CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
ABS issued		$ 17,433,600	$ 12,879,530
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)		124,459,837	132,519,579
Common stock, outstanding (in shares)		124,459,837	132,519,579
Total Assets	[1]	$ 23,701,114	$ 18,258,344
Total liabilities	[1]	22,718,498	17,070,481
VIEs
Total Assets		18,927,094	14,654,942
Total liabilities		$ 17,850,175	$ 13,620,239

[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.