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Principles of Consolidation - Schedule of Unconsolidated VIEs Sponsored by Redwood (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | ---
On-balance sheet assets, at fair value: |  |  |
Subordinate securities, classified as AFS |  | $ 204,602 | $ 211,474
Mortgage servicing rights | [1] | 298,290 | 297,683
Variable Interest Entity, Not Primary Beneficiary |  |  |
On-balance sheet assets, at fair value: |  |  |
Maximum loss exposure |  | 144,527 | 140,588
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS |  |  |
On-balance sheet assets, at fair value: |  |  |
Subordinate securities, classified as AFS |  | 94,552 | 91,221
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary |  |  |
On-balance sheet assets, at fair value: |  |  |
Interest-only, senior and subordinate securities, classified as trading |  | 36,865 | 36,811
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary |  |  |
On-balance sheet assets, at fair value: |  |  |
Mortgage servicing rights |  | $ 13,110 | $ 12,556
[1] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $15,936,091 and $14,654,942, respectively. At March 31, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $14,825,826 and $13,620,239, respectively. See Note 16 for further discussion.

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