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Home Equity Investments (HEI) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule Of Home Equity Investments | The following table presents our HEI at June 30, 2024 and December 31, 2023. Table 11.1 – Home Equity Investments
(In Thousands) |  | June 30, 2024 |  | December 31, 2023
HEI at Redwood |  | $ | 253,303 |  |  | $ | 244,719 |
HEI held at consolidated HEI securitization entities |  | 320,816 |  |  | 305,717 |
Total Home Equity Investments |  | $ | 574,119 |  |  | $ | 550,436 |
Schedule Of Activity of Home Equity Investments | The following table details our HEI activity during the three and six months ended June 30, 2024 and 2023. Table 11.2 – Activity of HEI
|  | Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
(In Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Fair value of HEI purchased and originated |  | $ | 299 |  |  | $ | — |  |  | $ | 8,954 |  |  | $ | — |
Net market valuation gains (losses) recorded |  | 11,663 |  |  | 17,029 |  |  | 8,468 |  |  | 3,138 |
|  | Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
(In Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Fair value of HEI purchased and originated |  | $ | 606 |  |  | $ | — |  |  | $ | 25,513 |  |  | $ | — |
Net market valuation gains (losses) recorded |  | 17,806 |  |  | 32,453 |  |  | 12,308 |  |  | 4,206 |
Schedule Of HEI Characteristics | The following table provides the components of HEI income, net for the three and six months ended June 30, 2024 and 2023, and reflect net market valuation gains (losses) recorded on HEI at Redwood and on securitized HEI, net of the third party and non-controlling interests in the HEI securitizations that are not owned by Redwood. Table 11.3 – Components of HEI Income, net
(In Thousands) |  | Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
Net market valuation gains recorded on HEI at Redwood |  | $ | 11,663 |  |  | $ | 8,468 |
Net market valuation gains recorded on Securitized HEI |  | 17,029 |  |  | 3,138 |
Net market valuation (losses) recorded on ABS Issued from HEI securitizations(1) |  | (5,472) |  |  | (1,888) |
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations |  | (7,381) |  |  | (797) |
Total HEI income, net |  | $ | 15,839 |  |  | $ | 8,921 |
(In Thousands) |  | Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
Net market valuation gains recorded on HEI at Redwood |  | $ | 17,806 |  |  | $ | 12,308 |
Net market valuation gains recorded on Securitized HEI |  | 32,453 |  |  | 4,206 |
Net market valuation (losses) recorded on ABS Issued from HEI securitizations(1) |  | (12,881) |  |  | (1,762) |
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations |  | (12,508) |  |  | (1,566) |
Total HEI income, net |  | $ | 24,870 |  |  | $ | 13,186 |
(1)Amount includes interest expense associated with ABS issued, which totaled $3 million and $1 million for the three and six months ended June 30, 2024 and 2023, respectively. The following tables summarizes the characteristics of our HEI at June 30, 2024 and December 31, 2023. Table 11.4 – HEI Characteristics
|  | June 30, 2024 |  | December 31, 2023
(Dollars in Thousands) |  | HEI at Redwood |  | Securitized HEI |  | HEI at Redwood |  | Securitized HEI
Number of HEI contracts |  | 1,959 |  |  | 2,317 |  |  | 2,034 |  |  | 2,434 |
Average initial amount of contract |  | $ | 105 |  |  | $ | 95 |  |  | $ | 105 |  |  | $ | 96 |

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