v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Home equity investments, at fair value [1] $ 600,386 $ 589,785
Real estate securities, at fair value [1] 375,965 405,223
Servicing investments, at fair value [1] 298,290 297,683
Strategic investments 84,869 [1] 78,123
Derivative assets, at fair value [1] 158,909 46,003
Cash and cash equivalents [1] 259,918 245,165
Restricted cash [1] 86,557 [2] 67,762
Goodwill [1] 23,373 23,373
Other assets [1] 367,743 415,717
Total Assets [1] 19,871,775 18,258,344
Liabilities    
Asset-backed securities issued (includes $14,127,674 and $12,879,530 at fair value), net [1] 14,458,243 13,270,204
Debt obligations, net [1] 3,760,685 3,462,880
Derivative liabilities, at fair value [1] 12,835 23,660
Accrued expenses and other liabilities [1] 456,518 313,737
Total liabilities [1] 18,688,281 17,070,481
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; 133,005,314 and 132,519,579 issued and outstanding [1] 1,330 1,325
Additional paid-in capital [1] 2,506,877 2,504,029
Accumulated other comprehensive loss [1] (39,340) (43,071)
Cumulative earnings [1] 1,205,798 1,191,401
Cumulative distributions to stockholders [1] (2,558,119) (2,532,769)
Total equity [1] 1,183,494 1,187,863
Total Liabilities and Equity [1] 19,871,775 18,258,344
Residential consumer loans, at fair value    
Assets    
Fair value of loans [1] 12,752,258 11,077,823
Residential investor loans, at fair value    
Assets    
Fair value of loans [1] 4,439,834 4,587,090
Consolidated Agency multifamily loans, at fair value    
Assets    
Fair value of loans [1] $ 423,673 $ 424,597
[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, 2025 and December 31, 2024, assets of consolidated VIEs totaled $15,936,091 and $14,654,942, respectively. At March 31, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $14,825,826 and $13,620,239, 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.

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