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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Real estate securities $ 119,624 $ 40,424
Other investments [1] 349,906 343,930
Derivative assets [1] 48,517 14,212
Liabilities    
Derivative liabilities [1] 5,954 33,828
ABS issued 10,975,688 9,151,263
Fair Value, Measurements, Recurring    
Assets    
Residential investor loans 4,879,650 5,220,297
Consolidated Agency multifamily loans 421,794 425,285
Real estate securities 264,401 127,797
HEI 574,119 550,436
Servicer advance investments 227,363 225,345
MSRs 28,653 24,877
Excess MSRs 34,754 37,367
Other investments 3,065 3,193
Derivative assets 48,517 14,212
Liabilities    
HEI securitization non-controlling interest 72,260 59,752
Derivative liabilities 5,954 33,828
ABS issued 10,975,688 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 2,235 952
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 3,640 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 40,298 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 4,879,650 5,220,297
Consolidated Agency multifamily loans 421,794 425,285
Real estate securities 264,401 127,797
HEI 574,119 550,436
Servicer advance investments 227,363 225,345
MSRs 28,653 24,877
Excess MSRs 34,754 37,367
Other investments 3,065 3,193
Derivative assets 5,984 11,518
Liabilities    
HEI securitization non-controlling interest 72,260 59,752
Derivative liabilities 2,314 3,414
ABS issued 10,975,688 9,151,263
Fair Value, Measurements, Recurring | Residential Consumer Loans    
Assets    
Residential consumer loans 9,210,156 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 $ 9,210,156 $ 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 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.