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Other Assets and Liabilities - Schedule of Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |  |  |
Payable to non-controlling interests |  | $ 150,958 | $ 123,258
Margin payable |  | 138,685 | 20,340
Accrued interest payable |  | 83,139 | 70,988
Accrued compensation |  | 26,160 | 34,002
Operating lease liabilities |  | 12,344 | 11,028
Accrued operating expenses |  | 13,908 | 11,074
Accrued taxes payable |  | 8,154 | 0
Current accounts payable |  | 9,345 | 6,803
Unsettled trades |  | 7,799 | 5,127
Guarantee obligations |  | 2,053 | 2,806
Repurchase reserve |  | 4,305 | 4,727
Bridge loan holdbacks |  | 2,116 | 2,148
Preferred stock dividends payable |  | 1,478 | 1,478
Other |  | 20,213 | 19,958
Total Accrued Expenses and Other Liabilities | [1] | $ 480,657 | $ 313,737
[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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