XML 135 R121.htm IDEA: XBRL DOCUMENT v3.25.4
Asset-Backed Securities Issued - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2040
Aug. 31, 2027
Apr. 30, 2027
Jan. 31, 2027
Apr. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2023
USD ($)
entity
Dec. 31, 2053
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]                      
Total Fair Value                   $ 287,557 $ 211,474
Debt instrument, collateral amount                   4,878,915 3,701,592
Debt instrument, face amount                   4,822,478 3,482,175
Restricted cash               $ 76,000   193,446 [1] 67,762 [1]
Other assets [1]                   413,522 415,717
Number of VIE's loans transferred from | entity               2      
Sequoia Re-securitization Trust                      
Debt Instrument [Line Items]                      
Total Fair Value                   165,000 79,000
Freddie Mac SLST Securitization Entities                      
Debt Instrument [Line Items]                      
Fair value of securities owned                   254,000 242,000
Total ABS Issued | CAFL 2025-RTL2 Issuer, LP                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                   285,000  
Bridge loan                   223,000  
Restricted cash                   87,000  
Other assets                   3,000  
Securitized asset backed securities, borrowing capacity                   $ 300,000  
Re-investment transaction period                   24 months  
Total ABS Issued | CAFL 2025-RTL1 Issuer, LP                      
Debt Instrument [Line Items]                      
Debt instrument, face amount                   $ 284,000  
Bridge loan                   283,000  
Restricted cash                   20,000  
Other assets                   8,000  
Securitized asset backed securities, borrowing capacity                   $ 300,000  
Re-investment transaction period                   24 months  
VIEs                      
Debt Instrument [Line Items]                      
VIE, ownership interest rate (as a percent)                   80.00%  
VIEs | Collateralized Financing Entities                      
Debt Instrument [Line Items]                      
Other assets                   $ 58,785 68,176
VIEs | Redemption, Period Three | Point HEI                      
Debt Instrument [Line Items]                      
ABS issued, at amortized cost               $ 139,000      
VIEs | CoreVest | Redemption, Period Four                      
Debt Instrument [Line Items]                      
ABS issued, at amortized cost               $ 184,000      
VIE, ownership interest rate (as a percent)               100.00%      
VIEs | Sequoia Re-securitization Trust                      
Debt Instrument [Line Items]                      
Debt instrument, interest rate (as a percent)             8.50%        
Debt instrument repaid             $ 190,000        
VIEs | Sequoia securities                      
Debt Instrument [Line Items]                      
ABS issued, at amortized cost           $ 100,000          
Debt instrument, interest rate (as a percent)           8.50%          
VIEs | Sequoia securities | Forecast                      
Debt Instrument [Line Items]                      
Increase in interest rate (as a percent)       11.50%              
VIEs | Sequoia securities | Q3 2025 Subordinate Securities Transfer                      
Debt Instrument [Line Items]                      
ABS issued, at amortized cost             $ 250,000        
Debt instrument, interest rate (as a percent)             6.40%        
VIE, ownership interest rate (as a percent)             100.00%        
Debt instrument, collateral amount                   154,000  
VIEs | Sequoia securities | Q3 2025 Subordinate Securities Transfer | Forecast                      
Debt Instrument [Line Items]                      
Increase in interest rate (as a percent)   3.00%                  
VIEs | Sequoia securities | Q2 2025 Subordinate Securities Transfer                      
Debt Instrument [Line Items]                      
ABS issued, at amortized cost         $ 109,000            
Debt instrument, interest rate (as a percent)         8.00%            
VIE, ownership interest rate (as a percent)           100.00%          
VIEs | Sequoia securities | Q2 2025 Subordinate Securities Transfer | Forecast                      
Debt Instrument [Line Items]                      
Increase in interest rate (as a percent)     11.00%                
VIEs | Other third-party securities | Q3 2025 Subordinate Securities Transfer | Sequoia Re-securitization Trust                      
Debt Instrument [Line Items]                      
Total Fair Value                   144,000  
VIEs | Other third-party securities | Q2 2025 Subordinate Securities Transfer | Sequoia Re-securitization Trust                      
Debt Instrument [Line Items]                      
Total Fair Value                   1,000  
VIEs | Sequoia Securitization Trusts | Sequoia securities                      
Debt Instrument [Line Items]                      
Debt instrument, collateral amount                   83,000  
VIEs | Sequoia Securitization Trusts | Q2 2025 Subordinate Securities Transfer                      
Debt Instrument [Line Items]                      
Debt instrument, collateral amount                   144,000  
VIEs | Sequoia Securities Owned From Trust | Sequoia Re-securitization Trust                      
Debt Instrument [Line Items]                      
Total Fair Value                   $ 20,000  
VIEs | Total ABS Issued                      
Debt Instrument [Line Items]                      
Contractual maturities of ABS (in years)                   5 years  
VIEs | Total ABS Issued | Collateralized Financing Entities                      
Debt Instrument [Line Items]                      
Unpaid Principal Balance                   $ 17,963,740 14,047,261
VIEs | Total ABS Issued | CAFL 2025-RTL2 Issuer, LP                      
Debt Instrument [Line Items]                      
Debt instrument, interest rate (as a percent)                   5.50%  
Debt instrument, face amount                   $ 285,000  
VIEs | Total ABS Issued | CAFL 2025-RTL1 Issuer, LP                      
Debt Instrument [Line Items]                      
Debt instrument, interest rate (as a percent)                   6.20%  
Debt instrument, face amount                   $ 286,000  
VIEs | Total ABS Issued | Forecast                      
Debt Instrument [Line Items]                      
Increase in interest rate (as a percent) 1.00%                    
VIEs | Total ABS Issued | Forecast | Redemption, Period Three                      
Debt Instrument [Line Items]                      
Increase in interest rate (as a percent)                 3.00%    
VIEs | Freddie Mac SLST | Collateralized Financing Entities                      
Debt Instrument [Line Items]                      
Unpaid Principal Balance                     $ 148,180
Variable Interest Entity, Not Primary Beneficiary | Freddie Mac SLST | Collateralized Financing Entities                      
Debt Instrument [Line Items]                      
Unpaid Principal Balance                   $ 125,000  
[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, 2025 and 2024, assets of consolidated VIEs totaled $18,927,094 and $14,654,942, respectively. At December 31, 2025 and 2024, liabilities of consolidated VIEs totaled $17,850,175 and $13,620,239, respectively. See Note 15 for further discussion.