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Principles of Consolidation - Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
--- | --- | ---
On-balance sheet assets, at fair value: |  |
Subordinate securities, classified as AFS | $ 81,404 | $ 132,146
Subordinate securities, classified as AFS |  |
On-balance sheet assets, at fair value: |  |
Subordinate securities, classified as AFS | 81,404 | 132,146
Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Maximum loss exposure | 117,494 | 114,678
Assets transferred: |  |
Principal balance of loans outstanding | 3,830,002 | 4,052,922
Principal balance of loans 30+ days delinquent | 18,498 | 27,739
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS |  |
On-balance sheet assets, at fair value: |  |
Subordinate securities, classified as AFS | 73,160 | 74,367
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Interest-only, senior and subordinate securities, classified as trading | 32,772 | 28,722
Mortgage servicing rights |  |
On-balance sheet assets, at fair value: |  |
Mortgage servicing rights | 26,033 | 25,421
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Mortgage servicing rights | $ 11,562 | $ 11,589

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