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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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ 295 | $ (2,362) | $ 949 | $ (5,595)
Total Market Valuation Gains (Losses), Net | 78,415 | 158,883 | 292,056 | (606,764)
Mortgage Banking Activities, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 53,327 | 56,619 | 174,648 | 18,173
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 | 9,045 | (478) | 57,145 | (15,972)
Mortgage Banking Activities, Net | Residential loan purchase commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 18,817 | 13,067 | 18,351 | 35,123
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 | 19,205 | 43,191 | 54,675 | 55,868
Mortgage Banking Activities, Net | Single-family rental loan interest rate lock commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (744) | 0 | 0 | 341
Mortgage Banking Activities, Net | Bridge loans |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 3,433 | 938 | 6,702 | (4,256)
Mortgage Banking Activities, Net | Trading securities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 32 | 0 | (342) | 0
Mortgage Banking Activities, Net | Risk management derivatives |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 3,539 | (99) | 38,117 | (52,931)
Investment Fair Value Changes, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 26,077 | 107,047 | 120,644 | (611,557)
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 | 1,546 | (3,600) | 25,067 | (224,679)
Investment Fair Value Changes, Net | Risk management derivatives |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | 0 | 0 | (59,142)
Investment Fair Value Changes, Net | Residential loans at Redwood |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 816 | 218 | 2,423 | (93,314)
Investment Fair Value Changes, Net | Single Family Rental Loans Held For Investment At Fair Value |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | 0 | 0 | (20,806)
Investment Fair Value Changes, Net | Bridge loans held-for-investment |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 900 | 6,812 | 4,142 | (10,016)
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 | (2,079) | 26 | (3,179) | (6,172)
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 | (803) | (1,127) | (5,233) | (7,650)
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 | (247) | (81) | (1,162) | (702)
Investment Fair Value Changes, Net | Sequoia |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 3,314 | 7,851 | 13,118 | (22,065)
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 | 13,849 | 82,214 | 54,282 | (33,081)
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 | 554 | 2,166 | 11,330 | (82,744)
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 | 2,943 | 9,673 | 6,354 | (41,048)
Investment Fair Value Changes, Net | Point Entities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 47 | 0 | 47 | 0
Investment Fair Value Changes, Net | HEIs at Redwood |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 5,622 | 2,384 | 13,017 | (4,286)
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 | (385) | 67 | 50 | (4,825)
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 | 0 | 444 | 388 | (1,027)
Other Income |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | (989) | (4,783) | (3,236) | (13,380)
Other Income | Risk management derivatives |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | 0 | 0 | 0 | 13,966
Other Income | MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ (989) | $ (4,783) | $ (3,236) | $ (27,346)

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