Redwood Trust (RWT) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13759
Entity Registrant Name	REDWOOD TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	68-0329422
Entity Address, Address Line One	One Belvedere Place,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Mill Valley,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94941
City Area Code	415
Local Phone Number	389-7373
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 848,457,170
Entity Common Stock, Shares Outstanding		132,861,161
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of registrant’s fiscal year covered by this Annual Report are incorporated by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000930236
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RWT
Security Exchange Name	NYSE
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	RWT PRA
Security Exchange Name	NYSE
9.125% Senior Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	9.125% Senior Notes Due 2029
Trading Symbol	RWTN
Security Exchange Name	NYSE
9.0% Senior Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	9.0% Senior Notes Due 2029
Trading Symbol	RWTO
Security Exchange Name	NYSE
9.125% Senior Notes Due 2030
Document Information [Line Items]
Title of 12(b) Security	9.125% Senior Notes Due 2030
Trading Symbol	RWTP
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	San Francisco, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
ASSETS
Real estate securities, at fair value	[1]	$ 405,223	$ 127,797
Home equity investments, at fair value	[1]	589,785	550,436
Other investments	[1]	375,806	343,930
Cash and cash equivalents	[1]	245,165	293,104
Restricted cash	[1]	67,762	75,684
Derivative assets	[1]	46,003	14,212
Goodwill	[1]	23,373	23,373
Other assets	[1]	415,717	379,571
Total Assets	[1]	18,258,344	14,504,327
Liabilities
Asset-backed securities issued (includes $12,879,530 and $9,151,263 at fair value), net	[1]	13,270,204	9,811,880
Debt Obligations, net	[1]	3,462,880	3,239,123
Derivative liabilities	[1]	23,660	33,828
Accrued expenses and other liabilities	[1]	313,737	216,803
Total Liabilities	[1]	17,070,481	13,301,634
Commitments and Contingencies (see Note 18)	[1]
Equity
Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding	[1]	66,948	66,948
Common stock, par value $0.01 per share, 392,010,000 shares authorized; 132,519,579 and 131,485,661 issued and outstanding	[1]	1,325	1,315
Additional paid-in capital	[1]	2,504,029	2,487,848
Accumulated other comprehensive loss	[1]	(43,071)	(57,957)
Cumulative earnings	[1]	1,191,401	1,144,412
Cumulative distributions to stockholders	[1]	(2,532,769)	(2,439,873)
Total Equity	[1]	1,187,863	1,202,693
Total Liabilities and Equity	[1]	18,258,344	14,504,327
Residential consumer loans, held-for-sale, at fair value
ASSETS
Fair value of loans	[1]	1,013,547	911,192
Residential consumer loans, held-for-investment, at fair value
ASSETS
Fair value of loans	[1]	10,064,276	6,139,445
Residential investor loans, held-for-sale, at fair value
ASSETS
Fair value of loans	[1]	237,224	180,250
Residential investor loans, held-for-investment, at fair value
ASSETS
Fair value of loans	[1]	4,349,866	5,040,048
Consolidated Agency multifamily loans, at fair value
ASSETS
Fair value of loans	[1]	$ 424,597	$ 425,285
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
ABS issued, net, At fair value		$ 12,879,530	$ 9,151,263
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, authorized (in shares)		2,990,000	2,990,000
Preferred stock, issued (in shares)		2,800,000	2,800,000
Preferred stock, outstanding (in shares)		2,800,000	2,800,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, authorized (in shares)		392,010,000	392,010,000
Common stock, issued (in shares)		132,519,579	131,485,661
Common stock, outstanding (in shares)		132,519,579	131,485,661
Assets	[1]	$ 18,258,344	$ 14,504,327
Liabilities	[1]	17,070,481	13,301,634
Variable Interest Entity, Primary Beneficiary
Assets		14,654,942	10,988,885
Liabilities		$ 13,620,239	$ 10,096,308
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest Income
Residential consumer loans	$ 485,332	$ 253,911	$ 250,502
Residential investor loans	351,881	382,316	362,481
Consolidated Agency multifamily loans	18,239	18,645	18,938
Real estate securities	49,694	21,550	37,708
Other interest income	40,018	48,040	38,225
Total interest income	945,164	724,462	707,854
Interest Expense
Asset-backed securities issued	(572,497)	(371,761)	(370,219)
Debt obligations	(270,059)	(259,758)	(182,181)
Total interest expense	(842,556)	(631,519)	(552,400)
Net interest income (expense)	102,608	92,943	155,454
Non-interest Income (Loss)
Mortgage banking activities, net	99,398	67,386	(13,659)
Investment fair value changes, net	(14,759)	(44,400)	(178,272)
HEI income, net	41,831	35,117	2,714
Other income, net	27,528	12,886	21,204
Realized gains, net	306	1,699	5,334
Total non-interest income (loss), net	154,304	72,688	(162,679)
General and administrative expenses	(136,393)	(128,295)	(140,908)
Portfolio management costs	(20,915)	(14,571)	(7,951)
Loan acquisition costs	(12,675)	(7,166)	(11,766)
Other expenses	(14,088)	(16,238)	(15,590)
Net Income (Loss) before (Provision for) Benefit from Income Taxes	72,841	(639)	(183,440)
(Provision for) benefit from income taxes	(18,837)	(1,635)	19,920
Net Income (Loss)	54,004	(2,274)	(163,520)
Dividends on preferred stock	(7,015)	(6,684)	0
Net income (loss) available (related) to common stockholders, basic	46,989	(8,958)	(163,520)
Net income (loss) available (related) to common stockholders, diluted	$ 46,989	$ (8,958)	$ (163,520)
Basic earnings (loss) per common share (in dollars per share)	$ 0.32	$ (0.11)	$ (1.43)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.32	$ (0.11)	$ (1.43)
Basic weighted average common shares outstanding (in shares)	132,050,825	116,283,328	117,227,846
Diluted weighted average common shares outstanding (in shares)	132,139,434	116,283,328	117,227,846

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 54,004	$ (2,274)	$ (163,520)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	12,345	6,230	(64,704)
Reclassification of unrealized (gain) loss on available-for-sale securities to net income (loss)	(1,597)	554	636
Reclassification of unrealized loss on interest rate agreements to net income (loss)	4,138	4,127	4,127
Total other comprehensive income (loss)	14,886	10,911	(59,941)
Comprehensive Income (Loss)	68,890	8,637	(223,461)
Dividends on preferred stock	(7,015)	(6,684)	0
Comprehensive income (loss) available (related) to Common Stockholders	$ 61,875	$ 1,953	$ (223,461)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Cumulative Earnings	Cumulative Distributions to Stockholders
Balance at beginning of year at Dec. 31, 2021	$ 1,386,087	$ 0	$ 1,149	$ 2,316,799	$ (8,927)	$ 1,316,890	$ (2,239,824)
Balance at beginning of period (in shares) at Dec. 31, 2021			114,892,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(163,520)					(163,520)
Other comprehensive income (loss)	(59,941)				(59,941)
Issuance of common stock (in shares)			5,232,869
Issuance of common stock	67,476		$ 52	67,424
Employee stock purchase and incentive plans (in shares)			488,388
Employee stock purchase and incentive plans and other	(1,888)		$ 5	(1,893)
Non-cash equity award compensation and other	23,940			23,940
Share repurchases	(56,496)		$ (71)	(56,425)
Share repurchases (in shares)			(7,128,891)
Common dividends declared	(111,673)						(111,673)
Balance at End of Year at Dec. 31, 2022	1,083,985	0	$ 1,135	2,349,845	(68,868)	1,153,370	(2,351,497)
Balance at end of period (in shares) at Dec. 31, 2022			113,484,675
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,274)					(2,274)
Other comprehensive income (loss)	10,911				10,911
Issuance of common stock (in shares)			16,845,939
Issuance of common stock	123,877		$ 168	123,709
Employee stock purchase and incentive plans (in shares)			1,155,047
Employee stock purchase and incentive plans and other	(4,756)		$ 12	(4,768)
Non-cash equity award compensation and other	19,062			19,062
Issuance of preferred stock	66,948	66,948
Preferred dividends declared	(6,684)					(6,684)
Common dividends declared	(88,376)						(88,376)
Balance at End of Year at Dec. 31, 2023	$ 1,202,693	66,948	$ 1,315	2,487,848	(57,957)	1,144,412	(2,439,873)
Balance at end of period (in shares) at Dec. 31, 2023	131,485,661		131,485,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 54,004					54,004
Other comprehensive income (loss)	14,886				14,886
Employee stock purchase and incentive plans (in shares)			1,033,918
Employee stock purchase and incentive plans and other	(4,551)		$ 10	(4,561)
Non-cash equity award compensation and other	20,742			20,742
Preferred dividends declared	(7,015)					(7,015)
Common dividends declared	(92,896)						(92,896)
Balance at End of Year at Dec. 31, 2024	$ 1,187,863	$ 66,948	$ 1,325	$ 2,504,029	$ (43,071)	$ 1,191,401	$ (2,532,769)
Balance at end of period (in shares) at Dec. 31, 2024	132,519,579		132,519,579

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Preferred stock dividends declared (in dollars per share)	$ 2.50	$ 2.47917
Common stock dividends declared (in dollars per share)	$ 0.67	$ 0.71	$ 0.92

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)		$ 54,004	$ (2,274)	$ (163,520)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		12,155	17,914	6,254
Depreciation and amortization of non-financial assets		11,916	14,854	15,922
Originations of held-for-sale loans		(1,577,336)	(774,633)	(1,077,262)
Purchases of held-for-sale loans		(7,107,623)	(2,046,299)	(3,841,952)
Proceeds from sales of held-for-sale loans		2,811,160	781,386	4,316,792
Principal payments on held-for-sale loans		112,132	52,097	196,464
Net settlements of derivatives		(74,432)	11,071	198,963
Non-cash equity award compensation expense and other		20,742	19,062	23,940
Market valuation adjustments		(108,422)	(35,814)	227,186
Realized gains, net		(307)	(1,699)	(5,334)
Net change in:
Accrued interest receivable and other assets		(40,708)	(41,156)	42,585
Accrued interest payable and accrued expenses and other liabilities		24,195	(10,334)	(79,178)
Net cash used in operating activities		(5,862,524)	(2,015,825)	(139,140)
Cash Flows From Investing Activities:
Originations of loan investments		(120,661)	(806,894)	(1,638,554)
Purchases of loan investments		0	0	(22,006)
Proceeds from sales of loan investments		94,339	45,663	2,280
Principal payments on loan investments		2,768,197	1,549,092	2,002,630
Purchases of real estate securities		(234,828)	(9,855)	(15,006)
Proceeds from sales of real estate securities		2,833	143,914	31,729
Principal payments on real estate securities		8,526	1,122	32,735
Repayments from servicer advance investments, net		357	55,777	70,589
Acquisition of Riverbend, net of cash acquired		0	0	(40,636)
Purchases of HEI		(2,043)	(108,054)	(248,218)
Repayments on HEI		49,553	42,961	42,744
Other investing activities, net		(27,874)	(5,006)	(4,401)
Net cash provided by investing activities		2,538,399	908,720	213,886
Cash Flows From Financing Activities:
Proceeds from borrowings on debt obligations		10,021,863	3,705,168	6,996,581
Repayments on borrowings on debt obligations		(9,788,744)	(4,233,872)	(7,111,730)
Proceeds from issuance of asset-backed securities		5,311,810	2,465,515	1,420,289
Repayments on asset-backed securities issued		(2,153,596)	(872,710)	(1,453,511)
Debt issuance costs paid		(16,707)	(3,166)	(21,115)
Net proceeds from issuance of common stock		462	124,474	68,035
Net proceeds from issuance of preferred stock		0	66,948	0
Payments for repurchase of common stock		0	0	(56,496)
Taxes paid on equity award distributions		(5,013)	(5,353)	(2,447)
Dividends paid on common stock		(92,896)	(88,376)	(111,673)
Dividends paid on preferred stock		(7,015)	(5,199)	0
Other financing activities, net		(1,900)	(6,900)	(4,799)
Net cash provided by (used in) financing activities		3,268,264	1,146,529	(276,866)
Net (decrease) increase in cash and cash equivalents		(55,861)	39,424	(202,120)
Cash, cash equivalents and restricted cash at beginning of year	[1]	368,788	329,364	531,484
Cash, cash equivalents and restricted cash at end of year	[1]	312,927	368,788	329,364
Cash paid during the year for:
Interest		811,423	603,316	518,595
Taxes paid (refunded), net		4,057	(1,445)	4,936
Supplemental Noncash Information:
Retention of mortgage servicing rights from loan securitizations and sales		1,276	0	4,543
Dividends declared but not paid on preferred stock		1,478	1,478	0
Transfers from loans held-for-sale to loans held-for-investment		5,702,565	2,789,507	2,949,262
Transfers from loans held-for-investment to loans held-for-sale		14,862	27,958	0
Transfers from residential loans to real estate owned		22,554	100,280	8,494
Consolidation Of Securitized Bridge Loans		287,605	0	0
Consolidation of CAFL bridge ABS		284,997	0	0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		282	478	0
Reduction in operating lease liabilities due to lease modification		$ 0	$ 274	$ 0
[1]Cash, cash equivalents, and restricted cash at December 31, 2024 included cash and cash equivalents of $245 million and restricted cash of $68 million; at December 31, 2023 included cash and cash equivalents of $293 million and restricted cash of $76 million; and at December 31, 2022 included cash and cash equivalents of $259 million and restricted cash of $70 million.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	[1]	Dec. 31, 2023	[1]	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 245,165		$ 293,104		$ 259,000
Restricted cash	$ 67,762		$ 75,684		$ 70,000
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Organization	Organization Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through our best-in-class securitization platforms, whole-loan distribution activities and our publicly-traded securities. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential consumer and residential investor housing credit assets. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. We operate our business in three segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, and Redwood Investments. Our primary sources of income are net interest income from our investments and non-interest income from our mortgage banking activities. Net interest income primarily consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities is generated through the origination and acquisition of loans, and their subsequent sale, securitization, or transfer to our investment portfolios. Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are generally not subject to subsidiary-level corporate income tax as “the REIT” or “our REIT.” We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as “our taxable REIT subsidiaries” or “TRS.” Redwood Trust, Inc. was incorporated in the State of Maryland on April 11, 1994, and commenced operations on August 19, 1994. On October 15, 2019, Redwood acquired CoreVest American Finance Lender, LLC and certain affiliated entities ("CoreVest"), at which time CoreVest became wholly owned by Redwood. On July 1, 2022, Redwood acquired Riverbend Funding, LLC ("Riverbend"), at which time Riverbend became wholly owned by Redwood. The operations of Riverbend were combined with those of CoreVest under the CoreVest brand. References herein to “Redwood,” the “company,” “we,” “us,” and “our” include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. In statements regarding qualification as a REIT, such terms refer solely to Redwood Trust, Inc. Refer to Item 1 - Business in this Annual Report on Form 10-K for additional information on our business.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial condition of the Company at December 31, 2024 and 2023, and results of operations for all periods presented. In the fourth quarter of 2024, we updated the names of our segments: Residential Consumer Mortgage Banking to Sequoia Mortgage Banking, Residential Investor Mortgage Banking to CoreVest Mortgage Banking and our Investment Portfolio to Redwood Investments. There were no changes to the classifications of account balances as a result of these updates. All prior period references in this document were conformed to this presentation. Additionally in 2024, we combined the presentation of Short-term and Long-term debt within Debt obligations, net, as applicable. There was no impact to the consolidated financial statements as a result of this change and all prior periods in this document were conformed to this presentation. In 2023, we changed the presentation of our Consolidated Statements of Income (Loss) to include a new line item "HEI income, net" to include all amounts related to our HEI investments that were previously presented within "Investment fair value changes, net." All applicable prior period amounts presented in this document were conformed to this new presentation. Principles of Consolidation The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. The Company has a controlling financial interest in and consolidates a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits for the VIE that could potentially be significant to the VIE. See Note 15 for further information about VIEs. For entities that are not VIEs, we have a controlling financial interest in entities where we hold a majority of the voting rights. We use the equity method to account for our interest in entities in which we do not have a controlling financial interest, but over which we have significant influence. For financial reporting purposes, we consolidate the assets and liabilities of certain entities formed in connection with the securitization of our loans and HEI, which we have determined to be VIEs and in which we have a controlling financial interest. The underlying loans owned at the consolidated securitization entities are shown under residential consumer loans and residential investor loans on our consolidated balance sheets. In our consolidated statements of income, we record interest income on the loans owned at these entities and interest expense on the ABS issued by these entities as well as fair value changes, other income and expenses associated with these entities' activities. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. See Note 16 for further discussion on ABS issued. The underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments on our consolidated balance sheets and the associated fair value changes and interest expense associated with ABS issued are shown under HEI income, net on our consolidated statements of income (loss). See Note 10 for further discussion on HEI. We also consolidate two partnerships ("Servicing Investment" entities) through which we have invested in servicing-related assets. We maintain an 80% ownership interest in each entity and have determined that we are the primary beneficiary of these partnerships. We account for the co-investors' interests as non-controlling interests, see Note 14 for further discussion. See Note 15 for further discussion on principles of consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies Fair Value Measurements Our consolidated financial statements include assets and liabilities that are measured at their fair values in accordance with GAAP. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. We develop fair values for financial assets or liabilities based on available inputs and pricing that is observed in the marketplace. After considering all available indications of the appropriate rate of return that market participants would require, we consider the reasonableness of the range indicated by the results to determine an estimate that is most representative of fair value. See Note 6 for further discussion on fair value measurements. Fair Value Option Under GAAP, we have the option to measure eligible financial assets, financial liabilities, and commitments at fair value on an instrument-by-instrument basis. This option is available when we first recognize a financial asset or financial liability or enter into a firm commitment. Subsequent changes in the fair value of assets, liabilities, and commitments where we have elected the fair value option are recorded in our consolidated statements of income (loss). We elect the fair value option for certain residential consumer and investor loans, interest-only (“IO”) and certain subordinate securities, MSRs, servicer advance investments, HEI, and certain of our other investments. We generally elect the fair value option for residential consumer and investor loans that are held-for-sale, due to our intent to sell or securitize the loans in the near-term and for residential investor bridge loans due to their shorter duration. We elect the fair value option for our IO and certain subordinate securities, and MSRs, for which we may hedge market interest rate risk. In addition, we elect the fair value option for the assets and liabilities of our consolidated securitization entities in accordance with GAAP accounting for collateralized financing entities ("CFEs"). See Note 6 for further discussion on the fair value option. Real Estate Loans Residential Consumer Loans We acquire residential consumer loans from third-party originators for subsequent sale to whole loan buyers, securitization or transfer into our Redwood Investments portfolio. Residential consumer loans held-for-sale include loans that we intend to sell to third parties, or including transfers to securitization entities that we plan to sponsor. We generally elect the fair value option for residential consumer loans that we purchase and the changes in fair value for these loans are recurring which are reported through our consolidated statements of income (loss) in Mortgage banking activities, net. We record residential consumer loans held-for-investment at consolidated securitization entities at fair value. In accordance with accounting guidance for CFEs, we use the fair value of the ABS issued by these entities (which we determined to be more observable) to determine the fair value of the loans held at these entities. Changes in fair value for these loans and related ABS are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. See Note 7 for further discussion on residential consumer loans. Residential Investor Loans We originate and purchase r esidential investor loans, for subsequent securitization, sale, or transfer into our Redwood Investments portfolio. R esidential investor loans are loans to investors in single-family and multifamily housing properties, which we classify as either "term" loans (which include loans with maturities that generally range from 3 to 30 years) or "bridge" loans (which include loans with maturities that generally range from 12 to 36 months). Single-family loans are mortgage loans secured by residential real estate (primarily 1-4 unit) that the borrower owns as an investment property. R esidential investor bridge loans are mortgage loans which are generally secured by unoccupied residential investor or multifamily real estate that the borrower owns as an investment and that is being renovated, rehabilitated or constructed. We classify r esidential investor loans as held-for-sale at fair value when we originate or purchase these loans with the intent to transfer the loans to securitization entities or sell the loans to third parties. Changes in fair value are recurring and reported through our consolidated statements of income (loss) in Mortgage banking activities, net. We classify r esidential investor loans as held-for-investment at fair value if we intend to hold these loans to maturity. Changes in fair value for these loans are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. In addition, we record r esidential investor loans held-for-investment at consolidated securitization entities at fair value in accordance with accounting guidance for CFEs, as described in the section above for residential consumer loans. See Note 8 for further discussion on residential investor loans. Interest Income Interest income is accrued on our unsecuritized loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is generally placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. Income from non-accrual loans is generally recognized on a cash basis when it is received. At the time a loan is placed on non-accrual status, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured, either through reinstatement by the borrower or if there is sufficient estimated net equity in the underlying real estate property. Coupon interest for our securitized loans is recognized as revenue based on amounts expected to be paid to the securities issued by the securitization entities. Real Estate Securities, at Fair Value Our securities primarily consist of mortgage-backed securities (“MBS”) collateralized by residential consumer, re-performing ("RPL") and multifamily mortgage loans. We classify our real estate securities as trading or available-for-sale securities. Trading Securities We primarily denote trading securities as those securities where we have adopted the fair value option. Coupon interest is recognized as interest income when earned and deemed collectible. Changes in the fair value of securities designated as trading securities are generally reported in Investment fair value changes, net on our consolidated statements of income (loss). Available-for-Sale Securities AFS securities are carried at their fair value with unrealized gains and losses excluded from earnings (except when an allowance for credit losses is recognized, as discussed below) and reported in Accumulated other comprehensive income (loss) (“AOCI”), a component of stockholders’ equity. Interest income on AFS securities is accrued based on their outstanding principal balance and contractual terms and interest income is recognized based on the security’s effective interest rate. In order to calculate the effective interest rate, we must project cash flows over the remaining life of each security and make assumptions with regards to interest rates, prepayment rates, the timing and amount of credit losses, estimated call dates and other factors. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections based on input and analysis received from external sources, internal models, and our own judgments about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield and interest income recognized on these securities or in the recognition of an allowance for credit losses as discussed below. Credit impairments on our available-for-sale securities are recorded in earnings using an allowance for credit losses, with the allowance limited to the amount by which the security's fair value is less than its amortized cost basis. We evaluate all securities in an unrealized loss position to determine if the impairment is credit-related (resulting in an allowance for credit losses recorded in earnings) or non-credit-related (resulting in an unrealized loss through other comprehensive income). The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the beneficial interest’s amortized cost and the estimate of cash flows expected to be collected, discounted at the effective interest rate used to accrete the beneficial interest. No allowance is recorded for beneficial interests in an unrealized gain position. See Note 9 for further discussion on real estate securities. HEI We invest in HEI from third-party originators and securities collateralized by third-party HEI. We also originate HEI ourselves through our Aspire platform, some or all of which are retained in our Redwood Investments portfolio. Each HEI provides the investor an option to purchase a percentage ownership interest in the underlying residential property upon the occurrence of specified events. The homeowner's obligations under the HEI are secured by the recording of a lien (ty pically junior liens) against the property in the form of a deed of trust or a mortgage. Our investments in HEI allow us to share in home price appreciation (or depreciation) of the associated property. We have elected to record these investments at fair value and report changes in their fair value in HEI income, net on our consolidated statements of income (loss). In addition, we record HEI held at our consolidated HEI securitization entities at fair value. In accordance with accounting guidance for CFEs, we use the fair value of the ABS issued by these entities (which we determined to be more observable) to determine the fair value of the HEI held at these entities. Changes in fair value of the HEI assets held by these entities and the ABS issued by these entities (including issuance costs and the interest expense component of the ABS issued) are recorded through HEI income, net on our consolidated statements of income (loss). See Note 10 for further discussion on HEI. Other Investments Servicer Advance Investments Our servicer advance investments are comprised of outstanding servicer advances receivable, the requirement to purchase all future servicer advances made with respect to a specified pool of residential mortgage loans and a fee component of the related MSR. We have elected to record these investments at fair value. We recognize interest income from our servicer advance investments when earned and deemed collectible and record the income as a component of Other interest income in our consolidated statements of income (loss). Our servicer advance investments are marked-to-market on a recurring basis with changes in the fair value reported in Investment fair value changes, net on our consolidated statements of income (loss). See Note 11 for further discussion on our servicer advance investments. Strategic Investments We have made and may make additional strategic investments in companies through our RWT Horizons venture investment strategy or at a corporate level. These investments can take the form of equity or debt and often have conversion features. Depending on the terms of the investments, we may account for these investments under the fair value option, as non-marketable equity securities under the equity method of accounting or the measurement alternative for equity securities without readily determinable fair values. Investments accounted for under the fair value option are carried at fair value with periodic changes in value recorded through Investment fair value changes, net on our consolidated statements of income (loss). For non-marketable securities, we utilize the equity method of accounting when we are able to exert significant influence over but do not control the activities of the investee. Under the equity method of accounting, we record our share of earnings or losses from equity-method investments and we assess our investments for impairment whenever events or changes in circumstances indicate that the carrying amount of our investment might not be recoverable. Income from equity-method investments is recorded in Other income, net on our consolidated statements of income (loss). Under the measurement alternative, the carrying value of our investment is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date and are recorded as a component of Other income, net on our consolidated statements of income (loss). See Note 11 for further discussion on our strategic investments. Excess MSRs Our excess MSR investments represent the right to receive a portion of mortgage servicing cash flows in excess of amounts paid for the underlying mortgage loans to be serviced. As owners of excess MSRs, we are not required to be a licensed servicer, and we are not required to assume any servicing duties, advance obligations or liabilities associated with the loan pool underlying the MSR. We have elected to record these investments at fair value. We recognize income from excess MSRs when it is earned and deemed collectible and record the income as a component of Other interest income in our consolidated statements of income (loss). Changes in fair value are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. See Note 6 for further discussion on excess MSRs. MSRs We recognize MSRs through the retention of servicing rights associated with residential mortgage loans that we acquired and subsequently transferred to third parties when the transfer meets the GAAP criteria for sale accounting, or through the direct acquisition of MSRs sold by third parties. We contract with licensed sub-servicers to perform servicing functions for loans associated with our MSRs. We have elected the fair value option for all of our MSRs, and they are initially recognized and subsequently carried at their fair values. Servicing fee income from MSRs is recorded on a cash basis when received. Net servicing income and changes in the fair value of MSRs are reported in Other income, net on our consolidated statements of income (loss). See Note 6 for further discussion on MSRs. Cash and Cash Equivalents Cash and cash equivalents include non-restricted cash and highly liquid investments with original maturities of three months or less and money market fund investments which are generally invested in U.S. government securities and are available to us on a daily basis. The Company maintains its cash and cash equivalents with major financial institutions. The Company monitors the financial stability of these financial institutions and believes it is not exposed to any significant credit risk in its cash and cash equivalents at these institutions. Restricted Cash Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions with Fannie Mae and Freddie Mac ("the Agencies"), as well as cash collateral held at Servicing Investment entities, and cash held at consolidated Sequoia, HEI and CAFL Bridge and Term entities for the purpose of distribution to investors and reinvestment. Derivative Financial Instruments Derivative financial instruments we typically utilize include swaps, swaptions, financial futures contracts, and “To Be Announced” (“TBA”) contracts. These derivatives are primarily used to manage interest rate risk associated with our operations. In addition, we enter into certain residential loan purchase commitments (“LPCs”) and interest rate lock commitments ("IRLCs") that are treated as derivatives for financial reporting purposes. All derivative financial instruments are recorded at their fair value on our consolidated balance sheets. Derivatives with positive fair values to us are reported as assets, and derivatives with negative fair values to us are reported as liabilities. We classify each derivative as either (i) a trading instrument (no specific hedging designation for financial reporting purposes) or (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). Changes in the fair values of derivatives accounted for as trading instruments, including any associated interest income or expense, are recorded in our consolidated statements of income (loss) through Other income, net if they are used to manage risks associated with our MSR investments, through Mortgage banking activities , net if they are used to manage risks associated with our mortgage banking activities, or through Investment fair value changes, net if they are used to manage risks associated with our investments. Valuation changes related to residential LPCs and IRLCs are included in Mortgage banking activities, net on our consolidated statements of income (loss). Changes in the fair values of derivatives accounted for as cash flow hedges, to the extent they are effective, are recorded in Accumulated other comprehensive (loss) income, a component of equity on our consolidated balance sheets. Interest income or expense, and any ineffectiveness associated with these derivatives, are recorded as a component of net interest income in our consolidated statements of income (loss). We measure the effective portion of cash flow hedges by comparing the change in fair value of the expected future variable cash flows of the derivative hedging instruments with the change in fair value of the expected future variable cash flows of the hedged item. We will discontinue a designated cash flow hedge relationship if (i) we determine that the hedging derivative is no longer expected to be effective in offsetting changes in the cash flows of the designated hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) the derivative is de-designated as a cash flow hedge; or (iv) it is probable that a forecasted transaction associated with the hedged item will not occur by the end of the originally specified time period. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive income and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Cash flow activity related to the net settlements of derivatives are reflected within the operating activities section of the Company's consolidated statements of cash flows. Realized gains or losses on the Company's derivative financial instruments are included in the market valuation adjustment line item within the operating activities section of the consolidated statements of cash flows. Swaps and Swaptions Interest rate swaps are agreements in which (i) one counterparty exchanges a stream of fixed interest payments for another counterparty’s stream of variable interest cash flows; or (ii) each counterparty exchanges variable interest cash flows that are referenced to different indices. Interest rate swaptions are agreements that provide the owner the right but not the obligation to enter into an underlying interest rate swap with a counterparty in the future. We enter into swaps and swaptions primarily to reduce significant changes in our income or equity caused by interest rate volatility. Certain of these interest rate agreements may be designated as cash flow hedges. TBA Agreements TBA agreements are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. We purchase or sell these derivatives to offset - to varying degrees - changes in the values of mortgage products for which we have exposure to interest rate volatility. Loan Purchase Commitments We use the term LPCs to refer to agreements with third-party residential loan originators to purchase residential loans at a future date that qualify as a derivative under GAAP. LPCs are recorded at their fair values on our consolidated balance sheets and changes in fair value are recurring and are reported through our consolidated statements of income (loss) in Mortgage banking activities, net. Interest Rate Lock Commitments IRLCs are agreements we have made with third-party borrowers for residential investor loans that will be originated and held for sale. IRLCs qualify as derivatives under GAAP and are recorded at their fair values on our consolidated balance sheets. Changes in fair value are recurring and are reported through our consolidated statements of income (loss) in Mortgage banking activities, net. See Note 12 for further discussion on derivative financial instruments. Deferred Tax Assets and Liabilities Our deferred tax assets/liabilities are generated by temporary differences in GAAP income and taxable income at our taxable REIT subsidiaries. As a result of these differences, we may recognize taxable income in periods prior to when we recognize income for GAAP purposes. When this occurs, we pay the tax liability as required and establish a deferred tax asset. As the income is subsequently realized in future periods for GAAP purposes, the deferred tax asset is reduced. We may also recognize GAAP income in periods prior to when we recognize income for tax purposes. When this occurs, we establish a deferred tax liability. As the income is subsequently realized in future periods for tax purposes, the deferred tax liability is reduced. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider historical and projected future taxable income and capital gains as well as tax planning strategies in making this assessment. We determine the extent to which realization of deferred assets is not assured and establish a valuation allowance accordingly. The estimate of net deferred tax assets could change in future periods to the extent that actual or revised estimates of future taxable income during the carryforward periods change from current expectations. Other Assets and Liabilities Goodwill and Intangible Assets Significant judgment is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired business, retention trends, and our operating plans, among other factors. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis and reviewed for impairment if indicators are present. Additionally, useful lives are evaluated each reporting period to determine if revisions to the remaining periods of amortization are warranted. Goodwill is tested for impairment annually or more frequently if indicators of impairment exist. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If, based on that assessment, we believe it is more likely than not that the fair value of the reporting unit is less than its carrying value, we measure the fair value of the reporting unit and record a goodwill impairment charge for the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. See Note 14 for further discussion on intangible assets. Agency Risk-Sharing - Assets and Liabilities We have entered into various risk-sharing arrangements with Fannie Mae and Freddie Mac. Under these arrangements, we committed to assume the first 1.00% or 2.25% (depending on the arrangement) of losses realized on reference pools of conforming residential mortgage loans that we acquired and then sold to the Agencies. As part of these risk-sharing arrangements, during the 10-year term of our first Fannie Mae arrangement, we receive monthly cash payments from Fannie Mae based on the monthly outstanding unpaid principal balance of the reference pool of loans, and for our Freddie Mac and our subsequent Fannie Mae arrangements, the Agencies charged us a reduced guarantee fee for the reference loans we delivered to them in exchange for mortgage-backed securities, which we then sold. Under these arrangements we are required to pledge assets to the Agencies to collateralize our risk-sharing commitments to them throughout the terms of the arrangements. These pledged assets are held by a third-party custodian for the benefit of the Agencies. To the extent approved losses are incurred, the custodian will transfer collateral to the Agencies. As a result of these transactions, we recorded restricted cash, “pledged collateral” in the other assets line item, and “guarantee obligations” in the other liabilities line item, on our consolidated balance sheets. In addition, for the first Fannie Mae transaction, we recorded a “guarantee asset” in the other assets line item on our consolidated balance sheets. The guarantee obligations represent our commitments to assume losses under these arrangements. We amortize the guarantee obligations over the 10-year terms of the arrangements based primarily on changes in the outstanding unpaid principal balance of loans in the reference pools, with a portion of the liabilities treated as a credit reserve that is not amortized into income. In addition, each period we assess the need for a separate loss allowance related to these arrangements, based on our estimate of credit losses inherent in the reference pools of loans. Income from cash payments received under the first Fannie Mae risk-sharing arrangement and income related to the amortization of the guarantee obligations of all three arrangements are recorded in Other income, net and market valuation changes of the guarantee asset are recorded in Investment fair value changes, net on our consolidated statements of income (loss). Our consolidated balance sheets include assets of the special purpose entities ("SPEs") associated with these risk-sharing arrangements (i.e., the "pledged collateral" referred to above) that can only be used to settle obligations of these SPEs and liabilities of these SPEs for which the creditors of these SPEs (the Agencies) do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2024 and 2023, assets of such SPEs totaled $29 million and $28 million, respectively, and liabilities of such SPEs totaled $3 million and $6 million, respectively. Real Estate Owned ("REO") REO property acquired through, or in lieu of, foreclosure is initially recorded at fair value, and subsequently reported at the lower of its carrying amount or fair value (less estimated cost to sell). Changes in the fair value of an REO property that has a fair value at or below its carrying amount are recorded in Investment fair value changes, net on our consolidated statements of income (loss). See Note 14 for further discussion on REO. Lease - Asset and Liabilities We record operating lease liabilities and operating lease right-of-use assets on our consolidated balance sheets. Operating lease liabilities are equal to the present value of our remaining lease payments discounted at our incremental borrowing rate and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for our deferred rent liabilities. As lease payments are made, the operating lease liabilities are reduced to the present value of the remaining lease payments and the operating lease right-of-use assets are reduced by the difference between the lease expense (straight-lined over the lease term) and the theoretical interest expense amount (calculated using the incremental borrowing rate). See Note 18 for further discussion on leases. Payable to Non-Controlling Interests Payable to non-controlling interests includes amounts payable to third parties, representing their interest in our consolidated Servicing Investment and HEI securitization entities. See Note 10 and Note 11 for further discussion of HEI and Other investments, respectively, and Note 14 for further discussion on other assets and other liabilities. Asset-Backed Securities Issued ("ABS") ABS issued represents asset-backed securities issued through our consolidated securitization entities. Assets at these entities are held in the custody of securitization trustees and are not owned by Redwood. These trustees collect principal and interest payments (less servicing and related fees) from the assets in these entities and make corresponding principal and interest payments to the ABS investors. In accordance with accounting guidance for CFEs, we account for the ABS issued under certain of our consolidated entities at fair value, with periodic changes in fair value recorded in Investment fair value changes, net or HEI income, net (for HEI securitizations) on our consolidated statements of income (loss). See Note 16 for further discussion on ABS issued. Debt Obligations Debt obligations under our financing facilities are secured by real estate securities and carried at unpaid principal balance ("UPB") net of any unamortized deferred issuance costs. Interest on these facilities is paid monthly. If the value of the collateral securing those borrowings decreases, we may be subject to margin calls during the period the borrowings are outstanding. In instances where we do not satisfy the margin calls within the required time frame, the counterparty may retain the collateral and pursue any outstanding debt amount from us Convertible notes include unsecured convertible and exchangeable debt that are carried at their UPB net of any unamortized deferred issuance costs. Interest on the notes is payable semiannually until such time the notes mature or are converted or exchanged into shares. If converted or exchanged by a holder, the holder of the notes would receive shares of our common stock. Senior notes and trust preferred securities and subordinated notes are carried at their UPB net of any unamortized deferred issuance costs. This debt is unsecured and interest is paid quarterly until it is redeemed in whole or matures at a future date. See Note 17 for further discussion on our debt obligations. Equity Accumulated Other Comprehensive Income (Loss) Net unrealized gains and losses on real estate securities available-for-sale and interest rate agreements designated as cash flow hedges are reported as components of Accumulated other comprehensive income on our consolidated statements of changes in stockholders' equity and our consolidated balance sheets. Net unrealized gains and losses on securities and interest rate agreements held by our taxable REIT subsidiaries that are r

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Redwood operates in three segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking and Redwood Investments. For a full description of our segments and factors used to determine each reportable segments, see Item 1—Business in this Annual Report on Form 10-K. This segmentation aligns with the results of operations presented to our chief operating decision maker ("CODM") in reviewing the Company for performance assessment and resource allocation. We identify our CODM to be a group consisting of the Company's Chief Executive Officer, President and Chief Financial Officer. Our CODM evaluates performance and allocates resources on each respective segment primarily based on segment net income (loss), also referred to as segment contribution, which is also used to assess the annual budget and forecasting process and to consider budget-to-actual variances when allocating capital and personnel to the segments throughout the year. The accounting policies applied to the segments are the same as those described in the summary of significant accounting policies in Note 3 of the Notes to Consolidated Financial Statements , with the exception of allocations of certain corporate expenses not directly assigned or allocated to one of our three segments. These unallocated corporate expenses are included in the Corporate/Other column as reconciling items to our consolidated financial statements and primarily include interest expense for our senior notes, convertible and exchangeable senior notes, and trust preferred securities, indirect general and administrative expenses and other expense. In the normal course of business, loans are originated and acquired at our mortgage banking segments and may subsequently be transferred to our Redwood Investments segment either as whole loans or through the retention of securities from securitizations we sponsor and consolidate under GAAP. All of our loans are accounted for under the fair value option and amounts transferred between segments are accounted for at fair value at the time of transfer. The following tables present financial information by segment for the years ended December 31, 2024, 2023, and 2022. Table 4.1 – Business Segment Financial Information Year Ended December 31, 2024 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 97,860 $ 20,280 $ 823,939 $ 3,085 $ 945,164 Interest expense (54,065) (14,970) (702,505) (71,016) (842,556) Net interest income (expense) 43,795 5,310 121,434 (67,931) 102,608 Non-interest income (loss) Mortgage banking activities, net, excluding risk management derivatives 82,202 36,701 — — 118,903 Risk management derivatives (losses) gains, net (1) (24,623) 5,118 — — (19,505) Total Mortgage banking activities, net 57,579 41,819 — — 99,398 Investment fair value changes, net, excluding risk management derivatives — — (2,891) (1,679) (4,570) Risk management derivatives (losses) gains, net (1) — — (10,189) — (10,189) Total Investment fair value changes, net — — (13,080) (1,679) (14,759) HEI income, net — — 41,831 — 41,831 Other income, net — 10,930 17,674 (1,076) 27,528 Realized gains, net — — 565 (259) 306 Total non-interest income (loss), net 57,579 52,749 46,990 (3,014) 154,304 General and administrative expenses (20,008) (40,008) (3,982) (72,395) (136,393) Portfolio management costs — — (20,750) (165) (20,915) Loan acquisition costs (3,860) (8,563) (244) (8) (12,675) Other expenses — (9,413) (4,675) — (14,088) (Provision for) benefit from income taxes (16,009) 2,219 (5,586) 539 (18,837) Net Income (Loss) (2) $ 61,497 $ 2,294 $ 133,187 $ (142,974) $ 54,004 Total Assets $ 1,231,723 $ 334,529 $ 16,358,430 $ 333,662 $ 18,258,344 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net Income (Loss) by segment is also referred to as Segment Contribution. Year Ended December 31, 2023 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 25,404 $ 15,896 $ 675,478 $ 7,684 $ 724,462 Interest expense (24,114) (13,078) (536,527) (57,800) (631,519) Net interest income (expense) 1,290 2,818 138,951 (50,116) 92,943 Non-interest income (loss) Mortgage banking activities, net, excluding risk management derivatives 45,690 40,518 — — 86,208 Risk management derivatives (losses) gains, net (1) (17,908) (914) — — (18,822) Total Mortgage banking activities, net 27,782 39,604 — — 67,386 Investment fair value changes, net, excluding risk management derivatives 1,076 — (41,003) (2,994) (42,921) Risk management derivatives (losses) gains, net (1) — — (1,479) — (1,479) Total Investment fair value changes, net 1,076 — (42,482) (2,994) (44,400) HEI income, net — — 35,117 — 35,117 Other income, net — 5,613 10,361 (3,088) 12,886 Realized gains, net — — 858 841 1,699 Total non-interest income (loss), net 28,858 45,217 3,854 (5,241) 72,688 General and administrative expenses (17,171) (44,547) (5,638) (60,939) (128,295) Portfolio management costs — — (14,516) (55) (14,571) Loan acquisition costs (1,266) (5,900) — — (7,166) Other expenses — (12,442) (5,796) 2,000 (16,238) (Provision for) Benefit from income taxes (1,659) 2,279 (2,946) 691 (1,635) Net Income (Loss) (2) $ 10,052 $ (12,575) $ 113,909 $ (113,660) $ (2,274) Total Assets $ 971,535 $ 293,225 $ 12,858,272 $ 381,295 $ 14,504,327 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net Income (Loss) by segment is also referred to as Segment Contribution. Year Ended December 31, 2022 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 45,202 $ 28,674 $ 632,806 $ 1,172 $ 707,854 Interest expense (32,735) (18,041) (450,360) (51,264) (552,400) Net interest income (expense) 12,467 10,633 182,446 (50,092) 155,454 Non-interest (loss) income Mortgage banking activities, net, excluding risk management derivatives (121,995) (49,108) — — (171,103) Risk management derivatives (losses) gains, net (1) 100,713 56,731 — — 157,444 Total Mortgage banking activities, net (21,282) 7,623 — — (13,659) Investment fair value changes, net, excluding risk management derivatives — — (221,316) 16,892 (204,424) Risk management derivatives (losses) gains, net (1) — — 26,152 — 26,152 Total Investment fair value changes, net — — (195,164) 16,892 (178,272) HEI income, net — — 2,714 — 2,714 Other income, net — 3,509 18,596 (901) 21,204 Realized gains, net — — 3,174 2,160 5,334 Total non-interest (loss) income, net (21,282) 11,132 (170,680) 18,151 (162,679) General and administrative expenses (22,566) (56,557) (6,036) (55,749) (140,908) Portfolio management costs — — (7,951) — (7,951) Loan acquisition costs (3,085) (8,681) — — (11,766) Other expense 74 (13,969) (1,695) — (15,590) Benefit from (provision for) income taxes 12,814 13,157 (6,051) — 19,920 Net (Loss) (2) $ (21,578) $ (44,285) $ (9,967) $ (87,690) $ (163,520) Total Assets $ 660,916 $ 487,159 $ 11,489,844 $ 392,980 $ 13,030,899 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net (Loss) by segment is also referred to as Segment Contribution.

Mortgage Banking Activities, Ne

Mortgage Banking Activities, Net	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Mortgage Banking Activities, Net	Mortgage Banking Activities, Net The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income (loss) for the years ended December 31, 2024, 2023 and 2022. Table 5.1 – Mortgage Banking Activities Years Ended December 31, (In Thousands) 2024 2023 2022 Sequoia Mortgage Banking Activities, Net: Changes in fair value of: Residential consumer loans, at fair value (1) $ 39,019 $ 42,976 $ (131,675) Trading securities (2) 41,173 (159) 4,249 Risk management derivatives (3) (24,623) (17,908) 100,713 Other income, net (4) 2,010 2,873 5,431 Total Sequoia mortgage banking activities, net 57,579 27,782 (21,282) CoreVest Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value 11,692 16,500 (91,690) Residential investor bridge loans, at fair value 3,767 5,704 2,679 Risk management derivatives (3) 5,118 (914) 56,731 Other income, net (4) (5) 21,242 18,314 39,903 Total CoreVest mortgage banking activities, net 41,819 39,604 7,623 Mortgage Banking Activities, Net $ 99,398 $ 67,386 $ (13,659) (1) Includes changes in fair value for associated loan purchase commitments for residential consumer loans. (2) Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our Sequoia mortgage banking operations. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks. (4) Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net. (5) Amounts in this line item include other fee income from loan originations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments We estimate fair values for financial assets or liabilities based on available inputs observed in the marketplace as well as unobservable inputs. We primarily use two pricing valuation techniques: market comparable pricing and discounted cash flow analysis. Market comparable pricing is used to determine the fair value of certain instruments by incorporating known inputs and performance metrics, such as observed prepayment rates, delinquencies, severities, credit support, recent transaction prices, pending transactions, or prices of other similar instruments. Discounted cash flow analysis techniques generally consist of developing an estimate of future cash flows that are expected to occur over the life of an instrument and then discounting those cash flows at a rate of return that results in an estimate of fair value. After considering all available indications of the appropriate rate of return that market participants would require, we consider the reasonableness of the range indicated by the results to determine an estimate that is most representative of fair value. We also consider counterparty credit quality and risk as part of our fair value assessments. We maintain policies that specify the methodologies we use to value different types of financial instruments. Significant changes to the valuation methodologies are reviewed by members of the Pricing Committee, which is comprised of several members of senior management, to confirm the changes are appropriate and reasonable. Valuations based on information from external sources are generally performed on an instrument-by-instrument basis with the resulting amounts analyzed individually against internal calculations as well as in the aggregate by product type classification. Our Pricing Committee then independently reviews all fair value estimates to ensure they are reasonable. For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured. The following describes the valuation methodologies used for the financial instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy. We generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets and liabilities. Use of these techniques requires the determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Residential Consumer loans, Residential Investor loans, Multifamily loans a nd HEI at con solidated securitization entities We have elected to account for most of our consolidated securitization entities as CFEs in accordance with GAAP. A CFE is a variable interest entity that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance for CFEs allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. Pursuant to this guidance, we use the fair value of the ABS issued by the CFEs (which we determined to be more observable) to determine the fair value of the loans or HEI held at these entities, whereby the net assets we consolidate in our financial statements related to these entities represent the fair value of our retained interests in the CFEs. Residential Consumer Loans Fair values for residential consumer loans are determined using models that incorporate various pricing inputs, including information derived from whole loan sales and securitizations that have occurred in the market. Certain significant inputs in these models are considered unobservable and are therefore Level 3 in nature. Significant pricing inputs obtained from market whole loan transaction activity include indicative spreads to indexed TBA prices and indexed swap rates. Significant pricing inputs obtained from market securitization activity include indicative spreads to indexed TBA prices and swap rates for senior and subordinate MBS, IO MBS discount rates, senior credit support levels, and assumed future prepayment rates. Residential Investor Loans Fair values for residential investor loans are determined using models that incorporate various pricing inputs, including information derived from whole loan sales and securitizations that have occurred in the market. Certain significant inputs in these models are considered unobservable and are therefore Level 3 in nature. Significant pricing inputs obtained from market securitization activity include indicative spreads to indexed treasury rates for senior and subordinate MBS, IO MBS discount rates, senior credit support levels, and assumed future prepayment rates. Significant pricing inputs obtained from market whole loan transaction activity include indicative credit spreads to indexed treasury prices and swap rates or absolute yields. These assets would generally decrease in value based upon an increase in the credit spread or absolute yield, prepayment speed, or credit support assumptions. Prices for most of our residential investor bridge loans are determined using discounted cash flow modeling, which incorporates a primary significant unobservable input of market discount rates (incorporating indicative credit spreads where applicable). Cash flows for performing loans are generally based on contractual loan terms. Delinquent loans are generally valued at a dollar price that is informed by various market data inputs, including the fair value of the collateral securing the loan. Real estate securities Real estate securities include residential consumer, multifamily, and other mortgage-backed securities that are generally illiquid in nature and trade infrequently. Significant inputs in the valuation analysis for these assets are predominantly Level 3 in nature, due to the lack of readily available market quotes and related inputs. For real estate securities, we utilize both market comparable pricing and discounted cash flow analysis valuation techniques. Relevant market indicators that are factored into the analysis include bid/ask spreads, the amount and timing of credit losses, interest rates, and collateral prepayment rates. Securities priced using discounted cash flow models use significant unobservable inputs such as a discount rate, prepayment rate, default rate and loss severity. Derivative assets and liabilities Our derivative instruments include swaps, swaptions, TBAs, interest rate futures, loan purchase and interest rate lock commitments, and forward sale commitments. Fair values of derivative instruments are determined using quoted prices from active markets, when available, or from valuation models and are supported by valuations provided by dealers active in derivative markets. Fair values of TBAs and interest rate futures are generally obtained using quoted prices from active markets. Our derivative valuation models for swaps and swaptions require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates, and correlations of certain inputs. Model inputs can generally be verified and model selection does not involve significant management judgment. LPC, and IRLC fair values for residential consumer jumbo and residential investor term loans are estimated based on the fair values of the underlying loans (as described in " Residential consumer loans " and " Residential investor loans" above). In addition, fair values for LPCs and IRLCs are estimated based on the probability that the mortgage loan will be purchased or originated (the "Pull-through rate"). Servicer advance investments Fair values for servicer advance investments are determined through internal pricing models that estimate future cash flows and utilize certain significant inputs that are considered unobservable and are therefore Level 3 in nature. Our estimations of cash flows include the combined cash flows of all of the components that comprise the servicer advance investments: existing advances, the requirement to purchase future advances, the recovery of advances, and the right to a portion of the associated mortgage servicing fee ("mortgage servicing income"). The valuation technique is based on discounted cash flows. Significant inputs used in the valuations include prepayment rate (of the loans underlying the investments), mortgage servicing income, the weighted-average expected remaining life of servicer advances ("expected remaining life"), and discount rate. HEI Fair values for home equity investment contracts are determined through internal pricing models that estimate future cash flows and utilize certain significant unobservable inputs such as forecasted home price appreciation, prepayment rates and discount rates, and are therefore Level 3 in nature. The valuation technique is based on discounted cash flows. MSRs MSRs include the rights to service jumbo residential mortgage loans. Significant inputs in the valuation analysis are predominantly Level 3, due to the nature of these instruments and the lack of readily available market quotes. Changes in the fair value of MSRs occur primarily due to the collection/realization of expected cash flows, as well as changes in valuation inputs and assumptions. Fair values are based on applying the inputs to generate the net present value of estimated future MSR income. These discounted cash flow models utilize certain significant unobservable inputs including market discount rates, assumed future prepayment rates of serviced loans, and the market cost of servicing. Excess MSRs Fair values for excess MSRs are determined through internal pricing models that estimate future cash flows and utilize certain significant inputs that are considered unobservable and are therefore Level 3 in nature. The valuation technique is based on discounted cash flows. Significant unobservable inputs used in the valuations include prepayment rate (of the loans underlying the investments), the amount of excess servicing income expected to be received ("excess mortgage servicing income"), and discount rate. Strategic Investments Strategic investments are Level 3 financial instruments that we account for under the fair value option. These investments are in early-stage start-up companies and generally take the form of equity or debt with conversion features and do not have readily determinable fair values. We initially record these investments at cost and adjust their fair value based on observable price changes, such as follow-on capital raises or secondary sales, and will also evaluate impacts to valuation from changing market conditions and underlying business performance. ABS issued ABS issued includes asset-backed securities issued through the Legacy Sequoia, Sequoia, CAFL and HEI securitization entities, as well as securities issued by certain third-party Freddie Mac K-Series and SLST securitization entities that we consolidate. These instruments are generally illiquid in nature and trade infrequently. Significant inputs in the valuation analysis are predominantly Level 3, due to the nature of these instruments and the lack of readily available market quotes. For ABS issued, we utilize both market comparable pricing and discounted cash flow analysis valuation techniques. Relevant market indicators factored into the analysis include bid/ask spreads, the amount and timing of collateral credit losses, interest rates, and collateral prepayment rates. Fair values incorporate market indicators as well as other significant unobservable inputs to generate discounted cash flows. These cash flow models use significant unobservable inputs such as discount rate, prepayment rate, default rate, and loss severity. The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at December 31, 2024 and 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 6.1 – Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2024 Fair Value Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 11,077,823 $ — $ — $ 11,077,823 Residential investor loans 4,587,090 — — 4,587,090 Consolidated Agency multifamily loans 424,597 — — 424,597 Real estate securities: Trading 193,749 — — 193,749 Available-for-sale 211,474 — — 211,474 HEI 589,785 — — 589,785 Other investments: Servicer advance investments 233,820 — — 233,820 Excess MSRs 32,274 — — 32,274 MSRs 31,589 — — 31,589 Strategic investments 3,460 — — 3,460 Derivative assets 46,003 16,446 23,738 5,819 Total Assets $ 17,431,664 $ 16,446 $ 23,738 $ 17,391,480 Liabilities ABS issued $ 12,879,530 $ — $ — $ 12,879,530 Derivative liabilities 23,660 23,164 — 496 Non-controlling interest 99,510 — — 99,510 Total Liabilities $ 13,002,700 $ 23,164 $ — $ 12,979,536 December 31, 2023 Fair Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,050,637 $ — $ — $ 7,050,637 Residential investor loans 5,220,297 — — 5,220,297 Consolidated agency multifamily loans 425,285 — — 425,285 Real estate securities: Trading 40,424 — — 40,424 Available-for-sale 87,373 — — 87,373 HEI 550,436 — — 550,436 Other investments: Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Strategic investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Total Assets $ 13,679,446 $ 952 $ 1,742 $ 13,676,752 Liabilities ABS issued $ 9,151,263 $ — $ — $ 9,151,263 Derivative liabilities 33,828 30,414 — 3,414 Non-controlling interest 59,752 — — 59,752 Total Liabilities $ 9,244,843 $ 30,414 $ — $ 9,214,429 The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024. Table 6.2 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets Residential Consumer Residential Investor Consolidated Agency Multifamily Loans Real Estate Trading Securities Real Estate AFS HEI Servicer Advance Investments Excess MSRs MSRs/Strategic Investments/Other (In Thousands) Beginning balance - December 31, 2023 $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 7,120,201 19,746 — 117,502 117,280 — — — 2,061 Originations — 1,681,723 — — — 2,043 — — — Sales (1,667,513) (1,236,441) — (2,833) — — — — — Principal paydowns (1,458,762) (1,412,926) (8,638) (673) (7,835) (49,553) (357) — (141) Consolidation of securitized CAFL bridge loans — 298,553 — — — — — — — Gains (losses) in net income (loss), net 36,147 37,035 7,950 39,329 2,360 86,687 8,832 (5,093) 5,159 Unrealized gains in OCI, net — — — — 12,296 — — — — Other settlements, net (1) (2,887) (20,897) — — — 172 — — (100) Ending balance - December 31, 2024 $ 11,077,823 $ 4,587,090 $ 424,597 $ 193,749 $ 211,474 $ 589,785 $ 233,820 $ 32,274 $ 35,049 Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period (2) $ (58,330) $ 1,697 $ 7,682 $ 39,014 $ 12,345 $ 75,525 $ 8,832 $ (5,093) $ 6,693 Assets Liabilities Derivatives (3) ABS Issued Non-controlling interests (In Thousands) Beginning balance - December 31, 2023 $ 8,104 $ 9,151,263 $ 59,752 Acquisitions (4) — 5,596,807 11,882 Sales — (1,544) — Principal paydowns — (1,878,771) (315) Gains (losses) in net income (loss), net 9,231 11,775 27,738 Other settlements, net (1) (12,012) — 453 Ending balance - December 31, 2024 $ 5,323 $ 12,879,530 $ 99,510 Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period (2) $ 5,323 $ 288,862 $ (27,738) Footnotes to table 6.2 (1) Other settlements, net: for residential consumer and residential investor loans, represents the transfer of loans to REO; for HEI, represents the profit share fee we pay our third party originators for our purchased HEI portfolio; for derivatives, represents the transfer of the fair value of loan purchase and interest rate lock commitments at the time loans are acquired to the basis of residential consumer and investor loans; and for mortgage servicing rights ("MSRs) and other investments, primarily represents an investment that was exchanged into a new instrument that is no longer measured at fair value on a recurring basis. (2) All changes in unrealized gains or (losses) are included in earnings with the exception of Real Estate AFS Securities, which are included in comprehensive income. (3) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis. (4) Includes $285 million of ABS and $12 million of non-controlling interests associated with the consolidation of securitized CAFL bridge loans. The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value for the years ended December 31, 2024. Table 6.3 – Fair Value Methodology for Level 3 Financial Instruments December 31, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Assets Residential consumer loans (4) $ 11,077,823 Senior Credit Spread to TBA price (3) $ 0.63 - $ 1.25 $ 0.68 Senior credit spread to Swap rate (3) 150 - 170 bps 151 bps Subordinate credit spread to Swap rate 185 - 600 bps 274 bps Senior credit support (3) 7 - 10 % 7 % IO discount rate (3) 28 - 28 % 28 % Liability price (4) $ 34 - $ 103 $ 94 Residential investor loans: Residential investor term loans (4) 2,643,706 Whole loan spread (3) 243 - 243 bps 243 bps Liability price (4) $ 91 - $ 102 $ 94 Residential investor bridge loans (4) 1,943,384 Whole loan discount rate 9 - 12 % 10 % Whole loan spread 445 - 445 bps 445 bps Liability Price (4) $ 100 - $ 138 $ 122 Dollar price of non-performing loans $ 29 - $ 100 $ 79 Consolidated agency multifamily loans (6) 424,597 Liability price (4) $ 99 - $ 99 $ 99 Trading and AFS securities 405,223 Discount rate 6 - 40 % 12 % Prepayment rate (Annual CPR) — - 27 % 8 % Default rate — - 10 % 0.1 % Loss severity 25 - 50 % 24 % HEI 589,785 Discount rate 10 - 10 % 10 % Prepayment rate (Annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 4 - 4 % 4 % Liability price (4) $ 138 - $ 191 $ 157 Servicer advance investments 233,820 Prepayment rate (Annual CPR) 12 - 30 % 14 % Expected remaining life (5) 5 - 5 yrs 5 yrs Mortgage servicing amount 1 - 58 bps 9 bps Excess MSRs & MSRs 63,863 Discount rate 9 - 46 % 14 % Prepayment rate (Annual CPR) 2 - 48 % 11 % Residential loan purchase commitments, net 5,272 Senior credit spread to TBA price (3) $ 0.63 - $ 1.25 $ 0.68 Senior credit spread to Swap rate (3) 150 - 170 bps 151 bps Subordinate credit spread to Swap rate 185 - 600 bps 274 bps Senior credit support (3) 7 - 10 % 7 % IO discount rate (3) 28 - 28 % 28 % Pull-through rate 12 - 100 % 73 % Strategic investments 3,460 Transaction price $ 200 - $ 1,000 $ 494 Other assets (8) 547 Total Assets $ 17,391,480 December 31, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Liabilities ABS issued (4) $ 12,879,530 Discount rate 4 - 45 % 7 % Prepayment rate (annual CPR) — - 100 % 3 % Default rate — - 24 % 5 % Loss severity — - 50 % 20 % Non-controlling interests (7) 99,510 Discount rate 13 - 20 % 16 % Other liabilities (8) 496 Total Liabilities $ 12,979,536 (1) The predominant valuation technique used to determine our Level 3 fair value assets and liabilities is based on the discounted cash flow model. (2) The weighted average input values for all loan types are based on unpaid principal balance. The weighted average input values for all other assets and liabilities are based on relative fair value. (3) Values represent pricing inputs used in a securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. (4) The fair value of the loans and HEI held by consolidated entities is based on the fair value of the ABS issued by these entities and the securities and other investments we own in those entities, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. At December 31, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, Freddie Mac SLST, and Freddie Mac K-Series was $419 million, $326 million, $242 million and $35 million, respectively. At December 31, 2024, the fair value of our securities in the two CAFL Bridge loan securitizations accounted for under the CFE election and our HEI securitization entities was $21 million and $47 million, respectively. (5) Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool). (6) Consolidated agency multifamily loans represent securitized financial assets and liabilities of the Company's CFEs. (7) Of the total $123 million payable to non-controlling interests, $100 million is measured at fair value on a recurring basis. (8) Represents less than 1% of the individual and aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis. Assets and Liabilities Not Measured at Fair Value The following table summarizes the fair values of assets and liabilities that are not measured at fair value at December 31, 2024 and December 31, 2023. Table 6.4 – Carrying Values and Fair Values of Assets and Liabilities December 31, 2024 December 31, 2023 Level in Fair Value Hierarchy Carrying Estimated Fair Carrying Estimated Fair (In Thousands) Assets Cash and cash equivalents 1 $ 245,165 $ 245,165 $ 293,104 $ 293,104 Restricted cash 1 67,762 67,762 75,684 75,684 Liabilities Debt obligation facilities and other financing 2 $ 2,818,292 $ 2,819,393 $ 2,596,582 $ 2,591,931 ABS issued, net 3 390,674 392,344 660,617 637,816 Convertible notes, net 2 365,739 365,455 503,728 488,341 Trust preferred securities and subordinated notes, net 3 138,860 93,465 138,813 92,070 Senior Notes 1 139,989 146,716 — — Guarantee obligations (1) 3 2,806 3,204 5,781 3,772 (1) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets. During the year ended December 31, 2024, we elected the fair value option for $118 million of securities, $7.04 billion (principal balance) of residential consumer loans, and $1.72 billion (principal balance) of residential investor loans. Additionally, during the year ended December 31, 2024, we elected the fair value option for $2 million of HEI. For the year ended December 31, 2024, we elected the fair value option for $2 million, of MSRs/Strategic Investments/Other investments. Nonrecurring Fair Values We measure the fair value of certain assets and liabilities on a nonrecurring basis when events or changes in circumstances indicate that the carrying value may be impaired. Adjustments to fair value generally result from the write-down of asset values due to impairment. REO in Other Assets and Liabilities are classified as Level 3 in the fair value hierarchy based upon fair value determinations using appraisals, broker price opinions, comparable properties or other indications of value. Refer to Note 14 for further information on our REO.

Residential Consumer Loans

Residential Consumer Loans	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Residential Consumer Loans	Residential Consumer Loans We acquire residential consumer loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood, consolidated Sequoia and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans December 31, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,013,547 $ — $ — $ 1,013,547 Held-for-investment at fair value — 8,819,554 1,244,722 10,064,276 Total Residential Consumer Loans $ 1,013,547 $ 8,819,554 $ 1,244,722 $ 11,077,823 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 At December 31, 2024, we owned mortgage servicing rights associated with $1.0 billion (principal balance) of residential consumer loans owned at Redwood that were purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Consumer Loans Held-for-Sale The following table summarizes the characteristics of residential consumer loans held-for-sale at December 31, 2024 and 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) December 31, 2024 December 31, 2023 UPB $ 1,000,663 $ 916,877 Fair value of loans $ 1,013,547 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,005,926 $ 907,742 Weighted average coupon 6.56 % 6.25 % At both December 31, 2024 and December 31, 2023, there were no residential consumer loans held-for-sale that were 90 days or more delinquent or in foreclosure. The following table provides the activity of residential Consumer loans held-for-sale during the years ended December 31, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Year Ended December 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 7,043,177 $ 2,101,161 Principal balance of loans sold 1,650,357 270,482 Principal balance of loans transferred from HFS to HFI 5,208,677 1,703,442 Net market valuation gains recorded (1) 29,448 20,560 (1) Net market valuation gains on residential Consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income. Residential Consumer Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by SEMT and Freddie Mac SLST securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the residential consumer loans owned at consolidated SEMT and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment December 31, 2024 Sequoia Freddie Mac (Dollars in Thousands) SLST UPB $ 9,350,286 $ 1,514,432 Average loan balance (UPB) $ 842 $ 155 Fair value of loans (1) $ 8,819,554 $ 1,244,722 Weighted average coupon 5.35 % 4.49 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 19,480 $ 106,910 Average 90+ days delinquent balance (UPB) $ 573 $ 172 Unpaid principal balance of loans in foreclosure $ 10,493 $ 41,913 Average foreclosure balance (UPB) $ 552 $ 185 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST UPB $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for collateralized financing entities. (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. (3) For loans held at our consolidated SEMT and Freddie Mac SLST entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to the measurement alternative provided for collateralized financing entities, and are recorded in Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the years ended December 31, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Year Ended December 31, 2024 Year Ended December 31, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal balance of loans transferred from HFS to HFI (1) $ 5,208,677 N/A $ 1,703,442 N/A Net market valuation gains (losses) recorded (7,658) (11,158) 106,380 11,132 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. Residential Consumer Loan Characteristics The following table presents the geographic concentration of residential consumer loans recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 7.6 – Geographic Concentration of Residential Consumer Loans December 31, 2024 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 26 % 31 % 14 % Washington 12 % 8 % 2 % Texas 8 % 10 % 3 % Colorado 6 % 6 % 1 % Florida 5 % 7 % 10 % Illinois 3 % 2 % 6 % New Jersey 2 % 2 % 7 % New York 1 % 2 % 11 % Maryland — % 1 % 5 % Other states (none greater than 5%) 37 % 31 % 41 % Total 100 % 100 % 100 % December 31, 2023 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 25 % 33 % 14 % Washington 16 % 7 % 2 % Texas 8 % 11 % 3 % Florida 7 % 5 % 10 % Colorado 4 % 7 % 1 % New Jersey 2 % 1 % 7 % Illinois 2 % 3 % 5 % New York 1 % 2 % 11 % Maryland 1 % 2 % 5 % Other states (none greater than 5%) 34 % 29 % 42 % Total 100 % 100 % 100 % We originate and invest in r esidential investor loans, including term loans and bridge loans (see Note 3 for a full description of these loans). The following table summarizes the classifications and carrying values of the r esidential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans December 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 158,637 $ — $ 78,587 $ — $ 237,224 Held-for-investment at fair value — 2,485,069 1,041,694 823,103 4,349,866 Total Residential Investor Loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 $ 4,587,090 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 Nearly all of the outstanding residential investor term loans at December 31, 2024 were first-lien, fixed-rate loans with original maturities of three five seven The outstanding residential investor bridge loans held-for-investment at December 31, 2024 were first-lien, interest-only loans with original maturities of six At December 31, 2024, we had a $397 million in commitments to fund residential investor bridge loans. See Note 18 for additional information on these commitments. During the year ended December 31, 2024, we sold $789 million, of residential investor bridge and term loans, net of $49 million of construction draws to our joint ventures. See Note 11 for additional information on these joint ventures. The following table provides the activity of residential investor loans during the years ended December 31, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 720,537 $ 967,811 $ 525,130 $ 1,153,568 Principal balance of loans acquired 19,246 15,677 — 19,500 Principal balance of loans sold to third parties (1) 713,314 516,411 473,677 128,664 Transfers of loans between portfolios (2) — (290,159) (278,751) (641,194) Consolidation of securitized CAFL bridge loans (3) 298,553 — — — Mortgage banking activities income (loss) recorded (4) 11,692 3,767 16,500 5,704 Investment fair value changes recorded (8,777) (40,430) (14,430) (39,361) (1) For the year ended December 31, 2024 the principal balance of loans sold to third parties is net of $49 million related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (2) Transfers of residential investor term loans between portfolios at Redwood represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated CAFL term securitizations. Transfers of residential investor bridge loans at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date. (3) In the fourth quarter of 2024, we completed our first CAFL securitization sponsored by our joint venture. This securitization involved loans contributed from our joint venture and by CoreVest. This securitization vehicle has been determined to be a VIE that we consolidate under GAAP as we are the primary beneficiary. See Note 15 for additional information on our principles of consolidation. (4) Represents net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our Redwood Investments portfolio. See Table 5.1 for additional detail on Mortgage banking activities income. Residential Investor Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying CoreVest term loans and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 15.2 . We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitization at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of residential investor loans held-for-investment at CAFL during the years ended December 31, 2024 and 2023. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Year Ended Year Ended (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 61,559 $ 6,198 $ 89,013 $ (1,775) Fair value of loans transferred to HFI — 290,159 278,751 641,779 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income (loss). For loans held at our consolidated CAFL Term and Bridge entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income (loss). Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.4 – Characteristics of Residential Investor Loans December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 Average UPB of loans $ 1,759 $ 3,084 $ 5,350 $ 1,605 Fair value of loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 Weighted average coupon 6.84 % 5.35 % 9.11 % 9.76 % Weighted average remaining loan term (years) 9 4 1 1 Market value of loans pledged as collateral under debt facilities $ 120,417 N/A $ 1,070,327 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 33,065 $ 194,143 $ 129,229 $ 20,964 Average UPB of 90+ days delinquent loans (2) $ 8,266 $ 3,734 $ 8,077 $ 1,233 Fair value of loans with 90+ day delinquencies (2) $ 12,366 N/A $ 102,321 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 24,648 $ 86,260 $ 3,663 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,465 $ 6,635 $ 916 Fair value of loans in foreclosure (3) $ 8,500 N/A $ 67,858 $ 3,715 December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 100,411 $ 2,042,803 $ — $ — Multifamily 77,207 596,682 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 432,363 377,947 Single Asset Bridge ("SAB") (3) — — 78,631 283,186 Multifamily (4) — — 648,972 148,096 Third-Party Originated — — 6,247 1,056 Total Residential Investor Loans $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3) Includes loans for light to moderate renovation of residential investor and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. Loan Modifications We may amend or modify a loan depending on the loan's specific facts and circumstances. These loan modifications typically include amendments and restructuring and include terms such as additional time for the borrower to refinance or sell the collateral property, interest rate reductions and/or deferral of scheduled principal and/or interest payments. In some instances, a loan amendment or restructuring may bring the loan out of delinquent status. In other instances, including in the case of Build for Rent ("BFR") loans, a loan modification may amend the project's underlying budget (including allocation of hard/soft costs, interest reserves and other items) or construction or completion milestones, if warranted, based on progress versus the initial budget. Because they finance the construction of rental housing, many BFR projects do not generate net operating income until the later stages of the loan term. As such, BFR loans are sized to include allocations for interest expense as well as construction costs and other standard budget items. In exchange for a modification, we may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a capital infusion to replenish interest or capital improvement reserves and/or termination of all or a portion of the remaining unfunded loan commitment. The fair value of residential investor bridge loan s of $1.94 billion at December 31, 2024 declined from $2.10 billion at December 31, 2023. Changes in the value of these loans during the year ending December 31, 2024 primarily reflect principal repayments and reductions in the fair values for non-accrual bridge loans and certain modified bridge loans since the fourth quarter of 2023. For the year ending December 31, 2024, we modified or put into forbearance loans with a total aggregate unpaid principal balance of $848 million. Of this balance, loans with reductions in contractual interest rates (including, in certain cases, deferrals of interest) had an aggregate unpaid principal balance of $663 million, and an aggregate fair value of $645 million at December 31, 2024. The modification terms on these loans involved conversions of the contractual interest rates on the loans from floating to fixed and/or deferrals of a portion of the stated pay rate to an extended date or to maturity. In 2024, modifications on these loans maintained a weighted average contractual interest rate of approximately 9.09%, of which 4.46% represented deferred interest. In addition, for the year ending December 31, 2024, we modified four BFR loans with a total aggregate unpaid principal balance of $142 million and an aggregate fair value of $140 million at December 31, 2024. These loans were a subset of the $848 million of modified loans and had previously been modified in 2024. The previous modifications on these loans amended the interest rate to a combination of current pay and deferred interest. During the year ending December 31, 2024, the modifications on these loans amended the allocation of loan commitments between hard and soft costs, interest expense and other expenses, provided maturity extensions of 10 months on average (subject to mandatory partial repayments during the loan term), and established a hard lockbox and funding of interest reserves to cover debt service shortfalls. Nonaccrual Loans Interest income is accrued on loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is generally placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. At the time a loan is placed on non-accrual status, all previously accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis when it is received. A loan remains on non-accrual status until the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured either through reinstatement by the borrower, estimated net equity in the underlying real estate property or both. At December 31, 2024 and December 31, 2023, residential investor loans with an aggregate unpaid principal balance of $151 million and $340 million, respectively, and an aggregate fair value of $104 million and $312 million, respectively, were on non-accrual status. Of this balance, loans with an aggregate unpaid principal balance of zero and $207 million were less than 90 days past due (including loans that were contractually current) as of December 31, 2024 and December 31, 2023, respectively. The following table presents the geographic concentration of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 and December 31, 2023. Table 8.6 – Geographic Concentration of Residential Investor Loans December 31, 2024 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Texas 18 % 17 % 3 % 26 % New Jersey 10 % 6 % 7 % 4 % California 6 % 4 % 5 % 12 % Tennessee 4 % 2 % 3 % 3 % Illinois 2 % 6 % 20 % 6 % Alabama 2 % 2 % 7 % 1 % Florida 1 % 7 % 9 % 7 % New York 1 % 7 % 2 % 2 % Ohio 1 % 7 % — % 6 % Connecticut — % 7 % — % — % Georgia — % 6 % 19 % 7 % Other states (none greater than 5%) 55 % 29 % 25 % 26 % Total 100 % 100 % 100 % 100 % December 31, 2023 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Florida 10 % 7 % 10 % 7 % California 8 % 4 % 5 % 8 % Texas 8 % 16 % 13 % 22 % Georgia 5 % 5 % 18 % 13 % New Jersey 4 % 7 % 6 % 4 % Tennessee 2 % 2 % 3 % 7 % Alabama 1 % 3 % 6 % 3 % Connecticut — % 8 % 2 % 2 % New York — % 7 % 2 % 3 % Illinois — % 5 % 13 % 6 % Other states (none greater than 5%) 62 % 36 % 22 % 25 % Total 100 % 100 % 100 % 100 %

Residential Investor Loans

Residential Investor Loans	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Residential Investor Loans	Residential Consumer Loans We acquire residential consumer loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood, consolidated Sequoia and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans December 31, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,013,547 $ — $ — $ 1,013,547 Held-for-investment at fair value — 8,819,554 1,244,722 10,064,276 Total Residential Consumer Loans $ 1,013,547 $ 8,819,554 $ 1,244,722 $ 11,077,823 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 At December 31, 2024, we owned mortgage servicing rights associated with $1.0 billion (principal balance) of residential consumer loans owned at Redwood that were purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Consumer Loans Held-for-Sale The following table summarizes the characteristics of residential consumer loans held-for-sale at December 31, 2024 and 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) December 31, 2024 December 31, 2023 UPB $ 1,000,663 $ 916,877 Fair value of loans $ 1,013,547 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,005,926 $ 907,742 Weighted average coupon 6.56 % 6.25 % At both December 31, 2024 and December 31, 2023, there were no residential consumer loans held-for-sale that were 90 days or more delinquent or in foreclosure. The following table provides the activity of residential Consumer loans held-for-sale during the years ended December 31, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Year Ended December 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 7,043,177 $ 2,101,161 Principal balance of loans sold 1,650,357 270,482 Principal balance of loans transferred from HFS to HFI 5,208,677 1,703,442 Net market valuation gains recorded (1) 29,448 20,560 (1) Net market valuation gains on residential Consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income. Residential Consumer Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by SEMT and Freddie Mac SLST securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the residential consumer loans owned at consolidated SEMT and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment December 31, 2024 Sequoia Freddie Mac (Dollars in Thousands) SLST UPB $ 9,350,286 $ 1,514,432 Average loan balance (UPB) $ 842 $ 155 Fair value of loans (1) $ 8,819,554 $ 1,244,722 Weighted average coupon 5.35 % 4.49 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 19,480 $ 106,910 Average 90+ days delinquent balance (UPB) $ 573 $ 172 Unpaid principal balance of loans in foreclosure $ 10,493 $ 41,913 Average foreclosure balance (UPB) $ 552 $ 185 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST UPB $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for collateralized financing entities. (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. (3) For loans held at our consolidated SEMT and Freddie Mac SLST entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to the measurement alternative provided for collateralized financing entities, and are recorded in Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the years ended December 31, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Year Ended December 31, 2024 Year Ended December 31, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal balance of loans transferred from HFS to HFI (1) $ 5,208,677 N/A $ 1,703,442 N/A Net market valuation gains (losses) recorded (7,658) (11,158) 106,380 11,132 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. Residential Consumer Loan Characteristics The following table presents the geographic concentration of residential consumer loans recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 7.6 – Geographic Concentration of Residential Consumer Loans December 31, 2024 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 26 % 31 % 14 % Washington 12 % 8 % 2 % Texas 8 % 10 % 3 % Colorado 6 % 6 % 1 % Florida 5 % 7 % 10 % Illinois 3 % 2 % 6 % New Jersey 2 % 2 % 7 % New York 1 % 2 % 11 % Maryland — % 1 % 5 % Other states (none greater than 5%) 37 % 31 % 41 % Total 100 % 100 % 100 % December 31, 2023 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 25 % 33 % 14 % Washington 16 % 7 % 2 % Texas 8 % 11 % 3 % Florida 7 % 5 % 10 % Colorado 4 % 7 % 1 % New Jersey 2 % 1 % 7 % Illinois 2 % 3 % 5 % New York 1 % 2 % 11 % Maryland 1 % 2 % 5 % Other states (none greater than 5%) 34 % 29 % 42 % Total 100 % 100 % 100 % We originate and invest in r esidential investor loans, including term loans and bridge loans (see Note 3 for a full description of these loans). The following table summarizes the classifications and carrying values of the r esidential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans December 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 158,637 $ — $ 78,587 $ — $ 237,224 Held-for-investment at fair value — 2,485,069 1,041,694 823,103 4,349,866 Total Residential Investor Loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 $ 4,587,090 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 Nearly all of the outstanding residential investor term loans at December 31, 2024 were first-lien, fixed-rate loans with original maturities of three five seven The outstanding residential investor bridge loans held-for-investment at December 31, 2024 were first-lien, interest-only loans with original maturities of six At December 31, 2024, we had a $397 million in commitments to fund residential investor bridge loans. See Note 18 for additional information on these commitments. During the year ended December 31, 2024, we sold $789 million, of residential investor bridge and term loans, net of $49 million of construction draws to our joint ventures. See Note 11 for additional information on these joint ventures. The following table provides the activity of residential investor loans during the years ended December 31, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 720,537 $ 967,811 $ 525,130 $ 1,153,568 Principal balance of loans acquired 19,246 15,677 — 19,500 Principal balance of loans sold to third parties (1) 713,314 516,411 473,677 128,664 Transfers of loans between portfolios (2) — (290,159) (278,751) (641,194) Consolidation of securitized CAFL bridge loans (3) 298,553 — — — Mortgage banking activities income (loss) recorded (4) 11,692 3,767 16,500 5,704 Investment fair value changes recorded (8,777) (40,430) (14,430) (39,361) (1) For the year ended December 31, 2024 the principal balance of loans sold to third parties is net of $49 million related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (2) Transfers of residential investor term loans between portfolios at Redwood represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated CAFL term securitizations. Transfers of residential investor bridge loans at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date. (3) In the fourth quarter of 2024, we completed our first CAFL securitization sponsored by our joint venture. This securitization involved loans contributed from our joint venture and by CoreVest. This securitization vehicle has been determined to be a VIE that we consolidate under GAAP as we are the primary beneficiary. See Note 15 for additional information on our principles of consolidation. (4) Represents net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our Redwood Investments portfolio. See Table 5.1 for additional detail on Mortgage banking activities income. Residential Investor Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying CoreVest term loans and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 15.2 . We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitization at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of residential investor loans held-for-investment at CAFL during the years ended December 31, 2024 and 2023. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Year Ended Year Ended (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 61,559 $ 6,198 $ 89,013 $ (1,775) Fair value of loans transferred to HFI — 290,159 278,751 641,779 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income (loss). For loans held at our consolidated CAFL Term and Bridge entities, market value changes are based on the fair value of the associated ABS issued, including securities we own, pursuant to CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income (loss). Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.4 – Characteristics of Residential Investor Loans December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 Average UPB of loans $ 1,759 $ 3,084 $ 5,350 $ 1,605 Fair value of loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 Weighted average coupon 6.84 % 5.35 % 9.11 % 9.76 % Weighted average remaining loan term (years) 9 4 1 1 Market value of loans pledged as collateral under debt facilities $ 120,417 N/A $ 1,070,327 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 33,065 $ 194,143 $ 129,229 $ 20,964 Average UPB of 90+ days delinquent loans (2) $ 8,266 $ 3,734 $ 8,077 $ 1,233 Fair value of loans with 90+ day delinquencies (2) $ 12,366 N/A $ 102,321 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 24,648 $ 86,260 $ 3,663 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,465 $ 6,635 $ 916 Fair value of loans in foreclosure (3) $ 8,500 N/A $ 67,858 $ 3,715 December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 100,411 $ 2,042,803 $ — $ — Multifamily 77,207 596,682 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 432,363 377,947 Single Asset Bridge ("SAB") (3) — — 78,631 283,186 Multifamily (4) — — 648,972 148,096 Third-Party Originated — — 6,247 1,056 Total Residential Investor Loans $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3) Includes loans for light to moderate renovation of residential investor and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. Loan Modifications We may amend or modify a loan depending on the loan's specific facts and circumstances. These loan modifications typically include amendments and restructuring and include terms such as additional time for the borrower to refinance or sell the collateral property, interest rate reductions and/or deferral of scheduled principal and/or interest payments. In some instances, a loan amendment or restructuring may bring the loan out of delinquent status. In other instances, including in the case of Build for Rent ("BFR") loans, a loan modification may amend the project's underlying budget (including allocation of hard/soft costs, interest reserves and other items) or construction or completion milestones, if warranted, based on progress versus the initial budget. Because they finance the construction of rental housing, many BFR projects do not generate net operating income until the later stages of the loan term. As such, BFR loans are sized to include allocations for interest expense as well as construction costs and other standard budget items. In exchange for a modification, we may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a capital infusion to replenish interest or capital improvement reserves and/or termination of all or a portion of the remaining unfunded loan commitment. The fair value of residential investor bridge loan s of $1.94 billion at December 31, 2024 declined from $2.10 billion at December 31, 2023. Changes in the value of these loans during the year ending December 31, 2024 primarily reflect principal repayments and reductions in the fair values for non-accrual bridge loans and certain modified bridge loans since the fourth quarter of 2023. For the year ending December 31, 2024, we modified or put into forbearance loans with a total aggregate unpaid principal balance of $848 million. Of this balance, loans with reductions in contractual interest rates (including, in certain cases, deferrals of interest) had an aggregate unpaid principal balance of $663 million, and an aggregate fair value of $645 million at December 31, 2024. The modification terms on these loans involved conversions of the contractual interest rates on the loans from floating to fixed and/or deferrals of a portion of the stated pay rate to an extended date or to maturity. In 2024, modifications on these loans maintained a weighted average contractual interest rate of approximately 9.09%, of which 4.46% represented deferred interest. In addition, for the year ending December 31, 2024, we modified four BFR loans with a total aggregate unpaid principal balance of $142 million and an aggregate fair value of $140 million at December 31, 2024. These loans were a subset of the $848 million of modified loans and had previously been modified in 2024. The previous modifications on these loans amended the interest rate to a combination of current pay and deferred interest. During the year ending December 31, 2024, the modifications on these loans amended the allocation of loan commitments between hard and soft costs, interest expense and other expenses, provided maturity extensions of 10 months on average (subject to mandatory partial repayments during the loan term), and established a hard lockbox and funding of interest reserves to cover debt service shortfalls. Nonaccrual Loans Interest income is accrued on loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is generally placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. At the time a loan is placed on non-accrual status, all previously accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis when it is received. A loan remains on non-accrual status until the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured either through reinstatement by the borrower, estimated net equity in the underlying real estate property or both. At December 31, 2024 and December 31, 2023, residential investor loans with an aggregate unpaid principal balance of $151 million and $340 million, respectively, and an aggregate fair value of $104 million and $312 million, respectively, were on non-accrual status. Of this balance, loans with an aggregate unpaid principal balance of zero and $207 million were less than 90 days past due (including loans that were contractually current) as of December 31, 2024 and December 31, 2023, respectively. The following table presents the geographic concentration of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 and December 31, 2023. Table 8.6 – Geographic Concentration of Residential Investor Loans December 31, 2024 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Texas 18 % 17 % 3 % 26 % New Jersey 10 % 6 % 7 % 4 % California 6 % 4 % 5 % 12 % Tennessee 4 % 2 % 3 % 3 % Illinois 2 % 6 % 20 % 6 % Alabama 2 % 2 % 7 % 1 % Florida 1 % 7 % 9 % 7 % New York 1 % 7 % 2 % 2 % Ohio 1 % 7 % — % 6 % Connecticut — % 7 % — % — % Georgia — % 6 % 19 % 7 % Other states (none greater than 5%) 55 % 29 % 25 % 26 % Total 100 % 100 % 100 % 100 % December 31, 2023 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Florida 10 % 7 % 10 % 7 % California 8 % 4 % 5 % 8 % Texas 8 % 16 % 13 % 22 % Georgia 5 % 5 % 18 % 13 % New Jersey 4 % 7 % 6 % 4 % Tennessee 2 % 2 % 3 % 7 % Alabama 1 % 3 % 6 % 3 % Connecticut — % 8 % 2 % 2 % New York — % 7 % 2 % 3 % Illinois — % 5 % 13 % 6 % Other states (none greater than 5%) 62 % 36 % 22 % 25 % Total 100 % 100 % 100 % 100 %

Real Estate Securities

Real Estate Securities	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities We invest in real estate securities that we create and retain from our Sequoia securitizations or acquire from third parties. The following table presents the fair values of our real estate securities by type at December 31, 2024 and 2023. Table 9.1 – Fair Values of Real Estate Securities by Type (In Thousands) December 31, 2024 December 31, 2023 Trading $ 193,749 $ 40,424 Available-for-sale 211,474 87,373 Total Real Estate Securities $ 405,223 $ 127,797 Our real estate securities include mortgage-backed securities, which are classified in accordance with their general position within a securitization structure based on their rights to cash flows. Senior securities are those interests in a securitization that generally have the first right to cash flows and are last in line to absorb losses. Mezzanine securities are interests that are generally subordinate to senior securities in their rights to receive cash flows, and have subordinate securities below them that are first to absorb losses. Subordinate securities are all interests below mezzanine. Exclusive of our re-performing loan securities, nearly all of our residential securities are supported by collateral that was designated as prime at the time of issuance. Trading Securities We elected the fair value option for certain securities and classify them as trading securities. Our trading securities generally include both residential and multifamily mortgage-backed interest-only and subordinate securities. Refer to Note 6 for further information on the inputs into the fair valuation of our real estate trading securities. AFS Securities The following tables present the detail of our AFS securities, by position and collateral type, at December 31, 2024 and 2023. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type December 31, 2024 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ 39,135 $ 31,250 $ 121,053 $ 191,438 Gross unrealized gains 230 668 25,733 26,631 Gross unrealized losses — (51) (5,623) (5,674) Allowance for credit losses — — (921) (921) Total Carrying Value $ 39,365 $ 31,867 $ 140,242 $ 211,474 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ — $ — $ 79,635 $ 79,635 Gross unrealized gains — — 16,973 16,973 Gross unrealized losses — — (6,753) (6,753) Allowance for credit losses — — (2,482) (2,482) Total Carrying Value $ — $ — $ 87,373 $ 87,373 December 31, 2024 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ 39,365 $ 28,948 $ 40,191 $ 108,504 Multifamily securities — 2,919 8,830 11,749 Sequoia securities — — 91,221 91,221 Total Fair Value $ 39,365 $ 31,867 $ 140,242 $ 211,474 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ — $ — $ 3,971 $ 3,971 Multifamily securities — — 4,460 4,460 Sequoia securities — — 78,942 78,942 Total Fair Value $ — $ — $ 87,373 $ 87,373 Gains and losses from the sale of AFS securities are recorded as Realized gains, net, in our consolidated statements of income. During the year ended December 31, 2024, we did not sell any AFS securities. During the year ended December 31, 2023, we realized gains of $2 million on sales of AFS securities. During the year ended December 31, 2024, we had $12 million of net unrealized gains on AFS securities. During the years ended December 31, 2024, 2023 and 2022 we had accretion income on AFS securities of $2 million, $1 million, and $11 million, respectively. At December 31, 2024, we had $49 million of AFS securities with contractual maturities less than five years, $4 million with contractual maturities greater than five years but less than ten years, and the remainder of our AFS securities had contractual maturities greater than ten years. AFS Securities with Unrealized Losses The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at December 31, 2024 and 2023. Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods Less Than 12 Consecutive Months 12 Consecutive Months or Longer Fair Unrealized Fair Value Unrealized (In Thousands) December 31, 2024 $ 30,351 $ (391) $ 19,817 $ (5,283) December 31, 2023 2,374 (128) 27,299 (6,625) At December 31, 2024, after giving effect to purchases, sales, and extinguishment due to credit losses, our consolidated balance sheet included 90 AFS securities, of which 20 were in an unrealized loss position, including 11 in a continuous unrealized loss position for 12 consecutive months or longer. At December 31, 2023, our consolidated balance sheet included 66 AFS securities, of which 21 were in an unrealized loss position including 19 that was in a continuous unrealized loss position for 12 consecutive months or longer. Allowance for Credit Losses Credit impairments on our available-for-sale securities are recorded in earnings using an allowance for credit losses, with the allowance limited to the amount by which the security's fair value is less than its amortized cost basis. We evaluate all securities in an unrealized loss position to determine if the impairment is credit-related (resulting in an allowance for credit losses recorded in earnings) or non-credit-related (resulting in an unrealized loss through other comprehensive income). The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the beneficial interest’s amortized cost and the estimate of cash flows expected to be collected, discounted at the effective interest rate used to accrete the beneficial interest. No allowance is recorded for beneficial interests in an unrealized gain position. At December 31, 2024 and 2023, our allowance for credit losses related to our AFS securities was $0.9 million and $2 million, respectively. The following table details the activity related to the allowance for credit losses for AFS securities for the years ended December 31, 2024 and 2023. Table 9.4 – Rollforward of Allowance for Credit Losses Year Ended Year Ended (In Thousands) December 31, 2024 December 31, 2023 Beginning balance allowance for credit losses $ 2,482 $ 2,540 Additions to allowance for credit losses on securities for which credit losses were not previously recorded 88 300 Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (1,649) (50) Reduction to allowance for securities sold during the period — (308) Ending balance of allowance for credit losses $ 921 $ 2,482

Home Equity Investments (HEI)

Home Equity Investments (HEI)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Home Equity Investments (HEI)	Home Equity Investments (HEI) We invest in HEI contracts from third party originators and in the third quarter of 2023, we began to originate HEI directly. Each HEI provides the owner of such HEI the right to purchase a percentage ownership interest in an associated residential property, and the homeowner's obligations under the HEI are secured by a lien (primarily second liens) on the property created by recording a security instrument (e.g., deed of trust) with respect to the property . Our investments in HEI expose us to both home price appreciation and depreciation of the associated property. We co-sponsored two HEI securitization entities that we consolidated in accordance with GAAP, and have elected to account for them under the CFE election. As such, market valuation changes for the securitized HEI are based on the fair value of the associated ABS issued by the entity, including the interest we own, and are reported in HEI income, net on our Consolidated statements of income. The following table presents our HEI at December 31, 2024 and 2023. Table 10.1 – Home Equity Investments (In Thousands) December 31, 2024 December 31, 2023 HEI at Redwood $ 257,315 $ 244,719 HEI held at consolidated HEI securitization entities 332,470 305,717 Total Home Equity Investments $ 589,785 $ 550,436 The following table details our HEI activity during the years ended December 31, 2024 and 2023. Table 10.2 – Activity of HEI Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 2,043 $ — $ 136,445 $ — Net market valuation gains (losses) recorded 28,739 57,948 30,750 23,177 The following table provides the components of HEI income, net for the years ended December 31, 2024, 2023 and 2022. Table 10.3 – Components of HEI Income, net Years Ended December 31, (In Thousands) 2024 2023 2022 Net market valuation gains (losses) recorded on HEI at Redwood $ 28,739 $ 30,750 $ (201) Net market valuation gains recorded on Securitized HEI 57,948 23,177 5,875 Net market valuation gains (losses) recorded on ABS Issued from HEI securitizations (1) (21,686) (11,020) 2,334 Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (23,170) (7,790) (5,294) Total HEI income, net $ 41,831 $ 35,117 $ 2,714 (1) Amount includes interest expense associated with ABS issued, which totaled $12 million , $6 million and $5 million for 2024, 2023 and 2022, respectively. The following tables present the geographic concentration of HEI recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 10.4 – Geographic Concentration of HEI December 31, 2024 Geographic Concentration HEI at Redwood Securitized HEI California 49 % 47 % Florida 12 % 7 % Washington 6 % 7 % Colorado 6 % 4 % Arizona 5 % 6 % New York 4 % 7 % Other states (none greater than 5%) 18 % 22 % Total 100 % 100 % December 31, 2023 Geographic Concentration HEI at Redwood Securitized HEI California 48 % 47 % Florida 12 % 7 % Washington 6 % 7 % Colorado 6 % 4 % Arizona 5 % 6 % New York 4 % 7 % Other states (none greater than 5%) 19 % 22 % Total 100 % 100 %

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other Investments at December 31, 2024 and 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) December 31, 2024 December 31, 2023 Servicer advance investments, at fair value $ 233,820 $ 225,345 Strategic investments, at carrying value 74,663 53,147 Strategic investments, at fair value 3,460 2,960 Excess MSRs, at fair value 32,274 37,367 MSRs, at fair value 31,589 24,877 Other, at fair value — 234 Total Other Investments $ 375,806 $ 343,930 Income from Other Investments for years ended December 31, 2024, 2023 and 2022 is summarized in the following table. Table 11.2 – Components of Income From Other Investments, net (1) Years Ended December 31, (In Thousands) 2024 2023 2022 Service Advance Investments: Other interest income $ 18,519 $ 20,597 $ 19,663 Investment fair value changes, net 8,833 11,863 (11,076) Strategic Investments: Other income, net (2) (1,292) (3,221) (901) Investment fair value changes, net (3) (1,586) (2,900) 12,800 Excess MSRs: Other interest income 12,949 14,152 15,912 Investment fair value changes, net (5,094) (1,668) (5,196) MSRs: Other income, net 14,415 7,033 14,879 Total Other Investments Income, Net $ 46,744 $ 45,856 $ 46,081 (1) Market valuation gains (losses) on Other investments accounted for under the fair value option are recorded in Investment fair value changes, net. All other market valuation gains (losses) on Other investments are recorded in Other income, net. (2) Represents net equity method earnings (losses) from our Strategic investments that are accounted for under the equity method. (3) Includes Investment fair value changes related to our Strategic investments that are accounted for under the measurement alternative for equity securities without readily determinable fair values. For the year ended December 31, 2024, includes Investment fair value gains of $4 million and investment fair value losses of $5 million under the measurement alternative. For the year ended December 31, 2023, includes Investment fair value gains of $1 million and investment fair value losses of $3 million under the measurement alternative. For the year ended December 31, 2022, includes Investment fair value gains of $14 million under the measurement alternative. We account for our Servicer advance investments, Excess MSRs and MSRs at fair value. Depending on the terms of the Strategic investments, we may account for these investments under the fair value option, as non-marketable equity securities under the equity method of accounting or the measurement alternative for equity securities without readily determinable fair values. See Note 3 for additional information on the accounting policies on these investments. Refer to Note 6 for further information on the inputs into the fair valuation of these components. Strategic Investments At December 31, 2024, we have investments in private companies, including investments through our RWT Horizons venture investment platform, with a total carrying value of $78 million. In the second quarter of 2023, we established a joint venture with an institutional investment manager to invest in residential investor bridge loans originated by our CoreVest subsidiary. At December 31, 2024 and 2023, the carrying value of our investment in the joint venture was $3 million and $4 million, respectively. We account for our investment in the joint venture under the equity method of accounting as we have a 20% non-controlling interest, but are deemed to be able to exert significant influence over the affairs of the joint venture. We adjust the carrying value of our equity method investment for our share of earnings or losses, dividends or return of capital on a quarterly basis. For the years ended December 31, 2024 and 2023, we recognized net equity method earnings of $0.3 million and $0.2 million, respectively, through Other income, net in our Consolidated statements of income. In the first quarter of 2024, we established a joint venture with another institutional investment manager to invest in residential investor bridge and term loans originated by us. At December 31, 2024, the carrying value of our investment in the joint venture was $26 million. We account for our investment in the joint venture under the equity method of accounting as we have a minority non-controlling interest approximating 20% across both Redwood's direct equity capital contribution to this joint venture structure and joint venture co-investments to be held in Redwood's investment portfolio, but we are deemed to be able to exert significant influence over the affairs of the joint venture. We adjust the carrying value of our equity method investment for our share of earnings or losses, dividends or return of capital on a quarterly basis. We recognized net equity method earnings of $1 million for the year ended December 31, 2024, through Other income, net in our Consolidated statements of income. See Note 8 for further information on residential investor bridge loans sold to these joint ventures.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table presents the fair value and notional amount of our derivative financial instruments at December 31, 2024 and 2023. Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments December 31, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs — — 952 385,000 Interest rate futures 16,446 712,500 — — Swaptions 23,738 8,245,000 — — Assets - Other Derivatives LPCs and IRLCs 5,819 919,888 11,518 216,194 Total Assets (1) $ 46,003 $ 9,877,388 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ (16,249) $ 1,350,000 $ (27,020) $ 1,405,000 Interest rate futures (6,915) 830,500 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (496) 157,985 (3,414) 430,983 Total Liabilities (1) $ (23,660) $ 2,338,485 $ (33,828) $ 1,977,483 Total Derivative Financial Instruments, Net (1) $ 22,343 $ 12,215,873 $ (19,616) $ 2,628,677 (1) For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis. The following table presents the market valuation gains and losses on our derivatives for the years ended December 31, 2024 and 2023. Table 12.2 – Market Valuation (Losses) Gains on Derivatives Year Ended Year Ended (In Thousands) December 31, 2024 December 31, 2023 Risk Management Derivatives (1) $ (29,694) $ (20,303) LPCs and IRLCs (2) 9,571 22,600 Market Valuation (Losses) Gains on Derivatives $ (20,123) $ 2,297 (1) Market valuation gains (losses) on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income. (2) Market valuation gains (losses) on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income. Risk Management Derivatives To manage, to varying degrees, risks associated with certain assets and liabilities on our consolidated balance sheets, we may enter into derivative contra cts. At December 31, 2024, we were party to swaps and swaptions with an aggregate notional amount of $8.25 billion, TBA agreements with an aggregate notional amount of $1.35 billion, and interest rate futures contracts with an aggregate notional amount of $1.54 billion. At December 31, 2023, we were party to swaptions with an aggregate notional amount of $50 million, TBA agreements with an aggregate notional amount of $1.79 billion, and interest rate futures contracts with an aggregate notional amount of $142 million For the years ended December 31, 2024, 2023, and 2022, risk management derivatives had net market valuation losses of $30 million, net market valuation losses of $20 million, and net market valuation gains of $184 million, respectively. These market valuation gains and losses are recorded in Mortgage banking activities, net and Investment fair value changes, net on our consolidated statements of income (loss). Loan Purchase and Interest Rate Lock Commitments Loan purchase commitments ("LPCs") and interest rate lock commitments ("IRLCs") that qualify as derivatives are recorded at their fair values. For the years ended December 31, 2024, 2023, and 2022, LPCs and IRLCs had net market valuation gains of $10 million, net market valuation gains of $23 million, and net market valuation losses of $55 million, respectively, that were recorded in Mortgage banking activities, net on our consolidated statements of income (loss). Derivatives Designated as Cash Flow Hedges For interest rate agreements previously designated as cash flow hedges, our total unrealized loss reported in Accumulated other comprehe nsive income was $64 million and $68 million at December 31, 2024 and 2023, respectively. We are amortizing this loss into interest expense over the remaining term of our trust preferred securities and subordinated notes For both the years ended December 31, 2024 and 2023, we reclassified $4 million of realized net losses from Accumulated other comprehensive loss into Interest expense. As of December 31, 2024, we ex pect to amortize $4 million of realized losses related to terminated cash flow hedges into interest expense over the next twelve months. Derivative Counterparty Credit Risk We incur credit risk to the extent that counterparties to our derivative financial instruments do not perform their obligations under specified contractual agreements. If a derivative counterparty does not perform, we may not receive the proceeds to which we may be entitled under these agreements. Each of our derivative counterparties that is not a clearinghouse must maintain compliance with International Swaps and Derivatives Association (“ISDA”) agreements or other similar agreements (or receive a waiver of non-compliance after a specific assessment) in order to conduct derivative transactions with us. Additionally, we review non-clearinghouse derivative counterparty credit standings, and in the case of a deterioration of creditworthiness, appropriate remedial action is taken. To further mitigate counterparty risk, we exit derivatives contracts with counterparties that (i) do not maintain compliance with (or obtain a waiver from) the terms of their ISDA or other agreements with us; or (ii) do not meet internally established guidelines regarding creditworthiness. Our ISDA and similar agreements currently require full bilateral collateralization of unrealized loss exposures with our derivative counterparties. Through a margin posting process, our positions are revalued with counterparties each business day and cash margin is generally transferred to either us or our derivative counterparties as collateral based upon the directional changes in fair value of the positions. We also attempt to transact with several different counterparties in order to reduce our specific counterparty exposure. With respect to certain of our derivatives, clearing and settlement is through one or more clearinghouses, which may be substituted as a counterparty. Clearing and settlement of derivative transactions through a clearinghouse is also intended to reduce specific counterparty exposure. We consider counterparty risk as part of our fair value assessments of all derivative financial instruments at each quarter-end. At December 31, 2024, we assessed this risk as remote and did not record a specific valuation adjustment. At December 31, 2024, we were in compliance with our derivative counterparty ISDA agreements.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of our derivatives and loan warehouse facilities are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our consolidated balance sheets. However, we do not report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets. The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at December 31, 2024 and 2023. Table 13.1 - Offsetting of Financial Assets, Liabilities, and Collateral Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 23,738 $ — $ 23,738 $ — $ (19,989) $ 3,749 TBAs — — — — — — Futures 16,446 — 16,446 (3,588) — 12,858 Total Assets $ 40,184 $ — $ 40,184 $ (3,588) $ (19,989) $ 16,607 Liabilities (2) Interest rate agreements $ — $ — $ — $ — $ — $ — TBAs (16,249) — (16,249) — 12,904 (3,345) Futures (6,915) — (6,915) 3,588 3,327 — Loan warehouse facilities (253,962) — (253,962) 253,962 — — Total Liabilities $ (277,126) $ — $ (277,126) $ 257,550 $ 16,231 $ (3,345) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2023 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 1,742 $ — $ 1,742 $ — $ — $ 1,742 TBAs 952 — 952 (952) — — Total Assets $ 2,694 $ — $ 2,694 $ (952) $ — $ 1,742 Liabilities (2) TBAs $ (27,020) $ — $ (27,020) $ 952 $ 25,484 $ (584) Futures (3,394) — (3,394) — 3,394 — Loan warehouse facilities (471,900) — (471,900) 471,900 — — Total Liabilities $ (502,314) $ — $ (502,314) $ 472,852 $ 28,878 $ (584) (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively. (2)

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities Other Assets Other assets at December 31, 2024 and 2023 are summarized in the following table. Table 14.1 – Components of Other Assets (In Thousands) December 31, 2024 December 31, 2023 Accrued interest receivable $ 115,832 $ 69,072 Real estate owned 91,927 93,599 Investment receivable 69,793 67,302 Deferred tax asset 27,145 40,115 Margin receivable 28,313 33,414 Intangible assets 19,049 28,462 Operating lease right-of-use assets 9,167 12,532 Fixed assets and leasehold improvements (1) 4,674 7,829 Other 49,817 27,246 Total Other Assets $ 415,717 $ 379,571 (1) Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $12 million and $10 million at December 31, 2024 and 2023, respectively. Real Estate Owned ("REO") The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Sequoia, Freddie Mac SLST, and CAFL entities during the years ended December 31, 2024 and 2023. Table 14.2 – REO Activity Year Ended December 31, 2024 (In Thousands) Bridge (1) Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of year $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 Transfers to REO 11,085 — 2,887 8,582 22,554 Liquidations (2) (4,953) — (3,557) (4) (8,514) Changes in fair value, net (2) (16,211) — 499 — (15,712) Balance at End of Year $ 77,678 $ — $ 2,987 $ 11,262 $ 91,927 Year Ended December 31, 2023 (In Thousands) Bridge (1) Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of year $ 3,012 $ 544 $ 2,899 $ — $ 6,455 Transfers to REO 94,022 18 3,556 2,684 100,280 Liquidations (2) (6,752) (562) (3,577) — (10,891) Changes in fair value, net (2) (2,525) — 280 — (2,245) Balance at End of Year $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the years ended December 31, 2024 and 2023, REO market valuation adjustments and liquidations resulted in net valuation losses of $16 million and $2 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income. Intangible Assets The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at December 31, 2024 and 2023. Table 14.3 – Intangible Assets – Activity Intangible Assets at Acquisition Accumulated Amortization at December 31, 2024 Carrying Value at December 31, 2024 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (37,635) $ 18,665 7 Broker network 18,100 (18,100) — 5 Non-compete agreements 11,400 (11,083) 317 3 Tradenames 4,400 (4,333) 67 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (75,551) $ 19,049 6 Intangible Assets at Acquisition Accumulated Amortization at December 31, 2023 Carrying Value at December 31, 2023 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (29,591) $ 26,709 7 Broker network 18,100 (17,497) 603 5 Non-compete agreements 11,400 (10,450) 950 3 Tradenames 4,400 (4,200) 200 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (66,138) $ 28,462 6 All of our intangible assets are amortized on a straight-line basis. For the years ended December 31, 2024 and 2023, we recorded intangible asset amortization expense of $9 million and $12 million, respectively. Estimated future amortization expense is summarized in the table below. Table 14.4 – Intangible Asset Amortization Expense by Year (In Thousands) December 31, 2024 2025 $ 8,426 2026 6,694 2027 1,571 2028 1,571 2029 787 Total Future Intangible Asset Amortization $ 19,049 On at least an annual basis, we evaluate our finite-lived intangible assets for impairment indicators and additionally evaluate the useful lives of our intangible assets to determine if revisions to the remaining periods of amortization are warranted. We reviewed our finite-lived intangible assets and determined that the estimated lives were appropriate and that there were no indicators of impairment at December 31, 2024. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at December 31, 2024 and 2023 are summarized in the following table. Table 14.5 – Components of Accrued Expenses and Other Liabilities (In Thousands) December 31, 2024 December 31, 2023 Payable to non-controlling interests $ 123,258 $ 81,177 Margin payable 20,340 350 Accrued interest payable 70,988 52,755 Accrued compensation 34,002 28,140 Operating lease liabilities 11,028 14,725 Accrued operating expenses 11,074 5,527 Current accounts payable 6,803 4,992 Unsettled trades 5,127 — Guarantee obligations 2,806 5,781 Repurchase reserve 4,727 4,700 Bridge loan holdbacks (1) 2,148 2,059 Preferred stock dividends payable 1,478 1,478 Other 19,958 15,119 Total Accrued Expenses and Other Liabilities $ 313,737 $ 216,803 (1) Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan. Investment Receivable Investment receivable primarily consists of amounts receivable from third-party servicers related to principal and interest receivable from residential investor loans and fees receivable from servicer advance investments. Margin Receivable and Payable Margin receivable and payable resulted from margin calls between us and our counterparties under derivatives, master repurchase agreements, and warehouse facilities, whereby we or the counterparty posted collateral. Through December 31, 2024, we had met all margin calls due. Operating Lease Right-of-Use Assets and Operating Lease Liabilities Operating lease liabilities are equal to the present value of our remaining lease payments discounted at our incremental borrowing rate and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for our deferred rent liabilities. These balances are reduced as lease payments are made. See Note 18 for additional information on leases. Legal and Repurchase Reserves See Note 18 for additional information on repurchase reserves and loss contingencies regarding litigation, claims and demands. Payable to Non-Controlling Interests Redwood and a third-party co-investor, through two partnership entities consolidated by Redwood, purchased servicer advances and excess MSRs related to a portfolio of residential mortgage loans serviced by the co-investor (see Note 11 and Note 15 for additional information on the partnership entities and associated investments). We account for the co-investor’s interests in the entities as liabilities and at December 31, 2024, the carrying value of their interests was $24 million, representing their current economic interest in the entities. Earnings from the partnership entities are allocated to the co-investors on a proportional basis and during the years ended December 31, 2024, 2023, and 2022 we allocated $5 million of income, $6 million of income, and $2 million of income, respectively, to the co-investors, which were recorded in Other expenses on our consolidated statements of income (loss). Redwood and a third-party investor co-sponsored the transfer and securitization of HEI through two HEI securitization entities. Other third-party investors contributed HEI into these securitizations through Redwood and retained subordinate beneficial interests issued by the securitization entities alongside Redwood. See Note 10 for a further discussion of the HEI securitizations. We account for the co-investors' interests in the HEI securitization entities as liabilities and at December 31, 2024, the carrying value of their interests was $83 million, representing the fair value of their economic interests in the beneficial interests issued by the HEI entities. During the years ended December 31, 2024, 2023 and 2022, the investors' share of earnings from their retained interests (for which positive earnings are reflected as an expense to Redwood in our consolidated statements of income) were positive $23 million, positive $8 million, and positive $5 million, respectively, and were recorded through HEI Income, net on our consolidated statements of income (loss). In 2024, we completed a CAFL securitization of bridge loans sponsored by our joint venture. This transaction involved the transfer and securitization of bridge loans contributed from the joint venture and from Redwood through one bridge securitization entity. Each of the joint venture and Redwood retained its proportionate share of subordinate beneficial interests issued by the securitization entity. We account for the joint venture's interest in the bridge loan securitization entity as a liability and at December 31, 2024, the carrying value of their interest was $17 million, representing the fair value of their economic interest in the beneficial interest issued. During the year ended December 31, 2024, the joint venture's share of earnings from their retained interest (for which positive earnings are reflected as an expense to Redwood in our consolidated statements of income) were positive $5 million and were recorded through Investment fair value changes, net on our consolidated statements of income (loss). Accrued Compensation Accrued compensation includes costs related to our cash-settled awards, bonuses, deferred compensation, vacation and commissions. Our cash-settled awards were granted to certain executive officers and non-executive employees. These awards will be payable in cash with a vested award value based on the closing market price of our common stock on their respective final vesting dates. These awards are classified as liabilities in Accrued expenses and other liabilities on our consolidated balance sheets, and are being amortized over their respective vesting periods on a straight-line basis, adjusted for changes in the value of our common stock at the end of each reporting period. The following table presents our cash-settled awards by type of award at December 31, 2024. Table 14.6 – Activities of Cash Settled Awards by Award Type Year Ended December 31, 2024 (In Thousands) Cash-Settled Restricted Stock Units Cash-Settled Deferred Stock Units Cash-Settled Performance Stock Units Total Cash-settled award liability at December 31, 2023 $ 83 $ 3,590 $ 1,550 $ 5,223 Compensation expense 1,040 1,282 766 3,088 Cash-settled award vesting payout (955) (1,978) — (2,933) Cash-settled award liability at December 31, 2024 $ 168 $ 2,894 $ 2,316 $ 5,378 Cash-Settled Restricted Stock Units ("csRSUs") During the year ended December 31, 2024, $5 million of csRSUs were granted to certain executive officers that will vest over the next four years through 2028. On each vesting date over the four-year vesting period, cash in an amount equal to the value of the common stock underlying the csRSUs that vest on such vesting date will be distributed to the recipients. At December 31, 2024 the unamortized compensation cost of the csRSUs was $7 million. Cash-Settled Deferred Stock Units ("csDSUs") During the years ended December 31, 2022 and 2021, $3 million and $4 million of csDSUs, respectively, were granted to certain executive officers and non-executive employees that vest over four-year periods through 2026. At December 31, 2024 the unamortized compensation cost of the csDSUs was $2 million. Cash Settled Performance Stock Units ("csPSUs") During the year ended December 31, 2023, $6 million of csPSUs were granted to certain executive and non-executive employees which vest over approximately three years through January 1, 2026. The target number of csPSUs that were granted totaled 663,499 units based on a per unit grant-date fair value of $9.75. The equivalent number of underlying shares of common stock that vest and that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 250% of the target number of csPSUs granted, with the target number of csPSUs granted being adjusted to reflect the value of any dividends declared on our common stock during the vesting period. At December 31, 2024 the unamortized compensation cost of the csPSUs was $1 million.

Principles of Consolidation

Principles of Consolidation	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation In the normal course of business, we enter into certain types of transactions with entities that are considered to be VIEs. The Company's primary involvement with VIEs has been related to its securitization transactions in which it transfers assets to securitization vehicles. We primarily securitize our acquired and originated loans, which provides a source of funding and has enabled us to transfer a certain portion of economic risk on loans or related debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. See Note 2 for further information on our accounting policies regarding our Principles of consolidation. The GAAP principles we apply require us to reassess our requirement to consolidate VIEs each quarter and therefore our determination may change based upon new facts and circumstances pertaining to each VIE. This could result in a material impact to our consolidated financial statements during subsequent reporting periods. Analysis of Consolidated VIEs For certain of our consolidated VIEs, we have elected to account for the assets and liabilities of these entities pursuant to the measurement alternative available to CFEs. A CFE is a variable interest entity that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. GAAP allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the beneficial interests we own in the entity. In addition to our consolidated VIEs for which we made the CFE election, we consolidate certain VIEs for which we did not make the CFE election and elected to account for the ABS issued by these entities at fair value or amortized cost. These include two CAFL bridge loan securitizations and a Freddie Mac SLST re-securitization for which the ABS are accounted at amortized cost and a Sequoia re-securitization completed during the third quarter of 2024 for which the ABS are accounted at fair value. See Note 16 for additional information regarding the Sequoia re-securitization. The following table presents a summary of the assets and liabilities of our consolidated VIEs at December 31, 2024 and 2023. Table 15.1 – Assets and Liabilities of Consolidated VIEs December 31, 2024 Sequoia (2) CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 8,819,554 $ — $ 1,244,722 $ — $ — $ — $ 10,064,276 Residential investor loans, held-for-investment — 3,308,172 — — — — 3,308,172 Consolidated Agency multifamily loans — — — 424,597 — — 424,597 Real estate securities 79,285 — — — — — 79,285 Home equity investments — — — — — 332,470 332,470 Other investments — — — — 262,353 — 262,353 Cash and cash equivalents — — — — 13,243 — 13,243 Restricted cash 248 22,385 — — — 8,403 31,036 Accrued interest receivable 43,503 19,998 4,510 1,245 2,078 — 71,334 Other assets 7 60,859 2,987 — 3,870 453 68,176 Total Assets $ 8,942,597 $ 3,411,414 $ 1,252,219 $ 425,842 $ 281,544 $ 341,326 $ 14,654,942 Debt Obligations $ — $ — $ — $ — $ 159,031 $ — $ 159,031 Accrued interest payable 37,191 9,410 4,062 1,119 359 — 52,141 Accrued expenses and other liabilities 103 28,672 — — 27,167 82,921 138,863 Asset-backed securities issued 8,585,077 2,932,749 1,151,847 389,434 — 211,097 13,270,204 Total Liabilities $ 8,622,371 $ 2,970,831 $ 1,155,909 $ 390,553 $ 186,557 $ 294,018 $ 13,620,239 Value of our investments in VIEs (1) $ 313,833 $ 438,590 $ 95,863 $ 35,163 $ 94,987 $ 47,308 $ 1,025,744 Number of VIEs 54 21 3 1 3 2 84 December 31, 2023 Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 4,780,203 $ — $ 1,359,242 $ — $ — $ — $ 6,139,445 Residential investor loans, held-for-investment — 3,734,321 — — — — 3,734,321 Consolidated Agency multifamily loans — — — 425,285 — — 425,285 Home equity investments — — — — — 305,717 305,717 Other investments — — — — 257,489 — 257,489 Cash and cash equivalents — — — — 9,482 — 9,482 Restricted cash 163 33,921 — — — 10,821 44,905 Accrued interest receivable 20,029 20,806 4,821 1,320 822 — 47,798 Other assets — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 4,800,395 $ 3,803,934 $ 1,367,221 $ 426,605 $ 274,130 $ 316,600 $ 10,988,885 Debt Obligations $ — $ — $ — $ — $ 153,653 $ — $ 153,653 Accrued interest payable 16,293 11,537 4,496 1,190 416 — 33,932 Accrued expenses and other liabilities — 2,734 — — 34,357 59,752 96,843 Asset-backed securities issued 4,568,660 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 4,584,953 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 211,638 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 42 21 3 1 3 2 72 Footnotes to table 15.1 (1) The value of our investments in VIEs, as presented in this table, generally represents the fair value of the economic interests we own in VIEs (i.e., the securities or other interests we legally own in the consolidated securitizations or other VIEs). While most of our VIEs are accounted for under the CFE election (whereby the net equity in the VIE generally represents the fair value of our retained interests and associated accrued interest receivable), certain entities, including two CAFL bridge loan securitizations (included within the CAFL column), our SLST re-securitization (included within the Freddie Mac SLST column), and our Servicing Investment VIEs are not accounted for under the CFE election and their associated ABS issued are accounted for at amortized historical cost. At December 31, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election was $326 million and $323 million, respectively, and the fair value of our interest in the CAFL bridge loan securitizations accounted for under the CFE election was $29 million and $22 million, respectively, with the difference from the tables above generally representing ABS issued and carried at amortized historical cost and accrued interest on our economic interests. At December 31, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $242 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. (2) Additionally, the ABS from a Sequoia re-securitization completed during the third quarter of 2024 are not accounted for under the CFE election and are accounted for at fair value (included within the Sequoia column at December 31, 2024). At December 31, 2024, the fair value of our interests in consolidated Sequoia securitizations accounted for under the CFE election was $418 million, with the difference in value of our investments in these VIEs reflected in the table above representing $79 million of consolidated Sequoia securities in the Sequoia re-securitization and $184 million of ABS issued at fair value. Unconsolidated VIEs with Continuing Involvement We have transferred residential consumer loans to certain Sequoia securitization entities sponsored by us that are still outstanding as of December 31, 2024, and accounted for these transfers as sales for financial reporting purposes, in accordance with GAAP. We also determined we were not the primary beneficiary of these VIEs as we lacked the power to direct the activities that will have the most significant economic impact on the entities. For certain of these transfers to securitization entities, for the transferred loans where we held the servicing rights prior to the transfer and continued to hold the servicing rights following the transfer, we recorded mortgage servicing rights ("MSRs") on our consolidated balance sheets and classified those MSRs as Level 3 assets. We also retained senior and subordinate securities in these securitizations that we classified as Level 3 assets. Our continuing involvement in these securitizations is limited to customary servicing obligations associated with retaining servicing rights (which we retain a third-party sub-servicers to perform) and the receipt of interest income associated with the securities we retained. The following table presents additional information at December 31, 2024 and 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 15.2 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) December 31, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 36,811 $ 31,690 Subordinate securities, classified as AFS 91,221 78,942 Mortgage servicing rights 12,556 10,885 Maximum loss exposure (1) $ 140,588 $ 121,517 (1)

Asset-Backed Securities Issued

Asset-Backed Securities Issued	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Asset-Backed Securities Issued	Asset-Backed Securities Issued ABS issued represents securities issued by non-recourse securitization entities we consolidate under GAAP. The majority of our ABS issued is carried at fair value under the CFE election (see Note 15 for additional detail), with the remainder carried at amortized cost. The carrying values of ABS issued by our consolidated securitization entities at December 31, 2024 and 2023 along with other selected information, are summarized in the following table. Table 16.1 – Asset-Backed Securities Issued December 31, 2024 Unpaid Principal Balance Carrying Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 9,220,157 $ 8,585,077 2.66% to 8.52% 2028-2063 54 CAFL 2,752,657 2,687,977 2.76% to 7.89% 2027-2033 19 Freddie Mac SLST 1,075,249 1,005,945 3.50% 2028-2029 2 Freddie Mac K-Series 393,762 389,434 3.41% 2025 1 HEI 212,484 211,097 3.96% to 6.71% 2052-2053 2 ABS Issued at Fair Value $ 13,654,309 $ 12,879,530 CAFL 244,772 244,772 2.31% to 4.38% 2029 2 Freddie Mac SLST 148,180 145,902 7.50% 2059 1 ABS Issued at Amortized Cost $ 392,952 $ 390,674 Total ABS Issued $ 14,047,261 $ 13,270,204 December 31, 2023 Unpaid Principal Balance Carrying Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 5,151,646 $ 4,568,660 2.67% to 6.66% 2024-2053 42 CAFL 2,987,825 2,879,913 2.69% to 7.89% 2027-2033 19 Freddie Mac SLST 1,147,111 1,088,225 3.50% 2028-2029 2 Freddie Mac K-Series 402,400 391,977 3.55% 2025 1 HEI 233,131 222,488 3.86% to 6.70% 2052-2053 2 ABS Issued at Fair Value $ 9,922,113 $ 9,151,263 CAFL 485,000 483,065 2.34% to 4.36% 2029 2 Freddie Mac SLST 181,546 177,552 7.50% 2059 1 ABS Issued at Amortized Cost $ 666,546 $ 660,617 Total ABS Issued $ 10,588,659 $ 9,811,880 During the fourth quarter of 2024, we consolidated the assets and liabilities of an entity formed in connection with the financing of residential investor bridge loans (presented within CAFL in table 15.1 above) and sponsored by our joint venture. We determined the entity was a VIE for which we determined we are the primary beneficiary. At issuance, we recognized $300 million of loans and other assets and $297 million of ABS issued and other liabilities and acquired a $3 million beneficial ownership interest in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued recorded through Investment fair value changes, net on our consolidated statements of income. At December 31, 2024, the principal balance of the ABS issued was $285 million, and the net carrying value was $286 million. The weighted average stated coupon of the ABS issued was 7.13% at issuance. The ABS issued by the CAFL bridge entity are subject to an optional redemption in May 2027 and beginning in June 2027, the interest rate on the ABS issued increases by 1.5% through final maturity in November 2031. The ABS issued by this securitization were collateralized by $293 million of residential investor bridge loans, $11 million of restricted cash and $6 million of other assets at December 31, 2024. The securitization is structured with $300 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 24 months of the transaction (through November 2026), unless an amortization event occurs prior to the expiration of the 24-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. During the third quarter of 2024, we transferred subordinate securities we owned in certain consolidated and unconsolidated Sequoia securitization trusts to a Sequoia re-securitization trust that we sponsored, which we determined was a VIE. At issuance, we sold $205 million (principal balance) of ABS issued to third parties at a discount and elected to account for the ABS issued under the fair value option, with changes in the fair value of the ABS reported through our consolidated statements of income (loss) in Investment fair value changes, net. The stated coupon of the ABS issued was approximately 8.5% at issuance, increasing by 3.0% after the payment date occurring in July 2026. The ABS issued are subject to an optional redemption beginning in July 2025 and have a final stated maturity in December 2054. At issuance, we retained 100% of the remaining beneficial ownership interest in the trust through ownership of a subordinate security issued by the trust. We maintained certain discretionary rights associated with the ownership of this investment that we determined reflected a controlling financial interest in the trust and as such, we consolidated the trust. At December 31, 2024, the collateral for the Sequoia re-securitization trust included $79 million of Sequoia securities we owned from unconsolidated Sequoia securitization trusts as well as $148 million of Sequoia securities that we have retained from certain consolidated Sequoia securitization entities. The Sequoia re-securitization ABS are included in "Sequoia" in Table 16.1 above at December 31, 2024. See Note 15 for further information regarding our Principles of consolidation on this trust. During the fourth quarter of 2023, we consolidated the assets and liabilities of a securitization entity formed in connection with the securitization of CoreVest residential investor bridge loans (presented within CAFL in Table 15.1 above), which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $231 million (principal balance) of ABS issued to third parties and retained the remaining beneficial ownership interests in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued recorded through Investment fair value changes, net on our consolidated statements of income. At December 31, 2024, the principal balance of the ABS issued was $231 million, and the net carrying value was $234 million. The weighted average stated coupon of the ABS issued was 7.89% at issuance. The ABS issued by the CAFL bridge entity are subject to an optional redemption in December 2025, and beginning in July 2026, the interest rate on the ABS issued increases by 1.5% through final maturity in December 2030. The ABS issued by this securitization were collateralized by $229 million of residential investor bridge loans, $4 million of restricted cash and $25 million of other assets at December 31, 2024. The securitization is structured with $250 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 24 months of the transaction (through December 2025), unless an amortization event occurs prior to the expiration of the 24-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. During the fourth quarter of 2023, we consolidated the assets and liabilities of a HEI securitization entity formed in connection with the securitization of HEI, which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $139 million (principal balance) of ABS issued to third parties and retained a portion of the remaining beneficial ownership interest in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued (including accrued interest) recorded through HEI income, net on our consolidated statements of income (loss). The ABS issued by the HEI securitization entity are subject to an optional redemption in October 2025, and beginning in October 2026, the interest rate on the ABS issued increases by 3% through final maturity in 2053. During the fourth quarter of 2023, we transferred all of the subordinate securities we owned from two consolidated re-performing loan securitization VIEs sponsored by Freddie Mac SLST to a re-securitization trust, which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $184 million (principal balance) of ABS issued to third parties and retained 100% of the remaining beneficial ownership interest in the trust through ownership of a subordinate security issued by the trust. The ABS was issued at a discount and we have elected to account for the ABS issued at amortized cost. At December 31, 2024, the principal balance of the ABS issued was $148 million and the unamortized debt discount and deferred issuance costs totaled $2 million, for a net carrying value of $146 million. The stated coupon of the ABS issued was 7.50% at issuance and the final stated maturity occurs in July 2059. The ABS issued are subject to an optional redemption through November 2025, at which time, if the redemption right has not been exercised, the ABS interest rate steps up to 10.50%. The actual maturity of each class of ABS issued is primarily determined by the rate of principal prepayments on the assets of the issuing entity. Each series is also subject to redemption prior to the stated maturity according to the terms of the respective governing documents of each ABS issuing entity. As a result, the actual maturity of ABS issued may occur earlier than the stated maturity. At December 31, 2024, the majority of the ABS issued and outstanding had contractual maturities beyond five years. See Note 15

Debt Obligations, Net

Debt Obligations, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt Obligations, Net	Debt Obligations, Net We enter into loan warehouse facilities, repurchase agreements ("repo"), recourse subordinate securities financings, and other forms of collateralized (and generally uncommitted) borrowings with several banks and major investment banking firms. We use debt to finance the acquisition and/or origination of residential consumer and residential investor mortgage loans (including those we acquire or originate in anticipation of sale or securitization), and to finance investments in securities and other investments. Additionally, we use corporate debt obligations to fund other aspects of our business and operations, including the repurchase of shares of our capital stock. At December 31, 2024, we had outstanding agreements on debt obligations with several counterparties and we were in compliance with all of the related covenants. The following tables summarize our debt obligations at December 31, 2024 and 2023. Table 17.1 – Debt Obligations, Net December 31, 2024 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value (4) Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Facilities: Residential consumer loan warehouse facilities 7 $ 956,010 $ 956,010 $ 2,175,000 6.24 % 3/2025-10/2025 $ 1,005,926 Residential investor loan warehouse facilities 2 223,975 223,876 800,000 7.31 % 6/2025-7/2025 300,843 Real estate securities repurchase facilities 6 210,352 210,352 — 5.81 % 1/2025-3/2025 281,997 Residential MSR warehouse facility 1 58,164 58,164 75,000 7.65 % 10/2025 91,506 HEI warehouse facility 1 97,497 97,497 150,000 9.00 % 12/2025 207,097 Recourse Subordinate Securities Financing: CAFL securities (3) 1 268,240 267,140 N/A 7.54 % 9/2028 318,106 Long-Term Facilities: Residential investor loan warehouse facilities 5 615,036 613,129 1,530,000 7.83 % 5/2026-4/2027 889,901 Servicer advance financing 1 159,798 159,031 200,000 6.32 % 12/2026 233,820 Corporate Debt: Promissory notes (2) (3) 3 12,859 12,859 — 7.06 % N/A — Corporate Secured Revolving Financing Facility 1 225,000 220,234 250,000 9.50 % 3/2026 372,396 5.75% exchangeable senior notes (3) 1 123,574 123,087 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 247,170 242,652 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,860 N/A 7.10 % 1/2037, 7/2037 N/A 9.125% Senior Notes (3) 1 60,000 57,877 N/A 9.13 % 3/2029 N/A 9.0% Senior Notes (3) 1 85,000 82,112 N/A 9.00 % 9/2029 N/A Total Debt Obligations $ 3,482,175 $ 3,462,880 $ 3,701,592 December 31, 2023 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value (4) Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Facilities: Residential consumer loan warehouse facilities 4 $ 796,537 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 $ 907,742 Residential investor loan warehouse facilities 2 71,851 71,719 455,000 8.14 % 5/2024-6/2024 95,225 Real estate securities repurchase facilities 3 82,622 82,622 — 7.01 % 1/2024-3/2024 122,110 Residential MSR warehouse facility 1 47,858 47,858 50,000 8.60 % 10/2024 76,560 HEI warehouse facility 1 122,659 122,659 150,000 9.89 % 8/2024 237,973 Servicer advance financing 1 154,369 153,653 240,000 7.71 % 12/2024 225,345 Recourse Subordinate Securities Financings: Sequoia securities (3) 1 124,552 124,552 N/A 7.21 % 9/2024 175,096 CAFL securities 1 (3) 1 101,228 101,228 N/A 5.71 % 2/2025 124,793 CAFL securities 2 (3) 1 57,982 57,982 N/A 4.75 % 6/2026 112,813 Long Term Facilities: Residential investor loan warehouse facilities 6 1,023,384 1,021,708 2,350,000 8.14 % 3/2025-12/2026 1,327,907 Corporate Debt: Promissory notes (2) (3) 3 16,063 16,064 N/A 6.97 % N/A — 5.625% convertible senior notes (3) 1 142,977 142,558 N/A 5.63 % 7/2024 N/A 5.75% exchangeable senior notes (3) 1 156,666 155,138 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 210,910 206,032 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,813 N/A 7.90 % 1/2037, 7/2037 N/A Total Debt Obligations $ 3,249,158 $ 3,239,123 $ 3,405,564 (1) Variable rate borrowings are primarily based on 1- or 3-month SOFR, plus an applicable spread. (2) Promissory notes payable on demand to lender with 90-day notice. (3) Borrowing has a fixed interest rate at period end. (4) Carrying value presented net of total deferred issuance costs of $20 million and $11 million at December 31, 2024 and 2023, respectively. In September 2024, we terminated two recourse subordinate financing facilities entered into in 2020 and 2021, and entered into a new recourse subordinate financing facility providing non-marginable debt financing of certain securities retained from our consolidated CAFL securitizations. This financing is fully and unconditionally guaranteed by Redwood, with an interest rate of approximately 7.54% through September 2027, increasing to 10.54% from October 2027 through September 2028. This financing facility may be terminated at our option, beginning in September 2026, and has a final stated maturity in September 2028. During the year ended December 31, 2024, we repaid our Sequoia recourse subordinate securities financing in full. Corporate Debt Corporate Secured Revolving Financing Facility In March 2024, we entered into a corporate secured revolving financing facility to provide non-marginable recourse debt financing secured by previously unencumbered assets, such as retained Residential Consumer and Residential Investor subordinate securities and other investments, as well as equity in certain operating subsidiaries. This facility has a capacity of $250 million and a two-year term, with a one-year extension option. Senior Notes In January 2024, Redwood issued $60 million of 9.125% Senior Notes due in 2029. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.125% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2024. The Senior Notes mature on March 1, 2029. We may redeem the Senior Notes, in whole or in part, at any time on or after March 1, 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. In June 2024, Redwood issued $85 million of 9.0% Senior Notes due in 2029. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.0% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2024. The Senior Notes mature on September 1, 2029. We may redeem the Senior Notes, in whole or in part, at any time on or after September 1, 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. Convertible Notes RWT Holdings, Inc., a wholly-owned subsidiary of Redwood Trust, Inc., issued $201 million principal amount of 5.75% exchangeable senior notes due 2025. During 2024, 2023 and 2022, we repurchased $33 million, $5 million, and $10 million par value of these notes, respectively. At December 31, 2024, these notes were exchangeable at the option of the holder at an exchange rate of 55.2644 common shares per $1,000 principal amount of exchangeable senior notes (equivalent to an exchange price of $18.09 per common share). Additionally, during the year ended December 31, 2024, we repurchased and repaid in full $143 million principal amount of 5.625% convertible senior notes. In June 2022, we issued $215 million principal amount of 7.75% convertible senior notes due 2027. These notes require semi-annual interest payments at a fixed annual coupon rate of 7.75% until maturity or conversion, which will be no later than June 15, 2027. After deducting the underwriting discount and offering costs, we received $208 million of net proceeds. In October 2024, we issued an additional $40 million of these 7.75% senior notes due in 2027 in a private offering, resulting in net proceeds of approximately $39 million. We may elect to settle conversions either entirely in cash or in a combination of cash and shares of common stock. Upon conversion, the conversion value will be paid in cash up to at least the principal amount of the notes being converted. At December 31, 2024, the conversion rate of the notes was 95.6823 common shares per $1,000 principal amount of notes (equivalent to a conversion price of $10.45 per common share). During 2024 and 2023, we repurchased $4 million and $4 million par value of these notes, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments At December 31, 2024, we were obligated under 8 non-cancelable operating leases with expiration dates through 2031 for $12 million of cumulative lease payments. Our operating lease expense was $5 million for each of the years ended December 31, 2024, 2023 and 2022, respectively. The following table presents our future lease commitments at December 31, 2024. Table 18.1 – Future Lease Commitments by Year (In Thousands) December 31, 2024 2025 $ 3,713 2026 3,627 2027 2,699 2028 1,207 2029 413 2030 and thereafter 456 Total Lease Commitments 12,115 Less: Imputed interest (1,087) Operating Lease Liabilities $ 11,028 Leasehold improvements for our offices are amortized into expense over the lease term. There were $2 million of unamortized leasehold improvements at December 31, 2024. For each of the years ended December 31, 2024, 2023, and 2022, we recognized $0.5 million of leasehold amortization expense. During the year ended December 31, 2024, we extended an office lease with a term of four years and aggregate lease payments of $0.4 million. At December 31, 2024, our operating lease liabilities were $11 million, which were a component of Accrued expenses and other liabilities Other assets We determined that none of our leases contained an implicit interest rate and used a discount rate equal to our incremental borrowing rate on a collateralized basis to determine the present value of our total lease payments. As such, we determined the applicable discount rate for each of our leases using a swap rate plus an applicable spread for borrowing arrangements secured by our real estate loans and securities for a length of time equal to the remaining lease term on the lease commencement date. At December 31, 2024, the weighted-average remaining lease term and weighted-average discount rate for our leases was 4 years and 5.3%, respectively. Commitment to Fund Residential Investor Bridge Loans As of December 31, 2024, we had commitments to fund up to $397 million of additional advances on existing residential investor bridge loans. These commitments are generally subject to loan agreements with covenants regarding the financial performance of the borrower and other terms regarding advances that must be met before we fund the commitment. At December 31, 2024, we carried a $1 million contingent liability related to these commitments to fund construction advances. Commitment to Fund Joint Venture In the first quarter of 2024, we entered into a joint venture with an institutional investment manager pursuant to which we will offer to sell certain residential investor bridge and term loans we originate into joint venture entities that meet specified criteria at contractually pre-established prices. We have committed approximately $100 million of equity capital to be allocated to the joint venture entities and joint venture co-investments to be held in Redwood's investment portfolio. At December 31, 2024, we had contributed $26 million of capital, net to the joint venture. In the second quarter of 2023, we entered into a joint venture with another institutional investment manager to invest in residential investor bridge loans originated by CoreVest. We have a commitment to contribute up to approximately $19 million to the joint venture to fund the joint venture's purchase of residential investor bridge loans, under the updated terms of the joint venture. At December 31, 2024, we had contributed $5 million of capital to the joint venture. Loss Contingencies — Repurchase Reserves We maintain a repurchase reserve for potential obligations arising from representation and warranty violations related to residential consumer and residential investor loans we have sold to securitization trusts or third parties and for conforming residential consumer loans associated with MSRs that we have purchased from third parties. We do not originate residential consumer loans and we believe the initial risk of loss due to loan repurchases (i.e., due to a breach of representations and warranties) would generally be a contingency to the companies from whom we acquired the loans. However, in some cases, for example, where loans were acquired from companies that have since become insolvent, repurchase claims may result in our being liable for a repurchase obligation. Loss Contingencies — Litigation, Claims and Demands The Company may be involved in litigation, claims and demands in the ordinary course of the business. As of December 31, 2024, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity The following table provides a summary of changes to accumulated other comprehensive income by component for the years ended December 31, 2024 and 2023. Table 19.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Years Ended December 31, 2024 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of year $ 10,219 $ (68,176) $ (57,957) $ 3,435 $ (72,303) $ (68,868) Other comprehensive income before reclassifications 12,345 — 12,345 6,230 — 6,230 Amounts reclassified from other accumulated comprehensive income (loss) (1,597) 4,138 2,541 554 4,127 4,681 Net current-period other comprehensive income 10,748 4,138 14,886 6,784 4,127 10,911 Balance at End of Year $ 20,967 $ (64,038) $ (43,071) $ 10,219 $ (68,176) $ (57,957) The following table provides a summary of reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023. Table 19.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount Reclassified From Affected Line Item in the Year Ended December 31, (In Thousands) Income Statement 2024 2023 Net Realized (Gain) Loss on AFS Securities Decrease in allowance for credit losses on AFS securities Investment fair value changes, net $ (1,561) $ (58) (Gain) loss on sales of AFS securities Realized gains, net (36) 612 $ (1,597) $ 554 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 4,138 $ 4,127 $ 4,138 $ 4,127 Issuance of Common Stock We have an established program to sell common stock from time to time in at-the-market ("ATM") offerings. During the year ended December 31, 2024, we did not issue any common shares through ATM offerings. The capacity of this program is $175 million, of which approximately $50 million remained outstanding for future offerings at December 31, 2024. During the years ended December 31, 2023 and 2022, we issued 17 million and 5 million of common shares under this program for net proceeds of $124 million and $67 million, respectively. Issuance of Preferred Stock Redwood issued 2.8 million shares of 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") for gross proceeds of $70 million and net proceeds of approximately $67 million, after deducting the underwriting discount and other estimated expenses. The Series A Preferred Stock pays quarterly cumulative cash dividends through January 15, 2028 at a fixed annual rate of 10%, based on the stated liquidation preference of $25.00 per share, in arrears, when authorized by Redwood's Board of Directors and declared by the Company. Starting April 15, 2028, the annual dividend rate will reset to the five-year U.S. Treasury Rate plus a spread of 6.278%. The Series A Preferred Stock ranks senior to Redwood's common stock with respect to rights to the payment of dividends and the distribution of assets upon any liquidation, dissolution or winding up of the Company. During the year ended December 31, 2024, the Company declared preferred stock dividends of $2.50 per share. At December 31, 2024, preferred dividends payable totaling $1 million for the fourth quarter 2024 were included in Accrued expenses and other liabilities. These dividends are payable on January 15, 2025 to preferred stockholders of record on January 1, 2025. Direct Stock Purchase and Dividend Reinvestment Plan During the years ended December 31, 2024 and 2023, we did not issue shares of common stock through our Direct Stock Purchase and Dividend Reinvestment Plan. At December 31, 2024, approximately 6 million shares remained outstanding for future offerings under this plan. Common Stock Warrants In conjunction with establishing the joint venture with an institutional investment manager in the first quarter of 2024, we issued warrants exercisable for 1,974,905 shares of our common stock (the “First Tranche Warrants”); and (ii) warrants exercisable for 4,608,112 shares of our common stock (the “Second Tranche Warrants” and together with the First Tranche Warrants, the “Warrants”). The First Tranche Warrants are exercisable from March 18, 2025 to March 18, 2029. The Second Tranche Warrants will vest upon achievement of specified deployment thresholds related to the joint venture and, if vested, will be exercisable from the date the Second Tranche Warrants vest to March 18, 2029. The initial strike price of the Warrants is $7.76. The Warrants also contain a mandatory exercise provision, exercisable at Redwood’s option upon satisfaction of specified conditions, including the trading price of Redwood’s common stock exceeding a specified premium to the exercise price. Exercises of any Warrants will be settled on a net basis. The Warrants met the criteria for equity classification under GAAP and are recorded as a component of Additional paid-in-capital in Equity on our Consolidated Balance Sheets. The Warrants were valued at $0.8 million on the issuance date and are not subject to subsequent remeasurement. See Note 20 for discussion on the impact of the Warrants on earnings per common share.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The following table provides the basic and diluted earnings per common share computations for the years ended December 31, 2024, 2023, and 2022. Table 20.1 – Basic and Diluted Earnings per Common Share Years Ended December 31, (In Thousands, except Share Data) 2024 2023 2022 Basic Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 46,989 $ (8,958) $ (163,520) Less: Dividends and undistributed earnings allocated to participating securities (4,391) (3,999) (4,335) Net income (loss) available (related) to common stockholders $ 42,598 $ (12,957) $ (167,855) Basic weighted average common shares outstanding 132,050,825 116,283,328 117,227,846 Basic Earnings (Loss) per Common Share $ 0.32 $ (0.11) $ (1.43) Diluted Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 46,989 $ (8,958) $ (163,520) Less: Dividends and undistributed earnings allocated to participating securities (4,391) (3,999) (4,335) Net income (loss) available (related) to common stockholders $ 42,598 $ (12,957) $ (167,855) Weighted average common shares outstanding 132,050,825 116,283,328 117,227,846 Net effect of dilutive equity awards 88,609 — — Net effect of assumed convertible notes conversion to common shares — — — Diluted weighted average common shares outstanding 132,139,434 116,283,328 117,227,846 Diluted Earnings (Loss) per Common Share $ 0.32 $ (0.11) $ (1.43) We included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights, in the calculations of basic and diluted earnings per common share as we determined that the two-class method was more dilutive than the alternative treasury stock method for these shares. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances. During the years ended December 31, 2024, 2023 and 2022, none of our convertible or exchangeable senior notes were determined to be dilutive and were not included in the calculation of diluted EPS under the "if-converted" method. Under this method, for the exchangeable senior notes due in 2025, and previously for the repaid convertible senior notes due in 2024 and 2023, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. For convertible notes due in 2027, if the potential conversion of the debt is dilutive, then the number of shares needed to settle the conversion premium are added to the shares outstanding used to calculate dilutive EPS. During the year ended December 31, 2024, none of our Warrants were determined to be dilutive to our calculation of dilutive earnings per common share. The Warrants would have a dilutive effect on earnings per common share to the extent that the Warrants are vested and exercisable, and the average market value per share of our common stock exceeds the strike price of the Warrants. For the years ended December 31, 2024, 2023 and 2022, 32,422,712, 42,229,598, and 40,081,997 of common shares, respectively, related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the years ended December 31, 2024, 2023 and 2022, the number of outstanding equity awards that were antidilutive totaled 81,779, 105,592 and 226,975, respectively. Stock Repurchases Our Board of Directors approved an authorization for the repurchase of up to $125 million of our common stock, and also authorized the repurchase of outstanding debt securities, including convertible and exchangeable debt. In May 2023, our Board of Directors approved an additional authorization for the repurchase of up to $70 million of our preferred stock. During the year ended December 31, 2024 we did not repurchase any shares of our common stock or preferred stock and repurchased $72 million of our convertible and exchangeable debt. During the year ended December 31, 2023, we did not repurchase any shares of our common and preferred stock and repurchased $81 million of our convertible and exchangeable notes. At December 31, 2024, $101 million of the current authorization remained available for the repurchase of shares of our common stock, $70 million remained available for repurchases of shares of our preferred stock, and we also continued to be authorized to repurchase outstanding debt securities.

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Compensation Plans	Equity Compensation Plans At December 31, 2024 and 2023, 7,027,251 and 10,211,459 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan, which are settled by delivery of shares of common stock, and purchases under the Employee Stock Purchase Plan, totaled $40 million at December 31, 2024, as shown in the following table. Table 21.1 – Activities of Equity Compensation Costs by Award Type Year Ended December 31, 2024 (In Thousands) Restricted Stock Units Deferred Stock Units Performance Stock Units Employee Stock Purchase Plan Total Unrecognized compensation cost at beginning of year $ 3,166 $ 18,920 $ 15,519 $ — $ 37,605 Equity grants 7,047 10,559 7,942 207 25,755 Performance-based valuation adjustment — — (1,626) — (1,626) Equity grant forfeitures (781) (1,147) — — (1,928) Equity compensation expense (2,448) (10,702) (5,995) (207) (19,352) Unrecognized Compensation Cost at End of Year $ 6,984 $ 17,630 $ 15,840 $ — $ 40,454 At December 31, 2024, the weighted average amortization period remaining for all of our equity awards was less than two years. Restricted Stock Awards ("RSAs") As of December 31, 2024, there were no restricted stock awards outstanding or any remaining unrecognized compensation costs related to these awards. The expenses recorded for RSAs were zero, zero, and $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Restricted Stock Units ("RSUs") The following table summarizes the activities related to RSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.2 – Restricted Stock Units Activities Years Ended December 31, 2024 2023 2022 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 593,570 $ 8.79 806,119 $ 9.22 431,072 $ 11.55 Granted 1,027,640 6.86 275,005 7.88 558,388 8.38 Vested (297,320) 8.56 (354,813) 9.21 (134,426) 12.56 Forfeited (99,816) 7.51 (132,741) 8.40 (48,915) 11.04 Outstanding at End of Year 1,224,074 $ 7.32 593,570 $ 8.79 806,119 $ 9.22 We generally grant RSUs annually, as part of our compensation process. In addition, RSUs are granted from time to time in connection with hiring and promotions. RSUs generally vest over the course of a four-year vesting period, and are distributed annually, at the end of each vesting period. The expenses recorded for RSUs were $2 million, $3 million, and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, there was $7 million of unrecognized compensation cost related to unvested RSUs. This cost will be recognized over a weighted average period of less than 2 years. Restrictions on shares underlying RSUs outstanding lapse through 2028. Deferred Stock Units (“DSUs”) The following table summarizes the activities related to DSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.3 – Deferred Stock Units Activities Years Ended December 31, 2024 2023 2022 Units Weighted Units Weighted Units Weighted Outstanding at beginning of year 4,821,172 $ 10.13 4,831,338 $ 11.31 4,022,088 $ 12.93 Granted 1,698,285 6.56 1,499,621 7.77 1,759,344 8.83 Distributions (893,801) 10.07 (1,459,666) 11.71 (551,401) 11.35 Forfeitures (115,715) 8.36 (50,121) 7.54 (398,693) 12.07 Balance at End of Year 5,509,941 $ 9.07 4,821,172 $ 10.13 4,831,338 $ 11.31 We generally grant DSUs annually, as part of our compensation process. In addition, DSUs are granted from time to time in connection with hiring and promotions and in lieu of the payment in cash of a portion of annual bonuses earned. DSUs generally vest over the course of a four-year vesting period, and are distributed after the end of the final vesting period or after an employee is terminated. At December 31, 2024 and 2023, the number of outstanding DSUs that were unvested was 3,011,071 and 2,536,692, respectively, and the weighted average grant-date fair value of these unvested DSUs was $7.71 and $9.05 at December 31, 2024 and 2023, respectively. Unvested DSUs at December 31, 2024 will vest through 2028. Expenses related to DSUs were $11 million, $11 million, and $13 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, there was $18 million of unrecognized compensation cost related to unvested DSUs. This cost will be recognized over a weighted average period of less than 2 years. Performance Stock Units (“PSUs”) During the years ended December 31, 2024, 2023, and 2022, the Company granted PSUs to certain executive officers that had been approved by the Compensation Committee as part of the annual compensation process. PSUs generally have performance-based vesting over the course of a three-year vesting/performance period and, subject to meeting certain performance criteria, will vest and be distributed after the end of the vesting period. The grant date fair value of the PSUs was determined through a Monte-Carlo simulation using the following assumptions: (i) the common stock closing price at the grant date for Redwood and each member of the comparator group, (ii) the average closing price of the common stock price for the 60 trading days at the beginning of each calendar year for Redwood and each member of the comparator group, (iii) the range of performance-based vesting based on absolute total shareholder return (“TSR”) over three years from the grant date, (iv) an implied volatility assumption based on historical volatility, (v) a risk-free rate for the period interpolated from the U.S. Treasury yield curve on grant date and (vi) a dividend yield equivalent to reinvesting the dividends over the three-year performance period. With respect to the vesting of the 2024, 2023, and 2022 PSU awards: • First, vesting would range from 0% - 250% of two-thirds of the Target PSUs granted based on the level of book value total shareholder return ("bvTSR") attained over the three-year vesting period, with 100% of this two-thirds of the Target PSUs vesting if three-year bvTSR is 25%. • Second, vesting would range from 0% - 250% of one-third of the Target PSUs granted based on Redwood’s relative total shareholder return (“rTSR”) against a comparator group of companies measured over the three-year vesting period, with 100% of this one-third of the Target PSUs vesting if three-year rTSR corresponds to 55th percentile rTSR. • Third, if the aggregate vesting level after steps one and two is greater than 100% of the Target PSUs, but the Company's absolute total shareholder return ("TSR") is negative over the three-year performance period, vesting would be capped at 100% of Target PSUs. The following table summarizes the activities related to PSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.4 – Performance Stock Unit Activities Years Ended December 31, 2024 2023 2022 Units Weighted Units Weighted Units Weighted Outstanding at beginning of year 3,072,039 $ 10.32 2,354,002 $ 11.75 1,473,883 $ 14.48 Granted 1,058,644 7.50 993,868 8.81 1,086,153 9.09 Vested (473,845) 10.42 (275,831) 17.13 (206,034) 17.23 Forfeitures — — — — — — Balance at End of Year 3,656,838 $ 9.49 3,072,039 $ 10.32 2,354,002 $ 11.75 Expenses related to PSUs were $6 million, $4 million, and $4 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, there was $16 million of unrecognized compensation cost related to unvested PSUs. During 2024, for PSUs granted in 2022 and 2021, we adjusted the cumulative expected amortization expense down by $2 million to reflect our revised vesting estimates. The end of the vesting period for 518,173 target PSU awards that were granted in 2021 was January 1, 2025, and based upon the performance-based vesting criteria of these awards, approximately 180,000 shares of our common stock underlying these PSUs qualified for vesting, subject to approval by our Board of Directors during the first quarter of 2025. For 473,845 target PSU awards that were granted in December 2020, the performance vesting period ended on January 1, 2024. Based upon the performance-based vesting criteria of these awards, 564,975 shares of our common stock underlying these PSU vested and were distributed during the second quarter of 2024. Executive Deferred Compensation Plan The following table summarizes the outstanding liability and activities related to the EDCP for the years ended December 31, 2024, 2023, and 2022. Table 21.5 – EDCP Payable and Activities Years Ended December 31, (In Thousands) 2024 2023 2022 Balance at beginning of year $ 3,198 $ 3,307 $ 2,730 New deferrals 951 1,069 1,083 Accrued interest 168 155 108 Withdrawals (1,075) (1,333) (614) Balance at End of Year $ 3,242 $ 3,198 $ 3,307 In 2023, our Board of Directors approved an amendment to the EDCP to increase by 100,000 shares the shares available to allow non-employee directors to defer certain cash payments and dividends into DSUs. At December 31, 2024, there were 82,395 shares available for grant under this plan.

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
General and Administrative Expenses	General and Administrative Expenses Components of our general and administrative expenses for the years ended December 31, 2024, 2023 and 2022 are presented in the following table. Table 22.1 – Components of General and Administrative Expenses Years Ended December 31, (In Thousands) 2024 2023 2022 Fixed compensation expense (1) $ 55,736 $ 53,525 $ 63,642 Long-term incentive award expense (2) 25,025 24,854 23,101 Annual variable compensation expense 19,478 14,752 12,873 Systems and consulting 13,660 12,454 14,193 Office costs 7,634 8,590 8,574 Accounting and legal 4,762 5,191 6,644 Corporate costs 3,495 3,628 3,675 Other 6,603 5,301 8,206 Total General and Administrative Expenses $ 136,393 $ 128,295 $ 140,908 (1) Includes $2 million, $2 million and $7 million of severance and transition-related expenses for the years ended December 31, 2024, 2023 and 2022, respectively. (2) For the years ended December 31, 2024, 2023, and 2022, long-term incentive award expense includes $19 million, $18 million and $20 million, respectively, of expense for awards settleable in shares of our common stock and $6 million, $6 million and $3 million, respectively, of expense for awards settleable in cash. For the year ended December 31, 2024, includes equity amortization expense of $1 million related to employee terminations.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Taxes	Taxes Components of our net deferred tax assets at December 31, 2024 and 2023 are presented in the following table. Table 23.1 – Deferred Tax Assets and (Liabilities) (In Thousands) December 31, 2024 December 31, 2023 Deferred Tax Assets Net operating loss carryforward – state $ 98,290 $ 98,442 Net capital loss carryforward – state 19,459 18,191 Net operating loss carryforward – federal 13,753 21,398 Net capital loss carryforward – federal 116 59 Allowances and accruals 1,679 1,680 Goodwill and intangible assets 25,298 26,192 Other 1,685 1,644 Total Deferred Tax Assets 160,280 167,606 Deferred Tax Liabilities Real estate assets (4,263) (979) Mortgage servicing rights (9,304) (7,284) Interest rate agreements (1,693) (2,237) Tax effect of unrealized (gains) – OCI (13) — Total Deferred Tax Liabilities (15,273) (10,500) Valuation Allowance (117,862) (116,991) Total Net Deferred Tax Asset, net of Valuation Allowance $ 27,145 $ 40,115 The deferred tax assets and liabilities reported above, with the exception of the state net operating loss ("NOL") and capital loss carryforwards, relate solely to our TRS. For state purposes, the REIT files a unitary combined return with its TRS. Because the REIT may have state taxable income apportioned to it from the activity of its TRS, we report the entire combined unitary state NOL and capital loss carryforwards as deferred tax assets, including the carryforwards allocated to the REIT. Realization of our deferred tax assets ("DTAs") at December 31, 2024, is dependent on many factors, including generating sufficient taxable income prior to the expiration of NOL carryforwards (where applicable) and generating sufficient capital gains in future periods prior to the expiration of capital loss carryforwards. We determine the extent to which realization of the deferred assets is not assured and establish a valuation allowance accordingly. We closely analyzed our estimate of the realizability of our net deferred tax assets in whole and in part at December 31, 2024 and 2023. The Company evaluates its deferred tax assets each period to determine if a valuation allowance is required based on whether it is "more likely than not" that some portion of the deferred tax assets would not be realized. This evaluation requires significant judgment and changes to our assumptions could result in a material change in the valuation allowance. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. The Company conducts its evaluation by considering, among other things, all available positive and negative evidence, historical operating results and cumulative earnings analysis, forecasts of future profitability, and the duration of statutory carryforward periods. Based on this analysis, we continue to believe it is more likely than not that we will realize our federal deferred tax assets in future periods as income is earned at our TRS; therefore, there continues to be no material valuation allowance recorded against our net federal DTAs. Consistent with prior periods, we continued to maintain a valuation allowance against the majority of our net state DTAs as we remained uncertain about our ability to generate sufficient income in future periods needed to utilize net state DTAs beyond the reversal of our state DTLs. The net increase in the total valuation allowance was $1 million in 2024. Our estimate of net deferred tax assets could change in future periods to the extent that actual or revised estimates of future taxable income during the carryforward periods change from current expectations. We assessed our tax positions for all open tax years (i.e., Federal, 2021 to 2024, and State, 2020 to 2024) and, at December 31, 2024 and 2023, concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits. At December 31, 2024, our federal NOL carryforward at the REIT was $37 million, of which $29 million will expire in 2029 and $9 million will carry forward indefinitely. In order to utilize NOLs at the REIT, taxable income must exceed dividend distributions. At December 31, 2024, our taxable REIT subsidiaries had $65 million of federal NOLs which will carry forward indefinitely. Redwood and its taxable REIT subsidiaries accumulated estimated state NOLs of $1.1 billion at December 31, 2024. These NOLs expire beginning in 2031. If certain substantial changes in the Company’s ownership occur, there could be an annual limitation on the amount of the carryforwards that can be utilized. The following table summarizes the provision for income taxes for the years ended December 31, 2024, 2023, and 2022. Table 23.2 – Provision for Income Taxes Years Ended December 31, (In Thousands) 2024 2023 2022 Current Provision for Income Taxes Federal $ 1,946 $ 20 $ 340 State 3,911 92 496 Total Current Provision for Income Taxes 5,857 112 836 Deferred Provision (Benefit From) for Income Taxes Federal 11,635 1,977 (19,083) State 1,345 (454) (1,673) Total Deferred Provision (Benefit From) for Income Taxes 12,980 1,523 (20,756) Total Provision (Benefit From) for Income Taxes $ 18,837 $ 1,635 $ (19,920) The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2024, 2023, and 2022. Table 23.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate December 31, 2024 December 31, 2023 December 31, 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax effect, as applicable 6.7 % 51.7 % 0.9 % Differences in taxable income from GAAP income (0.3) % (2.7) % (0.5) % Change in valuation allowance 0.1 % — % — % REIT GAAP income or loss not subject to federal income tax (1.6) % (325.9) % (10.5) % Effective Tax Rate 25.9 % (255.9) % 10.9 % The December 31, 2023 effective tax rate is negative and appears outsized due to a relatively small consolidated GAAP loss and a provision for income taxes recorded against TRS GAAP income well in excess of the consolidated loss.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2025, Redwood issued $90 million of 9.125% Senior Notes due in 2030. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.125% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2025. The Senior Notes mature on March 1, 2030. We may redeem the Senior Notes, in whole or in part, at any time on or after March 1, 2027 at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest. In response to the Los Angeles wildfires that occurred in January 2025, we continue to assess the impact to our business and we are currently monitoring the affected areas. Based on our assessments to date, we have not identified circumstances that we believe would have a material adverse impact on our business.

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	(In Thousands) Description Number of Interest Maturity Carrying Amount Principal Amount Subject to Delinquent Principal or Interest Residential Consumer Loans Held-for-Investment At Sequoia (1) : ARMS loans 897 1.25 % to 7.75% 2026-11 - 2036-03 104,369 1,903 Hybrid ARM loans 426 1.88 % to 8.88% 2033-06 - 2063-03 379,061 621 Fixed loans 9,782 1.88 % to 8.50% 2026-08 - 2054-10 8,336,124 16,956 At Freddie Mac SLST (2) : Fixed loans 9,760 2.00 % to 11.00% 2024-12 - 2064-09 1,244,722 106,910 Total Residential Consumer Loans Held-for-Investment $ 10,064,276 $ 126,390 Residential Consumer Loans Held-for-Sale (3) : Hybrid ARM loans 154 4.63 % to 8.25% 2032-11 - 2055-01 $ 173,913 $ — Fixed loans 736 3.25 % to 9.75% 2027-01 - 2055-01 839,634 — Total Residential Consumer Loans Held-for-Sale $ 1,013,547 $ — Residential Investor Term Loans Held-for-Sale (3) : Fixed loans 101 5.95 % to 8.50% 2022-06 - 2055-01 $ 158,637 $ 33,065 Total Residential Investor Term Loans Held-for-Sale $ 158,637 $ 33,065 Residential Investor Term Loans Held-for-Investment: At CAFL (1) : Fixed loans 856 3.81 % to 8.24% 2022-10 - 2033-08 $ 2,485,069 $ 194,143 Total Residential Investor Term Loans Held-for-Investment $ 2,485,069 $ 194,143 Residential Investor Bridge Loans at Redwood (4) : Fixed loans 272 6.30 % to 12.50% 2022-01 - 2026-12 $ 579,300 $ 7,741 Floating ARM loans 390 8.10 % to 11.80% 2021-10 - 2026-12 $ 540,982 $ 121,488 Total Residential Investor Bridge Loans at Redwood $ 1,120,282 $ 129,229 Residential Investor Bridge Loans Held-for-Investment at CAFL (4) : Fixed loans 1,099 6.75 % to 12.00% 2023-11 - 2026-09 $ 375,792 $ 8,695 Floating ARM loans 1,197 8.10 % to 13.67% 2023-10 - 2027-03 $ 447,311 $ 12,269 Total Residential Investor Bridge Loans Held-for-Investment at CAFL $ 823,103 $ 20,964 Consolidated Agency multifamily Loans Held-for-Investment (2) : At Freddie Mac K-Series: Fixed loans 28 4.25 % to 4.25% 2025-09 - 2025-09 $ 424,597 $ — Total Consolidated Agency Multifamily Loans Held-for-Investment $ 424,597 $ — (1) For our held-for-investment loans at consolidated Sequoia and CAFL entities, the aggregate tax basis for Federal income tax purposes at December 31, 2024 was zero, as the transfers of these loans into securitizations were treated as sales for tax purposes. (2) Our held-for-investment loans at Freddie Mac SLST and Freddie Mac K-Series entities were consolidated for GAAP purposes. For tax purposes, we acquired real estate securities issued by these entities and therefore, the tax basis in these loans was zero at December 31, 2024. (3) The aggregate tax basis for Federal income tax purposes of our mortgage loans held at Redwood approximates the carrying values, as disclosed in the schedule. (4) For our residential investor bridge loans, the aggregate tax basis for Federal income tax purposes at December 31, 2024 was $1.76 billion. The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2024, 2023, and 2022. Years Ended December 31, (In Thousands) 2024 2023 2022 Balance at beginning of year $ 12,696,220 $ 11,370,323 $ 12,856,934 Additions during year: Originations/acquisitions 9,133,852 3,639,782 6,589,943 Deductions during year: Sales (2,903,954) (827,337) (4,325,790) Principal repayments (2,895,186) (1,601,190) (2,199,109) Transfers to REO (22,554) (100,280) (8,495) Changes in fair value, net 81,132 214,922 (1,543,160) Balance at end of year $ 16,089,510 $ 12,696,220 $ 11,370,323

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 54,004	$ (2,274)	$ (163,520)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical information technology (“IT”) systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan and is one aspect of the overall set of policies, procedures and techniques that we employ at the Company to manage risk. Many of the mechanisms for identifying, managing and reporting on cybersecurity risk are integrated into the Company’s broader policies and procedures relating to risk management; however, due to the unique nature of cybersecurity risk, key aspects of our cybersecurity risk management program are intended to function on a stand-alone basis, including to ensure rapid escalation and response to cybersecurity incidents. Our cybersecurity risk management program includes: • Risk assessments designed to help identify material cybersecurity risks to our critical systems, information, operations, and our Company’s overall IT environment; • A team of IT professionals principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) together with our legal/compliance team, our response to cybersecurity incidents; • Use of third-party service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls, including, without limitation, periodic penetration testing, network vulnerability and web application scanning, and system monitoring via System Information and Event Management (“SIEM”) or other monitoring tools; • Employee and contractor trainings on information security awareness, data privacy awareness, and phishing/social engineering mitigation, as well as periodic tabletop exercises involving IT professionals and executive management to review roles and responsibilities and walk through practical aspects of responding to cybersecurity incidents; • A cybersecurity incident response plan that sets forth guidelines, policies and procedures for identification, escalation, containment, investigation, remediation, recovery, notification, legal compliance and related processes and actions in response to a cybersecurity incident; and • A risk management process for third-party service providers, suppliers, and vendors, which includes criteria for risk-based categorization of these third parties and policies and procedures relating to assessing their cybersecurity practices prior to engagement and periodic monitoring during the course of engagement. We design and assess our cybersecurity risk management program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) – i.e., we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business, but our use of the NIST CSF as a guide does not mean that we meet the particular technical standards, specifications, or requirements of all of the NIST CSF. We have not currently identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or that we believe are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For additional information about cybersecurity risk, refer to Part II, Item 7 of this Annual Report on Form 10-K generally and under the heading “ Maintaining cybersecurity and complying with data privacy laws and regulations are important to our business and a breach of our cybersecurity or a violation of data privacy laws could result in serious harm to our reputation and have a material adverse impact on our business and financial results
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical information technology (“IT”) systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan and is one aspect of the overall set of policies, procedures and techniques that we employ at the Company to manage risk. Many of the mechanisms for identifying, managing and reporting on cybersecurity risk are integrated into the Company’s broader policies and procedures relating to risk management; however, due to the unique nature of cybersecurity risk, key aspects of our cybersecurity risk management program are intended to function on a stand-alone basis, including to ensure rapid escalation and response to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	As part of its risk oversight function, our Board, including through delegation to its Audit Committee, regularly receives risk management reporting from various officers of the Company responsible for different risk disciplines, including with respect to cybersecurity and IT risk, and oversees management’s administration of our cybersecurity risk management program. For example, officers within our IT department provide periodic (generally at least once per quarter) reports from management to the Audit Committee related to cybersecurity, our cybersecurity risk management program and related risks, with copies of these reports also provided to our full Board. These reports supplement materials and presentations from outside experts that are also provided to our Board members from time to time as part of the Board’s and Audit Committee’s continuing education on risk oversight topics such as cybersecurity that impact companies in our industry and, more generally, publicly-traded companies. In addition, management provides event-driven updates to the Audit Committee and Board regarding any material cybersecurity incidents and, as appropriate, any incidents with lesser impact potential. Under our cybersecurity incident response plan, our Chief Legal Officer is responsible for escalating to the Audit Committee and Board information regarding any material cybersecurity incident. Our management team, including officers within our IT department, is responsible for assessing and managing our material risks from cybersecurity threats. Our IT department has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and the external cybersecurity consultants we retain. The officers and employees of the Company who manage our IT function and our cybersecurity risk management program have significant experience, individually and collectively, and key members of our IT department hold industry certifications, including multiple individuals who are Certified Information System Security Professionals (“CISSP”) and Certified Information Systems Auditors (“CISA”). Overall, we believe we have a team of IT professionals skilled in a range of disciplines related to the design and implementation of our cybersecurity program, as well as in assessing security controls and processes and addressing or remediating emerging threats and findings that are identified. Members of our senior management team supervise our IT function and its efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents. In addition to day-to-day management, our senior management team’s supervision of these efforts includes receiving and responding to briefings from IT personnel, updates on cyberthreat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and notification of significant alerts and reports produced by third parties and security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of its risk oversight function, our Board, including through delegation to its Audit Committee, regularly receives risk management reporting from various officers of the Company responsible for different risk disciplines, including with respect to cybersecurity and IT risk, and oversees management’s administration of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of its risk oversight function, our Board, including through delegation to its Audit Committee, regularly receives risk management reporting from various officers of the Company responsible for different risk disciplines, including with respect to cybersecurity and IT risk, and oversees management’s administration of our cybersecurity risk management program. For example, officers within our IT department provide periodic (generally at least once per quarter) reports from management to the Audit Committee related to cybersecurity, our cybersecurity risk management program and related risks, with copies of these reports also provided to our full Board. These reports supplement materials and presentations from outside experts that are also provided to our Board members from time to time as part of the Board’s and Audit Committee’s continuing education on risk oversight topics such as cybersecurity that impact companies in our industry and, more generally, publicly-traded companies. In addition, management
Cybersecurity Risk Role of Management [Text Block]	Our management team, including officers within our IT department, is responsible for assessing and managing our material risks from cybersecurity threats. Our IT department has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and the external cybersecurity consultants we retain. The officers and employees of the Company who manage our IT function and our cybersecurity risk management program have significant experience, individually and collectively, and key members of our IT department hold industry certifications, including multiple individuals who are Certified Information System Security Professionals (“CISSP”) and Certified Information Systems Auditors (“CISA”). Overall, we believe we have a team of IT professionals skilled in a range of disciplines related to the design and implementation of our cybersecurity program, as well as in assessing security controls and processes and addressing or remediating emerging threats and findings that are identified. Members of our senior management team supervise our IT function and its efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents. In addition to day-to-day management, our senior management team’s supervision of these efforts includes receiving and responding to briefings from IT personnel, updates on cyberthreat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and notification of significant alerts and reports produced by third parties and security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including officers within our IT department, is responsible for assessing and managing our material risks from cybersecurity threats. Our IT department has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and the external cybersecurity consultants we retain. The officers and employees of the Company who manage our IT function and our cybersecurity risk management program have significant experience, individually and collectively, and key members of our IT department hold industry certifications, including multiple individuals who are Certified Information System Security Professionals (“CISSP”) and Certified Information Systems Auditors (“CISA”). Overall, we believe we have a team of IT professionals skilled in a range of disciplines related to the design and implementation of our cybersecurity program, as well as in assessing security controls and processes and addressing or remediating emerging threats and findings that are identified.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The officers and employees of the Company who manage our IT function and our cybersecurity risk management program have significant experience, individually and collectively, and key members of our IT department hold industry certifications, including multiple individuals who are Certified Information System Security Professionals (“CISSP”) and Certified Information Systems Auditors (“CISA”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In addition, management provides event-driven updates to the Audit Committee and Board regarding any material cybersecurity incidents and, as appropriate, any incidents with lesser impact potential. Under our cybersecurity incident response plan, our Chief Legal Officer is responsible for escalating to the Audit Committee and Board information regarding any material cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022. These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial condition of the Company at December 31, 2024 and 2023, and results of operations for all periods presented.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. The Company has a controlling financial interest in and consolidates a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits for the VIE that could potentially be significant to the VIE. See Note 15 for further information about VIEs. For entities that are not VIEs, we have a controlling financial interest in entities where we hold a majority of the voting rights. We use the equity method to account for our interest in entities in which we do not have a controlling financial interest, but over which we have significant influence. For financial reporting purposes, we consolidate the assets and liabilities of certain entities formed in connection with the securitization of our loans and HEI, which we have determined to be VIEs and in which we have a controlling financial interest. The underlying loans owned at the consolidated securitization entities are shown under residential consumer loans and residential investor loans on our consolidated balance sheets. In our consolidated statements of income, we record interest income on the loans owned at these entities and interest expense on the ABS issued by these entities as well as fair value changes, other income and expenses associated with these entities' activities. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. See Note 16 for further discussion on ABS issued. The underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments on our consolidated balance sheets and the associated fair value changes and interest expense associated with ABS issued are shown under HEI income, net on our consolidated statements of income (loss). See Note 10 for further discussion on HEI. We also consolidate two partnerships ("Servicing Investment" entities) through which we have invested in servicing-related assets. We maintain an 80% ownership interest in each entity and have determined that we are the primary beneficiary of these partnerships. We account for the co-investors' interests as non-controlling interests, see Note 14 for further discussion.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Fair Value Measurements	Fair Value Measurements Our consolidated financial statements include assets and liabilities that are measured at their fair values in accordance with GAAP. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date.
Fair Value Option	Fair Value Option Under GAAP, we have the option to measure eligible financial assets, financial liabilities, and commitments at fair value on an instrument-by-instrument basis. This option is available when we first recognize a financial asset or financial liability or enter into a firm commitment. Subsequent changes in the fair value of assets, liabilities, and commitments where we have elected the fair value option are recorded in our consolidated statements of income (loss). We elect the fair value option for certain residential consumer and investor loans, interest-only (“IO”) and certain subordinate securities, MSRs, servicer advance investments, HEI, and certain of our other investments. We generally elect the fair value option for residential consumer and investor loans that are held-for-sale, due to our intent to sell or securitize the loans in the near-term and for residential investor bridge loans due to their shorter duration. We elect the fair value option for our IO and certain subordinate securities, and MSRs, for which we may hedge market interest rate risk. In addition, we elect the fair value option for the assets and liabilities of our consolidated securitization entities in accordance with GAAP accounting for collateralized financing entities ("CFEs").
Real Estate Loans	Real Estate Loans Residential Consumer Loans We acquire residential consumer loans from third-party originators for subsequent sale to whole loan buyers, securitization or transfer into our Redwood Investments portfolio. Residential consumer loans held-for-sale include loans that we intend to sell to third parties, or including transfers to securitization entities that we plan to sponsor. We generally elect the fair value option for residential consumer loans that we purchase and the changes in fair value for these loans are recurring which are reported through our consolidated statements of income (loss) in Mortgage banking activities, net. We record residential consumer loans held-for-investment at consolidated securitization entities at fair value. In accordance with accounting guidance for CFEs, we use the fair value of the ABS issued by these entities (which we determined to be more observable) to determine the fair value of the loans held at these entities. Changes in fair value for these loans and related ABS are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. See Note 7 for further discussion on residential consumer loans. Residential Investor Loans We originate and purchase r esidential investor loans, for subsequent securitization, sale, or transfer into our Redwood Investments portfolio. R esidential investor loans are loans to investors in single-family and multifamily housing properties, which we classify as either "term" loans (which include loans with maturities that generally range from 3 to 30 years) or "bridge" loans (which include loans with maturities that generally range from 12 to 36 months). Single-family loans are mortgage loans secured by residential real estate (primarily 1-4 unit) that the borrower owns as an investment property. R esidential investor bridge loans are mortgage loans which are generally secured by unoccupied residential investor or multifamily real estate that the borrower owns as an investment and that is being renovated, rehabilitated or constructed. We classify r esidential investor loans as held-for-sale at fair value when we originate or purchase these loans with the intent to transfer the loans to securitization entities or sell the loans to third parties. Changes in fair value are recurring and reported through our consolidated statements of income (loss) in Mortgage banking activities, net. We classify r esidential investor loans as held-for-investment at fair value if we intend to hold these loans to maturity. Changes in fair value for these loans are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. In addition, we record r esidential investor loans held-for-investment at consolidated securitization entities at fair value in accordance with accounting guidance for CFEs, as described in the section above for residential consumer loans. See Note 8 for further discussion on residential investor loans. Interest Income Interest income is accrued on our unsecuritized loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is generally placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. Income from non-accrual loans is generally recognized on a cash basis when it is received. At the time a loan is placed on non-accrual status, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured, either through reinstatement by the borrower or if there is sufficient estimated net equity in the underlying real estate property.
Real Estate Securities, at Fair Value	Real Estate Securities, at Fair Value Our securities primarily consist of mortgage-backed securities (“MBS”) collateralized by residential consumer, re-performing ("RPL") and multifamily mortgage loans. We classify our real estate securities as trading or available-for-sale securities. Trading Securities We primarily denote trading securities as those securities where we have adopted the fair value option. Coupon interest is recognized as interest income when earned and deemed collectible. Changes in the fair value of securities designated as trading securities are generally reported in Investment fair value changes, net on our consolidated statements of income (loss). Available-for-Sale Securities AFS securities are carried at their fair value with unrealized gains and losses excluded from earnings (except when an allowance for credit losses is recognized, as discussed below) and reported in Accumulated other comprehensive income (loss) (“AOCI”), a component of stockholders’ equity. Interest income on AFS securities is accrued based on their outstanding principal balance and contractual terms and interest income is recognized based on the security’s effective interest rate. In order to calculate the effective interest rate, we must project cash flows over the remaining life of each security and make assumptions with regards to interest rates, prepayment rates, the timing and amount of credit losses, estimated call dates and other factors. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections based on input and analysis received from external sources, internal models, and our own judgments about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield and interest income recognized on these securities or in the recognition of an allowance for credit losses as discussed below. Credit impairments on our available-for-sale securities are recorded in earnings using an allowance for credit losses, with the allowance limited to the amount by which the security's fair value is less than its amortized cost basis. We evaluate all securities in an unrealized loss position to determine if the impairment is credit-related (resulting in an allowance for credit losses recorded in earnings) or non-credit-related (resulting in an unrealized loss through other comprehensive income). The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the beneficial interest’s amortized cost and the estimate of cash flows expected to be collected, discounted at the effective interest rate used to accrete the beneficial interest. No allowance is recorded for beneficial interests in an unrealized gain position. See Note 9 for further discussion on real estate securities. HEI We invest in HEI from third-party originators and securities collateralized by third-party HEI. We also originate HEI ourselves through our Aspire platform, some or all of which are retained in our Redwood Investments portfolio. Each HEI provides the investor an option to purchase a percentage ownership interest in the underlying residential property upon the occurrence of specified events. The homeowner's obligations under the HEI are secured by the recording of a lien (ty pically junior liens) against the property in the form of a deed of trust or a mortgage. Our investments in HEI allow us to share in home price appreciation (or depreciation) of the associated property. We have elected to record these investments at fair value and report changes in their fair value in HEI income, net on our consolidated statements of income (loss). In addition, we record HEI held at our consolidated HEI securitization entities at fair value. In accordance with accounting guidance for CFEs, we use the fair value of the ABS issued by these entities (which we determined to be more observable) to determine the fair value of the HEI held at these entities. Changes in fair value of the HEI assets held by these entities and the ABS issued by these entities (including issuance costs and the interest expense component of the ABS issued) are recorded through HEI income, net on our consolidated statements of income (loss).
Other Investments	Other Investments Servicer Advance Investments Our servicer advance investments are comprised of outstanding servicer advances receivable, the requirement to purchase all future servicer advances made with respect to a specified pool of residential mortgage loans and a fee component of the related MSR. We have elected to record these investments at fair value. We recognize interest income from our servicer advance investments when earned and deemed collectible and record the income as a component of Other interest income in our consolidated statements of income (loss). Our servicer advance investments are marked-to-market on a recurring basis with changes in the fair value reported in Investment fair value changes, net on our consolidated statements of income (loss). See Note 11 for further discussion on our servicer advance investments. Strategic Investments We have made and may make additional strategic investments in companies through our RWT Horizons venture investment strategy or at a corporate level. These investments can take the form of equity or debt and often have conversion features. Depending on the terms of the investments, we may account for these investments under the fair value option, as non-marketable equity securities under the equity method of accounting or the measurement alternative for equity securities without readily determinable fair values. Investments accounted for under the fair value option are carried at fair value with periodic changes in value recorded through Investment fair value changes, net on our consolidated statements of income (loss). For non-marketable securities, we utilize the equity method of accounting when we are able to exert significant influence over but do not control the activities of the investee. Under the equity method of accounting, we record our share of earnings or losses from equity-method investments and we assess our investments for impairment whenever events or changes in circumstances indicate that the carrying amount of our investment might not be recoverable. Income from equity-method investments is recorded in Other income, net on our consolidated statements of income (loss). Under the measurement alternative, the carrying value of our investment is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date and are recorded as a component of Other income, net on our consolidated statements of income (loss). See Note 11 for further discussion on our strategic investments. Excess MSRs Our excess MSR investments represent the right to receive a portion of mortgage servicing cash flows in excess of amounts paid for the underlying mortgage loans to be serviced. As owners of excess MSRs, we are not required to be a licensed servicer, and we are not required to assume any servicing duties, advance obligations or liabilities associated with the loan pool underlying the MSR. We have elected to record these investments at fair value. We recognize income from excess MSRs when it is earned and deemed collectible and record the income as a component of Other interest income in our consolidated statements of income (loss). Changes in fair value are recurring and are reported through our consolidated statements of income (loss) in Investment fair value changes, net. See Note 6 for further discussion on excess MSRs. MSRs We recognize MSRs through the retention of servicing rights associated with residential mortgage loans that we acquired and subsequently transferred to third parties when the transfer meets the GAAP criteria for sale accounting, or through the direct acquisition of MSRs sold by third parties.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions with Fannie Mae and Freddie Mac ("the Agencies"), as well as cash collateral held at Servicing Investment entities, and cash held at consolidated Sequoia, HEI and CAFL Bridge and Term entities for the purpose of distribution to investors and reinvestment.
Derivative Financial Instruments	Derivative Financial Instruments Derivative financial instruments we typically utilize include swaps, swaptions, financial futures contracts, and “To Be Announced” (“TBA”) contracts. These derivatives are primarily used to manage interest rate risk associated with our operations. In addition, we enter into certain residential loan purchase commitments (“LPCs”) and interest rate lock commitments ("IRLCs") that are treated as derivatives for financial reporting purposes. All derivative financial instruments are recorded at their fair value on our consolidated balance sheets. Derivatives with positive fair values to us are reported as assets, and derivatives with negative fair values to us are reported as liabilities. We classify each derivative as either (i) a trading instrument (no specific hedging designation for financial reporting purposes) or (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge). Changes in the fair values of derivatives accounted for as trading instruments, including any associated interest income or expense, are recorded in our consolidated statements of income (loss) through Other income, net if they are used to manage risks associated with our MSR investments, through Mortgage banking activities , net if they are used to manage risks associated with our mortgage banking activities, or through Investment fair value changes, net if they are used to manage risks associated with our investments. Valuation changes related to residential LPCs and IRLCs are included in Mortgage banking activities, net on our consolidated statements of income (loss). Changes in the fair values of derivatives accounted for as cash flow hedges, to the extent they are effective, are recorded in Accumulated other comprehensive (loss) income, a component of equity on our consolidated balance sheets. Interest income or expense, and any ineffectiveness associated with these derivatives, are recorded as a component of net interest income in our consolidated statements of income (loss). We measure the effective portion of cash flow hedges by comparing the change in fair value of the expected future variable cash flows of the derivative hedging instruments with the change in fair value of the expected future variable cash flows of the hedged item. We will discontinue a designated cash flow hedge relationship if (i) we determine that the hedging derivative is no longer expected to be effective in offsetting changes in the cash flows of the designated hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) the derivative is de-designated as a cash flow hedge; or (iv) it is probable that a forecasted transaction associated with the hedged item will not occur by the end of the originally specified time period. To the extent we de-designate or terminate a cash flow hedging relationship and the associated hedged item continues to exist, any unrealized gain or loss of the cash flow hedge at the time of de-designation remains in accumulated other comprehensive income and is amortized using the straight-line method through interest expense over the remaining life of the hedged item. Cash flow activity related to the net settlements of derivatives are reflected within the operating activities section of the Company's consolidated statements of cash flows. Realized gains or losses on the Company's derivative financial instruments are included in the market valuation adjustment line item within the operating activities section of the consolidated statements of cash flows. Swaps and Swaptions Interest rate swaps are agreements in which (i) one counterparty exchanges a stream of fixed interest payments for another counterparty’s stream of variable interest cash flows; or (ii) each counterparty exchanges variable interest cash flows that are referenced to different indices. Interest rate swaptions are agreements that provide the owner the right but not the obligation to enter into an underlying interest rate swap with a counterparty in the future. We enter into swaps and swaptions primarily to reduce significant changes in our income or equity caused by interest rate volatility. Certain of these interest rate agreements may be designated as cash flow hedges. TBA Agreements TBA agreements are forward contracts to purchase mortgage-backed securities that will be issued by a U.S. government sponsored enterprise in the future. We purchase or sell these derivatives to offset - to varying degrees - changes in the values of mortgage products for which we have exposure to interest rate volatility. Loan Purchase Commitments We use the term LPCs to refer to agreements with third-party residential loan originators to purchase residential loans at a future date that qualify as a derivative under GAAP. LPCs are recorded at their fair values on our consolidated balance sheets and changes in fair value are recurring and are reported through our consolidated statements of income (loss) in Mortgage banking activities, net. Interest Rate Lock Commitments
Deferred Tax Assets and Liabilities	Deferred Tax Assets and Liabilities Our deferred tax assets/liabilities are generated by temporary differences in GAAP income and taxable income at our taxable REIT subsidiaries. As a result of these differences, we may recognize taxable income in periods prior to when we recognize income for GAAP purposes. When this occurs, we pay the tax liability as required and establish a deferred tax asset. As the income is subsequently realized in future periods for GAAP purposes, the deferred tax asset is reduced. We may also recognize GAAP income in periods prior to when we recognize income for tax purposes. When this occurs, we establish a deferred tax liability. As the income is subsequently realized in future periods for tax purposes, the deferred tax liability is reduced.
Other Assets and Liabilities	Other Assets and Liabilities Goodwill and Intangible Assets Significant judgment is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired business, retention trends, and our operating plans, among other factors. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis and reviewed for impairment if indicators are present. Additionally, useful lives are evaluated each reporting period to determine if revisions to the remaining periods of amortization are warranted. Goodwill is tested for impairment annually or more frequently if indicators of impairment exist. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If, based on that assessment, we believe it is more likely than not that the fair value of the reporting unit is less than its carrying value, we measure the fair value of the reporting unit and record a goodwill impairment charge for the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. See Note 14 for further discussion on intangible assets. Agency Risk-Sharing - Assets and Liabilities We have entered into various risk-sharing arrangements with Fannie Mae and Freddie Mac. Under these arrangements, we committed to assume the first 1.00% or 2.25% (depending on the arrangement) of losses realized on reference pools of conforming residential mortgage loans that we acquired and then sold to the Agencies. As part of these risk-sharing arrangements, during the 10-year term of our first Fannie Mae arrangement, we receive monthly cash payments from Fannie Mae based on the monthly outstanding unpaid principal balance of the reference pool of loans, and for our Freddie Mac and our subsequent Fannie Mae arrangements, the Agencies charged us a reduced guarantee fee for the reference loans we delivered to them in exchange for mortgage-backed securities, which we then sold. Under these arrangements we are required to pledge assets to the Agencies to collateralize our risk-sharing commitments to them throughout the terms of the arrangements. These pledged assets are held by a third-party custodian for the benefit of the Agencies. To the extent approved losses are incurred, the custodian will transfer collateral to the Agencies. As a result of these transactions, we recorded restricted cash, “pledged collateral” in the other assets line item, and “guarantee obligations” in the other liabilities line item, on our consolidated balance sheets. In addition, for the first Fannie Mae transaction, we recorded a “guarantee asset” in the other assets line item on our consolidated balance sheets. The guarantee obligations represent our commitments to assume losses under these arrangements. We amortize the guarantee obligations over the 10-year terms of the arrangements based primarily on changes in the outstanding unpaid principal balance of loans in the reference pools, with a portion of the liabilities treated as a credit reserve that is not amortized into income. In addition, each period we assess the need for a separate loss allowance related to these arrangements, based on our estimate of credit losses inherent in the reference pools of loans. Income from cash payments received under the first Fannie Mae risk-sharing arrangement and income related to the amortization of the guarantee obligations of all three arrangements are recorded in Other income, net and market valuation changes of the guarantee asset are recorded in Investment fair value changes, net on our consolidated statements of income (loss). Our consolidated balance sheets include assets of the special purpose entities ("SPEs") associated with these risk-sharing arrangements (i.e., the "pledged collateral" referred to above) that can only be used to settle obligations of these SPEs and liabilities of these SPEs for which the creditors of these SPEs (the Agencies) do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2024 and 2023, assets of such SPEs totaled $29 million and $28 million, respectively, and liabilities of such SPEs totaled $3 million and $6 million, respectively. Real Estate Owned ("REO") REO property acquired through, or in lieu of, foreclosure is initially recorded at fair value, and subsequently reported at the lower of its carrying amount or fair value (less estimated cost to sell). Changes in the fair value of an REO property that has a fair value at or below its carrying amount are recorded in Investment fair value changes, net on our consolidated statements of income (loss). See Note 14
Lease - Asset and Liabilities	Lease - Asset and Liabilities We record operating lease liabilities and operating lease right-of-use assets on our consolidated balance sheets. Operating lease liabilities are equal to the present value of our remaining lease payments discounted at our incremental borrowing rate and the operating lease right-of-use assets are equal to the operating lease liabilities adjusted for our deferred rent liabilities. As lease payments are made, the operating lease liabilities are reduced to the present value of the remaining lease payments and the operating
Payable to Non-Controlling Interests	Payable to Non-Controlling Interests Payable to non-controlling interests includes amounts payable to third parties, representing their interest in our consolidated Servicing Investment and HEI securitization entities.
Asset-Backed Securities Issued ("ABS")	Asset-Backed Securities Issued ("ABS") ABS issued represents asset-backed securities issued through our consolidated securitization entities. Assets at these entities are held in the custody of securitization trustees and are not owned by Redwood. These trustees collect principal and interest payments (less servicing and related fees) from the assets in these entities and make corresponding principal and interest payments to the ABS investors. In accordance with accounting guidance for CFEs, we account for the ABS issued under certain of our consolidated entities at fair value, with periodic changes in fair value recorded in Investment fair value changes, net or HEI income, net (for HEI securitizations) on our consolidated statements of income (loss).
Debt Obligations	Debt Obligations Debt obligations under our financing facilities are secured by real estate securities and carried at unpaid principal balance ("UPB") net of any unamortized deferred issuance costs. Interest on these facilities is paid monthly. If the value of the collateral securing those borrowings decreases, we may be subject to margin calls during the period the borrowings are outstanding. In instances where we do not satisfy the margin calls within the required time frame, the counterparty may retain the collateral and pursue any outstanding debt amount from us Convertible notes include unsecured convertible and exchangeable debt that are carried at their UPB net of any unamortized deferred issuance costs. Interest on the notes is payable semiannually until such time the notes mature or are converted or exchanged into shares. If converted or exchanged by a holder, the holder of the notes would receive shares of our common stock. Senior notes and trust preferred securities and subordinated notes are carried at their UPB net of any unamortized deferred issuance costs. This debt is unsecured and interest is paid quarterly until it is redeemed in whole or matures at a future date.
Equity	Equity Accumulated Other Comprehensive Income (Loss) Net unrealized gains and losses on real estate securities available-for-sale and interest rate agreements designated as cash flow hedges are reported as components of Accumulated other comprehensive income on our consolidated statements of changes in stockholders' equity and our consolidated balance sheets. Net unrealized gains and losses on securities and interest rate agreements held by our taxable REIT subsidiaries that are reported in other comprehensive income are adjusted for the effects of taxation and may create deferred tax assets or liabilities. See Note 19 for further discussion on equity. Earnings per Common Share Basic earnings per common share (“EPS”) is computed by dividing net income allocated to common shareholders by the weighted average common shares outstanding. Net income allocated to common shareholders represents net income less income allocated to participating securities (as described herein). Diluted EPS is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding plus amounts representing the dilutive effect of share-based payment awards. If the assumed conversion or exchange of convertible or exchangeable debt into common shares is dilutive, diluted EPS is adjusted by adding back the periodic interest expense (net of any tax effects) associated with dilutive convertible or exchangeable debt to net income and adding the shares issued in an assumed conversion or exchange to the diluted weighted average share count. For our convertible debt issued in 2022, if the potential conversion of the debt is dilutive, then the number of shares needed to settle the conversion premium are added to the shares outstanding used to calculate dilutive EPS.
Equity Compensation Plans	Equity Compensation Plans In 2023, our shareholders approved an amendment to the 2014 Redwood Trust, Inc. Incentive Plan (“Incentive Plan”) for executive officers, employees, and non-employee directors, which, among other things, increased the number of shares available under the Incentive Plan. The Incentive Plan provides for the grant of restricted stock, deferred stock, deferred stock units, performance-based awards (including performance stock units and cash-settled performance stock units), dividend equivalents, stock payments, restricted stock units, cash-settled restricted and deferred stock units, and other types of awards to eligible participants. Long-term incentive awards granted under the Incentive Plan generally vest over a three Executive Deferred Compensation Plan
Taxes	Taxes
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU requires enhanced disclosures primarily about significant segment expenses that are regularly provided to the chief operating decision maker. This new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance, as required, in the year ended 2024, which resulted in additional disclosures and did not have a material effect on our consolidated financial statements. See Note 4 for further discussion on Segment Information. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This ASU requires incremental disclosures primarily related to the reconciliation of the statutory income tax rate to the effective income tax rate, as well as income taxes paid. This new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and upon adoption, the guidance can be adopted on a prospective or retrospective basis. We anticipate that the new guidance will result in additional disclosures and plan to adopt this new guidance by the required date. In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires additional disclosures on disaggregated information about certain income statement expense line items including employee compensation, depreciation, amortization and depletion. This new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We expect that this new guidance will result in additional disclosures in our consolidated financial statements and plan to adopt this new guidance by the required date. The Company reviewed other recently issued ASUs and determined that they were not expected to have a significant impact on the Company's consolidated financial statements when adopted or did not have a significant impact on the Company's consolidated financial statements upon adoption.
Offsetting Assets and Liabilities	Offsetting Assets and LiabilitiesCertain of our derivatives and loan warehouse facilities are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our consolidated balance sheets. However, we do not report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Business Segment Financial Information	The following tables present financial information by segment for the years ended December 31, 2024, 2023, and 2022. Table 4.1 – Business Segment Financial Information Year Ended December 31, 2024 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 97,860 $ 20,280 $ 823,939 $ 3,085 $ 945,164 Interest expense (54,065) (14,970) (702,505) (71,016) (842,556) Net interest income (expense) 43,795 5,310 121,434 (67,931) 102,608 Non-interest income (loss) Mortgage banking activities, net, excluding risk management derivatives 82,202 36,701 — — 118,903 Risk management derivatives (losses) gains, net (1) (24,623) 5,118 — — (19,505) Total Mortgage banking activities, net 57,579 41,819 — — 99,398 Investment fair value changes, net, excluding risk management derivatives — — (2,891) (1,679) (4,570) Risk management derivatives (losses) gains, net (1) — — (10,189) — (10,189) Total Investment fair value changes, net — — (13,080) (1,679) (14,759) HEI income, net — — 41,831 — 41,831 Other income, net — 10,930 17,674 (1,076) 27,528 Realized gains, net — — 565 (259) 306 Total non-interest income (loss), net 57,579 52,749 46,990 (3,014) 154,304 General and administrative expenses (20,008) (40,008) (3,982) (72,395) (136,393) Portfolio management costs — — (20,750) (165) (20,915) Loan acquisition costs (3,860) (8,563) (244) (8) (12,675) Other expenses — (9,413) (4,675) — (14,088) (Provision for) benefit from income taxes (16,009) 2,219 (5,586) 539 (18,837) Net Income (Loss) (2) $ 61,497 $ 2,294 $ 133,187 $ (142,974) $ 54,004 Total Assets $ 1,231,723 $ 334,529 $ 16,358,430 $ 333,662 $ 18,258,344 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net Income (Loss) by segment is also referred to as Segment Contribution. Year Ended December 31, 2023 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 25,404 $ 15,896 $ 675,478 $ 7,684 $ 724,462 Interest expense (24,114) (13,078) (536,527) (57,800) (631,519) Net interest income (expense) 1,290 2,818 138,951 (50,116) 92,943 Non-interest income (loss) Mortgage banking activities, net, excluding risk management derivatives 45,690 40,518 — — 86,208 Risk management derivatives (losses) gains, net (1) (17,908) (914) — — (18,822) Total Mortgage banking activities, net 27,782 39,604 — — 67,386 Investment fair value changes, net, excluding risk management derivatives 1,076 — (41,003) (2,994) (42,921) Risk management derivatives (losses) gains, net (1) — — (1,479) — (1,479) Total Investment fair value changes, net 1,076 — (42,482) (2,994) (44,400) HEI income, net — — 35,117 — 35,117 Other income, net — 5,613 10,361 (3,088) 12,886 Realized gains, net — — 858 841 1,699 Total non-interest income (loss), net 28,858 45,217 3,854 (5,241) 72,688 General and administrative expenses (17,171) (44,547) (5,638) (60,939) (128,295) Portfolio management costs — — (14,516) (55) (14,571) Loan acquisition costs (1,266) (5,900) — — (7,166) Other expenses — (12,442) (5,796) 2,000 (16,238) (Provision for) Benefit from income taxes (1,659) 2,279 (2,946) 691 (1,635) Net Income (Loss) (2) $ 10,052 $ (12,575) $ 113,909 $ (113,660) $ (2,274) Total Assets $ 971,535 $ 293,225 $ 12,858,272 $ 381,295 $ 14,504,327 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net Income (Loss) by segment is also referred to as Segment Contribution. Year Ended December 31, 2022 (In Thousands) Sequoia Mortgage Banking CoreVest Mortgage Banking Redwood Investments Corporate/ Total Interest income $ 45,202 $ 28,674 $ 632,806 $ 1,172 $ 707,854 Interest expense (32,735) (18,041) (450,360) (51,264) (552,400) Net interest income (expense) 12,467 10,633 182,446 (50,092) 155,454 Non-interest (loss) income Mortgage banking activities, net, excluding risk management derivatives (121,995) (49,108) — — (171,103) Risk management derivatives (losses) gains, net (1) 100,713 56,731 — — 157,444 Total Mortgage banking activities, net (21,282) 7,623 — — (13,659) Investment fair value changes, net, excluding risk management derivatives — — (221,316) 16,892 (204,424) Risk management derivatives (losses) gains, net (1) — — 26,152 — 26,152 Total Investment fair value changes, net — — (195,164) 16,892 (178,272) HEI income, net — — 2,714 — 2,714 Other income, net — 3,509 18,596 (901) 21,204 Realized gains, net — — 3,174 2,160 5,334 Total non-interest (loss) income, net (21,282) 11,132 (170,680) 18,151 (162,679) General and administrative expenses (22,566) (56,557) (6,036) (55,749) (140,908) Portfolio management costs — — (7,951) — (7,951) Loan acquisition costs (3,085) (8,681) — — (11,766) Other expense 74 (13,969) (1,695) — (15,590) Benefit from (provision for) income taxes 12,814 13,157 (6,051) — 19,920 Net (Loss) (2) $ (21,578) $ (44,285) $ (9,967) $ (87,690) $ (163,520) Total Assets $ 660,916 $ 487,159 $ 11,489,844 $ 392,980 $ 13,030,899 (1) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and Redwood Investments. For mortgage banking, also includes other derivative financial instruments such as loan purchase commitments and interest rate locks. (2) Net (Loss) by segment is also referred to as Segment Contribution.

Mortgage Banking Activities, _2

Mortgage Banking Activities, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Mortgage Banking Activities, Net	The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income (loss) for the years ended December 31, 2024, 2023 and 2022. Table 5.1 – Mortgage Banking Activities Years Ended December 31, (In Thousands) 2024 2023 2022 Sequoia Mortgage Banking Activities, Net: Changes in fair value of: Residential consumer loans, at fair value (1) $ 39,019 $ 42,976 $ (131,675) Trading securities (2) 41,173 (159) 4,249 Risk management derivatives (3) (24,623) (17,908) 100,713 Other income, net (4) 2,010 2,873 5,431 Total Sequoia mortgage banking activities, net 57,579 27,782 (21,282) CoreVest Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value 11,692 16,500 (91,690) Residential investor bridge loans, at fair value 3,767 5,704 2,679 Risk management derivatives (3) 5,118 (914) 56,731 Other income, net (4) (5) 21,242 18,314 39,903 Total CoreVest mortgage banking activities, net 41,819 39,604 7,623 Mortgage Banking Activities, Net $ 99,398 $ 67,386 $ (13,659) (1) Includes changes in fair value for associated loan purchase commitments for residential consumer loans. (2) Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our Sequoia mortgage banking operations. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks. (4) Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net. (5) Amounts in this line item include other fee income from loan originations.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at December 31, 2024 and 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 6.1 – Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2024 Fair Value Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 11,077,823 $ — $ — $ 11,077,823 Residential investor loans 4,587,090 — — 4,587,090 Consolidated Agency multifamily loans 424,597 — — 424,597 Real estate securities: Trading 193,749 — — 193,749 Available-for-sale 211,474 — — 211,474 HEI 589,785 — — 589,785 Other investments: Servicer advance investments 233,820 — — 233,820 Excess MSRs 32,274 — — 32,274 MSRs 31,589 — — 31,589 Strategic investments 3,460 — — 3,460 Derivative assets 46,003 16,446 23,738 5,819 Total Assets $ 17,431,664 $ 16,446 $ 23,738 $ 17,391,480 Liabilities ABS issued $ 12,879,530 $ — $ — $ 12,879,530 Derivative liabilities 23,660 23,164 — 496 Non-controlling interest 99,510 — — 99,510 Total Liabilities $ 13,002,700 $ 23,164 $ — $ 12,979,536 December 31, 2023 Fair Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,050,637 $ — $ — $ 7,050,637 Residential investor loans 5,220,297 — — 5,220,297 Consolidated agency multifamily loans 425,285 — — 425,285 Real estate securities: Trading 40,424 — — 40,424 Available-for-sale 87,373 — — 87,373 HEI 550,436 — — 550,436 Other investments: Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Strategic investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Total Assets $ 13,679,446 $ 952 $ 1,742 $ 13,676,752 Liabilities ABS issued $ 9,151,263 $ — $ — $ 9,151,263 Derivative liabilities 33,828 30,414 — 3,414 Non-controlling interest 59,752 — — 59,752 Total Liabilities $ 9,244,843 $ 30,414 $ — $ 9,214,429
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024. Table 6.2 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets Residential Consumer Residential Investor Consolidated Agency Multifamily Loans Real Estate Trading Securities Real Estate AFS HEI Servicer Advance Investments Excess MSRs MSRs/Strategic Investments/Other (In Thousands) Beginning balance - December 31, 2023 $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 7,120,201 19,746 — 117,502 117,280 — — — 2,061 Originations — 1,681,723 — — — 2,043 — — — Sales (1,667,513) (1,236,441) — (2,833) — — — — — Principal paydowns (1,458,762) (1,412,926) (8,638) (673) (7,835) (49,553) (357) — (141) Consolidation of securitized CAFL bridge loans — 298,553 — — — — — — — Gains (losses) in net income (loss), net 36,147 37,035 7,950 39,329 2,360 86,687 8,832 (5,093) 5,159 Unrealized gains in OCI, net — — — — 12,296 — — — — Other settlements, net (1) (2,887) (20,897) — — — 172 — — (100) Ending balance - December 31, 2024 $ 11,077,823 $ 4,587,090 $ 424,597 $ 193,749 $ 211,474 $ 589,785 $ 233,820 $ 32,274 $ 35,049 Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period (2) $ (58,330) $ 1,697 $ 7,682 $ 39,014 $ 12,345 $ 75,525 $ 8,832 $ (5,093) $ 6,693 Assets Liabilities Derivatives (3) ABS Issued Non-controlling interests (In Thousands) Beginning balance - December 31, 2023 $ 8,104 $ 9,151,263 $ 59,752 Acquisitions (4) — 5,596,807 11,882 Sales — (1,544) — Principal paydowns — (1,878,771) (315) Gains (losses) in net income (loss), net 9,231 11,775 27,738 Other settlements, net (1) (12,012) — 453 Ending balance - December 31, 2024 $ 5,323 $ 12,879,530 $ 99,510 Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period (2) $ 5,323 $ 288,862 $ (27,738) Footnotes to table 6.2 (1) Other settlements, net: for residential consumer and residential investor loans, represents the transfer of loans to REO; for HEI, represents the profit share fee we pay our third party originators for our purchased HEI portfolio; for derivatives, represents the transfer of the fair value of loan purchase and interest rate lock commitments at the time loans are acquired to the basis of residential consumer and investor loans; and for mortgage servicing rights ("MSRs) and other investments, primarily represents an investment that was exchanged into a new instrument that is no longer measured at fair value on a recurring basis. (2) All changes in unrealized gains or (losses) are included in earnings with the exception of Real Estate AFS Securities, which are included in comprehensive income. (3) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis. (4) Includes $285 million of ABS and $12 million of non-controlling interests associated with the consolidation of securitized CAFL bridge loans.
Schedule of Fair Value Methodology for Level 3 Financial Instruments	The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value for the years ended December 31, 2024. Table 6.3 – Fair Value Methodology for Level 3 Financial Instruments December 31, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Assets Residential consumer loans (4) $ 11,077,823 Senior Credit Spread to TBA price (3) $ 0.63 - $ 1.25 $ 0.68 Senior credit spread to Swap rate (3) 150 - 170 bps 151 bps Subordinate credit spread to Swap rate 185 - 600 bps 274 bps Senior credit support (3) 7 - 10 % 7 % IO discount rate (3) 28 - 28 % 28 % Liability price (4) $ 34 - $ 103 $ 94 Residential investor loans: Residential investor term loans (4) 2,643,706 Whole loan spread (3) 243 - 243 bps 243 bps Liability price (4) $ 91 - $ 102 $ 94 Residential investor bridge loans (4) 1,943,384 Whole loan discount rate 9 - 12 % 10 % Whole loan spread 445 - 445 bps 445 bps Liability Price (4) $ 100 - $ 138 $ 122 Dollar price of non-performing loans $ 29 - $ 100 $ 79 Consolidated agency multifamily loans (6) 424,597 Liability price (4) $ 99 - $ 99 $ 99 Trading and AFS securities 405,223 Discount rate 6 - 40 % 12 % Prepayment rate (Annual CPR) — - 27 % 8 % Default rate — - 10 % 0.1 % Loss severity 25 - 50 % 24 % HEI 589,785 Discount rate 10 - 10 % 10 % Prepayment rate (Annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 4 - 4 % 4 % Liability price (4) $ 138 - $ 191 $ 157 Servicer advance investments 233,820 Prepayment rate (Annual CPR) 12 - 30 % 14 % Expected remaining life (5) 5 - 5 yrs 5 yrs Mortgage servicing amount 1 - 58 bps 9 bps Excess MSRs & MSRs 63,863 Discount rate 9 - 46 % 14 % Prepayment rate (Annual CPR) 2 - 48 % 11 % Residential loan purchase commitments, net 5,272 Senior credit spread to TBA price (3) $ 0.63 - $ 1.25 $ 0.68 Senior credit spread to Swap rate (3) 150 - 170 bps 151 bps Subordinate credit spread to Swap rate 185 - 600 bps 274 bps Senior credit support (3) 7 - 10 % 7 % IO discount rate (3) 28 - 28 % 28 % Pull-through rate 12 - 100 % 73 % Strategic investments 3,460 Transaction price $ 200 - $ 1,000 $ 494 Other assets (8) 547 Total Assets $ 17,391,480 December 31, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Liabilities ABS issued (4) $ 12,879,530 Discount rate 4 - 45 % 7 % Prepayment rate (annual CPR) — - 100 % 3 % Default rate — - 24 % 5 % Loss severity — - 50 % 20 % Non-controlling interests (7) 99,510 Discount rate 13 - 20 % 16 % Other liabilities (8) 496 Total Liabilities $ 12,979,536 (1) The predominant valuation technique used to determine our Level 3 fair value assets and liabilities is based on the discounted cash flow model. (2) The weighted average input values for all loan types are based on unpaid principal balance. The weighted average input values for all other assets and liabilities are based on relative fair value. (3) Values represent pricing inputs used in a securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. (4) The fair value of the loans and HEI held by consolidated entities is based on the fair value of the ABS issued by these entities and the securities and other investments we own in those entities, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. At December 31, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, Freddie Mac SLST, and Freddie Mac K-Series was $419 million, $326 million, $242 million and $35 million, respectively. At December 31, 2024, the fair value of our securities in the two CAFL Bridge loan securitizations accounted for under the CFE election and our HEI securitization entities was $21 million and $47 million, respectively. (5) Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool). (6) Consolidated agency multifamily loans represent securitized financial assets and liabilities of the Company's CFEs. (7) Of the total $123 million payable to non-controlling interests, $100 million is measured at fair value on a recurring basis. (8) Represents less than 1% of the individual and aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis.
Schedule of Carrying Values and Fair Values of Assets and Liabilities	The following table summarizes the fair values of assets and liabilities that are not measured at fair value at December 31, 2024 and December 31, 2023. Table 6.4 – Carrying Values and Fair Values of Assets and Liabilities December 31, 2024 December 31, 2023 Level in Fair Value Hierarchy Carrying Estimated Fair Carrying Estimated Fair (In Thousands) Assets Cash and cash equivalents 1 $ 245,165 $ 245,165 $ 293,104 $ 293,104 Restricted cash 1 67,762 67,762 75,684 75,684 Liabilities Debt obligation facilities and other financing 2 $ 2,818,292 $ 2,819,393 $ 2,596,582 $ 2,591,931 ABS issued, net 3 390,674 392,344 660,617 637,816 Convertible notes, net 2 365,739 365,455 503,728 488,341 Trust preferred securities and subordinated notes, net 3 138,860 93,465 138,813 92,070 Senior Notes 1 139,989 146,716 — — Guarantee obligations (1) 3 2,806 3,204 5,781 3,772 (1) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.

Residential Consumer Loans (Tab

Residential Consumer Loans (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Classifications and Carrying Value of Residential Consumer Loans	The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood, consolidated Sequoia and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans December 31, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,013,547 $ — $ — $ 1,013,547 Held-for-investment at fair value — 8,819,554 1,244,722 10,064,276 Total Residential Consumer Loans $ 1,013,547 $ 8,819,554 $ 1,244,722 $ 11,077,823 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 esidential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans December 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 158,637 $ — $ 78,587 $ — $ 237,224 Held-for-investment at fair value — 2,485,069 1,041,694 823,103 4,349,866 Total Residential Investor Loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 $ 4,587,090 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 The following table provides the activity of residential investor loans during the years ended December 31, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 720,537 $ 967,811 $ 525,130 $ 1,153,568 Principal balance of loans acquired 19,246 15,677 — 19,500 Principal balance of loans sold to third parties (1) 713,314 516,411 473,677 128,664 Transfers of loans between portfolios (2) — (290,159) (278,751) (641,194) Consolidation of securitized CAFL bridge loans (3) 298,553 — — — Mortgage banking activities income (loss) recorded (4) 11,692 3,767 16,500 5,704 Investment fair value changes recorded (8,777) (40,430) (14,430) (39,361) (1) For the year ended December 31, 2024 the principal balance of loans sold to third parties is net of $49 million related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (2) Transfers of residential investor term loans between portfolios at Redwood represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated CAFL term securitizations. Transfers of residential investor bridge loans at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date. (3) In the fourth quarter of 2024, we completed our first CAFL securitization sponsored by our joint venture. This securitization involved loans contributed from our joint venture and by CoreVest. This securitization vehicle has been determined to be a VIE that we consolidate under GAAP as we are the primary beneficiary. See Note 15 for additional information on our principles of consolidation. (4) Represents net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our Redwood Investments portfolio. See Table 5.1 Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Year Ended Year Ended (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 61,559 $ 6,198 $ 89,013 $ (1,775) Fair value of loans transferred to HFI — 290,159 278,751 641,779 (1) The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.4 – Characteristics of Residential Investor Loans December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 Average UPB of loans $ 1,759 $ 3,084 $ 5,350 $ 1,605 Fair value of loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 Weighted average coupon 6.84 % 5.35 % 9.11 % 9.76 % Weighted average remaining loan term (years) 9 4 1 1 Market value of loans pledged as collateral under debt facilities $ 120,417 N/A $ 1,070,327 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 33,065 $ 194,143 $ 129,229 $ 20,964 Average UPB of 90+ days delinquent loans (2) $ 8,266 $ 3,734 $ 8,077 $ 1,233 Fair value of loans with 90+ day delinquencies (2) $ 12,366 N/A $ 102,321 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 24,648 $ 86,260 $ 3,663 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,465 $ 6,635 $ 916 Fair value of loans in foreclosure (3) $ 8,500 N/A $ 67,858 $ 3,715 December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 100,411 $ 2,042,803 $ — $ — Multifamily 77,207 596,682 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 432,363 377,947 Single Asset Bridge ("SAB") (3) — — 78,631 283,186 Multifamily (4) — — 648,972 148,096 Third-Party Originated — — 6,247 1,056 Total Residential Investor Loans $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3) Includes loans for light to moderate renovation of residential investor and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Characteristics of Residential Consumer Loans Held-for-Sale	The following table summarizes the characteristics of residential consumer loans held-for-sale at December 31, 2024 and 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) December 31, 2024 December 31, 2023 UPB $ 1,000,663 $ 916,877 Fair value of loans $ 1,013,547 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,005,926 $ 907,742 Weighted average coupon 6.56 % 6.25 %
Schedule of Activity of Residential Consumer Loans Held-for-Sale	The following table provides the activity of residential Consumer loans held-for-sale during the years ended December 31, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Year Ended December 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 7,043,177 $ 2,101,161 Principal balance of loans sold 1,650,357 270,482 Principal balance of loans transferred from HFS to HFI 5,208,677 1,703,442 Net market valuation gains recorded (1) 29,448 20,560 (1) Net market valuation gains on residential Consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income.
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment	The following tables summarize the characteristics of the residential consumer loans owned at consolidated SEMT and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment December 31, 2024 Sequoia Freddie Mac (Dollars in Thousands) SLST UPB $ 9,350,286 $ 1,514,432 Average loan balance (UPB) $ 842 $ 155 Fair value of loans (1) $ 8,819,554 $ 1,244,722 Weighted average coupon 5.35 % 4.49 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 19,480 $ 106,910 Average 90+ days delinquent balance (UPB) $ 573 $ 172 Unpaid principal balance of loans in foreclosure $ 10,493 $ 41,913 Average foreclosure balance (UPB) $ 552 $ 185 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST UPB $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for collateralized financing entities. (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. (3)
Schedule of Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities	The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the years ended December 31, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Year Ended December 31, 2024 Year Ended December 31, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal balance of loans transferred from HFS to HFI (1) $ 5,208,677 N/A $ 1,703,442 N/A Net market valuation gains (losses) recorded (7,658) (11,158) 106,380 11,132 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations.
Schedule of Geographic Concentration of Residential Consumer Loans	The following table presents the geographic concentration of residential consumer loans recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 7.6 – Geographic Concentration of Residential Consumer Loans December 31, 2024 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 26 % 31 % 14 % Washington 12 % 8 % 2 % Texas 8 % 10 % 3 % Colorado 6 % 6 % 1 % Florida 5 % 7 % 10 % Illinois 3 % 2 % 6 % New Jersey 2 % 2 % 7 % New York 1 % 2 % 11 % Maryland — % 1 % 5 % Other states (none greater than 5%) 37 % 31 % 41 % Total 100 % 100 % 100 % December 31, 2023 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 25 % 33 % 14 % Washington 16 % 7 % 2 % Texas 8 % 11 % 3 % Florida 7 % 5 % 10 % Colorado 4 % 7 % 1 % New Jersey 2 % 1 % 7 % Illinois 2 % 3 % 5 % New York 1 % 2 % 11 % Maryland 1 % 2 % 5 % Other states (none greater than 5%) 34 % 29 % 42 % Total 100 % 100 % 100 % The following table presents the geographic concentration of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 and December 31, 2023. Table 8.6 – Geographic Concentration of Residential Investor Loans December 31, 2024 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Texas 18 % 17 % 3 % 26 % New Jersey 10 % 6 % 7 % 4 % California 6 % 4 % 5 % 12 % Tennessee 4 % 2 % 3 % 3 % Illinois 2 % 6 % 20 % 6 % Alabama 2 % 2 % 7 % 1 % Florida 1 % 7 % 9 % 7 % New York 1 % 7 % 2 % 2 % Ohio 1 % 7 % — % 6 % Connecticut — % 7 % — % — % Georgia — % 6 % 19 % 7 % Other states (none greater than 5%) 55 % 29 % 25 % 26 % Total 100 % 100 % 100 % 100 % December 31, 2023 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Florida 10 % 7 % 10 % 7 % California 8 % 4 % 5 % 8 % Texas 8 % 16 % 13 % 22 % Georgia 5 % 5 % 18 % 13 % New Jersey 4 % 7 % 6 % 4 % Tennessee 2 % 2 % 3 % 7 % Alabama 1 % 3 % 6 % 3 % Connecticut — % 8 % 2 % 2 % New York — % 7 % 2 % 3 % Illinois — % 5 % 13 % 6 % Other states (none greater than 5%) 62 % 36 % 22 % 25 % Total 100 % 100 % 100 % 100 %

Residential Investor Loans (Tab

Residential Investor Loans (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Classifications and Carrying Values of CoreVest Loans, Activity of CoreVest Loans, Activity of CoreVest Loans Held-for-Investment, Characteristics of CoreVest Loans and CoreVest Loans Collateral/Strategy Type	The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood, consolidated Sequoia and Freddie Mac SLST entities at December 31, 2024 and 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans December 31, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,013,547 $ — $ — $ 1,013,547 Held-for-investment at fair value — 8,819,554 1,244,722 10,064,276 Total Residential Consumer Loans $ 1,013,547 $ 8,819,554 $ 1,244,722 $ 11,077,823 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 esidential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans December 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 158,637 $ — $ 78,587 $ — $ 237,224 Held-for-investment at fair value — 2,485,069 1,041,694 823,103 4,349,866 Total Residential Investor Loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 $ 4,587,090 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 The following table provides the activity of residential investor loans during the years ended December 31, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 720,537 $ 967,811 $ 525,130 $ 1,153,568 Principal balance of loans acquired 19,246 15,677 — 19,500 Principal balance of loans sold to third parties (1) 713,314 516,411 473,677 128,664 Transfers of loans between portfolios (2) — (290,159) (278,751) (641,194) Consolidation of securitized CAFL bridge loans (3) 298,553 — — — Mortgage banking activities income (loss) recorded (4) 11,692 3,767 16,500 5,704 Investment fair value changes recorded (8,777) (40,430) (14,430) (39,361) (1) For the year ended December 31, 2024 the principal balance of loans sold to third parties is net of $49 million related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (2) Transfers of residential investor term loans between portfolios at Redwood represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated CAFL term securitizations. Transfers of residential investor bridge loans at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date. (3) In the fourth quarter of 2024, we completed our first CAFL securitization sponsored by our joint venture. This securitization involved loans contributed from our joint venture and by CoreVest. This securitization vehicle has been determined to be a VIE that we consolidate under GAAP as we are the primary beneficiary. See Note 15 for additional information on our principles of consolidation. (4) Represents net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our Redwood Investments portfolio. See Table 5.1 Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Year Ended Year Ended (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 61,559 $ 6,198 $ 89,013 $ (1,775) Fair value of loans transferred to HFI — 290,159 278,751 641,779 (1) The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at December 31, 2024 and 2023. Table 8.4 – Characteristics of Residential Investor Loans December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 Average UPB of loans $ 1,759 $ 3,084 $ 5,350 $ 1,605 Fair value of loans $ 158,637 $ 2,485,069 $ 1,120,281 $ 823,103 Weighted average coupon 6.84 % 5.35 % 9.11 % 9.76 % Weighted average remaining loan term (years) 9 4 1 1 Market value of loans pledged as collateral under debt facilities $ 120,417 N/A $ 1,070,327 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 33,065 $ 194,143 $ 129,229 $ 20,964 Average UPB of 90+ days delinquent loans (2) $ 8,266 $ 3,734 $ 8,077 $ 1,233 Fair value of loans with 90+ day delinquencies (2) $ 12,366 N/A $ 102,321 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 24,648 $ 86,260 $ 3,663 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,465 $ 6,635 $ 916 Fair value of loans in foreclosure (3) $ 8,500 N/A $ 67,858 $ 3,715 December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type December 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 100,411 $ 2,042,803 $ — $ — Multifamily 77,207 596,682 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 432,363 377,947 Single Asset Bridge ("SAB") (3) — — 78,631 283,186 Multifamily (4) — — 648,972 148,096 Third-Party Originated — — 6,247 1,056 Total Residential Investor Loans $ 177,618 $ 2,639,485 $ 1,166,213 $ 810,285 (1) The fair value of the loans held by consolidated CAFL Term and Bridge entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3) Includes loans for light to moderate renovation of residential investor and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Geographic Concentration of CoreVest Loans	The following table presents the geographic concentration of residential consumer loans recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 7.6 – Geographic Concentration of Residential Consumer Loans December 31, 2024 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 26 % 31 % 14 % Washington 12 % 8 % 2 % Texas 8 % 10 % 3 % Colorado 6 % 6 % 1 % Florida 5 % 7 % 10 % Illinois 3 % 2 % 6 % New Jersey 2 % 2 % 7 % New York 1 % 2 % 11 % Maryland — % 1 % 5 % Other states (none greater than 5%) 37 % 31 % 41 % Total 100 % 100 % 100 % December 31, 2023 Geographic Concentration Held-for-Sale Held-for- Held-for-Investment at Freddie Mac SLST California 25 % 33 % 14 % Washington 16 % 7 % 2 % Texas 8 % 11 % 3 % Florida 7 % 5 % 10 % Colorado 4 % 7 % 1 % New Jersey 2 % 1 % 7 % Illinois 2 % 3 % 5 % New York 1 % 2 % 11 % Maryland 1 % 2 % 5 % Other states (none greater than 5%) 34 % 29 % 42 % Total 100 % 100 % 100 % The following table presents the geographic concentration of residential investor loans recorded on our consolidated balance sheets at December 31, 2024 and December 31, 2023. Table 8.6 – Geographic Concentration of Residential Investor Loans December 31, 2024 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Texas 18 % 17 % 3 % 26 % New Jersey 10 % 6 % 7 % 4 % California 6 % 4 % 5 % 12 % Tennessee 4 % 2 % 3 % 3 % Illinois 2 % 6 % 20 % 6 % Alabama 2 % 2 % 7 % 1 % Florida 1 % 7 % 9 % 7 % New York 1 % 7 % 2 % 2 % Ohio 1 % 7 % — % 6 % Connecticut — % 7 % — % — % Georgia — % 6 % 19 % 7 % Other states (none greater than 5%) 55 % 29 % 25 % 26 % Total 100 % 100 % 100 % 100 % December 31, 2023 Geographic Concentration Term at Redwood Term at CAFL Bridge at Redwood Bridge at CAFL Florida 10 % 7 % 10 % 7 % California 8 % 4 % 5 % 8 % Texas 8 % 16 % 13 % 22 % Georgia 5 % 5 % 18 % 13 % New Jersey 4 % 7 % 6 % 4 % Tennessee 2 % 2 % 3 % 7 % Alabama 1 % 3 % 6 % 3 % Connecticut — % 8 % 2 % 2 % New York — % 7 % 2 % 3 % Illinois — % 5 % 13 % 6 % Other states (none greater than 5%) 62 % 36 % 22 % 25 % Total 100 % 100 % 100 % 100 %

Real Estate Securities (Tables)

Real Estate Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Fair Values of Real Estate Securities by Type	The following table presents the fair values of our real estate securities by type at December 31, 2024 and 2023. Table 9.1 – Fair Values of Real Estate Securities by Type (In Thousands) December 31, 2024 December 31, 2023 Trading $ 193,749 $ 40,424 Available-for-sale 211,474 87,373 Total Real Estate Securities $ 405,223 $ 127,797
Schedule of Carrying Value and Fair Value of AFS Securities by Type	The following tables present the detail of our AFS securities, by position and collateral type, at December 31, 2024 and 2023. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type December 31, 2024 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ 39,135 $ 31,250 $ 121,053 $ 191,438 Gross unrealized gains 230 668 25,733 26,631 Gross unrealized losses — (51) (5,623) (5,674) Allowance for credit losses — — (921) (921) Total Carrying Value $ 39,365 $ 31,867 $ 140,242 $ 211,474 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ — $ — $ 79,635 $ 79,635 Gross unrealized gains — — 16,973 16,973 Gross unrealized losses — — (6,753) (6,753) Allowance for credit losses — — (2,482) (2,482) Total Carrying Value $ — $ — $ 87,373 $ 87,373 December 31, 2024 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ 39,365 $ 28,948 $ 40,191 $ 108,504 Multifamily securities — 2,919 8,830 11,749 Sequoia securities — — 91,221 91,221 Total Fair Value $ 39,365 $ 31,867 $ 140,242 $ 211,474 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ — $ — $ 3,971 $ 3,971 Multifamily securities — — 4,460 4,460 Sequoia securities — — 78,942 78,942 Total Fair Value $ — $ — $ 87,373 $ 87,373
Schedule of AFS Securities in Gross Unrealized Loss Position by Holding Periods	The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at December 31, 2024 and 2023. Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods Less Than 12 Consecutive Months 12 Consecutive Months or Longer Fair Unrealized Fair Value Unrealized (In Thousands) December 31, 2024 $ 30,351 $ (391) $ 19,817 $ (5,283) December 31, 2023 2,374 (128) 27,299 (6,625)
Schedule of Rollforward of Allowance for Credit Losses	The following table details the activity related to the allowance for credit losses for AFS securities for the years ended December 31, 2024 and 2023. Table 9.4 – Rollforward of Allowance for Credit Losses Year Ended Year Ended (In Thousands) December 31, 2024 December 31, 2023 Beginning balance allowance for credit losses $ 2,482 $ 2,540 Additions to allowance for credit losses on securities for which credit losses were not previously recorded 88 300 Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (1,649) (50) Reduction to allowance for securities sold during the period — (308) Ending balance of allowance for credit losses $ 921 $ 2,482

Home Equity Investments (HEI) (

Home Equity Investments (HEI) (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Home Equity Investments	The following table presents our HEI at December 31, 2024 and 2023. Table 10.1 – Home Equity Investments (In Thousands) December 31, 2024 December 31, 2023 HEI at Redwood $ 257,315 $ 244,719 HEI held at consolidated HEI securitization entities 332,470 305,717 Total Home Equity Investments $ 589,785 $ 550,436
Schedule of Activity of Home Equity Investments	The following table details our HEI activity during the years ended December 31, 2024 and 2023. Table 10.2 – Activity of HEI Year Ended December 31, 2024 Year Ended December 31, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 2,043 $ — $ 136,445 $ — Net market valuation gains (losses) recorded 28,739 57,948 30,750 23,177
Schedule of Components of HEI Income, Net	The following table provides the components of HEI income, net for the years ended December 31, 2024, 2023 and 2022. Table 10.3 – Components of HEI Income, net Years Ended December 31, (In Thousands) 2024 2023 2022 Net market valuation gains (losses) recorded on HEI at Redwood $ 28,739 $ 30,750 $ (201) Net market valuation gains recorded on Securitized HEI 57,948 23,177 5,875 Net market valuation gains (losses) recorded on ABS Issued from HEI securitizations (1) (21,686) (11,020) 2,334 Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (23,170) (7,790) (5,294) Total HEI income, net $ 41,831 $ 35,117 $ 2,714 (1) Amount includes interest expense associated with ABS issued, which totaled $12 million , $6 million and $5 million for 2024, 2023 and 2022, respectively.
Schedule of Geographic Concentration of HEI	The following tables present the geographic concentration of HEI recorded on our consolidated balance sheets at December 31, 2024 and 2023. Table 10.4 – Geographic Concentration of HEI December 31, 2024 Geographic Concentration HEI at Redwood Securitized HEI California 49 % 47 % Florida 12 % 7 % Washington 6 % 7 % Colorado 6 % 4 % Arizona 5 % 6 % New York 4 % 7 % Other states (none greater than 5%) 18 % 22 % Total 100 % 100 % December 31, 2023 Geographic Concentration HEI at Redwood Securitized HEI California 48 % 47 % Florida 12 % 7 % Washington 6 % 7 % Colorado 6 % 4 % Arizona 5 % 6 % New York 4 % 7 % Other states (none greater than 5%) 19 % 22 % Total 100 % 100 %

Other Investments (Tables)

Other Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Schedule of Components of Other Investments and Components of Income from Other Investments, Net	Other Investments at December 31, 2024 and 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) December 31, 2024 December 31, 2023 Servicer advance investments, at fair value $ 233,820 $ 225,345 Strategic investments, at carrying value 74,663 53,147 Strategic investments, at fair value 3,460 2,960 Excess MSRs, at fair value 32,274 37,367 MSRs, at fair value 31,589 24,877 Other, at fair value — 234 Total Other Investments $ 375,806 $ 343,930 Income from Other Investments for years ended December 31, 2024, 2023 and 2022 is summarized in the following table. Table 11.2 – Components of Income From Other Investments, net (1) Years Ended December 31, (In Thousands) 2024 2023 2022 Service Advance Investments: Other interest income $ 18,519 $ 20,597 $ 19,663 Investment fair value changes, net 8,833 11,863 (11,076) Strategic Investments: Other income, net (2) (1,292) (3,221) (901) Investment fair value changes, net (3) (1,586) (2,900) 12,800 Excess MSRs: Other interest income 12,949 14,152 15,912 Investment fair value changes, net (5,094) (1,668) (5,196) MSRs: Other income, net 14,415 7,033 14,879 Total Other Investments Income, Net $ 46,744 $ 45,856 $ 46,081 (1) Market valuation gains (losses) on Other investments accounted for under the fair value option are recorded in Investment fair value changes, net. All other market valuation gains (losses) on Other investments are recorded in Other income, net. (2) Represents net equity method earnings (losses) from our Strategic investments that are accounted for under the equity method. (3)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Notional Amount of Derivative Financial Instruments	The following table presents the fair value and notional amount of our derivative financial instruments at December 31, 2024 and 2023. Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments December 31, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs — — 952 385,000 Interest rate futures 16,446 712,500 — — Swaptions 23,738 8,245,000 — — Assets - Other Derivatives LPCs and IRLCs 5,819 919,888 11,518 216,194 Total Assets (1) $ 46,003 $ 9,877,388 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ (16,249) $ 1,350,000 $ (27,020) $ 1,405,000 Interest rate futures (6,915) 830,500 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (496) 157,985 (3,414) 430,983 Total Liabilities (1) $ (23,660) $ 2,338,485 $ (33,828) $ 1,977,483 Total Derivative Financial Instruments, Net (1) $ 22,343 $ 12,215,873 $ (19,616) $ 2,628,677 (1) For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis.
Schedule of Market Valuation (Losses) Gains on Derivatives	The following table presents the market valuation gains and losses on our derivatives for the years ended December 31, 2024 and 2023. Table 12.2 – Market Valuation (Losses) Gains on Derivatives Year Ended Year Ended (In Thousands) December 31, 2024 December 31, 2023 Risk Management Derivatives (1) $ (29,694) $ (20,303) LPCs and IRLCs (2) 9,571 22,600 Market Valuation (Losses) Gains on Derivatives $ (20,123) $ 2,297 (1) Market valuation gains (losses) on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income. (2) Market valuation gains (losses) on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income.

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
Schedule of Offsetting Assets	The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at December 31, 2024 and 2023. Table 13.1 - Offsetting of Financial Assets, Liabilities, and Collateral Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 23,738 $ — $ 23,738 $ — $ (19,989) $ 3,749 TBAs — — — — — — Futures 16,446 — 16,446 (3,588) — 12,858 Total Assets $ 40,184 $ — $ 40,184 $ (3,588) $ (19,989) $ 16,607 Liabilities (2) Interest rate agreements $ — $ — $ — $ — $ — $ — TBAs (16,249) — (16,249) — 12,904 (3,345) Futures (6,915) — (6,915) 3,588 3,327 — Loan warehouse facilities (253,962) — (253,962) 253,962 — — Total Liabilities $ (277,126) $ — $ (277,126) $ 257,550 $ 16,231 $ (3,345) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2023 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 1,742 $ — $ 1,742 $ — $ — $ 1,742 TBAs 952 — 952 (952) — — Total Assets $ 2,694 $ — $ 2,694 $ (952) $ — $ 1,742 Liabilities (2) TBAs $ (27,020) $ — $ (27,020) $ 952 $ 25,484 $ (584) Futures (3,394) — (3,394) — 3,394 — Loan warehouse facilities (471,900) — (471,900) 471,900 — — Total Liabilities $ (502,314) $ — $ (502,314) $ 472,852 $ 28,878 $ (584) (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively. (2)
Schedule of Offsetting Liabilities	The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at December 31, 2024 and 2023. Table 13.1 - Offsetting of Financial Assets, Liabilities, and Collateral Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 23,738 $ — $ 23,738 $ — $ (19,989) $ 3,749 TBAs — — — — — — Futures 16,446 — 16,446 (3,588) — 12,858 Total Assets $ 40,184 $ — $ 40,184 $ (3,588) $ (19,989) $ 16,607 Liabilities (2) Interest rate agreements $ — $ — $ — $ — $ — $ — TBAs (16,249) — (16,249) — 12,904 (3,345) Futures (6,915) — (6,915) 3,588 3,327 — Loan warehouse facilities (253,962) — (253,962) 253,962 — — Total Liabilities $ (277,126) $ — $ (277,126) $ 257,550 $ 16,231 $ (3,345) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2023 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 1,742 $ — $ 1,742 $ — $ — $ 1,742 TBAs 952 — 952 (952) — — Total Assets $ 2,694 $ — $ 2,694 $ (952) $ — $ 1,742 Liabilities (2) TBAs $ (27,020) $ — $ (27,020) $ 952 $ 25,484 $ (584) Futures (3,394) — (3,394) — 3,394 — Loan warehouse facilities (471,900) — (471,900) 471,900 — — Total Liabilities $ (502,314) $ — $ (502,314) $ 472,852 $ 28,878 $ (584) (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively. (2)

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets at December 31, 2024 and 2023 are summarized in the following table. Table 14.1 – Components of Other Assets (In Thousands) December 31, 2024 December 31, 2023 Accrued interest receivable $ 115,832 $ 69,072 Real estate owned 91,927 93,599 Investment receivable 69,793 67,302 Deferred tax asset 27,145 40,115 Margin receivable 28,313 33,414 Intangible assets 19,049 28,462 Operating lease right-of-use assets 9,167 12,532 Fixed assets and leasehold improvements (1) 4,674 7,829 Other 49,817 27,246 Total Other Assets $ 415,717 $ 379,571 (1) Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $12 million and $10 million at December 31, 2024 and 2023, respectively.
Schedule of Activity of Real Estate Owned (REO)	The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Sequoia, Freddie Mac SLST, and CAFL entities during the years ended December 31, 2024 and 2023. Table 14.2 – REO Activity Year Ended December 31, 2024 (In Thousands) Bridge (1) Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of year $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 Transfers to REO 11,085 — 2,887 8,582 22,554 Liquidations (2) (4,953) — (3,557) (4) (8,514) Changes in fair value, net (2) (16,211) — 499 — (15,712) Balance at End of Year $ 77,678 $ — $ 2,987 $ 11,262 $ 91,927 Year Ended December 31, 2023 (In Thousands) Bridge (1) Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of year $ 3,012 $ 544 $ 2,899 $ — $ 6,455 Transfers to REO 94,022 18 3,556 2,684 100,280 Liquidations (2) (6,752) (562) (3,577) — (10,891) Changes in fair value, net (2) (2,525) — 280 — (2,245) Balance at End of Year $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the years ended December 31, 2024 and 2023, REO market valuation adjustments and liquidations resulted in net valuation losses of $16 million and $2 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income.
Schedule of Amortization Period and Carrying Value of Intangible Assets	The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at December 31, 2024 and 2023. Table 14.3 – Intangible Assets – Activity Intangible Assets at Acquisition Accumulated Amortization at December 31, 2024 Carrying Value at December 31, 2024 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (37,635) $ 18,665 7 Broker network 18,100 (18,100) — 5 Non-compete agreements 11,400 (11,083) 317 3 Tradenames 4,400 (4,333) 67 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (75,551) $ 19,049 6 Intangible Assets at Acquisition Accumulated Amortization at December 31, 2023 Carrying Value at December 31, 2023 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (29,591) $ 26,709 7 Broker network 18,100 (17,497) 603 5 Non-compete agreements 11,400 (10,450) 950 3 Tradenames 4,400 (4,200) 200 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (66,138) $ 28,462 6
Schedule of Future Amortization Expense of Intangible Assets	Estimated future amortization expense is summarized in the table below. Table 14.4 – Intangible Asset Amortization Expense by Year (In Thousands) December 31, 2024 2025 $ 8,426 2026 6,694 2027 1,571 2028 1,571 2029 787 Total Future Intangible Asset Amortization $ 19,049
Schedule of Components of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities at December 31, 2024 and 2023 are summarized in the following table. Table 14.5 – Components of Accrued Expenses and Other Liabilities (In Thousands) December 31, 2024 December 31, 2023 Payable to non-controlling interests $ 123,258 $ 81,177 Margin payable 20,340 350 Accrued interest payable 70,988 52,755 Accrued compensation 34,002 28,140 Operating lease liabilities 11,028 14,725 Accrued operating expenses 11,074 5,527 Current accounts payable 6,803 4,992 Unsettled trades 5,127 — Guarantee obligations 2,806 5,781 Repurchase reserve 4,727 4,700 Bridge loan holdbacks (1) 2,148 2,059 Preferred stock dividends payable 1,478 1,478 Other 19,958 15,119 Total Accrued Expenses and Other Liabilities $ 313,737 $ 216,803 (1) Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.
Schedule of Activities of Cash Settled Awards by Award Type	The following table presents our cash-settled awards by type of award at December 31, 2024. Table 14.6 – Activities of Cash Settled Awards by Award Type Year Ended December 31, 2024 (In Thousands) Cash-Settled Restricted Stock Units Cash-Settled Deferred Stock Units Cash-Settled Performance Stock Units Total Cash-settled award liability at December 31, 2023 $ 83 $ 3,590 $ 1,550 $ 5,223 Compensation expense 1,040 1,282 766 3,088 Cash-settled award vesting payout (955) (1,978) — (2,933) Cash-settled award liability at December 31, 2024 $ 168 $ 2,894 $ 2,316 $ 5,378

Principles of Consolidation (Ta

Principles of Consolidation (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities of Consolidated VIEs	The following table presents a summary of the assets and liabilities of our consolidated VIEs at December 31, 2024 and 2023. Table 15.1 – Assets and Liabilities of Consolidated VIEs December 31, 2024 Sequoia (2) CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 8,819,554 $ — $ 1,244,722 $ — $ — $ — $ 10,064,276 Residential investor loans, held-for-investment — 3,308,172 — — — — 3,308,172 Consolidated Agency multifamily loans — — — 424,597 — — 424,597 Real estate securities 79,285 — — — — — 79,285 Home equity investments — — — — — 332,470 332,470 Other investments — — — — 262,353 — 262,353 Cash and cash equivalents — — — — 13,243 — 13,243 Restricted cash 248 22,385 — — — 8,403 31,036 Accrued interest receivable 43,503 19,998 4,510 1,245 2,078 — 71,334 Other assets 7 60,859 2,987 — 3,870 453 68,176 Total Assets $ 8,942,597 $ 3,411,414 $ 1,252,219 $ 425,842 $ 281,544 $ 341,326 $ 14,654,942 Debt Obligations $ — $ — $ — $ — $ 159,031 $ — $ 159,031 Accrued interest payable 37,191 9,410 4,062 1,119 359 — 52,141 Accrued expenses and other liabilities 103 28,672 — — 27,167 82,921 138,863 Asset-backed securities issued 8,585,077 2,932,749 1,151,847 389,434 — 211,097 13,270,204 Total Liabilities $ 8,622,371 $ 2,970,831 $ 1,155,909 $ 390,553 $ 186,557 $ 294,018 $ 13,620,239 Value of our investments in VIEs (1) $ 313,833 $ 438,590 $ 95,863 $ 35,163 $ 94,987 $ 47,308 $ 1,025,744 Number of VIEs 54 21 3 1 3 2 84 December 31, 2023 Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 4,780,203 $ — $ 1,359,242 $ — $ — $ — $ 6,139,445 Residential investor loans, held-for-investment — 3,734,321 — — — — 3,734,321 Consolidated Agency multifamily loans — — — 425,285 — — 425,285 Home equity investments — — — — — 305,717 305,717 Other investments — — — — 257,489 — 257,489 Cash and cash equivalents — — — — 9,482 — 9,482 Restricted cash 163 33,921 — — — 10,821 44,905 Accrued interest receivable 20,029 20,806 4,821 1,320 822 — 47,798 Other assets — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 4,800,395 $ 3,803,934 $ 1,367,221 $ 426,605 $ 274,130 $ 316,600 $ 10,988,885 Debt Obligations $ — $ — $ — $ — $ 153,653 $ — $ 153,653 Accrued interest payable 16,293 11,537 4,496 1,190 416 — 33,932 Accrued expenses and other liabilities — 2,734 — — 34,357 59,752 96,843 Asset-backed securities issued 4,568,660 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 4,584,953 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 211,638 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 42 21 3 1 3 2 72 Footnotes to table 15.1 (1) The value of our investments in VIEs, as presented in this table, generally represents the fair value of the economic interests we own in VIEs (i.e., the securities or other interests we legally own in the consolidated securitizations or other VIEs). While most of our VIEs are accounted for under the CFE election (whereby the net equity in the VIE generally represents the fair value of our retained interests and associated accrued interest receivable), certain entities, including two CAFL bridge loan securitizations (included within the CAFL column), our SLST re-securitization (included within the Freddie Mac SLST column), and our Servicing Investment VIEs are not accounted for under the CFE election and their associated ABS issued are accounted for at amortized historical cost. At December 31, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election was $326 million and $323 million, respectively, and the fair value of our interest in the CAFL bridge loan securitizations accounted for under the CFE election was $29 million and $22 million, respectively, with the difference from the tables above generally representing ABS issued and carried at amortized historical cost and accrued interest on our economic interests. At December 31, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $242 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. (2)
Schedule of Unconsolidated VIEs Sponsored by Redwood	The following table presents additional information at December 31, 2024 and 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 15.2 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) December 31, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 36,811 $ 31,690 Subordinate securities, classified as AFS 91,221 78,942 Mortgage servicing rights 12,556 10,885 Maximum loss exposure (1) $ 140,588 $ 121,517 (1)

Asset-Backed Securities Issued

Asset-Backed Securities Issued (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Asset-Backed Securities Issued	The carrying values of ABS issued by our consolidated securitization entities at December 31, 2024 and 2023 along with other selected information, are summarized in the following table. Table 16.1 – Asset-Backed Securities Issued December 31, 2024 Unpaid Principal Balance Carrying Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 9,220,157 $ 8,585,077 2.66% to 8.52% 2028-2063 54 CAFL 2,752,657 2,687,977 2.76% to 7.89% 2027-2033 19 Freddie Mac SLST 1,075,249 1,005,945 3.50% 2028-2029 2 Freddie Mac K-Series 393,762 389,434 3.41% 2025 1 HEI 212,484 211,097 3.96% to 6.71% 2052-2053 2 ABS Issued at Fair Value $ 13,654,309 $ 12,879,530 CAFL 244,772 244,772 2.31% to 4.38% 2029 2 Freddie Mac SLST 148,180 145,902 7.50% 2059 1 ABS Issued at Amortized Cost $ 392,952 $ 390,674 Total ABS Issued $ 14,047,261 $ 13,270,204 December 31, 2023 Unpaid Principal Balance Carrying Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 5,151,646 $ 4,568,660 2.67% to 6.66% 2024-2053 42 CAFL 2,987,825 2,879,913 2.69% to 7.89% 2027-2033 19 Freddie Mac SLST 1,147,111 1,088,225 3.50% 2028-2029 2 Freddie Mac K-Series 402,400 391,977 3.55% 2025 1 HEI 233,131 222,488 3.86% to 6.70% 2052-2053 2 ABS Issued at Fair Value $ 9,922,113 $ 9,151,263 CAFL 485,000 483,065 2.34% to 4.36% 2029 2 Freddie Mac SLST 181,546 177,552 7.50% 2059 1 ABS Issued at Amortized Cost $ 666,546 $ 660,617 Total ABS Issued $ 10,588,659 $ 9,811,880

Debt Obligations, Net (Tables)

Debt Obligations, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Obligations, Net	The following tables summarize our debt obligations at December 31, 2024 and 2023. Table 17.1 – Debt Obligations, Net December 31, 2024 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value (4) Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Facilities: Residential consumer loan warehouse facilities 7 $ 956,010 $ 956,010 $ 2,175,000 6.24 % 3/2025-10/2025 $ 1,005,926 Residential investor loan warehouse facilities 2 223,975 223,876 800,000 7.31 % 6/2025-7/2025 300,843 Real estate securities repurchase facilities 6 210,352 210,352 — 5.81 % 1/2025-3/2025 281,997 Residential MSR warehouse facility 1 58,164 58,164 75,000 7.65 % 10/2025 91,506 HEI warehouse facility 1 97,497 97,497 150,000 9.00 % 12/2025 207,097 Recourse Subordinate Securities Financing: CAFL securities (3) 1 268,240 267,140 N/A 7.54 % 9/2028 318,106 Long-Term Facilities: Residential investor loan warehouse facilities 5 615,036 613,129 1,530,000 7.83 % 5/2026-4/2027 889,901 Servicer advance financing 1 159,798 159,031 200,000 6.32 % 12/2026 233,820 Corporate Debt: Promissory notes (2) (3) 3 12,859 12,859 — 7.06 % N/A — Corporate Secured Revolving Financing Facility 1 225,000 220,234 250,000 9.50 % 3/2026 372,396 5.75% exchangeable senior notes (3) 1 123,574 123,087 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 247,170 242,652 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,860 N/A 7.10 % 1/2037, 7/2037 N/A 9.125% Senior Notes (3) 1 60,000 57,877 N/A 9.13 % 3/2029 N/A 9.0% Senior Notes (3) 1 85,000 82,112 N/A 9.00 % 9/2029 N/A Total Debt Obligations $ 3,482,175 $ 3,462,880 $ 3,701,592 December 31, 2023 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value (4) Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Facilities: Residential consumer loan warehouse facilities 4 $ 796,537 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 $ 907,742 Residential investor loan warehouse facilities 2 71,851 71,719 455,000 8.14 % 5/2024-6/2024 95,225 Real estate securities repurchase facilities 3 82,622 82,622 — 7.01 % 1/2024-3/2024 122,110 Residential MSR warehouse facility 1 47,858 47,858 50,000 8.60 % 10/2024 76,560 HEI warehouse facility 1 122,659 122,659 150,000 9.89 % 8/2024 237,973 Servicer advance financing 1 154,369 153,653 240,000 7.71 % 12/2024 225,345 Recourse Subordinate Securities Financings: Sequoia securities (3) 1 124,552 124,552 N/A 7.21 % 9/2024 175,096 CAFL securities 1 (3) 1 101,228 101,228 N/A 5.71 % 2/2025 124,793 CAFL securities 2 (3) 1 57,982 57,982 N/A 4.75 % 6/2026 112,813 Long Term Facilities: Residential investor loan warehouse facilities 6 1,023,384 1,021,708 2,350,000 8.14 % 3/2025-12/2026 1,327,907 Corporate Debt: Promissory notes (2) (3) 3 16,063 16,064 N/A 6.97 % N/A — 5.625% convertible senior notes (3) 1 142,977 142,558 N/A 5.63 % 7/2024 N/A 5.75% exchangeable senior notes (3) 1 156,666 155,138 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 210,910 206,032 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,813 N/A 7.90 % 1/2037, 7/2037 N/A Total Debt Obligations $ 3,249,158 $ 3,239,123 $ 3,405,564 (1) Variable rate borrowings are primarily based on 1- or 3-month SOFR, plus an applicable spread. (2) Promissory notes payable on demand to lender with 90-day notice. (3) Borrowing has a fixed interest rate at period end. (4) Carrying value presented net of total deferred issuance costs of $20 million and $11 million at December 31, 2024 and 2023, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Commitments	The following table presents our future lease commitments at December 31, 2024. Table 18.1 – Future Lease Commitments by Year (In Thousands) December 31, 2024 2025 $ 3,713 2026 3,627 2027 2,699 2028 1,207 2029 413 2030 and thereafter 456 Total Lease Commitments 12,115 Less: Imputed interest (1,087) Operating Lease Liabilities $ 11,028

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following table provides a summary of changes to accumulated other comprehensive income by component for the years ended December 31, 2024 and 2023. Table 19.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Years Ended December 31, 2024 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of year $ 10,219 $ (68,176) $ (57,957) $ 3,435 $ (72,303) $ (68,868) Other comprehensive income before reclassifications 12,345 — 12,345 6,230 — 6,230 Amounts reclassified from other accumulated comprehensive income (loss) (1,597) 4,138 2,541 554 4,127 4,681 Net current-period other comprehensive income 10,748 4,138 14,886 6,784 4,127 10,911 Balance at End of Year $ 20,967 $ (64,038) $ (43,071) $ 10,219 $ (68,176) $ (57,957)
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The following table provides a summary of reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023. Table 19.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount Reclassified From Affected Line Item in the Year Ended December 31, (In Thousands) Income Statement 2024 2023 Net Realized (Gain) Loss on AFS Securities Decrease in allowance for credit losses on AFS securities Investment fair value changes, net $ (1,561) $ (58) (Gain) loss on sales of AFS securities Realized gains, net (36) 612 $ (1,597) $ 554 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 4,138 $ 4,127 $ 4,138 $ 4,127

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	The following table provides the basic and diluted earnings per common share computations for the years ended December 31, 2024, 2023, and 2022. Table 20.1 – Basic and Diluted Earnings per Common Share Years Ended December 31, (In Thousands, except Share Data) 2024 2023 2022 Basic Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 46,989 $ (8,958) $ (163,520) Less: Dividends and undistributed earnings allocated to participating securities (4,391) (3,999) (4,335) Net income (loss) available (related) to common stockholders $ 42,598 $ (12,957) $ (167,855) Basic weighted average common shares outstanding 132,050,825 116,283,328 117,227,846 Basic Earnings (Loss) per Common Share $ 0.32 $ (0.11) $ (1.43) Diluted Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 46,989 $ (8,958) $ (163,520) Less: Dividends and undistributed earnings allocated to participating securities (4,391) (3,999) (4,335) Net income (loss) available (related) to common stockholders $ 42,598 $ (12,957) $ (167,855) Weighted average common shares outstanding 132,050,825 116,283,328 117,227,846 Net effect of dilutive equity awards 88,609 — — Net effect of assumed convertible notes conversion to common shares — — — Diluted weighted average common shares outstanding 132,139,434 116,283,328 117,227,846 Diluted Earnings (Loss) per Common Share $ 0.32 $ (0.11) $ (1.43)

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Activities of Equity Compensation Costs by Award Type	The unamortized compensation cost of awards issued under the Incentive Plan, which are settled by delivery of shares of common stock, and purchases under the Employee Stock Purchase Plan, totaled $40 million at December 31, 2024, as shown in the following table. Table 21.1 – Activities of Equity Compensation Costs by Award Type Year Ended December 31, 2024 (In Thousands) Restricted Stock Units Deferred Stock Units Performance Stock Units Employee Stock Purchase Plan Total Unrecognized compensation cost at beginning of year $ 3,166 $ 18,920 $ 15,519 $ — $ 37,605 Equity grants 7,047 10,559 7,942 207 25,755 Performance-based valuation adjustment — — (1,626) — (1,626) Equity grant forfeitures (781) (1,147) — — (1,928) Equity compensation expense (2,448) (10,702) (5,995) (207) (19,352) Unrecognized Compensation Cost at End of Year $ 6,984 $ 17,630 $ 15,840 $ — $ 40,454
Schedule of Restricted Stock Units Activities	The following table summarizes the activities related to RSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.2 – Restricted Stock Units Activities Years Ended December 31, 2024 2023 2022 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 593,570 $ 8.79 806,119 $ 9.22 431,072 $ 11.55 Granted 1,027,640 6.86 275,005 7.88 558,388 8.38 Vested (297,320) 8.56 (354,813) 9.21 (134,426) 12.56 Forfeited (99,816) 7.51 (132,741) 8.40 (48,915) 11.04 Outstanding at End of Year 1,224,074 $ 7.32 593,570 $ 8.79 806,119 $ 9.22
Schedule of Deferred Stock Units Activities	The following table summarizes the activities related to DSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.3 – Deferred Stock Units Activities Years Ended December 31, 2024 2023 2022 Units Weighted Units Weighted Units Weighted Outstanding at beginning of year 4,821,172 $ 10.13 4,831,338 $ 11.31 4,022,088 $ 12.93 Granted 1,698,285 6.56 1,499,621 7.77 1,759,344 8.83 Distributions (893,801) 10.07 (1,459,666) 11.71 (551,401) 11.35 Forfeitures (115,715) 8.36 (50,121) 7.54 (398,693) 12.07 Balance at End of Year 5,509,941 $ 9.07 4,821,172 $ 10.13 4,831,338 $ 11.31
Schedule of Performance-Based Units Activities	The following table summarizes the activities related to PSUs for the years ended December 31, 2024, 2023, and 2022. Table 21.4 – Performance Stock Unit Activities Years Ended December 31, 2024 2023 2022 Units Weighted Units Weighted Units Weighted Outstanding at beginning of year 3,072,039 $ 10.32 2,354,002 $ 11.75 1,473,883 $ 14.48 Granted 1,058,644 7.50 993,868 8.81 1,086,153 9.09 Vested (473,845) 10.42 (275,831) 17.13 (206,034) 17.23 Forfeitures — — — — — — Balance at End of Year 3,656,838 $ 9.49 3,072,039 $ 10.32 2,354,002 $ 11.75
Schedule of EDCP Payable and Activities	The following table summarizes the outstanding liability and activities related to the EDCP for the years ended December 31, 2024, 2023, and 2022. Table 21.5 – EDCP Payable and Activities Years Ended December 31, (In Thousands) 2024 2023 2022 Balance at beginning of year $ 3,198 $ 3,307 $ 2,730 New deferrals 951 1,069 1,083 Accrued interest 168 155 108 Withdrawals (1,075) (1,333) (614) Balance at End of Year $ 3,242 $ 3,198 $ 3,307

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Components of General and Administrative Expenses	Components of our general and administrative expenses for the years ended December 31, 2024, 2023 and 2022 are presented in the following table. Table 22.1 – Components of General and Administrative Expenses Years Ended December 31, (In Thousands) 2024 2023 2022 Fixed compensation expense (1) $ 55,736 $ 53,525 $ 63,642 Long-term incentive award expense (2) 25,025 24,854 23,101 Annual variable compensation expense 19,478 14,752 12,873 Systems and consulting 13,660 12,454 14,193 Office costs 7,634 8,590 8,574 Accounting and legal 4,762 5,191 6,644 Corporate costs 3,495 3,628 3,675 Other 6,603 5,301 8,206 Total General and Administrative Expenses $ 136,393 $ 128,295 $ 140,908 (1) Includes $2 million, $2 million and $7 million of severance and transition-related expenses for the years ended December 31, 2024, 2023 and 2022, respectively. (2) For the years ended December 31, 2024, 2023, and 2022, long-term incentive award expense includes $19 million, $18 million and $20 million, respectively, of expense for awards settleable in shares of our common stock and $6 million, $6 million and $3 million, respectively, of expense for awards settleable in cash. For the year ended December 31, 2024, includes equity amortization expense of $1 million related to employee terminations.

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and (Liabilities)	Components of our net deferred tax assets at December 31, 2024 and 2023 are presented in the following table. Table 23.1 – Deferred Tax Assets and (Liabilities) (In Thousands) December 31, 2024 December 31, 2023 Deferred Tax Assets Net operating loss carryforward – state $ 98,290 $ 98,442 Net capital loss carryforward – state 19,459 18,191 Net operating loss carryforward – federal 13,753 21,398 Net capital loss carryforward – federal 116 59 Allowances and accruals 1,679 1,680 Goodwill and intangible assets 25,298 26,192 Other 1,685 1,644 Total Deferred Tax Assets 160,280 167,606 Deferred Tax Liabilities Real estate assets (4,263) (979) Mortgage servicing rights (9,304) (7,284) Interest rate agreements (1,693) (2,237) Tax effect of unrealized (gains) – OCI (13) — Total Deferred Tax Liabilities (15,273) (10,500) Valuation Allowance (117,862) (116,991) Total Net Deferred Tax Asset, net of Valuation Allowance $ 27,145 $ 40,115
Schedule of Provision for Income Taxes	The following table summarizes the provision for income taxes for the years ended December 31, 2024, 2023, and 2022. Table 23.2 – Provision for Income Taxes Years Ended December 31, (In Thousands) 2024 2023 2022 Current Provision for Income Taxes Federal $ 1,946 $ 20 $ 340 State 3,911 92 496 Total Current Provision for Income Taxes 5,857 112 836 Deferred Provision (Benefit From) for Income Taxes Federal 11,635 1,977 (19,083) State 1,345 (454) (1,673) Total Deferred Provision (Benefit From) for Income Taxes 12,980 1,523 (20,756) Total Provision (Benefit From) for Income Taxes $ 18,837 $ 1,635 $ (19,920)
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate	The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2024, 2023, and 2022. Table 23.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate December 31, 2024 December 31, 2023 December 31, 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal tax effect, as applicable 6.7 % 51.7 % 0.9 % Differences in taxable income from GAAP income (0.3) % (2.7) % (0.5) % Change in valuation allowance 0.1 % — % — % REIT GAAP income or loss not subject to federal income tax (1.6) % (325.9) % (10.5) % Effective Tax Rate 25.9 % (255.9) % 10.9 %

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	3

Basis of Presentation (Details)

Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2024 partnership
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2
VIE, ownership interest rate (as a percent)	80%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Real Estate Loans (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Significant Accounting Policies [Line Items]
Business purpose loans term	3 years
Business purpose maturity loan term	12 years
Maximum
Significant Accounting Policies [Line Items]
Business purpose loans term	30 years
Business purpose maturity loan term	36 months

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Other Assets and Other Liabilities (Narrative) (Details) - USD ($) $ in Millions	24 Months Ended
	Dec. 31, 2015	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Risk-sharing arrangement term	10 years
SPE, assets		$ 29	$ 28
SPE, liabilities		$ 3	$ 6
Minimum
Significant Accounting Policies [Line Items]
Percentage of losses assumed on pool of loans sold	1%
Maximum
Significant Accounting Policies [Line Items]
Percentage of losses assumed on pool of loans sold	2.25%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Incentive Plans (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Significant Accounting Policies [Line Items]
Incentive plan, awards vesting period (in years)	3 years
Maximum
Significant Accounting Policies [Line Items]
Incentive plan, awards vesting period (in years)	4 years

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Schedule

Segment Information - Schedule of Business Segment Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 945,164		$ 724,462		$ 707,854
Interest expense	(842,556)		(631,519)		(552,400)
Net interest income (expense)	102,608		92,943		155,454
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	118,903		86,208		(171,103)
Risk management derivatives (losses) gains, net	(19,505)		(18,822)		157,444
Mortgage Banking Activities, Net	99,398		67,386		(13,659)
Investment fair value changes, net	(14,759)		(44,400)		(178,272)
HEI income, net	41,831		35,117		2,714
Other income, net	27,528		12,886		21,204
Realized gains, net	306		1,699		5,334
Total non-interest income (loss), net	154,304		72,688		(162,679)
General and administrative expenses	(136,393)		(128,295)		(140,908)
Portfolio management costs	(20,915)		(14,571)		(7,951)
Loan acquisition costs	(12,675)		(7,166)		(11,766)
Other expenses	(14,088)		(16,238)		(15,590)
(Provision for) benefit from income taxes	(18,837)		(1,635)		19,920
Net Income (Loss)	54,004		(2,274)		(163,520)
Total Assets	18,258,344	[1]	14,504,327	[1]	13,030,899
Activities Excluding Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	(4,570)		(42,921)		(204,424)
Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	(10,189)		(1,479)		26,152
Sequoia Mortgage Banking
Non-interest income (loss)
Mortgage Banking Activities, Net	57,579		27,782		(21,282)
CoreVest Mortgage Banking
Non-interest income (loss)
Mortgage Banking Activities, Net	41,819		39,604		7,623
Operating Segments | Sequoia Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	97,860		25,404		45,202
Interest expense	(54,065)		(24,114)		(32,735)
Net interest income (expense)	43,795		1,290		12,467
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	82,202		45,690		(121,995)
Risk management derivatives (losses) gains, net	(24,623)		(17,908)		100,713
Mortgage Banking Activities, Net	57,579		27,782		(21,282)
Investment fair value changes, net	0		1,076		0
HEI income, net	0		0		0
Other income, net	0		0		0
Realized gains, net	0		0		0
Total non-interest income (loss), net	57,579		28,858		(21,282)
General and administrative expenses	(20,008)		(17,171)		(22,566)
Portfolio management costs	0		0		0
Loan acquisition costs	(3,860)		(1,266)		(3,085)
Other expenses	0		0		74
(Provision for) benefit from income taxes	(16,009)		(1,659)		12,814
Net Income (Loss)	61,497		10,052		(21,578)
Total Assets	1,231,723		971,535		660,916
Operating Segments | Sequoia Mortgage Banking | Activities Excluding Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	0		1,076		0
Operating Segments | Sequoia Mortgage Banking | Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	0		0		0
Operating Segments | CoreVest Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	20,280		15,896		28,674
Interest expense	(14,970)		(13,078)		(18,041)
Net interest income (expense)	5,310		2,818		10,633
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	36,701		40,518		(49,108)
Risk management derivatives (losses) gains, net	5,118		(914)		56,731
Mortgage Banking Activities, Net	41,819		39,604		7,623
Investment fair value changes, net	0		0		0
HEI income, net	0		0		0
Other income, net	10,930		5,613		3,509
Realized gains, net	0		0		0
Total non-interest income (loss), net	52,749		45,217		11,132
General and administrative expenses	(40,008)		(44,547)		(56,557)
Portfolio management costs	0		0		0
Loan acquisition costs	(8,563)		(5,900)		(8,681)
Other expenses	(9,413)		(12,442)		(13,969)
(Provision for) benefit from income taxes	2,219		2,279		13,157
Net Income (Loss)	2,294		(12,575)		(44,285)
Total Assets	334,529		293,225		487,159
Operating Segments | CoreVest Mortgage Banking | Activities Excluding Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	0		0		0
Operating Segments | CoreVest Mortgage Banking | Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	0		0		0
Operating Segments | Redwood Investments
Segment Reporting Information [Line Items]
Interest income	823,939		675,478		632,806
Interest expense	(702,505)		(536,527)		(450,360)
Net interest income (expense)	121,434		138,951		182,446
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	0		0		0
Risk management derivatives (losses) gains, net	0		0		0
Mortgage Banking Activities, Net	0		0		0
Investment fair value changes, net	(13,080)		(42,482)		(195,164)
HEI income, net	41,831		35,117		2,714
Other income, net	17,674		10,361		18,596
Realized gains, net	565		858		3,174
Total non-interest income (loss), net	46,990		3,854		(170,680)
General and administrative expenses	(3,982)		(5,638)		(6,036)
Portfolio management costs	(20,750)		(14,516)		(7,951)
Loan acquisition costs	(244)		0		0
Other expenses	(4,675)		(5,796)		(1,695)
(Provision for) benefit from income taxes	(5,586)		(2,946)		(6,051)
Net Income (Loss)	133,187		113,909		(9,967)
Total Assets	16,358,430		12,858,272		11,489,844
Operating Segments | Redwood Investments | Activities Excluding Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	(2,891)		(41,003)		(221,316)
Operating Segments | Redwood Investments | Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	(10,189)		(1,479)		26,152
Corporate/ Other
Segment Reporting Information [Line Items]
Interest income	3,085		7,684		1,172
Interest expense	(71,016)		(57,800)		(51,264)
Net interest income (expense)	(67,931)		(50,116)		(50,092)
Non-interest income (loss)
Mortgage banking activities, net, excluding risk management derivatives	0		0		0
Risk management derivatives (losses) gains, net	0		0		0
Mortgage Banking Activities, Net	0		0		0
Investment fair value changes, net	(1,679)		(2,994)		16,892
HEI income, net	0		0		0
Other income, net	(1,076)		(3,088)		(901)
Realized gains, net	(259)		841		2,160
Total non-interest income (loss), net	(3,014)		(5,241)		18,151
General and administrative expenses	(72,395)		(60,939)		(55,749)
Portfolio management costs	(165)		(55)		0
Loan acquisition costs	(8)		0		0
Other expenses	0		2,000		0
(Provision for) benefit from income taxes	539		691		0
Net Income (Loss)	(142,974)		(113,660)		(87,690)
Total Assets	333,662		381,295		392,980
Corporate/ Other | Activities Excluding Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	(1,679)		(2,994)		16,892
Corporate/ Other | Risk Management Derivatives
Non-interest income (loss)
Investment fair value changes, net	$ 0		$ 0		$ 0
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Mortgage Banking Activities, _3

Mortgage Banking Activities, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	$ 27,528	$ 12,886	$ 21,204
Mortgage Banking Activities, Net	99,398	67,386	(13,659)
Sequoia Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	2,010	2,873	5,431
Mortgage Banking Activities, Net	57,579	27,782	(21,282)
CoreVest Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	21,242	18,314	39,903
Mortgage Banking Activities, Net	41,819	39,604	7,623
Residential Consumer Loans | Sequoia Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	39,019	42,976	(131,675)
Trading Securities | Sequoia Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	41,173	(159)	4,249
Risk Management Derivatives | Sequoia Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Risk management derivatives	(24,623)	(17,908)	100,713
Risk Management Derivatives | CoreVest Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Risk management derivatives	5,118	(914)	56,731
Residential investor term loans, at fair value | CoreVest Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	11,692	16,500	(91,690)
Residential investor bridge loans, at fair value | CoreVest Mortgage Banking
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	$ 3,767	$ 5,704	$ 2,679

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Derivative assets	[1]	$ 46,003		$ 14,212
Total Assets		18,258,344	[1]	14,504,327	[1]	$ 13,030,899
Liabilities
ABS issued		12,879,530		9,151,263
Derivative liabilities	[1]	23,660		33,828
Total Liabilities	[1]	17,070,481		13,301,634
Level 3
Assets, Fair Value Disclosure [Abstract]
Total Assets		17,391,480
Liabilities
Total Liabilities		12,979,536
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Residential investor loans		4,587,090		5,220,297
Consolidated agency multifamily loans		424,597		425,285
Trading		193,749		40,424
Available-for-sale		211,474		87,373
HEI		589,785		550,436
Servicer advance investments		233,820		225,345
Excess MSRs		32,274		37,367
MSRs		31,589		24,877
Strategic investments		3,460		3,193
Derivative assets		46,003		14,212
Total Assets		17,431,664		13,679,446
Liabilities
ABS issued		12,879,530		9,151,263
Derivative liabilities		23,660		33,828
Non-controlling interest		99,510		59,752
Total Liabilities		13,002,700		9,244,843
Fair Value, Measurements, Recurring | Residential Consumer Loans
Assets, Fair Value Disclosure [Abstract]
Residential consumer loans		11,077,823		7,050,637
Fair Value, Measurements, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Residential investor loans		0		0
Consolidated agency multifamily loans		0		0
Trading		0		0
Available-for-sale		0		0
HEI		0		0
Servicer advance investments		0		0
Excess MSRs		0		0
MSRs		0		0
Strategic investments		0		0
Derivative assets		16,446		952
Total Assets		16,446		952
Liabilities
ABS issued		0		0
Derivative liabilities		23,164		30,414
Non-controlling interest		0		0
Total Liabilities		23,164		30,414
Fair Value, Measurements, Recurring | Level 1 | Residential Consumer Loans
Assets, Fair Value Disclosure [Abstract]
Residential consumer loans		0		0
Fair Value, Measurements, Recurring | Level 2
Assets, Fair Value Disclosure [Abstract]
Residential investor loans		0		0
Consolidated agency multifamily loans		0		0
Trading		0		0
Available-for-sale		0		0
HEI		0		0
Servicer advance investments		0		0
Excess MSRs		0		0
MSRs		0		0
Strategic investments		0		0
Derivative assets		23,738		1,742
Total Assets		23,738		1,742
Liabilities
ABS issued		0		0
Derivative liabilities		0		0
Non-controlling interest		0		0
Total Liabilities		0		0
Fair Value, Measurements, Recurring | Level 2 | Residential Consumer Loans
Assets, Fair Value Disclosure [Abstract]
Residential consumer loans		0		0
Fair Value, Measurements, Recurring | Level 3
Assets, Fair Value Disclosure [Abstract]
Residential investor loans		4,587,090		5,220,297
Consolidated agency multifamily loans		424,597		425,285
Trading		193,749		40,424
Available-for-sale		211,474		87,373
HEI		589,785		550,436
Servicer advance investments		233,820		225,345
Excess MSRs		32,274		37,367
MSRs		31,589		24,877
Strategic investments		3,460		3,193
Derivative assets		5,819		11,518
Total Assets		17,391,480		13,676,752
Liabilities
ABS issued		12,879,530		9,151,263
Derivative liabilities		496		3,414
Non-controlling interest		99,510		59,752
Total Liabilities		12,979,536		9,214,429
Fair Value, Measurements, Recurring | Level 3 | Residential Consumer Loans
Assets, Fair Value Disclosure [Abstract]
Residential consumer loans		$ 11,077,823		$ 7,050,637
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
ABS Issued
Liabilities
Beginning balance	$ 9,151,263
Acquisitions	5,596,807
Sales	(1,544)
Principal paydowns	(1,878,771)
Gains (losses) in net income (loss), net	11,775
Other settlements, net	0
Ending balance	12,879,530
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	288,862
Non-controlling interests
Liabilities
Beginning balance	59,752
Acquisitions	11,882
Sales	0
Principal paydowns	(315)
Gains (losses) in net income (loss), net	27,738
Other settlements, net	453
Ending balance	99,510
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	(27,738)
Residential Consumer Loans
Assets
Beginning balance	7,050,637
Acquisitions	7,120,201
Originations	0
Sales	(1,667,513)
Principal paydowns	(1,458,762)
Gains (losses) in net income (loss), net	36,147
Unrealized gains in OCI, net	0
Other settlements, net	(2,887)
Ending balance	11,077,823
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	(58,330)
Residential Investor Loans
Assets
Beginning balance	5,220,297
Acquisitions	19,746
Originations	1,681,723
Sales	(1,236,441)
Principal paydowns	(1,412,926)
Gains (losses) in net income (loss), net	37,035
Unrealized gains in OCI, net	0
Other settlements, net	(20,897)
Ending balance	4,587,090
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	1,697
Consolidated Agency Multifamily Loans
Assets
Beginning balance	425,285
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	(8,638)
Gains (losses) in net income (loss), net	7,950
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance	424,597
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	7,682
Real Estate Trading Securities
Assets
Beginning balance	40,424
Acquisitions	117,502
Originations	0
Sales	(2,833)
Principal paydowns	(673)
Gains (losses) in net income (loss), net	39,329
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance	193,749
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	39,014
Real Estate AFS Securities
Assets
Beginning balance	87,373
Acquisitions	117,280
Originations	0
Sales	0
Principal paydowns	(7,835)
Gains (losses) in net income (loss), net	2,360
Unrealized gains in OCI, net	12,296
Other settlements, net	0
Ending balance	211,474
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	12,345
HEI
Assets
Beginning balance	550,436
Acquisitions	0
Sales	0
Principal paydowns	(49,553)
Gains (losses) in net income (loss), net	86,687
Unrealized gains in OCI, net	0
Other settlements, net	172
Ending balance	589,785
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	75,525
Servicer Advance Investments
Assets
Beginning balance	225,345
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	(357)
Gains (losses) in net income (loss), net	8,832
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance	233,820
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	8,832
Excess MSRs
Assets
Beginning balance	37,367
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	0
Gains (losses) in net income (loss), net	(5,093)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance	32,274
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	(5,093)
MSRs/Strategic Investments/Other
Assets
Beginning balance	28,070
Acquisitions	2,061
Originations	0
Sales	0
Principal paydowns	(141)
Gains (losses) in net income (loss), net	5,159
Unrealized gains in OCI, net	0
Other settlements, net	(100)
Ending balance	35,049
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	6,693
Derivatives
Assets
Beginning balance	8,104
Acquisitions	0
Sales	0
Principal paydowns	0
Gains (losses) in net income (loss), net	9,231
Other settlements, net	(12,012)
Ending balance	5,323
Liabilities
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	$ 5,323

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Fair Value Methodology for Level 3 Financial Instruments (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) $ / loan securitization_entity		Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)
Assets, Fair Value Disclosure [Abstract]
Other assets | $	[1]	$ 415,717		$ 379,571
Total Assets | $		18,258,344	[1]	14,504,327	[1]	$ 13,030,899
Liabilities
Total Liabilities | $	[1]	$ 17,070,481		13,301,634
Securitization entity | securitization_entity		2
Variable Interest Entity, Primary Beneficiary
Assets, Fair Value Disclosure [Abstract]
Total Assets | $		$ 14,654,942		10,988,885
Liabilities
Total Liabilities | $		13,620,239		10,096,308
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Assets, Fair Value Disclosure [Abstract]
Other assets | $		68,176		24,443
Total Assets | $		14,654,942		10,988,885
Liabilities
Total Liabilities | $		13,620,239		10,096,308
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities | Point
Liabilities
Fair value of securities owned | $		47,000
Level 3
Assets, Fair Value Disclosure [Abstract]
Total Assets | $		17,391,480
Liabilities
Total Liabilities | $		12,979,536
Level 3 | ABS Issued
Liabilities
ABS issued | $		12,879,530
Level 3 | Other Liabilities
Liabilities
Other liabilities | $		496
Level 3 | Noncontrolling Interest
Liabilities
Non-controlling interests (7) | $		$ 99,510
Level 3 | Minimum | Whole loan discount rate | ABS Issued
Liabilities
ABS issued, measurement input		0.04
Level 3 | Minimum | Whole loan discount rate | Noncontrolling Interest
Liabilities
Non-controlling interest, measurement input		0.13
Level 3 | Minimum | Prepayment rate (Annual CPR) | ABS Issued
Liabilities
ABS issued, measurement input		0
Level 3 | Minimum | Default rate | ABS Issued
Liabilities
ABS issued, measurement input		0
Level 3 | Minimum | Loss severity | ABS Issued
Liabilities
ABS issued, measurement input		0
Level 3 | Maximum | Whole loan discount rate | ABS Issued
Liabilities
ABS issued, measurement input		0.45
Level 3 | Maximum | Whole loan discount rate | Noncontrolling Interest
Liabilities
Non-controlling interest, measurement input		0.20
Level 3 | Maximum | Prepayment rate (Annual CPR) | ABS Issued
Liabilities
ABS issued, measurement input		1
Level 3 | Maximum | Default rate | ABS Issued
Liabilities
ABS issued, measurement input		0.24
Level 3 | Maximum | Loss severity | ABS Issued
Liabilities
ABS issued, measurement input		0.50
Level 3 | Weighted Average | Whole loan discount rate | ABS Issued
Liabilities
ABS issued, measurement input		0.07
Level 3 | Weighted Average | Whole loan discount rate | Noncontrolling Interest
Liabilities
Non-controlling interest, measurement input		0.16
Level 3 | Weighted Average | Prepayment rate (Annual CPR) | ABS Issued
Liabilities
ABS issued, measurement input		0.03
Level 3 | Weighted Average | Default rate | ABS Issued
Liabilities
ABS issued, measurement input		0.05
Level 3 | Weighted Average | Loss severity | ABS Issued
Liabilities
ABS issued, measurement input		0.20
Residential Consumer Loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Loans receivable, fair value | $		$ 11,077,823
Residential Consumer Loans | Level 3 | Minimum | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.63
Residential Consumer Loans | Level 3 | Minimum | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0150
Residential Consumer Loans | Level 3 | Minimum | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0185
Residential Consumer Loans | Level 3 | Minimum | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.07
Residential Consumer Loans | Level 3 | Minimum | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		0.28
Residential Consumer Loans | Level 3 | Minimum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		34
Residential Consumer Loans | Level 3 | Maximum | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		1.25
Residential Consumer Loans | Level 3 | Maximum | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0170
Residential Consumer Loans | Level 3 | Maximum | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0600
Residential Consumer Loans | Level 3 | Maximum | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.10
Residential Consumer Loans | Level 3 | Maximum | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		0.28
Residential Consumer Loans | Level 3 | Maximum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		103
Residential Consumer Loans | Level 3 | Weighted Average | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.68
Residential Consumer Loans | Level 3 | Weighted Average | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0151
Residential Consumer Loans | Level 3 | Weighted Average | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-sale, measurement input		0.0274
Residential Consumer Loans | Level 3 | Weighted Average | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.07
Residential Consumer Loans | Level 3 | Weighted Average | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		0.28
Residential Consumer Loans | Level 3 | Weighted Average | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		94
Residential Investor Term Loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Loans receivable, fair value | $		$ 2,643,706
Residential Investor Term Loans | Level 3 | Minimum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		91
Residential Investor Term Loans | Level 3 | Minimum | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0243
Residential Investor Term Loans | Level 3 | Maximum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		102
Residential Investor Term Loans | Level 3 | Maximum | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0243
Residential Investor Term Loans | Level 3 | Weighted Average | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		94
Residential Investor Term Loans | Level 3 | Weighted Average | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0243
Residential Investor Bridge Loans Held-for-Investment | Level 3
Assets, Fair Value Disclosure [Abstract]
Loans receivable, fair value | $		$ 1,943,384
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Minimum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		100
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Minimum | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0445
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Minimum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.09
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Minimum | Dollar price of non-performing loans
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		29
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Maximum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		138
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Maximum | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0445
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Maximum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.12
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Maximum | Dollar price of non-performing loans
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		100
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Weighted Average | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		122
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Weighted Average | Whole loan spread
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.0445
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Weighted Average | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		0.10
Residential Investor Bridge Loans Held-for-Investment | Level 3 | Weighted Average | Dollar price of non-performing loans
Assets, Fair Value Disclosure [Abstract]
Loans held-for-investment, measurement input		79
Consolidated Agency Multifamily Loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Loans receivable, fair value | $		$ 424,597
Consolidated Agency Multifamily Loans | Level 3 | Minimum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		99
Consolidated Agency Multifamily Loans | Level 3 | Maximum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		99
Consolidated Agency Multifamily Loans | Level 3 | Weighted Average | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		99
Trading and AFS securities | Level 3
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities | $		$ 405,223
Trading and AFS securities | Level 3 | Minimum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.06
Trading and AFS securities | Level 3 | Minimum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0
Trading and AFS securities | Level 3 | Minimum | Default rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0
Trading and AFS securities | Level 3 | Minimum | Loss severity
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.25
Trading and AFS securities | Level 3 | Maximum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.40
Trading and AFS securities | Level 3 | Maximum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.27
Trading and AFS securities | Level 3 | Maximum | Default rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.10
Trading and AFS securities | Level 3 | Maximum | Loss severity
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.50
Trading and AFS securities | Level 3 | Weighted Average | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.12
Trading and AFS securities | Level 3 | Weighted Average | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.08
Trading and AFS securities | Level 3 | Weighted Average | Default rate
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.001
Trading and AFS securities | Level 3 | Weighted Average | Loss severity
Assets, Fair Value Disclosure [Abstract]
Trading and AFS securities, measurement input		0.24
HEI | Level 3
Assets, Fair Value Disclosure [Abstract]
HEI | $		$ 589,785
HEI | Level 3 | Minimum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		138
HEI | Level 3 | Minimum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.10
HEI | Level 3 | Minimum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.01
HEI | Level 3 | Minimum | Home price appreciation (depreciation)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.04
HEI | Level 3 | Maximum | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		191
HEI | Level 3 | Maximum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.10
HEI | Level 3 | Maximum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.20
HEI | Level 3 | Maximum | Home price appreciation (depreciation)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.04
HEI | Level 3 | Weighted Average | Liability Price
Assets, Fair Value Disclosure [Abstract]
Loans receivable, measurement input		157
HEI | Level 3 | Weighted Average | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.10
HEI | Level 3 | Weighted Average | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.14
HEI | Level 3 | Weighted Average | Home price appreciation (depreciation)
Assets, Fair Value Disclosure [Abstract]
HEI, measurement input		0.04
Servicer advance investments | Level 3
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments | $		$ 233,820
Servicer advance investments | Level 3 | Minimum
Assets, Fair Value Disclosure [Abstract]
Expected remaining life, measurement input		5 years
Servicer advance investments | Level 3 | Minimum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.12
Servicer advance investments | Level 3 | Minimum | Mortgage servicing amount
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.0001
Servicer advance investments | Level 3 | Maximum
Assets, Fair Value Disclosure [Abstract]
Expected remaining life, measurement input		5 years
Servicer advance investments | Level 3 | Maximum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.30
Servicer advance investments | Level 3 | Maximum | Mortgage servicing amount
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.0058
Servicer advance investments | Level 3 | Weighted Average
Assets, Fair Value Disclosure [Abstract]
Expected remaining life, measurement input		5 years
Servicer advance investments | Level 3 | Weighted Average | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.14
Servicer advance investments | Level 3 | Weighted Average | Mortgage servicing amount
Assets, Fair Value Disclosure [Abstract]
Loan purchase commitments, net, measurement inputs		0.0009
Excess MSRs & MSRs | Level 3
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments | $		$ 63,863
Excess MSRs & MSRs | Level 3 | Minimum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.09
Excess MSRs & MSRs | Level 3 | Minimum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.02
Excess MSRs & MSRs | Level 3 | Maximum | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.46
Excess MSRs & MSRs | Level 3 | Maximum | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.48
Excess MSRs & MSRs | Level 3 | Weighted Average | Whole loan discount rate
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.14
Excess MSRs & MSRs | Level 3 | Weighted Average | Prepayment rate (Annual CPR)
Assets, Fair Value Disclosure [Abstract]
Servicer advance investments, measurement input		0.11
Residential loan purchase commitments, net | Level 3
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net | $		$ 5,272
Residential loan purchase commitments, net | Level 3 | Minimum | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.63
Residential loan purchase commitments, net | Level 3 | Minimum | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0150
Residential loan purchase commitments, net | Level 3 | Minimum | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0185
Residential loan purchase commitments, net | Level 3 | Minimum | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.07
Residential loan purchase commitments, net | Level 3 | Minimum | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.28
Residential loan purchase commitments, net | Level 3 | Minimum | Pull-through rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.12
Residential loan purchase commitments, net | Level 3 | Maximum | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		1.25
Residential loan purchase commitments, net | Level 3 | Maximum | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0170
Residential loan purchase commitments, net | Level 3 | Maximum | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0600
Residential loan purchase commitments, net | Level 3 | Maximum | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.10
Residential loan purchase commitments, net | Level 3 | Maximum | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.28
Residential loan purchase commitments, net | Level 3 | Maximum | Pull-through rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		1
Residential loan purchase commitments, net | Level 3 | Weighted Average | Senior Credit Spread to TBA Price
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.68
Residential loan purchase commitments, net | Level 3 | Weighted Average | Senior Credit Spread to Swap Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0151
Residential loan purchase commitments, net | Level 3 | Weighted Average | Subordinate credit spread to Swap rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.0274
Residential loan purchase commitments, net | Level 3 | Weighted Average | Senior Credit Support
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.07
Residential loan purchase commitments, net | Level 3 | Weighted Average | IO Discount Rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.28
Residential loan purchase commitments, net | Level 3 | Weighted Average | Pull-through rate
Assets, Fair Value Disclosure [Abstract]
Residential loan purchase commitments, net, measurement input		0.73
Strategic investments | Level 3
Assets, Fair Value Disclosure [Abstract]
Strategic investments | $		$ 3,460
Strategic investments | Level 3 | Minimum | Transaction price
Assets, Fair Value Disclosure [Abstract]
Strategic investments, measurement input		200
Strategic investments | Level 3 | Maximum | Transaction price
Assets, Fair Value Disclosure [Abstract]
Strategic investments, measurement input		1,000
Strategic investments | Level 3 | Weighted Average | Transaction price
Assets, Fair Value Disclosure [Abstract]
Strategic investments, measurement input		494
Other Assets | Level 3
Assets, Fair Value Disclosure [Abstract]
Other assets | $		$ 547
Sequoia Choice Securitization Entities
Liabilities
Fair value of securities owned | $		419,000
CAFL Securitization Entities
Liabilities
Fair value of securities owned | $		326,000		323,000
CAFL Bridge Loan Securitization
Liabilities
Fair value of securities owned | $		29,000		22,000
Freddie Mac SLST Securitization Entities
Liabilities
Fair value of securities owned | $		242,000		$ 274,000
Freddie Mac K-Series Securitization Entities
Liabilities
Fair value of securities owned | $		$ 35,000
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	$ 118,000
Residential Consumer Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	7,040,000
Residential Investor Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	1,720,000
Acquisitions	19,746
HEI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	2,000
Acquisitions	0
MSRs/Strategic Investments/Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Acquisitions	$ 2,061

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Carrying Values and Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Value | Level 1
Assets
Cash and cash equivalents	$ 245,165	$ 293,104
Restricted cash	67,762	75,684
Liabilities
Convertible notes, net	365,739	503,728
Carrying Value | Level 1 | Senior Notes
Liabilities
Senior Notes	139,989	0
Carrying Value | Level 2
Liabilities
Debt obligation facilities and other financing	2,818,292	2,596,582
Carrying Value | Level 3
Liabilities
ABS issued, net	390,674	660,617
Trust preferred securities and subordinated notes, net	138,860	138,813
Guarantee obligations	2,806	5,781
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	245,165	293,104
Restricted cash	67,762	75,684
Liabilities
Convertible notes, net	365,455	488,341
Estimated Fair Value | Level 1 | Senior Notes
Liabilities
Senior Notes	146,716	0
Estimated Fair Value | Level 2
Liabilities
Debt obligation facilities and other financing	2,819,393	2,591,931
Estimated Fair Value | Level 3
Liabilities
ABS issued, net	392,344	637,816
Trust preferred securities and subordinated notes, net	93,465	92,070
Guarantee obligations	$ 3,204	$ 3,772

Residential Consumer Loans - Sc

Residential Consumer Loans - Schedule of Classifications and Carrying Value of Residential Consumer Loans (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans	[1]	$ 1,013,547	$ 911,192
Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		8,819,554	4,780,203
Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,244,722	1,359,242
Residential Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		11,077,823	7,050,637
Residential Loans | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,013,547	911,192
Residential Loans | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		10,064,276	6,139,445
Residential Loans | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		8,819,554	4,780,203
Residential Loans | Sequoia | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		0	0
Residential Loans | Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		8,819,554	4,780,203
Residential Loans | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,244,722	1,359,242
Residential Loans | Freddie Mac SLST | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		0	0
Residential Loans | Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,244,722	1,359,242
Residential Loans | HEI at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,013,547	911,192
Residential Loans | HEI at Redwood | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		1,013,547	911,192
Residential Loans | HEI at Redwood | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total Residential Consumer Loans		$ 0	$ 0
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Residential Consumer Loans - Na

Residential Consumer Loans - Narrative (Details) $ in Billions	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage servicing rights | $	$ 1
Residential Consumer Loans | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans in foreclosure | loan	0	0

Residential Consumer Loans - _2

Residential Consumer Loans - Schedule of Characteristics of Residential Consumer Loans Held-for-Sale (Details) - Residential Consumer Loans - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	$ 1,000,663	$ 916,877
Fair value of loans	1,013,547	911,192
Market value of loans pledged as collateral under short-term borrowing agreements	$ 1,005,926	$ 907,742
Weighted average coupon (as a percent)	6.56%	6.25%

Residential Consumer Loans - _3

Residential Consumer Loans - Schedule of Activity of Residential Consumer Loans Held-for-Sale (Details) - Residential Consumer Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans acquired	$ 7,043,177	$ 2,101,161
Principal balance of loans sold	1,650,357	270,482
Principal balance of loans transferred from HFS to HFI	5,208,677	1,703,442
Net market valuation gains recorded	$ 29,448	$ 20,560

Residential Consumer Loans - _4

Residential Consumer Loans - Schedule of Characteristics of Residential Consumer Loans Held-for-Investment (Details) - Held-for-investment at fair value - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	$ 9,350,286	$ 5,398,913
Average loan balance (UPB)	842	757
Fair value of loans	$ 8,819,554	$ 4,780,203
Weighted average coupon	5.35%	4.15%
Unpaid principal balance of loans in foreclosure	$ 10,493	$ 5,234
Average foreclosure balance (UPB)	552	436
Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	1,514,432	1,614,974
Average loan balance (UPB)	155	157
Fair value of loans	$ 1,244,722	$ 1,359,242
Weighted average coupon	4.49%	4.50%
Unpaid principal balance of loans in foreclosure	$ 41,913	$ 47,654
Average foreclosure balance (UPB)	185	163
Financing Receivables, Equal to Greater than 90 Days Past Due | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans with 90+ day delinquencies	19,480	13,023
Average 90+ days delinquent balance (UPB)	573	482
Financing Receivables, Equal to Greater than 90 Days Past Due | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans with 90+ day delinquencies	106,910	132,307
Average 90+ days delinquent balance (UPB)	$ 172	$ 166

Residential Consumer Loans - _5

Residential Consumer Loans - Schedule of Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal of loans transferred from HFS to HFI	$ 5,702,565	$ 2,789,507	$ 2,949,262
Held-for-investment at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	(7,658)	106,380
Held-for-investment at fair value | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	(11,158)	11,132
Held-for-investment at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal of loans transferred from HFS to HFI	$ 5,208,677	$ 1,703,442

Residential Consumer Loans - _6

Residential Consumer Loans - Schedule of Geographic Concentration of Residential Consumer Loans (Details) - Residential Loans Held for Investment - Geographic Concentration Risk - Loan Benchmark	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Concentration risk (as a percent)	100%	100%
California
Concentration Risk [Line Items]
Concentration risk (as a percent)	26%	25%
Washington
Concentration Risk [Line Items]
Concentration risk (as a percent)	12%	16%
Texas
Concentration Risk [Line Items]
Concentration risk (as a percent)	8%	8%
Colorado
Concentration Risk [Line Items]
Concentration risk (as a percent)	6%	4%
Florida
Concentration Risk [Line Items]
Concentration risk (as a percent)	5%	7%
Illinois
Concentration Risk [Line Items]
Concentration risk (as a percent)	3%	2%
New Jersey
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	2%
New York
Concentration Risk [Line Items]
Concentration risk (as a percent)	1%	1%
Maryland
Concentration Risk [Line Items]
Concentration risk (as a percent)	0%	1%
Other states (none greater than 5%)
Concentration Risk [Line Items]
Concentration risk (as a percent)	37%	34%
Sequoia Choice Securitization Entities
Concentration Risk [Line Items]
Concentration risk (as a percent)	100%	100%
Sequoia Choice Securitization Entities | California
Concentration Risk [Line Items]
Concentration risk (as a percent)	31%	33%
Sequoia Choice Securitization Entities | Washington
Concentration Risk [Line Items]
Concentration risk (as a percent)	8%	7%
Sequoia Choice Securitization Entities | Texas
Concentration Risk [Line Items]
Concentration risk (as a percent)	10%	11%
Sequoia Choice Securitization Entities | Colorado
Concentration Risk [Line Items]
Concentration risk (as a percent)	6%	7%
Sequoia Choice Securitization Entities | Florida
Concentration Risk [Line Items]
Concentration risk (as a percent)	7%	5%
Sequoia Choice Securitization Entities | Illinois
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	3%
Sequoia Choice Securitization Entities | New Jersey
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	1%
Sequoia Choice Securitization Entities | New York
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	2%
Sequoia Choice Securitization Entities | Maryland
Concentration Risk [Line Items]
Concentration risk (as a percent)	1%	2%
Sequoia Choice Securitization Entities | Other states (none greater than 5%)
Concentration Risk [Line Items]
Concentration risk (as a percent)	31%	29%
Freddie Mac SLST
Concentration Risk [Line Items]
Concentration risk (as a percent)	100%	100%
Freddie Mac SLST | California
Concentration Risk [Line Items]
Concentration risk (as a percent)	14%	14%
Freddie Mac SLST | Washington
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	2%
Freddie Mac SLST | Texas
Concentration Risk [Line Items]
Concentration risk (as a percent)	3%	3%
Freddie Mac SLST | Colorado
Concentration Risk [Line Items]
Concentration risk (as a percent)	1%	1%
Freddie Mac SLST | Florida
Concentration Risk [Line Items]
Concentration risk (as a percent)	10%	10%
Freddie Mac SLST | Illinois
Concentration Risk [Line Items]
Concentration risk (as a percent)	6%	5%
Freddie Mac SLST | New Jersey
Concentration Risk [Line Items]
Concentration risk (as a percent)	7%	7%
Freddie Mac SLST | New York
Concentration Risk [Line Items]
Concentration risk (as a percent)	11%	11%
Freddie Mac SLST | Maryland
Concentration Risk [Line Items]
Concentration risk (as a percent)	5%	5%
Freddie Mac SLST | Other states (none greater than 5%)
Concentration Risk [Line Items]
Concentration risk (as a percent)	41%	42%

Residential Investor Loans - Sc

Residential Investor Loans - Schedule of Classifications and Carrying Values of Residential Investor Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Held-for-sale at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 237,224	$ 180,250
Held-for-investment at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	4,349,866	5,040,048
Residential Investor Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	4,587,090	5,220,298
HEI at Redwood | Held-for-sale at fair value | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	158,637	144,359
HEI at Redwood | Held-for-sale at fair value | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	78,587	35,891
HEI at Redwood | Held-for-investment at fair value | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
HEI at Redwood | Held-for-investment at fair value | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,041,694	1,305,727
HEI at Redwood | Residential Investor Loans | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	158,637	144,359
HEI at Redwood | Residential Investor Loans | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,120,281	1,341,618
CAFL | Held-for-sale at fair value | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
CAFL | Held-for-sale at fair value | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
CAFL | Held-for-investment at fair value | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,485,069	2,971,725
CAFL | Held-for-investment at fair value | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	823,103	762,596
CAFL | Residential Investor Loans | Residential Investor Term
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,485,069	2,971,725
CAFL | Residential Investor Loans | Residential Investor Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 823,103	$ 762,596

Residential Investor Loans - Na

Residential Investor Loans - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) entity loan securitization_entity	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal payments on real estate securities	$ 8,526,000	$ 1,122,000	$ 32,735,000
Number of bridge entities | entity	1
Securitization entity | securitization_entity	2
Weighted average modification term (in months)	10 months
Commitment to Fund Residential Bridge Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other commitment	$ 397,000,000
SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate (as a percent)	53%
Fixed Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate (as a percent)	47%
Residential Investor Term Loans | Financial Instrument, Term One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable term (in years)	3 years
Residential Investor Term Loans | Financial Instrument, Term Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable term (in years)	5 years
Residential Investor Term Loans | Financial Instrument, Term Three
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable term (in years)	7 years
Residential Investor Term Loans | Financial Instrument, Term Four
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable term (in years)	10 years
Residential Investor Bridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Sale of residential investor bridge loans	$ 789,000,000
Principal payments on real estate securities	49,000,000
Financing receivable, modified amount	$ 1,940,000,000	2,100,000,000
Weighted average contractual interest rate (as a percent)	9.09%
UPB	$ 151,000,000	340,000,000
Fair value of loans	104,000,000	312,000,000
Residential Investor Bridge | Financing Receivables Less than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	0	$ 207,000,000
Residential Investor Bridge | Payment Deferral
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified amount	$ 848,000,000
Weighted average contractual interest rate (as a percent)	4.46%
Residential Investor Bridge | Interest Rate Below Market Reduction
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified amount	$ 663,000,000
Residential Investor Bridge | Interest Rate Below Market Reduction | Estimated Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified amount	645,000,000
Build For Rent Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified amount	$ 142,000,000
Number of modified build for rent loans | loan	4
Build For Rent Loans | Estimated Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified amount	$ 140,000,000
Minimum | Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original maturity (in months)	6 months
Maximum | Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Original maturity (in months)	36 months

Residential Investor Loans - _2

Residential Investor Loans - Schedule of Activity of Residential Investor Loans at Redwood (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	$ 7,107,623	$ 2,046,299	$ 3,841,952
Principal balance of loans sold to third parties	$ 8,526	1,122	$ 32,735
Number of loans transferred | loan	1
Term at Redwood | HEI at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	$ 720,537	525,130
Principal balance of loans acquired	19,246	0
Principal balance of loans sold to third parties	713,314	473,677
Transfers of loans between portfolios	0	(278,751)
Transfers from consolidated CAFL securitizations	298,553	0
Net market valuation gains (losses) recorded	(8,777)	(14,430)
Term at Redwood | HEI at Redwood | Residential Investor Mortgage Banking Activities, Net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	11,692	16,500
Bridge at Redwood | HEI at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	967,811	1,153,568
Principal balance of loans acquired	15,677	19,500
Principal balance of loans sold to third parties	516,411	128,664
Transfers of loans between portfolios	(290,159)	(641,194)
Transfers from consolidated CAFL securitizations	0	0
Net market valuation gains (losses) recorded	(40,430)	(39,361)
Bridge at Redwood | HEI at Redwood | Residential Investor Mortgage Banking Activities, Net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	3,767	$ 5,704
Residential Investor Bridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans sold to third parties	$ 49,000

Residential Investor Loans - _3

Residential Investor Loans - Schedule of Activity of Residential Investor Loans Held-for-Investment at CAFL (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) securitization_entity	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Securitization entity | securitization_entity	2
Residential Investor Loans | Term at CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	$ 61,559	$ 89,013
Fair value of loans transferred to HFI	0	278,751
Bridge Loans Held for Investment at Fair Value | Term at CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	6,198	(1,775)
Fair value of loans transferred to HFI	$ 290,159	$ 641,779

Residential Investor Loans - _4

Residential Investor Loans - Schedule of Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Term at Redwood | HEI at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	$ 177,618	$ 152,213
Average UPB of loans	1,759	4,006
Fair value of loans	$ 158,637	$ 144,359
Weighted average coupon rate (as a percent)	6.84%	6.92%
Weighted average remaining loan term (years)	9 years	7 years
Market value of loans pledged as collateral under debt facilities	$ 120,417	$ 124,934
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	27,529	28,263
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	27,529	14,132
Fair value of loans in foreclosure	8,500	16,822
Term at Redwood | HEI at Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	12,366	16,822
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	33,065	28,263
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	8,266	14,132
Term at CAFL | CAFL Securitization Entities
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	2,639,485	3,194,131
Average UPB of loans	3,084	3,028
Fair value of loans	$ 2,485,069	$ 2,971,725
Weighted average coupon rate (as a percent)	5.35%	5.34%
Weighted average remaining loan term (years)	4 years	5 years
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	$ 24,648	$ 15,708
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	2,465	2,244
Term at CAFL | CAFL Securitization Entities | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	194,143	143,623
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	3,734	3,192
Business Purpose Bridge Loans | HEI at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	1,166,213	1,360,957
Average UPB of loans	5,350	8,453
Fair value of loans	$ 1,120,281	$ 1,341,618
Weighted average coupon rate (as a percent)	9.11%	10.41%
Weighted average remaining loan term (years)	1 year	1 year
Market value of loans pledged as collateral under debt facilities	$ 1,070,327	$ 1,298,198
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	86,260	79,841
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	6,635	5,323
Fair value of loans in foreclosure	67,858	69,046
Business Purpose Bridge Loans | HEI at Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	102,321	86,137
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	129,229	96,934
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	8,077	5,702
Business Purpose Bridge Loans | CAFL Securitization Entities
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
UPB	810,285	756,574
Average UPB of loans	1,605	2,162
Fair value of loans	$ 823,103	$ 762,596
Weighted average coupon rate (as a percent)	9.76%	10.82%
Weighted average remaining loan term (years)	1 year	1 year
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	$ 3,663	$ 3,931
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	916	1,310
Fair value of loans in foreclosure	3,715
Business Purpose Bridge Loans | CAFL Securitization Entities | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans with 90+ day delinquencies/Unpaid principal balance of loans in foreclosure	20,964	10,646
Average UPB of 90+ days delinquent loans/Average UPB of loans in foreclosure	$ 1,233	$ 1,774

Residential Investor Loans - _5

Residential Investor Loans - Schedule of Residential Investor Loans Collateral/Strategy Type (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) unit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of units for light to moderate renovation | unit	20
Residential Term, Single Family Rental | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 100,411
Residential Term, Multifamily | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	77,207
Term Loans, Single Family Rental | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,042,803
Term Loans, Multifamily | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	596,682
Residential Bridge Renovate Build For Rent | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	432,363
Bridge Loans, Renovate Build For Rent | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	377,947
Residential Bridge Single Asset Bridge | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	78,631
Bridge Loans, Single Asset Bridge | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	283,186
Residential Bridge Multifamily | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	648,972
Bridge Loans, Multifamily | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	148,096
Residential Bridge Third Party Originated | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	6,247
Bridge Loans, Third Party Originated | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,056
Residential Term Loans | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	177,618
Term Loans | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,639,485
Residential investor bridge loans, at fair value | HEI at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,166,213
Bridge Loans | CoreVest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 810,285

Residential Investor Loans - _6

Residential Investor Loans - Schedule of Geographic Concentration of Residential Investor Loans (Details) - Geographic Concentration Risk - Loan Benchmark	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Bridge at Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	100%	100%
Bridge at Redwood | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	3%	13%
Bridge at Redwood | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	6%
Bridge at Redwood | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	5%	5%
Bridge at Redwood | Tennessee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	3%	3%
Bridge at Redwood | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	20%	13%
Bridge at Redwood | Alabama
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	6%
Bridge at Redwood | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	9%	10%
Bridge at Redwood | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	2%
Bridge at Redwood | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	0%
Bridge at Redwood | Connecticut
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	0%	2%
Bridge at Redwood | Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	19%	18%
Bridge at Redwood | Other states (none greater than 5%)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	25%	22%
Single-family rental loans, held-for-sale at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	100%	100%
Single-family rental loans, held-for-sale at fair value | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	26%	22%
Single-family rental loans, held-for-sale at fair value | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	4%	4%
Single-family rental loans, held-for-sale at fair value | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	12%	8%
Single-family rental loans, held-for-sale at fair value | Tennessee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	3%	7%
Single-family rental loans, held-for-sale at fair value | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%	6%
Single-family rental loans, held-for-sale at fair value | Alabama
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	1%	3%
Single-family rental loans, held-for-sale at fair value | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	7%
Single-family rental loans, held-for-sale at fair value | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	3%
Single-family rental loans, held-for-sale at fair value | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%
Single-family rental loans, held-for-sale at fair value | Connecticut
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	0%	2%
Single-family rental loans, held-for-sale at fair value | Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	13%
Single-family rental loans, held-for-sale at fair value | Other states (none greater than 5%)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	26%	25%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	100%	100%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	18%	8%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	10%	4%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%	8%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Tennessee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	4%	2%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	0%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Alabama
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	1%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	1%	10%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	1%	0%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	1%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Connecticut
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	0%	0%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	0%	5%
Term at Redwood | Single Family Rental Loans Held for Investment at Fair Value | Other states (none greater than 5%)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	55%	62%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	100%	100%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	17%	16%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%	7%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	4%	4%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Tennessee
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	2%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%	5%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Alabama
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	2%	3%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	7%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	7%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Connecticut
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	7%	8%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Georgia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	6%	5%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Other states (none greater than 5%)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percent)	29%	36%

Real Estate Securities - Schedu

Real Estate Securities - Schedule of Fair Values of Real Estate Securities by Type (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Trading		$ 193,749	$ 40,424
Available-for-sale		211,474	87,373
Total Real Estate Securities	[1]	$ 405,223	$ 127,797
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Real Estate Securities - Sche_2

Real Estate Securities - Schedule of Carrying Value of AFS Securities by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Amortized cost	$ 191,438	$ 79,635
Gross unrealized gains	26,631	16,973
Gross unrealized losses	(5,674)	(6,753)
Allowance for credit losses	(921)	(2,482)	$ (2,540)
Total Fair Value	211,474	87,373
Senior
Investment Holdings [Line Items]
Amortized cost	39,135	0
Gross unrealized gains	230	0
Gross unrealized losses	0	0
Allowance for credit losses	0	0
Total Fair Value	39,365	0
Mezzanine
Investment Holdings [Line Items]
Amortized cost	31,250	0
Gross unrealized gains	668	0
Gross unrealized losses	(51)	0
Allowance for credit losses	0	0
Total Fair Value	31,867	0
Subordinate
Investment Holdings [Line Items]
Amortized cost	121,053	79,635
Gross unrealized gains	25,733	16,973
Gross unrealized losses	(5,623)	(6,753)
Allowance for credit losses	(921)	(2,482)
Total Fair Value	$ 140,242	$ 87,373

Real Estate Securities - Sche_3

Real Estate Securities - Schedule of Fair Value of AFS Securities by Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	$ 211,474	$ 87,373
Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	39,365	0
Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	31,867	0
Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	140,242	87,373
Other third-party securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	108,504	3,971
Other third-party securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	39,365	0
Other third-party securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	28,948	0
Other third-party securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	40,191	3,971
Multifamily securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	11,749	4,460
Multifamily securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Multifamily securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	2,919	0
Multifamily securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	8,830	4,460
Sequoia securities
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	91,221	78,942
Sequoia securities | Senior
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Sequoia securities | Mezzanine
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	0	0
Sequoia securities | Subordinate
Debt Securities, Available-for-sale [Line Items]
Total Fair Value	$ 91,221	$ 78,942

Real Estate Securities - Narrat

Real Estate Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Investment	Dec. 31, 2023 USD ($) Investment	Dec. 31, 2022 USD ($)
Investment Holdings [Line Items]
Net unrealized gain (loss) on available-for-sale securities	$ 12,345,000	$ 6,230,000	$ (64,704,000)
Accretion income on AFS securities	$ 2,000,000	$ 1,000,000	11,000,000
Number of AFS securities | Investment	90	66
Number of securities in unrealized loss position | Investment	20	21
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer | Investment	11	19
CECL credit allowance	$ 921,000	$ 2,482,000	$ 2,540,000
Sales
Investment Holdings [Line Items]
Gross realized gains	0	$ 2,000,000
Residential
Investment Holdings [Line Items]
Marketable securities, less than five years	49,000,000
Marketable securities, due from five to ten years	$ 4,000,000

Real Estate Securities - Sche_4

Real Estate Securities - Schedule of AFS Securities in Gross Unrealized Loss Position by Holding Periods (Details) - Residential - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less than 12 consecutive months, fair value	$ 30,351	$ 2,374
Less than 12 consecutive months, unrealized losses	(391)	(128)
12 consecutive months or longer, fair value	19,817	27,299
12 consecutive months or longer, unrealized losses	$ (5,283)	$ (6,625)

Real Estate Securities - Sche_5

Real Estate Securities - Schedule of Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities Rollforward [Abstract]
Beginning balance allowance for credit losses	$ 2,482	$ 2,540
Additions to allowance for credit losses on securities for which credit losses were not previously recorded	88	300
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period	(1,649)	(50)
Reduction to allowance for securities sold during the period	0	(308)
Ending balance of allowance for credit losses	$ 921	$ 2,482

Home Equity Investments (HEI) -

Home Equity Investments (HEI) - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 transaction
Equity Method Investments and Joint Ventures [Abstract]
Number of securitization transactions co-sponsored	2

Home Equity Investments (HEI)_2

Home Equity Investments (HEI) - Schedule of Home Equity Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total Home Equity Investments	[1]	$ 589,785	$ 550,436
HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Total Home Equity Investments		257,315	244,719
HEI held at consolidated HEI securitization entities
Schedule of Equity Method Investments [Line Items]
Total Home Equity Investments		$ 332,470	$ 305,717
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Home Equity Investments (HEI)_3

Home Equity Investments (HEI) - Schedule of Activity of Home Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair value of HEI purchased and originated
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses) recorded	$ 0	$ 0
Fair value of HEI purchased and originated | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses) recorded	2,043	136,445
Fair Value of HEI Transferred
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses) recorded	57,948	23,177
Fair Value of HEI Transferred | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses) recorded	$ 28,739	$ 30,750

Home Equity Investments (HEI)_4

Home Equity Investments (HEI) - Schedule of Components of HEI Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ 41,831	$ 35,117	$ 2,714
Interest expense	842,556	631,519	552,400
HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	28,739	30,750	(201)
Securitized HEI
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	57,948	23,177	5,875
ABS Issued from HEI Securitization
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	(21,686)	(11,020)	2,334
Interest expense	12,000	6,000	5,000
Non-controlling in HEI Securitizations
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ (23,170)	$ (7,790)	$ (5,294)

Home Equity Investments (HEI)_5

Home Equity Investments (HEI) - Schedule of Geographic Concentration of HEI (Details) - Geographic Concentration Risk - Investments Benchmark	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	100%	100%
HEI at Redwood | California
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	49%	48%
HEI at Redwood | Florida
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	12%	12%
HEI at Redwood | Washington
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	6%	6%
HEI at Redwood | Colorado
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	6%	6%
HEI at Redwood | Arizona
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	5%	5%
HEI at Redwood | New York
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	4%	4%
HEI at Redwood | Other states (none greater than 5%)
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	18%	19%
Securitized HEI
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	100%	100%
Securitized HEI | California
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	47%	47%
Securitized HEI | Florida
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	7%	7%
Securitized HEI | Washington
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	7%	7%
Securitized HEI | Colorado
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	4%	4%
Securitized HEI | Arizona
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	6%	6%
Securitized HEI | New York
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	7%	7%
Securitized HEI | Other states (none greater than 5%)
Schedule of Equity Method Investments [Line Items]
Concentration risk (as a percent)	22%	22%

Other Investments - Schedule of

Other Investments - Schedule of Components of Other Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Investment [Line Items]
Total Other Investments	[1]	$ 375,806	$ 343,930
Mortgage servicing rights
Investment [Line Items]
Servicer advance investments, excess MSRs and MSRs, at fair value		31,589	24,877
Other, at fair value
Investment [Line Items]
Other, at fair value		0	234
Servicer advance investments, at fair value
Investment [Line Items]
Servicer advance investments, excess MSRs and MSRs, at fair value		233,820	225,345
Strategic investments, at carrying value
Investment [Line Items]
Strategic investments, at carrying value		74,663	53,147
Strategic investments, at fair value		3,460	2,960
Excess MSRs
Investment [Line Items]
Servicer advance investments, excess MSRs and MSRs, at fair value		$ 32,274	$ 37,367
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Other Investments - Schedule _2

Other Investments - Schedule of Components of Income from Other Investments, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Investment fair value changes, net	$ (14,759)	$ (44,400)	$ (178,272)
Other interest income	945,164	724,462	707,854
Total Other Investments Income, Net	46,744	45,856	46,081
Excess MSRs
Investment Holdings [Line Items]
Investment fair value changes, net	(5,094)	(1,668)	(5,196)
Other interest income	12,949	14,152	15,912
Strategic investments, at carrying value
Investment Holdings [Line Items]
Investment fair value changes, net	(1,586)	(2,900)	12,800
Other income, net (2)	(1,292)	(3,221)	(901)
Investment fair value gains	4,000	1,000	14,000
Investment fair value losses	(5,000)	(3,000)
Mortgage servicing rights
Investment Holdings [Line Items]
Other income, net	14,415	7,033	14,879
Servicer advance financing
Investment Holdings [Line Items]
Other interest income	18,519	20,597	19,663
Investment fair value changes, net	$ 8,833	$ 11,863	$ (11,076)

Other Investments - Narrative (

Other Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investment Holdings [Line Items]
Sale of investments	$ 0.3	$ 0.2
RWT Horizons
Investment Holdings [Line Items]
Investments	78
Oaktree Capital Management, L.P.
Investment Holdings [Line Items]
Investments	$ 3	$ 4
Equity method investment, ownership percentage	20%	20%
CPP Investments
Investment Holdings [Line Items]
Investments	$ 26
Equity method investment, ownership percentage	20%
Sale of investments	$ 1

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value and Notional Amount of Derivative Financial Instruments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ 22,343,000	$ (19,616,000)
Notional Amount	12,215,873,000	2,628,677,000
Derivative Liabilities
Derivative [Line Items]
Fair Value	(23,660,000)	(33,828,000)
Notional Amount	2,338,485,000	1,977,483,000
Derivative Assets
Derivative [Line Items]
Fair Value	46,003,000	14,212,000
Notional Amount	9,877,388,000	651,194,000
Interest rate swaps | Derivative Assets
Derivative [Line Items]
Fair Value	0	1,742,000
Notional Amount	0	50,000,000
TBAs
Derivative [Line Items]
Notional Amount	1,350,000,000	1,790,000,000
TBAs | Derivative Liabilities
Derivative [Line Items]
Fair Value	(16,249,000)	(27,020,000)
Notional Amount	1,350,000,000	1,405,000,000
TBAs | Derivative Assets
Derivative [Line Items]
Fair Value	0	952,000
Notional Amount	0	385,000,000
Interest rate futures
Derivative [Line Items]
Notional Amount	1,540,000,000	142,000,000
Interest rate futures | Derivative Liabilities
Derivative [Line Items]
Fair Value	(6,915,000)	(3,394,000)
Notional Amount	830,500,000	141,500,000
Interest rate futures | Derivative Assets
Derivative [Line Items]
Fair Value	16,446,000	0
Notional Amount	712,500,000	0
Swaptions | Derivative Assets
Derivative [Line Items]
Fair Value	23,738,000	0
Notional Amount	8,245,000,000	0
LPCs and IRLCs | Derivative Liabilities
Derivative [Line Items]
Fair Value	(496,000)	(3,414,000)
Notional Amount	157,985,000	430,983,000
LPCs and IRLCs | Derivative Assets
Derivative [Line Items]
Fair Value	5,819,000	11,518,000
Notional Amount	$ 919,888,000	$ 216,194,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Market Valuation (Losses) Gains on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Market Valuation (Losses) Gains on Derivatives	$ (20,123)	$ 2,297
Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		Market Valuation (Losses) Gains on Derivatives
LPCs and IRLCs
Derivative [Line Items]
Changes in fair value of assets	9,571	$ 22,600
Risk Management Derivatives
Derivative [Line Items]
Market Valuation (Losses) Gains on Derivatives	$ (29,694)	$ (20,303)	$ 184,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount	$ 12,215,873,000	$ 2,628,677,000
Market Valuation (Losses) Gains on Derivatives	(20,123,000)	2,297,000
Accumulated other comprehensive loss, interest rate agreements	64,000,000	68,000,000
Interest Expense
Derivative [Line Items]
Expected amortization of realized losses related to terminated cash flow hedges	4,000,000
LPCs, IRLCs, and FSCs
Derivative [Line Items]
Changes in fair value of assets	10,000,000	23,000,000	$ (55,000,000)
Interest Rate Contract
Derivative [Line Items]
Notional amount	8,250,000,000	50,000,000
Interest Rate Contract | Cash Flow Hedging
Derivative [Line Items]
Realized net losses from accumulated comprehensive loss into interest expense	4,000,000	4,000,000
TBAs
Derivative [Line Items]
Notional amount	1,350,000,000	1,790,000,000
Interest rate futures
Derivative [Line Items]
Notional amount	1,540,000,000	142,000,000
Risk Management Derivatives
Derivative [Line Items]
Market Valuation (Losses) Gains on Derivatives	$ (29,694,000)	$ (20,303,000)	$ 184,000,000

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Assets
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	$ 46,003	$ 14,212
Liabilities
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	(23,660)	(33,828)
Total Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(277,126)	(502,314)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(277,126)	(502,314)
Financial Instruments		257,550	472,852
Cash Collateral (Received) Pledged		16,231	28,878
Net Amount		(3,345)	(584)
Interest rate agreements
Assets
Gross Amounts of Recognized Assets (Liabilities)		23,738	1,742
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		23,738	1,742
Financial Instruments		0	0
Cash Collateral (Received) Pledged		(19,989)	0
Net Amount		3,749	1,742
Liabilities
Gross Amounts of Recognized Assets (Liabilities)		0
Gross Amounts Offset in Consolidated Balance Sheet		0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		0
Financial Instruments		0
Cash Collateral (Received) Pledged		0
Net Amount		0
TBAs
Assets
Gross Amounts of Recognized Assets (Liabilities)		0	952
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		0	952
Financial Instruments		0	(952)
Cash Collateral (Received) Pledged		0	0
Net Amount		0	0
Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(16,249)	(27,020)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(16,249)	(27,020)
Financial Instruments		0	952
Cash Collateral (Received) Pledged		12,904	25,484
Net Amount		(3,345)	(584)
Interest rate futures
Assets
Gross Amounts of Recognized Assets (Liabilities)		16,446
Gross Amounts Offset in Consolidated Balance Sheet		0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		16,446
Financial Instruments		(3,588)
Cash Collateral (Received) Pledged		0
Net Amount		12,858
Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(6,915)	(3,394)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(6,915)	(3,394)
Financial Instruments		3,588	0
Cash Collateral (Received) Pledged		3,327	3,394
Net Amount		0	0
Total Assets
Assets
Gross Amounts of Recognized Assets (Liabilities)		40,184	2,694
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		40,184	2,694
Financial Instruments		(3,588)	(952)
Cash Collateral (Received) Pledged		(19,989)	0
Net Amount		16,607	1,742
Loan warehouse facilities
Loan warehouse facilities
Gross Amounts of Recognized Assets (Liabilities)		(253,962)	(471,900)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(253,962)	(471,900)
Financial Instruments		253,962	471,900
Cash Collateral (Received) Pledged		0	0
Net Amount		$ 0	$ 0
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Other Assets and Liabilities -

Other Assets and Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable		$ 115,832	$ 69,072
Real estate owned		91,927	93,599	$ 6,455
Investment receivable		69,793	67,302
Deferred tax asset		27,145	40,115
Margin receivable		28,313	33,414
Intangible assets		$ 19,049	$ 28,462
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Total Other Assets	Total Other Assets
Operating lease right-of-use assets		$ 9,167	$ 12,532
Fixed assets and leasehold improvements		4,674	7,829
Other		49,817	27,246
Total Other Assets	[1]	415,717	379,571
Fixed assets		17,000	17,000
Accumulated depreciation		$ 12,000	$ 10,000
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Other Assets and Liabilities _2

Other Assets and Liabilities - Schedule of Activity of Real Estate Owned (REO) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Real Estate [Roll Forward]
Balance at beginning of year	$ 93,599	$ 6,455
Transfers to REO	22,554	100,280
Liquidations	(8,514)	(10,891)
Changes in fair value, net	(15,712)	(2,245)
Balance at End of Year	91,927	93,599
Realized gain (loss) from liquidation	(16,000)	2,000
Sequoia
Other Real Estate [Roll Forward]
Balance at beginning of year	0	544
Transfers to REO	0	18
Liquidations	0	(562)
Changes in fair value, net	0	0
Balance at End of Year	0	0
Freddie Mac SLST
Other Real Estate [Roll Forward]
Balance at beginning of year	3,158	2,899
Transfers to REO	2,887	3,556
Liquidations	(3,557)	(3,577)
Changes in fair value, net	499	280
Balance at End of Year	2,987	3,158
Term at CAFL
Other Real Estate [Roll Forward]
Balance at beginning of year	2,684	0
Transfers to REO	8,582	2,684
Liquidations	(4)	0
Changes in fair value, net	0	0
Balance at End of Year	11,262	2,684
Bridge Loan
Other Real Estate [Roll Forward]
Balance at beginning of year	87,757	3,012
Transfers to REO	11,085	94,022
Liquidations	(4,953)	(6,752)
Changes in fair value, net	(16,211)	(2,525)
Balance at End of Year	$ 77,678	$ 87,757

Other Assets and Liabilities _3

Other Assets and Liabilities - Schedule of Amortization Period and Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 94,600	$ 94,600
Accumulated amortization	(75,551)	(66,138)
Carrying value	$ 19,049	$ 28,462
Weighted Average Amortization Period (in years)	6 years	6 years
Borrower network
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 56,300	$ 56,300
Accumulated amortization	(37,635)	(29,591)
Carrying value	$ 18,665	$ 26,709
Weighted Average Amortization Period (in years)	7 years	7 years
Broker network
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 18,100	$ 18,100
Accumulated amortization	(18,100)	(17,497)
Carrying value	$ 0	$ 603
Weighted Average Amortization Period (in years)	5 years	5 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 11,400	$ 11,400
Accumulated amortization	(11,083)	(10,450)
Carrying value	$ 317	$ 950
Weighted Average Amortization Period (in years)	3 years	3 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 4,400	$ 4,400
Accumulated amortization	(4,333)	(4,200)
Carrying value	$ 67	$ 200
Weighted Average Amortization Period (in years)	3 years	3 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 1,800	$ 1,800
Accumulated amortization	(1,800)	(1,800)
Carrying value	$ 0	$ 0
Weighted Average Amortization Period (in years)	2 years	2 years
Loan administration fees on existing loan assets
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 2,600	$ 2,600
Accumulated amortization	(2,600)	(2,600)
Carrying value	$ 0	$ 0
Weighted Average Amortization Period (in years)	1 year	1 year

Other Assets and Liabilities _4

Other Assets and Liabilities - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) securitization_entity partnership	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Assets and Other Liabilities [Line Items]
Amortization of intangible assets	$ 9,000	$ 12,000
Number of partnerships consolidated | partnership	2
Co-investors gains (losses)	$ 5,000	6,000	$ 2,000
Securitization entity | securitization_entity	2
Unrecognized compensation cost	$ 40,454	$ 37,605
Minimum
Other Assets and Other Liabilities [Line Items]
Incentive plan, awards vesting period (in years)		3 years
Maximum
Other Assets and Other Liabilities [Line Items]
Incentive plan, awards vesting period (in years)		4 years
Cash-Settled Restricted Stock Units
Other Assets and Other Liabilities [Line Items]
Equity grants	$ 5,000
Incentive plan, awards vesting period (in years)	4 years
Unrecognized compensation cost	$ 7,000
Cash-Settled Deferred Stock Units
Other Assets and Other Liabilities [Line Items]
Equity grants			$ 3,000	$ 4,000
Incentive plan, awards vesting period (in years)			4 years	4 years
Unrecognized compensation cost	2,000
Cash-Settled Performance Stock Units
Other Assets and Other Liabilities [Line Items]
Equity grants		$ 6,000
Incentive plan, awards vesting period (in years)		3 years
Unrecognized compensation cost	1,000
Shares of common stock available for grant under Redwood's Incentive Plan (in shares) | shares		663,499
Grant-date fair value (in dollars per share) | $ / shares		$ 9.75
Cash-Settled Performance Stock Units | Minimum
Other Assets and Other Liabilities [Line Items]
Equity awards, vesting percentage		0%
Cash-Settled Performance Stock Units | Maximum
Other Assets and Other Liabilities [Line Items]
Equity awards, vesting percentage		250%
Co-Investors Interests
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	24,000
Point Home Equity Investment Noncontrolling Interest
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	83,000
Co-investors gains (losses)	$ 23,000	$ 8,000	$ 5,000
Securitization entity | securitization_entity	2
Joint Venture
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	$ 17,000
Co-investors gains (losses)	$ 5,000
Securitization entity | securitization_entity	1

Other Assets and Liabilities _5

Other Assets and Liabilities - Schedule of Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 8,426
2026	6,694
2027	1,571
2028	1,571
2029	787
Carrying value	$ 19,049	$ 28,462

Other Assets and Liabilities _6

Other Assets and Liabilities - Schedule of Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Payable to non-controlling interests		$ 123,258	$ 81,177
Margin payable		20,340	350
Accrued interest payable		70,988	52,755
Accrued compensation		$ 34,002	$ 28,140
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts Payable and Accrued Liabilities	Operating lease liabilities
Operating lease liabilities		$ 11,028	$ 14,725
Accrued operating expenses		11,074	5,527
Current accounts payable		6,803	4,992
Unsettled trades		5,127	0
Guarantee obligations		2,806	5,781
Repurchase reserve		4,727	4,700
Bridge loan holdbacks		2,148	2,059
Preferred stock dividends payable		1,478	1,478
Other		19,958	15,119
Total Accrued Expenses and Other Liabilities	[1]	$ 313,737	$ 216,803
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Other Assets and Liabilities _7

Other Assets and Liabilities - Schedule of Activities of Cash Settled Awards by Award Type (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Activities of Cash Settled Awards [Roll Forward]
Compensation expense	$ 25,755
Cash-settled award vesting payout	1,626
Cash-Settled Awards
Activities of Cash Settled Awards [Roll Forward]
Unrecognized compensation cost at beginning of year	5,223
Compensation expense	3,088
Cash-settled award vesting payout	(2,933)
Unrecognized Compensation Cost at End of Year	5,378
Cash-Settled Restricted Stock Units
Activities of Cash Settled Awards [Roll Forward]
Unrecognized compensation cost at beginning of year	83
Compensation expense	1,040
Cash-settled award vesting payout	(955)
Unrecognized Compensation Cost at End of Year	168
Cash-Settled Deferred Stock Units
Activities of Cash Settled Awards [Roll Forward]
Unrecognized compensation cost at beginning of year	3,590
Compensation expense	1,282
Cash-settled award vesting payout	(1,978)
Unrecognized Compensation Cost at End of Year	2,894
Cash-Settled Performance Stock Units
Activities of Cash Settled Awards [Roll Forward]
Unrecognized compensation cost at beginning of year	1,550
Compensation expense	766
Cash-settled award vesting payout	0
Unrecognized Compensation Cost at End of Year	$ 2,316

Principles of Consolidation - N

Principles of Consolidation - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 securitization_entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitization entity	2

Principles of Consolidation - S

Principles of Consolidation - Schedule of Assets and Liabilities of Consolidated VIEs (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) Investment securitization_entity		Dec. 31, 2023 USD ($) Investment		Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Total Home Equity Investments	[1]	$ 589,785		$ 550,436
Other investments	[1]	375,806		343,930
Cash and cash equivalents		245,165	[1]	293,104	[1]	$ 259,000
Accrued interest receivable		115,832		69,072
Other assets	[1]	415,717		379,571
Total Assets		18,258,344	[1]	14,504,327	[1]	$ 13,030,899
Debt Obligations	[1]	3,462,880		3,239,123
Accrued interest payable		70,988		52,755
Accrued expenses and other liabilities	[1]	313,737		216,803
Asset-backed securities issued	[1]	13,270,204		9,811,880
Total Liabilities	[1]	$ 17,070,481		13,301,634
Securitization entity | securitization_entity		2
Total Fair Value		$ 211,474		87,373
Term at CAFL
Variable Interest Entity [Line Items]
Fair value of securities owned		326,000		323,000
CAFL Bridge Loan Securitization
Variable Interest Entity [Line Items]
Fair value of securities owned		29,000		22,000
Freddie Mac SLST Securitization Entities
Variable Interest Entity [Line Items]
Fair value of securities owned		242,000		274,000
Consolidated Sequoia Securitizations
Variable Interest Entity [Line Items]
Fair value of securities owned		418,000
Total Fair Value		184,000
Sequoia Re-securitization Trust
Variable Interest Entity [Line Items]
Total Fair Value		79,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		14,654,942		10,988,885
Total Liabilities		13,620,239		10,096,308
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		332,470		305,717
Other investments		262,353		257,489
Cash and cash equivalents		13,243		9,482
Restricted cash		31,036		44,905
Accrued interest receivable		71,334		47,798
Other assets		68,176		24,443
Total Assets		14,654,942		10,988,885
Debt Obligations		159,031		153,653
Accrued interest payable		52,141		33,932
Accrued expenses and other liabilities		138,863		96,843
Asset-backed securities issued		13,270,204		9,811,880
Total Liabilities		13,620,239		10,096,308
Value of our investments in VIEs		$ 1,025,744		$ 885,770
Number of VIEs | Investment		84		72
Variable Interest Entity, Primary Beneficiary | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 10,064,276		$ 6,139,445
Variable Interest Entity, Primary Beneficiary | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,308,172		3,734,321
Variable Interest Entity, Primary Beneficiary | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		424,597		425,285
Variable Interest Entity, Primary Beneficiary | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		79,285
Variable Interest Entity, Primary Beneficiary | Sequoia Choice Securitization Entities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		248		163
Accrued interest receivable		43,503		20,029
Other assets		7		0
Total Assets		8,942,597		4,800,395
Debt Obligations		0		0
Accrued interest payable		37,191		16,293
Accrued expenses and other liabilities		103		0
Asset-backed securities issued		8,585,077		4,568,660
Total Liabilities		8,622,371		4,584,953
Value of our investments in VIEs		$ 313,833		$ 211,638
Number of VIEs | Investment		54		42
Variable Interest Entity, Primary Beneficiary | Sequoia Choice Securitization Entities | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 8,819,554		$ 4,780,203
Variable Interest Entity, Primary Beneficiary | Sequoia Choice Securitization Entities | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Sequoia Choice Securitization Entities | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Sequoia Choice Securitization Entities | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		79,285
Variable Interest Entity, Primary Beneficiary | Term at CAFL | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		22,385		33,921
Accrued interest receivable		19,998		20,806
Other assets		60,859		14,886
Total Assets		3,411,414		3,803,934
Debt Obligations		0		0
Accrued interest payable		9,410		11,537
Accrued expenses and other liabilities		28,672		2,734
Asset-backed securities issued		2,932,749		3,362,978
Total Liabilities		2,970,831		3,377,249
Value of our investments in VIEs		$ 438,590		$ 424,136
Number of VIEs | Investment		21		21
Variable Interest Entity, Primary Beneficiary | Term at CAFL | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Variable Interest Entity, Primary Beneficiary | Term at CAFL | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,308,172		3,734,321
Variable Interest Entity, Primary Beneficiary | Term at CAFL | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Term at CAFL | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST Securitization Entities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		0		0
Accrued interest receivable		4,510		4,821
Other assets		2,987		3,158
Total Assets		1,252,219		1,367,221
Debt Obligations		0		0
Accrued interest payable		4,062		4,496
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		1,151,847		1,265,777
Total Liabilities		1,155,909		1,270,273
Value of our investments in VIEs		$ 95,863		$ 96,623
Number of VIEs | Investment		3		3
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST Securitization Entities | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 1,244,722		$ 1,359,242
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST Securitization Entities | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST Securitization Entities | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST Securitization Entities | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series Securitization Entities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		0		0
Accrued interest receivable		1,245		1,320
Other assets		0		0
Total Assets		425,842		426,605
Debt Obligations		0		0
Accrued interest payable		1,119		1,190
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		389,434		391,977
Total Liabilities		390,553		393,167
Value of our investments in VIEs		$ 35,163		$ 33,308
Number of VIEs | Investment		1		1
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series Securitization Entities | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series Securitization Entities | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series Securitization Entities | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		424,597		425,285
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series Securitization Entities | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		0		0
Other investments		262,353		257,489
Cash and cash equivalents		13,243		9,482
Restricted cash		0		0
Accrued interest receivable		2,078		822
Other assets		3,870		6,337
Total Assets		281,544		274,130
Debt Obligations		159,031		153,653
Accrued interest payable		359		416
Accrued expenses and other liabilities		27,167		34,357
Asset-backed securities issued		0		0
Total Liabilities		186,557		188,426
Value of our investments in VIEs		$ 94,987		$ 85,704
Number of VIEs | Investment		3		3
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Variable Interest Entity, Primary Beneficiary | Point HEI | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Total Home Equity Investments		332,470		305,717
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		8,403		10,821
Accrued interest receivable		0		0
Other assets		453		62
Total Assets		341,326		316,600
Debt Obligations		0		0
Accrued interest payable		0		0
Accrued expenses and other liabilities		82,921		59,752
Asset-backed securities issued		211,097		222,488
Total Liabilities		294,018		282,240
Value of our investments in VIEs		$ 47,308		$ 34,361
Number of VIEs | Investment		2		2
Variable Interest Entity, Primary Beneficiary | Point HEI | Residential consumer loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Variable Interest Entity, Primary Beneficiary | Point HEI | Residential investor loans, held-for-investment | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Variable Interest Entity, Primary Beneficiary | Point HEI | Consolidated Agency multifamily loans | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		$ 0
Variable Interest Entity, Primary Beneficiary | Point HEI | Real estate securities | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Principles of Consolidation -_2

Principles of Consolidation - Schedule of Unconsolidated VIEs Sponsored by Redwood (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Subordinate securities, classified as AFS	$ 211,474	$ 87,373
Variable Interest Entity, Not Primary Beneficiary
Assets, Fair Value Disclosure [Abstract]
Maximum loss exposure	140,588	121,517
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS
Assets, Fair Value Disclosure [Abstract]
Subordinate securities, classified as AFS	91,221	78,942
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary
Assets, Fair Value Disclosure [Abstract]
Interest-only, senior and subordinate securities, classified as trading	36,811	31,690
Mortgage servicing rights
Assets, Fair Value Disclosure [Abstract]
Mortgage servicing rights	31,589	24,877
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary
Assets, Fair Value Disclosure [Abstract]
Mortgage servicing rights	$ 12,556	$ 10,885

Asset-Backed Securities Issue_2

Asset-Backed Securities Issued - Schedule of Asset-Backed Securities Issued (Details) $ in Thousands		Dec. 31, 2024 USD ($) series	Dec. 31, 2023 USD ($) series
Debt Instrument [Line Items]
Carrying Value	[1]	$ 13,270,204	$ 9,811,880
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Carrying Value		13,270,204	9,811,880
Total ABS Issued | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		14,047,261	10,588,659
Carrying Value		13,270,204	9,811,880
ABS Issued at Fair Value | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		13,654,309	9,922,113
Carrying Value		12,879,530	9,151,263
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		9,220,157	5,151,646
Carrying Value		$ 8,585,077	$ 4,568,660
Number of Series | series		54	42
Sequoia | Minimum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.66%	2.67%
Sequoia | Maximum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		8.52%	6.66%
Term at CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,752,657	$ 2,987,825
Carrying Value		$ 2,687,977	$ 2,879,913
Number of Series | series		19	19
Term at CAFL | Minimum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.76%	2.69%
Term at CAFL | Maximum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		7.89%	7.89%
Freddie Mac SLST Securitization Entities | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,075,249	$ 1,147,111
Carrying Value		$ 1,005,945	$ 1,088,225
Weighted Average Interest Rate		3.50%	3.50%
Number of Series | series		2	2
Freddie Mac K-Series Securitization Entities | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 393,762	$ 402,400
Carrying Value		$ 389,434	$ 391,977
Weighted Average Interest Rate		3.41%	3.55%
Number of Series | series		1	1
Point HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 212,484	$ 233,131
Carrying Value		$ 211,097	$ 222,488
Number of Series | series		2	2
Point HEI | Minimum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.96%	3.86%
Point HEI | Maximum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		6.71%	6.70%
ABS Issued at Amortized Cost | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 392,952	$ 666,546
Carrying Value		390,674	660,617
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		244,772	485,000
Carrying Value		$ 244,772	$ 483,065
Number of Series | series		2	2
CAFL | Minimum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.31%	2.34%
CAFL | Maximum | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		4.38%	4.36%
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 148,180	$ 181,546
Carrying Value		$ 145,902	$ 177,552
Weighted Average Interest Rate		7.50%	7.50%
Number of Series | series		1	1
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Asset-Backed Securities Issue_3

Asset-Backed Securities Issued - Narrative (Details) $ in Thousands		1 Months Ended			3 Months Ended				12 Months Ended
		Nov. 30, 2031	Dec. 31, 2030	Jul. 31, 2026	Dec. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)		Dec. 31, 2053	Dec. 31, 2024 USD ($) entity		Sep. 30, 2024	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount					$ 3,482,175		$ 3,249,158			$ 3,482,175
Restricted cash					67,762	[1]	75,684	[1]		67,762	[1]		$ 70,000
Other assets	[1]				415,717		379,571			415,717
Total Fair Value					211,474		87,373			211,474
Carrying Value of Collateral					3,701,592		3,405,564			$ 3,701,592
Number of VIE's loans transferred from | entity										2
Sequoia Re-securitization Trust
Debt Instrument [Line Items]
Total Fair Value					79,000					$ 79,000
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
VIE, ownership interest rate (as a percent)										80%
Variable Interest Entity, Primary Beneficiary | Point HEI | Redemption, Period Three
Debt Instrument [Line Items]
Principal balance							139,000
CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period One
Debt Instrument [Line Items]
Loans					300,000					$ 300,000
Other assets					297,000					297,000
Beneficial interest liability					3,000					3,000
CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period Two
Debt Instrument [Line Items]
Principal balance							231,000
CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period Four
Debt Instrument [Line Items]
Principal balance							$ 184,000
VIE, ownership interest rate (as a percent)							100%
Asset-Backed Securities | Variable Interest Entity, Primary Beneficiary | Forecast | Redemption, Period One
Debt Instrument [Line Items]
Increase in interest rate (as a percent)		1.50%
Asset-Backed Securities | Variable Interest Entity, Primary Beneficiary | Forecast | Redemption, Period Two
Debt Instrument [Line Items]
Increase in interest rate (as a percent)			1.50%
Asset-Backed Securities | Variable Interest Entity, Primary Beneficiary | Forecast | Redemption, Period Three
Debt Instrument [Line Items]
Increase in interest rate (as a percent)									3%
Asset-Backed Securities | CoreVest | Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, face amount					285,000					285,000
Bridge loan					293,000					293,000
Restricted cash					11,000					11,000
Other assets					6,000					6,000
Securitized asset backed securities, borrowing capacity					300,000					$ 300,000
Re-investment transaction period										24 months
Asset-Backed Securities | CoreVest | Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, face amount					231,000					$ 231,000
Bridge loan					229,000					229,000
Restricted cash					4,000					4,000
Other assets					25,000					25,000
Securitized asset backed securities, borrowing capacity					250,000					$ 250,000
Re-investment transaction period										24 months
Asset-Backed Securities | CoreVest | Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, face amount					148,000					$ 148,000
Asset-Backed Securities | CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, face amount					$ 286,000					$ 286,000
Debt instrument, interest rate (as a percent)					7.13%					7.13%
Asset-Backed Securities | CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, face amount					$ 234,000					$ 234,000
Debt instrument, interest rate (as a percent)					7.89%					7.89%
Asset-Backed Securities | CoreVest | Variable Interest Entity, Primary Beneficiary | Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)					7.50%					7.50%
Debt discount					$ 2,000					$ 2,000
Long-term debt					$ 146,000					$ 146,000
Interest rate if no redemption right exercised					10.50%					10.50%
Sequoia securities | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)												8.50%
Principal balance					$ 205,000
VIE, ownership interest rate (as a percent)					100%
Sequoia securities | Variable Interest Entity, Primary Beneficiary | Forecast
Debt Instrument [Line Items]
Increase in interest rate (as a percent)				3%
Sequoia Securitization Trusts | Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Carrying Value of Collateral					$ 148,000					$ 148,000
Contractual Maturities of Over Five Years | Asset-Backed Securities
Debt Instrument [Line Items]
Contractual maturities of ABS (in years)										5 years
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Debt Obligations, Net - Schedul

Debt Obligations, Net - Schedule of Debt Obligations, Net (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 3,482,175,000	$ 3,249,158,000
Carrying Value of Collateral	3,701,592,000	3,405,564,000
Line of Credit
Debt Instrument [Line Items]
Facility Capacity			$ 250,000,000
Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	3,462,880,000	3,239,123,000
Debt issuance costs	$ 20,000,000	$ 11,000,000
Short-Term Debt | Residential consumer loan warehouse facilities | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	7	4
Principal Amount	$ 956,010,000	$ 796,537,000
Facility Capacity	$ 2,175,000,000	$ 1,150,000,000
Weighted Average Interest Rate	6.24%	7.27%
Carrying Value of Collateral	$ 1,005,926,000	$ 907,742,000
Short-Term Debt | Residential consumer loan warehouse facilities | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 956,010,000	$ 796,537,000
Short-Term Debt | Residential investor loan warehouse facilities | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	2	2
Principal Amount	$ 223,975,000	$ 71,851,000
Facility Capacity	$ 800,000,000	$ 455,000,000
Weighted Average Interest Rate	7.31%	8.14%
Carrying Value of Collateral	$ 300,843,000	$ 95,225,000
Short-Term Debt | Residential investor loan warehouse facilities | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 223,876,000	$ 71,719,000
Short-Term Debt | Real estate securities repurchase facilities | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	6	3
Principal Amount	$ 210,352,000	$ 82,622,000
Facility Capacity	$ 0	$ 0
Weighted Average Interest Rate	5.81%	7.01%
Carrying Value of Collateral	$ 281,997,000	$ 122,110,000
Short-Term Debt | Real estate securities repurchase facilities | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 210,352,000	$ 82,622,000
Short-Term Debt | Residential MSR warehouse facility | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 58,164,000	$ 47,858,000
Facility Capacity	$ 75,000,000	$ 50,000,000
Weighted Average Interest Rate	7.65%	8.60%
Carrying Value of Collateral	$ 91,506,000	$ 76,560,000
Short-Term Debt | Residential MSR warehouse facility | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 58,164,000	$ 47,858,000
Short-Term Debt | HEI warehouse facility | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 97,497,000	$ 122,659,000
Facility Capacity	$ 150,000,000	$ 150,000,000
Weighted Average Interest Rate	9%	9.89%
Carrying Value of Collateral	$ 207,097,000	$ 237,973,000
Short-Term Debt | HEI warehouse facility | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 97,497,000	$ 122,659,000
Short-Term Debt | Servicer advance financing | Servicer advance financing
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 159,798,000	$ 154,369,000
Facility Capacity	$ 200,000,000	$ 240,000,000
Weighted Average Interest Rate	6.32%	7.71%
Carrying Value of Collateral	$ 233,820,000	$ 225,345,000
Short-Term Debt | Servicer advance financing | Servicer advance financing | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 159,031,000	$ 153,653,000
Subordinate | Sequoia securities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Principal Amount		$ 124,552,000
Weighted Average Interest Rate		7.21%
Carrying Value of Collateral		$ 175,096,000
Subordinate | Sequoia securities | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 124,552,000
Subordinate | CAFL Securities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 268,240,000	$ 101,228,000
Weighted Average Interest Rate	7.54%	5.71%
Carrying Value of Collateral	$ 318,106,000	$ 124,793,000
Subordinate | CAFL Securities | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 267,140,000	$ 101,228,000
Subordinate | CAFL Securities 2
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Principal Amount		$ 57,982,000
Weighted Average Interest Rate		4.75%
Carrying Value of Collateral		$ 112,813,000
Subordinate | CAFL Securities 2 | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 57,982,000
Long-Term Debt | Residential investor loan warehouse facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	5	6
Principal Amount	$ 615,036,000	$ 1,023,384,000
Facility Capacity	$ 1,530,000,000	$ 2,350,000,000
Weighted Average Interest Rate	7.83%	8.14%
Carrying Value of Collateral	$ 889,901,000	$ 1,327,907,000
Long-Term Debt | Residential investor loan warehouse facilities | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 613,129,000	$ 1,021,708,000
Corporate Debt Securities | Promissory Notes | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	3	3
Principal Amount	$ 12,859,000	$ 16,063,000
Facility Capacity	$ 0
Weighted Average Interest Rate	7.06%	6.97%
Carrying Value of Collateral	$ 0	$ 0
Corporate Debt Securities | Promissory Notes | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 12,859,000	$ 16,064,000
Corporate Debt Securities | Corporate Secured Revolving Financing Facility | Line of Credit
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Principal Amount	$ 225,000,000
Facility Capacity			$ 250,000,000
Weighted Average Interest Rate	9.50%
Carrying Value of Collateral	$ 372,396,000
Corporate Debt Securities | Corporate Secured Revolving Financing Facility | Line of Credit | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 220,234,000
Corporate Debt Securities | 5.625% Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Principal Amount		$ 142,977,000
Weighted Average Interest Rate		5.625%
Corporate Debt Securities | 5.625% Convertible Senior Notes | Convertible Debt | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 142,558,000
Corporate Debt Securities | 5.75% Exchangeable Senior Notes | Exchangeable Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 123,574,000	$ 156,666,000
Weighted Average Interest Rate	5.75%	5.75%
Corporate Debt Securities | 5.75% Exchangeable Senior Notes | Exchangeable Debt | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 123,087,000	$ 155,138,000
Corporate Debt Securities | 7.75% Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Principal Amount	$ 247,170,000	$ 210,910,000
Weighted Average Interest Rate	7.75%	7.75%
Corporate Debt Securities | 7.75% Convertible Senior Notes | Convertible Debt | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 242,652,000	$ 206,032,000
Corporate Debt Securities | Trust preferred securities and subordinated notes
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	2	2
Principal Amount	$ 139,500,000	$ 139,500,000
Weighted Average Interest Rate	7.10%	7.90%
Corporate Debt Securities | Trust preferred securities and subordinated notes | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 138,860,000	$ 138,813,000
Corporate Debt Securities | 9.125% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Principal Amount	$ 60,000,000
Weighted Average Interest Rate	9.125%
Corporate Debt Securities | 9.125% Senior Notes | Unsecured Debt | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 57,877,000
Corporate Debt Securities | 9.0% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Principal Amount	$ 85,000,000
Weighted Average Interest Rate	9%
Corporate Debt Securities | 9.0% Senior Notes | Unsecured Debt | Carrying Value
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 82,112,000

Debt Obligations, Net - Narrati

Debt Obligations, Net - Narrative (Details)	1 Months Ended					3 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 facility	Jun. 30, 2024 USD ($)	Mar. 31, 2024	Jan. 31, 2024 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount							$ 3,482,175,000	$ 3,249,158,000
9.125% Senior Notes | Unsecured Debt | Corporate Debt Securities
Debt Instrument [Line Items]
Redemption price (as a percent)					100%
9.0% Senior Notes Due 2029 | Unsecured Debt | Corporate Debt Securities
Debt Instrument [Line Items]
Redemption price (as a percent)			100%
Line of Credit
Debt Instrument [Line Items]
Line of credit, extension term				2 years
Line of credit, extension option				1 year
Corporate Debt Securities | 9.125% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 60,000,000
Corporate Debt Securities | 9.125% Senior Notes | Unsecured Debt | Corporate Debt Securities
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)					9.125%
Corporate Debt Securities | 9.0% Senior Notes Due 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 85,000,000
Weighted Average Interest Rate			9%
Exchangeable Senior Notes Due 2025 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount										$ 201,000,000
Debt instrument, interest rate (as a percent)										5.75%
Repurchased debt instrument, face amount							$ 33,000,000	5,000,000	$ 10,000,000
Convertible senior notes conversion per share (in dollars per share) | $ / shares							$ 18.09
Convertible debt, conversion ratio							0.0552644
5.625% Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)							5.625%
7.75% Convertible Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 40,000,000					$ 215,000,000
Debt instrument, interest rate (as a percent)						7.75%
Convertible debt, conversion ratio							0.0956823
Net proceeds from issuance of convertible debt	$ 39,000,000					$ 208,000,000
Repurchase amount							$ 4,000,000	$ 4,000,000
Term at CAFL | Recourse Subordinate Securities Financing Receivable | Affiliated Entity | HEI at Redwood
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		2
Long-term debt, weighted average interest rate, over time		7.54%
Term at CAFL | Recourse Subordinate Securities Financing Receivable | Affiliated Entity | HEI at Redwood | October 2027 through September 2028
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time		10.54%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Lessee, number of leases | lease				8
Present value of remaining lease payments				$ 12,115
Operating lease expense				5,000	$ 5,000	$ 5,000
Unamortized leasehold improvements				2,000
Leasehold amortization expense				$ 500	500	$ 500
Operating lease term of contract				4 years
Operating lease payments				$ 400
Operating lease liabilities				$ 11,028	$ 14,725
Operating Lease, Liability, Statement of Financial Position [Extensible List]				Accounts Payable and Accrued Liabilities	Operating lease liabilities
Operating lease right-of-use assets				$ 9,167	$ 12,532
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]				Other assets	Other assets
Term of lease, not yet commenced				5 years
Aggregate total lease payments				$ 3,000
Weighted average remaining lease term				4 years
Discount rate (as a percent)				5.30%
Derivative liabilities	[1]			$ 23,660	$ 33,828
Commitment to Fund Residential Bridge Loan
Loss Contingencies [Line Items]
Other commitment				397,000
Derivative liabilities				1,000
CPP Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Equity method investments, commitment amount		$ 100,000
Payments to acquire equity method investment				26,000
Oaktree Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Equity method investments, commitment amount			$ 19,000
Payments to acquire equity method investment				$ 5,000
[1] Our consolidated balance sheets include assets of 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 December 31, 2024 and 2023, assets of consolidated VIEs totaled $14,654,942 and $10,988,885, respectively. At December 31, 2024 and 2023, liabilities of consolidated VIEs totaled $13,620,239 and $10,096,308, respectively. See Note 15 for further discussion.

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 3,713
2026	3,627
2027	2,699
2028	1,207
2029	413
2030 and thereafter	456
Total Lease Commitments	12,115
Less: Imputed interest	(1,087)
Operating Lease Liabilities	$ 11,028	$ 14,725

Equity - Schedule of Changes in

Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	$ 1,202,693	$ 1,083,985	$ 1,386,087
Net current-period other comprehensive income	14,886	10,911	(59,941)
Balance at End of Year	1,187,863	1,202,693	1,083,985
Available-for-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	10,219	3,435
Other comprehensive income before reclassifications	12,345	6,230
Amounts reclassified from other accumulated comprehensive income (loss)	(1,597)	554
Net current-period other comprehensive income	10,748	6,784
Balance at End of Year	20,967	10,219	3,435
Interest Rate Agreements Accounted for as Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(68,176)	(72,303)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from other accumulated comprehensive income (loss)	4,138	4,127
Net current-period other comprehensive income	4,138	4,127
Balance at End of Year	(64,038)	(68,176)	(72,303)
Accumulated Other Comprehensive (Loss) Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(57,957)	(68,868)	(8,927)
Other comprehensive income before reclassifications	12,345	6,230
Amounts reclassified from other accumulated comprehensive income (loss)	2,541	4,681
Net current-period other comprehensive income	14,886	10,911	(59,941)
Balance at End of Year	$ (43,071)	$ (57,957)	$ (68,868)

Equity - Schedule of Reclassifi

Equity - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment fair value changes, net	$ (14,759)	$ (44,400)	$ (178,272)
Realized gains, net	(306)	(1,699)	(5,334)
Net income before provision for income taxes	72,841	(639)	$ (183,440)
Amount Reclassified From Accumulated Other Comprehensive Loss | Net Realized (Gain) Loss on AFS Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment fair value changes, net	(1,561)	(58)
Realized gains, net	(36)	612
Net income before provision for income taxes	(1,597)	554
Amount Reclassified From Accumulated Other Comprehensive Loss | Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	4,138	4,127
Net income before provision for income taxes	$ 4,138	$ 4,127

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024
Stockholders Equity Note [Line Items]
Net proceeds from issuance of common stock		$ 462	$ 124,474	$ 68,035
Preferred stock, issued (in shares)		2,800,000	2,800,000
Net proceeds from issuance of preferred stock		$ 0	$ 66,948	$ 0
Preferred stock dividends declared (in dollars per share)		$ 2.50	$ 2.47917
Preferred stock dividends payable		$ 1,478	$ 1,478
Initial strike price of warrants (in dollars per share)					$ 7.76
Warrants outstanding amount					$ 800
First Tranche Warrants
Stockholders Equity Note [Line Items]
Number of issued warrants exercisable (in shares)					1,974,905
Second Tranche Warrants
Stockholders Equity Note [Line Items]
Number of issued warrants exercisable (in shares)					4,608,112
Common Stock
Stockholders Equity Note [Line Items]
Issuance of common stock (in shares)			16,845,939	5,232,869
Series A Preferred Stock
Stockholders Equity Note [Line Items]
Preferred stock, issued (in shares)	2,800,000
Sale of stock, percentage of ownership before transaction (in percent)	10%
Net proceeds from issuance of preferred stock	$ 70,000
Net proceeds from issuance of common stock	$ 67,000
Preferred stock, dividend rate (as a percent)	10%
Preferred stock, redemption price per share (in dollars per share)	$ 25
Spread on Treasury rate (as a percent)	6.278%
ATM Offerings | Common Stock
Stockholders Equity Note [Line Items]
Issuance of common stock (in shares)		0	17,000,000	5,000,000
Authorized issuance amount			$ 175,000
Outstanding amount		$ 50,000
Net proceeds from issuance of common stock			$ 124,000	$ 67,000
Direct Stock Purchases and Dividend Reinvestment Plan | Common Stock
Stockholders Equity Note [Line Items]
Direct stock purchase and dividend reinvestment plan (in shares)		0	0
Direct Stock Purchases and Dividend Reinvestment Plan | Common Stock
Stockholders Equity Note [Line Items]
Remaining shares outstanding for future offerings (in shares)		6,000,000

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic Earnings (Loss) per Common Share:
Net income (loss) available (related) to common stockholders	$ 46,989	$ (8,958)	$ (163,520)
Less: Dividends and undistributed earnings allocated to participating securities	(4,391)	(3,999)	(4,335)
Net income (loss) available (related) to common stockholders	$ 42,598	$ (12,957)	$ (167,855)
Basic weighted average common shares outstanding (in shares)	132,050,825	116,283,328	117,227,846
Basic earnings (loss) per common share (in dollars per share)	$ 0.32	$ (0.11)	$ (1.43)
Diluted Earnings (Loss) per Common Share:
Net income (loss) available (related) to common stockholders	$ 46,989	$ (8,958)	$ (163,520)
Less: Dividends and undistributed earnings allocated to participating securities	(4,391)	(3,999)	(4,335)
Net income (loss) available (related) to common stockholders	$ 42,598	$ (12,957)	$ (167,855)
Basic weighted average common shares outstanding (in shares)	132,050,825	116,283,328	117,227,846
Net effect of dilutive equity awards (in shares)	88,609	0	0
Net effect of assumed convertible notes conversion to common shares (in shares)	0	0	0
Diluted weighted average common shares outstanding (in shares)	132,139,434	116,283,328	117,227,846
Diluted earnings (loss) per common share (in dollars per share)	$ 0.32	$ (0.11)	$ (1.43)

Earnings per Common Share - Nar

Earnings per Common Share - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase program, authorized amount	$ 125
Convertible and Exchangeable Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Repurchased debt instrument, face amount	$ 72	$ 81		$ 70
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased during period (in shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 101
Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased during period (in shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 70
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted earnings per share	32,422,712	42,229,598	40,081,997
Equity Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted earnings per share	81,779	105,592	226,975

Equity Compensation Plans - Nar

Equity Compensation Plans - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 40,454,000	$ 37,605,000
Weighted average amortization period remaining for equity awards (in years)				2 years
Long-term incentive award expense				$ 25,025,000	$ 24,854,000	$ 23,101,000
Performance-based valuation adjustment				$ 1,626,000
Redwood Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for grant under Redwood's Incentive Plan (in shares)				7,027,251	10,211,459
Executive Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for grant under Redwood's Incentive Plan (in shares)				82,395
Number of additional shares authorized (in shares)					100,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)				0
Long-term incentive award expense				$ 0	$ 0	100,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 7,000,000
Weighted average amortization period remaining for equity awards (in years)				2 years
Long-term incentive award expense				$ 2,000,000	$ 3,000,000	$ 3,000,000
Share-based compensation, vesting period (in years)				4 years
Granted (in shares)				1,027,640	275,005	558,388
Restricted Stock Units | Redwood Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 6,984,000	$ 3,166,000
Performance-based valuation adjustment				0
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				18,000,000
Long-term incentive award expense				$ 11,000,000	$ 11,000,000	$ 13,000,000
Share-based compensation, vesting period (in years)				4 years
Unvested outstanding stock awards (in units)				3,011,071	2,536,692
Weighted-average grant date fair value of stock awards (in dollars per unit)				$ 7.71	$ 9.05
Granted (in shares)				1,698,285	1,499,621	1,759,344
Deferred Stock Units | Redwood Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 17,630,000	$ 18,920,000
Performance-based valuation adjustment				0
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				16,000,000
Long-term incentive award expense				$ 6,000,000	$ 4,000,000	$ 4,000,000
Share-based compensation, vesting period (in years)				3 years
Granted (in shares)	473,845		564,975	1,058,644	993,868	1,086,153	518,173
Performance Stock Units | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		180,000
Performance Stock Units | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)				3 years
BvTSR for tranche (as a percent)				25%
Performance Stock Units | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)				3 years
Performance Stock Units | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)				3 years
Performance Stock Units | Tranche Three | Cash-Settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards, vesting percentage				100%
Performance Stock Units | Redwood Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 15,840,000	$ 15,519,000
Performance-based valuation adjustment				$ 1,626,000
Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage if TSR is 25%				100%
Equity awards, vesting percentage				66.66%
Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage if TSR is 25%				100%
Equity awards, vesting percentage				33.33%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)					3 years
Minimum | Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				0%
Minimum | Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)					4 years
Maximum | Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average amortization period remaining for equity awards (in years)				2 years
Maximum | Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				250%
Maximum | Performance Stock Units | Performance Share Units (PSUs), 2023 | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				250%

Equity Compensation Plans - Sch

Equity Compensation Plans - Schedule of Activities of Equity Compensation Costs by Award Type (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of year	$ 37,605
Equity grants	25,755
Performance-based valuation adjustment	(1,626)
Equity grant forfeitures	(1,928)
Equity compensation expense	(19,352)
Unrecognized Compensation Cost at End of Year	40,454
Restricted Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized Compensation Cost at End of Year	7,000
Deferred Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized Compensation Cost at End of Year	18,000
Performance Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized Compensation Cost at End of Year	16,000
Redwood Incentive Plan | Restricted Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of year	3,166
Equity grants	7,047
Performance-based valuation adjustment	0
Equity grant forfeitures	(781)
Equity compensation expense	(2,448)
Unrecognized Compensation Cost at End of Year	6,984
Redwood Incentive Plan | Deferred Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of year	18,920
Equity grants	10,559
Performance-based valuation adjustment	0
Equity grant forfeitures	(1,147)
Equity compensation expense	(10,702)
Unrecognized Compensation Cost at End of Year	17,630
Redwood Incentive Plan | Performance Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of year	15,519
Equity grants	7,942
Performance-based valuation adjustment	(1,626)
Equity grant forfeitures	0
Equity compensation expense	(5,995)
Unrecognized Compensation Cost at End of Year	15,840
Employee Stock Purchase Plan
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of year	0
Equity grants	207
Performance-based valuation adjustment	0
Equity grant forfeitures	0
Equity compensation expense	(207)
Unrecognized Compensation Cost at End of Year	$ 0

Equity Compensation Plans - S_2

Equity Compensation Plans - Schedule of Restricted Stock Units Activities (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Balance at beginning of year (in shares)	593,570	806,119	431,072
Granted (in shares)	1,027,640	275,005	558,388
Vested (in shares)	(297,320)	(354,813)	(134,426)
Forfeited (in shares)	(99,816)	(132,741)	(48,915)
Balance at end of year (in shares)	1,224,074	593,570	806,119
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 8.79	$ 9.22	$ 11.55
Granted (in dollars per share)	6.86	7.88	8.38
Vested (in dollars per share)	8.56	9.21	12.56
Forfeited (in dollars per share)	7.51	8.40	11.04
Balance at end of year (in dollars per share)	$ 7.32	$ 8.79	$ 9.22

Equity Compensation Plans - S_3

Equity Compensation Plans - Schedule of Deferred Stock Units Activities (Details) - Deferred Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Balance at beginning of year (in shares)	4,821,172	4,831,338	4,022,088
Granted (in shares)	1,698,285	1,499,621	1,759,344
Distributions (in shares)	(893,801)	(1,459,666)	(551,401)
Forfeitures (in shares)	(115,715)	(50,121)	(398,693)
Balance at end of year (in shares)	5,509,941	4,821,172	4,831,338
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 10.13	$ 11.31	$ 12.93
Granted (in dollars per share)	6.56	7.77	8.83
Distributions (in dollars per share)	10.07	11.71	11.35
Forfeitures (in dollars per share)	8.36	7.54	12.07
Balance at end of year (in dollars per share)	$ 9.07	$ 10.13	$ 11.31

Equity Compensation Plans - S_4

Equity Compensation Plans - Schedule of Performance-Based Units Activities (Details) - Performance Stock Units - $ / shares	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Balance at beginning of year (in shares)			3,072,039	2,354,002	1,473,883
Granted (in shares)	473,845	564,975	1,058,644	993,868	1,086,153	518,173
Vested (in shares)			(473,845)	(275,831)	(206,034)
Forfeitures (in shares)			0	0	0
Balance at end of year (in shares)			3,656,838	3,072,039	2,354,002	1,473,883
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)			$ 10.32	$ 11.75	$ 14.48
Granted (in dollars per share)			7.50	8.81	9.09
Vested (in dollars per share)			10.42	17.13	17.23
Forfeited (in dollars per share)			0	0	0
Balance at end of year (in dollars per share)			$ 9.49	$ 10.32	$ 11.75	$ 14.48

Equity Compensation Plans - S_5

Equity Compensation Plans - Schedule of EDCP Payable and Activities (Details) - Executive Deferred Compensation Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent [Roll Forward]
Balance at beginning of year	$ 3,198	$ 3,307	$ 2,730
New deferrals	951	1,069	1,083
Accrued interest	168	155	108
Withdrawals	(1,075)	(1,333)	(614)
Balance at End of Year	$ 3,242	$ 3,198	$ 3,307

General and Administrative Ex_3

General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Fixed compensation expense	$ 55,736	$ 53,525	$ 63,642
Long-term incentive award expense	25,025	24,854	23,101
Annual variable compensation expense	19,478	14,752	12,873
Systems and consulting	13,660	12,454	14,193
Office costs	7,634	8,590	8,574
Accounting and legal	4,762	5,191	6,644
Corporate costs	3,495	3,628	3,675
Other	6,603	5,301	8,206
Total General and Administrative Expenses	136,393	128,295	140,908
Severance costs	2,000	2,000	7,000
Equity amortization expense related to employee terminations	1,000
Settlement in Common Stock
Goodwill [Line Items]
Long-term incentive award expense	19,000	18,000	20,000
Settlement in Cash
Goodwill [Line Items]
Long-term incentive award expense	$ 6,000	$ 6,000	$ 3,000

Taxes - Schedule of Deferred Ta

Taxes - Schedule of Deferred Tax Assets and (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Net operating loss carryforward – state	$ 98,290	$ 98,442
Net capital loss carryforward – state	19,459	18,191
Net operating loss carryforward – federal	13,753	21,398
Net capital loss carryforward – federal	116	59
Allowances and accruals	1,679	1,680
Goodwill and intangible assets	25,298	26,192
Other	1,685	1,644
Total Deferred Tax Assets	160,280	167,606
Deferred Tax Liabilities
Real estate assets	(4,263)	(979)
Mortgage servicing rights	(9,304)	(7,284)
Interest rate agreements	(1,693)	(2,237)
Tax effect of unrealized (gains) – OCI	(13)	0
Total Deferred Tax Liabilities	(15,273)	(10,500)
Valuation Allowance	(117,862)	(116,991)
Total Net Deferred Tax Asset, net of Valuation Allowance	$ 27,145	$ 40,115

Taxes - Narrative (Details)

Taxes - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Taxes [Line Items]
Increase in valuation allowance	$ (1)
Federal
Income Taxes [Line Items]
Estimated operating loss carry forwards	37
Federal | Subsidiaries
Income Taxes [Line Items]
NOL carry forwards	65
Federal | Net Operating Losses, Expiring in 2029
Income Taxes [Line Items]
NOL carry forwards	29
Federal | Net Operating Losses, Indefinite Carryforward Period
Income Taxes [Line Items]
NOL carry forwards	9
State and Local Jurisdiction
Income Taxes [Line Items]
NOL carry forwards	$ 1,100

Taxes - Schedule of Provision f

Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Provision for Income Taxes
Federal	$ 1,946	$ 20	$ 340
State	3,911	92	496
Total Current Provision for Income Taxes	5,857	112	836
Deferred Provision (Benefit From) for Income Taxes
Federal	11,635	1,977	(19,083)
State	1,345	(454)	(1,673)
Total Deferred Provision (Benefit From) for Income Taxes	12,980	1,523	(20,756)
Total Provision (Benefit From) for Income Taxes	$ 18,837	$ 1,635	$ (19,920)

Taxes - Schedule of Reconciliat

Taxes - Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%	21%
State taxes, net of federal tax effect, as applicable	6.70%	51.70%	0.90%
Differences in taxable income from GAAP income	(0.30%)	(2.70%)	(0.50%)
Change in valuation allowance	0.10%	0%	0%
REIT GAAP income or loss not subject to federal income tax	(1.60%)	(325.90%)	(10.50%)
Effective Tax Rate	25.90%	(255.90%)	10.90%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Debt instrument, face amount		$ 3,482,175	$ 3,249,158
Subsequent Event | 9.125% Senior Notes Due 2030 | Unsecured Debt
Subsequent Event [Line Items]
Debt instrument, face amount	$ 90,000
Debt instrument, interest rate (as a percent)	9.125%
Redemption price (as a percent)	100%

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 16,089,510,000	$ 12,696,220,000	$ 11,370,323,000	$ 12,856,934,000
Residential Loans Held for Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	10,064,276,000
Principal Amount Subject to Delinquent Principal or Interest	126,390,000
Residential consumer loans, held-for-sale, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	1,013,547,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Residential consumer loans, held-for-sale, at fair value | Hybrid ARM loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	154
Carrying Amount	$ 173,913,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Residential consumer loans, held-for-sale, at fair value | Hybrid ARM loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.63%
Residential consumer loans, held-for-sale, at fair value | Hybrid ARM loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.25%
Residential consumer loans, held-for-sale, at fair value | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	736
Carrying Amount	$ 839,634,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Residential consumer loans, held-for-sale, at fair value | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Residential consumer loans, held-for-sale, at fair value | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.75%
Residential investor term loans, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 158,637,000
Principal Amount Subject to Delinquent Principal or Interest	$ 33,065,000
Residential investor term loans, at fair value | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	101
Carrying Amount	$ 158,637,000
Principal Amount Subject to Delinquent Principal or Interest	$ 33,065,000
Residential investor term loans, at fair value | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.95%
Residential investor term loans, at fair value | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.50%
Single Family Rental Loans Held for Investment at Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 2,485,069,000
Principal Amount Subject to Delinquent Principal or Interest	194,143,000
Bridge at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	1,120,282,000
Principal Amount Subject to Delinquent Principal or Interest	129,229,000
Real estate loans, federal income tax basis	$ 1,760,000,000
Bridge at Redwood | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	272
Carrying Amount	$ 579,300,000
Principal Amount Subject to Delinquent Principal or Interest	$ 7,741,000
Bridge at Redwood | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.30%
Bridge at Redwood | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.50%
Bridge at Redwood | Floating ARM Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	390
Carrying Amount	$ 540,982,000
Principal Amount Subject to Delinquent Principal or Interest	$ 121,488,000
Bridge at Redwood | Floating ARM Loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.10%
Bridge at Redwood | Floating ARM Loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.80%
Consolidated Agency Multifamily Loans Held-for-Investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 424,597,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Consolidated Agency Multifamily Loans Held-for-Investment | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	28
Carrying Amount	$ 424,597,000
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Consolidated Agency Multifamily Loans Held-for-Investment | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Consolidated Agency Multifamily Loans Held-for-Investment | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | ARMS loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	897
Carrying Amount	$ 104,369,000
Principal Amount Subject to Delinquent Principal or Interest	$ 1,903,000
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | ARMS loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.25%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | ARMS loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.75%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Hybrid ARM loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	426
Carrying Amount	$ 379,061,000
Principal Amount Subject to Delinquent Principal or Interest	$ 621,000
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Hybrid ARM loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.88%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Hybrid ARM loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.88%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	9,782
Carrying Amount	$ 8,336,124,000
Principal Amount Subject to Delinquent Principal or Interest	$ 16,956,000
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1.88%
Sequoia Choice Securitization Entities | Residential Loans Held for Investment | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.50%
Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate loans, federal income tax basis	$ 0
Freddie Mac SLST | Residential Loans Held for Investment | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	9,760
Carrying Amount	$ 1,244,722,000
Principal Amount Subject to Delinquent Principal or Interest	$ 106,910,000
Freddie Mac SLST | Residential Loans Held for Investment | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	2%
Freddie Mac SLST | Residential Loans Held for Investment | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	856
Carrying Amount	$ 2,485,069,000
Principal Amount Subject to Delinquent Principal or Interest	$ 194,143,000
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.81%
Term at CAFL | Single Family Rental Loans Held for Investment at Fair Value | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.24%
Term at CAFL | Bridge at Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount	$ 823,103,000
Principal Amount Subject to Delinquent Principal or Interest	$ 20,964,000
Term at CAFL | Bridge at Redwood | Fixed loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,099
Carrying Amount	$ 375,792,000
Principal Amount Subject to Delinquent Principal or Interest	$ 8,695,000
Term at CAFL | Bridge at Redwood | Fixed loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.75%
Term at CAFL | Bridge at Redwood | Fixed loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	12%
Term at CAFL | Bridge at Redwood | Floating ARM Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1,197
Carrying Amount	$ 447,311,000
Principal Amount Subject to Delinquent Principal or Interest	$ 12,269,000
Term at CAFL | Bridge at Redwood | Floating ARM Loans | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	8.10%
Term at CAFL | Bridge at Redwood | Floating ARM Loans | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.67%
Held-for- Investment at Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate loans, federal income tax basis	$ 0

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Schedule of Changes in the Carrying Amount of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 12,696,220	$ 11,370,323	$ 12,856,934
Additions during year:
Originations/acquisitions	9,133,852	3,639,782	6,589,943
Deductions during year:
Sales	(2,903,954)	(827,337)	(4,325,790)
Principal repayments	(2,895,186)	(1,601,190)	(2,199,109)
Transfers to REO	(22,554)	(100,280)	(8,495)
Changes in fair value, net	81,132	214,922	(1,543,160)
Balance at end of year	$ 16,089,510	$ 12,696,220	$ 11,370,323