RWT
Redwood Trust, Inc.Real Estate·REIT - Mortgage
$5.42
$679M market cap
Revenue
$282.9M
Free Cash Flow
$3.3B
Rev Growth
+17.9%
FCF Margin
1151.2%
P/FCF
0.2x
EV/FCF
7.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Redwood Trust, Inc., together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential 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. This segment also offers derivative
2-Year Price History
$5.28+1.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 87.1 | -1.3 | -1.3 | -5.5 | -4,508 | -4,508 | -0.0 | 202.0 | 25,299 | 124.8 | -0.0% | -0.2x | 51.7x |
| Act | 2025-Q4 | 87.8 | 33.4 | 33.5 | 20.0 | 12,546 | 12,546 | -0.0 | 256.0 | 22,291 | 126.6 | 0.6% | 6.2x | 29.8x |
| Act | 2025-Q3 | 61.4 | 287.4 | 283.2 | 0.5 | -2,668 | -2,668 | -0.0 | 510.7 | 21,027 | 129.0 | 5.3% | 1.0x | 29.1x |
| Act | 2025-Q2 | 46.6 | 179.3 | -89.1 | -98.5 | -2,113 | -2,113 | -0.0 | 416.5 | 19,511 | 133.0 | -1.8% | 0.7x | 28.7x |
| Act | 2025-Q1 | 73.9 | 266.5 | 263.8 | 16.2 | -1,953 | -1,953 | -0.0 | 464.5 | 17,857 | 132.8 | 5.7% | 1.1x | 24.7x |
| Act | 2024-Q4 | 30.9 | 0.0 | -11.4 | -6.6 | -854.0 | -854.0 | -0.0 | 456.6 | 16,395 | 132.3 | -0.3% | 0.0x | 24.5x |
| Act | 2024-Q3 | 69.7 | 247.9 | 245.1 | 14.8 | -2,088 | -2,088 | -0.0 | 459.0 | 16,833 | 132.4 | 5.6% | 1.1x | 19.4x |
| Act | 2024-Q2 | 67.5 | 225.6 | 25.6 | 15.5 | -1,966 | -1,966 | -0.0 | 420.4 | 14,983 | 132.1 | 0.6% | 1.1x | 19.8x |
| Act | 2024-Q1 | 74.6 | 217.6 | 36.2 | 30.3 | -954.2 | -954.2 | -0.0 | 385.5 | 13,381 | 131.6 | 1.1% | 1.2x | 19.6x |
| Act | 2023-Q4 | 57.0 | 198.6 | 18.0 | 21.0 | -1,148 | -1,148 | -0.0 | 380.5 | 12,844 | 116.3 | 0.5% | 1.2x | 26.9x |
| Act | 2023-Q3 | 10.8 | 134.5 | -24.5 | -30.8 | -891.0 | -891.0 | -0.0 | 289.4 | 11,337 | 115.5 | -0.9% | 0.9x | 29.7x |
| Act | 2023-Q2 | 43.3 | 162.6 | 7.9 | 2.9 | -78.4 | -78.4 | -0.0 | 447.1 | 11,067 | 114.4 | 0.3% | 1.1x | 31.2x |
| Act | 2023-Q1 | 42.8 | 0.0 | 0.0 | 4.6 | 102.0 | 102.0 | -0.0 | 524.3 | 11,350 | 114.1 | 0.0% | 0.0x | 51.3x |
| Act | 2022-Q4 | -21.3 | 100.1 | -57.6 | -44.1 | -9.7 | -9.7 | -0.0 | 391.0 | 11,505 | 113.4 | -1.7% | 0.7x | 29.5x |
| Act | 2022-Q3 | -2.2 | 102.0 | -44.7 | -50.4 | 361.4 | 361.4 | -0.0 | 439.4 | 11,540 | 116.1 | -1.5% | 0.7x | -- |
| Act | 2022-Q2 | -70.5 | 24.6 | -105.9 | -100.0 | -199.1 | -213.2 | -0.0 | 521.8 | 12,205 | 119.7 | -3.1% | 0.2x | -- |
| Act | 2022-Q1 | 71.9 | 172.3 | 32.5 | 30.9 | -291.7 | -291.7 | -0.0 | 594.5 | 12,289 | 140.5 | 1.0% | 1.3x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 4.87 | — | -1804.8% | 399 | 29.5× | n/m | n/m | n/m |
| 2023 | 5.92 | -795.9% | 322.2% | 496 | 26.9× | n/m | n/m | 5.5× |
| 2024 | 5.76 | +57.7% | 284.9% | 691 | 24.5× | n/m | 18.6× | 4.1× |
| 2025 | 5.53 | +11.2% | 284.3% | 767 | 29.8× | 3.9× | n/m | 2.9× |
| TTM | 5.42 | +16.9% | 176.3% | 499 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$5.42
Market Cap$679M
Enterprise Value$25.8B
P/S Ratio2.4x
P/FCF0.2x
EV/FCF7.9x
FCF Margin (TTM)1151.2%
FCF Yield479.9%
Dividend Yield (TTM)13.3%
Annual Dilution-6.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$282.9M
Net Income$-83.5M
Free Cash Flow$3.3B
Revenue Growth (YoY)+17.9%
EBITDA Margin176.3%
Net Margin-29.5%
FCF Margin1151.2%
CapEx % of Revenue0.0%
SBC % of Revenue3.4%
ROIC1.0%
WC Change % Rev-71.7%
Interest Coverage0.9x
Forward Outlook & Risk
Short Interest
Short % of Float4.2%
Short Shares5.2M
Days to Cover4.0
Change (vs Prior)-12.3%
Short % Float History
4.20%+1.10pp
Options
Call IV (ATM)29%
Put IV (ATM)72%
ATM Spread12.3%
Call $OI (near money)$5K
Put $OI (near money)$93K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$5.0
Major Expirations1
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.00 | $2.70/$3.90 | 0 | --/$0.75 | 0 |
| $3.00 | $2.00/$2.70 | 3 | --/$0.75 | 0 |
| $4.00 | $0.95/$1.70 | 1 | --/$0.75 | 1 |
| $5.00 | $0.10/$0.75 | 44 | $0.10/$0.75 | 97 |
| $6.00 | --/$0.10 | 415 | $0.50/$1.25 | 1,058 |
| $7.00 | --/$0.05 | 32 | $1.30/$2.40 | 2 |
| $8.00 | --/$0.10 | 0 | $2.30/$3.40 | 1 |
| $9.00 | --/$0.75 | 0 | $3.30/$4.40 | 0 |
Snapshot: 2026-05-22
Employees
Headcount283
Revenue / Employee$999,647
Gross Profit / Employee$891,873
2022: 347 → 2023: 289 → 2024: 283 → 2025: 351 (0% CAGR)
Institutional Ownership
Headline & net flow
NET SELLING
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 6.5% of float, sold 7.7%. 2 filers moved >1% of shares (0 buying, 2 selling).
Net flow · Q1 2026still filing
-1.2% of float (net)
Bought 6.5% · Sold 7.7%
212 filers reported (last quarter: 215)
Ownership composition
Active
42.4%(-5.5% YoY)
217 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
32.9%(-9.5% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.9%(+0.3% YoY)
5 filers
Citadel, Susquehanna
Insiders
1.2%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $113M | $6.63 | −$2.9M | −$13.0M | -0.2% | $5.69T |
| WELLINGTON MANAGEMENT GROUP LLP | $62.0M | $5.71 | −$22.7M | +$3.8M | -0.3% | $533.98B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $32.0M | $5.61 | +$32.0M | +$32.0M | — | $4.04T |
| STATE STREET CORPPassive | $27.8M | $5.55 | −$573K | −$1.7M | -0.2% | $2.89T |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $17.7M | $5.56 | +$4.7M | +$7.4M | +1.7% | $73.71B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $17.6M | $5.33 | +$375K | +$233K | +2.3% | $1.61T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $16.3M | $5.61 | +$16.3M | +$16.3M | — | $1.91T |
| Invesco Ltd. | $15.4M | $5.95 | +$1.1M | +$5.3M | -0.2% | $652.04B |
| Capital World Investors | $14.4M | $6.89 | +$0 | +$0 | +0.3% | $732.46B |
| Boston Partners | $13.8M | $5.53 | −$538K | −$1.4M | +0.5% | $95.40B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12.2M | $5.42 | +$37K | +$4.1M | +0.7% | $645.81B |
| LSV ASSET MANAGEMENT | $10.4M | $6.13 | −$34K | +$465K | +0.0% | $46.40B |
| RAYMOND JAMES FINANCIAL INC | $10.0M | $5.70 | +$4.6M | +$664K | -0.0% | $322.69B |
| EVERGREEN CAPITAL MANAGEMENT LLC | $9.4M | $5.18 | +$27K | +$2.9M | -0.0% | $4.56B |
| NORTHERN TRUST CORPPassive | $7.8M | $5.53 | +$300K | −$822K | -0.2% | $755.34B |
| VAN ECK ASSOCIATES CORP | $6.2M | $5.41 | −$36K | +$648K | +0.8% | $133.17B |
| MORGAN STANLEY | $5.6M | $5.58 | −$116K | −$1.3M | -0.3% | $1.65T |
| JANE STREET GROUP, LLCMM | $5.1M | $5.48 | +$1.8M | +$3.2M | -0.1% | $92.10B |
| NORDEA INVESTMENT MANAGEMENT AB | $4.8M | $5.61 | +$4.9M | +$4.8M | -0.6% | $107.19B |
| VANGUARD FIDUCIARY TRUST COPassive | $4.5M | $5.61 | +$4.5M | +$4.5M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.10%
avg per quarter
Holders (ex-self)
+0.10%
excl. this stock
Buyers (this Q)
+0.18%
116 buyers · $0.09B in
Sellers (this Q)
-0.17%
79 sellers · $0.05B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-1.3%
how holders react when this stock falls
On quiet Qs
-13.3%
−10% to +10% baseline
On rallies (+10%+)
-14.3%
how they react when this stock rises
Holders' portfolio flow this Q
+0.7%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.8%
Holder mid (any stock)
-2.2%
Holder rally (any stock)
-2.5%
Biggest decreases this quarter
WELLINGTON MANAGEMENT GROUP LLP−$22.7Mα-0.3BlackRock, Inc.−$2.9Mα-0.2ALGERT GLOBAL LLCexited−$2.2MAngel Oak Capital Advisors, LLCexited−$1.5MExodusPoint Capital Management, LPexited−$1.3MClear Harbor Asset Management, LLCexited−$1.2MPEREGRINE CAPITAL MANAGEMENT LLC−$1.1Mα-1.8STATE STREET CORP−$573Kα-0.2Boston Partners−$538Kα+0.5Brevan Howard Capital Management LPexited−$522K
New buyers this quarter
Top-5 holders · 49.6%
BlackRock, Inc.--
WELLINGTON MANAGEMENT GROUP LLP--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.--
Put / call ratio: 1.05 (-709.6% QoQ) — balanced options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
WELLINGTON MANAGEMENT GROUP LLP11.0MFMR LLC30KADAGE CAPITAL PARTNERS GP, L.L.C.—Capital World Investors2.6MMILLENNIUM MANAGEMENT LLC43KJPMORGAN CHASE & CO77KAmundi19KLSV ASSET MANAGEMENT1.9MBank of New York Mellon Corp712KUBS Group AG563K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$6.501990.0%
Last Year (2 analysts)$6.752450.0%
Current Price$5.42
Analyst Ratings
10
12
Strong Buy: 1Buy: 10Hold: 12Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 96M | 18M | 27M | $0.21 | $0.17 – $0.25 | 4 |
| 2026 Q4 | 93M | 18M | 26M | $0.21 | $0.17 – $0.23 | 2 |
| 2027 Q1 | 91M | 17M | 27M | $0.22 | $0.18 – $0.25 | 2 |
| 2027 Q2 | 94M | 18M | 27M | $0.22 | $0.18 – $0.25 | 1 |
| 2027 Q3 | 96M | 18M | 29M | $0.23 | $0.19 – $0.26 | 1 |
| 2027 Q4 | 94M | 18M | 29M | $0.23 | $0.19 – $0.26 | 2 |
| 2028 Q1 | 90M | 17M | 38M | $0.30 | $0.25 – $0.34 | 3 |
| 2028 Q2 | 95M | 18M | 41M | $0.33 | $0.27 – $0.37 | 2 |
| 2028 Q3 | 95M | 18M | 36M | $0.29 | $0.24 – $0.33 | 2 |
| 2028 Q4 | 92M | 18M | 34M | $0.27 | $0.23 – $0.31 | 3 |
Corporate
Executive Compensation (2022-2024)
Direct Pay$115.9M
Incentive & Other$26.3M
Total Compensation$142.2M
% of Revenue20.0%
Order Flow (FINRA, ~3w lag)
55.8%retail+10.4pp
22.7%dark-1.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.