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Principles of Consolidation - Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022
--- | --- | ---
On-balance sheet assets, at fair value: |  |
Carrying Value | $ 87,373 | $ 132,146
Total Subordinate |  |
On-balance sheet assets, at fair value: |  |
Carrying Value | 87,373 | 132,146
Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Maximum loss exposure | 121,517 | 114,678
Assets transferred: |  |
Principal balance of loans outstanding | 3,758,914 | 4,052,922
Principal balance of loans 30+ days delinquent | 22,367 | 27,739
Variable Interest Entity, Not Primary Beneficiary | Total Subordinate |  |
On-balance sheet assets, at fair value: |  |
Carrying Value | 78,942 | 74,367
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Debt securities, trading | 31,690 | 28,722
Mortgage servicing rights |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | 24,877 | 25,421
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | $ 10,885 | $ 11,589

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