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Asset-Backed Securities Issued - Schedule of Asset-Backed Securities Issued (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
May 31, 2040 | Nov. 30, 2031 | Sep. 30, 2025 USD ($) series loan | Dec. 31, 2024 USD ($) series entity
Debt Instrument [Line Items] |  |  |  |  |
Carrying Value | [1] |  |  | $ 16,825,018 | $ 13,270,204
VIEs |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Number of entities | loan |  |  |  | 2 |
VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Carrying Value |  |  |  | $ 16,825,019 | $ 13,270,204
Entity |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Number of entities | entity |  |  |  |  | 1
Total ABS Issued | 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 [Line Items] |  |  |  |  |
Increase in interest rate (as a percent) |  | 1.00% | 1.50% |  |
Total ABS Issued | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | $ 17,342,121 | $ 14,047,261
Carrying Value |  |  |  | 16,825,018 | 13,270,204
ABS Issued at Fair Value | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | 17,125,963 | 13,654,309
Carrying Value |  |  |  | 16,610,081 | 12,879,530
Sequoia | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | 13,316,632 | 9,220,157
Carrying Value |  |  |  | $ 12,863,481 | $ 8,585,077
Number of Series | series |  |  |  | 67 | 54
Sequoia | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 2.50% | 2.66%
Sequoia | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 8.37% | 8.52%
CAFL | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | $ 2,655,244 | $ 2,752,657
Carrying Value |  |  |  | $ 2,622,847 | $ 2,687,977
Number of Series | series |  |  |  | 20 | 19
CAFL | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 2.85% | 2.76%
CAFL | Maximum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  | 8.72% | 7.89%
Freddie Mac SLST | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | $ 1,026,688 | $ 1,075,249
Carrying Value |  |  |  | $ 996,185 | $ 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] |  |  |  |  |
UPB |  |  |  |  | $ 393,762
Carrying Value |  |  |  |  | $ 389,434
Weighted Average Interest Rate |  |  |  |  | 3.41%
Number of Series | series |  |  |  |  | 1
HEI | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | $ 127,399 | $ 212,484
Carrying Value |  |  |  | $ 127,568 | $ 211,097
Number of Series | series |  |  |  | 1 | 2
HEI | Minimum | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Weighted Average Interest Rate |  |  |  |  | 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] |  |  |  |  |
UPB |  |  |  | $ 216,158 | $ 392,952
Carrying Value |  |  |  | 214,937 | 390,674
CAFL | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | 91,544 | 244,772
Carrying Value |  |  |  | $ 91,544 | $ 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 |  |  |  | 6.56% | 4.38%
Freddie Mac SLST | VIEs | Collateralized Financing Entities |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
UPB |  |  |  | $ 124,614 | $ 148,180
Carrying Value |  |  |  | $ 123,393 | $ 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 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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