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Segment Information - Schedule of Business Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | [1]
Segment Reporting Information [Line Items] |  |  |  |  |  |  |
Interest income | $ 248,643 |  | $ 177,074 | $ 678,800 |  | $ 534,571 |
Interest expense | (223,145) |  | (156,723) | (603,799) |  | (461,687) |
Net interest income (expense) | 25,498 |  | 20,351 | 75,001 |  | 72,884 |
Non-interest income (loss) |  |  |  |  |  |  |
Mortgage banking activities, net | 39,569 |  | 19,440 | 73,049 |  | 52,663 |
Investment fair value changes, net | (12,202) |  | (41,689) | 10,733 |  | (59,598) |
HEI income, net | 10,651 |  | 10,259 | 35,521 |  | 23,445 |
Other income, net | 5,995 |  | 2,346 | 16,794 |  | 11,060 |
Realized gains, net | 211 |  | 50 | 620 |  | 1,104 |
Total non-interest income (loss), net | 44,224 |  | (9,594) | 136,717 |  | 28,674 |
General and administrative expenses | (36,008) |  | (29,697) | (103,861) |  | (96,057) |
Portfolio management costs | (6,356) |  | (3,661) | (14,817) |  | (10,271) |
Loan acquisition costs | (3,176) |  | (1,880) | (9,077) |  | (4,613) |
Other expenses | (2,228) |  | (4,633) | (10,766) |  | (13,292) |
(Provision for) benefit from income taxes | (7,128) |  | (1,696) | (12,575) |  | (642) |
Net Income (Loss) | 14,826 |  | (30,810) | 60,622 |  | (23,317) |
Non-cash amortization (expense), net | (4,540) |  | (7,346) | (18,677) |  | (23,563) |
Total Assets | 18,427,426 | [1] | 13,021,138 | 18,427,426 | [1] | 13,021,138 | $ 14,504,327
Operating Segments | Residential Consumer Mortgage Banking |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |
Interest income | 26,318 |  | 6,063 | 61,728 |  | 14,007 |
Interest expense | (16,770) |  | (4,826) | (34,958) |  | (13,392) |
Net interest income (expense) | 9,548 |  | 1,237 | 26,770 |  | 615 |
Non-interest income (loss) |  |  |  |  |  |  |
Mortgage banking activities, net | 26,715 |  | 8,964 | 40,787 |  | 19,390 |
Investment fair value changes, net | 0 |  | 0 | 0 |  | 1,076 |
HEI income, net | 0 |  | 0 | 0 |  | 0 |
Other income, net | 0 |  | 0 | 0 |  | 0 |
Realized gains, net | 0 |  | 0 | 0 |  | 0 |
Total non-interest income (loss), net | 26,715 |  | 8,964 | 40,787 |  | 20,466 |
General and administrative expenses | (5,240) |  | (4,521) | (14,986) |  | (13,065) |
Portfolio management costs | 0 |  | 0 | 0 |  | 0 |
Loan acquisition costs | (1,291) |  | (395) | (2,843) |  | (719) |
Other expenses | 0 |  | 0 | 0 |  | 0 |
(Provision for) benefit from income taxes | (6,977) |  | (813) | (10,031) |  | (887) |
Net Income (Loss) | 22,755 |  | 4,472 | 39,697 |  | 6,410 |
Non-cash amortization (expense), net | (271) |  | (266) | (868) |  | (813) |
Total Assets | 1,543,380 |  | 659,520 | 1,543,380 |  | 659,520 |
Operating Segments | Residential Investor Mortgage Banking |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |
Interest income | 4,868 |  | 4,618 | 15,647 |  | 13,509 |
Interest expense | (3,099) |  | (3,888) | (11,480) |  | (11,599) |
Net interest income (expense) | 1,769 |  | 730 | 4,167 |  | 1,910 |
Non-interest income (loss) |  |  |  |  |  |  |
Mortgage banking activities, net | 12,854 |  | 10,476 | 32,262 |  | 33,273 |
Investment fair value changes, net | 0 |  | 0 | 0 |  | 0 |
HEI income, net | 0 |  | 0 | 0 |  | 0 |
Other income, net | 5,434 |  | 1,278 | 7,233 |  | 4,762 |
Realized gains, net | 0 |  | 0 | 0 |  | 0 |
Total non-interest income (loss), net | 18,288 |  | 11,754 | 39,495 |  | 38,035 |
General and administrative expenses | (9,306) |  | (9,402) | (30,407) |  | (34,718) |
Portfolio management costs | 0 |  | 0 | 0 |  | 0 |
Loan acquisition costs | (1,885) |  | (1,485) | (5,982) |  | (3,894) |
Other expenses | (2,202) |  | (3,108) | (7,210) |  | (9,323) |
(Provision for) benefit from income taxes | (981) |  | 318 | 706 |  | 2,427 |
Net Income (Loss) | 5,683 |  | (1,193) | 769 |  | (5,563) |
Non-cash amortization (expense), net | (2,422) |  | (3,294) | (7,921) |  | (10,291) |
Total Assets | 357,432 |  | 197,974 | 357,432 |  | 197,974 |
Operating Segments | Investment Portfolio |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |
Interest income | 217,057 |  | 164,847 | 598,696 |  | 500,393 |
Interest expense | (184,319) |  | (133,790) | (506,429) |  | (392,260) |
Net interest income (expense) | 32,738 |  | 31,057 | 92,267 |  | 108,133 |
Non-interest income (loss) |  |  |  |  |  |  |
Mortgage banking activities, net | 0 |  | 0 | 0 |  | 0 |
Investment fair value changes, net | (11,966) |  | (41,789) | 11,770 |  | (57,930) |
HEI income, net | 10,651 |  | 10,259 | 35,521 |  | 23,445 |
Other income, net | 426 |  | 2,622 | 10,371 |  | 8,803 |
Realized gains, net | 211 |  | 26 | 525 |  | 858 |
Total non-interest income (loss), net | (678) |  | (28,882) | 58,187 |  | (24,824) |
General and administrative expenses | (701) |  | (1,340) | (3,517) |  | (3,990) |
Portfolio management costs | (6,324) |  | (3,636) | (14,746) |  | (10,233) |
Loan acquisition costs | 0 |  | 0 | (244) |  | 0 |
Other expenses | (26) |  | (1,525) | (3,556) |  | (3,969) |
(Provision for) benefit from income taxes | 606 |  | (1,457) | (3,454) |  | (3,135) |
Net Income (Loss) | 25,615 |  | (5,783) | 124,937 |  | 61,982 |
Non-cash amortization (expense), net | 1,016 |  | (1,687) | (2,204) |  | (6,167) |
Total Assets | 16,151,156 |  | 11,701,939 | 16,151,156 |  | 11,701,939 |
Corporate/ Other |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |
Interest income | 400 |  | 1,546 | 2,729 |  | 6,662 |
Interest expense | (18,957) |  | (14,219) | (50,932) |  | (44,436) |
Net interest income (expense) | (18,557) |  | (12,673) | (48,203) |  | (37,774) |
Non-interest income (loss) |  |  |  |  |  |  |
Mortgage banking activities, net | 0 |  | 0 | 0 |  | 0 |
Investment fair value changes, net | (236) |  | 100 | (1,037) |  | (2,744) |
HEI income, net | 0 |  | 0 | 0 |  | 0 |
Other income, net | 135 |  | (1,554) | (810) |  | (2,505) |
Realized gains, net | 0 |  | 24 | 95 |  | 246 |
Total non-interest income (loss), net | (101) |  | (1,430) | (1,752) |  | (5,003) |
General and administrative expenses | (20,761) |  | (14,434) | (54,951) |  | (44,284) |
Portfolio management costs | (32) |  | (25) | (71) |  | (38) |
Loan acquisition costs | 0 |  | 0 | (8) |  | 0 |
Other expenses | 0 |  | 0 | 0 |  | 0 |
(Provision for) benefit from income taxes | 224 |  | 256 | 204 |  | 953 |
Net Income (Loss) | (39,227) |  | (28,306) | (104,781) |  | (86,146) |
Non-cash amortization (expense), net | (2,863) |  | (2,099) | (7,684) |  | (6,292) |
Total Assets | $ 375,458 |  | $ 461,705 | $ 375,458 |  | $ 461,705 |
[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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

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