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Asset-Backed Securities Issued - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |  |
--- | --- | --- | --- | ---
May 31, 2040 | Nov. 30, 2031 | Apr. 30, 2027 | Jan. 31, 2027 | Apr. 30, 2025 | Feb. 28, 2025 | Jun. 30, 2025 | Dec. 31, 2024 | Jun. 30, 2024 | [2]
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, face amount |  |  |  |  |  |  |  | $ 3,762,938 |  | $ 3,482,175 |  |
Restricted cash |  |  |  |  |  |  |  | 146,247 | [1],[2] | 67,762 | [1] | $ 63,799
Other assets | [1] |  |  |  |  |  |  | 448,574 |  | 415,717 |  |
AFS |  |  |  |  |  |  |  | 114,499 |  | 211,474 |  |
Carrying value of collateral |  |  |  |  |  |  |  | 3,972,697 |  | 3,701,592 |  |
Sequoia Re-securitization Trust |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
AFS |  |  |  |  |  |  |  | $ 106,000 |  | $ 79,000 |  |
VIEs |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
VIE, ownership interest rate (as a percent) |  |  |  |  |  |  |  | 80.00% |  |  |  |
VIEs | Sequoia Re-securitization Trust |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
AFS |  |  |  |  |  |  |  | $ 20,000 |  |  |  |
Asset-backed securities issued | Debt Instrument, Redemption, Period One | CoreVest |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, face amount |  |  |  |  |  |  |  | 284,000 |  |  |  |
Bridge loan |  |  |  |  |  |  |  | 215,000 |  |  |  |
Restricted cash |  |  |  |  |  |  |  | 96,000 |  |  |  |
Other assets |  |  |  |  |  |  |  | 5,000 |  |  |  |
Securitized asset backed securities, borrowing capacity |  |  |  |  |  |  |  | $ 300,000 |  |  |  |
Re-investment transaction period |  |  |  |  |  |  |  | 24 months |  |  |  |
Asset-backed securities issued | VIEs |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturities of ABS (in years) |  |  |  |  |  |  |  | 5 years |  |  |  |
Asset-backed securities issued | VIEs | Debt Instrument, Redemption, Period One | CoreVest |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, face amount |  |  |  |  |  |  |  | $ 283,000 |  |  |  |
Debt instrument, interest rate (as a percent) |  |  |  |  |  |  |  | 6.20% |  |  |  |
Asset-backed securities issued | VIEs | Forecast | Debt Instrument, Redemption, Period One |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Increase in interest rate (as a percent) |  | 1.00% | 1.50% |  |  |  |  |  |  |  |  |
Sequoia securities | VIEs |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, interest rate (as a percent) |  |  |  |  |  | 8.00% | 8.50% |  |  |  |  |
ABS issued, at amortized cost |  |  |  |  |  | $ 109,000 | $ 100,000 |  |  |  |  |
VIE, ownership interest rate (as a percent) |  |  |  |  |  |  | 100.00% |  |  |  |  |
Sequoia securities | VIEs | Forecast |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Increase in interest rate (as a percent) |  |  |  | 3.00% | 3.00% |  |  |  |  |  |  |
Other | VIEs | Sequoia Re-securitization Trust |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
AFS |  |  |  |  |  |  |  | $ 3,000 |  |  |  |
Sequoia Securitization Trusts | VIEs |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Carrying value of collateral |  |  |  |  |  |  |  | 148,000 |  |  |  |
Sequoia Securitization Trusts | VIEs | Sequoia securities |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Carrying value of collateral |  |  |  |  |  |  |  | $ 85,000 |  |  |  |
[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.
[2] | Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions, as well as cash collateral for certain consolidated securitization entities.

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