RWT - NYSE

Redwood Trust, Inc.

RWT·NYSE

$5.22

-2.8%

Real EstateREIT - Mortgage

Redwood 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.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$653.63M

EPS-0.6300

P/E Ratio-8.29

Earnings Date07/29/2026

-10.09B

Operating Cash Flow

72%

3Y+7155.0%

5Y+1897.0%

10Y+1750.0%

4.53B

Investing Cash Flow

79%

3Y+2019.0%

5Y+11.0%

10Y+240.0%

5.70B

Financing Cash Flow

74%

3Y-2158.0%

5Y-272.0%

10Y-816.0%

Redwood Trust, Inc. Cash Conversion Engine

RWT · NYSE

FCF Components

Net Income-70.03M

Depreciation & Amortization0.00

Stock-Based Compensation0.00

Change in Working Capital85.54M

Others-10.11B

Capital Expenditures0.00

Free Cash Flow-10.09B

Cash Flow Quality Analysis

FCF Conversion Rate

14415.2%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

FCF Growth Trend

-72.2%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$85.54M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Redwood Trust, Inc. Cash Flow Statement

RWT • NYSE

Redwood Trust, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
OPERATING ACTIVITIES
Net Income	-70M	54M	-2.3M	-163.5M	319.6M	-581.8M	169.2M	119.6M	140.4M	131.3M	102.1M	100.6M	173.2M	131.8M	26.3M	110.1M	39.2M	-444.4M	-1.1B	127.5M
Depreciation & Amortization	0.0	11.9M	14.9M	15.9M	16.8M	17.4M	10.1M	1.3M	1.2M	1.1M	824K	513K	388K	1.9M	1.7M	885K	1.3M	1.2M	-60.2M	-60.5M
Change in Deferred Taxes	0.0	0.0	0.0	0.0	0.0	0.0	-94.9M	10.4M	-41.6M	-68.9M	-130.2M	-81.9M	-12.3M	-107.6M	3.5M	1.3M	-1.2M	5.3M	-3.4M	-94K
Stock-Based Compensation	0.0	20.7M	19.1M	23.9M	18.9M	15.3M	15M	13.7M	10.4M	12.6M	11.8M	11.3M	13.5M	9.8M	9.1M	11.5M	6.2M	12.6M	14.5M	4.3M
Other Non-Cash Items	-10.1B	-5.9B	-2B	21.1M	-6B	-189.2M	-1.2B	-1.7B	-1.8B	-668M	-1.2B	-1.8B	-438M	-531.4M	9.9M	-56.9M	69.8M	528.3M	1.3B	-86K
Cash Taxes Paid	(8.8M)	(4.1M)	(1.4M)	(4.9M)	(43.1M)	(1.2M)	(8M)	(10.6M)	(2.7M)	(1.3M)	(165K)	(1.4M)	(3.4M)	(312K)	(51K)	(215K)	(122K)	(10.8M)	(13M)	(0.0)
Change in Working Capital	85.5M	-16.5M	-51.5M	-36.6M	-22.9M	232.9M	-78.7M	-20.8M	-22.4M	46.2M	-82.2M	-60.5M	41.3M	45.3M	-32.7M	-37M	94.9M	42M	-70M	-2.2M
Cash from Operating Activities	-10.1B	-5.9B	-2B	-139.1M	-5.7B	-505.5M	-1.2B	-1.6B	-1.7B	-545.7M	-1.3B	-1.8B	-221.8M	-450.2M	17.8M	29.9M	210.1M	145M	33.8M	69M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(1.3B)	-25.5M	-643K	-15.3M	-32.4M	-46.1M	-3.1M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Acquisitions, Net	(0.0)	(0.0)	(0.0)	-40.6M	(0.0)	(0.0)	-451.6M	(25.5M)	(643K)	(15.3M)	(32.4M)	(46.1M)	(3.1M)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Purchase of Investments	(0.0)	-236.9M	-117.9M	-263.2M	-398.8M	-292M	-711.2M	-1.3B	-600.9M	-318.3M	-179.3M	-168.7M	-488.6M	-507.7M	-1.1B	-278.8M	-752.8M	-316.7M	-1.3B	-1.3B
Sale/Maturity of Investments	11B	61.3M	243.8M	177.8M	184.7M	937.4M	995.5M	761.5M	306.2M	577.2M	578.1M	679M	384.5M	425M	663.5M	545.4M	460.5M	260.6M	715.2M	606.7M
Other Investing Items	-6.4B	2.7B	782.9M	339.9M	1.6B	3.4B	-67.7M	566.2M	581.5M	1.1B	464.4M	230.2M	455.4M	806M	9.5M	-151.4M	352.7M	1.2B	2.1B	4.5B
Cash from Investing Activities	(4.5B)	(2.5B)	(908.7M)	(213.9M)	(1.4B)	(4.1B)	(1B)	-12.8M	(286.9M)	(1.3B)	(863.2M)	(740.6M)	(351.3M)	(723.3M)	-415.6M	(115.2M)	(60.4M)	(1.2B)	(1.5B)	(3.8B)
FINANCING ACTIVITIES
Net Issuance of Common Stock	-51.4M	462K	124.5M	11.5M	21.9M	-15.8M	450.7M	126.3M	-8.1M	-27.8M	-78.5M	9.5M	8.7M	39.1M	2.1M	4M	519.2M	28.6M	189.9M	64.9M
Net Issuance of Debt	5.9B	3.4B	1.1B	-148.4M	4.3B	-3.1B	-81.2M	1.7B	1.5B	-671.7M	519.4M	1.3B	63.4M	-385.5M	779.3M	-209.1M	-524.2M	-1.4B	-1.4B	-3.7B
Cash Paid for Dividends	-106M	-99.9M	-93.6M	-111.7M	-91.7M	-84M	-129.5M	-96.8M	-88.3M	-88.5M	-94.9M	-95.3M	-94.4M	-82.3M	-100.7M	-79.9M	-81.8M	-102.9M	-144.2M	-157.6M
Share Repurchases	-51.8M	(0.0)	(0.0)	-56.5M	(0.0)	-21.7M	(0.0)	-16.3M	-8.4M	-28.1M	-85.8M	(0.0)	(0.0)	(0.0)	-7M	(0.0)	-4K	-6.2M	(0.0)	(0.0)
Other Financing Items	-6M	-23.6M	-15.4M	-28.4M	4.7M	-94.9M	-14.6M	-10.1M	-11.7M	-7.5M	-8.5M	-17.9M	-15.1M	-30.5M	-62.8M	-56M	-67.4M	8.7M	-22.4M	-13.8M
Cash from Financing Activities	5.7B	3.3B	1.1B	-276.9M	4.3B	-3.3B	225.5M	1.7B	1.4B	-795.4M	337.5M	1.1B	-37.4M	-459.2M	618M	-341M	-154.2M	-1.5B	-1.4B	-3.8B
CASH FLOW SUMMARY
Net Change in Cash	136.2M	-55.9M	39.4M	-202.1M	-13M	253.6M	85.8M	58.3M	-68.2M	-7.4M	-49.5M	96.5M	92.1M	-186.1M	220.2M	-195.9M	116.3M	-163.9M	122.3M	-7.9M
Cash at Beginning of Period	312.9M	368.8M	329.4M	531.5M	544.5M	290.8M	205.1M	146.8M	212.8M	220.2M	269.7M	173.2M	81.1M	267.2M	46.9M	242.8M	126.5M	290.4M	168M	175.9M
Cash at End of Period	449.1M	312.9M	368.8M	329.4M	531.5M	544.5M	290.8M	205.1M	144.7M	212.8M	220.2M	269.7M	173.2M	81.1M	267.2M	46.9M	242.8M	126.5M	290.4M	168M
Free Cash Flow	-10.1B	-5.9B	-2B	-139.1M	-5.7B	-505.5M	95.2M	-1.6B	-1.7B	-561M	-1.3B	-1.8B	-224.9M	-450.2M	17.8M	29.9M	210.1M	145M	33.8M	69M

SEC Filings

RWT - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 20, 2026	May 19, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	March 31, 2026	May 19, 2026	2026	View Filing

Showing 1 to 2 of 2 filings

Related Guides

Blog Categories

Continue your RWT research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.