Redwood Trust, Inc. (RWT) Balance Sheet
RWT balance sheet, 2025
December 31, 2025 · U.S. dollars$23.70B assets = $22.72B liabilities + $982.6M equity
Both columns are drawn to the same scale: what RWT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RWT financial health
Descriptive bands, not a rating. Fiscal 2025.
RWT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.48B2016 | $23.70B2025 | +17.7%/yr | |
| Total liabilities | $4.33B2016 | $22.72B2025 | +20.2%/yr | |
| Shareholders’ equity | $1.15B2016 | $982.6M2025 | −1.7%/yr | |
| Cash & short-term investments | $212.8M2016 | $678.7M2025 | +13.8%/yr | |
| Total debt | $4.25B2016 | $22.16B2025 | +20.1%/yr | |
| Net cash (debt) | −$4.04B2016 | −$21.48B2025 | −$17.4B | |
| Working capital | −$727.1M2016 | −$2.55B2025 | −$1.8B | |
| Book value per share | $11.742016 | $7.542025 | −4.8%/yr | |
| Current ratio | 0.232016 | 0.282025 | +0.06 | |
| Debt / equity | 3.702016 | 22.562025 | +18.85 | |
| Shares outstanding | 97.9M2016 | 130.3M2025 | +3.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RWT assets
RWT liabilities and equity
RWT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RWT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $678.7M | $456.6M | $380.5M | $662.0M | $656.8M | $679.5M | $436.3M | $175.8M | $144.7M | $212.8M |
| Cash & equivalents | $255.7M | $245.2M | $293.1M | $259.0M | $450.0M | $461.0M | $197.0M | $176.0M | $145.0M | $213.0M |
| Short-term investments | $423.0M | $211.5M | $87.4M | $132.1M | $206.8M | $218.5M | $239.3M | $12,000 | −$337,000 | −$156,000 |
| Receivables | $131.0M | $213.9M | $169.8M | $114.7M | $137.6M | $87.4M | $304.2M | $154.8M | $120.2M | $87.6M |
| Inventory | $0 | $0 | $93.6M | $6.5M | $36.1M | $8.4M | $9.5M | $3.9M | $3.4M | $5.5M |
| Other current assets | $193.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.00B | $670.6M | $540.7M | $662.0M | $794.4M | $766.8M | $740.5M | $175.8M | $144.7M | $212.8M |
| Property, plant & equipment (net) | $15.9M | $14.2M | $20.4M | $28.8M | $27.8M | $19.2M | $16.8M | $5.1M | $2.6M | $2.8M |
| Goodwill & intangible assets | $34.0M | $42.4M | $51.8M | $64.3M | $62.4M | $56.9M | $161.5M | $60.3M | $127.6M | $237.5M |
| Long-term investments | $827.2M | $781.0M | $471.7M | $391.0M | $668.4M | $9.28B | $16.02B | $10.01B | $6.82B | $5.28B |
| Other non-current assets | $21.82B | $16.75B | $13.42B | $11.88B | $13.15B | $233.0M | $1.05B | $1.68B | $0 | $0 |
| Total assets | $23.70B | $18.26B | $14.50B | $13.03B | $14.71B | $10.36B | $18.00B | $11.94B | $7.04B | $5.48B |
| Liabilities | ||||||||||
| Accounts payable | $91.5M | $77.8M | $57.7M | $50.8M | $39.3M | $41.3M | $60.7M | $42.5M | $19.8M | $10.8M |
| Short-term debt | $3.28B | $1.75B | $1.35B | $2.03B | $2.18B | $523.0M | $2.33B | $2.40B | $1.94B | $792.0M |
| Deferred revenue | — | — | −$57.7M | — | — | — | — | −$988.6M | −$649.1M | −$306.5M |
| Total current liabilities | $3.55B | $172.7M | $1.56B | $2.03B | $2.22B | $564.3M | $2.39B | $2.61B | $2.09B | $939.9M |
| Long-term debt | $20.75B | $15.19B | $11.49B | $9.74B | $10.90B | $8.54B | $13.63B | $8.07B | $3.80B | $3.46B |
| Lease obligations | $10.7M | $11.0M | $14.7M | $18.6M | $21.0M | $16.7M | $13.4M | — | — | — |
| Other long-term liabilities | $0 | $1.71B | $116.8M | $180.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $22.72B | $17.07B | $13.30B | $11.95B | $13.32B | $9.24B | $16.17B | $10.59B | $5.83B | $4.33B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.2M | $1.3M | $1.3M | $1.1M | $1.1M | $1.1M | $1.1M | $849,000 | $766,000 | $1.68B |
| Retained earnings (deficit) | −$1.52B | $1.19B | $1.14B | $1.15B | −$922.9M | −$1.15B | −$485.0M | −$524.8M | −$547.6M | −$599.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$31.7M | −$43.1M | −$58.0M | −$68.9M | −$8.9M | −$4.2M | $41.5M | $61.3M | $85.2M | $71.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $982.6M | $1.19B | $1.20B | $1.08B | $1.39B | $1.11B | $1.83B | $1.35B | $1.21B | $1.15B |
| Key figures | ||||||||||
| Total debt | $22.16B | $16.39B | $12.84B | $11.77B | $13.07B | $9.07B | $15.96B | $10.47B | $5.74B | $4.25B |
| Net cash (debt) | −$21.48B | −$15.94B | −$12.46B | −$11.11B | −$12.42B | −$8.39B | −$15.52B | −$10.29B | −$5.60B | −$4.04B |
| Working capital | −$2.55B | $497.8M | −$1.02B | −$1.37B | −$1.42B | $202.5M | −$1.65B | −$2.43B | −$1.94B | −$727.1M |
| Tangible book value | $948.6M | $1.15B | $1.15B | $1.02B | $1.32B | $1.05B | $1.67B | $1.29B | $1.08B | $911.5M |
| Book value per share | $7.54 | $8.99 | $10.34 | $9.25 | $9.76 | $9.75 | $13.36 | $12.26 | $11.89 | $11.74 |
| Shares outstanding | 130.3M | 132.1M | 116.3M | 117.2M | 142.1M | 113.9M | 136.8M | 110.0M | 102.0M | 97.9M |
| Current ratio | 0.28 | 3.88 | 0.35 | 0.33 | 0.36 | 1.36 | 0.31 | 0.07 | 0.07 | 0.23 |
| Quick ratio | 0.23 | 3.88 | 0.35 | 0.38 | 0.36 | 1.36 | 0.31 | 0.13 | 0.13 | 0.32 |
| Debt / equity | 22.56 | 13.80 | 10.68 | 10.86 | 9.43 | 8.16 | 8.74 | 7.76 | 4.74 | 3.70 |
| Equity / assets | 4.1% | 6.5% | 8.3% | 8.3% | 9.4% | 10.7% | 10.2% | 11.3% | 17.2% | 21.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $672.7M | $678.8M | $678.7M | $510.7M | $416.5M | $464.5M | $456.6M | $459.0M | $420.4M | $385.5M | $380.5M | $289.3M |
| Cash & equivalents | $192.0M | $202.0M | $255.7M | $226.3M | $302.0M | $259.9M | $245.2M | $253.7M | $275.6M | $275.4M | $293.1M | $203.6M |
| Short-term investments | $480.9M | $476.4M | $423.0M | $284.4M | $114.5M | $204.6M | $211.5M | $205.4M | $144.8M | $110.1M | $87.4M | $81.4M |
| Receivables | $26.76B | $302.7M | $131.0M | $254.8M | $273.6M | $191.7M | $213.9M | $197.7M | $164.1M | $151.0M | $169.8M | $109.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $91.3M | $93.6M | $54.1M |
| Other current assets | $0 | $0 | $193.4M | $0 | $0 | $0 | $0 | $0 | $0 | $13.19B | $12.65B | $0 |
| Total current assets | $191.8M | $202.0M | $1.00B | $226.3M | $302.0M | $259.9M | $670.6M | $523.7M | $275.6M | $13.82B | $13.29B | $204.0M |
| Property, plant & equipment (net) | $21.4M | $16.1M | $15.9M | $15.5M | $15.3M | $15.2M | $14.2M | $15.9M | $17.3M | $18.8M | $20.4M | $21.8M |
| Goodwill & intangible assets | $112.0M | $111.8M | $34.0M | $66.6M | $69.9M | $73.0M | $42.4M | $104.7M | $110.2M | $112.6M | $51.8M | $81.0M |
| Long-term investments | $786.8M | $803.0M | $827.2M | $753.1M | $609.4M | $726.3M | $781.0M | $615.7M | $550.9M | $486.1M | $471.7M | $340.0M |
| Other non-current assets | $27.71B | $25.68B | $21.82B | $21.54B | $20.34B | $18.80B | $16.75B | $17.17B | $15.54B | $622.4M | $668.9M | $12.37B |
| Total assets | $28.82B | $26.82B | $23.70B | $22.60B | $21.33B | $19.87B | $18.26B | $18.43B | $16.49B | $15.06B | $14.50B | $13.02B |
| Liabilities | ||||||||||||
| Accounts payable | $122.6M | $116.8M | $91.5M | $102.8M | $92.5M | $91.9M | $77.8M | $80.6M | $64.8M | $65.4M | $57.7M | $56.4M |
| Short-term debt | $3.26B | $3.36B | $3.28B | $3.04B | $2.33B | $2.02B | $1.75B | $2.04B | $1.52B | $946.9M | $1.35B | $1.11B |
| Deferred revenue | $105.1M | — | — | — | — | — | — | — | $1.46B | — | $1.51B | $1.42B |
| Total current liabilities | −$1.1M | $3.36B | $3.55B | $2.94B | $1.6M | — | — | $283.4M | $1.52B | $1.37B | $1.56B | $1.61B |
| Long-term debt | $24.08B | $21.79B | $20.75B | $18.57B | $17.85B | $16.38B | $15.19B | $14.78B | $14.97B | $12.42B | $11.62B | $10.22B |
| Lease obligations | $13.4M | $9.7M | $10.7M | $11.6M | $12.3M | $13.1M | $11.0M | $11.7M | $12.7M | $13.7M | $14.7M | $15.6M |
| Other long-term liabilities | $3.81B | $712.8M | $0 | $95.8M | $0 | $0 | $1.71B | $2.14B | $1.51B | $162.6M | $0 | $0 |
| Total liabilities | $27.89B | $25.86B | $22.72B | $21.60B | $20.28B | $18.69B | $17.07B | $17.20B | $15.27B | $13.83B | $13.30B | $11.92B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.2M | $1.2M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.2M |
| Retained earnings (deficit) | −$1.58B | −$1.55B | −$1.52B | $1.10B | $1.11B | $1.21B | $1.19B | −$1.31B | −$1.30B | −$1.29B | $1.14B | −$1.29B |
| Accumulated other comprehensive income | −$31.1M | −$31.4M | −$31.7M | −$35.7M | −$39.1M | −$39.3M | −$43.1M | −$39.4M | −$47.3M | −$48.9M | −$58.0M | −$64.7M |
| Total shareholders' equity | $934.0M | $957.0M | $982.6M | $999.0M | $1.05B | $1.18B | $1.19B | $1.22B | $1.22B | $1.22B | $1.20B | $1.11B |
| Key figures | ||||||||||||
| Total debt | $27.47B | $25.29B | $22.16B | $21.03B | $19.51B | $17.86B | $16.39B | $16.83B | $14.98B | $13.38B | $12.84B | $11.70B |
| Net cash (debt) | −$26.80B | −$24.61B | −$21.48B | −$20.52B | −$19.09B | −$17.39B | −$15.94B | −$16.37B | −$14.56B | −$13.00B | −$12.46B | −$11.41B |
| Working capital | $192.9M | −$3.15B | −$2.55B | −$2.71B | $300.4M | — | — | $240.3M | −$1.25B | $12.45B | $11.73B | −$1.40B |
| Tangible book value | $822.0M | $845.2M | $948.6M | $932.5M | $983.6M | $1.11B | $1.15B | $1.12B | $1.11B | $1.11B | $1.15B | $1.02B |
| Book value per share | $7.45 | $7.67 | $7.76 | $7.74 | $7.92 | $8.91 | $8.98 | $9.24 | $9.24 | $9.30 | $10.34 | $9.58 |
| Shares outstanding | 125.3M | 124.8M | 126.6M | 129.0M | 133.0M | 132.8M | 132.3M | 132.4M | 132.1M | 131.6M | 116.3M | 115.5M |
| Current ratio | — | 0.06 | 0.28 | 0.08 | 188.74 | — | — | 1.85 | 0.18 | 10.09 | 8.50 | 0.13 |
| Quick ratio | — | 0.29 | 0.23 | 0.26 | 431.29 | — | — | 2.32 | 0.38 | 0.39 | 0.35 | 0.25 |
| Debt / equity | 29.41 | 26.42 | 22.56 | 21.05 | 18.52 | 15.09 | 13.80 | 13.76 | 12.27 | 10.93 | 10.68 | 10.58 |
| Equity / assets | 3.2% | 3.6% | 4.1% | 4.4% | 4.9% | 6.0% | 6.5% | 6.6% | 7.4% | 8.1% | 8.3% | 8.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
RWT financial position
At the end of fiscal 2025 (December 31, 2025), Redwood had total assets of $23.7 billion (up 29.8% from a year earlier), total liabilities of $22.7 billion and shareholders' equity of $982.6 million. It held $678.7 million in cash and short-term investments against $22.2 billion of debt, net debt of $21.5 billion. Its current ratio was 0.28. In the latest quarter (ended June 30, 2026) total assets were $28.8 billion and equity $934.0 million.
Related: RWT income statement, RWT cash flow statement, RWT key metrics. See the RWT stock overview for the latest quote and news.
RWT balance sheet FAQ
What are Redwood's total assets?
Redwood reported total assets of $23.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.3 billion a year earlier.
How much debt does Redwood have?
Redwood had $22.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 22.56.
How much cash does Redwood have?
Redwood held $678.7 million in cash and short-term investments at the end of fiscal 2025; with $22.2 billion of debt that is net debt of $21.5 billion.
What is Redwood's book value?
Redwood's shareholders' equity (book value) was $982.6 million at the end of fiscal 2025, or $7.54 per share.
What is Redwood's current ratio?
Redwood had current assets of $1.0 billion and current liabilities of $3.6 billion, a current ratio of 0.28 (current liabilities exceed current assets).
How much goodwill does Redwood have?
Redwood carried $34.0 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.