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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Assets |  |  |
Real estate securities |  | $ 102,220 | $ 40,424
Other investments | [1] | 337,345 | 343,930
Derivative assets | [1] | 3,155 | 14,212
Liabilities |  |  |
Derivative liabilities | [1] | 5,849 | 33,828
ABS issued |  | 9,979,891 | 9,151,263
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Residential investor loans |  | 5,181,994 | 5,220,297
Consolidated Agency multifamily loans |  | 422,788 | 425,285
Real estate securities |  | 212,307 | 127,797
HEI |  | 560,745 | 550,436
Servicer advance investments |  | 216,033 | 225,345
MSRs |  | 27,417 | 24,877
Excess MSRs |  | 36,122 | 37,367
Other investments |  | 3,224 | 3,193
Derivative assets |  | 3,155 | 14,212
Liabilities |  |  |
HEI securitization non-controlling interest |  | 64,878 | 59,752
Derivative liabilities |  | 5,849 | 33,828
ABS issued |  | 9,979,891 | 9,151,263
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets |  |  |
Residential investor 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 |  | 1,840 | 952
Liabilities |  |  |
HEI securitization non-controlling interest |  | 0 | 0
Derivative liabilities |  | 2,427 | 30,414
ABS issued |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Assets |  |  |
Residential investor 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 |  | 0 | 1,742
Liabilities |  |  |
HEI securitization non-controlling interest |  | 0 | 0
Derivative liabilities |  | 0 | 0
ABS issued |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 |  |  |
Assets |  |  |
Residential investor loans |  | 5,181,994 | 5,220,297
Consolidated Agency multifamily loans |  | 422,788 | 425,285
Real estate securities |  | 212,307 | 127,797
HEI |  | 560,745 | 550,436
Servicer advance investments |  | 216,033 | 225,345
MSRs |  | 27,417 | 24,877
Excess MSRs |  | 36,122 | 37,367
Other investments |  | 3,224 | 3,193
Derivative assets |  | 1,315 | 11,518
Liabilities |  |  |
HEI securitization non-controlling interest |  | 64,878 | 59,752
Derivative liabilities |  | 3,422 | 3,414
ABS issued |  | 9,979,891 | 9,151,263
Fair Value, Measurements, Recurring | Residential Consumer Loans |  |  |
Assets |  |  |
Residential consumer loans |  | 7,616,592 | 7,050,637
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 1 |  |  |
Assets |  |  |
Residential consumer loans |  | 0 | 0
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 2 |  |  |
Assets |  |  |
Residential consumer loans |  | 0 | 0
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 3 |  |  |
Assets |  |  |
Residential consumer loans |  | $ 7,616,592 | $ 7,050,637
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

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