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Investment Fair Value Changes, Net - Components of Investment Activities (Details) - Investment Fair Value Changes, Net - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | $ 11,444 | $ 10,332 | $ 34,741 | $ 12,830
Residential loans held-for-investment, at Redwood |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 7,667 | (17,063) | 71,323 | (71,058)
Single-family rental loans held-for-investment |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 22 | 0 | 22 | 0
Residential bridge loans |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (742) | 53 | (1,363) | 53
Trading securities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 15,275 | 6,314 | 55,577 | 2,429
Servicer advance investments |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 1,585 | 0 | 3,025 | 0
Excess MSRs |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (1,635) | 0 | (2,137) | 0
Home appreciation options |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 29 | 0 | 29 | 0
REO |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (331) | 0 | (470) | 0
Net investments in Legacy Sequoia entities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (407) | (248) | (904) | (976)
Net investments in Sequoia Choice entities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 2,722 | (943) | 8,866 | 43
Net investments in Freddie Mac SLST entities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 17,300 | 0 | 31,702 | 0
Net investments in Freddie Mac K-Series entities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | 7,445 | 511 | 13,810 | 511
Risk-sharing investments |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (53) | (126) | (191) | (474)
Risk management derivatives, net |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | (37,433) | 21,867 | (144,548) | 82,391
Impairments on AFS securities |  |  |  |
Investment Holdings [Line Items] |  |  |  |
Changes in fair value of assets | $ 0 | $ (33) | $ 0 | $ (89)

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