CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2026		Dec. 31, 2025
Assets
Home equity investments	[1]	$ 339,735		$ 329,883
Real estate securities	[1]	480,897		423,016
Servicing investments	[1]	290,825		302,230
Strategic investments	[1]	97,133		101,958
Derivative assets	[1]	59,436		105,597
Cash and cash equivalents	[1]	191,846		255,664
Restricted cash	[1]	99,465	[2]	193,446
Goodwill	[1]	23,373		23,373
Other assets	[1]	471,256		413,522
Total Assets	[1]	28,818,131		23,701,114
Liabilities
Asset-backed securities issued	[1]	22,515,907		17,492,031
Debt obligations, net	[1]	4,956,574		4,799,382
Derivative liabilities	[1]	10,912		28,150
Accrued expenses and other liabilities	[1]	400,899		398,935
Total liabilities	[1]	27,884,292		22,718,498
Commitments and Contingencies (see Note 19)	[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; 125,607,457 and 124,459,837 issued and outstanding	[1]	1,256		1,245
Additional paid-in capital	[1]	2,472,006		2,463,473
Accumulated other comprehensive loss	[1]	(31,059)		(31,669)
Cumulative earnings	[1]	1,104,249		1,114,360
Cumulative distributions to stockholders	[1]	(2,679,561)		(2,631,741)
Total Equity	[1]	933,839		982,616
Total Liabilities and Equity	[1]	28,818,131		23,701,114
Residential consumer loans
Assets
Fair value of loans	[1]	23,638,696		17,935,761
Residential investor loans
Assets
Fair value of loans	[1]	$ 3,125,469		$ 3,616,664

[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 June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $24,372,361 and $18,927,094, respectively. At June 30, 2026 and December 31, 2025, liabilities of consolidated VIEs totaled $22,877,902 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.