v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Home equity investments [1] $ 326,223 $ 589,785
Real estate securities [1] 418,918 405,223
Servicing investments [1] 282,256 297,683
Strategic investments [1] 82,493 78,123
Derivative assets [1] 97,948 46,003
Cash and cash equivalents [1] 226,321 245,165
Restricted cash [1] 103,868 [2] 67,762
Goodwill [1] 23,373 23,373
Other assets [1] 398,488 415,717
Total Assets [1] 22,600,766 18,258,344
Liabilities    
Asset-backed securities issued (includes $16,610,081 and $12,879,530 at fair value), net [1] 16,825,018 13,270,204
Debt obligations, net [1] 4,356,661 3,462,880
Derivative liabilities [1] 57,047 23,660
Accrued expenses and other liabilities [1] 363,026 313,737
Total liabilities [1] 21,601,752 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; 126,752,703 and 132,519,579 issued and outstanding [1] 1,268 1,325
Additional paid-in capital [1] 2,478,142 2,504,029
Accumulated other comprehensive loss [1] (35,699) (43,071)
Cumulative earnings [1] 1,096,095 1,191,401
Cumulative distributions to stockholders [1] (2,607,740) (2,532,769)
Total Equity [1] 999,014 1,187,863
Total Liabilities and Equity [1] 22,600,766 18,258,344
Residential consumer loans    
Assets    
Fair value of loans [1] 16,783,281 11,077,823
Residential investor loans    
Assets    
Fair value of loans [1] 3,857,597 4,587,090
Consolidated Agency Multifamily Loans    
Assets    
Fair value of loans [1] $ 0 $ 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 September 30, 2025 and December 31, 2024, assets of consolidated VIEs totaled $18,284,133 and $14,654,942, respectively. At September 30, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $17,164,811 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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