REDWOOD TRUST INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REDWOOD TRUST INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	4.55	77.2	75.3	109	113	165	141	128	136	154
Operating expenses	88.8	77.2	83	132	235	204	176	166
Interest expense	88.5	109	239	480	448	427	552	632
Interest income	1.18	2.89	8.17	28.1	27.1	25.4	38.2	48	40	32.1
Other non-operating income		0	0	1.75	1.56	2.45	1.58	0.15
Pre-tax income	135	152	131	177	-586	338	-183	-0.64	72.8	-44.8
Income tax	3.71	11.8	11.1	7.44	-4.61	18.5	-19.9	1.64	18.8	25.2
Net income	131	140	120	169	-582	320	-164	-2.27	54	-70
EPS, basic	1.66	1.78	1.47	1.63	-5.12	2.73	-1.43	-0.11	0.32	-0.63
EPS, diluted	1.54	1.60	1.34	1.46	-5.12	2.37	-1.43	-0.11	0.32	-0.63
Shares, basic (weighted)	76.7	76.8	78.7	101	114	113	117	116	132	130
Shares, diluted (weighted)	97.9	102	110	137	114	142	117	116	132	130
Dividend per share	1.12	1.12	1.18	1.20	0.73	0.78	0.92	0.71	0.67	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	213	145	176	197	461	450	259	293	245	256
Property, plant and equipment	2.75	2.65	5.11	4.9	4.2	9.02	12.6	7.83	4.67	6.35
Lease right-of-use assets			0	11.9	15	18.8	16.2	12.5	9.17	8.9
Goodwill			0	88.7	0	0	23.4	23.4	23.4	23.4
Intangible assets			0	72.8	56.9	41.6	40.9	28.5	19	10.6
Total assets	5,483	7,040	11,937	17,995	10,355	14,707	13,031	14,504	18,258	23,701
Accounts payable	1.15	1.34	0.42	5.47	14.6	8.27	4.23	4.99	6.8	9.7
Short-term debt	792	1,939	2,400	2,329	523	2,177	2,030	1,558
Total liabilities	4,334	5,828	10,589	16,168	9,244	13,321	11,947	13,302	17,070	22,718
Total debt	2,621	2,575	2,572		1,425	1,641	1,733	1,681
Paid-in capital	1,676	1,674	1,811	2,270	2,265	2,317	2,350	2,488	2,504	2,463
Retained earnings	1,150	1,290	1,410	1,579	997	1,317	1,153	1,144	1,191	1,114
Other comprehensive income	71.9	85.2	61.3	41.5	-4.22	-8.93	-68.9	-58	-43.1	-31.7
Shareholders' equity	1,149	1,212	1,349	1,827	1,111	1,386	1,084	1,203	1,188	983
Total equity	1,149	1,212	1,349	1,827	1,111	1,386	1,084	1,203	1,188	983
Total liabilities and equity	5,483	7,040	11,937	17,995	10,355	14,707	13,031	14,504	18,258	23,701
Shares outstanding	76.8	76.6	114	114	112	115	113	131	133	124

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	131	140	120	169	-582	320	-164	-2.27	54	-70
Depreciation and amortization	1.14	1.21	1.31	10.1	17.4	16.8	15.9	14.9	11.9	10.1
Stock-based compensation	12.6	10.4	13.7	15	15.3	18.9	23.9	19.1	25	20
Deferred income tax	1.9	10.9	-1.12	-5.49	-6.02	-20.1	-20.8	1.52	13	14.8
Cash from operations	-546	-1,713	-1,612	-1,166	-505	-5,695	-139	-2,016	-5,863	-10,095
Acquisitions		0	-10	-3.71	0	0	-40.6	0	0
Purchases of investments	-318	-40	-8	-26.5	-57.7	-19.1	-10	-1.98
Sales and maturities of investments	497	90	144	110	55.2	4.79	0	55.8	2.83	385
Cash from investing	1,337	280	-12.8	1,026	4,070	1,404	214	909	2,538	4,532
Debt issued	771	245	199
Debt repaid	-118	0	0
Stock issued	0.3	0.3	143	451	5.88	21.9	68	124	0.46	0.43
Share buybacks	-28.1	-8.42	-16.3	0	-21.7	0	-56.5	0	0	-51.8
Dividends paid	-88.5	-88.3	-96.8	-129	-84	-91.7	-112	-88.4	-92.9	-99
Cash from financing	-795	1,358	1,683	225	-3,311	4,278	-277	1,147	3,268	5,699
Net change in cash	-4.33	-74.7	58.3	85.8	254	-13	-202	39.4	-55.9	136
Interest paid	87.2	103	207	452	456	401	519	603	811	1,076
Income taxes paid	1.3	2.75	10.6	7.96	1.19	43.1	4.94	-1.45	4.06	8.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	69.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-229.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-296.9%	EPS vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	7.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-7.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-0.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	29.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	96.8%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$903.9M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	-$113.97	Cash from operations / diluted weighted shares.
Book value per share	$7.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.20	Tangible book value / shares outstanding.
Cash per share	$1.53	(Cash + short-term investments) / shares outstanding.
Payout ratio	1,682.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.09B	Share price x shares outstanding.
Enterprise value	$2.90B	Market cap + total debt - cash - short-term investments.
P/E	540x	Market cap / net income. Only when net income is positive.
P/B	3.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.42x	Market cap / tangible book value, when positive.
Earnings yield	0.2%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.

Was REDWOOD TRUST INC profitable in fiscal 2025?

No. It reported a net loss of $70.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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