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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets    
Real estate securities $ 48,041 $ 108,329
Other investments [1] 340,361 390,938
Derivative assets [1] 37,686 20,830
Liabilities    
Derivative liabilities [1] 8,781 16,855
ABS issued 7,910,345 7,424,132
Fair Value, Measurements, Recurring    
Assets    
Business purpose loans 5,249,330 5,332,586
Consolidated Agency multifamily loans 420,554 424,551
Real estate securities 129,445 240,475
HEI 431,272 403,462
Servicer advance investments 219,813 269,259
MSRs 26,033 25,421
Excess MSRs 38,427 39,035
Other investments 5,583 6,155
Derivative assets 37,686 20,830
Liabilities    
HEI securitization non-controlling interest 25,627 22,329
Derivative liabilities 8,781 16,855
ABS issued 7,910,345 7,424,132
Fair Value, Measurements, Recurring | Level 1    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities 0 0
HEI 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
Other investments 0 0
Derivative assets 18,800 5,869
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 5,694 16,841
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 2    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities 0 0
HEI 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
Other investments 0 0
Derivative assets 13,819 14,625
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 0 0
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 3    
Assets    
Business purpose loans 5,249,330 5,332,586
Consolidated Agency multifamily loans 420,554 424,551
Real estate securities 129,445 240,475
HEI 431,272 403,462
Servicer advance investments 219,813 269,259
MSRs 26,033 25,421
Excess MSRs 38,427 39,035
Other investments 5,583 6,155
Derivative assets 5,067 336
Liabilities    
HEI securitization non-controlling interest 25,627 22,329
Derivative liabilities 3,087 14
ABS issued 7,910,345 7,424,132
Fair Value, Measurements, Recurring | Residential Loans    
Assets    
Residential loans 5,847,309 5,613,157
Fair Value, Measurements, Recurring | Residential Loans | Level 1    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Residential Loans | Level 2    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Residential Loans | Level 3    
Assets    
Residential loans $ 5,847,309 $ 5,613,157
[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.