Redwood Trust Inc is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $217m, up 163.7% on a year earlier, against a decline of 0.7% a quarter earlier. The diluted share count is down 4.8% on a year earlier, which lifts each remaining share.
Our model value for Redwood Trust is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Revenue growth accelerating: TTM revenue growth rose to 163.7% (+164.4pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Redwood Trust Inc at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Redwood Trust Inc as a mortgage reit, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.8 ~$0.2–$1.6 | Left out: far from the other models (more than 3x away from their median) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$2.5 ~$2.2–$4.3 | Included |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$12 ~$11–$14 | Left out: far from the other models (more than 3x away from their median) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Redwood Trust Inc with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Redwood Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.3% of total assets over 10 years.
Net margin has been a median 56.5%; its worst year was -105.8%.
The diluted share count fell 8.3% over five years; stock-based pay has been a median 5.5% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 3, 2026, after the close. Analysts expect revenue of $37m and EPS of $0.23 (range $0.20 to $0.25) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.99 | +385% | $142m | +71% |
| Next | $1.01 | +2% | $158m | +12% |
Next year's EPS estimate has moved −3.2% in 90 days, across 5 analysts.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.23 | $0.25 | +6.9% |
| Mar 2026 | $0.22 | $0.26 | +16.3% |
| Dec 2025 | $0.20 | $0.21 | +3.4% |
| Sept 2025 | $0.17 | $0.00 | −99.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 3 years −32.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $82m | $217m | +163.7% |
| P/S multiple | 6.4x | 1.9x | −70.6% |
| Share count | 109m | 126m | −13.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RWT | +60% | −42% | +22% | −3% | −4% | −34% |
| Industry peers (median) | +26% | −21% | +17% | +4% | +6% | −21% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RWT | 75% | 42% | 50% | 50% | 58% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RWT | −11% | −55% | −34% | −24% | −24% | −51% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 85% from February 14, 2020 to April 3, 2020. Getting back needed a 585% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 13, 2026 | −3.6% | −1.1% | −1.3% | — |
| July 28, 2026 | −5.3% | −1.3% | −5.1% | −6.7% |
| July 7, 2026 | +4.4% | −0.8% | +11.9% | +0.4% |
| April 29, 2026 | −3.3% | +1.0% | −3.1% | −5.7% |
| February 11, 2026 | +18.9% | −1.6% | +11.4% | +3.7% |
| October 29, 2025 | −4.6% | −1.1% | −6.2% | −1.6% |
| July 30, 2025 | −10.0% | −0.5% | −6.9% | −0.8% |
| April 30, 2025 | −6.3% | +0.7% | −6.1% | −12.4% |
| April 22, 2025 | +6.9% | +4.2% | +13.7% | +0.9% |
| February 13, 2025 | −0.9% | +1.1% | 0.0% | −0.9% |
| January 15, 2025 | +2.4% | +1.6% | +0.6% | +1.6% |
| October 30, 2024 | −3.8% | −2.3% | −6.4% | −5.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q3 | $546.3M |
| FY21 Q4 | $542M |
| FY22 Q1 | $453.8M |
| FY22 Q2 | $238.3M |
| FY22 Q3 | $95.8M |
| FY22 Q4 | -$7.2M |
| FY23 Q1 | -$31.6M |
| FY23 Q2 | $82.2M |
| FY23 Q3 | $95.2M |
| FY23 Q4 | $165.6M |
| FY24 Q1 | $192.6M |
| FY24 Q2 | $216.8M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q3 | 6.2% |
| FY18 Q4 | -6.8% |
| FY19 Q1 | -10.0% |
| FY19 Q2 | -4.3% |
| FY19 Q3 | -8.3% |
| FY19 Q4 | 44.3% |
| FY22 Q1 | -30.2% |
| FY22 Q2 | -59.9% |
| FY22 Q3 | -82.5% |
| FY23 Q2 | -65.5% |
| FY23 Q3 | -0.7% |
| FY24 Q2 | 163.7% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q3 | -755.4% |
| FY21 Q4 | -1053.8% |
| FY22 Q1 | -1109.8% |
| FY22 Q2 | -1489.4% |
| FY22 Q3 | -2150.2% |
| FY22 Q4 | 2146.2% |
| FY23 Q1 | -757.3% |
| FY23 Q2 | 437.5% |
| FY23 Q3 | -937.4% |
| FY23 Q4 | -1226.0% |
| FY24 Q1 | -1602.3% |
| FY24 Q2 | -2293.7% |
| Fiscal year | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | LTM Jun 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||
| Revenue | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | −0.4 | 0.5 | −0.0 | 0.2 | 0.2 |
| Net income | 0.0 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | −0.6 | 0.3 | −0.2 | −0.0 | 0.0 |
| Diluted EPS | $0.31 | $1.59 | $1.94 | $1.15 | $1.18 | $1.54 | $1.60 | $1.34 | $1.46 | −$5.12 | $2.37 | −$1.43 | −$0.11 | $0.29 |
| Growth (year on year) | ||||||||||||||
| Revenue | — | +127.0% | +42.1% | −33.1% | −1.9% | +14.7% | +5.8% | −6.8% | +44.3% | −214.0% | — | −101.3% | — | +163.7% |
| Net income | — | +400.2% | +31.5% | −42.0% | +1.5% | +28.6% | +7.0% | −14.8% | +41.5% | −443.9% | — | −151.2% | — | — |
| Diluted EPS | — | +412.9% | +22.0% | −40.7% | +2.6% | +30.5% | +3.9% | −16.3% | +9.0% | −450.7% | — | −160.3% | — | — |
| Margins | ||||||||||||||
| Net margin | 29.6% | 65.1% | 60.3% | 52.3% | 54.1% | 60.6% | 61.2% | 56.0% | 54.9% | 165.6% | 59.0% | >999% | −1.4% | 16.6% |
| Cash flow | ||||||||||||||
| Cash from operations | 0.0 | −0.6 | −0.2 | −1.8 | −1.3 | −0.5 | −1.7 | −1.6 | −1.2 | −0.5 | −5.7 | −0.1 | −2.0 | −5.0 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Balance sheet | ||||||||||||||
| Cash | 0.3 | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.5 | 0.5 | 0.3 | 0.3 | 0.3 |
| Total debt | 0.6 | 0.7 | 1.3 | 3.3 | 3.9 | 3.4 | 4.5 | 7.8 | 12.8 | 7.6 | 11.4 | 10.0 | 11.4 | 11.6 |
| Net debt (negative = net cash) | 0.3 | 0.6 | 1.2 | 3.1 | 3.7 | 3.2 | 4.4 | 7.6 | 12.6 | 7.2 | 11.0 | 9.8 | 11.1 | 11.3 |
| Diluted shares | 78m | 81m | 94m | 85m | 85m | 98m | 102m | 110m | 137m | 114m | 142m | 117m | 116m | 125m |
| Returned to shareholders | ||||||||||||||
| Dividends | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Buybacks | 0.0 | — | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | — |
| Total returned | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 |
| Quarter | 2022 Q3 Sept 2022 | 2022 Q4 Dec 2022 | 2023 Q1 Mar 2023 | 2023 Q2 Jun 2023 | 2023 Q3 Sept 2023 | 2023 Q4 Dec 2023 | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | −2 | −6 | 48 | 43 | 11 | 64 | 75 | 67 |
| Net income | −50 | −44 | 5 | 3 | −31 | 21 | 30 | 16 |
| Diluted EPS | −$0.44 | −$0.39 | $0.02 | $0.00 | −$0.29 | $0.16 | $0.21 | $0.10 |
| Growth (year on year) | ||||||||
| Revenue | −101.6% | −106.6% | −33.9% | — | — | — | +56.8% | +55.9% |
| Net income | −157.1% | −200.0% | −85.1% | — | — | — | +555.0% | +440.7% |
| Diluted EPS | −167.7% | −214.7% | −91.7% | — | — | — | +950.0% | — |
| Margins | ||||||||
| Net margin | >999% | 689.4% | 9.7% | 6.6% | −286.4% | 32.8% | 40.6% | 23.0% |
| Cash flow | ||||||||
| Cash from operations | 361 | −10 | 102 | −78 | −891 | −1,148 | −954 | −1,966 |
| Stock-based pay | 5 | 5 | 6 | 6 | 5 | 4 | 6 | 7 |
| Last 12 months unless stated | RWT | ARI | CMTG | TRTX | BRSP | PMT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $217m | $238m | $152m | $142m | $339m | $348m | $147m |
| Revenue growth, last 12 months | 163.7% | −14.7% | −30.9% | −2.4% | 2.5% | 14.6% | −0.3% |
| Revenue growth, 3-year average | −28.6% | −11.5% | −21.1% | 5.6% | −6.6% | −3.0% | −5.9% |
| Revenue growth, latest quarter | 55.9% | −37.4% | −42.5% | −5.1% | 4.1% | 3.6% | 1.8% |
| Net margin | 16.6% | 55.5% | −354.1% | 31.9% | 5.6% | 47.8% | 14.0% |
| Cash from operations / revenue | <−999% | 36.3% | −4.9% | 59.9% | 21.3% | <−999% | 24.6% |
| Free-cash-flow margin | <−999% | 30.1% | −19.3% | 54.7% | 18.0% | — | 18.0% |
| Free-cash-flow margin, 3-year average | <−999% | 54.0% | 5.2% | 60.7% | 22.7% | — | 35.0% |
| Stock pay / revenue | 10.6% | 5.4% | 5.5% | 6.9% | 3.8% | 1.4% | 4.9% |
| Change in share count | −4.8% | −1.1% | 0.8% | −3.0% | −2.4% | 4.7% | 0.3% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $96.1M | 20.3M | 22.3% | ▲ 0.6% |
| Wellington Management Group LLP | $41.4M | 8.7M | 9.6% | ▼ 20.9% |
| Vanguard Capital Management LLC | $26.4M | 5.6M | 6.1% | ▼ 2.3% |
| State Street Corp | $24.7M | 5.2M | 5.7% | ▲ 5.1% |
| Invesco Ltd. | $15.8M | 3.3M | 3.7% | ▲ 21.5% |
| Mirae Asset Global Etfs Holdings Ltd. | $15.5M | 3.3M | 3.6% | ▲ 3.7% |
| Geode Capital Management, LLC | $15.5M | 3.3M | 3.6% | ▲ 4.2% |
| Vanguard Portfolio Management LLC | $14.4M | 3.0M | 3.3% | ▲ 4.1% |
| Boston Partners | $11.3M | 2.3M | 2.6% | ▼ 4.6% |
| Charles Schwab Investment Management Inc | $9.7M | 2.0M | 2.2% | ▼ 6.0% |
| LSV Asset Management | $8.8M | 1.8M | 2.0% | ▼ 0.3% |
| Raymond James Financial Inc | $8.4M | 1.8M | 2.0% | ▼ 0.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Redwood Trust Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Stone Andrew P Chief Legal Officer | September 21, 2026 | Buy | 5,000 | $4.12 | $20,600 |
| Macomber Sasha G. Chief Human Resource Officer | September 21, 2026 | Buy | 4,895 | $4.08 | $19,972 |
| Robinson Dashiell I President | September 16, 2026 | Buy | 63,211 | $3.98 | $251,580 |
| Carillo Brooke Chief Financial Officer | September 15, 2026 | Buy | 26,065 | $3.85 | $100,350 |
| Abate Christopher J Chief Executive Officer | September 15, 2026 | Buy | 100,000 | $3.84 | $384,000 |
| Kubicek Greg H Director | September 15, 2026 | Buy | 50,000 | $3.85 | $192,500 |
| Abate Christopher J Chief Executive Officer | September 15, 2026 | Buy | 100,000 | $3.84 | $384,000 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Redwood Trust Inc disclosed in the last 12 months; 2 earlier trades on record.
Next expected around December 29, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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