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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated |  |  | $ 242,235 | $ 3,395,459 |
Principal balance of loans sold to third parties |  |  | 637 | 26,033 |
Fair value of loans transferred |  |  | 1,137,194 | 1,953,421 |
Single-family rental loans, held-for-sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated | $ 128,622 | $ 323,245 | 302,700 | 765,972 |
Principal balance of loans acquired | 0 | 38,457 | 0 | 100,349 |
Principal balance of loans sold to third parties | 180,404 | 0 | 398,106 | 331,502 |
Fair value of loans transferred | 0 | 295,037 | 0 | 295,037 |
Gain (loss) on investments | (13,625) | 0 | (13,625) | 0 |
Fair value of loans | 269,886 |  | 269,886 |  | $ 358,791
Single-family rental loans, held-for-sale | Redwood | Total residential mortgage banking activities, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | (1,132) | (40,034) | 11,534 | (64,502) |
BPL bridge loans held-for-investment | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated | 269,713 | 542,241 | 524,865 | 954,179 |
Principal balance of loans acquired | 8,149 | 19,023 | 17,234 | 22,006 |
Principal balance of loans sold to third parties | 19,260 | 0 | 31,807 | 0 |
Fair value of loans transferred | 140,186 | 306,313 | 220,978 | 388,604 |
Gain (loss) on investments | (8,778) | (5,309) | (7,266) | (6,068) |
Fair value of loans | 1,663,802 |  | 1,663,802 |  | 1,507,146
BPL bridge loans held-for-investment | Redwood | Total residential mortgage banking activities, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 2,291 | (1,136) | 3,453 | 1,240 |
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 | Redwood | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans transferred | 28,000 |  |  |  |
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 | (37,780) | (118,299) | (601) | (310,202) |
Transfers | 0 | 295,037 | $ 0 | 295,037 |
Number of loans | loan |  |  | 1,072 |  | 1,131
Unpaid principal balance | 3,101,083 |  | $ 3,101,083 |  | $ 3,263,421
Fair value of loans | $ 2,783,731 |  | $ 2,783,731 |  | $ 2,944,984
Weighted average coupon rate (as a percent) | 5.20% |  | 5.20% |  | 5.22%
Weighted average remaining loan term (years) |  |  | 5 years |  | 6 years
Fair value of loans with 90+ day delinquencies | $ 8,183 |  | $ 8,183 |  | $ 13,686
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 | 45 |  | 45 |  | 16
Fair value of loans with 90+ day delinquencies | $ 99,198 |  | $ 99,198 |  | $ 37,072
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 | 1,192 | (281) | 600 | (1,856) |
Transfers | 140,186 | $ 306,313 | $ 220,978 | $ 388,604 |
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 |  |  | 60 |  | 91
Unpaid principal balance | 283,650 |  | $ 283,650 |  | $ 389,846
Fair value of loans | $ 269,886 |  | $ 269,886 |  | $ 358,791
Weighted average coupon rate (as a percent) | 6.96% |  | 6.96% |  | 5.98%
Weighted average remaining loan term (years) |  |  | 7 years |  | 10 years
Fair value of loans with 90+ day delinquencies | $ 28,494 |  | $ 28,494 |  | $ 536
Number of loans in foreclosure | loan | 2 |  | 2 |  | 1
Unpaid principal balance of loans in foreclosure | $ 16,822 |  | $ 16,822 |  | $ 536
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 |  |  | 196,538 |  | 291,406
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 |  |  | 20,564 |  | 66,567
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 | $ 16,822 |  | $ 16,822 |  | $ 536
Number of loans with 90+ day delinquencies | loan | 2 |  | 2 |  | 1
Fair value of loans with 90+ day delinquencies | $ 28,494 |  | $ 28,494 |  | $ 536
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 |  |  | 1,341 |  | 1,601
Unpaid principal balance | 1,687,258 |  | $ 1,687,258 |  | $ 1,518,427
Fair value of loans | $ 1,676,752 |  | $ 1,676,752 |  | $ 1,512,428
Weighted average coupon rate (as a percent) | 10.74% |  | 10.74% |  | 9.61%
Weighted average remaining loan term (years) |  |  | 1 year |  | 2 years
Fair value of loans with 90+ day delinquencies | $ 55,238 |  | $ 55,238 |  | $ 34,039
Number of loans in foreclosure | loan | 52 |  | 52 |  | 48
Unpaid principal balance of loans in foreclosure | $ 48,306 |  | $ 48,306 |  | $ 29,438
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 |  |  | 587,094 |  | 579,666
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 |  |  | 971,338 |  | 897,782
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 | $ 81,378 |  | $ 81,378 |  | $ 29,663
Number of loans with 90+ day delinquencies | loan | 53 |  | 53 |  | 49
Fair value of loans with 90+ day delinquencies | $ 93,045 |  | $ 93,045 |  | $ 34,264
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 |  |  | 1,683 |  | 1,875
Unpaid principal balance | 491,909 |  | $ 491,909 |  | $ 514,666
Fair value of loans | $ 496,354 |  | $ 496,354 |  | $ 516,383
Weighted average coupon rate (as a percent) | 10.93% |  | 10.93% |  | 9.67%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 10,016 |  | $ 10,016 |  | $ 7,328
Number of loans in foreclosure | loan | 50 |  | 50 |  | 48
Unpaid principal balance of loans in foreclosure | $ 9,431 |  | $ 9,431 |  | $ 7,438
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 | $ 10,489 |  | $ 10,489 |  | $ 7,438
Number of loans with 90+ day delinquencies | loan | 53 |  | 53 |  | 48
Fair value of loans with 90+ day delinquencies | $ 12,196 |  | $ 12,196 |  | $ 7,328

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