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Other Assets and Liabilities - Schedule of Components of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Payable to non-controlling interests $ 101,888 $ 123,258
Accrued interest payable 91,971 70,988
Accrued compensation 34,235 34,002
Margin payable 31,844 20,340
Unsettled trades 19,322 5,127
Accrued taxes payable 13,518 0
Accrued operating expenses 12,668 11,074
Operating lease liabilities 11,600 11,028
Current accounts payable 10,842 6,803
Repurchase reserve 4,442 4,727
Guarantee obligations 1,660 2,806
Preferred stock dividends payable 1,478 1,478
Bridge loan holdbacks 2,041 2,148
Other 25,517 19,958
Total Accrued Expenses and Other Liabilities [1] $ 363,026 $ 313,737
[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.