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Residential Loans - Schedule of Classifications and Carrying Value of Residential Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
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Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans | [1] | $ 610,946 | $ 780,781
Legacy Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 150,152 | 184,932
Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 3,774,090 | 3,190,417
Freddie Mac SLST | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 1,312,149 | 1,457,058
Servicer advance investments |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 5,847,337 | 5,613,188
Servicer advance investments | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 610,946 | 780,781
Servicer advance investments | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 5,236,391 | 4,832,407
Servicer advance investments | Legacy Sequoia |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 150,152 | 184,932
Servicer advance investments | Legacy Sequoia | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Servicer advance investments | Legacy Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 150,152 | 184,932
Servicer advance investments | Sequoia |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 3,774,090 | 3,190,417
Servicer advance investments | Sequoia | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Servicer advance investments | Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 3,774,090 | 3,190,417
Servicer advance investments | Freddie Mac SLST |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 1,312,149 | 1,457,058
Servicer advance investments | Freddie Mac SLST | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 0 | 0
Servicer advance investments | Freddie Mac SLST | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 1,312,149 | 1,457,058
Servicer advance investments | Redwood |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 610,946 | 780,781
Servicer advance investments | Redwood | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | 610,946 | 780,781
Servicer advance investments | Redwood | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans |  | $ 0 | $ 0
[1] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,639,117 and $9,257,291, respectively. At September 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,635,696 and $8,270,276, respectively. See Note 4 for further discussion.

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