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Asset-Backed Securities Issued - Schedule of Asset-Backed Securities Issued (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
May 31, 2040 | Nov. 30, 2031 | Jun. 30, 2025 USD ($) series loan | Dec. 31, 2024 USD ($) loan series
Debt Instrument [Line Items] |  |  |  |  |
Carrying Value | [1] |  |  | $ 15,985,206 | $ 13,270,204
VIEs |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Number of entities | loan |  |  |  | 2 | 1
VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Carrying Value |  |  |  | $ 15,985,206 | $ 13,270,204
Total ABS Issued | Debt Instrument, Redemption, Period One | CoreVest |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Securitized asset backed securities, borrowing capacity |  |  |  | $ 300,000 |
Re-investment transaction period |  |  |  | 24 months |
Total ABS Issued | VIEs | Forecast | Debt Instrument, Redemption, Period One |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Increase in interest rate (as a percent) |  | 1.00% | 1.50% |  |
Total ABS Issued | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 16,644,953 | 14,047,261
Carrying Value |  |  |  | 15,985,206 | 13,270,204
ABS Issued at Fair Value | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | 16,372,588 | 13,654,309
Carrying Value |  |  |  | 15,714,392 | 12,879,530
Sequoia | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | 11,933,011 | 9,220,157
Carrying Value |  |  |  | $ 11,360,847 | $ 8,585,077
Number of Series | series |  |  |  | 63 | 54
Sequoia | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 2.52% | 2.66%
Sequoia | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 8.54% | 8.52%
CAFL | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 2,800,872 | $ 2,752,657
Carrying Value |  |  |  | $ 2,750,196 | $ 2,687,977
Number of Series | series |  |  |  | 20 | 19
CAFL | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 2.97% | 2.76%
CAFL | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 7.89% | 7.89%
Freddie Mac SLST | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 1,043,996 | $ 1,075,249
Carrying Value |  |  |  | $ 1,010,279 | $ 1,005,945
Weighted Average Interest Rate |  |  |  | 3.50% | 3.50%
Number of Series | series |  |  |  | 2 | 2
Freddie Mac K-Series | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 389,250 | $ 393,762
Carrying Value |  |  |  | $ 387,120 | $ 389,434
Weighted Average Interest Rate |  |  |  | 3.41% | 3.41%
Number of Series | series |  |  |  | 1 | 1
HEI | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 205,459 | $ 212,484
Carrying Value |  |  |  | $ 205,950 | $ 211,097
Number of Series | series |  |  |  | 2 | 2
HEI | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 3.97% | 3.96%
HEI | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 6.72% | 6.71%
ABS Issued at Amortized Cost | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 272,365 | $ 392,952
Carrying Value |  |  |  | 270,814 | 390,674
CAFL | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | 139,543 | 244,772
Carrying Value |  |  |  | $ 139,543 | $ 244,772
Number of Series | series |  |  |  | 2 | 2
CAFL | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 4.31% | 2.31%
CAFL | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 6.46% | 4.38%
Freddie Mac SLST | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Unpaid Principal Balance |  |  |  | $ 132,822 | $ 148,180
Carrying Value |  |  |  | $ 131,271 | $ 145,902
Weighted Average Interest Rate |  |  |  | 7.50% | 7.50%
Number of Series | series |  |  |  | 1 | 1
[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 June 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $17,484,443 and $14,654,942, respectively. At June 30, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $16,386,516 and $13,620,239, respectively. See Note 16 for further discussion.

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