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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans |  |  | $ 3,395,459 | $ 6,682,864 |
Principal balance of loans sold to third parties |  |  | 26,033 | 29,786 |
Fair value of loans transferred |  |  | 1,953,421 | 1,998,535 |
Single-family rental loans, held-for-sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans | $ 323,245 | $ 312,217 | 765,972 | 565,315 |
Principal balance of loans acquired | 38,457 | 0 | 100,349 | 0 |
Principal balance of loans sold to third parties | 0 | 0 | 331,502 | 0 |
Fair value of loans transferred | 295,037 | 297,301 | 295,037 | 466,705 |
Gain (loss) on investments | 0 | 0 | 0 | 0 |
Fair value of loans | 505,171 |  | 505,171 |  | $ 358,309
Single-family rental loans, held-for-sale | Redwood | Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | (40,034) | 25,222 | (64,502) | 35,470 |
Bridge loans held-for-investment |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans | 542,241 | 215,160 | 954,179 | 348,389 |
Principal balance of loans acquired | 19,023 | 0 | 22,006 | 0 |
Principal balance of loans sold to third parties | 0 | 354 | 0 | 9,231 |
Gain (loss) on investments | (5,455) | (62) | (6,214) | 3,242 |
Fair value of loans | 1,109,337 |  | 1,109,337 |  | 666,364
Bridge loans held-for-investment | Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | (1,136) | 978 | 1,239 | 1,520 |
Bridge loans held-for-investment | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans transferred | 306,313 | 0 | 388,604 |  |
Business Purpose Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fee income | 12,000 |  | 27,000 |  |
Fair value of loans | 5,202,937 |  | 5,202,937 |  | 4,790,989
Single Family Rental Loans Held For Investment At Fair Value | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | 0 |  | 0 |  | $ 0
Single Family Rental Loans Held For Investment At Fair Value | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | (118,299) | (1,230) | $ (310,202) | (62,132) |
Number of loans | loan |  |  | 1,154 |  | 1,173
Unpaid principal balance | 3,227,172 |  | $ 3,227,172 |  | $ 3,340,949
Fair value of loans | $ 3,046,277 |  | $ 3,046,277 |  | $ 3,488,074
Weighted average coupon rate (as a percent) | 5.16% |  | 5.16% |  | 5.17%
Weighted average remaining loan term (years) |  |  | 6 years |  | 6 years
Fair value of loans with 90+ day delinquencies | $ 10,356 |  | $ 10,356 |  | $ 12,648
Number of loans in foreclosure | loan | 7 |  | 7 |  | 9
Single Family Rental Loans Held For Investment At Fair Value | CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans with 90+ day delinquencies | loan | 20 |  | 20 |  | 18
Fair value of loans with 90+ day delinquencies | $ 50,469 |  | $ 50,469 |  | $ 41,998
Bridge Loans Held For Investment At Fair Value | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | (281) | $ 0 | $ (1,856) | $ 0 |
Single-Family Rental Loans, Held-For-Sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan |  |  | 355 |  | 245
Unpaid principal balance | 536,344 |  | $ 536,344 |  | $ 348,232
Fair value of loans | $ 505,171 |  | $ 505,171 |  | $ 358,309
Weighted average coupon rate (as a percent) | 5.31% |  | 5.31% |  | 4.73%
Weighted average remaining loan term (years) |  |  | 14 years |  | 12 years
Fair value of loans with 90+ day delinquencies | $ 5,212 |  | $ 5,212 |  | $ 5,473
Number of loans in foreclosure | loan | 4 |  | 4 |  | 7
Unpaid principal balance of loans in foreclosure | $ 4,086 |  | $ 4,086 |  | $ 4,305
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments |  |  | 312,732 |  | 75,873
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Long Term debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments |  |  | 180,482 |  | 244,703
Single-Family Rental Loans, Held-For-Sale | Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | $ 4,086 |  | $ 4,086 |  | $ 4,238
Number of loans with 90+ day delinquencies | loan | 4 |  | 4 |  | 6
Fair value of loans with 90+ day delinquencies | $ 5,212 |  | $ 5,212 |  | $ 5,384
Business Purpose Bridge Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan |  |  | 1,131 |  | 1,134
Unpaid principal balance | 1,116,582 |  | $ 1,116,582 |  | $ 670,392
Fair value of loans | $ 1,109,337 |  | $ 1,109,337 |  | $ 666,364
Weighted average coupon rate (as a percent) | 6.73% |  | 6.73% |  | 6.91%
Weighted average remaining loan term (years) |  |  | 2 years |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 35,070 |  | $ 35,070 |  | $ 18,043
Number of loans in foreclosure | loan | 53 |  | 53 |  | 28
Unpaid principal balance of loans in foreclosure | $ 32,338 |  | $ 32,338 |  | $ 14,257
Business Purpose Bridge Loans | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments |  |  | 265,242 |  | 91,814
Business Purpose Bridge Loans | Loans Pledged As Collateral, Long Term debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments |  |  | 779,467 |  | 554,597
Business Purpose Bridge Loans | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | $ 30,209 |  | $ 30,209 |  | $ 14,218
Number of loans with 90+ day delinquencies | loan | 51 |  | 51 |  | 31
Fair value of loans with 90+ day delinquencies | $ 32,941 |  | $ 32,941 |  | $ 18,032
Business Purpose Bridge Loans | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan |  |  | 2,268 |  | 1,640
Unpaid principal balance | 541,677 |  | $ 541,677 |  | $ 274,617
Fair value of loans | $ 542,152 |  | $ 542,152 |  | $ 278,242
Weighted average coupon rate (as a percent) | 6.89% |  | 6.89% |  | 7.05%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 4,472 |  | $ 4,472 |  | $ 0
Number of loans in foreclosure | loan | 3 |  | 3 |  | 0
Unpaid principal balance of loans in foreclosure | $ 4,472 |  | $ 4,472 |  | $ 0
Business Purpose Bridge Loans | CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | $ 7,847 |  | $ 7,847 |  | $ 0
Number of loans with 90+ day delinquencies | loan | 48 |  | 48 |  | 0
Fair value of loans with 90+ day delinquencies | $ 7,847 |  | $ 7,847 |  | $ 0

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