Redwood Trust
RWT on NYSE. Real estate investment trusts. Market value $432m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: not known. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$3.44 a share, 7% above its 1-year low
Over the past year the price has ranged from $3.22 to $6.97.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 2.75 | 3.47 | 2.69 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.12bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 11% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $1 million, compared with a loss of $98 million a year ago.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $15m |
| December 2024 | -$7m |
| March 2025 | $16m |
| June 2025 | -$98m |
| September 2025 | -$8m |
| December 2025 | $20m |
| March 2026 | -$6m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 227 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $9m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $924,300
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $11m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $9m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $924,300 | <0.1% |
Largest holders overall
- BlackRock$96m
- Wellington Management Group LLP$41mCut
- Vanguard Capital Management$26mCut
- State Street$25mAdded
- Invesco$16mAdded
- Mirae Asset Global Etfs Holdings$16mAdded
- Geode Capital Management$15mAdded
- Vanguard Portfolio Management$14mAdded
- Boston Partners$11mCut
- Charles Schwab Investment Management$10mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Wellington Management Group LLPPassive investorat least 17.0%+10.0 pts(filed with 3 related holders)Since 30 September 2026
- Amster HowardPassive investorat least 9.0%(filed with 18 related holders)Since 18 September 2026
What they said
The Reporting Persons acquired the shares of Common Stock to which this Schedule 13D relates for investment purposes because they believe they represent an attractive investment opportunity. While the Reporting Persons have no present intention to dispose of all or any portion…
Read the filing - BlackRock, Inc.Passive investor8.9%Since 31 July 2026
- Bay Pond Partners, L.P.Passive investor5.7%+2.1 ptsSince 10 September 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Bay Pond Investors (Bermuda) L.P.Passive investor5.1%Since 14 August 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Group LLP Passive investor | at least 17.0%+10.0 pts (filed with 3 related holders) | 30 September 2026 | |
Amster Howard Passive investor | at least 9.0% (filed with 18 related holders) | 18 September 2026 | What they saidThe Reporting Persons acquired the shares of Common Stock to which this Schedule 13D relates for investment purposes because they believe they represent an attractive investment opportunity. While the Reporting Persons have no present intention to dispose of all or any portion… Read the filing |
BlackRock, Inc. Passive investor | 8.9% | 31 July 2026 | |
Bay Pond Partners, L.P. Passive investor | 5.7%+2.1 pts | 10 September 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Bay Pond Investors (Bermuda) L.P. Passive investor | 5.1% | 14 August 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $968,840 of shares on the open market.
- Macomber Sasha G.Chief Human Resource OfficerBought
- Date
- 21 September 2026
- Shares
- 4,895
- Price
- $4.08
- Value
- $19,968
- Stone Andrew PChief Legal OfficerBought
- Date
- 21 September 2026
- Shares
- 5,000
- Price
- $4.12
- Value
- $20,594
- Robinson Dashiell IPresident, DirectorBought
- Date
- 16 September 2026
- Shares
- 63,211
- Price
- $3.98
- Value
- $251,580
- Abate Christopher JChief Executive Officer, DirectorBought
- Date
- 15 September 2026
- Shares
- 100,000
- Price
- $3.84
- Value
- $383,900
- Carillo BrookeChief Financial OfficerBought
- Date
- 15 September 2026
- Shares
- 26,065
- Price
- $3.85
- Value
- $100,238
- KUBICEK GREG HDirectorBought
- Date
- 15 September 2026
- Shares
- 50,000
- Price
- $3.85
- Value
- $192,560
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Macomber Sasha G. Chief Human Resource Officer | Bought | 4,895 | $4.08 | $19,968 |
| 21 September 2026 | Stone Andrew P Chief Legal Officer | Bought | 5,000 | $4.12 | $20,594 |
| 16 September 2026 | Robinson Dashiell I President, Director | Bought | 63,211 | $3.98 | $251,580 |
| 15 September 2026 | Abate Christopher J Chief Executive Officer, Director | Bought | 100,000 | $3.84 | $383,900 |
| 15 September 2026 | Carillo Brooke Chief Financial Officer | Bought | 26,065 | $3.85 | $100,238 |
| 15 September 2026 | KUBICEK GREG H Director | Bought | 50,000 | $3.85 | $192,560 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.