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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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ 5,376 | $ (43) | $ 9,679 | $ 654
Total Market Valuation Gains (Losses), Net | (130,735) | 93,858 | (132,594) | 213,641
Mortgage Banking Activities, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (46,590) | 45,759 | (45,297) | 121,321
Mortgage Banking Activities, Net | Residential 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 | (24,517) | 24,988 | (51,716) | 48,100
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 | (8,897) | 51,919 | (50,520) | (466)
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 | (40,034) | 25,222 | (64,502) | 35,470
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 | 40 | 744 | (685) | 744
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 | 116 | 2,225 | 2,251 | 3,269
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 | 1,315 | (1,095) | 4,101 | (374)
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 | 25,387 | (58,244) | 115,774 | 34,578
Investment Fair Value Changes, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (87,972) | 49,480 | (94,092) | 94,567
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 | (17,358) | 2,893 | (21,600) | 23,521
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 | 4,395 | 0 | 6,368 | 0
Investment Fair Value Changes, Net | Residential loans held-for-sale, at fair value (called Sequoia loans) |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (8,010) | 1,290 | (12,262) | 1,607
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 | (9,559) | (62) | (11,702) | 3,242
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 | (3,231) | (940) | (6,312) | (1,100)
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 | (2,220) | (2,477) | (3,428) | (4,430)
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 | (336) | (216) | (1,050) | (915)
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 | (5,886) | 4,906 | (9,708) | 9,804
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 | (35,940) | 36,316 | (32,904) | 40,433
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 | (190) | 1,855 | 74 | 10,776
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 | (21,828) | 3,697 | (17,780) | 3,411
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 | 1,201 | 0 | 4,612 | 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 | 1,596 | 2,080 | 2,788 | 7,395
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 | 10,460 | 125 | 10,583 | 435
Investment Fair Value Changes, Net | Credit (losses) recoveries on AFS securities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (1,066) | 13 | (1,771) | 388
Other Income |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | 3,827 | (1,381) | 6,795 | (2,247)
Other Income | MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ 3,827 | $ (1,381) | $ 6,795 | $ (2,247)

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