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Commitments and Contingencies - Additional Information (Details) |  |  | 3 Months Ended | 6 Months Ended |
--- | --- | --- | --- | --- | ---
Jun. 30, 2024 USD ($) lease repurchase_request | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) lease repurchase_request | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) lease loan repurchase_request | Jun. 30, 2023 USD ($) loan repurchase_request | Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Lessee, number of leases | lease |  | 8 |  | 8 |  |  | 8 |  |
Present value of remaining lease payments |  | $ 14,010,000 |  | $ 14,010,000 |  |  | $ 14,010,000 |  |
Operating lease expense |  |  |  |  |  |  | $ 2,000,000 | $ 3,000,000 |
Lessee, number of office leases | lease |  | 0 |  | 0 |  |  | 0 |  |
Lease term |  | 1 year |  | 1 year |  |  | 1 year |  |
Operating lease liabilities |  | $ 12,656,000 |  | $ 12,656,000 |  |  | $ 12,656,000 |  | $ 14,725,000
Operating lease liability, statement of financial position [Extensible List] |  | Accounts Payable and Accrued Liabilities |  | Accounts Payable and Accrued Liabilities |  |  | Accounts Payable and Accrued Liabilities |  |
Operating lease right-of-use assets |  | $ 10,621,000 |  | $ 10,621,000 |  |  | $ 10,621,000 |  | 12,532,000
Operating lease right-of-use asset, statement of financial position [Extensible List] |  | Other assets |  | Other assets |  |  | Other assets |  |
Weighted average remaining lease term |  | 4 years |  | 4 years |  |  | 4 years |  |
Discount rate (as a percent) |  | 5.30% |  | 5.30% |  |  | 5.30% |  |
Derivative liabilities | [1] | $ 5,954,000 |  | $ 5,954,000 |  |  | $ 5,954,000 |  | 33,828,000
Gain (loss) on market valuation adjustments |  |  |  | 29,839,000 |  | $ 6,324,000 | 73,859,000 | 17,594,000 |
Residential repurchase reserve |  | 3,631,000 |  | 3,631,000 |  |  | 3,631,000 |  | 4,700,000
Residential loans repurchase (reversal) provision |  |  |  |  |  |  | 1,000,000 | $ 1,000,000 |
Total Residential Investor Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Residential repurchase reserve |  | $ 200,000 |  | $ 200,000 |  |  | $ 200,000 |  | 0
Number of residential repurchase requests (in repurchase requests) | repurchase_request |  |  |  |  |  |  | 10 | 3 |
Number of loans repurchased | loan |  |  |  |  |  |  | 1 | 12 |
Number of repurchase requests outstanding | repurchase_request |  | 2 |  | 2 |  |  | 2 |  |
Repurchase Reserves |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Residential repurchase reserve |  | $ 3,000,000 |  | $ 3,000,000 |  |  | $ 3,000,000 |  | $ 5,000,000
Number of residential repurchase requests (in repurchase requests) | repurchase_request |  |  |  |  |  |  | 2 | 1 |
Number of loans repurchased | loan |  |  |  |  |  |  | 2 | 5 |
CPP Joint Venture, Residential Investor Bridge and Term Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Amount committed |  |  |  |  | $ 100,000,000 |  |  |  |
Capital contribution |  | 1,000,000 |  |  |  |  |  |  |
Oaktree Joint Venture, Residential Investor Bridge and Term Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Capital contribution |  |  | $ 5,000,000 |  |  | $ 19,000,000 |  |  |
Commitment To Fund Residential Investor Bridge Loan |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Commitment to fund loan |  | 448,000,000 |  | 448,000,000 |  |  | $ 448,000,000 |  |
Derivative liabilities |  | $ 2,000,000 |  | 2,000,000 |  |  | 2,000,000 |  |
Gain (loss) on market valuation adjustments |  |  |  | $ (400,000) |  |  | $ (1,000,000) |  |
[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 June 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $12,844,193 and $10,988,885, respectively. At June 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $11,866,962 and $10,096,308, respectively. See Note 15 for further discussion.

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