CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2026		Mar. 31, 2025
Cash Flows From Operating Activities:
Net (loss) income		$ (5,503)		$ 16,147
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		2,857		2,941
Depreciation and amortization of non-financial assets		2,272		2,753
Originations of held-for-sale loans		(407,693)		(424,285)
Purchases of held-for-sale loans		(6,705,199)		(2,363,479)
Proceeds from sales of held-for-sale loans		2,626,724		751,376
Principal payments on held-for-sale loans		56,270		30,412
Net settlements of derivatives		(7,338)		(73,528)
Non-cash equity award compensation expense and other		6,215		5,104
Market valuation adjustments		(11,656)		(33,153)
Realized gains, net		0		(567)
Net change in:
Other assets		(83,317)		37,286
Accrued expenses and other liabilities		18,777		96,488
Net cash used in operating activities		(4,507,591)		(1,952,505)
Cash Flows From Investing Activities:
Originations and purchases of loan investments		(218,156)		(43,383)
Proceeds from sales of loans		0		12,346
Principal payments on loan investments		1,456,771		683,441
Purchases of HEI		(2,612)		(1,834)
Repayments on HEI		3,926		10,348
Purchases of real estate securities		(54,791)		(9,203)
Proceeds from sales of real estate securities		25,670		14,387
Principal payments on real estate securities		483		258
Repayments from servicer advance investments, net		18,207		(1,956)
Other investing activities, net		(735)		(5,647)
Net cash provided by investing activities		1,228,763		658,757
Cash Flows From Financing Activities:
Proceeds from issuance of asset-backed securities		4,811,866		1,625,956
Repayments on asset-backed securities issued		(1,720,006)		(564,436)
Proceeds from borrowings on debt obligations		6,852,337		3,122,514
Repayments on debt obligations		(6,787,171)		(2,823,608)
Debt issuance costs paid		(2,572)		(3,779)
Taxes paid on equity award distributions		(1,511)		(2,361)
Net proceeds from issuance of common stock		97		110
Net payments on repurchase of common stock		(1,118)		0
Dividends paid on common stock		(23,755)		(25,350)
Dividends paid on preferred stock		(1,750)		(1,750)
Other financing activities, net		(2,000)		0
Net cash provided by financing activities		3,124,417		1,327,296
Net (decrease) increase in cash, cash equivalents and restricted cash		(154,411)		33,548
Cash, cash equivalents and restricted cash at beginning of period		449,110		312,927
Cash, cash equivalents and restricted cash at end of period		294,699		346,475
Cash and cash equivalents		202,414	[1]	259,918
Restricted cash at end of period	[2]	92,285	[1]	86,557
Cash, cash equivalents and restricted cash at end of period		294,699		346,475
Cash paid during the period for:
Interest		298,473		230,529
Taxes paid		0		12
Supplemental Noncash Information:
Dividends declared but not paid on preferred stock		1,478		1,478
Retention of mortgage servicing rights from loan sales		1,693		0
Transfers from loans held-for-sale to loans held-for-investment		4,699,833		1,771,471
Transfers from residential consumer loans to real estate owned		26,377		4,590
Right-of-use asset obtained in exchange for operating lease liability		$ 0		$ 2,907

[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $22,076,415 and $18,927,094, respectively. At March 31, 2026 and December 31, 2025, liabilities of consolidated VIEs totaled $20,784,429 and $17,850,175, respectively. See Note 16 for further discussion.

[2] Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions, as well as cash collateral for certain consolidated securitization entities.