Redwood Trust, Inc. 9.125% Seni (RWTN) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 87.1M | 87.8M | 313.02M | 297.28M | 279.06M | 30.88M | 69.72M | 67.45M | 74.55M | 57.04M | 10.76M | 43.27M | 46.64M | -21.27M | -2.2M | -70.5M | 71.86M | 99.82M | 140.3M | 145.04M |
| Revenue Growth % | -68.79% | 184.34% | 348.96% | 340.77% | 274.33% | -45.86% | 548.15% | 55.89% | 59.83% | 368.17% | 588.95% | 161.37% | -35.09% | -121.31% | -101.57% | -148.6% | -55.09% | -25.7% | -25.57% | -27.72% |
| Property Operating Expenses | 8.7M | 4.8M | 11.64M | 15.44M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 78.4M | 83M | 301.39M | 281.84M | 267.06M | 30.88M | 69.72M | 67.45M | 74.55M | 57.04M | 10.76M | 43.27M | 46.64M | -21.27M | -2.2M | -70.5M | 71.86M | 99.82M | 140.3M | 145.04M |
| NOI Margin % | 90.01% | 94.53% | 96.28% | 94.81% | 95.7% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 79.7M | 49.5M | 18.2M | 105.27M | 3.3M | 32.53M | 36.01M | 33.28M | 32.57M | 32.24M | 29.7M | 30.8M | 34.45M | 32.19M | 38.24M | 30.2M | 33.28M | 33.18M | 46.5M | 39.38M |
| G&A Expenses | 49.36M | 40.8M | 0 | 0 | 0 | 32.53M | 36.01M | 33.28M | 32.57M | 32.24M | 29.7M | 30.8M | 34.45M | 32.19M | 38.24M | 30.2M | 33.28M | 33.18M | 46.5M | 39.38M |
| EBITDA | 972K | 35.77M | 285.51M | 179.28M | 266.52M | 1.13M | 36.53M | 39.21M | 48.25M | 28.57M | -12.08M | 19.23M | 18.96M | -49.65M | -32.15M | -96.95M | 46.09M | 74.43M | 101.94M | 113.76M |
| EBITDA Margin % | 1.12% | 40.74% | 91.21% | 60.31% | 95.51% | 3.67% | 52.39% | 58.14% | 64.73% | 50.09% | -112.34% | 44.45% | 40.66% | 233.44% | 1461.27% | 137.53% | 64.13% | 74.57% | 72.66% | 78.44% |
| Depreciation & Amortization | 2.27M | 2.27M | 2.33M | 2.71M | 2.75M | 2.79M | 2.82M | 5.05M | 6.27M | 3.77M | 6.86M | 6.77M | 6.78M | 3.81M | 8.3M | 3.74M | 7.5M | 7.79M | 8.14M | 8.11M |
| D&A / Revenue % | 2.61% | 2.59% | 0.74% | 0.91% | 0.99% | 9.02% | 4.04% | 7.48% | 8.42% | 6.61% | 63.74% | 15.65% | 14.52% | -17.9% | -377.09% | -5.31% | 10.44% | 7.81% | 5.8% | 5.59% |
| Operating Income | -1.3M | 33.5M | 283.19M | 176.57M | 263.77M | -1.65M | 33.71M | 34.16M | 41.98M | 24.8M | -18.94M | 12.46M | 12.19M | -53.46M | -40.44M | -100.69M | 38.59M | 66.64M | 93.8M | 105.66M |
| Operating Margin % | -1.49% | 38.15% | 90.47% | 59.4% | 94.52% | -5.35% | 48.35% | 50.65% | 56.31% | 43.48% | -176.07% | 28.8% | 26.13% | 251.34% | 1838.36% | 142.84% | 53.69% | 66.76% | 66.85% | 72.85% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | -0.19x | 6.19x | 1.00x | 0.65x | 1.09x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 0 | 100K | 0 | 0 | -2.79M | -1.65M | 33.71M | 34.16M | 41.98M | 24.8M | -18.94M | 12.46M | 12.19M | -53.46M | -40.44M | -100.69M | 38.59M | 66.64M | 93.8M | 105.66M |
| Pretax Income | -8M | 28M | -1.35M | -93.93M | 22.41M | -356K | 21.95M | 20.46M | 30.79M | 22.04M | -29.11M | 2.94M | 3.5M | -53.49M | -48.99M | -109.41M | 28.46M | 48.62M | 83.96M | 96.71M |
| Pretax Margin % | -9.18% | 31.89% | -0.43% | -31.6% | 8.03% | -1.15% | 31.49% | 30.33% | 41.29% | 38.63% | -270.65% | 6.8% | 7.5% | 251.5% | 2227% | 155.2% | 39.6% | 48.7% | 59.85% | 66.68% |
| Income Tax | -2.5M | 8M | 6.35M | 4.56M | 6.26M | 6.26M | 7.13M | 4.92M | 523K | 993K | 1.7M | 69K | -1.12M | -9.44M | 1.42M | -9.44M | -2.46M | 4.57M | -4.32M | 6.69M |
| Effective Tax Rate % | 31.25% | 28.57% | -470.24% | -4.86% | 27.94% | -1758.99% | 32.47% | 24.07% | 1.7% | 4.51% | -5.83% | 2.35% | -32.11% | 17.64% | -2.89% | 8.63% | -8.64% | 9.4% | -5.15% | 6.91% |
| Net Income | -5.5M | 20M | -7.7M | -98.49M | 16.15M | -6.62M | 14.83M | 15.53M | 30.26M | 21.04M | -30.81M | 2.87M | 4.62M | -44.06M | -50.41M | -99.97M | 30.91M | 44.05M | 88.29M | 90.03M |
| Net Margin % | -6.31% | 22.78% | -2.46% | -33.13% | 5.79% | -21.43% | 21.26% | 23.03% | 40.59% | 36.89% | -286.42% | 6.64% | 9.9% | 207.14% | 2291.41% | 141.81% | 43.02% | 44.12% | 62.93% | 62.07% |
| Net Income Growth % | -134.06% | 402.21% | -151.96% | -734.04% | -46.64% | -131.45% | 148.12% | 440.69% | 555.02% | 147.76% | 38.88% | 102.87% | -85.06% | -200.03% | -157.1% | -211.04% | -68.21% | -18.88% | -37.74% | -45.59% |
| Funds From Operations (FFO) | -3.23M | 22.27M | -5.38M | -95.78M | 18.9M | -3.83M | 17.64M | 20.58M | 36.54M | 24.82M | -23.95M | 9.64M | 11.39M | -40.25M | -42.12M | -96.22M | 38.42M | 51.84M | 96.43M | 98.13M |
| FFO Margin % | -3.71% | 25.37% | -1.72% | -32.22% | 6.77% | -12.41% | 25.3% | 30.52% | 49.01% | 43.5% | -222.68% | 22.29% | 24.43% | 189.24% | 1914.32% | 136.5% | 53.46% | 51.93% | 68.73% | 67.66% |
| FFO Growth % | -117.08% | 681.09% | -130.47% | -565.38% | -48.27% | -115.45% | 173.65% | 113.4% | 220.63% | 161.65% | 43.12% | 110.02% | -70.34% | -177.64% | -143.68% | -198.06% | -63.52% | -11.38% | -35.67% | -43.47% |
| FFO per Share | -0.03 | 0.18 | -0.04 | -0.72 | 0.14 | -0.03 | 0.13 | 0.16 | 0.28 | 0.20 | -0.21 | 0.08 | 0.10 | -0.36 | -0.36 | -0.80 | 0.27 | 0.36 | 0.68 | 0.69 |
| FFO Payout Ratio % | 0% | 115.65% | 0% | 0% | 143.39% | 0% | 143.49% | 116.09% | 65.31% | 95.42% | 0% | 216.07% | 241.85% | -66.98% | 0% | -29.33% | 74.93% | 52.97% | 25.58% | 21.38% |
| EPS (Diluted) | -0.06 | -0.60 | -0.08 | -0.76 | 0.10 | -0.08 | 0.09 | 0.10 | 0.21 | 0.15 | -0.29 | 0.00 | 0.02 | -0.40 | -0.44 | -0.85 | 0.21 | 0.30 | 0.60 | 0.61 |
| EPS Growth % | -159.82% | -654.72% | -193.11% | -885.12% | -53.43% | -153% | 131.03% | - | 1237.58% | 137.5% | 34.09% | 100.25% | -92.52% | -233.33% | -173.33% | -239.34% | -68.66% | -21.05% | -38.14% | -45.54% |
| EPS (Basic) | -0.06 | 0.14 | -0.08 | -0.76 | 0.10 | -0.07 | 0.09 | 0.10 | 0.21 | 0.15 | -0.29 | 0.00 | 0.02 | -0.40 | -0.44 | -0.85 | 0.24 | 0.34 | 0.65 | 0.66 |
| Diluted Shares Outstanding | 124.77M | 126.57M | 129.02M | 133.01M | 132.77M | 132.12M | 132.12M | 132.12M | 131.57M | 122.47M | 115.47M | 114.45M | 114.13M | 113.36M | 116.09M | 119.66M | 140.51M | 143.54M | 141.86M | 141.76M |