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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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ 3,349 | $ 5,376 | $ 4,426 | $ 9,679
Total Market Valuation Gains (Losses), Net | 6,324 | (130,735) | 17,594 | (132,594)
Mortgage Banking Activities, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 9,849 | (46,590) | 21,956 | (45,297)
Mortgage Banking Activities, Net | Residential loans held-for-sale |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (1,085) | (24,517) | 5,909 | (51,716)
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 | 2,420 | (8,897) | 2,181 | (50,520)
Mortgage Banking Activities, Net | BPL term loans held-for-sale |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (1,132) | (40,034) | 11,534 | (64,502)
Mortgage Banking Activities, Net | BPL term loan interest rate lock commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | 40 | 0 | (685)
Mortgage Banking Activities, Net | BPL bridge loans |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 2,297 | 116 | 3,450 | 2,251
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 | 1,923 | 1,315 | 1,923 | 4,101
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 | 5,426 | 25,387 | (3,041) | 115,774
Investment Fair Value Changes, Net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (4,596) | (87,972) | (4,723) | (94,092)
Investment Fair Value Changes, Net | BPL term loans held-for-sale |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (13,625) | 0 | (13,625) | 0
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 | 4,572 | (17,358) | 6,533 | (21,600)
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 | 7,679 | 4,395 | (1,025) | 6,368
Investment Fair Value Changes, Net | Residential loans held-for-investment, at Redwood (called Sequoia loans) |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | 0 | (8,010) | 183 | (12,262)
Investment Fair Value Changes, Net | BPL bridge loans held-for-investment |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (8,149) | (9,559) | (6,773) | (11,702)
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 | 3,665 | (3,231) | 2,313 | (6,312)
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 | 1,070 | (2,220) | 842 | (3,428)
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 | (10) | (336) | (104) | (1,050)
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 | 928 | (5,886) | 3,370 | (9,708)
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 | (16,563) | (35,940) | (7,629) | (32,904)
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 | 385 | (190) | 748 | 74
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 | 10,707 | (21,828) | 1,897 | (17,780)
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 | 453 | 1,201 | 878 | 4,612
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 | 8,468 | 1,596 | 12,308 | 2,788
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 | (3,359) | 10,460 | (3,794) | 10,583
Investment Fair Value Changes, Net | Credit losses on AFS securities, net |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (71) | (1,066) | (99) | (1,771)
Investment Fair Value Changes, Net | Other |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Changes in fair value of assets | (746) | 0 | (746) | 0
Other Income |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | 1,071 | 3,827 | 361 | 6,795
Other Income | Other |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | (340) | 0 | (460) | 0
Other Income | MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Other Income | $ 1,411 | $ 3,827 | $ 821 | $ 6,795

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