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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
--- | ---
Mar. 31, 2020 | Mar. 31, 2019
Investment Holdings [Line Items] |  |
Changes in fair value of assets | $ (870,832) | $ 20,159
Residential loans held-for-investment, at Redwood |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (93,636) | 28,108
Single-family rental loans held-for-investment |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (23,028) | 0
Residential bridge loans |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (38,602) | (303)
Trading securities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (263,325) | 21,860
Servicer advance investments |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (6,062) | 1,008
Excess MSRs |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (9,494) | (437)
Shared home appreciation options |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (7,554) | 0
REO |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (498) | 0
Net investments in Legacy Sequoia entities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (391) | (374)
Net investments in Sequoia Choice entities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (69,669) | 3,265
Net investments in Freddie Mac SLST entities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (142,162) | 6,365
Net investments in Freddie Mac K-Series entities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (86,509) | 3,119
Net investments in CAFL entities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (67,846) | 0
Risk-sharing and other investments |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (1,389) | (77)
Risk management derivatives, net |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | (59,142) | (42,375)
Credit losses on AFS securities |  |
Investment Holdings [Line Items] |  |
Changes in fair value of assets | $ (1,525) | $ 0

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