MeritValue

Redwood Mortgage Investors IX

RWDMUdata completeness 50%16 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.55M1$6.09M2$6.14M3$6.2M4$5.08M4
Net income$4.81M5$4.06M6$3.81M7$3.39M8$1.83M8
Operating cash flow$5.81M9$3.8M10$3.54M11$3.34M12$1.83M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.03M13$5.06M14$1.71M15$12.1M16$562,00016
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-011406 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-045202 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-057997 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-154932 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011406 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-045202 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-057997 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-154932 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011406 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-045202 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-057997 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-154932 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-011406 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-045202 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-057997 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-154932 (CashAndCashEquivalentsAtCarryingValue)