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Strategic Investments - Schedule of Components of Strategic Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Strategic investments, equity method $ 43,580 $ 48,767
Strategic investments, measurement alternative 25,756 25,896
Strategic investments, at fair value 6,460 3,460
Other investments 6,697 0
Total Strategic Investments [1] $ 82,493 $ 78,123
[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.