Redwood Trust, Inc. (RWT)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· reit

$3.13▼ 3.10%

EOD close · as of 2026-10-30

Market Cap

$393.2M

Enterprise Value

$137.5M

Revenue (FY)

—

Rev. growth

—

Gross margin

—

Net margin

—

ROIC

-7%

Net debt / EBITDA

n/a for a REIT

Revenue—

—

Net Income· FY2025-$70.0M

Free Cash Flow· FY2025-$10.09B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 14th pct blended

P/E

— now

2.7×12.6×

—th

P/B

0.4× now

0.3×0.6×

14th

cheap

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

Returns on capital

ROIC -7%

-7%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Not enough detail.

Returns

Why ROE is -7.1%

DuPont — the three levers

Net margin

—

profit / rev

Asset turns

—

rev / assets

Leverage

24.12×

assets / year-end equity

ROE

-7.1%

on year-end equity

ROE -7% against ROIC -7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

—

Cash & Equivalents

$255.7M

Net Debt

—

Net debt / EBITDA—

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

—

Op. income Δ

—

Op. leverage

—

Operating leverage needs meaningful revenue change.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

-7%

FY2025 · latest

Net margin

—

— · latest

—

ROIC

-7%

FY2025 · latest

Gross margin

—

— · latest

—

Current ratio

—

— · latest

—

FCF margin

—

— · latest

—

Free cash flow

-$10.09B

FY2025 · latest

Institutional ownership: 32 holders · 75th percentile crowding — Insufficient data to determine institutional momentum. (see the 13F tab)

A 30-second read on RWT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$3.13▼ 3.10%

EOD close · as of 2026-10-30

Market Cap

$393.2M

Enterprise Value

$137.5M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Selling, General & Admin	$153.9M	$136.4M	$128.3M	$140.9M	$165.2M	$113.5M	$108.7M	$75.3M	$77.2M	$4.5M
Total Operating Expenses	—	—	$166.3M	$176.2M	$203.9M	$235.0M	$131.7M	$83.0M	$77.2M	$88.8M
Interest Expense	—	—	$631.5M	$552.4M	$426.7M	$448.0M	$479.8M	$239.0M	$108.8M	$88.5M
Interest & Investment Income	$32.1M	$40.0M	$48.0M	$38.2M	$25.4M	$27.1M	$28.1M	$8.2M	$2.9M	$1.2M
Other Income (Expense), net	—	—	$145K	$1.6M	$2.4M	$1.6M	$1.8M	$0	$0	—
Pretax Income	-$44.8M	$72.8M	-$639K	-$183.4M	$338.1M	-$586.5M	$176.6M	$130.7M	$152.2M	$135.0M
Income Tax Expense	$25.2M	$18.8M	$1.6M	-$19.9M	$18.5M	-$4.6M	$7.4M	$11.1M	$11.8M	$3.7M
Net Income	-$70.0M	$54.0M	-$2.3M	-$163.5M	$319.6M	-$581.8M	$169.2M	$119.6M	$140.4M	$131.3M
Per Share
EPS (Basic)	-$0.63	$0.32	-$0.11	-$1.43	$2.73	-$5.12	$1.63	$1.47	$1.78	$1.66
EPS (Diluted)	-$0.63	$0.32	-$0.11	-$1.43	$2.37	-$5.12	$1.46	$1.34	$1.60	$1.54
Weighted Avg Shares (Basic)	130.3M	132.1M	116.3M	117.2M	113.2M	113.9M	101.1M	78.7M	76.8M	76.7M
Weighted Avg Shares (Diluted)	130.3M	132.1M	116.3M	117.2M	142.1M	113.9M	136.8M	110.0M	102.0M	97.9M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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RWT vs. Real Estate Investment Trusts peers

Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

RWT — · med 30.1× · p25–p75 13.8×–82.7×

not enough peer data

—

P / S

RWT — · med 3.1× · p25–p75 2.1×–5.1×

not enough peer data

—

EV / EBITDA

RWT — · med 13.1× · p25–p75 8.4×–17.1×

not enough peer data

—

P / B

RWT 0.4× · med 0.9× · p25–p75 0.5×–1.4×

84th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

RWT — · med 2.1% · p25–p75 -4.6%–8.6%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

RWT — · med 81.5% · p25–p75 61.6%–97.0%

not enough peer data

—

Operating margin

RWT — · med 19.7% · p25–p75 0.3%–35.2%

not enough peer data

—

Net margin

RWT — · med 11.0% · p25–p75 -2.3%–25.5%

not enough peer data

—

FCF margin

RWT — · med 18.7% · p25–p75 6.8%–39.2%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

RWT -7.1% · med 3.8% · p25–p75 -0.5%–6.8%

18th pct

Return on invested capital

RWT -7.1% · med 1.4% · p25–p75 -0.2%–4.4%

12th pct

LeverageLess debt scores higher

Net debt / EBITDA

RWT — · med 5.7× · p25–p75 -0.4×–6.5×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

RWT 32 · med 36 · p25–p75 25–41

48th pct

Institutional ownership

RWT — · med 1.2% · p25–p75 0.8%–1.8%

not enough peer data

—

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
AATAmerican Assets Trust,…	$1.3B	23.8×	10.7×	3.1×	-4.7%	61.1%	16.4%	6.2%	2.5%	5.8×	52
UMHUMH PROPERTIES, INC.	$1.3B	216.4×	—	4.9×	8.8%	—	10.0%	2.9%	2.9%	—	63
ALXALEXANDERS INC	$1.3B	45.8×	—	6.0×	-5.8%	—	13.2%	25.9%	25.9%	—	24
NHPNational Healthcare Pr…	$1.1B	—	12.8×	3.2×	-3.3%	36.0%	-16.9%	-9.6%	-9.6%	-0.7×	—
DEAEasterly Government Pr…	$1.1B	82.7×	—	3.1×	11.3%	76.9%	3.9%	1.0%	0.4%	—	54
CMRFCIM GROUP, INC.	$1.0B	19.6×	—	2.5×	-14.0%	—	12.6%	8.3%	2.0%	—	—
CSRCENTERSPACE	$982M	57.3×	11.1×	3.6×	4.9%	96.5%	6.2%	2.4%	1.0%	5.6×	47
ESRTEmpire State Realty Tr…	$860M	19.9×	2.2×	1.1×	0.0%	—	9.5%	6.9%	6.9%	-0.4×	38
SAFESafehold Inc.	$800M	7.1×	—	2.1×	5.4%	98.8%	29.7%	4.8%	1.6%	—	48
CTOCTO Realty Growth, Inc…	$764M	246.4×	14.6×	5.1×	20.1%	74.6%	6.7%	1.8%	0.9%	6.5×	47
BFSSAUL CENTERS, INC.	$719M	26.7×	4.6×	2.5×	7.8%	—	12.9%	12.2%	4.8%	1.8×	31
JBGSJBG SMITH Properties	$696M	—	3.3×	1.4×	-8.9%	—	-27.9%	-12.0%	-12.0%	-0.4×	39
CLDTChatham Lodging Trust	$687M	105.4×	9.9×	2.3×	-7.0%	—	5.1%	2.0%	1.4%	3.1×	32
PSTLPostal Realty Trust, I…	$653M	45.9×	17.4×	6.8×	25.5%	—	14.8%	5.0%	2.2%	6.2×	36
UHTUNIVERSAL HEALTH REALT…	$532M	30.1×	14.1×	5.4×	0.2%	—	17.8%	11.6%	3.3%	5.8×	39
BDNBRANDYWINE REALTY TRUS…	$513M	—	—	1.1×	-4.2%	61.8%	-36.8%	-22.5%	-5.3%	—	37
NXRTNexPoint Residential T…	$461M	—	16.5×	1.8×	-3.2%	—	-12.7%	-10.8%	-1.7%	12.8×	36
FBRTFranklin BSP Realty Tr…	$455M	9.4×	—	1.7×	20.9%	—	30.5%	5.7%	5.7%	—	36
FVRFrontView REIT, Inc.	$453M	—	27.4×	6.8×	39.1%	—	-5.7%	-1.0%	-0.5%	10.9×	20
TCITRANSCONTINENTAL REALT…	$438M	31.2×	100.9×	8.9×	4.2%	—	28.1%	1.6%	1.3%	—	8
RWTREDWOOD TRUST INC	$393M	—	—	—	—	—	—	-7.1%	-7.1%	—	32
CHCTCommunity Healthcare T…	$374M	163.3×	—	3.1×	4.7%	—	4.2%	1.2%	0.5%	—	26
FPIFarmland Partners Inc.	$368M	13.8×	56.3×	7.0×	-10.4%	—	60.5%	6.7%	5.0%	17.2×	41
LANDGLADSTONE LAND Corp	$320M	—	—	3.6×	3.7%	89.1%	15.3%	2.0%	1.2%	—	41
ARIApollo Commercial Real…	$300M	2.9×	—	1.1×	-10.6%	—	46.7%	6.8%	6.8%	—	30

Peers = companies sharing RWT's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Open-market buys

$969k · 6 holders

Discretionary sales

$0 · 0 holders

10b5-1 plan sales

$0 · scheduled in advance

Filed late

0 of 44 filings

3 open-market purchases and 0 discretionary sales against the share price · hover a marker

2025-10-31$3.04 – $5.872026-10-23

Shares held by reporting insiders5 → 11 insiders reporting — no comparable change

2025-12-24 · 1,186,9602026-09-21 · 2,307,482 (11 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-09-30	Kubicek Greg H Director	Grant	28,952	$0.00	—
2026-09-30	Debora Horvath D Director	Grant	15,059	$0.00	—
2026-09-21	Stone Andrew P Chief Legal Officer	Open-market buy	5,000	$4.12	$21k
2026-09-21	Macomber Sasha G. Chief Human Resource Officer	Open-market buy	4,895	$4.08	$20k
2026-09-16

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Cash conversion bridge from net income to free cash flow
Step	Amount	Running total
Net income	−$70M	−$70M
Share-based comp	$20M	−$50M
Other non-cash & working capital	−$10.04B	−$10.09B
Operating cash flow	−$10.09B	−$10.09B
Capex	$0	−$10.09B
Free cash flow	−$10.09B	−$10.09B
FCF after SBC	−$10.11B	−$10.11B

Cash conversion bridge from net income to free cash flow

Step

Amount

Running total

Net income

−$70M

Share-based comp

$20M

−$50M

Other non-cash & working capital

−$10.04B

−$10.09B

Operating cash flow

−$10.09B

Capex

−$10.09B

Free cash flow

−$10.09B

FCF after SBC

−$10.11B

Accruals as a percent of assets, by fiscal year
Fiscal year	Accruals / assets
FY2019	7.4 percent
FY2020	-0.7 percent
FY2021	40.9 percent
FY2022	-0.2 percent
FY2023	13.9 percent
FY2024	32.4 percent
FY2025	42.3 percent

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

7.4 percent

FY2020

-0.7 percent

FY2021

40.9 percent

FY2022

-0.2 percent

FY2023

13.9 percent

FY2024

32.4 percent

FY2025

42.3 percent

Redwood Trust, Inc. (RWT)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is -7.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Is the business good?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -53%

RWT vs. Real Estate Investment Trusts peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -53%

Ownership Map

Reverse DCF — what growth does the price assume?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is -7.1%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Debt & Leverage

Capital structure over time

Debt servicing

Liquidity

Short-term vs long-term debt

Financials

Revenue → Profit Flow

RWT vs. Real Estate Investment Trusts peers

Where it ranks

Peer table

Is the business good?

Are the earnings real?