Redwood Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters.
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Residential consumer loans | $801.6M | $485.3M | $253.9M | $250.5M |
| Residential investor loans | $273.7M | $351.9M | — | — |
| Consolidated Agency multifamily loans | $12.2M | $18.2M | $18.6M | $18.9M |
| Real estate securities | $63.3M | $49.7M | $21.6M | $37.7M |
| Other interest income | $32.1M | $40.0M | $48.0M | $38.2M |
| Total interest income | $1.2B | $945.2M | $724.5M | $707.9M |
| Asset-backed securities issued | ($805.1M) | ($572.5M) | ($371.8M) | ($370.2M) |
| Debt obligations | ($295.1M) | ($270.1M) | ($143.4M) | ($97.8M) |
| Total interest expense | ($1.1B) | ($842.6M) | ($631.5M) | ($552.4M) |
| Net Interest Income | $82.7M | $102.6M | $92.9M | $155.5M |
| Mortgage banking activities, net | $167.1M | $99.4M | $67.4M | ($13.7M) |
| Investment fair value changes, net | ($97.4M) | ($14.8M) | ($44.4M) | ($175.6M) |
| HEI income, net | $711.0K | $41.8M | $35.1M | — |
| Servicing income, net | $10.0M | — | — | — |
| Fee income, net | $11.0M | — | — | — |
| Other income, net | $3.9M | $27.5M | $12.9M | $21.2M |
| Realized gains, net | ($608.0K) | $306.0K | $1.7M | $5.3M |
| Total non-interest income, net | $94.7M | $154.3M | — | — |
| General and administrative expenses | ($153.9M) | ($136.4M) | ($128.3M) | ($140.9M) |
| Portfolio management costs | ($28.3M) | ($20.9M) | ($14.6M) | ($8.0M) |
| Loan acquisition costs | ($18.1M) | ($12.7M) | ($7.2M) | ($11.8M) |
| Other expenses | ($21.9M) | ($14.1M) | ($16.2M) | ($15.6M) |
| Net (Loss) Income before Provision For Income Taxes | ($44.8M) | $72.8M | ($639.0K) | ($183.4M) |
| Provision for income taxes | ($25.2M) | ($18.8M) | ($1.6M) | $19.9M |
| Net (Loss) Income | ($70.0M) | $54.0M | ($2.3M) | ($163.5M) |
| Dividends on preferred stock | ($7.0M) | ($7.0M) | ($6.7M) | — |
| Net (Loss) Income (Related) Available to Common Stockholders | ($77.0M) | $47.0M | ($9.0M) | — |
| Basic (loss) earnings per common share (in dollars per share) | -$0.63 | $0.32 | -$0.11 | -$1.43 |
| Diluted (loss) earnings per common share (in dollars per share) | -$0.63 | $0.32 | -$0.11 | -$1.43 |
| Basic weighted average common shares outstanding (in shares) | 130.3M | 132.1M | 116.3M | 117.2M |
| Diluted weighted average common shares outstanding (in shares) | 130.3M | 132.1M | 116.3M | 117.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Residential consumer loans | $312.0M | $276.6M | $210.1M | $184.4M |
| Residential investor loans | $50.8M | $57.0M | $63.3M | $72.1M |
| Consolidated Agency multifamily loans | $0 | $0 | $3.3M | $4.5M |
| Real estate securities | $15.0M | $15.2M | $14.8M | $16.1M |
| Other interest income | $7.4M | $8.1M | $8.1M | $7.2M |
| Total interest income | $385.2M | $356.9M | $299.5M | $284.3M |
| Asset-backed securities issued | ($270.5M) | ($238.2M) | ($208.1M) | ($198.5M) |
| Debt obligations | ($82.7M) | ($84.0M) | ($76.5M) | ($72.0M) |
| Total interest expense | ($353.2M) | ($322.2M) | ($284.5M) | ($270.5M) |
| Net interest income (expense) | $32.1M | $34.7M | $15.0M | $13.8M |
| Mortgage banking activities, net | $32.1M | $32.0M | $40.1M | $40.9M |
| Investment fair value changes, net | ($22.5M) | ($23.2M) | ($7.0M) | ($84.7M) |
| HEI income (loss), net | $2.8M | $7.1M | $454.0K | ($12.9M) |
| Servicing income, net | $2.6M | $8.0M | $1.4M | $1.6M |
| Fee income, net | $3.0M | $2.9M | $4.6M | $2.2M |
| Other income, net | $6.0M | $2.4M | ($183.0K) | $352.0K |
| Realized gains, net | $0 | $0 | ($48.0K) | $640.0K |
| Total non-interest income (loss), net | $23.9M | $29.2M | $39.4M | ($51.9M) |
| General and administrative expenses | ($38.2M) | ($49.4M) | ($38.7M) | ($37.0M) |
| Portfolio management costs | ($7.0M) | ($8.7M) | ($7.0M) | ($10.0M) |
| Loan acquisition costs | ($6.0M) | ($6.7M) | ($4.4M) | ($4.8M) |
| Other expenses | ($4.7M) | ($7.1M) | ($5.7M) | ($4.0M) |
| Net Income (Loss) Before Provision for Income Taxes | $45.0K | ($8.0M) | ($1.4M) | ($93.9M) |
| (Provision for) benefit from income taxes | ($1.1M) | $2.5M | ($6.4M) | ($4.6M) |
| Net (Loss) Income | ($1.1M) | ($5.5M) | ($7.7M) | ($98.5M) |
| Dividends on preferred stock | ($1.8M) | ($1.8M) | ($1.8M) | ($1.8M) |
| Net (Loss) Income (Related) Available To Common Stockholders | ($2.9M) | ($7.3M) | ($9.5M) | ($100.2M) |
| Basic (loss) earnings per common share (in dollars per share) | -$0.03 | -$0.07 | -$0.08 | -$0.76 |
| Diluted (loss) earnings per common share (in dollars per share) | -$0.03 | -$0.07 | -$0.08 | -$0.76 |
| Basic weighted average common shares outstanding (in shares) | 125.3M | 124.8M | 129.0M | 133.0M |
| Diluted weighted average common shares outstanding (in shares) | 125.3M | 124.8M | 129.0M | 133.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fair value of loans | $28.9B | $16.1B | $19.0B | $11.4B |
| Home equity investments | $329.9M | $589.8M | $550.4M | $403.5M |
| Real estate securities | $423.0M | $405.2M | $127.8M | $240.5M |
| Servicing investments | $302.2M | — | — | — |
| Strategic investments | $102.0M | $375.8M | $343.9M | $390.9M |
| Derivative assets | $105.6M | $46.0M | $14.2M | $20.8M |
| Cash and cash equivalents | $255.7M | $245.2M | $293.1M | $258.9M |
| Restricted cash | $193.4M | $67.8M | $75.7M | $70.5M |
| Goodwill | $23.4M | $23.4M | $23.4M | $23.4M |
| Other assets | $413.5M | $415.7M | $351.1M | $211.2M |
| Total Assets | $23.7B | $18.3B | $14.5B | $13.0B |
| Asset-backed securities issued (includes $17,433,600 and $12,879,530 at fair value), net | $17.5B | $13.3B | $9.8B | $8.0B |
| Debt obligations, net | $4.8B | $3.5B | $1.7B | $1.7B |
| Derivative liabilities | $28.1M | $23.7M | $33.8M | $16.9M |
| Accrued expenses and other liabilities | $398.9M | $313.7M | $216.8M | $180.2M |
| Total liabilities | $22.7B | $17.1B | $13.3B | $11.9B |
| Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding | $66948000.00 | $66948000.00 | $66948000.00 | — |
| Common stock, par value $0.01 per share, 392,010,000 shares authorized; 124,459,837 and 132,519,579 issued and outstanding | $1245000.00 | $1325000.00 | $1315000.00 | $1135000.00 |
| Additional paid-in capital | $2.5B | $2.5B | $2.5B | $2.3B |
| Accumulated other comprehensive loss | ($31.7M) | ($43.1M) | ($58.0M) | ($68.9M) |
| Cumulative earnings | $1.1B | $1.2B | $1.1B | $1.2B |
| Cumulative distributions to stockholders | ($2.6B) | ($2.5B) | ($2.4B) | ($2.4B) |
| Total Equity | $982.6M | $1.2B | $1.2B | $1.1B |
| Total Liabilities and Equity | $23.7B | $18.3B | $14.5B | $13.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fair value of loans | $33.2B | $31.4B | $24.5B | $22.9B |
| Home equity investments | $339.7M | $341.1M | $326.2M | $587.6M |
| Real estate securities | $480.9M | $476.4M | $418.9M | $265.0M |
| Servicing investments | $290.8M | $299.7M | $282.3M | $298.0M |
| Strategic investments | $97.1M | $106.7M | $82.5M | $78.3M |
| Derivative assets | $59.4M | $154.9M | $97.9M | $219.8M |
| Cash and cash equivalents | $191.8M | $202.4M | $226.3M | $302.0M |
| Restricted cash | $99.5M | $92.3M | $103.9M | $146.2M |
| Goodwill | $23.4M | $23.4M | $23.4M | $23.4M |
| Other assets | $471.3M | $508.5M | $398.5M | $448.6M |
| Total Assets | $28.8B | $26.8B | $22.6B | $21.3B |
| Asset-backed securities issued | $22.5B | $20.4B | $16.8B | $16.0B |
| Debt obligations, net | $5.0B | $4.9B | $4.4B | $3.7B |
| Derivative liabilities | $10.9M | $156.2M | $57.0M | $68.8M |
| Accrued expenses and other liabilities | $400.9M | $417.7M | $363.0M | $480.7M |
| Total liabilities | $27.9B | $25.9B | $21.6B | $20.3B |
| Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding | $66948000.00 | $66948000.00 | $66948000.00 | $66948000.00 |
| Common stock, par value $0.01 per share, 392,010,000 shares authorized; 125,607,457 and 124,459,837 issued and outstanding | $1256000.00 | $1250000.00 | $1268000.00 | $1316000.00 |
| Additional paid-in capital | $2.5B | $2.5B | $2.5B | $2.5B |
| Accumulated other comprehensive loss | ($31.1M) | ($31.4M) | ($35.7M) | ($39.1M) |
| Cumulative earnings | $1.1B | $1.1B | $1.1B | $1.1B |
| Cumulative distributions to stockholders | ($2.7B) | ($2.7B) | ($2.6B) | ($2.6B) |
| Total Equity | $933.8M | $956.7M | $999.0M | $1.1B |
| Total Liabilities and Equity | $28.8B | $26.8B | $22.6B | $21.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net (loss) income | ($70.0M) | $54.0M | ($2.3M) | ($163.5M) |
| Amortization of premiums, discounts, and debt issuance costs, net | $13.0M | $12.2M | $17.9M | $6.3M |
| Depreciation and amortization of non-financial assets | $10.1M | $11.9M | $14.9M | $15.9M |
| Originations of held-for-sale loans | ($1.9B) | ($1.6B) | ($774.6M) | ($1.1B) |
| Purchases of held-for-sale loans | ($14.6B) | ($7.1B) | ($2.0B) | ($3.8B) |
| Proceeds from sales of held-for-sale loans | $6.0B | $2.8B | $781.4M | $4.3B |
| Principal payments on held-for-sale loans | $264.7M | $112.1M | $52.1M | $196.5M |
| Net settlements of derivatives | $62.9M | ($74.4M) | $11.1M | $199.0M |
| Non-cash equity award compensation expense and other | $17.2M | $20.7M | — | — |
| Market valuation adjustments | ($43.0M) | ($108.4M) | ($35.8M) | $227.2M |
| Realized losses (gains), net | $608.0K | ($307.0K) | ($1.7M) | ($5.3M) |
| Accrued interest receivable and other assets | $103.6M | ($40.7M) | ($41.2M) | $42.6M |
| Accrued interest payable and accrued expenses and other liabilities | ($18.1M) | $24.2M | ($10.3M) | ($79.2M) |
| Net cash used in operating activities | ($10.1B) | ($5.9B) | ($2.0B) | ($139.1M) |
| Originations of loan investments | ($632.8M) | ($120.7M) | ($806.9M) | ($1.6B) |
| Proceeds from sales of loan investments | $100.6M | $94.3M | $45.7M | $2.3M |
| Principal payments on loan investments | $4.7B | $2.8B | $1.5B | $2.0B |
| Purchases of real estate securities | ($257.3M) | ($234.8M) | ($9.9M) | ($15.0M) |
| Proceeds from sales of real estate securities | $385.4M | $2.8M | $143.9M | $31.7M |
| Principal payments on real estate securities | $15.9M | $8.5M | $1.1M | $32.7M |
| Repayments from servicer advance investments, net | $5.5M | $357.0K | $55.8M | $70.6M |
| Purchases of HEI | ($13.0M) | ($2.0M) | ($108.1M) | ($248.2M) |
| Repayments on HEI | $32.4M | $49.6M | $43.0M | $42.7M |
| Proceeds from sales of HEI | $262.4M | — | — | — |
| Other investing activities, net | ($30.6M) | ($27.9M) | ($5.0M) | ($4.4M) |
| Net cash provided by investing activities | $4.5B | $2.5B | $908.7M | $213.9M |
| Proceeds from borrowings on debt obligations | $17.4B | $10.0B | — | — |
| Repayments on borrowings on debt obligations | ($16.1B) | ($9.8B) | — | — |
| Proceeds from issuance of asset-backed securities | $9.0B | $5.3B | $2.5B | $1.4B |
| Repayments on asset-backed securities issued | ($4.4B) | ($2.2B) | ($872.7M) | ($1.5B) |
| Debt issuance costs paid | ($22.2M) | ($16.7M) | ($3.2M) | ($21.1M) |
| Net proceeds from issuance of common stock | $434.0K | $462.0K | $124.5M | $68.0M |
| Net proceeds from issuance of preferred stock | $0 | $0 | $66.9M | — |
| Payments for repurchase of common stock | ($51.8M) | $0 | $0 | ($56.5M) |
| Taxes paid on equity award distributions | ($5.3M) | ($5.0M) | ($5.4M) | ($2.4M) |
| Dividends paid on common stock | ($99.0M) | ($92.9M) | ($88.4M) | — |
| Dividends paid on preferred stock | ($7.0M) | ($7.0M) | ($5.2M) | — |
| Other financing activities, net | ($750.0K) | ($1.9M) | ($6.9M) | ($4.8M) |
| Net cash provided by (used in) financing activities | $5.7B | $3.3B | $1.1B | ($276.9M) |
| Net increase (decrease) in cash and cash equivalents | $136.2M | ($55.9M) | $39.4M | ($202.1M) |
| Cash, cash equivalents and restricted cash at beginning of year | $312.9M | $368.8M | $329.4M | $531.5M |
| Cash, cash equivalents and restricted cash at end of year | $449.1M | $312.9M | — | — |
| Interest | $1.1B | $811.4M | $603.3M | $518.6M |
| Taxes paid (refunded), net | $8.8M | $4.1M | ($1.4M) | — |
| Retention of mortgage servicing rights from loan securitizations and sales | $2.4M | $1.3M | $0 | $4.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net (loss) | ($6.6M) | ($5.5M) | ($90.0M) | ($82.3M) |
| Amortization of premiums, discounts, and debt issuance costs, net | $6.0M | $2.9M | $8.8M | $5.7M |
| Depreciation and amortization of non-financial assets | $4.7M | $2.3M | $7.8M | $5.5M |
| Originations of held-for-sale loans | ($765.1M) | ($407.7M) | ($1.4B) | ($846.3M) |
| Purchases of held-for-sale loans | ($13.0B) | ($6.7B) | ($9.1B) | ($5.2B) |
| Proceeds from sales of held-for-sale loans | $5.5B | $2.6B | $3.6B | $1.9B |
| Principal payments on held-for-sale loans | $116.1M | $56.3M | $152.1M | $59.5M |
| Net settlements of derivatives | ($108.8M) | ($7.3M) | $101.7M | ($16.9M) |
| Non-cash equity award compensation expense and other | $10.9M | $6.2M | $14.8M | $9.7M |
| Market valuation adjustments | ($13.2M) | ($11.7M) | $8.4M | $32.9M |
| Realized gains, net | $0 | $0 | ($1.2M) | ($1.2M) |
| Other assets | ($32.2M) | ($83.3M) | $40.8M | ($42.3M) |
| Accrued expenses and other liabilities | ($15.0M) | $18.8M | ($15.2M) | $115.2M |
| Net cash used in operating activities | ($8.3B) | ($4.5B) | ($6.7B) | ($4.1B) |
| Originations and purchases of loan investments | ($356.8M) | ($218.2M) | ($427.9M) | ($259.0M) |
| Proceeds from sales of loans | $0 | $0 | $100.6M | $91.2M |
| Principal payments on loan investments | $3.0B | $1.5B | $3.0B | $1.7B |
| Purchases of HEI | ($3.0M) | ($2.6M) | ($9.0M) | ($6.1M) |
| Repayments on HEI | $9.5M | $3.9M | $26.8M | $21.7M |
| Purchases of real estate securities | ($98.5M) | ($54.8M) | ($229.3M) | ($22.1M) |
| Proceeds from sales of real estate securities | $65.6M | $25.7M | $134.2M | $115.3M |
| Principal payments on real estate securities | $833.0K | $483.0K | $15.8M | $537.0K |
| Repayments from servicer advance investments, net | $27.8M | $18.2M | $8.1M | ($5.6M) |
| Other investing activities, net | $12.7M | ($735.0K) | ($6.0M) | ($2.1M) |
| Net cash provided by investing activities | $2.7B | $1.2B | $2.9B | $1.6B |
| Proceeds from issuance of asset-backed securities | $8.6B | $4.8B | $5.9B | $3.8B |
| Repayments on asset-backed securities issued | ($3.3B) | ($1.7B) | ($2.8B) | ($1.4B) |
| Proceeds from borrowings on debt obligations | $13.3B | $6.9B | $11.2B | $6.8B |
| Repayments on debt obligations | ($13.2B) | ($6.8B) | ($10.3B) | ($6.5B) |
| Debt issuance costs paid | ($7.2M) | ($2.6M) | ($11.0M) | ($8.5M) |
| Taxes paid on equity award distributions | ($2.6M) | ($1.5M) | ($3.1M) | ($2.9M) |
| Net proceeds from issuance of common stock | $188.0K | $97.0K | $393.0K | $238.0K |
| Net payments on repurchase of common stock | ($1.1M) | ($1.1M) | ($37.1M) | ($7.5M) |
| Dividends paid on common stock | ($47.8M) | ($23.8M) | ($75.0M) | ($50.7M) |
| Dividends paid on preferred stock | ($3.5M) | ($1.8M) | ($5.3M) | ($3.5M) |
| Other financing activities, net | ($3.8M) | ($2.0M) | ($750.0K) | ($750.0K) |
| Net cash provided by financing activities | $5.4B | $3.1B | $3.8B | $2.6B |
| Net (decrease) increase in cash, cash equivalents and restricted cash | ($157.8M) | ($154.4M) | $17.3M | $135.3M |
| Cash, cash equivalents and restricted cash at beginning of period | $449.1M | $449.1M | $312.9M | $312.9M |
| Cash and cash equivalents | $191.8M | $202.4M | $226.3M | $302.0M |
| Restricted cash at end of period | $99.5M | $92.3M | $103.9M | $146.2M |
| Cash, cash equivalents and restricted cash at end of period | $291.3M | $294.7M | $330.2M | $448.2M |
| Interest | $645.4M | $298.5M | $769.0M | $496.7M |
| Taxes paid | $5.3M | $0 | $6.6M | $4.3M |
| Dividends declared but not paid on preferred stock | $1.5M | $1.5M | $1.5M | $1.5M |
Redwood Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.