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. The Residential Consumer 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. The CoreVest Mortgage Banking segment operates a platform that originates residential investor loans for subsequent securitization, sale, or transfer into the Redwood Investments portfolio or into joint ventures. This segment also includes various derivative financial instruments that we utilize to manage certain risks associated with our inventory of loans held for sale. The Redwood Investments segment primarily targets investments with sensitivity to housing credit risk, sourced through our operating platforms where control the underwriting and collateral review. Going forward, the Redwood Investments portfolio will focus on retained interests from the company's own securitizations and other investment vehicles, rather than third-party securities, consistent with Redwood's strategic shift toward internally originated investments. The Legacy Investments segment consists of assets no longer aligned with our core strategic objectives, including legacy unsecuritized bridge and term loans, residential re-performing loan securities, and other non-core legacy assets that are in the active process of sale, runoff, or other disposition as part of the accelerated strategic repositioning of our business model. Redwood Trust, Inc. was incorporated in 1994 and is headquartered in Mill Valley, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $177M | - | $-70M | $-10.1B | -7.6% | -31.0% | -229.7% |
| 2024 | $257M | - | $54M | $-5.9B | 4.8% | 55.1% | -2474.8% |
| 2023 | $166M | - | $-2M | $-2.0B | -0.2% | -2392.5% | -98.6% |
| 2022 | $-7M | - | $-164M | $-139M | -15.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | -7.22 | 165.63 | 256.91 | 177.37 |
| Pretax Income | - | -183.44 | -0.64 | 72.84 | -44.84 |
| Tax Provision | - | -19.92 | 1.64 | 18.84 | 25.18 |
| Net Income | - | -163.52 | -2.27 | 54 | -70.03 |
| Net Income Common Stockholders | - | -167.86 | -12.96 | 42.60 | -82.68 |
| Interest Expense | - | 552.40 | 631.52 | 842.56 | 1,100.23 |
| Interest Income | - | 707.85 | 724.46 | 945.16 | 1,182.93 |
| Selling General And Administration | - | 127.26 | 123.10 | 131.63 | 147.34 |
| Normalized Income | - | -157.28 | -2.27 | 54 | -70.03 |
| Market Cap | 713.72 | 713.72 | 713.72 | 713.72 | 713.72 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Redwood Trust, Inc.this co. | RWT | - | -10.19 | 0.78 | -7.6% | - |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M | 688.67 |
| - |
| - |
| - |
| - |
| - |
| 0.32 |
| 3.9% |
| - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| RPT | RPT | $109M | - | 0.45 | 0.5% | - |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.50 | 4.3% | 10.96 | |