CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2026		Jun. 30, 2025
Cash Flows From Operating Activities:
Net (loss)		$ (6,603)		$ (82,345)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		5,964		5,672
Depreciation and amortization of non-financial assets		4,658		5,460
Originations of held-for-sale loans		(765,083)		(846,335)
Purchases of held-for-sale loans		(12,952,750)		(5,210,370)
Proceeds from sales of held-for-sale loans		5,500,960		1,905,228
Principal payments on held-for-sale loans		116,128		59,508
Net settlements of derivatives		(108,824)		(16,853)
Non-cash equity award compensation expense and other		10,920		9,733
Market valuation adjustments		(13,152)		32,865
Realized gains, net		0		(1,206)
Net change in:
Other assets		(32,192)		(42,281)
Accrued expenses and other liabilities		(15,000)		115,176
Net cash used in operating activities		(8,254,974)		(4,065,748)
Cash Flows From Investing Activities:
Originations and purchases of loan investments		(356,823)		(258,975)
Proceeds from sales of loans		0		91,204
Principal payments on loan investments		3,041,591		1,703,903
Purchases of HEI		(3,003)		(6,060)
Repayments on HEI		9,542		21,711
Purchases of real estate securities		(98,485)		(22,087)
Proceeds from sales of real estate securities		65,616		115,281
Principal payments on real estate securities		833		537
Repayments from servicer advance investments, net		27,751		(5,583)
Other investing activities, net		12,674		(2,097)
Net cash provided by investing activities		2,699,696		1,637,834
Cash Flows From Financing Activities:
Proceeds from issuance of asset-backed securities		8,561,389		3,770,078
Repayments on asset-backed securities issued		(3,254,087)		(1,414,056)
Proceeds from borrowings on debt obligations		13,324,047		6,815,713
Repayments on debt obligations		(13,168,089)		(6,534,950)
Debt issuance costs paid		(7,159)		(8,490)
Taxes paid on equity award distributions		(2,564)		(2,875)
Net proceeds from issuance of common stock		188		238
Net payments on repurchase of common stock		(1,118)		(7,513)
Dividends paid on common stock		(47,820)		(50,675)
Dividends paid on preferred stock		(3,508)		(3,507)
Other financing activities, net		(3,800)		(750)
Net cash provided by financing activities		5,397,479		2,563,213
Net (decrease) increase in cash, cash equivalents and restricted cash		(157,799)		135,299
Cash, cash equivalents and restricted cash at beginning of period		449,110		312,927
Cash, cash equivalents and restricted cash at end of period		291,311		448,226
Cash and cash equivalents		191,846	[1]	301,979
Restricted cash at end of period	[2]	99,465	[1]	146,247
Cash, cash equivalents and restricted cash at end of period		291,311		448,226
Cash paid during the period for:
Interest		645,411		496,718
Taxes paid		5,287		4,348
Supplemental Noncash Information:
Dividends declared but not paid on preferred stock		1,478		1,478
Real estate securities retained from whole loan securitizations		9,049		0
Retention of mortgage servicing rights from loan sales		4,558		0
Retention of interest-only security from loan securitization		965		0
Consolidation of securitized CAFL bridge loans at issuance		0		155,373
Consolidation of CAFL bridge ABS at issuance		0		283,107
Transfers from loans held-for-sale to loans held-for-investment		8,512,909		3,792,872
Transfers from loans held-for-investment to loans held-for-sale		370		2,147,978
Transfers from residential consumer and investor loans to real estate owned		47,880		16,142
Right-of-use asset obtained in exchange for operating lease liability		$ 5,420		$ 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 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.