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Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Real estate securities, at fair value $ 40,424 $ 108,329
Other investments [1] 343,930 390,938
Derivative assets [1] 14,212 20,830
Liabilities    
Derivative liabilities [1] 33,828 16,855
ABS issued 9,151,263 7,424,132
Fair Value, Measurements, Recurring    
Assets    
Business purpose loans 5,220,297 5,332,586
Consolidated Agency multifamily loans 425,285 424,551
Real estate securities, at fair value 127,797 240,475
Servicer advance investments 225,345 269,259
MSRs 24,877 25,421
Excess MSRs 37,367 39,035
HEI 550,436 403,462
Other investments 3,193 6,155
Derivative assets 14,212 20,830
Liabilities    
HEI securitization non-controlling interest 59,752 22,329
Derivative liabilities 33,828 16,855
ABS issued 9,151,263 7,424,132
Fair Value, Measurements, Recurring | Residential Loans    
Assets    
Residential loans 7,050,637 5,613,188
Fair Value, Measurements, Recurring | Level 1    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
HEI 0 0
Other investments 0 0
Derivative assets 952 5,869
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 30,414 16,841
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Level 2    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
HEI 0 0
Other investments 0 0
Derivative assets 1,742 14,625
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 0 0
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Level 3    
Assets    
Business purpose loans 5,220,297 5,332,586
Consolidated Agency multifamily loans 425,285 424,551
Real estate securities, at fair value 127,797 240,475
Servicer advance investments 225,345 269,259
MSRs 24,877 25,421
Excess MSRs 37,367 39,035
HEI 550,436 403,462
Other investments 3,193 6,155
Derivative assets 11,518 336
Liabilities    
HEI securitization non-controlling interest 59,752 22,329
Derivative liabilities 3,414 14
ABS issued 9,151,263 7,424,132
Fair Value, Measurements, Recurring | Level 3 | Residential Loans    
Assets    
Residential loans $ 7,050,637 $ 5,613,188
[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 December 31, 2023 and 2022, assets of consolidated VIEs totaled $10,988,885 and $9,257,291, respectively. At December 31, 2023 and 2022, liabilities of consolidated VIEs totaled $10,096,308 and $8,270,276, respectively. See Note 4 for further discussion.