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Residential Investor Loans - Activity and Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 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 |  |  | $ 4,910,749 | $ 1,051,236 |
Principal payments on real estate securities |  |  | 5,331 | 950 |
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 | $ 158,584 | $ 105,777 | 493,212 | 408,477 |
Principal balance of loans acquired | 3,145 | 0 | 3,793 | 0 |
Principal payments on real estate securities | 206,380 | 27,436 | 464,836 | 425,542 |
Fair value of loans transferred | 0 | (278,751) | 0 | (278,751) |
Net market valuation gains (losses) recorded | (1,500) | 0 | (2,837) | (14,430) |
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 | 6,061 | 1,600 | 11,833 | 13,214 |
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 | 286,833 | 303,284 | 714,977 | 828,149 |
Principal balance of loans acquired | 0 | 1,820 | 15,677 | 19,054 |
Principal payments on real estate securities | 67,655 | 34,061 | 277,170 | 65,868 |
Fair value of loans transferred | (62,386) | (116,679) | (250,319) | (337,657) |
Net market valuation gains (losses) recorded | (10,293) | (16,899) | (27,503) | (22,867) |
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 | 694 | 1,438 | 2,748 | 4,808 |
Total Residential Investor Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | 4,746,174 |  | 4,746,174 |  | $ 5,220,298
Total Residential Investor Loans | Residential investor term loans held by CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | 78,275 | (1,360) | 89,388 | (1,961) |
Single Family Rental Loans Held For Investment At Fair Value | Residential investor term loans held by 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 | 278,751 | 0 | 278,751 |
Unpaid principal balance | 2,790,755 |  | 2,790,755 |  | 3,194,131
Average UPB of loans | 3,037 |  | 3,037 |  | 3,028
Fair value of loans | $ 2,661,885 |  | $ 2,661,885 |  | $ 2,971,725
Weighted average coupon | 5.36% |  | 5.36% |  | 5.34%
Weighted average remaining loan term (years) |  |  | 4 years |  | 5 years
Fair value of loans with 90+ day delinquencies | $ 18,646 |  | $ 18,646 |  | $ 15,708
Average UPB of 90+ day delinquencies | 2,936 |  | 2,936 |  | 2,244
Single Family Rental Loans Held For Investment At Fair Value | Residential investor term loans held by 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 | 161,874 |  | 161,874 |  | 143,623
Average UPB of 90+ day delinquencies | 3,948 |  | 3,948 |  | 3,192
Bridge at CAFL | Residential investor term loans held by CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Net market valuation gains (losses) recorded | 1,623 | (2,560) | 443 | (1,960) |
Fair value of loans transferred to HFI | 62,386 | $ 116,679 | 250,319 | $ 337,657 |
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 | 183,358 |  | 183,358 |  | 152,213
Average UPB of loans | 2,108 |  | 2,108 |  | 4,006
Fair value of loans | $ 174,485 |  | $ 174,485 |  | $ 144,359
Weighted average coupon | 6.88% |  | 6.88% |  | 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+ day delinquencies | 27,529 |  | 27,529 |  | 14,132
Unpaid principal balance of loans in foreclosure | 13,250 |  | 13,250 |  | 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 | 19,320 |  | 19,320 |  | 16,822
Fair value of loans with 90+ day delinquencies | 34,083 |  | 34,083 |  | 28,263
Average UPB of 90+ day delinquencies | 11,361 |  | 11,361 |  | 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 |  |  | 133,022 |  | 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 | 1,336,767 |  | 1,336,767 |  | 1,360,957
Average UPB of loans | 5,161 |  | 5,161 |  | 8,453
Fair value of loans | $ 1,302,474 |  | $ 1,302,474 |  | $ 1,341,618
Weighted average coupon | 9.14% |  | 9.14% |  | 10.41%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 86,019 |  | $ 86,019 |  | $ 79,841
Average UPB of 90+ day delinquencies | 7,820 |  | 7,820 |  | 5,323
Unpaid principal balance of loans in foreclosure | 72,212 |  | 72,212 |  | 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 | 113,904 |  | 113,904 |  | 86,137
Fair value of loans with 90+ day delinquencies | 132,286 |  | 132,286 |  | 96,934
Average UPB of 90+ day delinquencies | 7,782 |  | 7,782 |  | 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 |  |  | 1,250,392 |  | 1,298,198
Business Purpose Bridge Loans | Residential investor term loans held by CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Unpaid principal balance | 600,267 |  | 600,267 |  | 756,574
Average UPB of loans | 2,035 |  | 2,035 |  | 2,162
Fair value of loans | $ 607,330 |  | $ 607,330 |  | $ 762,596
Weighted average coupon | 10.16% |  | 10.16% |  | 10.82%
Weighted average remaining loan term (years) |  |  | 1 year |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 13,426 |  | $ 13,426 |  | $ 3,931
Average UPB of 90+ day delinquencies | 1,918 |  | 1,918 |  | 1,310
Business Purpose Bridge Loans | Residential investor term loans held by 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 | 24,993 |  | 24,993 |  | 10,646
Average UPB of 90+ day delinquencies | $ 1,785 |  | $ 1,785 |  | $ 1,774

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