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Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ (2,362) | $ 431 | $ (5,595) | $ 2,342
Gain on re-measurement of 5 Arches investment | 0 | 0 | 0 | 2,441
Total Market Valuation Gains (Losses), Net | 158,883 | 14,549 | (606,764) | 62,720
Mortgage Banking Activities, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 56,619 | 6,205 | 18,173 | 33,625
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 | (478) | (6,623) | (15,972) | 289
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 | 13,067 | 12,943 | 35,123 | 41,142
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 | 43,191 | 1,283 | 55,868 | 4,200
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 | 564 | 341 | 1,273
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 | 938 | 1,010 | (4,256) | 2,108
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 | (99) | (2,972) | (52,931) | (15,387)
Investment Fair Value Changes, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 107,047 | 11,444 | (611,557) | 34,741
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 | (37,433) | (59,142) | (144,548)
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 | 218 | 7,667 | (93,314) | 71,323
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 | 0 | 22 | (20,806) | 22
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 | 6,812 | (742) | (10,016) | (1,363)
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 | (3,600) | 15,275 | (224,679) | 55,577
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 | 26 | 1,585 | (6,172) | 3,025
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 | (1,127) | (1,635) | (7,650) | (2,137)
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 | (81) | (407) | (702) | (904)
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 | 7,851 | 2,722 | (22,065) | 8,866
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 | 82,214 | 17,300 | (33,081) | 31,702
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 | 2,166 | 7,445 | (82,744) | 13,810
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 | 9,673 | 0 | (41,048) | 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 | 2,451 | (355) | (9,111) | (632)
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 | 444 | 0 | (1,027) | 0
Other Income |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | (4,783) | (3,100) | (13,380) | (5,646)
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 | 4,389 | 13,966 | 13,157
Other Income | MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ (4,783) | $ (7,489) | $ (27,346) | $ (21,243)

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