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Offsetting Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] $ 158,909 $ 46,003
Liabilities    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] (12,835) (23,660)
Total Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (638,213) (277,126)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (638,213) (277,126)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 631,741 257,550
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 6,472 16,231
Net Amount 0 (3,345)
Interest rate agreements    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 126,250 23,738
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 126,250 23,738
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (114,408) (19,989)
Net Amount 11,842 3,749
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) 0 0
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 0 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount 0 0
TBAs    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 7,488 0
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 7,488 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (1,640) 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (4,747) 0
Net Amount 1,101 0
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (3,454) (16,249)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (3,454) (16,249)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 1,640 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 1,814 12,904
Net Amount 0 (3,345)
Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 3,666 16,446
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 3,666 16,446
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (25) (3,588)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount 3,641 12,858
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (4,683) (6,915)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (4,683) (6,915)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 25 3,588
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 4,658 3,327
Net Amount 0 0
Interest Rate Agreement, TBAs, and Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 137,404 40,184
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 137,404 40,184
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (1,665) (3,588)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (119,155) (19,989)
Net Amount 16,584 16,607
Loan warehouse debt    
Loan warehouse debt and Security repurchase agreement    
Gross Amounts of Recognized Assets (Liabilities) (630,076) (253,962)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (630,076) (253,962)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 630,076 253,962
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount $ 0 $ 0
[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.