REDWOOD TRUST INC

Listed Company

RWT-PACIK 0000930236NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-70.03M

Total Assets

$23.70B

Equity

$982.62M

Shares Out

124.99M

Op. Cash Flow

$-10.09B

Business

REDWOOD TRUST INC is a specialty finance company focused on providing housing credit and liquidity to underserved segments of the U.S. housing market. It offers customized housing credit investments through private‑label securitizations, whole‑loan distribution, origination and acquisition of residential consumer and investor mortgages, mortgage servicing rights, and publicly traded securities. The company operates three business segments—Sequoia Mortgage Banking, CoreVest Mortgage Banking, and Redwood Investments—covering consumer prime jumbo loans, residential investor term and bridge loans, and an investment portfolio. It conducts its activities primarily across the United States through securitization platforms, loan sales, joint ventures, and investment channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Residential consumer loans	802	485	254	251	205
Residential investor loans	274	352	382	362	—
Consolidated Agency multifamily loans	12	18	19	19	19
Real estate securities	63	50	22	38	55
Other interest income	32	40	48	38	25
Total interest income	1,183	945	724	708	575
Asset-backed securities issued	−805	−572	−372	−370	−306
Debt obligations	−295	−270	−260	−182	−78
Total interest expense	−1,100	−843	−632	−552	—
Net Interest Income	83	103	93	155	148
Mortgage banking activities, net	167	99	67	−14	236
Investment fair value changes, net	−97	−15	−44	−178	115
HEI income, net	711,000	42	35	3	13
Servicing income, net	10	14	7	—	—
Fee income, net	11	11	8	—	—
Other income, net	4	2	−2	21	12
Realized gains, net	−608,000	306,000	2	5	18
Total non-interest income, net	95	154	73	−163	—
General and administrative expenses	−154	−136	−128	−141	−165
Portfolio management costs	−28	−21	−15	−8	−6
Loan acquisition costs	−18	−13	−7	−12	−16
Other expenses	−22	−14	−16	−16	−17
Net (Loss) Income before Provision For Income Taxes	−45	73	−639,000	−183	338
Provision for income taxes	−25	−19	−2	20	−18
Net (Loss) Income	−70	54	−2	−164	320
Dividends on preferred stock	−7	−7	−7	0	0
Net (Loss) Income (Related) Available to Common Stockholders	−77	47	−9	−164	320
Basic (loss) earnings per common share (in dollars per share)	−0.63	0.32	−0.11	−1.43	2.73
Diluted (loss) earnings per common share (in dollars per share)	−0.63	0.32	−0.11	−1.43	2.37
Basic weighted average common shares outstanding (in shares)	130	132	116	117	113
Diluted weighted average common shares outstanding (in shares)	130	132	116	117	142

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Home equity investments	330	590	550	403	—
Real estate securities	423	405	128	240	377
Servicing investments	302	298	—	—	—
Strategic investments	102	78	344	391	449
Derivative assets	106	46	14	21	26
Cash and cash equivalents	256	245	293	259	450
Restricted cash	193	68	76	70	81
Goodwill	23	23	23	23	0
Other assets	414	416	380	211	231
Total Assets	23,701	18,258	14,504	13,031	14,707
Asset-backed securities issued (includes $17,433,600 and $12,879,530 at fair value), net	17,492	13,270	9,812	7,987	9,254
Debt obligations, net	4,799	3,463	3,239	1,733	1,641
Derivative liabilities	28	24	34	17	3
Accrued expenses and other liabilities	399	314	217	180	246
Total liabilities	22,718	17,070	13,302	11,947	13,321
Commitments and Contingencies (see Note 19)	—	—	—	—	—
Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding	67	67	67	0	—
Common stock, par value $0.01 per share, 392,010,000 shares authorized; 124,459,837 and 132,519,579 issued and outstanding	1	1	1	1	1
Additional paid-in capital	2,463	2,504	2,488	2,350	2,317
Accumulated other comprehensive loss	−32	−43	−58	−69	−9
Cumulative earnings	1,114	1,191	1,144	1,153	1,317
Cumulative distributions to stockholders	−2,632	−2,533	−2,440	−2,351	−2,240
Total Equity	983	1,188	1,203	1,084	1,386
Total Liabilities and Equity	23,701	18,258	14,504	13,031	14,707

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums, discounts, and debt issuance costs, net	13	12	18	6	−10
Depreciation and amortization of non-financial assets	10	12	15	16	17
Originations of held-for-sale loans	−1,856	−1,577	−775	−1,077	−1,258
Purchases of held-for-sale loans	−14,583	−7,108	−2,046	−3,842	−13,188
Proceeds from sales of held-for-sale loans	6,004	2,811	781	4,317	8,640
Principal payments on held-for-sale loans	265	112	52	196	84
Net settlements of derivatives	63	−74	11	199	45
Non-cash equity award compensation expense and other	17	21	19	24	—
Market valuation adjustments	−43	−108	−36	227	−321
Realized losses (gains), net	608,000	−307,000	−2	−5	−18
Accrued interest receivable and other assets	104	−41	−41	43	−65
Accrued interest payable and accrued expenses and other liabilities	−18	24	−10	−79	42
Net cash used in operating activities	−10,095	−5,863	−2,016	−139	−5,695
Originations of loan investments	−633	−121	−807	−1,639	−895
Proceeds from sales of loan investments	101	94	46	2	9
Principal payments on loan investments	4,663	2,768	1,549	2,003	2,601
Purchases of real estate securities	−257	−235	−10	−15	−69
Proceeds from sales of real estate securities	385	3	144	32	40
Principal payments on real estate securities	16	9	1	33	61
Repayments from servicer advance investments, net	5	357,000	56	71	76
Purchases of HEI	−13	−2	−108	−248	−134
Repayments on HEI	32	50	43	43	0
Proceeds from sales of HEI	262	0	0	—	—
Other investing activities, net	−31	−28	−5	−4	−33
Net cash provided by investing activities	4,532	2,538	909	214	1,404
Proceeds from borrowings on debt obligations	17,401	10,022	3,705	6,997	—
Repayments on borrowings on debt obligations	−16,061	−9,789	−4,234	−7,112	—
Proceeds from issuance of asset-backed securities	8,974	5,312	2,466	1,420	4,472
Repayments on asset-backed securities issued	−4,430	−2,154	−873	−1,454	−1,990
Debt issuance costs paid	−22	−17	−3	−21	−4
Net proceeds from issuance of common stock	434,000	462,000	124	68	22
Net proceeds from issuance of preferred stock	0	0	67	0	0
Payments for repurchase of common stock	−52	0	0	−56	0
Taxes paid on equity award distributions	−5	−5	−5	−2	−2
Dividends paid on common stock	−99	−93	−88	−112	−92
Dividends paid on preferred stock	−7	−7	−5	0	0
Other financing activities, net	−750,000	−2	−7	−5	7
Net cash provided by (used in) financing activities	5,699	3,268	1,147	−277	4,278
Net increase (decrease) in cash and cash equivalents	136	−56	39	−202	−13
Interest	1,076	811	603	519	401
Taxes paid (refunded), net	9	4	−1	5	43
Retention of mortgage servicing rights from loan securitizations and sales	2	1	0	5	7
Dividends declared but not paid on preferred stock	1	1	1	0	0
Transfers from loans held-for-sale to loans held-for-investment	8,812	5,703	2,790	2,949	5,027
Transfers from loans held-for-investment to loans held-for-sale	2,148	15	28	0	92
Transfers from residential loans to real estate owned	145	23	100	8	40
Consolidation of securitized CAFL bridge loans at issuance	294	288	0	0	—
Consolidation of CAFL bridge ABS	568	285	0	—	—
Deconsolidation of securitized reperforming loans	1,240	0	0	—	—
Deconsolidation of securitized reperforming ABS	988	0	0	—	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	3	282,000	478,000	0	7
Reduction in operating lease liabilities due to lease modification	0	0	274,000	0	0

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