Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
Redwood Trust logo

Redwood Trust Income Statement

Revenue, expenses, and profitability over time

Redwood Trust generated $1.3B in trailing twelve-month revenue, up 0.3% year-over-year. Net income was -$95.6M with a -7.54% net margin. Diluted EPS is $-0.81, which declined 8.4% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$1.3BNet Income (TTM)-$67.4MEps Diluted (TTM)$-0.66
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$648.6M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrealized Gain (Loss) on Investments-$25.5M-$5.2M-$84.7M-$7M-$506K-$23.2M
Unrealized Gain (Loss) on Equity Investments-$25.5M-$5.2M-$84.7M-$7M-$506K-$23.2M
Unrealized Gain (Loss) on Investments-$25.5M-$5.2M-$84.7M-$7M-$506K-$23.2M
Cash Paid for Interest$90.2M$230.5M$266.2M$272.3M$307M$298.5M
Interest expense$238.8M$244.2M$270.5M$284.5M$301M$322.2M
Interest income$8.5M$8.6M$7.2M$8.1M$8.2M$8.1M
Net investment gains (losses)—$567K$640K-$48K-$1.8M$0
Realized Investment Gains (Losses)—$567K$640K-$48K-$1.8M$0
Interest expense, VIE beneficial interests$166.4M$179.4M$198.5M$208.1M$219.1M$238.2M
Unrealized Gain (Loss) on Equity Securities-$25.5M-$5.2M-$84.7M-$7M-$506K-$23.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tax Withholding for Share-Based Payments$1.9M$2.4M$514K$190K$2.2M$1.5M
Reclassifications Net of Tax—$14.4M-$100.2M-$9.5M—-$7.3M
Income Taxes Paid, Net$3.7M$12K$4.3M$2.3M$2.2M$0
Interest Paid, Net$90.2M$230.5M$266.2M$272.3M$307M$298.5M
Fee income, net$3.6M$2.4M$2.2M$4.6M$1.8M$2.9M
HEI income, net$6.4M$10.2M-$12.9M$454K$3M$7.1M
Income Taxes Paid, Net$3.7M$12K$4.3M$2.3M$2.2M$0
Increase Decrease In Operating Liabilities$6M$96.5M$18.7M-$130.4M-$2.9M$18.8M
Increase (Decrease) in Other Operating Assets$11.7M-$37.3M$79.6M-$83.1M-$62.8M$83.3M
Interest and Dividend Income, Operating$266.4M$272.1M$284.3M$299.5M$327M$356.9M
Residential whole loans$78.6M$78.2M$72.1M$63.3M$60.2M$57M
Residential consumer loans$155.7M$162.3M$184.4M$210.1M$244.8M$276.6M
Beneficial interest issued by consolidated VIEs$166.4M$179.4M$198.5M$208.1M$219.1M$238.2M
Interest Expense, Long-Term Debt$72.3M$64.8M$72M$76.5M$81.9M$84M
Interest Income (Expense), Operating$27.6M$27.9M$13.8M$15M$25.9M$34.7M
Interest Income, Other$8.5M$8.6M$7.2M$8.1M$8.2M$8.1M
Interest Income Securities Mortgage Backed$19.1M$18.5M$16.1M$14.8M$13.8M$15.2M
Interest Paid, Excluding Capitalized Interest, Operating Activity$90.2M$230.5M$266.2M$272.3M$307M$298.5M
Loan Acquisition Costs$3.6M$3.6M$4.8M$4.4M$5.4M$6.7M
Mortgage banking activities, net$26.3M$33.1M$40.9M$40.1M$53.1M$32M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$817.1M$1.3B$1.2B$1.3B$1.9B$3.1B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$1B$658.8M$979.1M$1.3B$1.6B$1.2B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation-$854M-$2B-$2.1B-$2.7B-$3.4B-$4.5B
Noninterest Income, Net$17.6M$45.9M-$51.9M$39.4M$61.3M$29.2M
Membership and other income$688K$1.6M$352K-$183K$2.2M$2.4M
Payments For Origination Of Mortgage Loans Held For Sale$478.2M$424.3M$422.1M$555.2M$454.3M$407.7M
Payment for (Proceeds from) Other Investing Activity$13.1M$5.6M—$3.9M$24.6M$735K
Payments for Repurchase of Common Stock$0$0$7.5M$29.6M$14.8M$1.1M
Payments of Debt Issuance Costs$1.5M$3.8M$4.7M$2.5M$11.2M$2.6M
Payments of Ordinary Dividends, Common Stock$25.1M$25.4M$25.3M$24.3M$24M$23.8M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M
Payment, Tax Withholding, Share-Based Payment Arrangement$1.9M$2.4M$514K$190K$2.2M$1.5M
Portfolio Management Fees$6.1M$6.5M$10M$7M$4.8M$8.7M
Collections of finance receivables$1B$683.4M$1B$1.3B$1.6B$1.5B
Proceeds from Issuance of Common Stock$110K$110K$128K$155K$41K$97K
Proceeds From Issuance Of Unsecured Debt$2.5B$3.1B———$6.9B
Financing — other-$500K$0-$750K——-$2M
Proceeds from Sale of Finance Receivables—$12.3M$78.9M$9.4M—$0
Proceeds From Sale Of Loans Held For Sale$1.9B$751.4M$1.2B$1.7B$2.4B$2.6B
Gross realized gains (losses)—$567K$640K-$48K-$1.8M$0
Redeemable Preferred Stock Dividends$1.8M$1.8M$1.8M$1.8M$1.8M$1.8M
Repayments of Unsecured Debt$2.4B$2.8B———$6.8B
Servicing income, net$6.4M$3.4M$1.6M$1.4M$3.6M$8M
Cash Dividends, Common Stock$25.1M$25.4M$25.3M$24.3M$24M$23.8M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest Expense on Long-Term Debt$72.3M$64.8M$72M$76.5M$81.9M$84M
Total interest expense (banking)$72.3M$64.8M$72M$76.5M$81.9M$84M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders—$14.4M-$100.2M-$9.5M—-$7.3M
Common Stock Dividends$25.1M$25.4M$25.3M$24.3M$24M$23.8M
Net earnings to common—$14.4M-$100.2M-$9.5M—-$7.3M
Net Income Available to Common Shareholders—$14.4M-$100.2M-$9.5M—-$7.3M
Net income—$16.1M-$98.5M-$7.7M—-$5.5M
Net income attributable to common stock—$14.4M-$100.2M-$9.5M—-$7.3M
Common Stock Dividends$25.1M$25.4M$25.3M$24.3M$24M$23.8M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Income Taxes$3.7M$12K$4.3M$2.3M$2.2M$0
Income Taxes Paid, Net$3.7M$12K$4.3M$2.3M$2.2M$0
Income tax expense$6.3M$6.3M$4.6M$6.4M$8M-$2.5M
Income Taxes Paid, Net$3.7M$12K$4.3M$2.3M$2.2M$0
Income and Other Taxes$3.7M$12K$4.3M$2.3M$2.2M$0

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$2.8M$2.8M$2.7M$2.3M$2.3M$2.3M
General and administrative$32.5M$37.5M$37M$38.7M$40.8M$49.4M
Other expenses$3.3M$3.9M$4M$5.7M$8.2M$7.1M
Other operating expenses$3.3M$3.9M$4M$5.7M$8.2M$7.1M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share—$0.10$-0.76$-0.08—$-0.07
Diluted earnings per share—$0.10$-0.76$-0.08—$-0.07
Weighted-average shares, basic132.1M132.8M133M129M130.3M124.8M
Weighted-average shares, diluted132.1M132.8M133M129M130.3M124.8M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$0$22.4M-$93.9M-$1.4M—-$8M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net interest income$27.6M$27.9M$13.8M$15M$25.9M$34.7M
Total interest income$266.4M$272.1M$284.3M$299.5M$327M$356.9M
Total revenue$266.4M$272.1M$284.3M$299.5M$327M$356.9M
Interest and Fee Income from Mortgages Held-for-Sale$4.5M$4.4M$4.5M$3.3M$0$0
Membership and other income$688K$1.6M$352K-$183K$2.2M$2.4M