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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details) $ in Thousands | Mar. 31, 2023 USD ($) Investment | Dec. 31, 2022 USD ($) Investment
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | $ 416,783 | $ 403,462
Other investments | [1] | 381,690 | 390,938
Cash and cash equivalents | [1] | 404,449 | 258,894
Restricted cash |  | 86,000 |
Accrued interest receivable |  | 61,397 | 60,893
Other assets | [1] | 232,221 | 211,240
Total Assets | [1] | 13,121,286 | 13,030,899
Short-term debt | [1] | 1,616,452 | 2,029,679
Accrued interest payable |  | 51,321 | 46,612
Accrued expenses and other liabilities | [1] | 176,271 | 180,203
Asset-backed securities issued | [1] | 8,447,119 | 7,986,752
Total liabilities | [1] | 11,983,606 | 11,946,914
CAFL |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of securities owned |  | 295,000 | 304,000
Freddie Mac SLST |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of securities owned |  | 323,000 | 323,000
Variable Interest Entity, Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Total Assets |  | 9,836,956 | 9,257,291
Total liabilities |  | 8,729,585 | 8,270,276
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | 129,317 | 132,627
Other investments |  | 292,636 | 301,213
Cash and cash equivalents |  | 20,087 | 13,475
Restricted cash |  | 56,275 | 29,862
Accrued interest receivable |  | 39,946 | 36,392
Other assets |  | 29,559 | 25,397
Total Assets |  | 9,836,956 | 9,257,291
Short-term debt |  | 197,883 | 206,510
Accrued interest payable |  | 27,555 | 25,300
Accrued expenses and other liabilities |  | 57,028 | 51,714
Asset-backed securities issued |  | 8,447,119 | 7,986,752
Total liabilities |  | 8,729,585 | 8,270,276
Value of our investments in VIEs |  | $ 1,099,640 | $ 979,267
Number of VIEs | Investment |  | 65 | 64
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 5,465,883 | $ 4,832,407
Business purpose loans, held-for-investment |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans | [1] | 4,993,264 | 4,968,513
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 3,376,654 | 3,461,367
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 426,599 | 424,551
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 61 | 69
Accrued interest receivable |  | 324 | 284
Other assets |  | 18 | 637
Total Assets |  | 170,403 | 185,922
Short-term debt |  | 0 | 0
Accrued interest payable |  | 316 | 282
Accrued expenses and other liabilities |  | (106) | 0
Asset-backed securities issued |  | 168,832 | 184,191
Total liabilities |  | 169,042 | 184,473
Value of our investments in VIEs |  | $ 1,186 | $ 1,285
Number of VIEs | Investment |  | 20 | 20
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 170,000 | $ 184,932
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Legacy Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 70 | 73
Accrued interest receivable |  | 15,096 | 11,227
Other assets |  | 0 | 0
Total Assets |  | 3,846,704 | 3,201,717
Short-term debt |  | 0 | 0
Accrued interest payable |  | 11,259 | 8,880
Accrued expenses and other liabilities |  | 78 | 81
Asset-backed securities issued |  | 3,570,597 | 2,971,109
Total liabilities |  | 3,581,934 | 2,980,070
Value of our investments in VIEs |  | $ 260,933 | $ 219,299
Number of VIEs | Investment |  | 19 | 17
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 3,831,538 | $ 3,190,417
Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 710
Restricted cash |  | 51,428 | 26,296
Accrued interest receivable |  | 18,009 | 18,102
Other assets |  | 19,199 | 14,265
Total Assets |  | 3,465,290 | 3,520,740
Short-term debt |  | 0 | 0
Accrued interest payable |  | 10,816 | 10,918
Accrued expenses and other liabilities |  | 4,222 | 4,559
Asset-backed securities issued |  | 3,072,176 | 3,115,807
Total liabilities |  | 3,087,214 | 3,131,284
Value of our investments in VIEs |  | $ 376,042 | $ 385,927
Number of VIEs | Investment |  | 19 | 19
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 3,376,654 | 3,461,367
CAFL | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 5,069 | 5,144
Other assets |  | 2,642 | 2,898
Total Assets |  | 1,472,056 | 1,465,100
Short-term debt |  | 0 | 0
Accrued interest payable |  | 3,510 | 3,561
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 1,143,522 | 1,222,150
Total liabilities |  | 1,147,032 | 1,225,711
Value of our investments in VIEs |  | $ 323,465 | $ 237,807
Number of VIEs | Investment |  | 2 | 3
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 1,464,345 | $ 1,457,058
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac SLST | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 1,288 | 1,293
Other assets |  | 0 | 0
Total Assets |  | 427,887 | 425,844
Short-term debt |  | 0 | 0
Accrued interest payable |  | 1,162 | 1,167
Accrued expenses and other liabilities |  | 0 | 0
Asset-backed securities issued |  | 394,469 | 392,785
Total liabilities |  | 395,631 | 393,952
Value of our investments in VIEs |  | $ 32,130 | $ 31,767
Number of VIEs | Investment |  | 1 | 1
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Freddie Mac K-Series | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 426,599 | 424,551
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Other investments |  | 292,636 | 301,213
Cash and cash equivalents |  | 20,087 | 12,765
Restricted cash |  | 0 | 0
Accrued interest receivable |  | 160 | 342
Other assets |  | 7,650 | 7,547
Total Assets |  | 320,533 | 321,867
Short-term debt |  | 197,883 | 206,510
Accrued interest payable |  | 492 | 492
Accrued expenses and other liabilities |  | 29,737 | 24,745
Asset-backed securities issued |  | 0 | 0
Total liabilities |  | 228,112 | 231,747
Value of our investments in VIEs |  | $ 92,421 | $ 90,120
Number of VIEs | Investment |  | 3 | 3
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Servicing Investment | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Home equity investments |  | 129,317 | 132,627
Other investments |  | 0 | 0
Cash and cash equivalents |  | 0 | 0
Restricted cash |  | 4,716 | 3,424
Accrued interest receivable |  | 0 | 0
Other assets |  | 50 | 50
Total Assets |  | 134,083 | 136,101
Short-term debt |  | 0 | 0
Accrued interest payable |  | 0 | 0
Accrued expenses and other liabilities |  | 23,097 | 22,329
Asset-backed securities issued |  | 97,523 | 100,710
Total liabilities |  | 120,620 | 123,039
Value of our investments in VIEs |  | $ 13,463 | $ 13,062
Number of VIEs | Investment |  | 1 | 1
Fair value of securities owned |  | $ 13,000 |
HEI | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | $ 0
HEI | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | 0 | 0
HEI | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities |  |  |
Variable Interest Entity [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
[1] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,836,956 and $9,257,291, respectively. At March 31, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,729,585 and $8,270,276, respectively. See Note 4 for further discussion.

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