RWT) has an earnings quality ratio of -108.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.