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Redwood Trust Inc (RWT) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - MORTGAGE · DATA UPDATED 2026-10-01

Redwood Trust Inc (RWT) operates in the REIT - MORTGAGE industry and is headquartered in Mill Valley, United States with about 351 employees. Its market capitalization is roughly $393 million. In the fiscal year ended 2025-12-31, RWT reported $1.1B in revenue and ($70M) in net income.

Redwood Trust, Inc., together with its subsidiaries, operates as a specialty finance company in the United States. It operates through four segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments, and Legacy Investments.

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RWT Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$965M	$1.1B	$1.1B	$159M	$523M	$952M	($318M)	$327M	$216M	$239M	$260M	$214M	$213M	$271M	$179M	$89M	$189M	$131M	$161M	$217M	$902M
Gross Profit	$336M	$1.1B	$1.1B	$137M	$503M	$930M	($331M)	$317M	$209M	$239M	$245M	$202M	$203M	$261M	$169M	$89M	$189M	$131M	$161M	$217M	$206M
Gross Margin %	34.8%	95.6%	96.9%	86.3%	96.2%	97.7%	104.0%	97.0%	96.5%	100.0%	94.3%	94.4%	95.4%	96.3%	94.5%	100.0%	100.0%	100.0%	100.0%	100.0%	22.9%
Operating Income (EBIT)	$673M	$1.1B	$915M	$11M	$369M	$769M	($439M)	$212M	$133M	$162M	$184M	$122M	$127M	$200M	$111M	$35M	$121M	$83M	($82M)	($452M)	$138M
Operating Margin %	69.7%	95.3%	84.5%	6.7%	70.6%	80.7%	138.2%	64.6%	61.7%	67.7%	71.1%	56.9%	59.7%	73.9%	62.3%	39.0%	63.8%	63.3%	-51.1%	-208.6%	15.2%
Net Income	$6M	($70M)	$54M	($2M)	($164M)	$320M	($582M)	$169M	$120M	$140M	$131M	$102M	$101M	$168M	$128M	$26M	$110M	$39M	($444M)	($1.1B)	$128M
Net Margin %	0.6%	-6.3%	5.0%	-1.4%	-31.3%	33.6%	182.9%	51.7%	55.3%	58.7%	50.6%	47.6%	47.2%	62.2%	71.6%	29.6%	58.1%	29.8%	-276.0%	-511.9%	14.1%
EBITDA	$682M	$1.1B	$927M	$20M	$399M	$797M	($31M)	$675M	$371M	$263M	$235M	$189M	$188M	$261M	$137M	$127M	$122M	$84M	($26M)	($1.1B)	$779M
Earnings Per Share (EPS)	$0.05	$-0.54	$0.41	$-0.02	$-1.39	$2.25	$-5.11	$1.24	$1.09	$1.38	$1.34	$1.21	$1.18	$1.80	$1.59	$0.34	$1.40	$0.57	$-13.46	$-39.70	$4.85
Shares Outstanding (M)	125M	130M	132M	116M	117M	142M	114M	137M	110M	102M	98M	85M	85M	94M	81M	78M	79M	69M	33M	28M	26M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RWT Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$56M	$371M	$211M	$328M	$218M	$308M	$45M	$67M
Gross Profit	$43M	$48M	$201M	$43M	($53M)	$64M	$21M	$58M
Gross Margin %	76.8%	13.1%	95.6%	13.1%	-24.3%	20.7%	46.9%	85.9%
Operating Income (EBIT)	$353M	($8M)	$329M	($1M)	($94M)	$264M	$3M	$22M
Operating Margin %	630.6%	-2.2%	156.1%	-0.4%	-43.2%	85.7%	6.6%	32.5%
Net Income	($1M)	($6M)	$20M	($8M)	($98M)	$16M	($7M)	$15M
Net Margin %	-2.0%	-1.5%	9.5%	-2.4%	-45.3%	5.2%	-14.6%	22.0%
EBITDA	$356M	($6M)	$331M	$1M	($91M)	$824M	$241M	$25M
Earnings Per Share (EPS)	$-0.01	$-0.04	$0.16	$-0.06	$-0.74	$0.12	$-0.05	$0.11
Shares Outstanding (M)	125M	125M	127M	129M	133M	133M	132M	132M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RWT Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($14.3B)	($10.1B)	($5.9B)	($2.0B)	($139M)	($5.7B)	($505M)	($1.2B)	($1.6B)	($1.7B)	($546M)	($1.2B)	($1.8B)	($222M)	($450M)	$18M	$30M	$210M	$145M	$34M	$69M
Capital Expenditures (CapEx)	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$1.3B	$25M	$1M	$15M	$32M	$46M	$3M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	($14.3B)	($10.1B)	($5.9B)	($2.0B)	($139M)	($5.7B)	($505M)	($2.4B)	($1.6B)	($1.7B)	($561M)	($1.3B)	($1.8B)	($225M)	($450M)	$18M	$30M	$210M	$145M	$34M	$69M
FCF Margin %	-1480.2%	-911.9%	-541.1%	-1271.0%	-26.6%	-598.1%	158.9%	-741.6%	-757.4%	-716.5%	-216.1%	-598.6%	-861.6%	-83.1%	-251.9%	20.0%	15.8%	159.9%	90.1%	15.6%	7.6%
Dividends Paid	$103M	$106M	$100M	$94M	$112M	$92M	$84M	$129M	$97M	$88M	$88M	$95M	$95M	$94M	$82M	$101M	$80M	$82M	$103M	$144M	$158M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RWT Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	($3.7B)	($4.5B)	($3.4B)	($2.7B)	($2.1B)	($2.0B)	($854M)	($2.1B)
Free Cash Flow (FCF)	($3.7B)	($4.5B)	($3.4B)	($2.7B)	($2.1B)	($2.0B)	($854M)	($2.1B)
FCF Margin %	-6690.6%	-1216.0%	-1594.6%	-814.5%	-971.2%	-634.0%	-1889.6%	-3094.2%
Dividends Paid	$26M	$26M	$26M	$26M	$27M	$27M	$27M	$25M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

RWT Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$28.8B	$23.7B	$18.3B	$14.5B	$13.0B	$14.7B	$10.4B	$18.0B	$11.9B	$7.0B	$5.5B	$6.2B	$5.9B	$4.6B	$4.4B	$5.7B	$5.1B	$5.3B	$5.6B	$9.9B	$13.0B
Cash & Cash Equivalents	$192M	$256M	$245M	$293M	$259M	$450M	$461M	$197M	$176M	$145M	$213M	$220M	$270M	$173M	$81M	$267M	$47M	$243M	$126M	$290M	$168M
Total Liabilities	$27.9B	$22.7B	$17.1B	$13.3B	$11.9B	$13.3B	$9.2B	$16.2B	$10.6B	$5.8B	$4.3B	$5.1B	$4.7B	$3.4B	$3.3B	$4.9B	$4.1B	$4.3B	$5.3B	$10.7B	$12.0B
Total Debt (Short + Long-Term)	$27.3B	$22.2B	$16.4B	$13.0B	$11.8B	$13.1B	$9.1B	$16.0B	$10.5B	$5.7B	$4.3B	$5.0B	$4.6B	$881M	$603M	$556M	$4.0B	$4.1B	$5.0B	$10.5B	$13.8B
Total Shareholders' Equity	$934M	$983M	$1.2B	$1.2B	$1.1B	$1.4B	$1.1B	$1.8B	$1.3B	$1.2B	$1.1B	$1.1B	$1.3B	$1.2B	$1.1B	$893M	$1.1B	$972M	$302M	($718M)	$1.0B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive RWT viewer.

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KREF · KKR Real Estate Finance Trust Inc — $303 million
NLY · Annaly Capital Management, Inc. — $14 billion
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