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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets      
Other investments [1] $ 341,637 $ 343,930  
Derivative assets [1] 78,933 14,212  
Total Assets 18,427,426 [1] 14,504,327 [1] $ 13,021,138
Liabilities      
ABS issued 12,564,029 9,151,263  
Derivative liabilities [1] 7,977 33,828  
Total liabilities [1] 17,204,426 13,301,634  
Level 3      
Assets      
Total Assets   17,531,750  
Liabilities      
Total liabilities 12,648,727    
Fair Value, Measurements, Recurring      
Assets      
Residential investor loans 4,746,174 5,220,297  
Consolidated Agency multifamily loans 425,648 425,285  
Trading 128,780 40,424  
Available-for-sale 205,361 87,373  
HEI 590,080 550,436  
Servicer advance investments 212,446 225,345  
Excess MSRs 33,491 37,367  
Mortgage servicing rights 26,594 24,877  
Strategic investments 2,960 3,193  
Other investments 92    
Derivative assets 78,933 14,212  
Total Assets 17,607,718 13,679,446  
Liabilities      
ABS issued 12,564,029 9,151,263  
Derivative liabilities 7,977 33,828  
HEI securitization non-controlling interest 80,864 59,752  
Total liabilities 12,652,870 9,244,843  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
Trading 0 0  
Available-for-sale 0 0  
HEI 0 0  
Servicer advance investments 0 0  
Excess MSRs 0 0  
Mortgage servicing rights 0 0  
Strategic investments 0 0  
Other investments 0    
Derivative assets 5,817 952  
Total Assets 5,817 952  
Liabilities      
ABS issued 0 0  
Derivative liabilities 4,143 30,414  
HEI securitization non-controlling interest 0 0  
Total liabilities 4,143 30,414  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
Trading 0 0  
Available-for-sale 0 0  
HEI 0 0  
Servicer advance investments 0 0  
Excess MSRs 0 0  
Mortgage servicing rights 0 0  
Strategic investments 0 0  
Other investments 0    
Derivative assets 70,151 1,742  
Total Assets 70,151 1,742  
Liabilities      
ABS issued 0 0  
Derivative liabilities 0 0  
HEI securitization non-controlling interest 0 0  
Total liabilities 0 0  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Residential investor loans 4,746,174 5,220,297  
Consolidated Agency multifamily loans 425,648 425,285  
Trading 128,780 40,424  
Available-for-sale 205,361 87,373  
HEI 590,080 550,436  
Servicer advance investments 212,446 225,345  
Excess MSRs 33,491 37,367  
Mortgage servicing rights 26,594 24,877  
Strategic investments 2,960 3,193  
Other investments 92    
Derivative assets 2,965 11,518  
Total Assets 17,531,750 13,676,752  
Liabilities      
ABS issued 12,564,029 9,151,263  
Derivative liabilities 3,834 3,414  
HEI securitization non-controlling interest 80,864 59,752  
Total liabilities 12,648,727 9,214,429  
Fair Value, Measurements, Recurring | Residential Consumer Loans      
Assets      
Residential consumer loans 11,157,159 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 $ 11,157,159 $ 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 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.