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Derivative Financial Instruments - Schedule of Offsetting Financial Assets, Liabilities and Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] $ 48,517 $ 14,212
Liabilities    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] (5,954) (33,828)
Total Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (620,809) (502,314)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (620,809) (502,314)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 617,771 472,852
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 3,038 28,878
Net Amount 0 (584)
Interest rate agreements    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 40,298 1,742
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 40,298 1,742
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (40,298) 0
Net Amount 0 1,742
TBAs    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 1,778 952
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 1,778 952
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (145) (952)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (711) 0
Net Amount 922 0
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (923) (27,020)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (923) (27,020)
Gross Amounts Nots Offset in Consolidated Balance Sheet, Financial Instruments 145 952
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 778 25,484
Net Amount 0 (584)
Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 457 0
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 457 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (457) 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount 0 0
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (2,717) (3,394)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (2,717) (3,394)
Gross Amounts Nots Offset in Consolidated Balance Sheet, Financial Instruments 457 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 2,260 3,394
Net Amount 0 0
Interest Rate Agreement, TBAs, and Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 42,533 2,694
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 42,533 2,694
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (602) (952)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (41,009) 0
Net Amount 922 1,742
Loan warehouse debt    
Loan warehouse debt and Security repurchase agreement    
Gross Amounts of Recognized Assets (Liabilities) (617,169) (471,900)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (617,169) (471,900)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 617,169 471,900
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount $ 0 $ 0
[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.