Redwood Trust, Inc. Financial Ratios — RWT Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-13.23	-0.78	4.02	- -
Return on Assets (%)	0.48	2.59	3.83	1.91	1.68	2.24	2.24	1.26	1.13	-4.1	2.55	-1.18	-0.02	0.33	-0.33
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	1.92	0.93	0.13	0.27	0.44	0.53	0.53	0.64	3.42	-4.77	3.23	-59.1	10.32	5.34	7.68
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.32	65.76	64.06	52.66	48.59	62.3	66.35	63.58	59.68	161.04	65.02	680.87	-0.44	32.62	-34.24
Profit Margin (%)	29.56	65.12	60.25	52.27	54.07	60.58	61.23	58.18	57.17	159.77	61.46	606.93	-1.58	24.18	-53.47
Net Income to Common Margin (%)	29.56	65.12	60.25	52.27	54.07	60.58	61.23	58.18	57.17	159.77	61.46	606.93	-6.23	21.04	-58.82
Effective Tax Rate (%)	0.17	0.97	5.94	0.73	- -	2.75	7.72	8.48	4.21	- -	5.47	- -	- -	25.86	- -
Dvd Payout Ratio (%)	418.67	62.44	54.5	94.73	92.93	67.4	62.89	80.94	76.52	-14.43	28.68	-68.29	-969.98	197.7	-128.47
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-22.26	-8.33	-3.93	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	4,707	3,221	3,282	4,534	4,239	3,880	5,030	9,394	14,496	8,849	12,879	11,505	12,844	16,395	22,132
ST Debt	428	552	863	1,794	1,161	486	1,290	1,411	1,153	445	2,103	1,905	1,351	1,750	3,248
LT Debt	4,279	2,669	2,419	2,740	3,077	3,394	3,740	7,982	13,344	8,404	10,777	9,600	11,493	14,645	18,884
Total Debt/EBITDA	2,747.76	1,719.89	8,459.26	8,837.25	5,143.83	3,403.24	4,146.37	7,181.67	1,430.59	509.59	767.35	722.57	864.7	1,375.87	2,199.59
Net Debt/EBITDA	2,591.79	1,676.6	7,999.98	8,301.72	4,876.56	3,216.53	4,027.11	7,047.29	1,409.82	482.06	739.26	705.14	843.98	1,354.37	2,173.12
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-13.79	-16.71	-14.41	-11.13	-10.32	-10.92	-7.77	-4.39	-2.69	-11.1	8.96	8.86	7.9	-7.34	-6.4
Long-Term Debt/Equity (%)	479.38	234.13	194.21	218.1	268.45	295.29	308.48	591.81	730.26	756.52	777.49	885.62	955.63	1,232.87	1,921.85
Long-Term Debt/Capital (%)	109.3	107.7	92.4	70.7	85.55	103.46	83.42	89.99	95.23	109.16	75.91	75.83	81.76	96.85	91.3
Long-Term Debt/Total Assets (%)	74.5	60.07	52.5	46.29	49.47	61.9	53.12	66.87	74.15	81.16	73.28	73.67	79.24	80.21	79.68
Total Debt/Equity (%)	527.34	282.53	263.46	360.91	369.77	337.53	414.88	696.45	793.34	796.56	929.17	1,061.34	1,067.96	1,380.2	2,252.39
Total Debt/Capital (%)	120.24	129.96	125.36	117	117.84	118.26	112.2	105.91	103.45	114.93	90.72	90.88	91.37	108.42	107.01
Total Debt/Total Assets (%)	81.95	72.49	71.22	76.59	68.14	70.75	71.44	78.69	80.55	85.46	87.57	88.29	88.55	89.79	93.38
Net Debt to Equity	497.4	275.42	249.16	339.04	350.55	319.01	402.95	683.41	781.82	753.54	895.16	1,035.74	1,042.37	1,358.63	2,225.28
Net Debt/Capital (%)	121.72	130.98	127.21	118.29	119	119.52	112.6	106.03	103.41	115.65	90.26	90.54	91.08	108.48	107.04
EBITDA	2	2	- -	1	1	1	1	1	10	17	17	16	15	12	10
EBITDA-CapEx	2	2	-3	-46	-32	1	1	-24	10	17	17	16	15	12	10
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-13.79	-16.71	-14.41	-11.13	-10.32	-10.92	-7.77	-4.39	-2.69	-11.1	8.96	8.86	7.9	-7.34	-6.4
Long-Term Debt/Equity (%)	479.38	234.13	194.21	218.1	268.45	295.29	308.48	591.81	730.26	756.52	777.49	885.62	955.63	1,232.87	1,921.85
Long-Term Debt/Capital (%)	109.3	107.7	92.4	70.7	85.55	103.46	83.42	89.99	95.23	109.16	75.91	75.83	81.76	96.85	91.3
Long-Term Debt/Total Assets (%)	74.5	60.07	52.5	46.29	49.47	61.9	53.12	66.87	74.15	81.16	73.28	73.67	79.24	80.21	79.68
Total Debt/Equity (%)	527.34	282.53	263.46	360.91	369.77	337.53	414.88	696.45	793.34	796.56	929.17	1,061.34	1,067.96	1,380.2	2,252.39
Total Debt/Capital (%)	120.24	129.96	125.36	117	117.84	118.26	112.2	105.91	103.45	114.93	90.72	90.88	91.37	108.42	107.01
Total Debt/Total Assets (%)	81.95	72.49	71.22	76.59	68.14	70.75	71.44	78.69	80.55	85.46	87.57	88.29	88.55	89.79	93.38
CFO/Total Liabilities	0.37	-17.05	-6.6	-38.41	-24.64	-12.59	-29.4	-15.22	-7.21	-5.47	-42.75	-1.16	-15.15	-34.34	-44.43
CFO/CapEx	- -	- -	-71.42	-38.84	-38.6	- -	-2,664.33	-63.23	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.08	0.06	0.14	0.09	0.01	0.05	0.04	0.03	0.06	-0.13	0.23	0.16	0.16	-0.06	-0.07

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6.02	14.31	22.19	12.14	9.1	10.38	10.09	5.55	5.01	-6.59	11.96	-0.5	2.21	2.42	1.06
Days Sales Outstanding	60.65	25.51	16.45	30.07	40.13	35.16	36.19	65.8	72.87	-55.38	30.52	-734.34	164.83	151.1	343.89
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	796	1,343	1,598	1,644	1,095	1,169	1,135	1,279	2,262	984	1,515	792	862	862	720
- Cash & Cash Equivalents	267	81	178	275	220	213	145	176	197	461	450	259	293	245	256
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	67	67	67
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4,707	3,221	3,282	4,534	4,239	3,880	5,030	9,394	14,496	8,849	12,879	11,505	12,844	16,395	22,132
Enterprise Value	5,236	4,484	4,702	5,903	5,113	4,836	6,020	10,163	16,322	9,153	13,737	11,906	13,392	16,867	22,376
Total Capital	3,915	2,479	2,618	3,875	3,597	3,281	4,483	8,870	14,012	7,699	14,197	12,659	14,057	15,122	20,683
Total Debt/Capital (%)	120.24	129.96	125.36	117	117.84	118.26	112.2	105.91	103.45	114.93	90.72	90.88	91.37	108.42	107.01
Total Debt / EV	0.9	0.72	0.7	0.77	0.83	0.8	0.84	0.92	0.89	0.97	0.94	0.97	0.96	0.97	0.99
EV/Sales	58.75	22.16	16.35	30.68	27.08	22.32	26.25	49.44	55.15	- -	26.42	- -	93.07	75.53	170.85
EV/EBITDA	3,056.69	2,393.77	12,118.84	11,506.06	6,205.29	4,241.67	4,962.98	7,770.02	1,610.8	527.12	818.48	747.78	901.6	1,415.53	2,223.84
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	294	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	294	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	797	1,363	1,815	1,676	1,116	1,489	1,511	1,658	2,262	1,000	1,874	792	862	863	720
Diluted Enterprise Value	5,237	4,503	4,919	5,935	5,134	5,156	6,396	10,876	16,562	9,388	14,303	12,038	13,480	17,079	22,664
EV per Share	66.93	56.38	56.99	70.74	61.65	62.93	78.59	119.73	119.33	81.66	119.57	101.56	115.17	127.74	171.79
TTM Sales	89	202	288	192	189	217	229	206	296	-364	520	-27	144	223	131
TTM EBITDA	2	2	- -	1	1	1	1	1	10	17	17	16	15	12	10
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	18	-563	-222	-1,791	-1,250	-546	-1,713	-1,612	-1,166	-505	-5,695	-139	-2,016	-5,863	-10,095
TTM Free Cash Flow to Firm	18	-563	-219	-1,745	-1,218	-546	-1,713	-1,586	-1,166	-505	-5,695	-139	-2,016	-5,863	-10,095

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	44.76	-2.42	-8.3	-0.96	-0.92	-2.73	-0.88	-1.05	-1.94	-1.98	-0.33	-5.7	-0.43	-0.15	-0.07
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	5,236	4,484	4,702	5,903	5,113	4,836	6,020	10,163	16,322	9,153	13,737	11,906	13,392	16,867	22,376
Low Price	9.74	10.15	16.28	15.97	12.34	9.26	14.29	14.29	14.9	2.14	8.38	5.52	5.47	5.46	4.68
EV/Sales	58.75	22.16	16.35	30.68	27.08	22.32	26.25	49.44	55.15	- -	26.42	- -	93.07	75.53	170.85
EV/EBITDA	3,056.69	2,393.77	12,118.84	11,506.06	6,205.29	4,241.67	4,962.98	7,770.02	1,610.8	527.12	818.48	747.78	901.6	1,415.53	2,223.84
Price/Earnings	30.23	10.19	9.22	16.35	10.72	8.9	8.09	10.7	13.37	- -	4.74	- -	- -	18.35	- -
Price/Earnings Average	40.72	7.95	9.17	16	13.15	7.92	8.9	11.32	13.17	-1.7	4.19	-6.31	-91.23	19.15	-9.95
Price/Earnings High	50.96	10.26	11.8	18.17	16.6	9.48	9.52	12.42	13.97	-3.47	5.09	-9.81	-113.19	22.9	-11.38
Price/Earnings Low	28.92	6.13	7.75	13.25	10.03	5.42	7.8	10.14	12.05	-0.41	3.01	-3.96	-71.01	15.34	-7.91
Price/Book Value	-1.01	-1.81	-2.41	-2.5	-1.71	-1.95	-2.08	-2.44	-4.68	-0.86	1.15	0.69	0.75	-0.64	-0.48
Price/Book Value Average	-1.35	-1.41	-2.39	-2.44	-2.09	-1.74	-2.29	-2.58	-4.61	-0.86	1.02	0.89	0.71	-0.67	-0.51
Price/Book Value High	-1.69	-1.82	-3.08	-2.77	-2.64	-2.08	-2.44	-2.84	-4.88	-1.76	1.24	1.39	0.89	-0.8	-0.58
Price/Book Value Low	-0.96	-1.09	-2.02	-2.02	-1.6	-1.19	-2	-2.32	-4.21	-0.21	0.73	0.56	0.56	-0.54	-0.4
Price/Tangible Book Value	0.89	1.18	1.35	1.47	1.15	1.13	0.99	0.95	1.36	0.93	1.13	0.78	0.79	0.8	0.82
Price/Tangible Book Value Average	1.2	0.92	1.35	1.44	1.41	1.01	1.09	1	1.34	0.94	1	1.01	0.75	0.83	0.87
Price/Tangible Book Value High	1.5	1.19	1.73	1.64	1.78	1.21	1.16	1.1	1.42	1.92	1.21	1.57	0.94	1	0.99
Price/Tangible Book Value Low	0.85	0.71	1.14	1.19	1.07	0.69	0.95	0.9	1.22	0.23	0.72	0.63	0.59	0.67	0.69
Price/Sales	8.93	6.64	5.56	8.54	5.8	5.39	4.95	6.22	7.64	-2.7	2.91	-29.41	5.99	3.86	5.5
Price/Sales Average	12.04	5.18	5.53	8.37	7.11	4.8	5.45	6.59	7.53	-2.72	2.58	-38.32	5.68	4.03	5.85
Price/Sales High	15.06	6.68	7.11	9.5	8.98	5.75	5.83	7.23	7.99	-5.54	3.13	-59.57	7.05	4.82	6.69
Price/Sales Low	8.55	3.99	4.67	6.93	5.42	3.28	4.77	5.9	6.89	-0.66	1.85	-24.02	4.42	3.23	4.65
Price/Cash Flow	44.72	-2.38	-7.2	-0.92	-0.88	-2.14	-0.66	-0.79	-1.94	-1.95	-0.27	-5.7	-0.43	-0.15	-0.07
Price/Cash Flow Average	60.24	-1.86	-7.16	-0.9	-1.07	-1.9	-0.73	-0.84	-1.91	-1.96	-0.24	-7.42	-0.41	-0.15	-0.08
Price/Cash Flow High	75.37	-2.4	-9.22	-1.02	-1.36	-2.28	-0.78	-0.92	-2.03	-3.99	-0.29	-11.53	-0.5	-0.18	-0.09
Price/Cash Flow Low	42.78	-1.43	-6.06	-0.74	-0.82	-1.3	-0.64	-0.75	-1.75	-0.47	-0.17	-4.65	-0.32	-0.12	-0.06
Price/Free Cash Flow Average	60.29	-1.89	-8.25	-0.94	-1.12	-2.43	-0.97	-1.11	-1.91	-1.99	-0.29	-7.42	-0.41	-0.15	-0.08
Price/Free Cash Flow High	75.44	-2.43	-10.62	-1.07	-1.42	-2.91	-1.04	-1.21	-2.03	-4.06	-0.35	-11.53	-0.5	-0.18	-0.09
Price/Free Cash Flow Low	42.82	-1.45	-6.97	-0.78	-0.86	-1.66	-0.85	-0.99	-1.75	-0.48	-0.21	-4.65	-0.32	-0.12	-0.06
EV/Sales Average	61.85	20.7	16.32	30.5	28.39	21.72	26.75	51.43	55.85	- -	26.48	- -	93.37	76.65	173.4
EV/Sales High	64.87	22.2	17.91	31.63	30.26	22.67	27.13	52.07	56.3	- -	27.03	- -	94.74	77.43	174.24
EV/Sales Low	58.36	19.51	15.47	29.06	26.7	20.21	26.08	50.74	55.2	- -	25.75	- -	92.11	75.84	172.2
EV/EBITDA Average	3,218.06	2,236.25	12,095.78	11,439.2	6,505.93	4,128.07	5,057.4	8,082.31	1,631.1	540.09	820.29	771.15	904.5	1,436.43	2,257.02
EV/EBITDA High	3,375.45	2,398.45	13,269.23	11,863.91	6,933.07	4,308.4	5,129.06	8,182.98	1,644.4	599.28	837.51	807.1	917.74	1,451.23	2,267.96
EV/EBITDA Low	3,036.6	2,107.59	11,461.78	10,899.35	6,118.72	3,840.65	4,929.51	7,974.66	1,612.28	496.84	797.87	746.95	892.3	1,421.42	2,241.42
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	10.18	16.89	19.37	19.7	13.2	15.21	14.82	15.07	16.54	8.78	13.19	6.76	7.41	6.53	5.53
High Price	17.16	17	24.78	21.9	20.43	16.2	17.45	17.5	17.28	18.01	14.17	13.69	8.72	8.15	6.73
Enterprise Value Average	5,513	4,188	4,693	5,868	5,361	4,706	6,135	10,572	16,528	9,379	13,768	12,278	13,435	17,117	22,710
Enterprise Value High	5,782	4,492	5,148	6,086	5,713	4,912	6,222	10,703	16,663	10,406	14,057	12,851	13,632	17,293	22,820
Enterprise Value Low	5,202	3,948	4,447	5,591	5,042	4,378	5,979	10,431	16,337	8,628	13,391	11,893	13,254	16,938	22,553

Shares Outstanding	79	82	83	83	78	77	77	85	114	112	115	113	131	133	124
Diluted Weighted Avg Shares	78	81	94	85	85	98	102	110	137	114	142	117	116	132	130
Basic Weighted Avg Shares	78	80	83	83	83	77	77	85	137	112	115	117	116	132	130
Revenue per Share	1.14	2.54	3.49	2.31	2.28	2.82	2.99	2.42	2.16	-3.25	4.53	-0.23	1.24	1.69	1.01
EBITDA per Share	0.02	0.02	- -	0.01	0.01	0.01	0.02	0.02	0.07	0.15	0.15	0.14	0.13	0.09	0.08
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.34	1.66	2.1	1.21	1.23	1.71	1.83	1.41	1.24	-5.19	2.78	-1.39	-0.08	0.36	-0.59
Basic EPS from Cont Ops	0.32	1.66	2.1	1.21	1.23	1.71	1.83	1.41	1.24	-5.19	2.78	-1.39	-0.02	0.41	-0.54
Diluted EPS, GAAP	0.34	1.63	1.85	1.18	1.21	1.34	1.38	1.09	1.24	-5.11	2.25	-1.39	-0.08	0.36	-0.59
Diluted EPS from Cont Ops	0.32	1.63	1.85	1.18	1.21	1.34	1.38	1.09	1.24	-5.11	2.25	-1.39	-0.02	0.41	-0.54
Dividend per Share	1.29	1.03	1.14	1.14	1.14	1.15	1.15	1.14	0.95	0.75	0.8	0.95	0.8	0.76	0.81
Cash Flow per Share	0.23	-7.08	-2.69	-21.47	-15.07	-7.1	-22.37	-18.99	-8.52	-4.51	-49.56	-1.19	-17.34	-44.4	-77.5
Free Cash Flow per Basic Share	0.23	-7.08	-2.73	-22.02	-15.46	-7.1	-22.37	-19.29	-8.52	-4.51	-49.56	-1.19	-17.34	-44.4	-77.5
Cash & Equivalents per Share	3.42	1.02	2.16	3.29	2.66	2.77	1.89	6	3.19	6.06	5.72	3.34	3.27	3.46	4.17
Book Value per Share	-10.13	-9.34	-8.05	-7.89	-7.74	-7.79	-7.14	-6.17	-3.54	-10.26	11.47	9.85	9.85	-10.15	-11.64
Tangible Book Value per Share	11.41	14.27	14.31	13.38	11.51	13.42	15	15.89	12.18	9.4	11.7	8.7	9.32	8.17	6.77

Redwood Trust, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)