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Home Equity Investments (HEI) - Narrative (Details) $ in Thousands |  |  | 3 Months Ended | 9 Months Ended |
--- | --- | --- | --- | --- | ---
Sep. 30, 2025 USD ($) transaction | Dec. 31, 2024 USD ($) transaction | Sep. 30, 2025 USD ($) securitization | Sep. 30, 2025 USD ($) entity | Nov. 07, 2025 USD ($)
Schedule of Equity Method Investments [Line Items] |  |  |  |  |  |
Number of securitization transactions co-sponsored |  | 1 | 2 |  | 2 |
Number of securitization transactions co-sponsored, called upon | securitization |  |  |  | 1 |  |
Home equity investments | [1] | $ 326,223 | $ 589,785 | $ 326,223 | $ 326,223 |
Legacy Investments |  |  |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |  |  |
Home equity investments |  | $ 315,000 |  | $ 315,000 | $ 315,000 |
Legacy Investments | Subsequent Event |  |  |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |  |  |
Home equity investments |  |  |  |  |  | $ 262,000
[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 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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