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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | 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 |  |  | $ 3,734,972 | $ 9,902,028 |
Principal balance of loans sold to third parties |  |  | 26,584 | 46,904 |
Fair value of loans transferred |  |  | 2,643,027 | 3,005,041 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | 0 | 44,922 |
Redwood | Riverbend Acquisition |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans acquired | $ 60,000 |  |  |  |
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 | 99,281 | $ 392,620 | 865,253 | 957,935 |
Principal balance of loans acquired | 0 | 2,463 | 100,349 | 2,463 |
Principal balance of loans sold to third parties | 37,202 | 0 | 368,704 | 0 |
Fair value of loans transferred | 266,181 | 332,670 | 561,218 | 799,375 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | 0 | 44,922 |
Gain (loss) on investments | 0 | 0 | 0 | 0 |
Fair value of loans | 281,105 |  | 281,105 |  | $ 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 | (19,325) | 19,205 | (83,827) | 54,675 |
Bridge loans held-for-investment | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans | 470,425 | 208,938 | 1,424,604 | 557,327 |
Principal balance of loans acquired | 59,977 | 35,713 | 81,983 | 35,713 |
Principal balance of loans sold to third parties | 48,279 | 253 | 48,279 | 9,484 |
Fair value of loans transferred | 77,362 | 276,354 | 465,966 | 276,354 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | 0 |  |
Gain (loss) on investments | (679) | 900 | (6,747) | 4,142 |
Fair value of loans | 1,388,750 |  | 1,388,750 |  | 666,364
Bridge loans held-for-investment | 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 | (110) | 3,691 | 1,129 | 5,212 |
Business Purpose Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fee income | 10,000 |  | 36,000 |  |
Fair value of loans | 5,257,218 |  | 5,257,218 |  | 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 | (108,980) | (34,803) | $ (419,182) | (96,934) |
Number of loans | loan |  |  | 1,142 |  | 1,173
Unpaid principal balance | 3,316,706 |  | $ 3,316,706 |  | $ 3,340,949
Fair value of loans | $ 3,018,994 |  | $ 3,018,994 |  | $ 3,488,074
Weighted average coupon rate (as a percent) | 5.22% |  | 5.22% |  | 5.17%
Weighted average remaining loan term (years) |  |  | 6 years |  | 6 years
Fair value of loans with 90+ day delinquencies | $ 10,335 |  | $ 10,335 |  | $ 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 | 15 |  | 15 |  | 18
Fair value of loans with 90+ day delinquencies | $ 31,296 |  | $ 31,296 |  | $ 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 | 1,906 | $ 0 | $ 50 | $ 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 |  |  | 202 |  | 245
Unpaid principal balance | 317,556 |  | $ 317,556 |  | $ 348,232
Fair value of loans | $ 281,105 |  | $ 281,105 |  | $ 358,309
Weighted average coupon rate (as a percent) | 5.14% |  | 5.14% |  | 4.73%
Weighted average remaining loan term (years) |  |  | 15 years |  | 12 years
Fair value of loans with 90+ day delinquencies | $ 536 |  | $ 536 |  | $ 5,473
Number of loans in foreclosure | loan | 1 |  | 1 |  | 7
Unpaid principal balance of loans in foreclosure | $ 528 |  | $ 528 |  | $ 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 |  |  | 279,846 |  | 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 |  |  | 0 |  | 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 | $ 528 |  | $ 528 |  | $ 4,238
Number of loans with 90+ day delinquencies | loan | 1 |  | 1 |  | 6
Fair value of loans with 90+ day delinquencies | $ 536 |  | $ 536 |  | $ 5,384
Business Purpose Bridge Loans | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan |  |  | 1,585 |  | 1,134
Unpaid principal balance | 1,452,180 |  | $ 1,452,180 |  | $ 670,392
Fair value of loans | $ 1,444,883 |  | $ 1,444,883 |  | $ 666,364
Weighted average coupon rate (as a percent) | 8.06% |  | 8.06% |  | 6.91%
Weighted average remaining loan term (years) |  |  | 2 years |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 33,471 |  | $ 33,471 |  | $ 18,043
Number of loans in foreclosure | loan | 49 |  | 49 |  | 28
Unpaid principal balance of loans in foreclosure | $ 30,789 |  | $ 30,789 |  | $ 14,257
Business Purpose Bridge Loans | 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 |  |  | 702,899 |  | 91,814
Business Purpose Bridge Loans | 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 |  |  | 699,704 |  | 554,597
Business Purpose Bridge Loans | 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 | $ 31,140 |  | $ 31,140 |  | $ 14,218
Number of loans with 90+ day delinquencies | loan | 51 |  | 51 |  | 31
Fair value of loans with 90+ day delinquencies | $ 33,822 |  | $ 33,822 |  | $ 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 |  |  | 1,994 |  | 1,640
Unpaid principal balance | 510,839 |  | $ 510,839 |  | $ 274,617
Fair value of loans | $ 512,236 |  | $ 512,236 |  | $ 278,242
Weighted average coupon rate (as a percent) | 8.04% |  | 8.04% |  | 7.05%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 0 |  | $ 0 |  | $ 0
Number of loans in foreclosure | loan | 0 |  | 0 |  | 0
Unpaid principal balance of loans in foreclosure | $ 0 |  | $ 0 |  | $ 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 | $ 7,144 |  | $ 7,144 |  | $ 0
Number of loans with 90+ day delinquencies | loan | 47 |  | 47 |  | 0
Fair value of loans with 90+ day delinquencies | $ 7,063 |  | $ 7,063 |  | $ 0

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