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Equiscale · Syntellia LLC
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.
Rule-based from financial data. Not advice.
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 | $131M | - | $-70M | $-10.1B | -7.6% | -41.4% | -229.7% |
| 2024 | $223M | - | $54M | $-5.9B | 4.8% | 55.2% | -2474.8% |
| 2023 | $144M | - | $-2M | $-2.0B | -0.2% | -634.1% | -98.6% |
| 2022 | $-27M | - | $-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 | - | -26.94 | 143.89 | 223.32 | 130.97 |
| Operating Revenue | - | -26.94 | 143.89 | 223.32 | 130.97 |
| Selling General And Administration | - | 127.26 | 123.10 | 131.63 | 147.34 |
| Interest Income | - | 707.85 | 724.46 | 945.16 | 1,182.93 |
| Interest Expense | - | 552.40 | 631.52 | 842.56 | 1,100.23 |
| Net Interest Income | - | 155.45 | 92.94 | 102.61 | 82.70 |
| Other Non Operating Income Expenses | -1.39 | -1.62 | -3.81 | - | - |
| Pretax Income | - | -183.44 | -0.64 | 72.84 | -44.84 |
| Tax Provision | - | -19.92 | 1.64 | 18.84 | 25.18 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.76 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -163.52 | -2.27 | 54 | -70.03 |
| Net Income From Continuing And Discontinued Operation | - | -163.52 | -2.27 | 54 | -70.03 |
| Net Income From Continuing Operation Net Minority Interest | - | -163.52 | -2.27 | 54 | -70.03 |
| Net Income | - | -163.52 | -2.27 | 54 | -70.03 |
| Net Income Common Stockholders | - | -167.86 | -12.96 | 42.60 | -82.68 |
| Net Income Including Noncontrolling Interests | - | -163.52 | -2.27 | 54 | -70.03 |
| Normalized Income | - | -157.28 | -2.27 | 54 | -70.03 |
| Diluted NI Availto Com Stockholders | - | -167.86 | -12.96 | 42.60 | -82.68 |
| Basic Average Shares | - | 117.23 | 116.28 | 132.05 | 130.25 |
| Diluted Average Shares | - | 117.23 | 116.28 | 132.09 | 130.25 |
| Reconciled Depreciation | - | 15.92 | 14.85 | 11.92 | 10.06 |
| Total Unusual Items | 0 | -7 | -2 | -2 | - |
| Total Unusual Items Excluding Goodwill | 0 | -7 | -2 | -2 | - |
| Preferred Stock Dividends | - | - | 6.68 | 7.02 | 7.02 |
| Special Income Charges | 0 | -7 | -2 | -2 | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 7 | 2 | 2 | - |
| Gain On Sale Of Security | - | -170.22 | -7.46 | 27.63 | -97.27 |
| Depreciation Amortization Depletion Income Statement | 15.30 | 13.97 | 12.43 | - | - |
| Depreciation And Amortization In Income Statement | 15.30 | 13.97 | 12.43 | - | - |
| General And Administrative Expense | - | 127.26 | 123.10 | 131.63 | 147.34 |
| Other Gand A | - | 34.65 | 29.97 | 31.39 | 36.58 |
| Salaries And Wages | - | 92.62 | 93.13 | 100.24 | 110.76 |
| Otherunder Preferred Stock Dividend | - | 4.34 | 4 | 4.39 | 5.64 |
| Average Dilution Earnings | 28.22 | 0 | 0 | - | - |
| Amortization | 15.30 | 13.97 | 12.43 | - | - |
| Amortization Of Intangibles Income Statement | 15.30 | 13.97 | 12.43 | - | - |
| Professional Expense And Contract Services Expense | - | 6.64 | 5.19 | 4.76 | 6.61 |
| Other Non Interest Expense | - | 15.59 | 16.24 | 14.09 | 21.86 |
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 | $667M | -9.53 | 0.73 | -7.6% | - |
| Invesco Mortgage Capital Inc. | IVR | $731M | 7.21 | 1.16 | 16.0% | - |
| BrightSpire Capital, Inc. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| AH REALTY TRUST INC | AHRT | $660M |
| - |
| - |
| - |
| - |
| - |
| 117.68 |
| 1.44 |
| 1.2% |
| 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| TPG RE Finance Trust, Inc. | TRTX | $653M | 10.83 | 0.61 | 5.6% | - |
| Summit Hotel Properties, Inc. | INN | $645M | - | 0.75 | -2.7% | 9.23 |
| Gladstone Commercial Corporation | GOOD | $616M | 31.92 | 3.58 | 11.2% | 12.18 |
| Peer Median | - | 10.83 | 0.96 | 3.7% | 12.52 | |
Historically, Jul has averaged the highest return (+4.9%); Sep the lowest (-7.4%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.9%Neutral MonthJan 2026: -0.90% | +10.4%Positive MonthFeb 2026: +10.40% | -7.3%Negative MonthMar 2026: -7.27% | -0.9%Neutral MonthApr 2026: -0.89% | -2.5%Negative MonthMay 2026: -2.52% | -12.5%Negative MonthJun 2026: -12.55% | -3.6%Negative MonthJul 2026: -3.59% | +5.7%*Positive MonthAug 2026: +5.69% | — | — | — | — |
| 2025 | +0.3%Neutral MonthJan 2025: +0.31% | +2.0%Neutral MonthFeb 2025: +1.98% | -9.1%Negative MonthMar 2025: -9.13% | +2.3%Positive MonthApr 2025: +2.31% | -12.2%Negative MonthMay 2025: -12.24% | +8.4%Positive MonthJun 2025: +8.44% | -7.6%Negative MonthJul 2025: -7.61% | +12.1%Positive MonthAug 2025: +12.09% | -5.4%Negative MonthSep 2025: -5.39% | -8.3%Negative MonthOct 2025: -8.29% | +3.8%Positive MonthNov 2025: +3.77% | +0.4%Neutral MonthDec 2025: +0.36% |
| 2024 | -9.4%Negative MonthJan 2024: -9.45% | -8.6%Negative MonthFeb 2024: -8.64% | +3.9%Positive MonthMar 2024: +3.92% | -13.2%Negative MonthApr 2024: -13.19% | +14.6%Positive MonthMay 2024: +14.65% | +2.4%Positive MonthJun 2024: +2.37% | +12.0%Positive MonthJul 2024: +12.02% | +4.1%Positive MonthAug 2024: +4.13% | +2.1%Positive MonthSep 2024: +2.11% | -5.3%Negative MonthOct 2024: -5.30% | -2.2%Negative MonthNov 2024: -2.19% | -8.8%Negative MonthDec 2024: -8.80% |
| 2023 | +23.7%Positive MonthJan 2023: +23.67% | -9.0%Negative MonthFeb 2023: -8.97% | -11.4%Negative MonthMar 2023: -11.43% | -6.8%Negative MonthApr 2023: -6.82% | -5.7%Negative MonthMay 2023: -5.73% | +7.6%Positive MonthJun 2023: +7.60% | +18.2%Positive MonthJul 2023: +18.21% | +6.4%Positive MonthAug 2023: +6.37% | -11.0%Negative MonthSep 2023: -10.99% | -11.9%Negative MonthOct 2023: -11.92% | +13.2%Positive MonthNov 2023: +13.22% | +4.2%Positive MonthDec 2023: +4.22% |
| 2022 | -6.5%Negative MonthJan 2022: -6.52% | -15.7%Negative MonthFeb 2022: -15.73% | +1.3%Neutral MonthMar 2022: +1.35% | -7.9%Negative MonthApr 2022: -7.88% | +5.2%Positive MonthMay 2022: +5.15% | -24.4%Negative MonthJun 2022: -24.41% | +12.3%Positive MonthJul 2022: +12.32% | -10.5%Negative MonthAug 2022: -10.51% | -25.9%Negative MonthSep 2022: -25.94% | +24.2%Positive MonthOct 2022: +24.22% | +10.8%Positive MonthNov 2022: +10.80% | -14.4%Negative MonthDec 2022: -14.43% |
| 2021 | — | — | — | — | +0.2%Neutral MonthMay 2021: +0.18% | +8.4%Positive MonthJun 2021: +8.45% | -1.7%Neutral MonthJul 2021: -1.66% | +5.1%Positive MonthAug 2021: +5.05% | +3.4%Positive MonthSep 2021: +3.37% | +5.2%Positive MonthOct 2021: +5.20% | -5.5%Negative MonthNov 2021: -5.46% | +2.9%Positive MonthDec 2021: +2.89% |
| Avg±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
