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Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets      
Strategic investments $ 6,460 $ 3,460  
Derivative assets [1] 97,948 46,003  
Total Assets 22,600,766 [1] 18,258,344 [1] $ 18,427,426
Liabilities      
ABS issued 16,610,081 12,879,530  
Derivative liabilities [1] 57,047 23,660  
Total liabilities [1] 21,601,752 17,070,481  
Level 3      
Assets      
Total Assets 21,599,122    
Liabilities      
Total liabilities 16,688,180    
Fair Value, Measurements, Recurring      
Assets      
Residential investor loans 3,755,761 4,587,090  
Consolidated Agency multifamily loans 0 424,597  
HEI 326,223 589,785  
Trading 134,546 193,749  
AFS 284,372 211,474  
Servicing investments 282,256 297,683  
Strategic investments 6,460 3,460  
Derivative assets 97,948 46,003  
Total Assets 21,670,847 17,431,664  
Liabilities      
ABS issued 16,610,081 12,879,530  
Derivative liabilities 57,047 23,660  
Non-controlling interest 78,099 99,510  
Total liabilities 16,745,227 13,002,700  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
HEI 0 0  
Trading 0 0  
AFS 0 0  
Servicing investments 0 0  
Strategic investments 0 0  
Derivative assets 28,156 16,446  
Total Assets 28,156 16,446  
Liabilities      
ABS issued 0 0  
Derivative liabilities 48,830 23,164  
Non-controlling interest 0 0  
Total liabilities 48,830 23,164  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
HEI 0 0  
Trading 0 0  
AFS 0 0  
Servicing investments 0 0  
Strategic investments 0 0  
Derivative assets 35,352 23,738  
Total Assets 35,352 23,738  
Liabilities      
ABS issued 0 0  
Derivative liabilities 0 0  
Non-controlling interest 0 0  
Total liabilities 0 0  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Residential investor loans 3,755,761 4,587,090  
Consolidated Agency multifamily loans 0 424,597  
HEI 326,223 589,785  
Trading 134,546 193,749  
AFS 284,372 211,474  
Servicing investments 282,256 297,683  
Strategic investments 6,460 3,460  
Derivative assets 34,440 5,819  
Total Assets 21,607,339 17,391,480  
Liabilities      
ABS issued 16,610,081 12,879,530  
Derivative liabilities 8,217 496  
Non-controlling interest 78,099 99,510  
Total liabilities 16,696,397 12,979,536  
Fair Value, Measurements, Recurring | Residential Consumer Loans      
Assets      
Residential consumer loans 16,783,281 11,077,823  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 1      
Assets      
Residential consumer loans 0 0  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 2      
Assets      
Residential consumer loans 0 0  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 3      
Assets      
Residential consumer loans $ 16,783,281 $ 11,077,823  
[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.