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Real Estate Securities - Schedule of Fair Values of Real Estate Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Investments, Debt and Equity Securities [Abstract] |  |  |
Trading |  | $ 134,546 | $ 193,749
AFS |  | 284,372 | 211,474
Total Real Estate Securities | [1] | $ 418,918 | $ 405,223
[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 September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $18,284,133 and $14,654,942, respectively. At September 30, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $17,164,811 and $13,620,239, respectively. See Note 16 for further discussion.

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