v3.26.1
Segment Information - Schedule of Business Segment Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
 [1]
Segment Reporting [Line Items]          
Interest income $ 385,224 $ 284,336 $ 742,143 $ 556,430  
Interest expense (353,153) (270,502) (675,355) (514,654)  
Net interest income (expense) 32,071 13,834 66,788 41,776  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 62,604 (7,278) 125,950 7,933  
Risk management derivatives (losses) gains, net (30,533) 48,135 (61,915) 65,977  
Total Mortgage banking activities, net 32,071 40,857 64,035 73,910  
Investment fair value changes, net (22,523) (84,704) (45,722) (89,892)  
HEI income, net 2,798 (12,899) 9,907 (2,733)  
Servicing income, net 2,648 1,608 10,669 5,015  
Fee income (loss), net 2,960 2,209 5,846 4,560  
Other income (loss), net 5,985 352 8,422 1,902  
Realized gains, net 0 640 0 1,207  
Total non-interest income (loss), net 23,939 (51,937) 53,157 (6,031)  
General and administrative expenses (38,198) (36,983) (87,556) (74,454)  
Portfolio management costs (7,030) (10,028) (15,759) (16,519)  
Loan acquisition costs (5,990) (4,781) (12,719) (8,349)  
Other expenses (4,747) (4,035) (11,872) (7,944)  
Benefit from (Provision for) income taxes (1,145) (4,562) 1,358 (10,824)  
Net (Loss) Income (1,100) (98,492) (6,603) (82,345)  
Dividends on preferred stock (1,758) (1,757) (3,508) (3,507)  
Net (Loss) Income (Related) Available To Common Stockholders (2,858) (100,249) (10,111) (85,852)  
Total Assets 28,818,131 [1] 21,333,020 28,818,131 [1] 21,333,020 $ 23,701,114
Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net 13,801 (101,696) 28,876 (127,515)  
Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net (36,324) 16,992 (74,598) 37,623  
Sequoia          
Non-Interest Income          
Total Mortgage banking activities, net 12,944 24,313 34,995 46,232  
Aspire          
Non-Interest Income          
Total Mortgage banking activities, net 9,199 83 11,883 315  
CoreVest          
Non-Interest Income          
Total Mortgage banking activities, net 9,928 16,461 17,157 27,363  
Fee income (loss), net 3,000 2,000 6,000 5,000  
Operating Segments | Sequoia          
Segment Reporting [Line Items]          
Interest income 58,354 35,503 119,660 67,142  
Interest expense (31,080) (24,915) (67,417) (41,933)  
Net interest income (expense) 27,274 10,588 52,243 25,209  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 58,697 (23,756) 116,659 (22,624)  
Risk management derivatives (losses) gains, net (45,753) 48,069 (81,664) 68,856  
Total Mortgage banking activities, net 12,944 24,313 34,995 46,232  
Investment fair value changes, net 0 0 0 0  
HEI income, net 0 0 0 0  
Servicing income, net 0 0 0 0  
Fee income (loss), net 0 0 0 0  
Other income (loss), net 0 0 0 0  
Realized gains, net 0 0 0 0  
Total non-interest income (loss), net 12,944 24,313 34,995 46,232  
General and administrative expenses (6,134) (6,015) (13,183) (11,433)  
Portfolio management costs 0 0 0 0  
Loan acquisition costs (2,098) (1,267) (4,939) (2,338)  
Other expenses 0 0 0 0  
Benefit from (Provision for) income taxes 134 (9,310) 1,379 (16,502)  
Net (Loss) Income 32,120 18,309 70,495 41,168  
Dividends on preferred stock (519) (483) (1,063) (889)  
Net (Loss) Income (Related) Available To Common Stockholders 31,601 17,826 69,432 40,279  
Total Assets 2,236,378 1,551,366 2,236,378 1,551,366  
Operating Segments | Sequoia | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net 0 0 0 0  
Operating Segments | Sequoia | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net 0 0 0 0  
Operating Segments | Aspire          
Segment Reporting [Line Items]          
Interest income 18,109 1,518 36,517 1,562  
Interest expense (14,548) (1,587) (29,314) (1,814)  
Net interest income (expense) 3,561 (69) 7,203 (252)  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives (6,039) 1,124 (7,583) 1,356  
Risk management derivatives (losses) gains, net 15,238 (1,041) 19,466 (1,041)  
Total Mortgage banking activities, net 9,199 83 11,883 315  
Investment fair value changes, net 0 0 0 0  
HEI income, net 0 0 0 0  
Servicing income, net 30 0 30 0  
Fee income (loss), net 0 0 0 0  
Other income (loss), net 0 0 0 0  
Realized gains, net 0 0 0 0  
Total non-interest income (loss), net 9,229 83 11,913 315  
General and administrative expenses (2,826) (1,190) (5,292) (2,118)  
Portfolio management costs 0 0 0 0  
Loan acquisition costs (1,067) 0 (2,113) 0  
Other expenses 0 0 0 0  
Benefit from (Provision for) income taxes (1,419) 21 (1,761) (49)  
Net (Loss) Income 7,478 (1,155) 9,950 (2,104)  
Dividends on preferred stock (170) (28) (374) (45)  
Net (Loss) Income (Related) Available To Common Stockholders 7,308 (1,183) 9,576 (2,149)  
Total Assets 835,233 137,751 835,233 137,751  
Operating Segments | Aspire | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net 0 0 0 0  
Operating Segments | Aspire | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net 0 0 0 0  
Operating Segments | CoreVest          
Segment Reporting [Line Items]          
Interest income 3,491 3,737 7,683 8,131  
Interest expense (2,209) (2,841) (4,292) (5,851)  
Net interest income (expense) 1,282 896 3,391 2,280  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 9,946 15,354 16,874 29,201  
Risk management derivatives (losses) gains, net (18) 1,107 283 (1,838)  
Total Mortgage banking activities, net 9,928 16,461 17,157 27,363  
Investment fair value changes, net (38) 0 (303) 0  
HEI income, net 0 0 0 0  
Servicing income, net 0 0 0 0  
Fee income (loss), net 2,496 2,782 5,323 5,861  
Other income (loss), net (182) 715 407 2,397  
Realized gains, net 0 0 0 0  
Total non-interest income (loss), net 12,204 19,958 22,584 35,621  
General and administrative expenses (7,679) (10,218) (20,667) (20,815)  
Portfolio management costs 0 0 0 0  
Loan acquisition costs (2,825) (3,514) (5,667) (6,011)  
Other expenses (2,011) (2,203) (4,021) (4,405)  
Benefit from (Provision for) income taxes 285 278 2,346 927  
Net (Loss) Income 1,256 5,197 (2,034) 7,597  
Dividends on preferred stock (89) (101) (176) (168)  
Net (Loss) Income (Related) Available To Common Stockholders 1,167 5,096 (2,210) 7,429  
Total Assets 320,658 301,743 320,658 301,743  
Operating Segments | CoreVest | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net (38) 0 (303) 0  
Operating Segments | CoreVest | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net 0 0 0 0  
Operating Segments | Redwood Investments          
Segment Reporting [Line Items]          
Interest income 301,749 219,744 570,497 421,313  
Interest expense (291,579) (202,280) (547,885) (387,325)  
Net interest income (expense) 10,170 17,464 22,612 33,988  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 0 0 0 0  
Risk management derivatives (losses) gains, net 0 0 0 0  
Total Mortgage banking activities, net 0 0 0 0  
Investment fair value changes, net (10,171) (8,998) (25,614) (5,375)  
HEI income, net 493 126 1,068 181  
Servicing income, net 2,618 1,608 10,639 5,015  
Fee income (loss), net 453 412 645 554  
Other income (loss), net 5,193 394 6,091 764  
Realized gains, net 0 640 0 1,207  
Total non-interest income (loss), net (1,414) (5,818) (7,171) 2,346  
General and administrative expenses (853) (1,528) (4,237) (2,877)  
Portfolio management costs (3,436) (2,594) (7,591) (4,654)  
Loan acquisition costs 0 0 0 0  
Other expenses (2,343) (1,832) (7,458) (3,539)  
Benefit from (Provision for) income taxes (623) 1,567 (1,996) 1,871  
Net (Loss) Income 1,501 7,259 (5,841) 27,135  
Dividends on preferred stock (758) (500) (1,416) (1,051)  
Net (Loss) Income (Related) Available To Common Stockholders 743 6,759 (7,257) 26,084  
Total Assets 24,322,023 15,982,357 24,322,023 15,982,357  
Operating Segments | Redwood Investments | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net 26,153 (26,958) 48,968 (49,626)  
Operating Segments | Redwood Investments | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net (36,324) 17,960 (74,582) 44,251  
Operating Segments | Legacy Investments          
Segment Reporting [Line Items]          
Interest income 3,334 23,449 7,334 57,601  
Interest expense (13,737) (38,879) (26,447) (77,731)  
Net interest income (expense) (10,403) (15,430) (19,113) (20,130)  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 0 0 0 0  
Risk management derivatives (losses) gains, net 0 0 0 0  
Total Mortgage banking activities, net 0 0 0 0  
Investment fair value changes, net (12,314) (75,574) (19,805) (84,305)  
HEI income, net 2,305 (13,025) 8,839 (2,914)  
Servicing income, net 0 0 0 0  
Fee income (loss), net 11 (985) (122) (1,855)  
Other income (loss), net 974 0 1,924 0  
Realized gains, net 0 0 0 0  
Total non-interest income (loss), net (9,024) (89,584) (9,164) (89,074)  
General and administrative expenses (15) (57) (31) (73)  
Portfolio management costs (3,591) (7,434) (8,138) (11,865)  
Loan acquisition costs 0 0 0 0  
Other expenses (393) 0 (393) 0  
Benefit from (Provision for) income taxes 328 2,535 938 2,535  
Net (Loss) Income (23,098) (109,970) (35,901) (118,607)  
Dividends on preferred stock (222) (645) (479) (1,354)  
Net (Loss) Income (Related) Available To Common Stockholders (23,320) (110,615) (36,380) (119,961)  
Total Assets 915,571 2,953,731 915,571 2,953,731  
Operating Segments | Legacy Investments | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net (12,314) (74,606) (19,789) (77,677)  
Operating Segments | Legacy Investments | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net 0 (968) (16) (6,628)  
Corporate/ Other          
Segment Reporting [Line Items]          
Interest income 187 385 452 681  
Interest expense 0 0 0 0  
Net interest income (expense) 187 385 452 681  
Non-Interest Income          
Mortgage banking activities, net, excluding risk management derivatives 0 0 0 0  
Risk management derivatives (losses) gains, net 0 0 0 0  
Total Mortgage banking activities, net 0 0 0 0  
Investment fair value changes, net 0 (132) 0 (212)  
HEI income, net 0 0 0 0  
Servicing income, net 0 0 0 0  
Fee income (loss), net 0 0 0 0  
Other income (loss), net 0 (757) 0 (1,259)  
Realized gains, net 0 0 0 0  
Total non-interest income (loss), net 0 (889) 0 (1,471)  
General and administrative expenses (20,691) (17,975) (44,146) (37,138)  
Portfolio management costs (3) 0 (30) 0  
Loan acquisition costs 0 0 0 0  
Other expenses 0 0 0 0  
Benefit from (Provision for) income taxes 150 347 452 394  
Net (Loss) Income (20,357) (18,132) (43,272) (37,534)  
Dividends on preferred stock 0 0 0 0  
Net (Loss) Income (Related) Available To Common Stockholders (20,357) (18,132) (43,272) (37,534)  
Total Assets 188,268 406,072 188,268 406,072  
Corporate/ Other | Investment fair value changes, net, excluding risk management derivatives          
Non-Interest Income          
Investment fair value changes, net 0 (132) 0 (212)  
Corporate/ Other | Risk management derivatives gains (losses), net          
Non-Interest Income          
Investment fair value changes, net $ 0 $ 0 $ 0 $ 0  
[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.