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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 USD ($) | 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 |  |  | $ 1,051,236 | $ 3,734,972 |
Principal balance of loans sold to third parties |  |  | 950 | 26,584 |
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 | $ 105,777 | $ 99,281 | 408,477 | 865,253 |
Principal balance of loans acquired | 0 | 0 | 0 | 100,349 |
Principal balance of loans sold to third parties | 27,436 | 37,202 | 425,542 | 368,704 |
Fair value of loans transferred | (278,751) | 266,181 | (278,751) | 561,218 |
Gain (loss) on investments | 0 | 0 | (14,430) | 0 |
Fair value of loans | 72,149 |  | 72,149 |  | $ 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 | 1,600 | (19,325) | 13,214 | (83,827) |
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 | 303,284 | 470,425 | 828,149 | 1,424,604 |
Principal balance of loans acquired | 1,820 | 59,977 | 19,054 | 81,983 |
Principal balance of loans sold to third parties | 34,061 | 48,279 | 65,868 | 48,279 |
Fair value of loans transferred | (116,679) | (77,362) | (337,657) | (465,966) |
Gain (loss) on investments | (16,899) | (679) | (22,867) | (6,747) |
Fair value of loans | 1,651,883 |  | 1,651,883 |  | 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 | 1,438 | (110) | 4,808 | 1,129 |
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 | (1,360) | (108,980) | (1,961) | (419,182) |
Transfers | 278,751 | 0 | $ 278,751 | 0 |
Number of loans | loan |  |  | 1,093 |  | 1,131
Unpaid principal balance | 3,283,186 |  | $ 3,283,186 |  | $ 3,263,421
Fair value of loans | $ 2,969,217 |  | $ 2,969,217 |  | $ 2,944,984
Weighted average coupon (as a percent) | 5.35% |  | 5.35% |  | 5.22%
Weighted average remaining loan term (years) |  |  | 5 years |  | 6 years
Fair value of loans with 90+ day delinquencies | $ 4,557 |  | $ 4,557 |  | $ 13,686
Number of loans in foreclosure | loan | 6 |  | 6 |  | 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 | 43 |  | 43 |  | 16
Fair value of loans with 90+ day delinquencies | $ 102,676 |  | $ 102,676 |  | $ 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 | (2,560) | 1,906 | (1,960) | 50 |
Transfers | 116,679 | $ 0 | $ 337,657 | $ 0 |
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 |  |  | 45 |  | 91
Unpaid principal balance | 83,300 |  | $ 83,300 |  | $ 389,846
Fair value of loans | $ 72,149 |  | $ 72,149 |  | $ 358,791
Weighted average coupon (as a percent) | 6.98% |  | 6.98% |  | 5.98%
Weighted average remaining loan term (years) |  |  | 8 years |  | 10 years
Fair value of loans with 90+ day delinquencies | $ 27,836 |  | $ 27,836 |  | $ 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 |  |  | 789 |  | 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 |  |  | 46,915 |  | 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 | $ 27,836 |  | $ 27,836 |  | $ 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 |  |  | 1,853 |  | 1,601
Unpaid principal balance | 1,704,418 |  | $ 1,704,418 |  | $ 1,518,427
Fair value of loans | $ 1,682,511 |  | $ 1,682,511 |  | $ 1,512,428
Weighted average coupon (as a percent) | 10.46% |  | 10.46% |  | 9.61%
Weighted average remaining loan term (years) |  |  | 1 year |  | 2 years
Fair value of loans with 90+ day delinquencies | $ 56,272 |  | $ 56,272 |  | $ 34,039
Number of loans in foreclosure | loan | 42 |  | 42 |  | 48
Unpaid principal balance of loans in foreclosure | $ 49,886 |  | $ 49,886 |  | $ 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 |  |  | 91,561 |  | 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 |  |  | 1,497,589 |  | 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 | $ 71,277 |  | $ 71,277 |  | $ 29,663
Number of loans with 90+ day delinquencies | loan | 45 |  | 45 |  | 49
Fair value of loans with 90+ day delinquencies | $ 80,924 |  | $ 80,924 |  | $ 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 |  |  | 1,344 |  | 1,875
Unpaid principal balance | 521,214 |  | $ 521,214 |  | $ 514,666
Fair value of loans | $ 525,453 |  | $ 525,453 |  | $ 516,383
Weighted average coupon (as a percent) | 10.79% |  | 10.79% |  | 9.67%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 4,424 |  | $ 4,424 |  | $ 7,328
Number of loans in foreclosure | loan | 49 |  | 49 |  | 48
Unpaid principal balance of loans in foreclosure | $ 4,424 |  | $ 4,424 |  | $ 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 | $ 7,656 |  | $ 7,656 |  | $ 7,438
Number of loans with 90+ day delinquencies | loan | 56 |  | 56 |  | 48
Fair value of loans with 90+ day delinquencies | $ 7,656 |  | $ 7,656 |  | $ 7,328
BPL bridge loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Unpaid principal balance | 216,000 |  | 216,000 |  |
Fair value of loans | 203,000 |  | 203,000 |  |
Unpaid principal balance of loans modified | 174,000 |  | 174,000 |  |
BPL bridge loans | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | 1,682,511 |  | 1,682,511 |  | 1,512,428
BPL Term | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | $ 72,149 |  | $ 72,149 |  | $ 358,791

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