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Business Purpose Loans - Schedule of Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 12 Months Ended
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Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Principal balance of loans originated | $ 2,046,299 | $ 3,841,952 | $ 13,188,434
Principal balance of loans sold to third parties | 1,122 | 32,735 | $ 60,667
Single-family rental loans, held-for-sale | HEI at Redwood |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Principal balance of loans originated | 525,130 | 1,000,109 |
Principal balance of loans acquired | 0 | 100,349 |
Principal balance of loans sold to third parties | 473,677 | 429,873 |
Fair value of loans transferred | (278,751) | 561,218 |
Gain (loss) on investments | (14,430) | 0 |
Single-family rental loans, held-for-sale | HEI at Redwood | Business Purpose Mortgage Banking Activities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Gain (loss) on investments | 16,500 | (91,024) |
BPL bridge loans held-for-investment | HEI at Redwood |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Principal balance of loans originated | 1,153,568 | 1,698,227 |
Principal balance of loans acquired | 19,500 | 97,787 |
Principal balance of loans sold to third parties | 128,664 | 79,608 |
Fair value of loans transferred | (641,194) | 584,233 |
Gain (loss) on investments | (39,361) | (5,805) |
BPL bridge loans held-for-investment | HEI at Redwood | Business Purpose Mortgage Banking Activities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Gain (loss) on investments | 5,704 | 1,881 |
Business Purpose Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans | 5,220,298 | 5,332,586 |
Business Purpose Loans Term Loans | Net investments in consolidated CAFL Term entities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Gain (loss) on investments | 89,013 | (441,318) |
Bridge Loans Held For Investment At Fair Value | Net investments in consolidated CAFL Term entities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Gain (loss) on investments | (1,775) | (435) |
Fair value of loans transferred to HFI | 641,779 | 0 |
Single family rental loans held for investment at fair value | HEI at Redwood | Net investments in consolidated CAFL Term entities |  |  |
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 | Net investments in consolidated CAFL Term entities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Fair value of loans transferred to HFI | $ 278,751 | $ 0 |
Number of Loans | loan | 1,055 | 1,131 |
Unpaid principal balance | $ 3,194,131 | $ 3,263,421 |
Fair value of loans | $ 2,971,725 | $ 2,944,984 |
Weighted average coupon rate (as a percent) | 5.34% | 5.22% |
Weighted average remaining loan term (years) | 5 years | 6 years |
Loans, at fair value | $ 15,708 | $ 13,686 |
Number of loans in foreclosure | loan | 7 | 9 |
Single family rental loans held for investment at fair value | Net investments in consolidated CAFL Term entities | 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 | 45 | 16 |
Loans, at fair value | $ 143,623 | $ 37,072 |
Single-Family Rental Loans, Held-For-Sale | HEI at Redwood |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Number of Loans | loan | 38 | 91 |
Unpaid principal balance | $ 152,213 | $ 389,846 |
Fair value of loans | $ 144,359 | $ 358,791 |
Weighted average coupon rate (as a percent) | 6.92% | 5.98% |
Weighted average remaining loan term (years) | 7 years | 10 years |
Loans, at fair value | $ 28,263 | $ 536 |
Number of loans in foreclosure | loan | 2 | 1 |
Loans held as assets amount in foreclosure | $ 16,822 | $ 536 |
Single-Family Rental Loans, Held-For-Sale | HEI at 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 | $ 536 |
Number of loans with 90+ day delinquencies | loan | 2 | 1 |
Loans, at fair value | $ 28,263 | $ 536 |
Single-Family Rental Loans, Held-For-Sale | HEI at 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 | 2,393 | 291,406 |
Single-Family Rental Loans, Held-For-Sale | HEI at 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 | $ 122,541 | $ 66,567 |
Business Purpose Bridge Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Number of Loans | loan | 925 | 1,601 |
Unpaid principal balance | $ 1,360,957 | $ 1,518,427 |
Fair value of loans | $ 1,341,618 | $ 1,512,428 |
Weighted average coupon rate (as a percent) | 10.41% | 9.61% |
Weighted average remaining loan term (years) | 1 year | 2 years |
Loans, at fair value | $ 79,841 | $ 34,039 |
Number of loans in foreclosure | loan | 36 | 48 |
Loans held as assets amount in foreclosure | $ 69,046 | $ 29,438 |
Business Purpose Bridge Loans | 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 | $ 86,137 | $ 29,663 |
Number of loans with 90+ day delinquencies | loan | 54 | 49 |
Loans, at fair value | $ 96,934 | $ 34,264 |
Business Purpose Bridge Loans | 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 | 92,832 | 579,666 |
Business Purpose Bridge Loans | 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 | $ 1,205,366 | $ 897,782 |
Business Purpose Bridge Loans | Net investments in consolidated CAFL Term entities |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Number of Loans | loan | 1,912 | 1,875 |
Unpaid principal balance | $ 756,574 | $ 514,666 |
Fair value of loans | $ 762,596 | $ 516,383 |
Weighted average coupon rate (as a percent) | 10.82% | 9.67% |
Weighted average remaining loan term (years) | 1 year | 1 year |
Loans, at fair value | $ 3,931 | $ 7,328 |
Number of loans in foreclosure | loan | 47 | 48 |
Business Purpose Bridge Loans | Net investments in consolidated CAFL Term entities | 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 | 52 | 48 |
Loans, at fair value | $ 10,646 | $ 7,328 |

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