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Business Purpose Loans - Schedule of Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands	12 Months Ended
	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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