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Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ (1,424) | $ 1,654 | $ (3,233) | $ 1,911
Gain on re-measurement of 5 Arches investment | 0 | 0 | 0 | 2,441
Total Market Valuation Gains (Losses), Net | 146,830 | 16,732 | (765,647) | 48,172
Mortgage Banking Activities, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (1,443) | 15,730 | (38,446) | 27,420
Mortgage Banking Activities, Net | Residential loans, at fair value |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (2,014) | 3,379 | (15,494) | 6,912
Mortgage Banking Activities, Net | Residential loan purchase and forward sale commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 621 | 16,888 | 22,056 | 28,199
Mortgage Banking Activities, Net | Single-family rental loans held-for-sale, at fair value |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 1,210 | 1,313 | 12,677 | 2,917
Mortgage Banking Activities, Net | Single-family rental loan purchase and interest rate lock commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | 569 | 341 | 709
Mortgage Banking Activities, Net | Residential bridge loans |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (1,260) | 1,012 | (5,194) | 1,098
Mortgage Banking Activities, Net | Risk management derivatives, net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | (7,431) | (52,832) | (12,415)
Investment Fair Value Changes, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 152,228 | 3,138 | (718,604) | 23,297
Investment Fair Value Changes, Net | Risk management derivatives, net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | (64,740) | (59,142) | (107,115)
Investment Fair Value Changes, Net | Residential loans held-for-investment, at Redwood |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 104 | 35,548 | (93,532) | 63,656
Investment Fair Value Changes, Net | Single-family rental loans held-for-investment |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 2,222 | 0 | (20,806) | 0
Investment Fair Value Changes, Net | Residential bridge loans held-for-investment |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 21,774 | (318) | (16,828) | (621)
Investment Fair Value Changes, Net | Trading securities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 42,246 | 18,442 | (221,079) | 40,302
Investment Fair Value Changes, Net | Servicer advance investments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (136) | 432 | (6,198) | 1,440
Investment Fair Value Changes, Net | Excess MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 2,971 | (65) | (6,523) | (502)
Investment Fair Value Changes, Net | Legacy Sequoia |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (230) | (123) | (621) | (497)
Investment Fair Value Changes, Net | Sequoia Choice |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 39,753 | 2,879 | (29,916) | 6,144
Investment Fair Value Changes, Net | Freddie Mac SLST |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 26,867 | 8,037 | (115,295) | 14,402
Investment Fair Value Changes, Net | Freddie Mac K-Series |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 1,599 | 3,246 | (84,910) | 6,365
Investment Fair Value Changes, Net | CAFL |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 17,125 | 0 | (50,721) | 0
Investment Fair Value Changes, Net | Other investments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (2,121) | (200) | (11,562) | (277)
Investment Fair Value Changes, Net | Credit recoveries (losses) on AFS securities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 54 | 0 | (1,471) | 0
Other Income |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | (3,955) | (2,136) | (8,597) | (2,545)
Gain on re-measurement of 5 Arches investment | 0 | 0 | 0 | 2,440
Other Income | Risk management derivatives, net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | 0 | 6,517 | 13,966 | 8,768
Other Income | MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ (3,955) | $ (8,653) | $ (22,563) | $ (13,753)

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- Definition The aggregate net change in market value for certain assets and liabilities that was included in earnings for the period. This includes changes in market values for assets and liabilities accounted for at fair value, as well as the credit portion of other-than-temporary impairments on securities available for sale, impairments on loans held-for-sale and real estate owned. + References No definition available. + Details
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