v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Home equity investments [1] $ 341,101 $ 329,883
Real estate securities [1] 476,387 423,016
Servicing investments [1] 299,696 302,230
Strategic investments [1] 106,728 101,958
Derivative assets [1] 154,880 105,597
Cash and cash equivalents [1] 202,414 255,664
Restricted cash [1] 92,285 [2] 193,446
Goodwill [1] 23,373 23,373
Other assets [1] 508,504 413,522
Total Assets [1] 26,815,797 23,701,114
Liabilities    
Asset-backed securities issued [1] 20,417,812 17,492,031
Debt obligations, net [1] 4,867,368 4,799,382
Derivative liabilities [1] 156,244 28,150
Accrued expenses and other liabilities [1] 417,662 398,935
Total liabilities [1] 25,859,086 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; 125,015,499 and 124,459,837 issued and outstanding [1] 1,250 1,245
Additional paid-in capital [1] 2,468,269 2,463,473
Accumulated other comprehensive loss [1] (31,367) (31,669)
Cumulative earnings [1] 1,107,107 1,114,360
Cumulative distributions to stockholders [1] (2,655,496) (2,631,741)
Total Equity [1] 956,711 982,616
Total Liabilities and Equity [1] 26,815,797 23,701,114
Residential consumer loans    
Assets    
Fair value of loans [1] 21,299,884 17,935,761
Residential investor loans    
Assets    
Fair value of loans [1] $ 3,310,545 $ 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 March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $22,076,415 and $18,927,094, respectively. At March 31, 2026 and December 31, 2025, liabilities of consolidated VIEs totaled $20,784,429 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.

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