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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.