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Home Equity Investments (HEI) (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule Of Home Equity Investments | The following table presents our home equity investments at June 30, 2023 and December 31, 2022. Table 10.1 – Home Equity Investments
(In Thousands) |  | June 30, 2023 |  | December 31, 2022
HEI at Redwood |  | $ | 298,043 |  |  | $ | 270,835 |
HEI held at consolidated HEI securitization entity |  | 129,264 |  |  | 132,627 |
Total Home Equity Investments |  | $ | 427,307 |  |  | $ | 403,462 |
Schedule Of Activity of Home Equity Investments | The following table details our HEI activity during the three and six months ended June 30, 2023 and 2022. Table 10.2 – Activity of HEI
|  | Three Months Ended June 30, 2023 |  | Three Months Ended June 30, 2022
(In Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Fair value of HEI purchased |  | $ | 8,954 |  |  | $ | — |  |  | $ | 57,248 |  |  | $ | — |
Net market valuation gains recorded (1) |  | 8,468 |  |  | 3,138 |  |  | 1,596 |  |  | 3,580 |
|  | Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
(In Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Fair value of HEI purchased |  | $ | 25,513 |  |  | $ | — |  |  | $ | 97,389 |  |  | $ | — |
Net market valuation gains recorded (1) |  | 12,308 |  |  | 4,206 |  |  | 2,788 |  |  | 9,311 |
(1)We account for HEI at Redwood under the fair value option and record net market valuation changes through Investment fair value changes, net on our Consolidated statements of income. We account for Securitized HEI under the CFE election and net market valuation gains (losses) for these investments are recorded through Investment fair value changes, net on our Consolidated statements of income. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2.
Schedule Of HEI Characteristics | The following tables summarizes the characteristics of our HEI at June 30, 2023 and December 31, 2022. Table 10.3 – HEI Characteristics
|  | June 30, 2023 |  | December 31, 2022
(Dollars in Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Number of HEI contracts |  | 2,701 |  |  | 955 |  |  | 2,599 |  |  | 1,007 |
Average initial amount of contract |  | $ | 103 |  |  | $ | 95 |  |  | $ | 101 |  |  | $ | 94 |

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