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Residential Investor Loans - Activity and Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated |  |  | $ 2,901,465 | $ 242,235 |
Principal payments on real estate securities |  |  | 669 | 637 |
Term at Redwood | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated | $ 217,538 | $ 128,622 | 334,628 | 302,700 |
Principal balance of loans acquired | 648 | 0 | 648 | 0 |
Principal payments on real estate securities | 252,424 | 180,404 | 258,456 | 398,106 |
Fair value of loans transferred | 0 | 0 | 0 | 0 |
Net market valuation gains (losses) recorded | (337) | (13,625) | (1,337) | (13,625) |
Term at Redwood | Redwood | Total residential mortgage banking activities, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | 5,957 | (1,132) | 5,661 | 11,534 |
Residential investor bridge loans held-for-investment | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Principal balance of loans originated | 234,115 | 269,713 | 428,144 | 524,865 |
Principal balance of loans acquired | 0 | 8,149 | 15,677 | 17,234 |
Principal payments on real estate securities | 156,294 | 19,260 | 209,515 | 31,807 |
Fair value of loans transferred | (89,202) | (140,186) | (187,933) | (220,978) |
Net market valuation gains (losses) recorded | (13,992) | (8,778) | (17,210) | (7,266) |
Residential investor bridge loans held-for-investment | Redwood | Total residential mortgage banking activities, net |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | 1,108 | 2,291 | 2,054 | 3,453 |
Total Residential Investor Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | 4,879,650 |  | 4,879,650 |  | $ 5,220,298
Total Residential Investor Loans | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | 3,530 | (37,780) | 11,113 | (601) |
Single Family Rental Loans Held For Investment At Fair Value | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans transferred to HFI | 0 | 0 | 0 | 0 |
Unpaid principal balance | 2,946,186 |  | 2,946,186 |  | 3,194,131
Average UPB of loans | 3,044 |  | 3,044 |  | 3,028
Fair value of loans | $ 2,737,466 |  | $ 2,737,466 |  | $ 2,971,725
Weighted average coupon | 5.34% |  | 5.34% |  | 5.34%
Weighted average remaining loan term (years) |  |  | 5 years |  | 5 years
Fair value of loans with 90+ day delinquencies | $ 18,646 |  | $ 18,646 |  | $ 15,708
Average UPB of 90+ days delinquent loans (2) | 2,664 |  | 2,664 |  | 2,244
Single Family Rental Loans Held For Investment At Fair Value | CAFL | 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 with 90+ day delinquencies | 139,628 |  | 139,628 |  | 143,623
Average UPB of 90+ days delinquent loans (2) | 3,103 |  | 3,103 |  | 3,192
Bridge at CAFL | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | (4,870) | 1,192 | (1,180) | 600 |
Fair value of loans transferred to HFI | 89,202 | $ 140,186 | 187,933 | $ 220,978 |
Single-Family Rental Loans, Held-For-Sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Unpaid principal balance | 228,059 |  | 228,059 |  | 152,213
Average UPB of loans | 2,887 |  | 2,887 |  | 4,006
Fair value of loans | $ 217,761 |  | $ 217,761 |  | $ 144,359
Weighted average coupon | 7.20% |  | 7.20% |  | 6.92%
Weighted average remaining loan term (years) |  |  | 7 years |  | 7 years
Fair value of loans with 90+ day delinquencies | $ 27,529 |  | $ 27,529 |  | $ 28,263
Average UPB of 90+ days delinquent loans (2) | 27,529 |  | 27,529 |  | 14,132
Unpaid principal balance of loans in foreclosure | 14,750 |  | 14,750 |  | 16,822
Single-Family Rental Loans, Held-For-Sale | 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 | 14,750 |  | 14,750 |  | 16,822
Fair value of loans with 90+ day delinquencies | 27,529 |  | 27,529 |  | 28,263
Average UPB of 90+ days delinquent loans (2) | 27,529 |  | 27,529 |  | 14,132
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded |  |  | 166,221 |  | 124,934
Business Purpose Bridge Loans | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Unpaid principal balance | 1,266,729 |  | 1,266,729 |  | 1,360,957
Average UPB of loans | 7,917 |  | 7,917 |  | 8,453
Fair value of loans | $ 1,238,795 |  | $ 1,238,795 |  | $ 1,341,618
Weighted average coupon | 10.19% |  | 10.19% |  | 10.41%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 87,804 |  | $ 87,804 |  | $ 79,841
Average UPB of 90+ days delinquent loans (2) | 7,317 |  | 7,317 |  | 5,323
Unpaid principal balance of loans in foreclosure | 76,299 |  | 76,299 |  | 69,046
Business Purpose Bridge Loans | 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 | 94,730 |  | 94,730 |  | 86,137
Fair value of loans with 90+ day delinquencies | 107,094 |  | 107,094 |  | 96,934
Average UPB of 90+ days delinquent loans (2) | 7,650 |  | 7,650 |  | 5,702
Business Purpose Bridge Loans | Redwood | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded |  |  | 1,201,822 |  | 1,298,198
Business Purpose Bridge Loans | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Unpaid principal balance | 680,187 |  | 680,187 |  | 756,574
Average UPB of loans | 2,001 |  | 2,001 |  | 2,162
Fair value of loans | $ 685,627 |  | $ 685,627 |  | $ 762,596
Weighted average coupon | 10.59% |  | 10.59% |  | 10.82%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 13,771 |  | $ 13,771 |  | $ 3,931
Average UPB of 90+ days delinquent loans (2) | 1,967 |  | 1,967 |  | 1,310
Business Purpose Bridge Loans | CAFL | 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 with 90+ day delinquencies | 20,593 |  | 20,593 |  | 10,646
Average UPB of 90+ days delinquent loans (2) | $ 1,872 |  | $ 1,872 |  | $ 1,774

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