Redwood Trust (RWT) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-13759
Entity Registrant Name	REDWOOD TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	68-0329422
Entity Address Address Line One	One Belvedere Place,
Entity Address, Address Line Two	Suite 300
Entity Address City Or Town	Mill Valley,
Entity Address, State or Province	CA
Entity Address Postal Zip Code	94941
City Area Code	415
Local Phone Number	389-7373
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity small business	false
Emerging growth company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,152,786
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000930236
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RWT
Security Exchange Name	NYSE
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	RWT PRA
Security Exchange Name	NYSE
9.125% Senior Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	9.125% Senior Notes Due 2029
Trading Symbol	RWTN
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Real estate securities, at fair value	[1]	$ 212,307	$ 127,797
Home equity investments, at fair value	[1]	560,745	550,436
Other investments	[1]	337,345	343,930
Cash and cash equivalents	[1]	275,394	293,104
Restricted cash	[1]	64,993	75,684
Goodwill	[1]	23,373	23,373
Intangible assets	[1]	25,657	28,462
Derivative assets	[1]	3,155	14,212
Other assets	[1]	333,631	351,109
Total Assets	[1]	15,057,974	14,504,327
Liabilities
Short-term debt, net	[1]	1,251,444	1,558,222
Derivative liabilities	[1]	5,849	33,828
Accrued expenses and other liabilities	[1]	241,191	216,803
Asset-backed securities issued (includes $9,979,891 and $9,151,263 at fair value), net	[1]	10,628,189	9,811,880
Long-term debt, net	[1]	1,707,138	1,680,901
Total liabilities	[1]	13,833,811	13,301,634
Commitments and Contingencies	[1]
Equity
Preferred stock, par value $0.01 per share, 2,990,000 shares authorized; 2,800,000 issued and outstanding	[1]	66,948	66,948
Common stock, par value $0.01 per share, 392,010,000 shares authorized; 131,870,835 and 131,485,661 issued and outstanding	[1]	1,319	1,315
Additional paid-in capital	[1]	2,493,856	2,487,848
Accumulated other comprehensive loss	[1]	(48,901)	(57,957)
Cumulative earnings	[1]	1,172,924	1,144,412
Cumulative distributions to stockholders	[1]	(2,461,983)	(2,439,873)
Total equity	[1]	1,224,163	1,202,693
Total Liabilities and Equity	[1]	15,057,974	14,504,327
Residential consumer loans, held-for-sale, at fair value
ASSETS
Fair value of loans	[1]	511,706	911,192
Residential consumer loans, held-for-investment, at fair value
ASSETS
Fair value of loans	[1]	7,104,886	6,139,445
Residential investor loans, held-for-sale, at fair value
ASSETS
Fair value of loans	[1]	280,551	180,250
Residential investor loans, held-for-investment, at fair value
ASSETS
Fair value of loans	[1]	4,901,443	5,040,048
Consolidated Agency multifamily loans, at fair value
ASSETS
Fair value of loans	[1]	$ 422,788	$ 425,285
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ABS issued, net, at fair value		$ 9,979,891	$ 9,151,263
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, authorized (in shares)		2,990,000	2,990,000
Preferred stock, issued (in shares)		2,800,000	2,800,000
Preferred stock, outstanding (in shares)		2,800,000	2,800,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, authorized (in shares)		392,010,000	392,010,000
Common stock, issued (in shares)		131,870,835	131,485,661
Common stock, outstanding (in shares)		131,870,835	131,485,661
Assets	[1]	$ 15,057,974	$ 14,504,327
Liabilities	[1]	13,833,811	13,301,634
Variable Interest Entity, Primary Beneficiary
Assets		11,850,461	10,988,885
Liabilities		$ 10,921,862	$ 10,096,308
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Income
Residential consumer loans	$ 86,935	$ 57,874
Residential investor loans	95,035	97,296
Consolidated Agency multifamily loans	4,581	4,618
Real estate securities	6,280	6,428
Other interest income	11,909	12,300
Total interest income	204,740	178,516
Interest Expense
Short-term debt	(24,005)	(31,828)
Asset-backed securities issued	(120,259)	(87,465)
Long-term debt	(36,266)	(32,786)
Total interest expense	(180,530)	(152,079)
Net Interest Income	24,210	26,437
Non-Interest Income
Mortgage banking activities, net	14,556	16,671
Investment fair value changes, net	21,837	(4,392)
HEI income, net	9,031	4,265
Other income, net	4,506	4,556
Realized gains, net	409	(2)
Total non-interest income, net	50,339	21,098
General and administrative expenses	(34,569)	(35,555)
Portfolio management costs	(3,597)	(3,510)
Loan acquisition costs	(2,237)	(1,289)
Other expenses	(3,361)	(3,684)
Net Income before (Provision for) Benefit from Income Taxes	30,785	3,497
(Provision for) benefit from income taxes	(523)	1,123
Net Income	30,262	4,620
Dividends on preferred stock	(1,750)	(1,419)
Net income available to common stockholders	$ 28,512	$ 3,201
Basic earnings per common share (in dollars per share)	$ 0.21	$ 0.02
Diluted earnings per common share (in dollars per share)	$ 0.21	$ 0.02
Basic weighted average common shares outstanding (in shares)	131,570,347	113,678,911
Diluted weighted average common shares outstanding (in shares)	131,570,347	114,134,556

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 30,262	$ 4,620
Other comprehensive income:
Net unrealized gain on available-for-sale securities	8,656	5,007
Reclassification of unrealized (gain) on available-for-sale securities to net income	(629)	(193)
Reclassification of unrealized loss on interest rate agreements to net income	1,029	1,018
Total other comprehensive income	9,056	5,832
Comprehensive Income	39,318	10,452
Dividends on preferred stock	(1,750)	(1,419)
Comprehensive income available to Common Stockholders	$ 37,568	$ 9,033

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss)	Cumulative Earnings	Cumulative Distributions to Stockholders
Balance at beginning of period at Dec. 31, 2022		$ 1,083,985	$ 0	$ 1,135	$ 2,349,845	$ (68,868)	$ 1,153,370	$ (2,351,497)
Beginning balance (in shares) at Dec. 31, 2022				113,484,675
Increase (Decrease) in Stockholders' Equity
Net Income		4,620					4,620
Other comprehensive income		5,832				5,832
Employee stock purchase and incentive plans (in shares)				379,781
Employee stock purchase and incentive plans		(1,044)		$ 4	(1,048)
Non-cash equity award compensation and other		6,342			6,342
Issuance of preferred stock		66,923	66,923
Preferred dividends declared		(1,419)					(1,419)
Common dividends declared	[1]	(27,559)						(27,559)
Balance at End of Period at Mar. 31, 2023		1,137,680	66,923	$ 1,139	2,355,139	(63,036)	1,156,571	(2,379,056)
Ending balance (in shares) at Mar. 31, 2023				113,864,456
Balance at beginning of period at Dec. 31, 2023		1,202,693	66,948	$ 1,315	2,487,848	(57,957)	1,144,412	(2,439,873)
Beginning balance (in shares) at Dec. 31, 2023				131,485,661
Increase (Decrease) in Stockholders' Equity
Net Income		30,262					30,262
Other comprehensive income		9,056				9,056
Employee stock purchase and incentive plans (in shares)				385,174
Employee stock purchase and incentive plans		(685)		$ 4	(689)
Non-cash equity award compensation and other		6,697			6,697
Preferred dividends declared		(1,750)					(1,750)
Common dividends declared	[1]	(22,110)						(22,110)
Balance at End of Period at Mar. 31, 2024		$ 1,224,163	$ 66,948	$ 1,319	$ 2,493,856	$ (48,901)	$ 1,172,924	$ (2,461,983)
Ending balance (in shares) at Mar. 31, 2024				131,870,835
[1]Includes dividends and dividend equivalents declared on common stock and stock-based compensation awards

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Preferred dividends declared (in dollars per share)	$ 0.625	$ 0.60417
Common dividends declared (in dollars per share)	$ 0.16	$ 0.23

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income		$ 30,262	$ 4,620
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		4,845	5,818
Depreciation and amortization of non-financial assets		3,469	3,668
Originations of held-for-sale loans		(199,477)	(201,081)
Purchases of held-for-sale loans		(1,001,793)	(55,824)
Proceeds from sales of held-for-sale loans		228,004	368,633
Principal payments on held-for-sale loans		20,674	18,705
Net settlements of derivatives		(17,154)	(13,933)
Non-cash equity award compensation expense and other		6,697	6,342
Market valuation adjustments		(44,020)	(11,270)
Realized (gains) losses, net		(409)	2
Net change in:
Other assets		17,139	(13,750)
Accrued expenses and other liabilities		(2,408)	(9,921)
Net cash (used in) provided by operating activities		(954,171)	102,009
Cash Flows From Investing Activities:
Originations and purchases of loan investments		(120,341)	(237,309)
Proceeds from sales of loans		30,663	0
Principal payments on loan investments		476,656	343,430
Purchases of real estate securities		(55,219)	0
Proceeds from sales of real estate securities		0	6,186
Principal payments on real estate securities		294	255
Repayments from servicer advance investments, net		8,678	7,529
Purchases of HEI		(307)	(16,559)
Repayments on HEI		11,591	7,754
Other investing activities, net		(1,728)	(557)
Net cash provided by investing activities		350,287	110,729
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt		933,498	643,085
Repayments on short-term debt		(1,341,949)	(1,057,380)
Proceeds from issuance of asset-backed securities		1,190,500	594,327
Repayments on asset-backed securities issued		(307,870)	(267,449)
Proceeds from borrowings on long-term debt		385,613	126,760
Deferred long-term debt issuance costs paid		(2,778)	(308)
Repayments on long-term debt		(256,986)	(128,970)
Taxes paid on equity award distributions		(815)	(1,207)
Net proceeds from issuance of common stock		130	162
Net proceeds from issuance of preferred stock		0	66,923
Dividends paid on common stock		(22,110)	(27,559)
Dividends paid on preferred stock		(1,750)	0
Net cash provided by (used in) financing activities		575,483	(51,616)
Net (decrease) increase in cash, cash equivalents and restricted cash		(28,401)	161,122
Cash, cash equivalents and restricted cash at beginning of period	[1]	368,788	329,364
Cash, cash equivalents, and restricted cash at end of period	[1]	340,387	490,486
Cash paid during the period for:
Interest		168,578	138,617
Taxes refunded		(425)	(1,388)
Supplemental Noncash Information:
Dividends declared but not paid on preferred stock		1,478	1,419
Retention of mortgage servicing rights from loan sales		75	0
Transfers from loans held-for-sale to loans held-for-investment		1,284,529	873,093
Transfers from residential consumer loans to real estate owned		1,846	8,014
Transfers from long-term debt to short-term debt		101,228	0
Right-of-use asset obtained in exchange for operating lease liability		0	337
Reduction in operating lease liability due to lease modification		$ 0	$ 274
[1]Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $275 million and restricted cash of $65 million at March 31, 2024, and includes cash and cash equivalents of $404 million and restricted cash of $86 million at March 31, 2023.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	[1]	Dec. 31, 2023	[1]	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 275,394		$ 293,104		$ 404,000
Restricted cash	$ 64,993		$ 75,684		$ 86,000
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to help make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through our best-in-class securitization platforms, whole-loan distribution activities and our publicly-traded securities. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential consumer and residential investor housing credit assets. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. We operate our business in three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. Our primary sources of income are net interest income from our investments and non-interest income from our mortgage banking activities. Net interest income primarily consists of the interest income we earn on investments less the interest expense we incur on borrowed funds and other liabilities. Income from mortgage banking activities is generated through the origination and acquisition of loans, and their subsequent sale, securitization, or transfer to our investment portfolios. Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are generally not subject to subsidiary-level corporate income tax as “the REIT” or “our REIT.” We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as “our taxable REIT subsidiaries” or “TRS.” Redwood Trust, Inc. was incorporated in the State of Maryland on April 11, 1994, and commenced operations on August 19, 1994. References herein to “Redwood,” the “company,” “we,” “us,” and “our” include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. For a full description of our business, see Part I, Item 1—Business in our Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023. These interim unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") — as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) — have been condensed or omitted in these interim financial statements according to these SEC rules and regulations. Management believes that the disclosures included in these interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the company's Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented. The results of operations for the three months ended March 31, 2024 should not be construed as indicative of the results to be expected for the full year. In the first quarter of 2024, we updated the names of our Residential loans to Residential consumer loans and our Business purpose loans to Residential investor loans. There were no changes to the classifications of account balances as a result of this update in names. All prior period references in this document were conformed to this presentation. Principles of Consolidation In accordance with GAAP, we determine whether we must consolidate transferred financial assets and variable interest entities (“VIEs”) for financial reporting purposes. We currently consolidate the assets and liabilities of certain Sequoia securitization entities issued prior to 2012 ("Legacy Sequoia"), certain entities formed during and after 2012 in connection with the securitization of Redwood Select prime loans and Redwood Choice expanded-prime loans ("Sequoia"), entities formed in connection with the securitization of CoreVest residential investor term and bridge loans ("CAFL") and entities formed in connection with the securitization of home equity investment contracts ("HEI"). We also consolidate the assets and liabilities of certain Freddie Mac K-Series and Freddie Mac Seasoned Loans Structured Transaction ("SLST") securitizations (and re-securitization of such SLST securities) in which we have invested. Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood Trust, Inc. Our exposure to these entities is primarily through the financial interests we have purchased or retained, although for certain entities we are exposed to financial risks associated with our role as a sponsor or co-sponsor, servicing administrator, collateral administrator or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities. For financial reporting purposes, the underlying loans owned at the consolidated Legacy Sequoia, Sequoia and Freddie Mac SLST entities are shown under Residential consumer loans held-for-investment, at fair value, the underlying loans at the consolidated Freddie Mac K-Series entity are shown under Consolidated Agency multifamily loans, at fair value, the underlying residential investor term and bridge loans at the consolidated CAFL entities are shown under Residential investor loans held-for-investment, at fair value, and the underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments, at fair value on our consolidated balance sheets. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. In our consolidated statements of income, we record interest income on the loans owned at these entities and interest expense on the ABS issued by these entities as well as fair value changes, other income and expenses associated with these entities' activities. See Note 15 for further discussion on ABS issued. We also consolidate two partnerships ("Servicing Investment" entities) through which we have invested in servicing-related assets. We maintain an 80% ownership interest in each entity and have determined that we are the primary beneficiary of these partnerships. See Note 4 for further discussion on principles of consolidation. Use of Estimates The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, valuation allowances, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material. Acquisitions On July 1, 2022, we acquired Riverbend Funding LLC ("Riverbend"), a private mortgage lender to residential transitional and commercial real estate investors. Refer to our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding this acquisition, including purchase price allocations. Additionally, in 2019 we acquired 5 Arches and CoreVest, originators of residential investor loans. In connection with these acquisitions, we identified and recorded finite-lived intangible assets totaling $95 million. The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at March 31, 2024. Table 2.1 – Intangible Assets – Activity Intangible Assets at Acquisition Accumulated Amortization at March 31, 2024 Carrying Value at March 31, 2024 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (31,601) $ 24,699 7 Broker network 18,100 (18,100) — 5 Non-compete agreements 11,400 (10,608) 792 3 Tradenames 4,400 (4,234) 166 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (68,943) $ 25,657 6 All of our intangible assets are amortized on a straight-line basis. For the three months ended March 31, 2024, we recorded intangible asset amortization expense of $3 million. For the three months ended March 31, 2023, we recorded intangible asset amortization expense of $3 million. Estimated future amortization expense is summarized in the table below. Table 2.2 – Intangible Asset Amortization Expense by Year (In Thousands) March 31, 2024 2024 (9 months) $ 6,609 2025 8,426 2026 6,694 2027 1,571 2028 and thereafter 2,357 Total Future Intangible Asset Amortization $ 25,657 On a quarterly basis, we evaluate our finite-lived intangible assets for impairment indicators and additionally evaluate the useful lives of our intangible assets to determine if revisions to the remaining periods of amortization are warranted. We reviewed our finite-lived intangible assets and determined that the estimated lives were appropriate and that there were no indicators of impairment at March 31, 2024. We recorded total goodwill of $23 million as a result of the total consideration exceeding the fair value of the net assets acquired from Riverbend. For reporting purposes, we included the intangible assets and goodwill from the Riverbend acquisition within our Residential Investor Mortgage Banking segment. There were no changes to the balance of goodwill during the three months ended March 31, 2024. The potential liability resulting from the contingent consideration arrangement with Riverbend was recorded at its acquisition-date fair value of zero as part of the total consideration for the acquisition of Riverbend. At March 31, 2024, the estimated fair value of this contingent liability was zero on our consolidated balance sheets. Our contingent consideration liability is recorded at fair value and periodic changes in the estimated fair value are recorded through Other expenses on our consolidated statements of income. During the three months ended March 31, 2024, we did not record any contingent consideration income or expense related to our acquisition of Riverbend. See Note 17 for additional information on our contingent consideration liability.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies Included in Note 3 to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2023 is a summary of our significant accounting policies. Recent Accounting Pronouncements Newly Adopted Accounting Standard Updates ("ASUs") In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this guidance in the first quarter of 2024, which did not have a material impact on our consolidated financial statements. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848." This new guidance defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. Through March 31, 2024, we had not elected to apply the optional expedients and exceptions to any of our existing contracts, hedging relationships, or other transactions. At March 31, 2024, we had no remaining LIBOR-indexed financial assets or liabilities. Other Recent Accounting Pronouncements Pending Adoption In August 2023, the FASB issued ASU 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." ASU 2023-05 requires a joint venture, upon formation, to initially measure its assets and liabilities at fair value. This generally aligns the treatment to be consistent with the guidance for business combinations. Joint venture entities that are private companies may elect to include customer-related intangible assets and non-competition agreements within goodwill and not as separate intangible assets. This new guidance is effective for all joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. We are evaluating the accounting and disclosure requirements of ASU 2023-05 and we plan to adopt this new guidance by the required date. We do not anticipate that this update will have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. "ASU 2023-07 expands the breadth and frequency of segment disclosures by requiring disclosures of significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measures of a segment's profit or loss. Other disclosure requirements involve the amount and composition of other segment items and how the CODM uses the reported measures of profit or loss to assess segment performance and to decide how to allocate resources. The ASU does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. This new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the accounting and disclosure requirements of ASU 2023-07 and we plan to adopt this new guidance by the required date. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation disclosures. Additionally, income taxes paid are required to be disaggregated by jurisdiction, along with other amendments to enhance the effectiveness of income tax disclosures. This new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and upon adoption, the guidance can be adopted on a prospective or retrospective basis. We are evaluating the accounting and disclosure requirements of ASU 2023-07 and we plan to adopt this new guidance by the required date. In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." ASU 2024-01 provides clarification for determining whether a profits interest award should be accounted for as a share-based payment arrangement or other compensation. This new guidance is effective for annual and interim periods beginning after December 15, 2024. Early adoption is permitted and upon adoption, the guidance can be adopted on a prospective or retrospective basis. We are evaluating the accounting and disclosure requirements of ASU 2024-01 and we plan to adopt this new guidance by the required date. Balance Sheet Netting Certain of our derivatives and short-term debt are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our balance sheets. However, we do not elect to report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets. The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2024 and December 31, 2023. Table 3.1 – Offsetting of Financial Assets, Liabilities, and Collateral Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount March 31, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ — $ — $ — $ — $ — $ — TBAs — — — — — — Futures 1,840 — 1,840 (1,716) — 124 Total Assets $ 1,840 $ — $ 1,840 $ (1,716) $ — $ 124 Liabilities (2) TBAs $ (5) $ — $ (5) $ — $ — $ (5) Futures (2,422) — (2,422) 1,716 706 — Loan warehouse debt (196,780) — (196,780) 196,780 — — Total Liabilities $ (199,207) $ — $ (199,207) $ 198,496 $ 706 $ (5) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2023 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 1,742 $ — $ 1,742 $ — $ — $ 1,742 TBAs 952 — 952 (952) — — Futures — — — — — — Total Assets $ 2,694 $ — $ 2,694 $ (952) $ — $ 1,742 Liabilities (2) TBAs $ (27,020) $ — $ (27,020) $ 952 $ 25,484 $ (584) Futures (3,394) — (3,394) — 3,394 — Loan warehouse debt (471,900) — (471,900) 471,900 — — Total Liabilities $ (502,314) $ — $ (502,314) $ 472,852 $ 28,878 $ (584) (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively. (2) Interest rate agreements, TBAs and futures are components of derivative instruments on our consolidated balance sheets. Loan warehouse debt, which is secured by certain Residential consumer and Residential investor loans, is a component of Short-term debt and Long-term debt on our consolidated balance sheets. For each category of financial instrument set forth in the table above, the assets and liabilities resulting from individual transactions within that category between us and a counterparty are subject to a master netting arrangement or similar agreement with that counterparty that provides for individual transactions to be aggregated and treated as a single transaction. For certain categories of these instruments, our transactions generally are cleared and settled through one or more clearinghouses that are substituted as our counterparty. References herein to master netting arrangements or similar agreements include the arrangements and agreements governing the clearing and settlement of these transactions through the clearinghouses. In the event of the termination and close-out of any of those transactions, the corresponding master netting agreement or similar agreement provides for settlement on a net basis. Any such settlement would include the proceeds of the liquidation of any corresponding collateral, subject to certain limitations on termination, settlement, and liquidation of collateral that may apply in the event of the bankruptcy or insolvency of a party. Such limitations should not inhibit the eventual practical realization of the principal benefits of those transactions or the corresponding master netting arrangement or similar agreement and any corresponding collateral.

Principles of Consolidation

Principles of Consolidation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation GAAP requires us to consider whether securitizations we sponsor and other transfers of financial assets should be treated as sales or financings, as well as whether any VIEs that we hold variable interests in – for example, certain legal entities often used in securitization and other structured finance transactions – should be included in our consolidated financial statements. The GAAP principles we apply require us to reassess our requirement to consolidate VIEs each quarter and therefore our determination may change based upon new facts and circumstances pertaining to each VIE. This could result in a material impact to our consolidated financial statements during subsequent reporting periods. Analysis of Consolidated VIEs At March 31, 2024, we consolidated Legacy Sequoia, Sequoia, CAFL, Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities that we determined were VIEs and for which we determined we were the primary beneficiary. Each of these entities is independent of Redwood and of each other and the assets and liabilities of these entities are not owned by and are not legal obligations of ours. Our exposure to these entities is primarily through the financial interests we have retained, although for certain securitizations, we are exposed to financial risks associated with our role as a sponsor, servicing administrator, collateral administrator, or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities. We also consolidate two Servicing Investment entities formed to invest in servicing-related assets that we determined were VIEs and for which we determined we were the primary beneficiary. At March 31, 2024, we held an 80% ownership interest in, and were responsible for the management of, each entity. See Note 11 for a further description of these entities and the investments they hold and Note 13 for additional information on the minority partner’s non-controlling interest. Additionally, we consolidated an entity that was formed to finance servicer advances that we determined was a VIE and for which we, through our control of one of the aforementioned partnerships, were the primary beneficiary. The servicer advance financing consists of non-recourse short-term securitization debt, secured by servicer advances. We consolidate the securitization entity, but the securitization entity is independent of Redwood and the assets and liabilities are not owned by and are not legal obligations of Redwood. See Note 14 for additional information on the servicer advance financing. During the fourth quarter of 2023 and the third quarter of 2021, we co-sponsored two HEI securitization transactions, and we consolidate the respective HEI securitization entities that we determined were VIEs and for which we determined we were the primary beneficiary. At March 31, 2024 and December 31, 2023, we owned a portion of the subordinate certificates issued by these entities and had certain decision-making rights for the entities. See Note 10 for a further description of these entities and the investments it holds and Note 13 for additional information on non-controlling interests in these entities. We consolidate these HEI securitization entities, but the securitization entities are independent of Redwood and the assets and liabilities are not owned by and are not legal obligations of Redwood. During the fourth quarter of 2023, we re-securitized subordinate securities we owned in our consolidated Freddie Mac SLST securitization trusts through the transfer of these financial assets to a re-securitization trust that we sponsored. We retain a subordinate investment in the re-securitization trust and maintain certain discretionary rights associated with the ownership of this investment that we determined reflected a controlling financial interest in the entity, as we have both the power to direct the activities that most significantly impact the performance of the VIE and the right to receive benefits of, and the obligation to absorb losses from, the VIE that could potentially be significant to the VIE. For certain of our consolidated VIEs, we have elected to account for the assets and liabilities of these entities as collateralized financing entities ("CFE"). A CFE is a variable interest entity that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance for CFEs allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the beneficial interests we own in the entity. In addition to our consolidated VIEs for which we made the CFE election, we consolidate certain VIEs for which we did not make the CFE election, and elected to account for the ABS issued by these entities at amortized cost. These include two CAFL bridge loan securitizations and the Freddie Mac SLST re-securitization. The following table presents a summary of the assets and liabilities of our consolidated VIEs. Table 4.1 – Assets and Liabilities of Consolidated VIEs March 31, 2024 Legacy Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 131,859 $ 5,640,341 $ — $ 1,332,686 $ — $ — $ — $ 7,104,886 Residential investor loans, held-for-investment — — 3,615,210 — — — — 3,615,210 Consolidated Agency multifamily loans — — — — 422,788 — — 422,788 Home equity investments — — — — — — 314,184 314,184 Other investments — — — — — 247,308 — 247,308 Cash and cash equivalents — — — — — 16,902 — 16,902 Restricted cash 70 94 25,613 — — — 8,127 33,904 Accrued interest receivable 310 24,520 20,462 4,759 1,314 2,421 — 53,786 Other assets — — 32,382 3,178 — 5,834 99 41,493 Total Assets $ 132,239 $ 5,664,955 $ 3,693,667 $ 1,340,623 $ 424,102 $ 272,465 $ 322,410 $ 11,850,461 Short-term debt $ — $ — $ — $ — $ — $ 147,342 $ — $ 147,342 Accrued interest payable 283 21,428 10,653 4,391 1,184 396 — 38,335 Accrued expenses and other liabilities — — 6,316 — — 36,802 64,878 107,996 Asset-backed securities issued 130,875 5,423,137 3,228,804 1,235,810 389,238 — 220,325 10,628,189 Total Liabilities $ 131,158 $ 5,444,565 $ 3,245,773 $ 1,240,201 $ 390,422 $ 184,540 $ 285,203 $ 10,921,862 Value of our investments in VIEs (1) $ 984 $ 217,299 $ 445,332 $ 100,053 $ 33,550 $ 87,925 $ 37,207 $ 922,350 Number of VIEs 20 25 21 3 1 3 2 75 December 31, 2023 Legacy Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 139,739 $ 4,640,464 $ — $ 1,359,242 $ — $ — $ — $ 6,139,445 Residential investor loans, held-for-investment — — 3,734,321 — — — — 3,734,321 Consolidated Agency multifamily loans — — — — 425,285 — — 425,285 Home equity investments — — — — — — 305,717 305,717 Other investments — — — — — 257,489 — 257,489 Cash and cash equivalents — — — — — 9,482 — 9,482 Restricted cash 68 95 33,921 — — — 10,821 44,905 Accrued interest receivable 332 19,697 20,806 4,821 1,320 822 — 47,798 Other assets — — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 140,139 $ 4,660,256 $ 3,803,934 $ 1,367,221 $ 426,605 $ 274,130 $ 316,600 $ 10,988,885 Short-term debt $ — $ — $ — $ — $ — $ 153,653 $ — $ 153,653 Accrued interest payable 303 15,990 11,537 4,496 1,190 416 — 33,932 Accrued expenses and other liabilities — — 2,734 — — 34,357 59,752 96,843 Asset-backed securities issued 138,530 4,430,130 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 138,833 $ 4,446,120 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 1,209 $ 210,429 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 20 22 21 3 1 3 2 72 (1) Value of our investments in VIEs, as presented in this table, generally represents the fair value of the economic interests we own in VIEs (i.e., the securities or other interests we legally own in the consolidated securitizations or other VIEs). While most of our VIEs are accounted for under the CFE election (whereby the net equity in the VIE generally represents the fair value of our retained interests and associated accrued interest receivable), certain entities, including two CAFL bridge loan securitizations (included within the CAFL column), our SLST re-securitization (included within the Freddie Mac SLST column), and our Servicing Investment VIEs are not accounted for under the CFE election and their associated ABS issued are accounted for at amortized historical cost. As of March 31, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election were $333 million and $323 million, respectively, and the fair value of our interest in the CAFL bridge loan securitizations accounted for under the CFE election was $21 million and $22 million, respectively, with the difference from the tables above generally representing ABS issued and carried at amortized historical cost and accrued interest on our economic interests. As of March 31, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $271 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. The following tables present income (loss) from these VIEs for the three months ended March 31, 2024 and 2023. Table 4.2 – Income (Loss) from Consolidated VIEs Three Months Ended March 31, 2024 Legacy Sequoia CAFL Freddie Mac SLST Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Interest income $ 2,298 $ 60,680 $ 60,994 $ 14,616 $ 4,581 $ 7,551 $ — $ 150,720 Interest expense (2,194) (56,628) (43,283) (13,980) (4,199) (3,219) — (123,503) Net interest income 104 4,052 17,711 636 382 4,332 — 27,217 Non-interest income Investment fair value changes, net (218) 5,346 13,503 3,730 243 (1,503) — 21,101 HEI income, net — — — — — — 2,888 2,888 Other income — — 305 — — — — 305 Realized gains, net — — 314 — — — — 314 Total non-interest income, net (218) 5,346 14,122 3,730 243 (1,503) 2,888 24,608 General and administrative expenses — — — (14) — (51) — (65) Other expenses — — — — — (556) — (556) Income (loss) from Consolidated VIEs $ (114) $ 9,398 $ 31,833 $ 4,352 $ 625 $ 2,222 $ 2,888 $ 51,204 Three Months Ended March 31, 2023 Legacy Sequoia CAFL Freddie Mac SLST Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Interest income $ 2,543 $ 34,644 $ 54,437 $ 15,493 $ 4,618 $ 7,814 $ — $ 119,549 Interest expense (2,504) (30,055) (39,542) (11,218) (4,241) (3,848) — (91,408) Net interest income 39 4,589 14,895 4,275 377 3,966 — 28,141 Non-interest income Investment fair value changes, net (94) 2,442 (9,682) 8,934 363 (1,047) — 916 HEI income, net — — — — — — 425 425 Other income — — 172 — — — — 172 Total non-interest income, net (94) 2,442 (9,510) 8,934 363 (1,047) 425 1,513 General and administrative expenses — — — — — 10 — 10 Other expenses — — — — — (577) — (577) Income (loss) from Consolidated VIEs $ (55) $ 7,031 $ 5,385 $ 13,209 $ 740 $ 2,352 $ 425 $ 29,087 We consolidate the assets and liabilities of certain Sequoia, CAFL and HEI securitization entities, as we did not meet either the GAAP sale criteria at the time we transferred financial assets to these entities or we determined we were the primary beneficiary of a VIE. Our involvement in consolidated Sequoia, CAFL and HEI entities continues in the following ways: (i) we continue to hold subordinate investments in each entity, and for certain entities, more senior investments; (ii) we maintain certain discretionary rights associated with our sponsorship of, or our subordinate investments in, each entity, including rights to direct loss mitigation activities; and (iii) we continue to hold a right to call the assets of certain entities (once they have been paid down below a specified threshold) at a price equal to, or in excess of, the current outstanding principal amount of the entity’s asset-backed securities issued. These factors have resulted in our continuing to consolidate the assets and liabilities of these Sequoia, CAFL and HEI entities in accordance with GAAP. We consolidate the assets and liabilities of certain Freddie Mac K-Series and SLST securitization (and re-securitzation) trusts resulting from our investment in subordinate securities issued by these trusts, and in the case of certain CAFL securitizations, resulting from securities acquired through our acquisition of CoreVest. Additionally, we consolidate the assets and liabilities of Servicing Investment entities from our investment in servicer advance investments and excess MSRs. In each case, we maintain certain discretionary rights associated with the ownership of these investments that we determined reflected a controlling financial interest, as we have both the power to direct the activities that most significantly impact the economic performance of the VIEs and the right to receive benefits of and the obligation to absorb losses from the VIEs that could potentially be significant to the VIEs. Analysis of Unconsolidated VIEs with Continuing Involvement Since 2012, we have transferred residential consumer loans to 46 Sequoia securitization entities sponsored by us that are still outstanding as of March 31, 2024, and accounted for these transfers as sales for financial reporting purposes, in accordance with GAAP. We also determined we were not the primary beneficiary of these VIEs as we lacked the power to direct the activities that will have the most significant economic impact on the entities. For certain of these transfers to securitization entities, for the transferred loans where we held the servicing rights prior to the transfer and continued to hold the servicing rights following the transfer, we recorded mortgage servicing rights ("MSRs") on our consolidated balance sheets, and classified those MSRs as Level 3 assets. We also retained senior and subordinate securities in these securitizations that we classified as Level 3 assets. Our continuing involvement in these securitizations is limited to customary servicing obligations associated with retaining servicing rights (which we retain a third-party sub-servicers to perform) and the receipt of interest income associated with the securities we retained. The following table summarizes the cash flows during the three months ended March 31, 2024 and 2023 between us and the unconsolidated VIEs sponsored by us and accounted for as sales since 2012. Table 4.3 – Cash Flows Related to Unconsolidated VIEs Sponsored by Redwood Three Months Ended March 31, (In Thousands) 2024 2023 MSR fees received $ 604 $ 684 Funding of compensating interest, net (124) (1) Cash flows received on retained securities 3,022 2,963 The following table presents additional information at March 31, 2024 and December 31, 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 4.4 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) March 31, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 35,709 $ 31,690 Subordinate securities, classified as AFS 87,647 78,942 Mortgage servicing rights 11,796 10,885 Maximum loss exposure (1) $ 135,152 $ 121,517 Assets transferred: Principal balance of loans outstanding $ 3,702,972 $ 3,758,914 Principal balance of loans 30+ days delinquent 22,779 22,367 (1) Maximum loss exposure from our involvement with unconsolidated VIEs pertains to the carrying value of our securities and MSRs retained from these VIEs and represents estimated losses that would be incurred under severe, hypothetical circumstances, such as if the value of our interests and any associated collateral declines to zero. This does not include, for example, any potential exposure to representation and warranty claims associated with our initial transfer of loans into a securitization. The following table presents key economic assumptions for assets retained from unconsolidated VIEs and the sensitivity of their fair values to immediate adverse changes in those assumptions at March 31, 2024 and December 31, 2023. Table 4.5 – Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated VIEs Sponsored by Redwood March 31, 2024 MSRs Senior Securities (1) Subordinate Securities (Dollars in Thousands) Fair value at March 31, 2024 $ 11,796 $ 35,709 $ 87,647 Expected life (in years) (2) 9 11 10 Prepayment speed assumption (annual CPR) (2) 4 % 3 % 6 % Decrease in fair value from: 10% adverse change $ 177 $ 347 $ 626 25% adverse change 439 912 642 Discount rate assumption (2) 12 % 12 % 9 % Decrease in fair value from: 100 basis point increase $ 471 $ 1,646 $ 6,973 200 basis point increase 900 3,181 12,731 Credit loss assumption (2) N/A 0.03 % 0.03 % Decrease in fair value from: 10% higher losses N/A N/A $ 646 25% higher losses N/A N/A 703 December 31, 2023 MSRs Senior Securities (1) Subordinate Securities (Dollars in Thousands) Fair value at December 31, 2023 $ 10,885 $ 31,690 $ 78,942 Expected life (in years) (2) 8 9 13 Prepayment speed assumption (annual CPR) (2) 6 % 5 % 6 % Decrease in fair value from: 10% adverse change $ 207 $ 532 $ 200 25% adverse change 513 1,335 477 Discount rate assumption (2) 13 % 13 % 9 % Decrease in fair value from: 100 basis point increase $ 405 $ 1,322 $ 6,855 200 basis point increase 827 2,506 12,883 Credit loss assumption (2) N/A 0.03 % 0.03 % Decrease in fair value from: 10% higher losses N/A N/A $ 36 25% higher losses N/A N/A 96 (1) Senior securities are comprised entirely of interest-only securities at March 31, 2024 and at December 31, 2023. (2) Expected life, prepayment speed assumption, discount rate assumption, and credit loss assumption presented in the tables above represent weighted averages. Analysis of Unconsolidated Third-Party VIEs Third-party VIEs are securitization entities in which we maintain an economic interest, but do not sponsor. Our economic interest may include several securities and other investments from the same third-party VIE, and in those cases, the analysis is performed in consideration of all of our interests. The following table presents a summary of our interests in third-party VIEs at March 31, 2024 and December 31, 2023, grouped by asset type. Table 4.6 – Third-Party Sponsored VIE Summary (In Thousands) March 31, 2024 December 31, 2023 Mortgage-Backed Securities Senior $ 62,246 $ 4,419 Mezzanine 9,219 — Subordinate 17,486 12,746 Total Mortgage-Backed Securities 88,951 17,165 Excess MSR 4,848 5,224 Total Investments in Third-Party Sponsored VIEs $ 93,799 $ 22,389 We determined that we are not the primary beneficiary of these third-party VIEs, as we do not have the required power to direct the activities that most significantly impact the economic performance of these entities. Specifically, we do not service or manage these entities or otherwise solely hold decision making powers that are significant. As a result of this assessment, we do not consolidate any of the underlying assets and liabilities of these third-party VIEs – we only account for our specific interests in them.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments For financial reporting purposes, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., our own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured. The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2024 and December 31, 2023. Table 5.1 – Carrying Values and Fair Values of Assets and Liabilities March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (In Thousands) Assets Residential consumer loans, held-for-sale, at fair value $ 511,706 $ 511,706 $ 911,192 $ 911,192 Residential consumer loans, held-for-investment, at fair value 7,104,886 7,104,886 6,139,445 6,139,445 Residential investor loans, held-for-sale, at fair value 280,551 280,551 180,249 180,250 Residential investor loans, held-for-investment, at fair value 4,901,443 4,901,443 5,040,048 5,040,048 Consolidated Agency multifamily loans, at fair value 422,788 422,788 425,285 425,285 Real estate securities, at fair value 212,307 212,307 127,797 127,797 HEI (1) 560,745 560,745 550,436 550,436 Servicer advance investments (2) 216,033 216,033 225,345 225,345 MSRs (2) 27,417 27,417 24,877 24,877 Excess MSRs (2) 36,122 36,122 37,367 37,367 Other investments (2) 3,224 3,224 3,193 3,193 Cash and cash equivalents 275,394 275,394 293,104 293,104 Restricted cash 64,993 64,993 75,684 75,684 Derivative assets 3,155 3,155 14,212 14,212 Margin receivable (3) 19,409 19,409 33,414 33,414 Liabilities Short-term debt (4) $ 1,135,653 $ 1,132,812 $ 1,415,664 $ 1,414,644 Margin payable (5) — — 350 350 Guarantee obligations (5) 5,650 3,516 5,781 3,772 HEI securitization non-controlling interest 64,878 64,878 59,752 59,752 Derivative liabilities 5,849 5,849 33,828 33,828 ABS issued, net at fair value 9,979,891 9,979,891 9,151,263 9,151,263 at amortized cost 648,298 643,417 660,617 637,816 Other long-term debt, net (6) 1,152,475 1,151,248 1,180,918 1,177,287 Convertible notes, net (6) 474,049 465,835 503,728 488,341 Trust preferred securities and subordinated notes, net (6) 138,825 96,255 138,813 92,070 Senior Notes (6) 57,581 61,200 — — (1) Includes HEI held at Redwood and HEI held at consolidated HEI securitization entities. See further discussion in Note 10 . (2) These investments are included in Other investments on our consolidated balance sheets. (3) These assets are included in Other assets on our consolidated balance sheets. (4) Short-term debt excludes short-term convertible notes, which are included under "Convertible notes, net." (5) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets. (6) These liabilities are primarily included in Long-term debt, net on our consolidated balance sheets. Convertible notes, net also includes convertible notes classified as Short-term debt. See Note 14 for more information on Short-term debt. During the three months ended March 31, 2024 and 2023, we elected the fair value option for $48 million and $2 million of securities, respectively, $1.00 billion and $53 million (principal balance) of residential consumer loans, respectively, and $327 million and $442 million (principal balance) of residential investor loans, respectively. Additionally, during the three months ended March 31, 2024 and 2023, we elected the fair value option for $0.3 million and $17 million of HEI, respectively. For the three months ended March 31, 2024 and 2023, we elected the fair value option for $0.2 million and zero, respectively, of Other investments. The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at March 31, 2024 and December 31, 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 5.2 – Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2024 Carrying Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,616,592 $ — $ — $ 7,616,592 Residential investor loans 5,181,994 — — 5,181,994 Consolidated Agency multifamily loans 422,788 — — 422,788 Real estate securities 212,307 — — 212,307 HEI 560,745 — — 560,745 Servicer advance investments 216,033 — — 216,033 MSRs 27,417 — — 27,417 Excess MSRs 36,122 — — 36,122 Other investments 3,224 — — 3,224 Derivative assets 3,155 1,840 — 1,315 Liabilities HEI securitization non-controlling interest $ 64,878 $ — $ — $ 64,878 Derivative liabilities 5,849 2,427 — 3,422 ABS issued 9,979,891 — — 9,979,891 December 31, 2023 Carrying Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,050,637 $ — $ — $ 7,050,637 Residential investor loans 5,220,297 — — 5,220,297 Consolidated Agency multifamily loans 425,285 — — 425,285 Real estate securities 127,797 — — 127,797 HEI 550,436 — — 550,436 Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Other investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Liabilities HEI securitization non-controlling interest $ 59,752 $ — $ — $ 59,752 Derivative liabilities 33,828 30,414 — 3,414 ABS issued 9,151,263 — — 9,151,263 The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2024. Table 5.3 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets Residential Consumer Loans Residential Investor Consolidated Agency Multifamily Loans Trading Securities AFS HEI Servicer Advance Investments Excess MSRs MSRs and Other Investments (In Thousands) Beginning balance - $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 1,005,659 15,677 — 47,526 14,056 307 — — 176 Originations — 311,119 — — — — — Sales (199,338) (59,377) — — — — — — — Principal paydowns (185,131) (310,047) (2,150) (205) (90) (11,565) (8,678) — (69) Gains (losses) in net income, net (54,192) 5,070 (347) 14,475 92 21,567 (634) (1,245) 2,464 Unrealized gains in OCI, net — — — — 8,656 — — — — Other settlements, net (1) (1,043) (745) — — — — — — — Ending balance - $ 7,616,592 $ 5,181,994 $ 422,788 $ 102,220 $ 110,087 $ 560,745 $ 216,033 $ 36,122 $ 30,641 Liabilities Derivatives (2) HEI Securitization Non-Controlling Interest ABS (In Thousands) Beginning balance - December 31, 2023 $ 8,104 $ 59,752 $ 9,151,263 Acquisitions — — 1,190,500 Principal paydowns — — (294,043) Gains (losses) in net income, net (6,744) 5,126 (67,829) Other settlements, net (1) (3,467) — — Ending balance - March 31, 2024 $ (2,107) $ 64,878 $ 9,979,891 (1) Other settlements, net: for residential consumer and residential investor loans, represents the transfer of loans to REO; for derivatives, represents the transfer of the fair value of loan purchase and interest rate lock commitments at the time loans are acquired to the basis of residential consumer and residential investor loans; and for MSRs and other investments, primarily represents an investment that was exchanged into a new instrument that is no longer measured at fair value on a recurring basis. (2) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis. The following table presents the portion of fair value gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2024 and 2023. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2024 and 2023 are not included in this presentation. Table 5.4 – Portion of Net Fair Value Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at March 31, 2024 and March 31, 2023 Included in Net Income Included in Net Income (loss) Three Months Ended March 31, (In Thousands) 2024 2023 Assets Residential consumer loans at Redwood $ (1,497) $ 156 Residential investor loans (1,397) 12,239 Net investments in consolidated Sequoia entities (1) 6,910 2,349 Net investments in consolidated Freddie Mac SLST entities (1) 3,367 8,759 Net investments in consolidated Freddie Mac K-Series entities (1) 243 363 Net investments in consolidated CAFL entities (1) 10,251 (8,810) Net investment in consolidated HEI securitization entities (1) 2,888 1,194 Trading securities 14,506 1,793 Available-for-sale securities 629 (28) HEI at Redwood 6,075 3,433 Servicer advance investments (634) (1,352) MSRs 2,723 (424) Excess MSRs (1,245) (229) Other investments — (94) Loan purchase commitments 1,315 353 Liabilities Loan purchase commitments $ (3,420) $ (6) (1) Represents the portion of net fair value gains or losses included in our consolidated statements of income related to securitized loans, securitized HEI, and the associated ABS issued at our consolidated securitization entities held at March 31, 2024 and March 31, 2023 , which, netted together, represent the change in value of our investments at the consolidated VIEs under the CFE election, excluding REO. The following table presents information on assets recorded at fair value on a non-recurring basis at March 31, 2024. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our consolidated balance sheets at March 31, 2024. Table 5.5 – Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2024 Gain (Loss) for March 31, 2024 Carrying Fair Value Measurements Using Three Months Ended (In Thousands) Level 1 Level 2 Level 3 March 31, 2024 Assets Strategic Investments (1) $ 1,600 $ — $ — $ 1,600 $ 650 REO 66,978 — — 66,978 (3,000) (1) Strategic investments represent investments we made in companies either through our RWT Horizons venture investment platform or separately at a corporate level. See Note 11 for further detail regarding Strategic Investments The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 5.6 – Market Valuation Gains and Losses, Net Three Months Ended March 31, (In Thousands) 2024 2023 Mortgage Banking Activities, Net Residential consumer loans held-for-sale $ 2,497 $ 6,994 Residential consumer loan purchase commitments (6,351) (239) Residential investor term loans held-for-sale (296) 12,700 Residential investor bridge loans 946 1,119 Trading securities (1) 8,511 — Risk management derivatives, net 5,598 (8,467) Total mortgage banking activities, net (2) $ 10,905 $ 12,107 Investment Fair Value Changes, Net Residential consumer loans held-for-investment, at Redwood (called Sequoia loans) $ — $ 183 Residential investor term loans held-for-sale (1,000) — Residential investor bridge loans held-for-investment (3,218) 1,376 Trading securities 4,181 1,961 Servicer advance investments (634) (1,352) Excess MSRs (1,245) (228) Net investments in Legacy Sequoia entities (3) (218) (94) Net investments in Sequoia entities (3) 7,128 2,442 Net investments in Freddie Mac SLST entities (3) 3,730 8,934 Net investment in Freddie Mac K-Series entity (3) 243 363 Net investments in CAFL entities (3) 10,251 (8,810) Other investments (2,391) (435) Risk management derivatives, net 4,381 (8,704) Credit recoveries (losses) on AFS securities 629 (28) Total investment fair value changes, net $ 21,837 $ (4,392) HEI income, Net HEI at Redwood $ 6,143 $ 3,840 Net investments in HEI securitization entities (3) 2,888 425 Total HEI income, net $ 9,031 $ 4,265 Other Income MSRs $ 2,464 $ (590) Other (217) (120) Total other income (4) $ 2,247 $ (710) Total Market Valuation Gains (Losses), Net $ 44,020 $ 11,270 Footnotes to Table 5.6 (1) Represents fair value changes on trading securities that are being used along with risk management derivatives to manage the market risks associated with our residential consumer mortgage banking operations. (2) Mortgage banking activities, net presented above does not include fee income from loan originations or acquisitions, provisions for repurchases, or other expenses that are components of Mortgage banking activities, net presented on our consolidated statements of in come, as these amounts do not represent market valuation changes. (3) Includes changes in fair value of the residential consumer loans held-for-investment, securitized HEI, REO and the ABS issued at the entities, which, netted together, represent the change in value of our investments at the consolidated VIEs accounted for under the CFE election. (4) Other income presented above does not include net MSR fee income or provisions for repurchases of MSRs, as these amounts do not represent market valuation adjustments. At March 31, 2024, our valuation policy and processes had not changed from those described in our Annual Report on Form 10-K for the year ended December 31, 2023. The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value. Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments March 31, 2024 Fair Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (1) Assets Residential consumer loans: Jumbo loans $ 506,500 Senior credit spread to TBA price (2) $ 1.13 - $ 2.25 $ 1.23 Subordinate credit spread (2) 215 - 700 bps 305 bps Senior credit support (2) 7 - 7 % 7 % IO discount rate (2) 24 - 24 % 24 % Prepayment rate (annual CPR) (2) 15 - 15 % 15 % Jumbo loans committed to sell 5,205 Whole loan committed sales price $ 103 - $ 103 $ 103 Loans held by Legacy Sequoia (3) 131,859 Liability price N/A N/A Loans held by Sequoia (3) 5,640,341 Liability price N/A N/A Loans held by Freddie Mac SLST (3) 1,332,686 Liability price N/A N/A Residential investor loans: Residential investor term loans 253,774 Senior credit spread (2) 120 - 120 bps 120 bps Subordinate credit spread (2) 180 - 780 bps 383 bps Senior credit support (2) 34 - 34 % 34 % Prepayment rate (annual CPR) (2) — - 3 % 3 % Dollar price of non-performing loans $ 59 - $ 100 $ 60 Residential investor term loans held by CAFL (3) 2,853,052 Liability price N/A N/A Residential investor bridge loans held by CAFL (3) 762,158 Liability price N/A N/A Residential investor bridge loans 1,313,010 Whole loan discount rate 9 - 13 % 10 % Whole loan spread 485 - 485 bps 485 bps Dollar price of non-performing loans $41 - $ 100 $ 84 Multifamily loans held by Freddie Mac K-Series (3) 422,788 Liability price N/A N/A Trading and AFS securities 212,307 Discount rate 6 - 27 % 13 % Prepayment rate (annual CPR) 2 - 65 % 10 % Default rate — - 9 % 0.2 % Loss severity — - 50 % 22 % HEI 246,561 Discount rate 10 - 10 % 10 % Prepayment rate (annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 3 - 3 % 3 % HEI held by HEI securitization entities (3) 314,184 Liability price N/A N/A Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments (continued) March 31, 2024 Fair Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (1) Assets (continued) Servicer advance investments $ 216,033 Discount rate 2 - 4 % 3 % Prepayment rate (annual CPR) 11 - 30 % 14 % Expected remaining life (4) 5 - 5 yrs 5 yrs Mortgage servicing income 3 - 18 bps 10 bps MSRs 27,417 Discount rate 12 - 73 % 12 % Prepayment rate (annual CPR) 2 - 14 % 4 % Per loan annual cost to service $ 93 - $ 93 $ 93 Excess MSRs 36,122 Discount rate 12 - 19 % 18 % Prepayment rate (annual CPR) 10 - 100 % 17 % Excess mortgage servicing amount 8 - 20 bps 11 bps Liabilities Residential consumer loan purchase commitments, net 2,107 Senior credit spread to TBA price (2) $ 1.13 - $ 2.25 $ 1.23 Subordinate credit spread (2) 215 - 700 bps 305 bps Senior credit support (2) 7 - 7 % 7 % IO discount rate (2) 20 - 20 % 20 % Prepayment rate (annual CPR) (2) 15 - 15 % 15 % Pull-through rate 18 - 100 % 69 % Committed sales price $ 102 - $ 103 $ 103 ABS issued (3) : At consolidated Sequoia entities 5,554,012 Discount rate 4 - 40 % 8 % Prepayment rate (annual CPR) 4 - 23 % 8 % Default rate — - 18 % 1 % Loss severity 25 - 50 % 30 % At consolidated CAFL Term entities 2,519,547 Discount rate 5 - 12 % 7 % Prepayment rate (annual CPR) — - 3 % 0.1 % Default rate 3 - 13 % 7 % Loss severity 25 - 35 % 25 % At consolidated Freddie Mac SLST entities 1,064,788 Discount rate 5 - 9 % 6 % Prepayment rate (annual CPR) 6 - 6 % 6 % Default rate 14 - 16 % 15 % Loss severity 25 - 25 % 25 % At consolidated Freddie Mac K-Series entities (3) 389,238 Discount rate 5 - 10 % 6 % At consolidated HEI entities (5) 220,325 Discount rate 8 - 12 % 9 % Prepayment rate (annual CPR) 15 - 15 % 15 % Home price appreciation (depreciation) 3 - 3 % 3 % At consolidated CAFL Bridge entities 231,982 Discount rate 7 - 15 % 8 % Prepayment rate (annual CPR) 40 - 40 % 40 % Default rate — 5 % 3 % Loss severity 25 - 25 % 25 % Footnotes to Table 5.7 (1) The weighted average input values for all loan types are based on unpaid principal balance. The weighted average input values for all other assets and liabilities are based on relative fair value. (2) Values represent pricing inputs used in securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. (3) The fair value of the loans and HEI held by consolidated entities is based on the fair value of the ABS issued by these entities and the securities and other investments we own in those entities, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. At March 31, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, CAFL Bridge (under CFE), Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $218 million, $333 million, $21 million, $271 million, $34 million, and $37 million, respectively. CAFL Bridge only includes the one securitization entity for which we made the CFE election. (4) Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool). (5) Fair value presented in this line item for ABS issued at consolidated HEI entities does not include non-controlling interests in our HEI entities, which we account for separately as liabilities in our Consolidated Balance Sheets and carry at fair value. However, given the HEI non-controlling interests are priced using the same model and inputs, the unobservable inputs and input values provided in this section include those for the HEI non-controlling interests. Determination of Fair Value We generally use both market comparable information and discounted cash flow modeling techniques to determine the fair value of our Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, a significant increase or decrease in any of these inputs in isolation — such as anticipated credit losses, prepayment rates, interest rates, or other valuation assumptions — would likely result in a significantly lower or higher fair value measurement. Included in Note 5 to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2023 is a more detailed description of our financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy. Certain of our Other investments (inclusive of strategic investments in early-stage companies) are Level 3 financial instruments that we account for under the fair value option. These investments generally take the form of equity or debt with conversion features and do not have readily determinable fair values. We initially record these investments at cost and adjust their fair value based on observable price changes, such as follow-on capital raises by these companies or secondary sales of these, or similar, equity or debt instruments, and will also evaluate impacts to valuation from changing market conditions and underlying business performance. As of March 31, 2024, the carrying value of these investments was $3 million.

Residential Consumer Loans

Residential Consumer Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Residential Consumer Loans	Residential Consumer Loans We acquire residential consumer loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.1 – Classifications and Carrying Values of Residential Consumer Loans March 31, 2024 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 511,706 $ — $ — $ — $ 511,706 Held-for-investment at fair value — 131,859 5,640,341 1,332,686 7,104,886 Total Residential Consumer Loans $ 511,706 $ 131,859 $ 5,640,341 $ 1,332,686 $ 7,616,592 December 31, 2023 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ — $ 911,192 Held-for-investment at fair value — 139,739 4,640,464 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 139,739 $ 4,640,464 $ 1,359,242 $ 7,050,637 At March 31, 2024, we owned mortgage servicing rights associated with $504 million (principal balance) of residential consumer loans owned at Redwood that were purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Consumer Loans Held-for-Sale The following table summarizes the characteristics of residential consumer loans held-for-sale at March 31, 2024 and December 31, 2023. Table 6.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 448 874 Unpaid principal balance $ 508,708 $ 916,877 Fair value of loans $ 511,706 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 507,450 $ 907,742 Weighted average coupon 6.74 % 6.25 % At both March 31, 2024 and December 31, 2023, there were no residential consumer loans held-for-sale that were 90 days or more delinquent or in foreclosure. The following table provides the activity of residential consumer loans held-for-sale during the three months ended March 31, 2024 and 2023. Table 6.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended March 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 999,786 $ 53,046 Principal balance of loans sold 201,581 173,153 Principal balance of loans transferred from HFS to HFI 1,187,961 657,295 Net market valuation gains recorded (1) 2,497 7,178 (1) Net market valuation gains on residential consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income. Residential Consumer Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by Legacy Sequoia, Sequoia and Freddie Mac SLST securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the residential consumer loans owned at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.4 – Characteristics of Residential Consumer Loans Held-for-Investment March 31, 2024 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,017 7,078 10,187 Unpaid principal balance $ 146,688 $ 6,294,974 $ 1,593,040 Fair value of loans (1) $ 131,859 $ 5,640,341 $ 1,332,686 Weighted average coupon 6.59 % 4.52 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 15 14 743 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,328 $ 11,904 $ 125,401 Number of loans in foreclosure 5 6 286 Unpaid principal balance of loans in foreclosure $ 1,086 $ 5,335 $ 47,490 December 31, 2023 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,059 6,070 10,302 Unpaid principal balance $ 156,053 $ 5,242,860 $ 1,614,974 Fair value of loans (1) $ 139,739 $ 4,640,464 $ 1,359,242 Weighted average coupon 6.54 % 4.08 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 16 11 796 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,141 $ 8,882 $ 132,307 Number of loans in foreclosure 7 5 292 Unpaid principal balance of loans in foreclosure $ 1,848 $ 3,386 $ 47,654 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. For loans held at our consolidated Legacy Sequoia, Sequoia, and Freddie Mac SLST entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the three months ended March 31, 2024 and 2023. Table 6.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Legacy Freddie Mac Legacy Freddie Mac (In Thousands) Sequoia Sequoia SLST Sequoia Sequoia SLST Principal value of loans transferred from HFS to HFI (1) N/A $ 1,187,961 N/A N/A $ 657,295 N/A Net market valuation gains (losses) recorded 1,516 (56,324) (4,231) (463) 61,867 32,437 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. We originate and invest in residential investor loans, including term loans and bridge loans. The following table summarizes the classifications and carrying values of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Investor Loans March 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 253,774 — $ 26,777 $ — $ 280,551 Held-for-investment at fair value — 2,853,052 1,286,233 762,158 4,901,443 Total Residential Investor Loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 $ 5,181,994 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 Nearly all of the outstanding residential investor term loans at March 31, 2024 were first-lien, fixed-rate loans with original maturities of three, five, seven, or ten years. The outstanding residential investor bridge loans held-for-investment at March 31, 2024 were first-lien, interest-only loans with original maturities of 6 to 36 months and were comprised of 73% one-month SOFR-indexed adjustable-rate loans, and 27% fixed-rate loans. At March 31, 2024, we had $513 million in commitments to fund residential investor bridge loans. See Note 17 for additional information on these commitments. The following table provides the activity of residential investor loans at Redwood during the three months ended March 31, 2024 and 2023. Table 7.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Redwood Residential Investor Bridge at Redwood Residential Investor Term at Redwood Residential Investor Bridge at Redwood Principal balance of loans originated $ 117,090 $ 194,029 $ 174,078 $ 255,152 Principal balance of loans acquired — 15,677 — 9,085 Principal balance of loans sold to third parties (1) 6,032 53,221 217,702 12,547 Fair value of loans transferred (2) — (98,731) — (80,792) Mortgage banking activities income (loss) recorded (3) (296) 946 12,700 1,119 Investment fair value changes recorded (1,000) (3,218) — 1,608 (1) The principal balance of loans sold to third parties is net of $15 million related to construction draws on residential investor bridge loans sold to the Oaktree joint venture. (2) For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features. (3) Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). Residential Investor Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying residential investor term loans and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income. The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 4.2 . We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential investor loans held-for-investment at CAFL during the three months ended March 31, 2024 and 2023. Table 7.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Residential Investor Bridge at CAFL Residential Investor Term at Residential Investor Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 7,583 $ 3,690 $ 37,179 $ (592) Fair value of loans transferred to HFI — 98,731 — 80,792 Footnote to Table 7.3 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Investor Loans March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 73 1,022 850 1,849 Unpaid principal balance $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 Fair value of loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 Weighted average coupon 6.95 % 5.34 % 10.35 % 10.62 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 5,307 N/A $ 35,653 N/A Market value of loans pledged as collateral under long-term debt facilities $ 212,589 N/A $ 1,223,044 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 42 48 61 Unpaid principal balance of loans with 90+ day delinquencies $ 28,064 $ 137,447 $ 92,810 $ 11,741 Fair value of loans with 90+ day delinquencies (2) $ 15,623 N/A $ 81,326 N/A Number of loans in foreclosure 2 10 34 59 Unpaid principal balance of loans in foreclosure (3) $ 28,064 $ 25,158 $ 76,483 $ 5,295 Fair value of loans in foreclosure (3) $ 15,623 N/A $ 64,999 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 38 1,055 925 1,912 Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 2,393 N/A $ 92,832 N/A Market value of loans pledged as collateral under long-term debt facilities $ 122,541 N/A $ 1,205,366 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 45 54 52 Unpaid principal balance of loans with 90+ day delinquencies $ 28,263 $ 143,623 $ 96,934 $ 10,646 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Number of loans in foreclosure 2 7 36 47 Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A Footnotes to Table 7.4 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. At March 31, 2024 and December 31, 2023, in addition to residential investor bridge and term loans that were 90 or more days delinquent, residential investor bridge loans with an aggregate unpaid principal balance of $142 million and $207 million, respectively, and an aggregate fair value of $137 million and $201 million, respectively, were on non-accrual status. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at March 31, 2024 by collateral/strategy type. Table 7.5 – Residential Investor Loans Collateral/Strategy Type March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental 185,581 2,393,902 — — Multifamily 77,467 672,661 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 602,774 389,451 Single Asset Bridge ("SAB") (3) — — 23,023 136,475 Multifamily (4) — — 686,456 221,635 Third-Party Originated — — 24,567 4,523 Total Residential Investor Loans $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with GAAP for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. We invest in multifamily subordinate securities issued by a Freddie Mac K-Series securitization trust and consolidate the underlying multifamily loans owned by this entity for financial reporting purposes in accordance with GAAP. The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at March 31, 2024 and December 31, 2023. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 28 28 Unpaid principal balance $ 436,718 $ 438,868 Fair value of loans $ 422,788 $ 425,285 Weighted average coupon 4.25 % 4.25 % Weighted average remaining loan term (years) 1 2 There were no consolidated agency multifamily loans with 90+ day delinquencies and no multifamily loans in foreclosure at March 31, 2024 and December 31, 2023. The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at March 31, 2024 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the three months ended March 31, 2024 and 2023. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment Three Months Ended March 31, (In Thousands) 2024 2023 Net market valuation gains (losses) recorded (1) $ (347) $ 4,160 (1) Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated Freddie Mac K-Series entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 .

Residential Investor Loans

Residential Investor Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Residential Investor Loans	Residential Consumer Loans We acquire residential consumer loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.1 – Classifications and Carrying Values of Residential Consumer Loans March 31, 2024 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 511,706 $ — $ — $ — $ 511,706 Held-for-investment at fair value — 131,859 5,640,341 1,332,686 7,104,886 Total Residential Consumer Loans $ 511,706 $ 131,859 $ 5,640,341 $ 1,332,686 $ 7,616,592 December 31, 2023 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ — $ 911,192 Held-for-investment at fair value — 139,739 4,640,464 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 139,739 $ 4,640,464 $ 1,359,242 $ 7,050,637 At March 31, 2024, we owned mortgage servicing rights associated with $504 million (principal balance) of residential consumer loans owned at Redwood that were purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Consumer Loans Held-for-Sale The following table summarizes the characteristics of residential consumer loans held-for-sale at March 31, 2024 and December 31, 2023. Table 6.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 448 874 Unpaid principal balance $ 508,708 $ 916,877 Fair value of loans $ 511,706 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 507,450 $ 907,742 Weighted average coupon 6.74 % 6.25 % At both March 31, 2024 and December 31, 2023, there were no residential consumer loans held-for-sale that were 90 days or more delinquent or in foreclosure. The following table provides the activity of residential consumer loans held-for-sale during the three months ended March 31, 2024 and 2023. Table 6.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended March 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 999,786 $ 53,046 Principal balance of loans sold 201,581 173,153 Principal balance of loans transferred from HFS to HFI 1,187,961 657,295 Net market valuation gains recorded (1) 2,497 7,178 (1) Net market valuation gains on residential consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income. Residential Consumer Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by Legacy Sequoia, Sequoia and Freddie Mac SLST securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the residential consumer loans owned at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.4 – Characteristics of Residential Consumer Loans Held-for-Investment March 31, 2024 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,017 7,078 10,187 Unpaid principal balance $ 146,688 $ 6,294,974 $ 1,593,040 Fair value of loans (1) $ 131,859 $ 5,640,341 $ 1,332,686 Weighted average coupon 6.59 % 4.52 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 15 14 743 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,328 $ 11,904 $ 125,401 Number of loans in foreclosure 5 6 286 Unpaid principal balance of loans in foreclosure $ 1,086 $ 5,335 $ 47,490 December 31, 2023 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,059 6,070 10,302 Unpaid principal balance $ 156,053 $ 5,242,860 $ 1,614,974 Fair value of loans (1) $ 139,739 $ 4,640,464 $ 1,359,242 Weighted average coupon 6.54 % 4.08 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 16 11 796 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,141 $ 8,882 $ 132,307 Number of loans in foreclosure 7 5 292 Unpaid principal balance of loans in foreclosure $ 1,848 $ 3,386 $ 47,654 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. For loans held at our consolidated Legacy Sequoia, Sequoia, and Freddie Mac SLST entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the three months ended March 31, 2024 and 2023. Table 6.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Legacy Freddie Mac Legacy Freddie Mac (In Thousands) Sequoia Sequoia SLST Sequoia Sequoia SLST Principal value of loans transferred from HFS to HFI (1) N/A $ 1,187,961 N/A N/A $ 657,295 N/A Net market valuation gains (losses) recorded 1,516 (56,324) (4,231) (463) 61,867 32,437 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. We originate and invest in residential investor loans, including term loans and bridge loans. The following table summarizes the classifications and carrying values of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Investor Loans March 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 253,774 — $ 26,777 $ — $ 280,551 Held-for-investment at fair value — 2,853,052 1,286,233 762,158 4,901,443 Total Residential Investor Loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 $ 5,181,994 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 Nearly all of the outstanding residential investor term loans at March 31, 2024 were first-lien, fixed-rate loans with original maturities of three, five, seven, or ten years. The outstanding residential investor bridge loans held-for-investment at March 31, 2024 were first-lien, interest-only loans with original maturities of 6 to 36 months and were comprised of 73% one-month SOFR-indexed adjustable-rate loans, and 27% fixed-rate loans. At March 31, 2024, we had $513 million in commitments to fund residential investor bridge loans. See Note 17 for additional information on these commitments. The following table provides the activity of residential investor loans at Redwood during the three months ended March 31, 2024 and 2023. Table 7.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Redwood Residential Investor Bridge at Redwood Residential Investor Term at Redwood Residential Investor Bridge at Redwood Principal balance of loans originated $ 117,090 $ 194,029 $ 174,078 $ 255,152 Principal balance of loans acquired — 15,677 — 9,085 Principal balance of loans sold to third parties (1) 6,032 53,221 217,702 12,547 Fair value of loans transferred (2) — (98,731) — (80,792) Mortgage banking activities income (loss) recorded (3) (296) 946 12,700 1,119 Investment fair value changes recorded (1,000) (3,218) — 1,608 (1) The principal balance of loans sold to third parties is net of $15 million related to construction draws on residential investor bridge loans sold to the Oaktree joint venture. (2) For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features. (3) Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). Residential Investor Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying residential investor term loans and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income. The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 4.2 . We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential investor loans held-for-investment at CAFL during the three months ended March 31, 2024 and 2023. Table 7.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Residential Investor Bridge at CAFL Residential Investor Term at Residential Investor Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 7,583 $ 3,690 $ 37,179 $ (592) Fair value of loans transferred to HFI — 98,731 — 80,792 Footnote to Table 7.3 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Investor Loans March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 73 1,022 850 1,849 Unpaid principal balance $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 Fair value of loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 Weighted average coupon 6.95 % 5.34 % 10.35 % 10.62 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 5,307 N/A $ 35,653 N/A Market value of loans pledged as collateral under long-term debt facilities $ 212,589 N/A $ 1,223,044 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 42 48 61 Unpaid principal balance of loans with 90+ day delinquencies $ 28,064 $ 137,447 $ 92,810 $ 11,741 Fair value of loans with 90+ day delinquencies (2) $ 15,623 N/A $ 81,326 N/A Number of loans in foreclosure 2 10 34 59 Unpaid principal balance of loans in foreclosure (3) $ 28,064 $ 25,158 $ 76,483 $ 5,295 Fair value of loans in foreclosure (3) $ 15,623 N/A $ 64,999 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 38 1,055 925 1,912 Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 2,393 N/A $ 92,832 N/A Market value of loans pledged as collateral under long-term debt facilities $ 122,541 N/A $ 1,205,366 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 45 54 52 Unpaid principal balance of loans with 90+ day delinquencies $ 28,263 $ 143,623 $ 96,934 $ 10,646 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Number of loans in foreclosure 2 7 36 47 Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A Footnotes to Table 7.4 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. At March 31, 2024 and December 31, 2023, in addition to residential investor bridge and term loans that were 90 or more days delinquent, residential investor bridge loans with an aggregate unpaid principal balance of $142 million and $207 million, respectively, and an aggregate fair value of $137 million and $201 million, respectively, were on non-accrual status. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at March 31, 2024 by collateral/strategy type. Table 7.5 – Residential Investor Loans Collateral/Strategy Type March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental 185,581 2,393,902 — — Multifamily 77,467 672,661 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 602,774 389,451 Single Asset Bridge ("SAB") (3) — — 23,023 136,475 Multifamily (4) — — 686,456 221,635 Third-Party Originated — — 24,567 4,523 Total Residential Investor Loans $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with GAAP for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. We invest in multifamily subordinate securities issued by a Freddie Mac K-Series securitization trust and consolidate the underlying multifamily loans owned by this entity for financial reporting purposes in accordance with GAAP. The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at March 31, 2024 and December 31, 2023. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 28 28 Unpaid principal balance $ 436,718 $ 438,868 Fair value of loans $ 422,788 $ 425,285 Weighted average coupon 4.25 % 4.25 % Weighted average remaining loan term (years) 1 2 There were no consolidated agency multifamily loans with 90+ day delinquencies and no multifamily loans in foreclosure at March 31, 2024 and December 31, 2023. The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at March 31, 2024 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the three months ended March 31, 2024 and 2023. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment Three Months Ended March 31, (In Thousands) 2024 2023 Net market valuation gains (losses) recorded (1) $ (347) $ 4,160 (1) Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated Freddie Mac K-Series entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 .

Consolidated Agency Multifamily

Consolidated Agency Multifamily Loans	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Consolidated Agency Multifamily Loans	Residential Consumer Loans We acquire residential consumer loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.1 – Classifications and Carrying Values of Residential Consumer Loans March 31, 2024 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 511,706 $ — $ — $ — $ 511,706 Held-for-investment at fair value — 131,859 5,640,341 1,332,686 7,104,886 Total Residential Consumer Loans $ 511,706 $ 131,859 $ 5,640,341 $ 1,332,686 $ 7,616,592 December 31, 2023 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ — $ 911,192 Held-for-investment at fair value — 139,739 4,640,464 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 139,739 $ 4,640,464 $ 1,359,242 $ 7,050,637 At March 31, 2024, we owned mortgage servicing rights associated with $504 million (principal balance) of residential consumer loans owned at Redwood that were purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Consumer Loans Held-for-Sale The following table summarizes the characteristics of residential consumer loans held-for-sale at March 31, 2024 and December 31, 2023. Table 6.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 448 874 Unpaid principal balance $ 508,708 $ 916,877 Fair value of loans $ 511,706 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 507,450 $ 907,742 Weighted average coupon 6.74 % 6.25 % At both March 31, 2024 and December 31, 2023, there were no residential consumer loans held-for-sale that were 90 days or more delinquent or in foreclosure. The following table provides the activity of residential consumer loans held-for-sale during the three months ended March 31, 2024 and 2023. Table 6.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended March 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 999,786 $ 53,046 Principal balance of loans sold 201,581 173,153 Principal balance of loans transferred from HFS to HFI 1,187,961 657,295 Net market valuation gains recorded (1) 2,497 7,178 (1) Net market valuation gains on residential consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income. Residential Consumer Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by Legacy Sequoia, Sequoia and Freddie Mac SLST securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the residential consumer loans owned at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.4 – Characteristics of Residential Consumer Loans Held-for-Investment March 31, 2024 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,017 7,078 10,187 Unpaid principal balance $ 146,688 $ 6,294,974 $ 1,593,040 Fair value of loans (1) $ 131,859 $ 5,640,341 $ 1,332,686 Weighted average coupon 6.59 % 4.52 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 15 14 743 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,328 $ 11,904 $ 125,401 Number of loans in foreclosure 5 6 286 Unpaid principal balance of loans in foreclosure $ 1,086 $ 5,335 $ 47,490 December 31, 2023 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,059 6,070 10,302 Unpaid principal balance $ 156,053 $ 5,242,860 $ 1,614,974 Fair value of loans (1) $ 139,739 $ 4,640,464 $ 1,359,242 Weighted average coupon 6.54 % 4.08 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 16 11 796 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,141 $ 8,882 $ 132,307 Number of loans in foreclosure 7 5 292 Unpaid principal balance of loans in foreclosure $ 1,848 $ 3,386 $ 47,654 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure. For loans held at our consolidated Legacy Sequoia, Sequoia, and Freddie Mac SLST entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the three months ended March 31, 2024 and 2023. Table 6.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Legacy Freddie Mac Legacy Freddie Mac (In Thousands) Sequoia Sequoia SLST Sequoia Sequoia SLST Principal value of loans transferred from HFS to HFI (1) N/A $ 1,187,961 N/A N/A $ 657,295 N/A Net market valuation gains (losses) recorded 1,516 (56,324) (4,231) (463) 61,867 32,437 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. We originate and invest in residential investor loans, including term loans and bridge loans. The following table summarizes the classifications and carrying values of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Investor Loans March 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 253,774 — $ 26,777 $ — $ 280,551 Held-for-investment at fair value — 2,853,052 1,286,233 762,158 4,901,443 Total Residential Investor Loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 $ 5,181,994 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 Nearly all of the outstanding residential investor term loans at March 31, 2024 were first-lien, fixed-rate loans with original maturities of three, five, seven, or ten years. The outstanding residential investor bridge loans held-for-investment at March 31, 2024 were first-lien, interest-only loans with original maturities of 6 to 36 months and were comprised of 73% one-month SOFR-indexed adjustable-rate loans, and 27% fixed-rate loans. At March 31, 2024, we had $513 million in commitments to fund residential investor bridge loans. See Note 17 for additional information on these commitments. The following table provides the activity of residential investor loans at Redwood during the three months ended March 31, 2024 and 2023. Table 7.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Redwood Residential Investor Bridge at Redwood Residential Investor Term at Redwood Residential Investor Bridge at Redwood Principal balance of loans originated $ 117,090 $ 194,029 $ 174,078 $ 255,152 Principal balance of loans acquired — 15,677 — 9,085 Principal balance of loans sold to third parties (1) 6,032 53,221 217,702 12,547 Fair value of loans transferred (2) — (98,731) — (80,792) Mortgage banking activities income (loss) recorded (3) (296) 946 12,700 1,119 Investment fair value changes recorded (1,000) (3,218) — 1,608 (1) The principal balance of loans sold to third parties is net of $15 million related to construction draws on residential investor bridge loans sold to the Oaktree joint venture. (2) For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features. (3) Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). Residential Investor Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying residential investor term loans and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines, and are recorded through Investment fair value changes, net on our consolidated statements of income. The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 4.2 . We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. The following table provides the activity of residential investor loans held-for-investment at CAFL during the three months ended March 31, 2024 and 2023. Table 7.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Residential Investor Bridge at CAFL Residential Investor Term at Residential Investor Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 7,583 $ 3,690 $ 37,179 $ (592) Fair value of loans transferred to HFI — 98,731 — 80,792 Footnote to Table 7.3 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Investor Loans March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 73 1,022 850 1,849 Unpaid principal balance $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 Fair value of loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 Weighted average coupon 6.95 % 5.34 % 10.35 % 10.62 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 5,307 N/A $ 35,653 N/A Market value of loans pledged as collateral under long-term debt facilities $ 212,589 N/A $ 1,223,044 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 42 48 61 Unpaid principal balance of loans with 90+ day delinquencies $ 28,064 $ 137,447 $ 92,810 $ 11,741 Fair value of loans with 90+ day delinquencies (2) $ 15,623 N/A $ 81,326 N/A Number of loans in foreclosure 2 10 34 59 Unpaid principal balance of loans in foreclosure (3) $ 28,064 $ 25,158 $ 76,483 $ 5,295 Fair value of loans in foreclosure (3) $ 15,623 N/A $ 64,999 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 38 1,055 925 1,912 Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 2,393 N/A $ 92,832 N/A Market value of loans pledged as collateral under long-term debt facilities $ 122,541 N/A $ 1,205,366 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 45 54 52 Unpaid principal balance of loans with 90+ day delinquencies $ 28,263 $ 143,623 $ 96,934 $ 10,646 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Number of loans in foreclosure 2 7 36 47 Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A Footnotes to Table 7.4 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. At March 31, 2024 and December 31, 2023, in addition to residential investor bridge and term loans that were 90 or more days delinquent, residential investor bridge loans with an aggregate unpaid principal balance of $142 million and $207 million, respectively, and an aggregate fair value of $137 million and $201 million, respectively, were on non-accrual status. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at March 31, 2024 by collateral/strategy type. Table 7.5 – Residential Investor Loans Collateral/Strategy Type March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental 185,581 2,393,902 — — Multifamily 77,467 672,661 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 602,774 389,451 Single Asset Bridge ("SAB") (3) — — 23,023 136,475 Multifamily (4) — — 686,456 221,635 Third-Party Originated — — 24,567 4,523 Total Residential Investor Loans $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with GAAP for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties. We invest in multifamily subordinate securities issued by a Freddie Mac K-Series securitization trust and consolidate the underlying multifamily loans owned by this entity for financial reporting purposes in accordance with GAAP. The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at March 31, 2024 and December 31, 2023. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 28 28 Unpaid principal balance $ 436,718 $ 438,868 Fair value of loans $ 422,788 $ 425,285 Weighted average coupon 4.25 % 4.25 % Weighted average remaining loan term (years) 1 2 There were no consolidated agency multifamily loans with 90+ day delinquencies and no multifamily loans in foreclosure at March 31, 2024 and December 31, 2023. The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at March 31, 2024 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the three months ended March 31, 2024 and 2023. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment Three Months Ended March 31, (In Thousands) 2024 2023 Net market valuation gains (losses) recorded (1) $ (347) $ 4,160 (1) Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated Freddie Mac K-Series entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 .

Real Estate Securities

Real Estate Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities We invest in real estate securities that we create and retain from our Sequoia securitizations or acquire from third parties. The following table presents the fair values of our real estate securities by type at March 31, 2024 and December 31, 2023. Table 9.1 – Fair Value of Real Estate Securities by Type (In Thousands) March 31, 2024 December 31, 2023 Trading $ 102,220 $ 40,424 Available-for-sale 110,087 87,373 Total Real Estate Securities $ 212,307 $ 127,797 Our real estate securities include mortgage-backed securities, which are presented in accordance with their general position within a securitization structure based on their rights to cash flows. Senior securities are those interests in a securitization that generally have the first right to cash flows and are last in line to absorb losses. Mezzanine securities are interests that are generally subordinate to senior securities in their rights to receive cash flows, and have subordinate securities below them that are first to absorb losses. Subordinate securities are all interests below mezzanine. Nearly all of our residential securities are supported by collateral that was designated as prime at the time of issuance. Trading Securities We elected the fair value option for certain securities and classify them as trading securities. Our trading securities include both residential and multifamily mortgage-backed securities. The following table presents the fair value of trading securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.2 – Fair Value of Trading Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Senior Interest-only securities (1) $ 97,955 $ 36,109 Total Senior 97,955 36,109 Subordinate Multifamily securities 2,714 2,641 Other third-party residential securities 1,551 1,674 Total Subordinate 4,265 4,315 Total Trading Securities $ 102,220 $ 40,424 (1) Includes $32 million and $28 million of Sequoia certificated mortgage servicing rights at March 31, 2024 and December 31, 2023, respectively . The following table presents the unpaid principal balance of trading securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.3 – Unpaid Principal Balance of Trading Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Senior (1) $ — $ — Subordinate 16,370 16,567 Total Trading Securities $ 16,370 $ 16,567 (1) Our senior trading securities are comprised of interest-only securities, for which there is no principal balance. The following table provides the activity of trading securities during the three months ended March 31, 2024 and 2023. Table 9.4 – Trading Securities Activity Three Months Ended March 31, (In Thousands) 2024 2023 Fair value of securities acquired $ 47,526 $ 1,700 Fair value of securities sold — 3,509 Net market valuation gains (losses) recorded (1) 14,475 1,961 (1) Net market valuation gains (losses) on trading securities are recorded through Investment fair value changes, net and Mortgage banking activities, net on our consolidated statements of income. AFS Securities The following table presents the fair value of our available-for-sale ("AFS") securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.5 – Fair Value of Available-for-Sale Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Mezzanine Other third-party securities $ 9,219 $ — Total Mezzanine 9,219 — Subordinate Sequoia securities $ 87,647 $ 78,942 Multifamily securities 4,470 4,460 Other third-party securities 8,751 3,971 Total Subordinate 100,868 87,373 Total AFS Securities $ 110,087 $ 87,373 The following table provides the activity of available-for-sale securities during the three months ended March 31, 2024 and 2023. Table 9.6 – Available-for-Sale Securities Activity Three Months Ended March 31, (In Thousands) 2024 2023 Fair value of securities acquired $ 14,056 $ — Fair value of securities sold — 2,678 Principal balance of securities called — — Net unrealized gains (losses) on AFS securities (1) 8,656 5,007 (1) Net unrealized gains (losses) on AFS securities are recorded on our consolidated balance sheets through Accumulated other comprehensive loss. At March 31, 2024, we had $4 million of AFS securities with contractual maturities less than five years, $7 million with contractual maturities greater than five years but less than ten years, and the remainder of our AFS securities had contractual maturities greater than ten years. We often purchase AFS securities at a discount to their outstanding principal balances. To the extent we purchase an AFS security that has a likelihood of incurring a loss, we do not amortize into income the portion of the purchase discount that we do not expect to collect due to the inherent credit risk of the security. We may also expense a portion of our investment in the security to the extent we believe that principal losses will exceed the purchase discount. We designate any amount of unpaid principal balance that we do not expect to receive and thus do not expect to earn or recover as a credit reserve on the security. Any remaining net unamortized discounts or premiums on the security are amortized into income over time using the effective yield method. The following table presents the components of carrying value (which equals fair value) of AFS securities at March 31, 2024 and December 31, 2023. Table 9.7 – Carrying Value of AFS Securities (In Thousands) March 31, 2024 December 31, 2023 Principal balance $ 166,302 $ 149,956 Credit reserve (19,717) (23,436) Unamortized discount, net (52,891) (46,885) Amortized cost 93,694 79,635 Gross unrealized gains 23,126 16,973 Gross unrealized losses (4,880) (6,753) CECL allowance (1,853) (2,482) Carrying Value $ 110,087 $ 87,373 The following table presents the changes for the three months ended March 31, 2024, in unamortized discount and designated credit reserves on residential AFS securities. Table 9.8 – Changes in Unamortized Discount and Designated Credit Reserves on AFS Securities Three Months Ended Credit Unamortized (In Thousands) Beginning balance $ 23,436 $ 46,885 Amortization of net discount — (92) Realized credit recoveries (losses), net 18 — Acquisitions — 2,361 Sales, calls, other — — Transfers to (release of) credit reserves, net (3,737) 3,737 Ending Balance $ 19,717 $ 52,891 AFS Securities with Unrealized Losses The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at March 31, 2024 and December 31, 2023. Table 9.9 – AFS Securities in Gross Unrealized Loss Position by Holding Periods Less Than 12 Consecutive Months 12 Consecutive Months or Longer Fair Unrealized Fair Unrealized (In Thousands) March 31, 2024 $ 2,851 $ (2) $ 21,416 $ (4,878) December 31, 2023 2,374 (128) 27,299 (6,625) At March 31, 2024, after giving effect to purchases, sales, and extinguishment due to credit losses, our consolidated balance sheets included 69 AFS securities, of which 13 were in an unrealized loss position and 12 were in a continuous unrealized loss position for 12 consecutive months or longer. At December 31, 2023, our consolidated balance sheets included 66 AFS securities, of which 21 were in an unrealized loss position and 19 were in a continuous unrealized loss position for 12 consecutive months or longer. Evaluating AFS Securities for Credit Losses Gross unrealized losses on our AFS securities were $5 million at March 31, 2024. We evaluate all securities in an unrealized loss position to determine if the impairment is credit-related (resulting in an allowance for credit losses recorded in earnings) or non-credit-related (resulting in an unrealized loss through other comprehensive income). At March 31, 2024, we did not intend to sell any of our AFS securities that were in an unrealized loss position, and it is more likely than not that we will not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. We review our AFS securities that are in an unrealized loss position to identify those securities with losses based on an assessment of changes in expected cash flows for such securities, which considers recent security performance and expected future performance of the underlying collateral. At March 31, 2024, our current expected credit loss ("CECL") allowance related to our AFS securities was $2 million. AFS securities for which an allowance is recognized have experienced, or are expected to experience, adverse cash flow changes. In determining our estimate of cash flows for AFS securities we may consider factors such as structural credit enhancement, past and expected future performance of underlying mortgage loans, including timing of expected future cash flows, which are informed by prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, FICO scores at loan origination, year of origination, loan-to-value ratios, and geographic concentrations, as well as general market assessments. Changes in our evaluation of these factors impacted the cash flows expected to be collected at the assessment date and were used to determine if there were credit-related adverse cash flows and if so, the amount of credit-related losses. Significant judgment is used in both our analysis of the expected cash flows for our AFS securities and any determination of security credit losses. The table below summarizes the weighted average of the significant credit quality indicators we used for the credit loss allowance on our AFS securities at March 31, 2024. Table 9.10 – Significant Credit Quality Indicators March 31, 2024 Subordinate Securities Default rate 0.8% Loss severity 20% The following table details the activity related to the allowance for credit losses for AFS securities for the three months ended March 31, 2024. Table 9.11 – Rollforward of Allowance for Credit Losses Three Months Ended March 31, 2024 (In Thousands) Beginning balance allowance for credit losses $ 2,482 Additions to allowance for credit losses on securities for which credit losses were not previously recorded — Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (629) Reduction to allowance for securities sold during the period — Ending balance of allowance for credit losses $ 1,853 Gains and losses from the sale of AFS securities are recorded as Realized gains, net, in our consolidated statements of income. During the three months ended March 31, 2024, we did not sell any AFS securities. During the three months ended March 31, 2023, we realized gains of $1 million on sales of AFS securities.

Home Equity Investments (HEI)

Home Equity Investments (HEI)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Home Equity Investments (HEI)	Home Equity Investments (HEI) From time to time, we may purchase home equity investment contracts from third party originators under flow purchase agreements. Additionally, in the third quarter of 2023, we began to originate HEI directly. Each HEI provides the owner of such HEI the right to purchase a percentage ownership interest in an associated residential property, and the homeowner's obligations under the HEI are secured by a lien (primarily second liens) on the property created by recording a security instrument (e.g., deed of trust) with respect to the property . Our investments in HEI expose us to both home price appreciation and depreciation of the associated property. As discussed in Note 3 , we co-sponsored two HEI securitization transactions. We consolidate these HEI securitization entities in accordance with GAAP and have elected to account for them under the CFE election. As such, market valuation changes for the securitized HEI are based on the estimated fair value of the associated ABS issued by the entity, including the interest we own, and are reported in HEI income, net on our Consolidated statements of income. The following table presents our HEI at March 31, 2024 and December 31, 2023. Table 10.1 – Home Equity Investments (In Thousands) March 31, 2024 December 31, 2023 HEI at Redwood $ 246,561 $ 244,719 HEI held at consolidated HEI securitization entities 314,184 305,717 Total Home Equity Investments $ 560,745 $ 550,436 The following table details our HEI activity during the three months ended March 31, 2024 and 2023. Table 10.2 – Activity of HEI Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 307 $ — $ 40,141 $ — Fair value of HEI transferred — — — — The following table provides the components of HEI income, net for the three months ended March 31, 2024 and 2023 and reflect net market valuation gains (losses) recorded on HEI at Redwood and on securitized HEI, net of the third party and non-controlling interests in the HEI securitizations that are not owned by Redwood. Table 10.3 – Components of HEI Income, net Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) Net market valuation gains (losses) recorded on HEI at Redwood $ 6,143 $ 3,840 Net market valuation gains (losses) recorded on Securitized HEI 15,424 1,068 Net market valuation gains (losses) recorded on ABS Issued from HEI securitizations (1) (7,409) 126 Net market valuation gains (losses) recorded on non-controlling interests in HEI securitizations (5,127) (769) Total HEI income, net $ 9,031 $ 4,265 (1) Amount includes interest expense associated with ABS issued, which totaled $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. The following tables summarizes the characteristics of our HEI at March 31, 2024 and December 31, 2023. Table 10.4 – HEI Characteristics March 31, 2024 December 31, 2023 (Dollars in Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Number of HEI contracts 1,992 2,370 2,034 2,434 Average initial amount of contract $ 105 $ 95 $ 105 $ 96

Other Investments

Other Investments	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other investments at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) March 31, 2024 December 31, 2023 Servicer advance investments $ 216,033 $ 225,345 Strategic investments 57,608 56,107 Excess MSRs 36,122 37,367 Mortgage servicing rights 27,417 24,877 Other 165 234 Total Other Investments $ 337,345 $ 343,930 Servicer advance investments We and a third-party co-investor, through two partnerships (“SA Buyers”) consolidated by us, purchased the outstanding servicer advances and excess MSRs related to portfolios of legacy residential mortgage-backed securitizations serviced by the co-investor. Refer to Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding the transactions. At March 31, 2024, our servicer advance investments had a carrying value of $216 million and were associated with specified pools of residential mortgage loans with an unpaid principal balance of $9.92 billion. The outstanding servicer advance receivables associated with these investments were $176 million at March 31, 2024, which were financed with short-term non-recourse securitization debt. See Note 14 for additional detail on this debt. The servicer advance receivables were comprised of the following types of advances at March 31, 2024 and December 31, 2023. Table 11.2 – Components of Servicer Advance Receivables (In Thousands) March 31, 2024 December 31, 2023 Principal and interest advances $ 56,005 $ 60,216 Escrow advances (taxes and insurance advances) 89,381 91,792 Corporate advances 30,523 32,579 Total Servicer Advance Receivables $ 175,909 $ 184,587 We account for our servicer advance investments at fair value and during the three months ended March 31, 2024, we received $9 million in repayments, recorded $5 million of interest income, through Other interest income, and recorded a net market valuation loss of $1 million through Investment fair value changes, net in our consolidated statements of income. Strategic Investments Strategic investments represent investments we made in companies either through our RWT Horizons venture investment platform or separately at a corporate level. At March 31, 2024, we had made a total of 36 investments in companies through RWT Horizons with a total carrying value of $22 million, as well as seven corporate-level investments. For the three months ended March 31, 2024, we recognized a net market valuation gain of $1 million on our strategic investments through Investment fair value changes, net in our consolidated statements of income, largely driven by one of the portfolio companies completing a Series A capital raising transaction during the first quarter of 2024. In the second quarter of 2023, we established a joint venture with Oaktree Capital Management, L.P. ("Oaktree"), a global investment manager, to invest in residential investor bridge loans originated by our CoreVest subsidiary. During the three months ended March 31, 2024, we sold $52 million of residential investor bridge loans, net of $15 million of construction draws, to the joint venture and at March 31, 2024, the carrying value of our investment in the joint venture was $5 million. We account for our investment in the joint venture under the equity method of accounting as we have a 20% non-controlling interest, but are deemed to be able to exert significant influence over the affairs of the joint venture. We adjust the carrying value of our equity method investment for our share of earnings or losses, dividends or return of capital on a quarterly basis. Excess MSRs In association with our servicer advance investments described above, we (through our consolidated SA Buyers) invested in excess MSRs associated with the same portfolio of legacy residential mortgage-backed securitizations. Additionally, we own excess MSRs associated with specified pools of multifamily loans. We account for our excess MSRs at fair value and during the three months ended March 31, 2024, we recognized $3 million of interest income through Other interest income and we recorded net market valuation losses of $1 million through Investment fair value changes, net on our consolidated statements of income. Mortgage Servicing Rights We invest in mortgage servicing rights associated with residential mortgage loans and contract with licensed sub-servicers to perform all servicing functions for these loans. The majority of our investments in MSRs were made through the retention of servicing rights associated with the residential jumbo mortgage loans that we acquired and subsequently sold to third parties. During the three months ended March 31, 2024, we retained MSRs with an aggregate unpaid principal balance of $9 million from sales of residential loans to third parties. We hold our MSR investments at our taxable REIT subsidiaries. At March 31, 2024 and December 31, 2023, our MSRs had a fair value of $27 million and $25 million, respectively, and were associated with loans with an aggregate principal balance of $2.00 billion and $2.19 billion, respectively. During the three months ended March 31, 2024, including net market valuation gains and losses on our MSRs, we recorded net income related to our MSRs of $4 million through Other income on our consolidated statements of income.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table presents the fair value and notional amount of our derivative financial instruments at March 31, 2024 and December 31, 2023. Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments March 31, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs — — 952 385,000 Interest rate futures 1,840 782,000 — — Assets - Other Derivatives Loan purchase commitments 1,315 284,460 11,518 216,194 Total Assets $ 3,155 $ 1,066,460 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ (5) $ 7,000 $ (27,020) $ 1,405,000 Interest rate futures (2,422) 445,000 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (3,422) 717,175 (3,414) 430,983 Total Liabilities $ (5,849) $ 1,169,175 $ (33,828) $ 1,977,483 Total Derivative Financial Instruments, Net $ (2,694) $ 2,235,635 $ (19,616) $ 2,628,677 Risk Management Derivatives To manage, to varying degrees, risks associated with certain assets and liabilities on our consolidated balance sheets, we may enter into derivative contracts. At March 31, 2024, we were party to interest rate futures contracts with an aggregate notional amount of $1.23 billion. At December 31, 2023, we were party to swaps and swaptions with an aggregate notional amount of $50 million, futures with an aggregate notional amount of $142 million and TBA agreements with an aggregate notional amount of $1.79 billion. For the three months ended March 31, 2024 and 2023, risk management derivatives had net market valuation gains of $10 million and losses of $17 million, respectively. These market valuation gains and losses are recorded in Mortgage banking activities, net and Investment fair value changes, net on our consolidated statements of income. Loan Purchase and Interest Rate Lock Commitments Loan purchase commitments ("LPCs") and interest rate lock commitments ("IRLCs") that qualify as derivatives are recorded at their estimated fair values. For the three months ended March 31, 2024, LPCs had net market valuation losses of $6 million, which were recorded in Mortgage banking activities, net on our consolidated statements of income. For the three months ended March 31, 2023, LPCs had net market valuation losses of $0.2 million, which were recorded in Mortgage banking activities, net on our consolidated statements of income. Derivatives Designated as Cash Flow Hedges For interest rate agreements previously designated as cash flow hedges, our total unrealized loss reported in Accumulated other comprehensive loss was $67 million and $68 million at March 31, 2024 and December 31, 2023, respectively. We are amortizing this loss into interest expense over the remaining term of our trust preferred securities and subordinated notes. For both of the three months ended March 31, 2024 and 2023, we reclassified $1 million of realized net losses from Accumulated other comprehensive loss into Interest expense. As of March 31, 2024, we expect to amortize $4 million of realized losses related to terminated cash flow hedges into interest expense over the next twelve months. Derivative Counterparty Credit Risk As discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, we consider counterparty risk as part of our fair value assessments of all derivative financial instruments at each quarter-end. At March 31, 2024, we assessed this risk as remote and did not record an associated specific valuation adjustment. At March 31, 2024, we were in compliance with our derivative counterparty ISDA agreements.

Other Assets and Liabilities

Other Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities Other assets at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.1 – Components of Other Assets (In Thousands) March 31, 2024 December 31, 2023 REO $ 91,313 $ 93,599 Accrued interest receivable 79,491 69,072 Investment receivable 50,917 67,302 Deferred tax asset 40,116 40,115 Margin receivable 19,409 33,414 Operating lease right-of-use assets 11,539 12,532 Fixed assets and leasehold improvements (1) 7,225 7,829 Income tax receivables 1,134 2,082 Other 32,487 25,164 Total Other Assets $ 333,631 $ 351,109 (1) Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $10 million at March 31, 2024. Accrued expenses and other liabilities at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.2 – Components of Accrued Expenses and Other Liabilities (In Thousands) March 31, 2024 December 31, 2023 Payable to noncontrolling interests $ 86,860 $ 81,177 Accrued interest payable 60,925 52,755 Accrued compensation 18,529 28,140 Operating lease liabilities 13,659 14,725 Unsettled trades 13,404 — Accrued operating expenses 9,265 5,527 Guarantee obligations 5,650 5,781 Residential consumer loan and MSR repurchase reserve 4,878 4,700 Current accounts payable 4,481 4,992 Bridge loan holdbacks 2,185 2,059 Preferred stock dividends payable 1,478 1,478 Margin payable — 350 Other 19,877 15,119 Total Accrued Expenses and Other Liabilities $ 241,191 $ 216,803 Investment Receivable Investment receivable primarily consists of amounts receivable from third-party servicers related to principal and interest receivable from residential investor loans and fees receivable from servicer advance investments. Margin Receivable and Payable Margin receivable and payable resulted from margin calls between us and our counterparties under derivatives, master repurchase agreements, and warehouse facilities, whereby we or the counterparty posted collateral. We met all margin calls due through March 31, 2024. Operating Lease Right-of-Use Assets and Operating Lease Liabilities See Note 17 for additional information on leases. REO The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities during the three months ended March 31, 2024. Table 13.3 – REO Activity Three Months Ended March 31, 2024 (In Thousands) Bridge (1) Legacy Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 Transfers to REO 803 — 1,043 — 1,846 Liquidations (2) (126) — (1,386) — (1,512) Changes in fair value, net (2,983) — 363 — (2,620) Balance at End of Period $ 85,451 $ — $ 3,178 $ 2,684 $ 91,313 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the three months ended March 31, 2024, REO market valuation adjustments and liquidations resulted in net valuation losses of $3 million, which were recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides detail on the numbers of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at March 31, 2024 and December 31, 2023. Table 13.4 – REO Assets Number of REO assets Redwood Bridge Legacy Sequoia Freddie Mac SLST Term at CAFL Total At March 31, 2024 17 — 24 1 42 At December 31, 2023 16 — 28 1 45 Legal and Repurchase Reserves See Note 17 for additional information on legal and repurchase reserves. Payable to Non-Controlling Interests In 2018, Redwood and a third-party co-investor, through two partnership entities consolidated by Redwood, purchased servicer advances and excess MSRs related to a portfolio of residential mortgage loans serviced by the co-investor (see Note 4 and Note 11 for additional information on the partnership entities and associated investments). We account for the co-investor’s interests in the entities as liabilities, and at March 31, 2024, the carrying value of their interests was $22 million, representing their current economic interest in the entities. Earnings from the partnership entities are allocated to the co-investors on a proportional basis and during the three months ended March 31, 2024, we allocated $1 million of income to the co-investors, recorded in Other expenses on our consolidated statements of income. In 2021 and in 2023, Redwood and a third-party investor co-sponsored the transfer and securitization of HEI through two HEI securitization entities. Other third-party investors contributed HEI into these securitizations through Redwood and retained subordinate beneficial interests issued by the securitization entities alongside Redwood. See Note 10

Short-Term Debt

Short-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Short-Term Debt	Short-Term Debt We enter into repurchase agreements ("repo"), loan warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At March 31, 2024, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at March 31, 2024 and December 31, 2023. Table 14.1 – Short-Term Debt March 31, 2024 (Dollars in Thousands) Number of Facilities Outstanding Balance Limit Weighted Average Interest Rate (1) Maturity (2) Weighted Average Days Until Maturity Facilities Residential consumer loan warehouse (3) 5 $ 470,761 $ 1,350,000 7.26 % 5/2024-3/2025 226 Residential investor loan warehouse 2 31,321 455,000 8.06 % 5/2024-6/2024 71 Real estate securities repo 4 80,657 — 6.81 % 4/2024-6/2024 38 Residential MSR warehouse 1 46,514 50,000 8.58 % 10/2024 211 HEI warehouse 1 119,851 150,000 9.84 % 8/2024 123 Total Short-Term Debt Facilities 13 749,104 Servicer advance financing 1 147,341 240,000 7.68 % 12/2024 246 Recourse subordinate securities financing 2 223,934 — 7.21 % 9/2024-2/2025 235 Promissory notes N/A 15,273 — 7.02 % N/A N/A Convertible notes, net N/A 115,792 — 5.63 % 7/2024 106 Total Short-Term Debt $ 1,251,444 December 31, 2023 (Dollars in Thousands) Number of Facilities Outstanding Balance Limit Weighted Average Interest Rate (1) Maturity Weighted Average Days Until Maturity Facilities Residential consumer loan warehouse 4 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 202 Residential investor loan warehouse 2 71,719 455,000 8.14 % 5/2024-6/2024 166 Real estate securities repo 3 82,622 — 7.01 % 1/2024-3/2024 26 Residential MSR warehouse 1 47,858 50,000 8.60 % 10/2024 302 HEI warehouse 1 122,659 150,000 9.89 % 8/2024 214 Total Short-Term Debt Facilities 11 1,121,395 Servicer advance financing 1 153,653 240,000 7.71 % 12/2024 337 Recourse subordinate securities financing 1 124,552 — 7.21 % 9/2024 266 Promissory notes N/A 16,064 — 6.97 % N/A N/A Convertible notes, net N/A 142,558 — 5.63 % 7/2024 197 Total Short-Term Debt $ 1,558,222 Footnotes to table 14.1 (1) Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR. (2) Promissory notes payable on demand to lender with 90-day notice. (3) At March 31, 2024, includes one non-recourse facility with a borrowing limit of $300 million and a maturity of March 2025. The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at March 31, 2024 and December 31, 2023. Table 14.2 – Collateral for Short-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Collateral Type Held-for-sale residential consumer loans $ 507,450 $ 907,742 MSRs (1) 84,831 76,560 Residential investor loans 40,961 95,225 HEI 239,665 237,973 Real estate securities (collateralizing debt facilities) On balance sheet 4,470 4,460 Sequoia securitizations (2) 43,653 52,333 Freddie Mac K-Series securitization (2) 33,551 33,308 CAFL securitizations (2) 32,336 32,010 Total real estate securities owned 114,010 122,111 Restricted cash and other assets 580 — Total Collateral for Short-Term Debt Facilities 987,497 1,439,611 Cash 14,357 15,162 Real estate securities (recourse subordinate securities financing) 313,148 175,096 Servicer advances 216,033 225,345 Total Collateral for Short-Term Debt $ 1,531,035 $ 1,855,214 (1) Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets. (2) Represents securities we retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS issued from these securitizations. For the three months ended March 31, 2024, the average balance of our short-term debt facilities was $951 million. At March 31, 2024 and December 31, 2023, accrued interest payable on our short-term debt facilities was $4 million and $6 million, respectively. Servicer advance financing consists of non-recourse short-term securitization debt used to finance servicer advance investments. We consolidate the securitization entity that issued the debt, but the entity is independent of Redwood and the assets and liabilities are not owned by and are not legal obligations of Redwood. In 2019, a subsidiary of Redwood entered into a repurchase agreement providing non-marginable (i.e., not subject to margin calls based solely on the lender's determination, in its discretion, of the market value of the underlying collateral that is non-delinquent) recourse debt financing of certain Sequoia securities as well as securities retained from our consolidated Sequoia securitizations ("Subordinate securities financing" in Table 14.1 above). The financing is fully and unconditionally guaranteed by Redwood, and had an interest rate of approximately 4.21% through September 2022, 5.71% from October 2022 through September 2023, and 7.21% from October 2023 through final maturity in September 2024. In connection with our acquisition of Riverbend, we assumed promissory notes that are payable on demand with a 90-day notice from the lender or which may be repaid by us with a 90-day notice. These unsecured, non-marginable, recourse notes were issued in three separate series with fixed interest rates between 6% and 8%. During the three months ended March 31, 2024, we repurchased $27 million of our convertible notes due in 2024. At March 31, 2024 the outstanding principal balance of our convertible notes due in July 2024 was $116 million. Remaining Maturities of Short-Term Debt The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at March 31, 2024. Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities March 31, 2024 (In Thousands) Within 30 days 31 to 90 days Over 90 days Total Collateral Type Held-for-sale residential consumer loans $ — $ 92,411 $ 378,350 $ 470,761 Residential investor loans — 31,321 — 31,321 Real estate securities 35,846 44,811 223,934 304,591 MSRs — — 46,514 46,514 HEI — — 119,851 119,851 Servicer advances — — 147,341 147,341 Total Secured Short-Term Debt Facilities 35,846 168,543 915,990 1,120,379 Promissory notes (unsecured) — 15,273 — 15,273 Convertible notes, net (unsecured) — — 115,792 115,792 Total Short-Term Debt $ 35,846 $ 183,816 $ 1,031,782 $ 1,251,444

Asset-Backed Securities Issued

Asset-Backed Securities Issued	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Asset-Backed Securities Issued	Asset-Backed Securities Issued ABS issued represents securities issued by non-recourse securitization entities we consolidate under GAAP. The majority of our ABS issued is carried at fair value under the CFE election (see Note 4 for additional detail) with the remainder carried at amortized cost. The carrying values of ABS issued by our consolidated securitization entities at March 31, 2024 and December 31, 2023, along with other selected information, are summarized in the following table. Table 15.1 – Asset-Backed Securities Issued March 31, 2024 Legacy Sequoia CAFL (1) Freddie Mac SLST (2) Freddie Mac HEI Total (Dollars in Thousands) Certificates with principal balance $ 141,686 $ 6,060,855 $ 3,339,432 $ 1,305,826 $ 400,250 $ 226,752 $ 11,474,801 Interest-only certificates at fair value 122 53,814 94,096 12,984 3,712 — 164,728 Market valuation adjustments (10,933) (691,532) (204,149) (79,468) (14,724) (6,427) (1,007,233) Unamortized debt discount and deferred debt issuance costs — — (575) (3,532) — — (4,107) ABS Issued, Net $ 130,875 $ 5,423,137 $ 3,228,804 $ 1,235,810 $ 389,238 $ 220,325 $ 10,628,189 Range of weighted average interest rates, by series (3) 3.75% to 6.69% 2.67% to 6.23% 2.31% to 7.89% 3.50% to 7.50% 3.55 % 3.88% to 6.71% Stated maturities (3) 2024-2036 2047-2054 2027-2033 2028-2059 2025 2052-2053 Number of series 20 25 21 3 1 2 December 31, 2023 Legacy Sequoia CAFL (1) Freddie Mac SLST (2) Freddie Mac K-Series HEI Total (Dollars in Thousands) Certificates with principal balance $ 151,106 $ 5,000,540 $ 3,472,825 $ 1,328,657 $ 402,400 $ 233,131 $ 10,588,659 Interest-only certificates at fair value 162 52,112 101,828 13,856 4,562 — 172,520 Market valuation adjustments (12,738) (622,522) (209,740) (72,742) (14,985) (10,643) (943,370) Unamortized debt discount and deferred debt issuance costs — — (1,935) (3,994) — — (5,929) ABS Issued, Net $ 138,530 $ 4,430,130 $ 3,362,978 $ 1,265,777 $ 391,977 $ 222,488 $ 9,811,880 Range of weighted average interest rates, by series (3) 3.59% to 6.66% 2.67% to 6.24% 2.34% to 7.89% 3.50% to 7.5% 3.55 % 3.86% to 6.7% Stated maturities (3) 2024-2036 2047-2053 2027-2033 2028-2059 2025 2052-2053 Number of series 20 22 21 3 1 2 (1) Includes $478 million and $485 million (principal balance) of ABS issued by two CAFL bridge securitization trusts sponsored by Redwood and accounted for at amortized cost at March 31, 2024 and December 31, 2023, respectively. (2) Includes $175 million and $182 million (principal balance) of ABS issued by a re-securitization trust sponsored by Redwood and accounted for at amortized cost at both March 31, 2024 and December 31, 2023, respectively. (3) Certain ABS issued by CAFL and HEI securitization entities are subject to early redemption and interest rate step-ups as described below. During the fourth quarter of 2023, we consolidated the assets and liabilities of a securitization entity formed in connection with the securitization of CoreVest residential investor bridge loans (presented within CAFL in Table 15.1 above), which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $231 million (principal balance) of ABS issued to third parties and retained the remaining beneficial ownership interests in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued recorded through Investment fair value changes, net on our consolidated statements of income. At March 31, 2024, the principal balance of the ABS issued was $231 million, and the net carrying value was $232 million. The weighted average stated coupon of the ABS issued was 7.89% at issuance. The ABS issued by the CAFL bridge entity are subject to an optional redemption in December 2025, and beginning in July 2026, the interest rate on the ABS issued increases by 1.5% through final maturity in December 2030. The ABS issued by this securitization were collateralized by $230 million of residential investor bridge loans, $1 million of restricted cash and $25 million of other assets at March 31, 2024. The securitization is structured with $250 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 24 months of the transaction (through December 2025), unless an amortization event occurs prior to the expiration of the 24-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. During the second quarter of 2022, we consolidated the assets and liabilities of a securitization entity formed in connection with the securitization of CoreVest residential investor bridge loans (presented within CAFL in Table 15.1 above), which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $215 million (principal balance) of ABS issued to third parties and retained the remaining beneficial ownership interest in the trust. The ABS were issued at a discount and we have elected to account for the ABS issued at amortized cost. At March 31, 2024, the principal balance of the ABS issued was $215 million, and the unamortized debt discount and deferred issuance costs were $1 million in total, for a net carrying value of $214 million. The weighted average stated coupon of the ABS issued was 4.32% at issuance. The ABS issued by the CAFL bridge entity are subject to an optional redemption in May 2024, and beginning in June 2025, the interest rate on the ABS issued increases by 2% through final maturity in May 2029. The ABS issued by this securitization were collateralized by $228 million of residential investor bridge loans, $18 million of restricted cash and $7 million other assets at March 31, 2024. The securitization is structured with $250 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 24 months of the transaction (through May 2024), unless an amortization event occurs prior to the expiration of the 24-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. During the third quarter of 2021, we consolidated the assets and liabilities of a securitization entity formed in connection with the securitization of CoreVest residential investor bridge loans (presented within CAFL in table 15.1 above), which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $270 million (principal balance) of ABS issued to third parties and retained the remaining beneficial ownership interest in the trust. The ABS were issued at a discount and we have elected to account for the ABS issued at amortized cost. At March 31, 2024, the principal balance of the ABS issued was $263 million, and the unamortized debt discount and deferred issuance costs were zero, for a net carrying value of $263 million. During the three months ended March 31, 2024, we repurchased of $7 million of this CAFL bridge ABS issuance for a net gain on extinguishment of debt of $0.3 million which was recorded in Realized gains, net on our consolidated statements of income. The weighted average stated coupon of the ABS issued was 2.34% at issuance. The ABS issued by the CAFL bridge entity are subject to an optional redemption in March 2024, and beginning in March 2025 the interest rate on the ABS issued increases by 2% through final maturity in March 2029. The ABS issued by this securitization were backed by assets including $304 million of residential investor bridge loans and $8 million of restricted cash and other assets at March 31, 2024. The securitization is structured with $300 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 30 months of the transaction (through March 2024), unless an amortization event occurs prior to the expiration of the 30-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. During the fourth quarter of 2023, we consolidated the assets and liabilities of a HEI securitization entity formed in connection with the securitization of HEI, which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $139 million (principal balance) of ABS issued to third parties and retained a portion of the remaining beneficial ownership interest in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued (including accrued interest) recorded through HEI income, net on our consolidated statements of income. The ABS issued by the HEI securitization entity are subject to an optional redemption in October 2025, and beginning in October 2026, the interest rate on the ABS issued increases by 3% through final maturity in 2053. During the third quarter of 2021, we consolidated the assets and liabilities of an HEI entity formed in connection with the securitization of HEI, which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $146 million (principal balance) of ABS issued to third parties and retained a portion of the remaining beneficial ownership interest in the trust. We elected to account for the entity under the CFE election and account for the ABS issued at fair value, with the entire change in fair value of the ABS issued (including accrued interest) recorded through Investment fair value changes, net on our consolidated statements of income. The ABS issued by the HEI securitization entity were subject to an optional redemption in September 2023, and beginning in September 2024 the interest rate on the ABS issued increases by 2% through final maturity in 2052. During the third quarter of 2020, we transferred all of the subordinate securities we owned from two consolidated re-performing loan securitization VIEs sponsored by Freddie Mac SLST to a re-securitization trust, which we determined was a VIE and for which we determined we are the primary beneficiary. During the first quarter of 2023, we called the Freddie Mac SLST re-securitization and paid off the associated outstanding ABS. The actual maturity of each class of ABS issued is primarily determined by the rate of principal prepayments on the assets of the issuing entity. Each series is also subject to redemption prior to the stated maturity according to the terms of the respective governing documents of each ABS issuing entity. As a result, the actual maturity of ABS issued may occur earlier than the stated maturity. At March 31, 2024, the majority of the ABS issued and outstanding had contractual maturities beyond five years. See Note 4 for detail on the carrying value components of the collateral for ABS issued and outstanding. The following table summarizes the accrued interest payable on ABS issued at March 31, 2024 and December 31, 2023. Interest due on consolidated ABS issued is payable monthly. Table 15.2 – Accrued Interest Payable on Asset-Backed Securities Issued (In Thousands) March 31, 2024 December 31, 2023 Legacy Sequoia $ 283 $ 303 Sequoia 21,428 15,990 CAFL 10,653 11,537 Freddie Mac SLST (1) 4,391 4,496 Freddie Mac K-Series 1,184 1,190 Total Accrued Interest Payable on ABS Issued $ 37,939 $ 33,516 (1) Includes accrued interest payable on ABS issued by a re-securitization trust sponsored by Redwood.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The tables below summarize our long-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rates, and the maturity information at March 31, 2024 and December 31, 2023. Table 16.1 – Long-Term Debt March 31, 2024 (Dollars in Thousands) Borrowings Unamortized Deferred Issuance Costs / Discount Net Carrying Value Limit Weighted Average Interest Rate (1) Final Maturity Facilities Recourse Subordinate Securities Financing Facility C $ 55,526 $ — $ 55,526 N/A 5.00 % 6/2026 Non-Recourse Residential Investor Loan Financing Facility D 475,072 — 475,072 $ 750,000 SOFR + 2.76% N/A Recourse Residential Investor Loan Financing Facility F — — — 500,000 SOFR + 2.25%-2.60% 9/2025 Facility H 368,363 — 368,363 450,000 SOFR + 2.25%-2.60% 7/2025 Facility I 228,970 — 228,970 450,000 SOFR + 2.25%-2.45% 6/2025 Facility J 25,368 (824) 24,544 100,000 AMERIBOR + 5.00% 12/2026 Other Recourse Financing Facility K — — — 200,000 SOFR + 5.00% 3/2026 Total Long-Term Debt Facilities 1,153,299 (824) 1,152,475 Convertible notes 5.75% exchangeable senior notes 156,666 (1,320) 155,346 N/A 5.75 % 10/2025 7.75% convertible senior notes 207,410 (4,499) 202,911 N/A 7.75 % 6/2027 Trust preferred securities and subordinated notes 139,500 (675) 138,825 N/A SOFR + 2.51% 7/2037 Senior Notes 60,000 (2,419) 57,581 N/A 9.13 % 3/2029 Total Long-Term Debt $ 1,716,875 $ (9,737) $ 1,707,138 December 31, 2023 (Dollars in Thousands) Borrowings Unamortized Deferred Issuance Costs / Discount Net Carrying Value Limit Weighted Average Interest Rate (1) Final Maturity Facilities Recourse Subordinate Securities Financing Facility B $ 101,228 $ — $ 101,228 N/A 5.71 % 2/2025 Facility C 57,982 — 57,982 N/A 4.75 % 6/2026 Non-Recourse Residential Investor Loan Financing Facility D 481,465 (194) 481,271 $ 750,000 SOFR + 2.94% N/A Facility E 70,858 (750) 70,108 100,000 SOFR + 3.25% 12/2025 Recourse Residential Investor Loan Financing Facility F 40,827 (86) 40,741 500,000 SOFR + 2.35%-2.60% 9/2025 Facility H 244,263 — 244,263 450,000 SOFR + 2.40%-2.60% 7/2025 Facility I 176,986 — 176,986 450,000 SOFR + 2.25%-2.45% 3/2025 Facility J 8,985 (646) 8,339 100,000 AMERIBOR + 5.00% 12/2026 Total Long-Term Debt Facilities 1,182,594 (1,676) 1,180,918 Convertible notes 5.75% exchangeable senior notes 156,666 (1,528) 155,138 N/A 5.75 % 10/2025 7.75% convertible senior notes 210,910 (4,878) 206,032 N/A 7.75 % 6/2027 Trust preferred securities and subordinated notes 139,500 (687) 138,813 N/A SOFR + 2.51% 7/2037 Total Long-Term Debt $ 1,689,670 $ (8,769) $ 1,680,901 (1) Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread. Refer to Note 16 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, for a full description of our long-term debt. During the three months ended March 31, 2024, we repurchased $4 million par value of our 7.75% convertible senior notes at a discount and recorded a gain on extinguishment of $0.1 million in Realized gains, net on our consolidated statements of income. The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at March 31, 2024 and December 31, 2023. Table 16.2 – Collateral for Long-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Collateral Type Residential investor bridge loans $ 1,223,044 $ 1,205,366 Residential investor term loans 212,589 122,541 Real estate securities CAFL securitizations (1) 115,025 237,607 Total Collateral for Long-Term Debt $ 1,550,658 $ 1,565,514 (1) Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations. The following table summarizes the accrued interest payable on long-term debt at March 31, 2024 and December 31, 2023. Table 16.3 – Accrued Interest Payable on Long-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Long-term debt facilities $ 5,498 $ 5,502 Convertible notes 5.75% exchangeable senior notes 4,503 2,251 7.75% convertible senior notes 4,573 566 Trust preferred securities and subordinated notes 1,881 1,929 Senior Notes 1,049 — Total Accrued Interest Payable on Long-Term Debt $ 17,504 $ 10,248 Recourse Subordinate Securities Financing Facilities In 2020, a subsidiary of Redwood entered into a repurchase agreement providing non-marginable recourse debt financing of certain securities retained from our consolidated CAFL securitizations. The financing is fully and unconditionally guaranteed by Redwood, with an interest rate of approximately 4.21% through February 2023, increasing to 5.71% from March 2023 through February 2024, and to 7.21% from March 2024 through February 2025. The financing facility may be terminated at our option, beginning in February 2023, and has a final maturity in February 2025. During the three months ended March 31, 2024, we reclassified this facility from long-term to short-term debt (Facility B in Table 16.1 above at December 31, 2023) when the maturity of this facility became less than a year. In 2021, a subsidiary of Redwood entered into a repurchase agreement providing non-marginable recourse debt financing of certain securities retained from our consolidated CAFL securitizations (Facility C in Table 16.1 above). The financing is guaranteed by Redwood, with an interest rate of approximately 4.75% through June 2024, increasing to 6.25% from July 2024 through June 2025, and to 7.75% from July 2025 to June 2026. The financing facility may be terminated at our option, beginning in June 2023, and has a final maturity in June 2026. Other Recourse Financing During the three months ended March 31, 2024 we entered into a corporate secured revolving financing facility with CPP Investments to provide recourse debt financing secured by previously unencumbered assets, such as retained Residential Consumer and Residential Investor subordinate securities and other investments, as well as equity in certain operating subsidiaries (Facility K in Table 16.1 above). At March 31, 2024, this facility had a borrowing limit of $200 million and a two-year term, with a one-year extension option. Subsequent to March 31, 2024, we exercised our right under the terms of the facility with CPP Investments to increase the borrowing limit of this facility to $250 million. Senior Notes In January 2024, Redwood issued $60 million of 9.125% Senior Notes due in 2029. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.125% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on June 1, 2024. The Senior Notes mature on March 1, 2029. We may redeem the Senior Notes, in whole or in part, at any time on or after March 1, 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments At March 31, 2024, we were obligated under nine non-cancelable operating leases with expiration dates through 2031 for $15 million of cumulative lease payments. For both the three-month periods ended March 31, 2024 and 2023 our operating lease expense was $1 million. The following table presents our future lease commitments at March 31, 2024. Table 17.1 – Future Lease Commitments by Year (In Thousands) March 31, 2024 2024 (9 months) $ 3,402 2025 3,687 2026 3,520 2027 2,588 2028 1,122 2029 and thereafter 869 Total Lease Commitments 15,188 Less: Imputed interest (1,529) Operating Lease Liabilities $ 13,659 During the three months ended March 31, 2024, we did not enter into any new office leases with a lease term of greater than one year. At March 31, 2024, our operating lease liabilities were $14 million, which were a component of Accrued expenses and other liabilities Other assets We determined that none of our leases contained an implicit interest rate and used a discount rate equal to our incremental borrowing rate on a collateralized basis to determine the present value of our total lease payments. As such, we determined the applicable discount rate for each of our leases using a swap rate plus an applicable spread for borrowing arrangements secured by our real estate loans and securities for a length of time equal to the remaining lease term on the lease commencement date. At March 31, 2024, the weighted-average remaining lease term and weighted-average discount rate for our leases was 4 years and 5.3%, respectively. Commitment to Fund Residential Investor Bridge Loans As of March 31, 2024, we had commitments to fund up to $513 million of additional advances on existing residential investor bridge loans. These commitments are generally subject to loan agreements with covenants regarding the financial performance of the borrower and other terms regarding advances that must be met before we fund the commitment. At March 31, 2024, we carried a $1 million contingent liability related to these commitments to fund construction advances. During the three months ended March 31, 2024, we recorded a net market valuation loss of $1 million, related to this liability through Mortgage banking activities and Investment of fair value changes, net on our consolidated statements of income. Commitment to Fund Partnerships In 2018, we invested in two partnerships created to acquire and manage certain mortgage servicing related assets. See Note 11 for additional detail on these investments. In connection with these investments, we are required to fund future net servicer advances related to the underlying mortgage loans. The actual amount of net servicer advances we may fund in the future is subject to significant uncertainty and will be based on the credit and prepayment performance of the underlying loans. Commitments to Fund Strategic Investments In the first quarter of 2022, we entered into a $25 million commitment to an investment fund with the mission of providing quality workforce housing opportunities in several California urban communities, including the San Francisco Bay Area. At March 31, 2024, we had funde d $16 million of this commitment. This investment is included in Other investments on our consolidated balance sheets. In 2021, we entered into a commitment to fund a $5 million RWT Horizons strategic investment. At March 31, 2024, we had funded $2 million o f this commitment. This investment is included in Other investments on our consolidated balance sheets. Commitment to Fund Joint Ventures In the first quarter of 2024, we established a joint venture with Canadian Pension Plan Investment Board ("CPP Investments"), a global investment manager, to invest in residential investor bridge and term loans originated by our CoreVest subsidiary. In accordance with the terms of the joint venture, we will offer to sell certain residential investor bridge and term loans we originate into joint venture entities that meet specified criteria at contractually pre-established prices. Redwood and its subsidiaries will administer the assets on behalf of this joint venture. Redwood will earn ongoing fees to oversee the administration of the joint venture and is entitled to earn additional performance fees upon realization of specified return hurdles. CPP Investments and Redwood have committed to allocate up to $500 million of equity to the joint venture, with approximately $400 million of equity capital expected to be contributed to joint venture entities by CPP Investments and approximately $100 million of equity capital expected to be allocated by Redwood across both Redwood's direct equity capital contribution to joint venture entities and joint venture co-investments to be held in Redwood's investment portfolio. At March 31, 2024, no investments had been funded through this joint venture. In the second quarter of 2023, we established a joint venture with Oaktree to invest in residential investor bridge loans originated by our CoreVest subsidiary. In accordance with the terms of the joint venture, we will offer to sell certain residential investor bridge loans we originate into the joint venture that meet specified criteria at contractually pre-established prices. Redwood and its subsidiaries will administer the assets on behalf of this joint venture. Redwood will earn ongoing fees to oversee the administration of the joint venture and is entitled to earn additional performance fees upon realization of specified return hurdles. Additionally, we have a commitment to contribute up to approximately $19 million to the joint venture to fund the joint venture's purchase of residential investor bridge loans, under the updated terms of the joint venture. At March 31, 2024 , we had contributed $4 million of capital to the joint venture. Riverbend Contingent Consideration As part of the consideration for our acquisition of Riverbend, we may make earnout payments payable in cash, based on generating specified revenues over a threshold amount during the two-year period ending July 1, 2024, up to a maximum potential amount payable of $25 million. These contingent earnout payments are classified as a contingent consideration liability on our consolidated balance sheets and carried at fair value. At March 31, 2024, our estimated fair value of this contingent liabi lity was zero. Loss Contingencies — Risk-Sharing During 2015 and 2016, we sold conforming loans to the Agencies with an original unpaid principal balance of $3.19 billion, subject to our risk-sharing arrangements with the Agencies. At March 31, 2024, the maximum potential amount of future payments we could be required to make under these arrangements was $44 million and this amount was partially collateralized by assets we transferred to pledged accounts and is presented as pledged collateral in Other assets on our consolidated balance sheets. We have no recourse to any third parties that would allow us to recover any amounts related to our obligations under the arrangements. At March 31, 2024, we had incurred less than $100 thousand of cumulative losses under these arrangements. For the three months ended March 31, 2024, other income related to these arrangements was $0.2 million. All of the loans in the reference pools subject to these risk-sharing arrangements were originated in 2014 and 2015, and at March 31, 2024, the loans had an unpaid principal balance of $388 million, a weighted average FICO score of 761 (at origination), and LTV ratio of 74% (at origination). At March 31, 2024, $8 million of the loans were 90 or more days delinquent, of which five loans with an aggregate unpaid principal balance of $1 million were in foreclosure. At March 31, 2024, the carrying value of our guarantee obligation was $6 million and included $5 million designated as a non-amortizing credit reserve, which we believe is sufficient to cover current expected losses under these obligations. Our consolidated balance sheets include assets of special purpose entities ("SPEs") associated with these risk-sharing arrangements (i.e., the "pledged collateral" referred to above) that can only be used to settle obligations of these SPEs for which the creditors of these SPEs (the Agencies) do not have recourse to us. At both March 31, 2024 and December 31, 2023, assets of such SPEs totaled $28 million, and liabilities totaled $6 million. Loss Contingencies — Repurchase Reserves We maintain a repurchase reserve for potential obligations arising from representation and warranty violations related to residential consumer and residential investor loans we have sold to securitization trusts or third parties and for conforming residential consumer loans associated with MSRs that we have purchased from third parties. We do not originate residential consumer loans and we believe the initial risk of loss due to loan repurchases (i.e., due to a breach of representations and warranties) would generally be a contingency to the companies from whom we acquired the loans. However, in some cases, for example, where loans were acquired from companies that have since become insolvent, repurchase claims may result in our being liable for a repurchase obligation. At both March 31, 2024 and December 31, 2023, our repurchase reserve associated with our residential consumer loans and MSRs was $5 million, and was recorded in Accrued expenses and other liabilities on our consolidated balance sheets. During both the three months ended March 31, 2024 and 2023, we received one repurchase request. During the three months ended March 31, 2024 and 2023 we repurchased one and five loan(s), respectively. During the three months ended March 31, 2024 and 2023, we recorded reversals of repurchase provision expenses of $0.2 million and zero, respectively, in Mortgage banking activities, net, on our consolidated statements of income. At March 31, 2024 and December 31, 2023, our repurchase reserve associated with residential investor loans sold to third-parties was $0.01 million and zero, respectively, and was recorded in Accrued expenses and other liabilities on our consolidated balance sheets. During the three months ended March 31, 2024 and 2023, we received nine and four repurchase requests, respectively, for residential investor loans sold to third parties, and repurchased zero and eleven residential investor loans, respectively, that had been sold to third parties. One repurchase provision was recorded during the first three months of 2024 and, at March 31, 2024, two open repurchase requests were outstanding for residential investor loans sold to third parties. Loss Contingencies — Litigation, Claims and Demands There is no significant update regarding the litigation matters described in Note 17 within the financial statements included in Redwood’s Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “ Loss Contingencies - Litigation, Claims and Demands

Equity Compensation Plans

Equity Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Compensation Plans	Equity Compensation Plans At March 31, 2024 and December 31, 2023, 9,170,507 and 10,211,459 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan, which are settled by delivery of shares of common stock, and purchases under the Employee Stock Purchase Plan, totaled $41 million at March 31, 2024, as shown in the following table. Table 19.1 – Activities of Equity Compensation Costs by Award Type Three Months Ended March 31, 2024 (In Thousands) Restricted Stock Units Deferred Stock Units Performance Stock Units Employee Stock Purchase Plan Total Unrecognized compensation cost at beginning of period $ 3,166 $ 18,920 $ 15,519 $ — $ 37,605 Equity grants 3,522 6,915 — 266 10,703 Performance-based valuation adjustment — — — — — Equity grant forfeitures (1) (401) (1,114) — — (1,515) Equity compensation expense (711) (3,172) (1,785) (67) (5,735) Unrecognized Compensation Cost at End of Period $ 5,576 $ 21,549 $ 13,734 $ 199 $ 41,058 (1) Equity grant forfeitures for the three months ended March 31, 2024 represent the reduction in future equity compensation expense related to employee terminations, for which the underlying equity awards will be forfeited upon the actual employee termination date subsequent to March 31, 2024. At March 31, 2024, the weighted average amortization period remaining for all of our equity awards was less than two years. Restricted Stock Units ("RSUs") We generally grant RSUs annually, as part of our compensation process. In addition, RSUs are granted from time to time in connection with hiring and promotions. RSUs generally vest over the course of a four-year vesting period, and are distributed annually, at the end of each vesting period. At March 31, 2024 and December 31, 2023, we had 865,279 and 593,570 RSUs outstanding, respectively. During the three months ended March 31, 2024, we granted 542,719 RSUs and distributed 271,010 RSUs. Unvested RSUs at March 31, 2024 vest through 2028. Deferred Stock Units (“DSUs”) We generally grant DSUs annually, as part of our compensation process. In addition, DSUs are granted from time to time in connection with hiring and promotions and in lieu of the payment in cash of a portion of annual bonus earned. DSUs generally vest over the course of a four-year vesting period, and are distributed after the end of the final vesting period or after an employee is terminated. At March 31, 2024 and December 31, 2023, we had 5,598,779 and 4,821,172 DSUs outstanding, respectively, of which 2,309,485 and 2,284,480, respectively, had vested. During the three months ended March 31, 2024, we granted 1,089,871 DSUs and distributed 312,264 DSUs. Unvested DSUs at March 31, 2024 vest through 2028. Performance Stock Units (“PSUs”) We generally grant PSUs annually, as part of our compensation process. PSUs generally have performance-based vesting over the course of a three-year vesting/performance period, and, subject to meeting certain performance criteria, will vest and be distributed after the end of the vesting period. At March 31, 2024 and December 31, 2023, the target number of PSUs that were unvested was 2,598,194 and 3,072,039, respectively. Vesting for PSUs generally occurs approximately three years from their respective grant dates based on various total shareholder return performance calculations, as discussed in Note 19 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. For 473,845 target PSU awards that were granted in December 2020, the performance vesting period ended on January 1, 2024. Based upon the performance-based vesting criteria of these awards, 564,975 shares of our common stock underlying these PSUs qualified for vesting, which was approved by our Board of Directors during the three months ended March 31, 2024. These PSUs were distributed as shares of our common stock in April 2024. Employee Stock Purchase Plan ("ESPP") The ESPP allows a maximum of 850,000 shares of common stock to be purchased in aggregate for all employees. As of March 31, 2024 and December 31, 2023, 785,530 and 763,369 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at March 31, 2024.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity The following table provides a summary of changes to Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023. Table 18.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Balance at beginning of period $ 10,219 $ (68,176) $ 3,435 $ (72,303) Other comprehensive income before reclassifications 8,656 — 5,007 — Amounts reclassified from other (629) 1,029 (193) 1,018 Net current-period other comprehensive income (loss) 8,027 1,029 4,814 1,018 Balance at End of Period $ 18,246 $ (67,147) $ 8,249 $ (71,285) The following table provides a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023. Table 18.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount Reclassified From Affected Line Item in the Three Months Ended March 31, (In Thousands) Income Statement 2024 2023 Net Realized Loss on AFS Securities (Decrease) increase in allowance for credit losses on AFS securities Investment fair value changes, net $ (629) $ 28 Gain on sale and calls of AFS securities Realized gains, net — (221) $ (629) $ (193) Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 1,029 $ 1,018 $ 1,029 $ 1,018 Issuance of Common Stock We have an established program to sell common stock from time to time in at-the-market ("ATM") offerings. During the three months ended March 31, 2024, we did not issue any shares of common stock under this program. At March 31, 2024, the remaining share issuance capacity under this program was approximately $50 million. Issuance of Preferred Stock In January 2023, Redwood issued 2.8 million shares of 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") for gross proceeds of $70 million and net proceeds of approximately $67 million, after deducting the underwriting discount and other estimated expenses. The Series A Preferred Stock pays quarterly cumulative cash dividends through January 15, 2028 at a fixed annual rate of 10%, based on the stated liquidation preference of $25.00 per share, in arrears, when authorized by Redwood's Board of Directors and declared by the company. Starting April 15, 2028, the annual dividend rate will reset to the five-year U.S. Treasury Rate plus a spread of 6.278%. The Series A Preferred Stock ranks senior to Redwood's common stock with respect to rights to the payment of dividends and the distribution of assets upon any liquidation, dissolution or winding up of the company. During the three months ended March 31, 2024, the company declared preferred stock dividends of $0.625 per share. At March 31, 2024, preferred dividends payable totaling $1 million for the first quarter 2024 dividend were included in Accrued expenses and other liabilities and were payable on April 15, 2024 to preferred stockholders of record on April 1, 2024. Direct Stock Purchase and Dividend Reinvestment Plan During the three months ended March 31, 2024, we did not issue any shares of common stock through our Direct Stock Purchase and Dividend Reinvestment Plan. At March 31, 2024, approximately six million shares remained outstanding for future offerings under this plan. Earnings per Common Share The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2024 and 2023. Table 18.3 – Basic and Diluted Earnings per Common Share Three Months Ended March 31, (In Thousands, except Share Data) 2024 2023 Basic Earnings per Common Share: Net income related to common stockholders $ 28,512 $ 3,201 Less: Dividends and undistributed earnings allocated to participating securities (1,356) (1,404) Net income related to common stockholders $ 27,156 $ 1,797 Basic weighted average common shares outstanding 131,570,347 113,678,911 Basic Earnings per Common Share $ 0.21 $ 0.02 Diluted Earnings per Common Share: Net income related to common stockholders $ 28,512 $ 3,201 Less: Dividends and undistributed earnings allocated to participating securities (1,356) (1,404) Net income related to common stockholders $ 27,156 $ 1,797 Weighted average common shares outstanding 131,570,347 113,678,911 Net effect of dilutive equity awards — 455,645 Net effect of assumed convertible notes conversion to common shares — — Diluted weighted average common shares outstanding 131,570,347 114,134,556 Diluted Earnings per Common Share $ 0.21 $ 0.02 We included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights, in the calculations of basic and diluted earnings per common share as we determined that the two-class method was more dilutive than the alternative treasury stock method for these shares. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances. During the three months ended March 31, 2024 and 2023, none of our convertible notes were determined to be dilutive and were not included in the calculation of diluted EPS under the "if-converted" method. Under this method, for convertible and exchangeable notes due in 2024 and 2025, the periodic interest expense (net of applicable taxes) for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether they are in or out of the money) are included in the denominator. For convertible notes due in 2027, if the potential conversion of the debt is dilutive, then the number of shares needed to settle the conversion premium are added to the shares outstanding used to calculate dilutive EPS. For the three months ended March 31, 2024, 35,673,554 of common shares, related to the assumed conversion of our convertible notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three months ended March 31, 2023, 46,316,074 of common shares, related to the assumed conversion of our convertible notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three months ended March 31, 2024 and 2023, the number of outstanding equity awards that were antidilutive totaled 22,161 and 28,474 common shares, respectively. Common Stock Warrants In conjunction with establishing the joint venture with CPP Investments in March 2024, we issued warrants exercisable for 1,974,905 shares of our common stock (the “First Tranche Warrants”); and (ii) warrants exercisable for 4,608,112 shares of our common stock (the “Second Tranche Warrants” and together with the First Tranche Warrants, the “Warrants”). The First Tranche Warrants are exercisable from March 18, 2025 to March 18, 2029. The Second Tranche Warrants will vest upon achievement of specified deployment thresholds related to our joint venture with CPP Investments and, if vested, will be exercisable from the date the Second Tranche Warrants vest to March 18, 2029. The initial strike price of the Warrants is $7.76. The Warrants also contain a mandatory exercise provision, exercisable at Redwood’s option upon satisfaction of specified conditions, including the trading price of Redwood’s common stock exceeding a specified premium to the exercise price. Exercises of any Warrants will be settled on a net basis. The Warrants met the criteria for equity classification under ASC 815, Derivatives and Hedging , and are recorded as a component of Additional paid-in-capital in Equity on our Consolidated Balance Sheets. The Warrants were valued at $0.8 million on the issuance date and are not subject to subsequent remeasurement. For the three months ended March 31, 2024, these Warrants were not dilutive to our calculation of dilutive earnings per common share. The Warrants would have a dilutive effect on earnings per common share to the extent that the Warrants are vested and exercisable, and the market value per share of our common stock exceeds the strike price of the Warrants. Stock Repurchases In July 2022, our Board of Directors approved an authorization for the repurchase of up to $125 million of our common stock, and also authorized the repurchase of outstanding debt securities, including convertible and exchangeable debt. In May 2023, our Board of Directors approved an additional authorization for the repurchase of up to $70 million of our preferred stock. These authorizations have no expiration dates and does not obligate us to acquire any specific number of shares or securities. During the three months ended March 31, 2024, we did not repurchase any shares of our common or preferred stock under this program. At March 31, 2024, $101 million and $70 million of the current authorization remained available for the repurchase of shares of our common and preferred stock, respectively, and we also continued to be authorized to repurchase outstanding debt securities.

Mortgage Banking Activities, Ne

Mortgage Banking Activities, Net	3 Months Ended
	Mar. 31, 2024
Mortgage Banking [Abstract]
Mortgage Banking Activities, Net	Mortgage Banking Activities, Net The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 20.1 – Mortgage Banking Activities Three Months Ended March 31, (In Thousands) 2024 2023 Residential Consumer Mortgage Banking Activities, Net Changes in fair value of: Residential consumer loans, at fair value (1) $ (3,854) $ 6,755 Trading securities (2) 8,511 — Risk management derivatives (3) 3,089 (3,371) Other income, net (4) 81 (19) Total residential consumer mortgage banking activities, net 7,827 3,365 Residential Investor Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value (296) 12,700 Residential investor bridge loans, at fair value 946 1,119 Risk management derivatives (3) 2,509 (5,096) Other income, net (5) 3,570 4,583 Total residential investor mortgage banking activities, net 6,729 13,306 Mortgage Banking Activities, Net $ 14,556 $ 16,671 (1) For residential consumer loans, includes changes in fair value for associated loan purchase commitments. (2) For the three months ended March 31, 2024, this represents the fair value changes on trading securities being used as hedges to manage the mark-to-market risks associated with our residential consumer mortgage banking operations. For the three months ended March 31, 2023, we did not utilize trading securities as hedging instruments. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations. (4) Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net. (5) Amounts in this line item include other fee income from loan originations.

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income, Net	Other Income, Net The following table presents the components of Other income recorded in our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 21.1 – Other Income, Net Three Months Ended March 31, (In Thousands) 2024 2023 MSR income, net (1) $ 4,225 $ 1,077 Risk share income 169 159 Bridge loan fees (2) 1,000 1,592 Earnings (loss) from equity method investments (943) (20) Legal settlement — 891 Other, net 55 857 Other Income, Net $ 4,506 $ 4,556 (1) Includes servicing fees and fair value changes for MSRs, net. (2) Includes asset management fees, extension fees, default interest and other fees.

Components of Operating Expense

Components of Operating Expenses	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Components of Operating Expenses	Components of Operating Expenses Components of our general and administrative expenses, portfolio management costs, loan acquisition costs, and other expenses for the three months ended March 31, 2024 and 2023 are presented in the following table. Table 22.1 – Components of Operating Expenses Three Months Ended March 31, (In Thousands) 2024 2023 General and Administrative Expenses Fixed compensation expense (1) $ 16,257 $ 15,359 Annual variable compensation expense 2,917 4,005 Long-term incentive award expense (2) 6,487 7,942 Systems and consulting 3,201 3,112 Office costs 2,082 2,040 Accounting and legal 1,217 919 Corporate costs 872 929 Other 1,536 1,249 Total General and Administrative Expenses 34,569 35,555 Portfolio Management Costs 3,597 3,510 Loan Acquisition Costs Commissions 881 828 Underwriting costs 682 242 Transfer and holding costs 674 219 Total Loan Acquisition Costs 2,237 1,289 Other Expenses Amortization of purchase-related intangible assets 2,805 3,107 Other 556 577 Total Other Expenses 3,361 3,684 Total Operating Expenses $ 43,764 $ 44,038 (1) Includes $2 million and $1 million of severance and transition-related expenses for the three months ended March 31, 2024 and 2023, respectively. (2) Includes $1 million and $0.1 million of equity amortization expense related to employee terminations during the three months ended March 31, 2024 and March 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, long-term incentive award expense included $6 million and $6 million of expense, respectively, for awards settleable in shares of our common stock, and $1 million and $2 million of expense, respectively, for awards settleable in cash. Cash Settled Deferred Stock Units ("csDSUs") Cash-settled deferred stock units that were granted 2020, 2021, and 2022, each vest over four-year periods and are subject to continued employment through the vesting periods through 2026. These awards will be fully vested and payable in cash with a vested award value based on the closing market price of our common stock on their respective final vesting dates. These awards are classified as liabilities in Accrued expenses and other liabilities on our consolidated balance sheets, and are being amortized over their respective vesting periods on a straight-line basis, adjusted for changes in the value of our common stock at the end of each reporting period. At March 31, 2024, 980,407 csDSUs were outstanding, the liability associated with these awards was $3 million, and the unamortized compensation cost was $3 million. The expense associated with these awards is included in "Long-term incentive award expense," as presented in Table 22.1 above. Refer to Note 22 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding long-term cash-based awards and cash-settled deferred stock units. Cash-Settled Restricted Stock Units ("csRSUs") During the year ended December 31, 2023, $4 million of csRSUs were granted to certain executive officers that will vest over the next four years through 2027. On each vesting date over the four-year vesting period, cash in an amount equal to the value of the common stock underlying the csRSUs that vest on such vesting date will be distributed to the recipients. These awards are classified as liabilities in Accrued expenses and other liabilities on our consolidated balance sheets, and are being amortized over their respective vesting periods on a straight-line basis, adjusted for changes in the value of our common stock at the end of each reporting period. At March 31, 2024, 535,620 csRSUs were outstanding, the liability associated with these awards was $0.3 million, and unamortized compensation cost of the csRSUs was $3 million. The expense associated with these awards is included in "Long-term incentive award expense," as presented in Table 22.1 above. Refer to Note 22 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding long-term cash-based awards and cash-settled deferred stock units. Cash Settled Performance Stock Units During the three months ended March 31, 2023, $6 million of cash-settled performance stock units ("csPSUs") were granted to certain executive and non-executive employees which vest over approximately three years through January 1, 2026. The target number of csPSUs that were granted totaled 663,499 units based on a per unit grant-date fair value of $9.75. The equivalent number of underlying shares of common stock that vest and that the recipient becomes entitled to receive at the time of vesting will generally range from 0% to 250% of the target number of csPSUs granted, with the target number of csPSUs granted being adjusted to reflect the value of any dividends declared on our common stock during the vesting period. Upon vesting, the recipient will receive the settlement of the vested shares in cash based on the closing market price of our common stock on the final vesting date. These awards are classified as liabilities in Accrued expenses and other liabilities on our consolidated balance sheets, and are being amortized over their respective vesting periods on a straight-line basis, adjusted for changes in the value of the csPSUs at the end of each reporting period. At March 31, 2024, the liability associated with these awards was $2 million, and unamortized compensation cost of the csPSUs was $3 million. The expense associated with these awards is included in "Long-term incentive award expense," as presented in Table 22.1 above. Refer to Note 22 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding long-term cash-based awards and cash-settled deferred stock units. Long-Term Cash-Based Awards Cash-based retention awards were granted to certain executive and non-executive employees between 2020 and 2023 that vest over one

Taxes

Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxes	Taxes We believe that we have met all requirements for qualification as a REIT for federal income tax purposes. To qualify as a REIT, the company must distribute at least 90% of its annual REIT taxable income and meet certain other requirements that relate to, among other things, the assets it holds, the income it generates, and the composition of its stockholders. Many requirements for qualification as a REIT are complex and require analysis of particular facts and circumstances. Often there is only limited judicial or administrative interpretive guidance and as such there can be no assurance that the Internal Revenue Service or courts would agree with our various tax positions. If we were to fail to meet all the requirements for qualification as a REIT and the requirements for statutory relief, we would be subject to federal corporate income tax on our taxable income and we would not be able to elect to be taxed as a REIT for four years thereafter. Such an outcome could have a material adverse impact on our consolidated financial statements. For the three months ended March 31, 2024 and 2023, we recognized a provision for income taxes of $1 million and benefit from income taxes of $1 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at March 31, 2024 and 2023. Table 23.1 – Reconciliation of Statutory Tax Rate to Effective Tax Rate March 31, 2024 March 31, 2023 Federal statutory rate 21.0 % 21.0 % State taxes, net of Federal tax effect, as applicable 0.4 % (6.3) % Differences in taxable income (loss) from GAAP income 0.6 % (14.3) % Change in valuation allowance — % — % REIT GAAP income or loss not subject to federal income tax (20.3) % (32.5) % Effective Tax Rate 1.7 % (32.1) %

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Redwood operates in three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking and Investment Portfolio. The accounting policies of the reportable segments are the same as those described in Note 3 — Summary of Significant Accounting Policies. For a full description of our segments, see Part I, Item 1—Business in our Annual Report on Form 10-K for the year ended December 31, 2023. Segment contribution represents the measure of profit that management uses to assess the performance of our business segments and make resource allocation and operating decisions. Certain corporate expenses not directly assigned or allocated to one of our three segments, as well as activity at certain consolidated Legacy Sequoia Securitization entities, are included in the Corporate/Other column as reconciling items to our consolidated financial statements. These unallocated corporate expenses primarily include interest expense for our convertible notes and trust preferred securities (and in 2024 and 2023, realized gains from the repurchase of convertible notes), indirect general and administrative expenses and other expense. In the normal course of business, loans are originated and acquired at our mortgage banking segments and may subsequently be transferred to our investment portfolio segment either as whole loans or through the retention of securities from securitizations we sponsor and consolidate under GAAP. All of our loans are accounted for under the fair value option and amounts transferred between segments are accounted for at fair value at the time of transfer. The following tables present financial information by segment for the three months ended March 31, 2024 and 2023. Table 24.1 – Business Segment Financial Information Three Months Ended March 31, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 14,313 $ 3,771 $ 182,600 $ 4,056 $ 204,740 Interest expense (8,266) (2,877) (153,105) (16,282) (180,530) Net interest income (expense) 6,047 894 29,495 (12,226) 24,210 Non-interest income (loss) Mortgage banking activities, net 7,827 6,729 — — 14,556 Investment fair value changes, net — — 21,405 432 21,837 HEI income, net — — 9,031 — 9,031 Other income, net — 626 4,825 (945) 4,506 Realized gains, net — — 314 95 409 Total non-interest income (loss), net 7,827 7,355 35,575 (418) 50,339 General and administrative expenses (4,789) (11,425) (2,175) (16,180) (34,569) Portfolio management costs — — (3,588) (9) (3,597) Loan acquisition costs (572) (1,663) — (2) (2,237) Other expenses — (2,806) (555) — (3,361) (Provision for) Benefit from income taxes (1,494) 2,136 (1,146) (19) (523) Segment Contribution $ 7,019 $ (5,509) $ 57,606 $ (28,854) Net Income $ 30,262 Non-cash amortization (expense), net $ (284) $ (3,073) $ (3,017) $ (1,940) $ (8,314) Three Months Ended March 31, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 5,510 $ 4,494 $ 163,660 $ 4,852 $ 178,516 Interest expense (6,866) (4,038) (123,452) (17,723) (152,079) Net interest income (expense) (1,356) 456 40,208 (12,871) 26,437 Non-interest income (loss) Mortgage banking activities, net 3,365 13,306 — — 16,671 Investment fair value changes, net 1,076 — (5,279) (189) (4,392) HEI income, net — — 4,265 — 4,265 Other income, net — 2,408 2,168 (20) 4,556 Realized gains, net — — (117) 115 (2) Total non-interest income (loss), net 4,441 15,714 1,037 (94) 21,098 General and administrative expenses (4,806) (13,678) (1,409) (15,662) (35,555) Portfolio management costs — — (3,510) — (3,510) Loan acquisition costs (175) (1,114) — — (1,289) Other expenses — (3,108) (576) — (3,684) Benefit from income taxes 633 703 (213) — 1,123 Segment Contribution $ (1,263) $ (1,027) $ 35,537 $ (28,627) Net Income $ 4,620 Non-cash amortization (expense), net $ (255) $ (3,701) $ (2,833) $ (2,106) $ (8,895) The following table presents the components of Corporate/Other for the three months ended March 31, 2024 and 2023. Table 24.2 – Components of Corporate/Other Three Months Ended March 31, 2024 2023 (In Thousands) Legacy Consolidated VIEs (1) Other Total Legacy Consolidated VIEs (1) Other Total Interest income $ 2,298 $ 1,758 $ 4,056 $ 2,543 $ 2,309 $ 4,852 Interest expense (2,194) (14,088) (16,282) (2,504) (15,219) (17,723) Net interest income (expense) 104 (12,330) (12,226) 39 (12,910) (12,871) Non-interest income (loss) Investment fair value changes, net (218) 650 432 (94) (95) (189) Other income, net — (945) (945) — (20) (20) Realized gains, net — 95 95 — 115 115 Total non-interest income (loss), net (218) (200) (418) (94) — (94) General and administrative expenses — (16,180) (16,180) — (15,662) (15,662) Portfolio management costs — (9) (9) — — — Loan acquisition costs — (2) (2) — — — Benefit from income taxes — (19) (19) — — — Total $ (114) $ (28,740) $ (28,854) $ (55) $ (28,572) $ (28,627) (1) Legacy consolidated VIEs represent Legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4 for further discussion on VIEs. The following table presents supplemental information by segment at March 31, 2024 and December 31, 2023. Table 24.3 – Supplemental Segment Information (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total March 31, 2024 Residential consumer loans $ 511,706 $ — $ 6,973,027 $ 131,859 $ 7,616,592 Residential investor loans — 280,551 4,901,443 — 5,181,994 Consolidated Agency multifamily loans — — 422,788 — 422,788 Real estate securities 62,815 — 149,492 — 212,307 Home equity investments — — 560,325 420 560,745 Other investments — — 279,737 57,608 337,345 Goodwill — 23,373 — — 23,373 Intangible assets — 25,657 — — 25,657 Total assets 594,842 383,090 13,560,010 520,032 15,057,974 December 31, 2023 Residential consumer loans $ 911,192 $ — $ 5,999,706 $ 139,739 $ 7,050,637 Residential investor loans — 180,250 5,040,048 — 5,220,298 Consolidated Agency multifamily loans — — 425,285 — 425,285 Real estate securities 4,995 — 122,802 — 127,797 Home equity investments — — 550,323 113 550,436 Other investments — — 287,822 56,108 343,930 Goodwill — 23,373 — — 23,373 Intangible assets — 28,462 — — 28,462 Total assets 971,535 293,225 12,718,201 521,366 14,504,327

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, we exercised our right under the terms of the facility with CPP Investments to increase the borrowing limit of this facility from $200 million to $250 million and completed an initial $100 million borrowing under this facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income	$ 30,262	$ 4,620

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023. These interim unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") — as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) — have been condensed or omitted in these interim financial statements according to these SEC rules and regulations. Management believes that the disclosures included in these interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the company's Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all normal and recurring adjustments have been made to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented. The results of operations for the three months ended March 31, 2024 should not be construed as indicative of the results to be expected for the full year. In the first quarter of 2024, we updated the names of our Residential loans to Residential consumer loans and our Business purpose loans to Residential investor loans. There were no changes to the classifications of account balances as a result of this update in names. All prior period references in this document were conformed to this presentation.
Principles of Consolidation	Principles of Consolidation In accordance with GAAP, we determine whether we must consolidate transferred financial assets and variable interest entities (“VIEs”) for financial reporting purposes. We currently consolidate the assets and liabilities of certain Sequoia securitization entities issued prior to 2012 ("Legacy Sequoia"), certain entities formed during and after 2012 in connection with the securitization of Redwood Select prime loans and Redwood Choice expanded-prime loans ("Sequoia"), entities formed in connection with the securitization of CoreVest residential investor term and bridge loans ("CAFL") and entities formed in connection with the securitization of home equity investment contracts ("HEI"). We also consolidate the assets and liabilities of certain Freddie Mac K-Series and Freddie Mac Seasoned Loans Structured Transaction ("SLST") securitizations (and re-securitization of such SLST securities) in which we have invested. Each securitization entity is independent of Redwood and of each other and the assets and liabilities are not owned by and are not legal obligations of Redwood Trust, Inc. Our exposure to these entities is primarily through the financial interests we have purchased or retained, although for certain entities we are exposed to financial risks associated with our role as a sponsor or co-sponsor, servicing administrator, collateral administrator or depositor of these entities or as a result of our having sold assets directly or indirectly to these entities. For financial reporting purposes, the underlying loans owned at the consolidated Legacy Sequoia, Sequoia and Freddie Mac SLST entities are shown under Residential consumer loans held-for-investment, at fair value, the underlying loans at the consolidated Freddie Mac K-Series entity are shown under Consolidated Agency multifamily loans, at fair value, the underlying residential investor term and bridge loans at the consolidated CAFL entities are shown under Residential investor loans held-for-investment, at fair value, and the underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments, at fair value on our consolidated balance sheets. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. In our consolidated statements of income, we record interest income on the loans owned at these entities and interest expense on the ABS issued by these entities as well as fair value changes, other income and expenses associated with these entities' activities. See Note 15 for further discussion on ABS issued. We also consolidate two partnerships ("Servicing Investment" entities) through which we have invested in servicing-related assets. We maintain an 80% ownership interest in each entity and have determined that we are the primary beneficiary of these partnerships.
Use of Estimates	Use of Estimates The preparation of financial statements requires us to make a number of significant estimates. These include estimates of fair value of certain assets and liabilities, amounts and timing of credit losses, prepayment rates, valuation allowances, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ from our estimates and the differences could be material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Newly Adopted Accounting Standard Updates ("ASUs") In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this guidance in the first quarter of 2024, which did not have a material impact on our consolidated financial statements. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848." This new guidance defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. Through March 31, 2024, we had not elected to apply the optional expedients and exceptions to any of our existing contracts, hedging relationships, or other transactions. At March 31, 2024, we had no remaining LIBOR-indexed financial assets or liabilities. Other Recent Accounting Pronouncements Pending Adoption In August 2023, the FASB issued ASU 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." ASU 2023-05 requires a joint venture, upon formation, to initially measure its assets and liabilities at fair value. This generally aligns the treatment to be consistent with the guidance for business combinations. Joint venture entities that are private companies may elect to include customer-related intangible assets and non-competition agreements within goodwill and not as separate intangible assets. This new guidance is effective for all joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. We are evaluating the accounting and disclosure requirements of ASU 2023-05 and we plan to adopt this new guidance by the required date. We do not anticipate that this update will have a material impact on our financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. "ASU 2023-07 expands the breadth and frequency of segment disclosures by requiring disclosures of significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measures of a segment's profit or loss. Other disclosure requirements involve the amount and composition of other segment items and how the CODM uses the reported measures of profit or loss to assess segment performance and to decide how to allocate resources. The ASU does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. This new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the accounting and disclosure requirements of ASU 2023-07 and we plan to adopt this new guidance by the required date. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation disclosures. Additionally, income taxes paid are required to be disaggregated by jurisdiction, along with other amendments to enhance the effectiveness of income tax disclosures. This new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and upon adoption, the guidance can be adopted on a prospective or retrospective basis. We are evaluating the accounting and disclosure requirements of ASU 2023-07 and we plan to adopt this new guidance by the required date.
Balance Sheet Netting	Balance Sheet Netting

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Finite-Lived Intangible Assets	The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at March 31, 2024. Table 2.1 – Intangible Assets – Activity Intangible Assets at Acquisition Accumulated Amortization at March 31, 2024 Carrying Value at March 31, 2024 Weighted Average Amortization Period (in years) (Dollars in Thousands) Borrower network $ 56,300 $ (31,601) $ 24,699 7 Broker network 18,100 (18,100) — 5 Non-compete agreements 11,400 (10,608) 792 3 Tradenames 4,400 (4,234) 166 3 Developed technology 1,800 (1,800) — 2 Loan administration fees on existing loan assets 2,600 (2,600) — 1 Total $ 94,600 $ (68,943) $ 25,657 6
Schedule of Finite-lived Intangible Assets Amortization Expense	Estimated future amortization expense is summarized in the table below. Table 2.2 – Intangible Asset Amortization Expense by Year (In Thousands) March 31, 2024 2024 (9 months) $ 6,609 2025 8,426 2026 6,694 2027 1,571 2028 and thereafter 2,357 Total Future Intangible Asset Amortization $ 25,657

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Offsetting of Financial Assets, Liabilities, and Collateral	The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2024 and December 31, 2023. Table 3.1 – Offsetting of Financial Assets, Liabilities, and Collateral Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount March 31, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ — $ — $ — $ — $ — $ — TBAs — — — — — — Futures 1,840 — 1,840 (1,716) — 124 Total Assets $ 1,840 $ — $ 1,840 $ (1,716) $ — $ 124 Liabilities (2) TBAs $ (5) $ — $ (5) $ — $ — $ (5) Futures (2,422) — (2,422) 1,716 706 — Loan warehouse debt (196,780) — (196,780) 196,780 — — Total Liabilities $ (199,207) $ — $ (199,207) $ 198,496 $ 706 $ (5) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Consolidated Balance Sheet Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet Gross Amounts Not Offset in Consolidated (1) Net Amount December 31, 2023 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 1,742 $ — $ 1,742 $ — $ — $ 1,742 TBAs 952 — 952 (952) — — Futures — — — — — — Total Assets $ 2,694 $ — $ 2,694 $ (952) $ — $ 1,742 Liabilities (2) TBAs $ (27,020) $ — $ (27,020) $ 952 $ 25,484 $ (584) Futures (3,394) — (3,394) — 3,394 — Loan warehouse debt (471,900) — (471,900) 471,900 — — Total Liabilities $ (502,314) $ — $ (502,314) $ 472,852 $ 28,878 $ (584) (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively. (2)

Principles of Consolidation (Ta

Principles of Consolidation (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated VIEs	The following table presents a summary of the assets and liabilities of our consolidated VIEs. Table 4.1 – Assets and Liabilities of Consolidated VIEs March 31, 2024 Legacy Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 131,859 $ 5,640,341 $ — $ 1,332,686 $ — $ — $ — $ 7,104,886 Residential investor loans, held-for-investment — — 3,615,210 — — — — 3,615,210 Consolidated Agency multifamily loans — — — — 422,788 — — 422,788 Home equity investments — — — — — — 314,184 314,184 Other investments — — — — — 247,308 — 247,308 Cash and cash equivalents — — — — — 16,902 — 16,902 Restricted cash 70 94 25,613 — — — 8,127 33,904 Accrued interest receivable 310 24,520 20,462 4,759 1,314 2,421 — 53,786 Other assets — — 32,382 3,178 — 5,834 99 41,493 Total Assets $ 132,239 $ 5,664,955 $ 3,693,667 $ 1,340,623 $ 424,102 $ 272,465 $ 322,410 $ 11,850,461 Short-term debt $ — $ — $ — $ — $ — $ 147,342 $ — $ 147,342 Accrued interest payable 283 21,428 10,653 4,391 1,184 396 — 38,335 Accrued expenses and other liabilities — — 6,316 — — 36,802 64,878 107,996 Asset-backed securities issued 130,875 5,423,137 3,228,804 1,235,810 389,238 — 220,325 10,628,189 Total Liabilities $ 131,158 $ 5,444,565 $ 3,245,773 $ 1,240,201 $ 390,422 $ 184,540 $ 285,203 $ 10,921,862 Value of our investments in VIEs (1) $ 984 $ 217,299 $ 445,332 $ 100,053 $ 33,550 $ 87,925 $ 37,207 $ 922,350 Number of VIEs 20 25 21 3 1 3 2 75 December 31, 2023 Legacy Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 139,739 $ 4,640,464 $ — $ 1,359,242 $ — $ — $ — $ 6,139,445 Residential investor loans, held-for-investment — — 3,734,321 — — — — 3,734,321 Consolidated Agency multifamily loans — — — — 425,285 — — 425,285 Home equity investments — — — — — — 305,717 305,717 Other investments — — — — — 257,489 — 257,489 Cash and cash equivalents — — — — — 9,482 — 9,482 Restricted cash 68 95 33,921 — — — 10,821 44,905 Accrued interest receivable 332 19,697 20,806 4,821 1,320 822 — 47,798 Other assets — — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 140,139 $ 4,660,256 $ 3,803,934 $ 1,367,221 $ 426,605 $ 274,130 $ 316,600 $ 10,988,885 Short-term debt $ — $ — $ — $ — $ — $ 153,653 $ — $ 153,653 Accrued interest payable 303 15,990 11,537 4,496 1,190 416 — 33,932 Accrued expenses and other liabilities — — 2,734 — — 34,357 59,752 96,843 Asset-backed securities issued 138,530 4,430,130 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 138,833 $ 4,446,120 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 1,209 $ 210,429 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 20 22 21 3 1 3 2 72 (1) Value of our investments in VIEs, as presented in this table, generally represents the fair value of the economic interests we own in VIEs (i.e., the securities or other interests we legally own in the consolidated securitizations or other VIEs). While most of our VIEs are accounted for under the CFE election (whereby the net equity in the VIE generally represents the fair value of our retained interests and associated accrued interest receivable), certain entities, including two CAFL bridge loan securitizations (included within the CAFL column), our SLST re-securitization (included within the Freddie Mac SLST column), and our Servicing Investment VIEs are not accounted for under the CFE election and their associated ABS issued are accounted for at amortized historical cost. As of March 31, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election were $333 million and $323 million, respectively, and the fair value of our interest in the CAFL bridge loan securitizations accounted for under the CFE election was $21 million and $22 million, respectively, with the difference from the tables above generally representing ABS issued and carried at amortized historical cost and accrued interest on our economic interests. As of March 31, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $271 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. The following tables present income (loss) from these VIEs for the three months ended March 31, 2024 and 2023. Table 4.2 – Income (Loss) from Consolidated VIEs Three Months Ended March 31, 2024 Legacy Sequoia CAFL Freddie Mac SLST Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Interest income $ 2,298 $ 60,680 $ 60,994 $ 14,616 $ 4,581 $ 7,551 $ — $ 150,720 Interest expense (2,194) (56,628) (43,283) (13,980) (4,199) (3,219) — (123,503) Net interest income 104 4,052 17,711 636 382 4,332 — 27,217 Non-interest income Investment fair value changes, net (218) 5,346 13,503 3,730 243 (1,503) — 21,101 HEI income, net — — — — — — 2,888 2,888 Other income — — 305 — — — — 305 Realized gains, net — — 314 — — — — 314 Total non-interest income, net (218) 5,346 14,122 3,730 243 (1,503) 2,888 24,608 General and administrative expenses — — — (14) — (51) — (65) Other expenses — — — — — (556) — (556) Income (loss) from Consolidated VIEs $ (114) $ 9,398 $ 31,833 $ 4,352 $ 625 $ 2,222 $ 2,888 $ 51,204 Three Months Ended March 31, 2023 Legacy Sequoia CAFL Freddie Mac SLST Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Interest income $ 2,543 $ 34,644 $ 54,437 $ 15,493 $ 4,618 $ 7,814 $ — $ 119,549 Interest expense (2,504) (30,055) (39,542) (11,218) (4,241) (3,848) — (91,408) Net interest income 39 4,589 14,895 4,275 377 3,966 — 28,141 Non-interest income Investment fair value changes, net (94) 2,442 (9,682) 8,934 363 (1,047) — 916 HEI income, net — — — — — — 425 425 Other income — — 172 — — — — 172 Total non-interest income, net (94) 2,442 (9,510) 8,934 363 (1,047) 425 1,513 General and administrative expenses — — — — — 10 — 10 Other expenses — — — — — (577) — (577) Income (loss) from Consolidated VIEs $ (55) $ 7,031 $ 5,385 $ 13,209 $ 740 $ 2,352 $ 425 $ 29,087
Schedule of Cash Flows Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table summarizes the cash flows during the three months ended March 31, 2024 and 2023 between us and the unconsolidated VIEs sponsored by us and accounted for as sales since 2012. Table 4.3 – Cash Flows Related to Unconsolidated VIEs Sponsored by Redwood Three Months Ended March 31, (In Thousands) 2024 2023 MSR fees received $ 604 $ 684 Funding of compensating interest, net (124) (1) Cash flows received on retained securities 3,022 2,963
Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents additional information at March 31, 2024 and December 31, 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 4.4 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) March 31, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 35,709 $ 31,690 Subordinate securities, classified as AFS 87,647 78,942 Mortgage servicing rights 11,796 10,885 Maximum loss exposure (1) $ 135,152 $ 121,517 Assets transferred: Principal balance of loans outstanding $ 3,702,972 $ 3,758,914 Principal balance of loans 30+ days delinquent 22,779 22,367 (1) Maximum loss exposure from our involvement with unconsolidated VIEs pertains to the carrying value of our securities and MSRs retained from these VIEs and represents estimated losses that would be incurred under severe, hypothetical circumstances, such as if the value of our interests and any associated collateral declines to zero. This does not include, for example, any potential exposure to representation and warranty claims associated with our initial transfer of loans into a securitization.
Schedule of Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents key economic assumptions for assets retained from unconsolidated VIEs and the sensitivity of their fair values to immediate adverse changes in those assumptions at March 31, 2024 and December 31, 2023. Table 4.5 – Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated VIEs Sponsored by Redwood March 31, 2024 MSRs Senior Securities (1) Subordinate Securities (Dollars in Thousands) Fair value at March 31, 2024 $ 11,796 $ 35,709 $ 87,647 Expected life (in years) (2) 9 11 10 Prepayment speed assumption (annual CPR) (2) 4 % 3 % 6 % Decrease in fair value from: 10% adverse change $ 177 $ 347 $ 626 25% adverse change 439 912 642 Discount rate assumption (2) 12 % 12 % 9 % Decrease in fair value from: 100 basis point increase $ 471 $ 1,646 $ 6,973 200 basis point increase 900 3,181 12,731 Credit loss assumption (2) N/A 0.03 % 0.03 % Decrease in fair value from: 10% higher losses N/A N/A $ 646 25% higher losses N/A N/A 703 December 31, 2023 MSRs Senior Securities (1) Subordinate Securities (Dollars in Thousands) Fair value at December 31, 2023 $ 10,885 $ 31,690 $ 78,942 Expected life (in years) (2) 8 9 13 Prepayment speed assumption (annual CPR) (2) 6 % 5 % 6 % Decrease in fair value from: 10% adverse change $ 207 $ 532 $ 200 25% adverse change 513 1,335 477 Discount rate assumption (2) 13 % 13 % 9 % Decrease in fair value from: 100 basis point increase $ 405 $ 1,322 $ 6,855 200 basis point increase 827 2,506 12,883 Credit loss assumption (2) N/A 0.03 % 0.03 % Decrease in fair value from: 10% higher losses N/A N/A $ 36 25% higher losses N/A N/A 96 (1) Senior securities are comprised entirely of interest-only securities at March 31, 2024 and at December 31, 2023. (2) Expected life, prepayment speed assumption, discount rate assumption, and credit loss assumption presented in the tables above represent weighted averages.
Schedule of Third-Party Sponsored VIE Summary	The following table presents a summary of our interests in third-party VIEs at March 31, 2024 and December 31, 2023, grouped by asset type. Table 4.6 – Third-Party Sponsored VIE Summary (In Thousands) March 31, 2024 December 31, 2023 Mortgage-Backed Securities Senior $ 62,246 $ 4,419 Mezzanine 9,219 — Subordinate 17,486 12,746 Total Mortgage-Backed Securities 88,951 17,165 Excess MSR 4,848 5,224 Total Investments in Third-Party Sponsored VIEs $ 93,799 $ 22,389

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Assets and Liabilities	The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2024 and December 31, 2023. Table 5.1 – Carrying Values and Fair Values of Assets and Liabilities March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (In Thousands) Assets Residential consumer loans, held-for-sale, at fair value $ 511,706 $ 511,706 $ 911,192 $ 911,192 Residential consumer loans, held-for-investment, at fair value 7,104,886 7,104,886 6,139,445 6,139,445 Residential investor loans, held-for-sale, at fair value 280,551 280,551 180,249 180,250 Residential investor loans, held-for-investment, at fair value 4,901,443 4,901,443 5,040,048 5,040,048 Consolidated Agency multifamily loans, at fair value 422,788 422,788 425,285 425,285 Real estate securities, at fair value 212,307 212,307 127,797 127,797 HEI (1) 560,745 560,745 550,436 550,436 Servicer advance investments (2) 216,033 216,033 225,345 225,345 MSRs (2) 27,417 27,417 24,877 24,877 Excess MSRs (2) 36,122 36,122 37,367 37,367 Other investments (2) 3,224 3,224 3,193 3,193 Cash and cash equivalents 275,394 275,394 293,104 293,104 Restricted cash 64,993 64,993 75,684 75,684 Derivative assets 3,155 3,155 14,212 14,212 Margin receivable (3) 19,409 19,409 33,414 33,414 Liabilities Short-term debt (4) $ 1,135,653 $ 1,132,812 $ 1,415,664 $ 1,414,644 Margin payable (5) — — 350 350 Guarantee obligations (5) 5,650 3,516 5,781 3,772 HEI securitization non-controlling interest 64,878 64,878 59,752 59,752 Derivative liabilities 5,849 5,849 33,828 33,828 ABS issued, net at fair value 9,979,891 9,979,891 9,151,263 9,151,263 at amortized cost 648,298 643,417 660,617 637,816 Other long-term debt, net (6) 1,152,475 1,151,248 1,180,918 1,177,287 Convertible notes, net (6) 474,049 465,835 503,728 488,341 Trust preferred securities and subordinated notes, net (6) 138,825 96,255 138,813 92,070 Senior Notes (6) 57,581 61,200 — — (1) Includes HEI held at Redwood and HEI held at consolidated HEI securitization entities. See further discussion in Note 10 . (2) These investments are included in Other investments on our consolidated balance sheets. (3) These assets are included in Other assets on our consolidated balance sheets. (4) Short-term debt excludes short-term convertible notes, which are included under "Convertible notes, net." (5) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets. (6) These liabilities are primarily included in Long-term debt, net on our consolidated balance sheets. Convertible notes, net also includes convertible notes classified as Short-term debt. See Note 14 for more information on Short-term debt.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at March 31, 2024 and December 31, 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 5.2 – Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2024 Carrying Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,616,592 $ — $ — $ 7,616,592 Residential investor loans 5,181,994 — — 5,181,994 Consolidated Agency multifamily loans 422,788 — — 422,788 Real estate securities 212,307 — — 212,307 HEI 560,745 — — 560,745 Servicer advance investments 216,033 — — 216,033 MSRs 27,417 — — 27,417 Excess MSRs 36,122 — — 36,122 Other investments 3,224 — — 3,224 Derivative assets 3,155 1,840 — 1,315 Liabilities HEI securitization non-controlling interest $ 64,878 $ — $ — $ 64,878 Derivative liabilities 5,849 2,427 — 3,422 ABS issued 9,979,891 — — 9,979,891 December 31, 2023 Carrying Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 7,050,637 $ — $ — $ 7,050,637 Residential investor loans 5,220,297 — — 5,220,297 Consolidated Agency multifamily loans 425,285 — — 425,285 Real estate securities 127,797 — — 127,797 HEI 550,436 — — 550,436 Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Other investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Liabilities HEI securitization non-controlling interest $ 59,752 $ — $ — $ 59,752 Derivative liabilities 33,828 30,414 — 3,414 ABS issued 9,151,263 — — 9,151,263
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2024. Table 5.3 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets Residential Consumer Loans Residential Investor Consolidated Agency Multifamily Loans Trading Securities AFS HEI Servicer Advance Investments Excess MSRs MSRs and Other Investments (In Thousands) Beginning balance - $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 1,005,659 15,677 — 47,526 14,056 307 — — 176 Originations — 311,119 — — — — — Sales (199,338) (59,377) — — — — — — — Principal paydowns (185,131) (310,047) (2,150) (205) (90) (11,565) (8,678) — (69) Gains (losses) in net income, net (54,192) 5,070 (347) 14,475 92 21,567 (634) (1,245) 2,464 Unrealized gains in OCI, net — — — — 8,656 — — — — Other settlements, net (1) (1,043) (745) — — — — — — — Ending balance - $ 7,616,592 $ 5,181,994 $ 422,788 $ 102,220 $ 110,087 $ 560,745 $ 216,033 $ 36,122 $ 30,641 Liabilities Derivatives (2) HEI Securitization Non-Controlling Interest ABS (In Thousands) Beginning balance - December 31, 2023 $ 8,104 $ 59,752 $ 9,151,263 Acquisitions — — 1,190,500 Principal paydowns — — (294,043) Gains (losses) in net income, net (6,744) 5,126 (67,829) Other settlements, net (1) (3,467) — — Ending balance - March 31, 2024 $ (2,107) $ 64,878 $ 9,979,891 (1) Other settlements, net: for residential consumer and residential investor loans, represents the transfer of loans to REO; for derivatives, represents the transfer of the fair value of loan purchase and interest rate lock commitments at the time loans are acquired to the basis of residential consumer and residential investor loans; and for MSRs and other investments, primarily represents an investment that was exchanged into a new instrument that is no longer measured at fair value on a recurring basis. (2) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis.
Schedule of Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held and Included in Net Income	The following table presents the portion of fair value gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2024 and 2023. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2024 and 2023 are not included in this presentation. Table 5.4 – Portion of Net Fair Value Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at March 31, 2024 and March 31, 2023 Included in Net Income Included in Net Income (loss) Three Months Ended March 31, (In Thousands) 2024 2023 Assets Residential consumer loans at Redwood $ (1,497) $ 156 Residential investor loans (1,397) 12,239 Net investments in consolidated Sequoia entities (1) 6,910 2,349 Net investments in consolidated Freddie Mac SLST entities (1) 3,367 8,759 Net investments in consolidated Freddie Mac K-Series entities (1) 243 363 Net investments in consolidated CAFL entities (1) 10,251 (8,810) Net investment in consolidated HEI securitization entities (1) 2,888 1,194 Trading securities 14,506 1,793 Available-for-sale securities 629 (28) HEI at Redwood 6,075 3,433 Servicer advance investments (634) (1,352) MSRs 2,723 (424) Excess MSRs (1,245) (229) Other investments — (94) Loan purchase commitments 1,315 353 Liabilities Loan purchase commitments $ (3,420) $ (6) (1) Represents the portion of net fair value gains or losses included in our consolidated statements of income related to securitized loans, securitized HEI, and the associated ABS issued at our consolidated securitization entities held at March 31, 2024 and March 31, 2023 , which, netted together, represent the change in value of our investments at the consolidated VIEs under the CFE election, excluding REO.
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis	The following table presents information on assets recorded at fair value on a non-recurring basis at March 31, 2024. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our consolidated balance sheets at March 31, 2024. Table 5.5 – Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2024 Gain (Loss) for March 31, 2024 Carrying Fair Value Measurements Using Three Months Ended (In Thousands) Level 1 Level 2 Level 3 March 31, 2024 Assets Strategic Investments (1) $ 1,600 $ — $ — $ 1,600 $ 650 REO 66,978 — — 66,978 (3,000) (1) Strategic investments represent investments we made in companies either through our RWT Horizons venture investment platform or separately at a corporate level. See Note 11
Schedule of Market Valuation Gains and Losses, Net	The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 5.6 – Market Valuation Gains and Losses, Net Three Months Ended March 31, (In Thousands) 2024 2023 Mortgage Banking Activities, Net Residential consumer loans held-for-sale $ 2,497 $ 6,994 Residential consumer loan purchase commitments (6,351) (239) Residential investor term loans held-for-sale (296) 12,700 Residential investor bridge loans 946 1,119 Trading securities (1) 8,511 — Risk management derivatives, net 5,598 (8,467) Total mortgage banking activities, net (2) $ 10,905 $ 12,107 Investment Fair Value Changes, Net Residential consumer loans held-for-investment, at Redwood (called Sequoia loans) $ — $ 183 Residential investor term loans held-for-sale (1,000) — Residential investor bridge loans held-for-investment (3,218) 1,376 Trading securities 4,181 1,961 Servicer advance investments (634) (1,352) Excess MSRs (1,245) (228) Net investments in Legacy Sequoia entities (3) (218) (94) Net investments in Sequoia entities (3) 7,128 2,442 Net investments in Freddie Mac SLST entities (3) 3,730 8,934 Net investment in Freddie Mac K-Series entity (3) 243 363 Net investments in CAFL entities (3) 10,251 (8,810) Other investments (2,391) (435) Risk management derivatives, net 4,381 (8,704) Credit recoveries (losses) on AFS securities 629 (28) Total investment fair value changes, net $ 21,837 $ (4,392) HEI income, Net HEI at Redwood $ 6,143 $ 3,840 Net investments in HEI securitization entities (3) 2,888 425 Total HEI income, net $ 9,031 $ 4,265 Other Income MSRs $ 2,464 $ (590) Other (217) (120) Total other income (4) $ 2,247 $ (710) Total Market Valuation Gains (Losses), Net $ 44,020 $ 11,270 Footnotes to Table 5.6 (1) Represents fair value changes on trading securities that are being used along with risk management derivatives to manage the market risks associated with our residential consumer mortgage banking operations. (2) Mortgage banking activities, net presented above does not include fee income from loan originations or acquisitions, provisions for repurchases, or other expenses that are components of Mortgage banking activities, net presented on our consolidated statements of in come, as these amounts do not represent market valuation changes. (3) Includes changes in fair value of the residential consumer loans held-for-investment, securitized HEI, REO and the ABS issued at the entities, which, netted together, represent the change in value of our investments at the consolidated VIEs accounted for under the CFE election. (4)
Schedule of Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value	The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value. Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments March 31, 2024 Fair Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (1) Assets Residential consumer loans: Jumbo loans $ 506,500 Senior credit spread to TBA price (2) $ 1.13 - $ 2.25 $ 1.23 Subordinate credit spread (2) 215 - 700 bps 305 bps Senior credit support (2) 7 - 7 % 7 % IO discount rate (2) 24 - 24 % 24 % Prepayment rate (annual CPR) (2) 15 - 15 % 15 % Jumbo loans committed to sell 5,205 Whole loan committed sales price $ 103 - $ 103 $ 103 Loans held by Legacy Sequoia (3) 131,859 Liability price N/A N/A Loans held by Sequoia (3) 5,640,341 Liability price N/A N/A Loans held by Freddie Mac SLST (3) 1,332,686 Liability price N/A N/A Residential investor loans: Residential investor term loans 253,774 Senior credit spread (2) 120 - 120 bps 120 bps Subordinate credit spread (2) 180 - 780 bps 383 bps Senior credit support (2) 34 - 34 % 34 % Prepayment rate (annual CPR) (2) — - 3 % 3 % Dollar price of non-performing loans $ 59 - $ 100 $ 60 Residential investor term loans held by CAFL (3) 2,853,052 Liability price N/A N/A Residential investor bridge loans held by CAFL (3) 762,158 Liability price N/A N/A Residential investor bridge loans 1,313,010 Whole loan discount rate 9 - 13 % 10 % Whole loan spread 485 - 485 bps 485 bps Dollar price of non-performing loans $41 - $ 100 $ 84 Multifamily loans held by Freddie Mac K-Series (3) 422,788 Liability price N/A N/A Trading and AFS securities 212,307 Discount rate 6 - 27 % 13 % Prepayment rate (annual CPR) 2 - 65 % 10 % Default rate — - 9 % 0.2 % Loss severity — - 50 % 22 % HEI 246,561 Discount rate 10 - 10 % 10 % Prepayment rate (annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 3 - 3 % 3 % HEI held by HEI securitization entities (3) 314,184 Liability price N/A N/A Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments (continued) March 31, 2024 Fair Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (1) Assets (continued) Servicer advance investments $ 216,033 Discount rate 2 - 4 % 3 % Prepayment rate (annual CPR) 11 - 30 % 14 % Expected remaining life (4) 5 - 5 yrs 5 yrs Mortgage servicing income 3 - 18 bps 10 bps MSRs 27,417 Discount rate 12 - 73 % 12 % Prepayment rate (annual CPR) 2 - 14 % 4 % Per loan annual cost to service $ 93 - $ 93 $ 93 Excess MSRs 36,122 Discount rate 12 - 19 % 18 % Prepayment rate (annual CPR) 10 - 100 % 17 % Excess mortgage servicing amount 8 - 20 bps 11 bps Liabilities Residential consumer loan purchase commitments, net 2,107 Senior credit spread to TBA price (2) $ 1.13 - $ 2.25 $ 1.23 Subordinate credit spread (2) 215 - 700 bps 305 bps Senior credit support (2) 7 - 7 % 7 % IO discount rate (2) 20 - 20 % 20 % Prepayment rate (annual CPR) (2) 15 - 15 % 15 % Pull-through rate 18 - 100 % 69 % Committed sales price $ 102 - $ 103 $ 103 ABS issued (3) : At consolidated Sequoia entities 5,554,012 Discount rate 4 - 40 % 8 % Prepayment rate (annual CPR) 4 - 23 % 8 % Default rate — - 18 % 1 % Loss severity 25 - 50 % 30 % At consolidated CAFL Term entities 2,519,547 Discount rate 5 - 12 % 7 % Prepayment rate (annual CPR) — - 3 % 0.1 % Default rate 3 - 13 % 7 % Loss severity 25 - 35 % 25 % At consolidated Freddie Mac SLST entities 1,064,788 Discount rate 5 - 9 % 6 % Prepayment rate (annual CPR) 6 - 6 % 6 % Default rate 14 - 16 % 15 % Loss severity 25 - 25 % 25 % At consolidated Freddie Mac K-Series entities (3) 389,238 Discount rate 5 - 10 % 6 % At consolidated HEI entities (5) 220,325 Discount rate 8 - 12 % 9 % Prepayment rate (annual CPR) 15 - 15 % 15 % Home price appreciation (depreciation) 3 - 3 % 3 % At consolidated CAFL Bridge entities 231,982 Discount rate 7 - 15 % 8 % Prepayment rate (annual CPR) 40 - 40 % 40 % Default rate — 5 % 3 % Loss severity 25 - 25 % 25 % Footnotes to Table 5.7 (1) The weighted average input values for all loan types are based on unpaid principal balance. The weighted average input values for all other assets and liabilities are based on relative fair value. (2) Values represent pricing inputs used in securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. (3) The fair value of the loans and HEI held by consolidated entities is based on the fair value of the ABS issued by these entities and the securities and other investments we own in those entities, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. At March 31, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, CAFL Bridge (under CFE), Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $218 million, $333 million, $21 million, $271 million, $34 million, and $37 million, respectively. CAFL Bridge only includes the one securitization entity for which we made the CFE election. (4) Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool). (5) Fair value presented in this line item for ABS issued at consolidated HEI entities does not include non-controlling interests in our HEI entities, which we account for separately as liabilities in our Consolidated Balance Sheets and carry at fair value. However, given the HEI non-controlling interests are priced using the same model and inputs, the unobservable inputs and input values provided in this section include those for the HEI non-controlling interests.

Residential Consumer Loans (Tab

Residential Consumer Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Classifications and Carrying Value of Loans	The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.1 – Classifications and Carrying Values of Residential Consumer Loans March 31, 2024 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 511,706 $ — $ — $ — $ 511,706 Held-for-investment at fair value — 131,859 5,640,341 1,332,686 7,104,886 Total Residential Consumer Loans $ 511,706 $ 131,859 $ 5,640,341 $ 1,332,686 $ 7,616,592 December 31, 2023 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ — $ 911,192 Held-for-investment at fair value — 139,739 4,640,464 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 139,739 $ 4,640,464 $ 1,359,242 $ 7,050,637 Table 7.1 – Classifications and Carrying Values of Residential Investor Loans March 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 253,774 — $ 26,777 $ — $ 280,551 Held-for-investment at fair value — 2,853,052 1,286,233 762,158 4,901,443 Total Residential Investor Loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 $ 5,181,994 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 The following table provides the activity of residential investor loans at Redwood during the three months ended March 31, 2024 and 2023. Table 7.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Redwood Residential Investor Bridge at Redwood Residential Investor Term at Redwood Residential Investor Bridge at Redwood Principal balance of loans originated $ 117,090 $ 194,029 $ 174,078 $ 255,152 Principal balance of loans acquired — 15,677 — 9,085 Principal balance of loans sold to third parties (1) 6,032 53,221 217,702 12,547 Fair value of loans transferred (2) — (98,731) — (80,792) Mortgage banking activities income (loss) recorded (3) (296) 946 12,700 1,119 Investment fair value changes recorded (1,000) (3,218) — 1,608 (1) The principal balance of loans sold to third parties is net of $15 million related to construction draws on residential investor bridge loans sold to the Oaktree joint venture. (2) For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features. (3) Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). The following table provides the activity of residential investor loans held-for-investment at CAFL during the three months ended March 31, 2024 and 2023. Table 7.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Residential Investor Bridge at CAFL Residential Investor Term at Residential Investor Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 7,583 $ 3,690 $ 37,179 $ (592) Fair value of loans transferred to HFI — 98,731 — 80,792 Footnote to Table 7.3 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Investor Loans March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 73 1,022 850 1,849 Unpaid principal balance $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 Fair value of loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 Weighted average coupon 6.95 % 5.34 % 10.35 % 10.62 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 5,307 N/A $ 35,653 N/A Market value of loans pledged as collateral under long-term debt facilities $ 212,589 N/A $ 1,223,044 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 42 48 61 Unpaid principal balance of loans with 90+ day delinquencies $ 28,064 $ 137,447 $ 92,810 $ 11,741 Fair value of loans with 90+ day delinquencies (2) $ 15,623 N/A $ 81,326 N/A Number of loans in foreclosure 2 10 34 59 Unpaid principal balance of loans in foreclosure (3) $ 28,064 $ 25,158 $ 76,483 $ 5,295 Fair value of loans in foreclosure (3) $ 15,623 N/A $ 64,999 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 38 1,055 925 1,912 Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 2,393 N/A $ 92,832 N/A Market value of loans pledged as collateral under long-term debt facilities $ 122,541 N/A $ 1,205,366 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 45 54 52 Unpaid principal balance of loans with 90+ day delinquencies $ 28,263 $ 143,623 $ 96,934 $ 10,646 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Number of loans in foreclosure 2 7 36 47 Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A Footnotes to Table 7.4 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at March 31, 2024 by collateral/strategy type. Table 7.5 – Residential Investor Loans Collateral/Strategy Type March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental 185,581 2,393,902 — — Multifamily 77,467 672,661 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 602,774 389,451 Single Asset Bridge ("SAB") (3) — — 23,023 136,475 Multifamily (4) — — 686,456 221,635 Third-Party Originated — — 24,567 4,523 Total Residential Investor Loans $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with GAAP for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Characteristics of Residential Consumer Loans Held-For-Sale	The following table summarizes the characteristics of residential consumer loans held-for-sale at March 31, 2024 and December 31, 2023. Table 6.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 448 874 Unpaid principal balance $ 508,708 $ 916,877 Fair value of loans $ 511,706 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 507,450 $ 907,742 Weighted average coupon 6.74 % 6.25 %
Schedule of Quarterly Activity of Residential Consumer Loans Held-for-Sale	The following table provides the activity of residential consumer loans held-for-sale during the three months ended March 31, 2024 and 2023. Table 6.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended March 31, (In Thousands) 2024 2023 Principal balance of loans acquired $ 999,786 $ 53,046 Principal balance of loans sold 201,581 173,153 Principal balance of loans transferred from HFS to HFI 1,187,961 657,295 Net market valuation gains recorded (1) 2,497 7,178 (1) Net market valuation gains on residential consumer loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income.
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment	The following tables summarize the characteristics of the residential consumer loans owned at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.4 – Characteristics of Residential Consumer Loans Held-for-Investment March 31, 2024 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,017 7,078 10,187 Unpaid principal balance $ 146,688 $ 6,294,974 $ 1,593,040 Fair value of loans (1) $ 131,859 $ 5,640,341 $ 1,332,686 Weighted average coupon 6.59 % 4.52 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 15 14 743 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,328 $ 11,904 $ 125,401 Number of loans in foreclosure 5 6 286 Unpaid principal balance of loans in foreclosure $ 1,086 $ 5,335 $ 47,490 December 31, 2023 Legacy Freddie Mac (Dollars in Thousands) Sequoia Sequoia SLST Number of loans 1,059 6,070 10,302 Unpaid principal balance $ 156,053 $ 5,242,860 $ 1,614,974 Fair value of loans (1) $ 139,739 $ 4,640,464 $ 1,359,242 Weighted average coupon 6.54 % 4.08 % 4.50 % Delinquency information Number of loans with 90+ day delinquencies (2) 16 11 796 Unpaid principal balance of loans with 90+ day delinquencies (2) $ 4,141 $ 8,882 $ 132,307 Number of loans in foreclosure 7 5 292 Unpaid principal balance of loans in foreclosure $ 1,848 $ 3,386 $ 47,654 (1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . (2) For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure.
Schedule of Quarterly Activity of Residential Consumer Loans Held-for-Investment	The following table provides the activity of residential consumer loans held-for-investment at consolidated entities during the three months ended March 31, 2024 and 2023. Table 6.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Legacy Freddie Mac Legacy Freddie Mac (In Thousands) Sequoia Sequoia SLST Sequoia Sequoia SLST Principal value of loans transferred from HFS to HFI (1) N/A $ 1,187,961 N/A N/A $ 657,295 N/A Net market valuation gains (losses) recorded 1,516 (56,324) (4,231) (463) 61,867 32,437 (1) Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations.

Residential Investor Loans (Tab

Residential Investor Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Classifications and Carrying Value of Loans	The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at March 31, 2024 and December 31, 2023. Table 6.1 – Classifications and Carrying Values of Residential Consumer Loans March 31, 2024 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 511,706 $ — $ — $ — $ 511,706 Held-for-investment at fair value — 131,859 5,640,341 1,332,686 7,104,886 Total Residential Consumer Loans $ 511,706 $ 131,859 $ 5,640,341 $ 1,332,686 $ 7,616,592 December 31, 2023 Legacy Freddie Mac (In Thousands) Redwood Sequoia Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ — $ 911,192 Held-for-investment at fair value — 139,739 4,640,464 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 139,739 $ 4,640,464 $ 1,359,242 $ 7,050,637 Table 7.1 – Classifications and Carrying Values of Residential Investor Loans March 31, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 253,774 — $ 26,777 $ — $ 280,551 Held-for-investment at fair value — 2,853,052 1,286,233 762,158 4,901,443 Total Residential Investor Loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 $ 5,181,994 December 31, 2023 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 144,359 $ — $ 35,891 $ — $ 180,250 Held-for-investment at fair value — 2,971,725 1,305,727 762,596 5,040,048 Total Residential Investor Loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 $ 5,220,298 The following table provides the activity of residential investor loans at Redwood during the three months ended March 31, 2024 and 2023. Table 7.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Redwood Residential Investor Bridge at Redwood Residential Investor Term at Redwood Residential Investor Bridge at Redwood Principal balance of loans originated $ 117,090 $ 194,029 $ 174,078 $ 255,152 Principal balance of loans acquired — 15,677 — 9,085 Principal balance of loans sold to third parties (1) 6,032 53,221 217,702 12,547 Fair value of loans transferred (2) — (98,731) — (80,792) Mortgage banking activities income (loss) recorded (3) (296) 946 12,700 1,119 Investment fair value changes recorded (1,000) (3,218) — 1,608 (1) The principal balance of loans sold to third parties is net of $15 million related to construction draws on residential investor bridge loans sold to the Oaktree joint venture. (2) For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features. (3) Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). The following table provides the activity of residential investor loans held-for-investment at CAFL during the three months ended March 31, 2024 and 2023. Table 7.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended (In Thousands) Residential Investor Term at Residential Investor Bridge at CAFL Residential Investor Term at Residential Investor Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 7,583 $ 3,690 $ 37,179 $ (592) Fair value of loans transferred to HFI — 98,731 — 80,792 Footnote to Table 7.3 (1) Net market valuation gains (losses) on residential investor loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 . The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at March 31, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Investor Loans March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 73 1,022 850 1,849 Unpaid principal balance $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 Fair value of loans $ 253,774 $ 2,853,052 $ 1,313,010 $ 762,158 Weighted average coupon 6.95 % 5.34 % 10.35 % 10.62 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 5,307 N/A $ 35,653 N/A Market value of loans pledged as collateral under long-term debt facilities $ 212,589 N/A $ 1,223,044 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 42 48 61 Unpaid principal balance of loans with 90+ day delinquencies $ 28,064 $ 137,447 $ 92,810 $ 11,741 Fair value of loans with 90+ day delinquencies (2) $ 15,623 N/A $ 81,326 N/A Number of loans in foreclosure 2 10 34 59 Unpaid principal balance of loans in foreclosure (3) $ 28,064 $ 25,158 $ 76,483 $ 5,295 Fair value of loans in foreclosure (3) $ 15,623 N/A $ 64,999 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Number of loans 38 1,055 925 1,912 Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Fair value of loans $ 144,359 $ 2,971,725 $ 1,341,618 $ 762,596 Weighted average coupon 6.92 % 5.34 % 10.41 % 10.82 % Weighted average remaining loan term (years) 7 5 1 1 Market value of loans pledged as collateral under short-term debt facilities $ 2,393 N/A $ 92,832 N/A Market value of loans pledged as collateral under long-term debt facilities $ 122,541 N/A $ 1,205,366 N/A Delinquency information Number of loans with 90+ day delinquencies (2) 2 45 54 52 Unpaid principal balance of loans with 90+ day delinquencies $ 28,263 $ 143,623 $ 96,934 $ 10,646 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Number of loans in foreclosure 2 7 36 47 Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A Footnotes to Table 7.4 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. (2) The number of loans 90+ days delinquent includes loans in foreclosure. (3) May include loans that are less than 90 days delinquent. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at March 31, 2024 by collateral/strategy type. Table 7.5 – Residential Investor Loans Collateral/Strategy Type March 31, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental 185,581 2,393,902 — — Multifamily 77,467 672,661 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 602,774 389,451 Single Asset Bridge ("SAB") (3) — — 23,023 136,475 Multifamily (4) — — 686,456 221,635 Third-Party Originated — — 24,567 4,523 Total Residential Investor Loans $ 263,048 $ 3,066,563 $ 1,336,820 $ 752,084 (1) The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable in accordance with GAAP for collateralized financing entities. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.

Consolidated Agency Multifami_2

Consolidated Agency Multifamily Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Multifamily Loans	The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at March 31, 2024 and December 31, 2023. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans (Dollars in Thousands) March 31, 2024 December 31, 2023 Number of loans 28 28 Unpaid principal balance $ 436,718 $ 438,868 Fair value of loans $ 422,788 $ 425,285 Weighted average coupon 4.25 % 4.25 % Weighted average remaining loan term (years) 1 2 There were no consolidated agency multifamily loans with 90+ day delinquencies and no multifamily loans in foreclosure at March 31, 2024 and December 31, 2023. The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at March 31, 2024 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the three months ended March 31, 2024 and 2023. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment Three Months Ended March 31, (In Thousands) 2024 2023 Net market valuation gains (losses) recorded (1) $ (347) $ 4,160 (1) Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated Freddie Mac K-Series entity, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2 .

Real Estate Securities (Tables)

Real Estate Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Fair Values of Real Estate Securities by Type	The following table presents the fair values of our real estate securities by type at March 31, 2024 and December 31, 2023. Table 9.1 – Fair Value of Real Estate Securities by Type (In Thousands) March 31, 2024 December 31, 2023 Trading $ 102,220 $ 40,424 Available-for-sale 110,087 87,373 Total Real Estate Securities $ 212,307 $ 127,797
Schedule of Trading Securities by Collateral Type	The following table presents the fair value of trading securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.2 – Fair Value of Trading Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Senior Interest-only securities (1) $ 97,955 $ 36,109 Total Senior 97,955 36,109 Subordinate Multifamily securities 2,714 2,641 Other third-party residential securities 1,551 1,674 Total Subordinate 4,265 4,315 Total Trading Securities $ 102,220 $ 40,424 (1) Includes $32 million and $28 million of Sequoia certificated mortgage servicing rights at March 31, 2024 and December 31, 2023, respectively . The following table presents the unpaid principal balance of trading securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.3 – Unpaid Principal Balance of Trading Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Senior (1) $ — $ — Subordinate 16,370 16,567 Total Trading Securities $ 16,370 $ 16,567 (1) Our senior trading securities are comprised of interest-only securities, for which there is no principal balance. The following table provides the activity of trading securities during the three months ended March 31, 2024 and 2023. Table 9.4 – Trading Securities Activity Three Months Ended March 31, (In Thousands) 2024 2023 Fair value of securities acquired $ 47,526 $ 1,700 Fair value of securities sold — 3,509 Net market valuation gains (losses) recorded (1) 14,475 1,961 (1) Net market valuation gains (losses) on trading securities are recorded through Investment fair value changes, net and Mortgage banking activities, net on our consolidated statements of income.
Schedule of Available-for-Sale Securities by Collateral Type	The following table presents the fair value of our available-for-sale ("AFS") securities by position and collateral type at March 31, 2024 and December 31, 2023. Table 9.5 – Fair Value of Available-for-Sale Securities by Position (In Thousands) March 31, 2024 December 31, 2023 Mezzanine Other third-party securities $ 9,219 $ — Total Mezzanine 9,219 — Subordinate Sequoia securities $ 87,647 $ 78,942 Multifamily securities 4,470 4,460 Other third-party securities 8,751 3,971 Total Subordinate 100,868 87,373 Total AFS Securities $ 110,087 $ 87,373 The following table provides the activity of available-for-sale securities during the three months ended March 31, 2024 and 2023. Table 9.6 – Available-for-Sale Securities Activity Three Months Ended March 31, (In Thousands) 2024 2023 Fair value of securities acquired $ 14,056 $ — Fair value of securities sold — 2,678 Principal balance of securities called — — Net unrealized gains (losses) on AFS securities (1) 8,656 5,007 (1) Net unrealized gains (losses) on AFS securities are recorded on our consolidated balance sheets through Accumulated other comprehensive loss.
Schedule of Carrying Value of Residential Available for Sale Securities	The following table presents the components of carrying value (which equals fair value) of AFS securities at March 31, 2024 and December 31, 2023. Table 9.7 – Carrying Value of AFS Securities (In Thousands) March 31, 2024 December 31, 2023 Principal balance $ 166,302 $ 149,956 Credit reserve (19,717) (23,436) Unamortized discount, net (52,891) (46,885) Amortized cost 93,694 79,635 Gross unrealized gains 23,126 16,973 Gross unrealized losses (4,880) (6,753) CECL allowance (1,853) (2,482) Carrying Value $ 110,087 $ 87,373
Schedule of Changes of Unamortized Discount and Designated Credit Reserves on Residential Available for Sale Securities	The following table presents the changes for the three months ended March 31, 2024, in unamortized discount and designated credit reserves on residential AFS securities. Table 9.8 – Changes in Unamortized Discount and Designated Credit Reserves on AFS Securities Three Months Ended Credit Unamortized (In Thousands) Beginning balance $ 23,436 $ 46,885 Amortization of net discount — (92) Realized credit recoveries (losses), net 18 — Acquisitions — 2,361 Sales, calls, other — — Transfers to (release of) credit reserves, net (3,737) 3,737 Ending Balance $ 19,717 $ 52,891
Schedule of Components of Fair Value of Available for Sale Securities by Holding Periods	The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at March 31, 2024 and December 31, 2023. Table 9.9 – AFS Securities in Gross Unrealized Loss Position by Holding Periods Less Than 12 Consecutive Months 12 Consecutive Months or Longer Fair Unrealized Fair Unrealized (In Thousands) March 31, 2024 $ 2,851 $ (2) $ 21,416 $ (4,878) December 31, 2023 2,374 (128) 27,299 (6,625)
Schedule of Significant Valuation Assumptions for Available for Sale Securities Credit Loss	The table below summarizes the weighted average of the significant credit quality indicators we used for the credit loss allowance on our AFS securities at March 31, 2024. Table 9.10 – Significant Credit Quality Indicators March 31, 2024 Subordinate Securities Default rate 0.8% Loss severity 20%
Schedule of Activity of Allowance for Credit Losses for Available-for-sale Securities	The following table details the activity related to the allowance for credit losses for AFS securities for the three months ended March 31, 2024. Table 9.11 – Rollforward of Allowance for Credit Losses

Home Equity Investments (HEI) (

Home Equity Investments (HEI) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Home Equity Investments	The following table presents our HEI at March 31, 2024 and December 31, 2023. Table 10.1 – Home Equity Investments (In Thousands) March 31, 2024 December 31, 2023 HEI at Redwood $ 246,561 $ 244,719 HEI held at consolidated HEI securitization entities 314,184 305,717 Total Home Equity Investments $ 560,745 $ 550,436
Schedule Of Activity of Home Equity Investments	The following table details our HEI activity during the three months ended March 31, 2024 and 2023. Table 10.2 – Activity of HEI Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 307 $ — $ 40,141 $ — Fair value of HEI transferred — — — —
Schedule Of HEI Characteristics	The following table provides the components of HEI income, net for the three months ended March 31, 2024 and 2023 and reflect net market valuation gains (losses) recorded on HEI at Redwood and on securitized HEI, net of the third party and non-controlling interests in the HEI securitizations that are not owned by Redwood. Table 10.3 – Components of HEI Income, net Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) Net market valuation gains (losses) recorded on HEI at Redwood $ 6,143 $ 3,840 Net market valuation gains (losses) recorded on Securitized HEI 15,424 1,068 Net market valuation gains (losses) recorded on ABS Issued from HEI securitizations (1) (7,409) 126 Net market valuation gains (losses) recorded on non-controlling interests in HEI securitizations (5,127) (769) Total HEI income, net $ 9,031 $ 4,265 (1) Amount includes interest expense associated with ABS issued, which totaled $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. The following tables summarizes the characteristics of our HEI at March 31, 2024 and December 31, 2023. Table 10.4 – HEI Characteristics March 31, 2024 December 31, 2023 (Dollars in Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Number of HEI contracts 1,992 2,370 2,034 2,434 Average initial amount of contract $ 105 $ 95 $ 105 $ 96

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Schedule of Other Investments	Other investments at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) March 31, 2024 December 31, 2023 Servicer advance investments $ 216,033 $ 225,345 Strategic investments 57,608 56,107 Excess MSRs 36,122 37,367 Mortgage servicing rights 27,417 24,877 Other 165 234 Total Other Investments $ 337,345 $ 343,930
Schedule of Components of Servicer Advance Investments	The servicer advance receivables were comprised of the following types of advances at March 31, 2024 and December 31, 2023. Table 11.2 – Components of Servicer Advance Receivables (In Thousands) March 31, 2024 December 31, 2023 Principal and interest advances $ 56,005 $ 60,216 Escrow advances (taxes and insurance advances) 89,381 91,792 Corporate advances 30,523 32,579 Total Servicer Advance Receivables $ 175,909 $ 184,587

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Notional Amount of Derivative Financial Instruments	The following table presents the fair value and notional amount of our derivative financial instruments at March 31, 2024 and December 31, 2023. Table 12.1 – Fair Value and Notional Amount of Derivative Financial Instruments March 31, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs — — 952 385,000 Interest rate futures 1,840 782,000 — — Assets - Other Derivatives Loan purchase commitments 1,315 284,460 11,518 216,194 Total Assets $ 3,155 $ 1,066,460 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ (5) $ 7,000 $ (27,020) $ 1,405,000 Interest rate futures (2,422) 445,000 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (3,422) 717,175 (3,414) 430,983 Total Liabilities $ (5,849) $ 1,169,175 $ (33,828) $ 1,977,483 Total Derivative Financial Instruments, Net $ (2,694) $ 2,235,635 $ (19,616) $ 2,628,677

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.1 – Components of Other Assets (In Thousands) March 31, 2024 December 31, 2023 REO $ 91,313 $ 93,599 Accrued interest receivable 79,491 69,072 Investment receivable 50,917 67,302 Deferred tax asset 40,116 40,115 Margin receivable 19,409 33,414 Operating lease right-of-use assets 11,539 12,532 Fixed assets and leasehold improvements (1) 7,225 7,829 Income tax receivables 1,134 2,082 Other 32,487 25,164 Total Other Assets $ 333,631 $ 351,109 (1)
Schedule of Components of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.2 – Components of Accrued Expenses and Other Liabilities (In Thousands) March 31, 2024 December 31, 2023 Payable to noncontrolling interests $ 86,860 $ 81,177 Accrued interest payable 60,925 52,755 Accrued compensation 18,529 28,140 Operating lease liabilities 13,659 14,725 Unsettled trades 13,404 — Accrued operating expenses 9,265 5,527 Guarantee obligations 5,650 5,781 Residential consumer loan and MSR repurchase reserve 4,878 4,700 Current accounts payable 4,481 4,992 Bridge loan holdbacks 2,185 2,059 Preferred stock dividends payable 1,478 1,478 Margin payable — 350 Other 19,877 15,119 Total Accrued Expenses and Other Liabilities $ 241,191 $ 216,803
Schedule of Other Real Estate	The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities during the three months ended March 31, 2024. Table 13.3 – REO Activity Three Months Ended March 31, 2024 (In Thousands) Bridge (1) Legacy Sequoia Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 87,757 $ — $ 3,158 $ 2,684 $ 93,599 Transfers to REO 803 — 1,043 — 1,846 Liquidations (2) (126) — (1,386) — (1,512) Changes in fair value, net (2,983) — 363 — (2,620) Balance at End of Period $ 85,451 $ — $ 3,178 $ 2,684 $ 91,313 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the three months ended March 31, 2024, REO market valuation adjustments and liquidations resulted in net valuation losses of $3 million, which were recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides detail on the numbers of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at March 31, 2024 and December 31, 2023. Table 13.4 – REO Assets Number of REO assets Redwood Bridge Legacy Sequoia Freddie Mac SLST Term at CAFL Total At March 31, 2024 17 — 24 1 42 At December 31, 2023 16 — 28 1 45

Short-Term Debt (Tables)

Short-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-Term Debt Facilities	The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at March 31, 2024 and December 31, 2023. Table 14.1 – Short-Term Debt March 31, 2024 (Dollars in Thousands) Number of Facilities Outstanding Balance Limit Weighted Average Interest Rate (1) Maturity (2) Weighted Average Days Until Maturity Facilities Residential consumer loan warehouse (3) 5 $ 470,761 $ 1,350,000 7.26 % 5/2024-3/2025 226 Residential investor loan warehouse 2 31,321 455,000 8.06 % 5/2024-6/2024 71 Real estate securities repo 4 80,657 — 6.81 % 4/2024-6/2024 38 Residential MSR warehouse 1 46,514 50,000 8.58 % 10/2024 211 HEI warehouse 1 119,851 150,000 9.84 % 8/2024 123 Total Short-Term Debt Facilities 13 749,104 Servicer advance financing 1 147,341 240,000 7.68 % 12/2024 246 Recourse subordinate securities financing 2 223,934 — 7.21 % 9/2024-2/2025 235 Promissory notes N/A 15,273 — 7.02 % N/A N/A Convertible notes, net N/A 115,792 — 5.63 % 7/2024 106 Total Short-Term Debt $ 1,251,444 December 31, 2023 (Dollars in Thousands) Number of Facilities Outstanding Balance Limit Weighted Average Interest Rate (1) Maturity Weighted Average Days Until Maturity Facilities Residential consumer loan warehouse 4 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 202 Residential investor loan warehouse 2 71,719 455,000 8.14 % 5/2024-6/2024 166 Real estate securities repo 3 82,622 — 7.01 % 1/2024-3/2024 26 Residential MSR warehouse 1 47,858 50,000 8.60 % 10/2024 302 HEI warehouse 1 122,659 150,000 9.89 % 8/2024 214 Total Short-Term Debt Facilities 11 1,121,395 Servicer advance financing 1 153,653 240,000 7.71 % 12/2024 337 Recourse subordinate securities financing 1 124,552 — 7.21 % 9/2024 266 Promissory notes N/A 16,064 — 6.97 % N/A N/A Convertible notes, net N/A 142,558 — 5.63 % 7/2024 197 Total Short-Term Debt $ 1,558,222 Footnotes to table 14.1 (1) Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR. (2) Promissory notes payable on demand to lender with 90-day notice. (3) At March 31, 2024, includes one non-recourse facility with a borrowing limit of $300 million and a maturity of March 2025.
Schedule of Collateral for Short-Term Debt Facilities	The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at March 31, 2024 and December 31, 2023. Table 14.2 – Collateral for Short-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Collateral Type Held-for-sale residential consumer loans $ 507,450 $ 907,742 MSRs (1) 84,831 76,560 Residential investor loans 40,961 95,225 HEI 239,665 237,973 Real estate securities (collateralizing debt facilities) On balance sheet 4,470 4,460 Sequoia securitizations (2) 43,653 52,333 Freddie Mac K-Series securitization (2) 33,551 33,308 CAFL securitizations (2) 32,336 32,010 Total real estate securities owned 114,010 122,111 Restricted cash and other assets 580 — Total Collateral for Short-Term Debt Facilities 987,497 1,439,611 Cash 14,357 15,162 Real estate securities (recourse subordinate securities financing) 313,148 175,096 Servicer advances 216,033 225,345 Total Collateral for Short-Term Debt $ 1,531,035 $ 1,855,214 (1) Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets. (2)
Schedule of Short-Term Debt by Collateral Type and Remaining Maturities	The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at March 31, 2024. Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities March 31, 2024 (In Thousands) Within 30 days 31 to 90 days Over 90 days Total Collateral Type Held-for-sale residential consumer loans $ — $ 92,411 $ 378,350 $ 470,761 Residential investor loans — 31,321 — 31,321 Real estate securities 35,846 44,811 223,934 304,591 MSRs — — 46,514 46,514 HEI — — 119,851 119,851 Servicer advances — — 147,341 147,341 Total Secured Short-Term Debt Facilities 35,846 168,543 915,990 1,120,379 Promissory notes (unsecured) — 15,273 — 15,273 Convertible notes, net (unsecured) — — 115,792 115,792 Total Short-Term Debt $ 35,846 $ 183,816 $ 1,031,782 $ 1,251,444

Asset-Backed Securities Issued

Asset-Backed Securities Issued (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Asset-Backed Securities Issued	The carrying values of ABS issued by our consolidated securitization entities at March 31, 2024 and December 31, 2023, along with other selected information, are summarized in the following table. Table 15.1 – Asset-Backed Securities Issued March 31, 2024 Legacy Sequoia CAFL (1) Freddie Mac SLST (2) Freddie Mac HEI Total (Dollars in Thousands) Certificates with principal balance $ 141,686 $ 6,060,855 $ 3,339,432 $ 1,305,826 $ 400,250 $ 226,752 $ 11,474,801 Interest-only certificates at fair value 122 53,814 94,096 12,984 3,712 — 164,728 Market valuation adjustments (10,933) (691,532) (204,149) (79,468) (14,724) (6,427) (1,007,233) Unamortized debt discount and deferred debt issuance costs — — (575) (3,532) — — (4,107) ABS Issued, Net $ 130,875 $ 5,423,137 $ 3,228,804 $ 1,235,810 $ 389,238 $ 220,325 $ 10,628,189 Range of weighted average interest rates, by series (3) 3.75% to 6.69% 2.67% to 6.23% 2.31% to 7.89% 3.50% to 7.50% 3.55 % 3.88% to 6.71% Stated maturities (3) 2024-2036 2047-2054 2027-2033 2028-2059 2025 2052-2053 Number of series 20 25 21 3 1 2 December 31, 2023 Legacy Sequoia CAFL (1) Freddie Mac SLST (2) Freddie Mac K-Series HEI Total (Dollars in Thousands) Certificates with principal balance $ 151,106 $ 5,000,540 $ 3,472,825 $ 1,328,657 $ 402,400 $ 233,131 $ 10,588,659 Interest-only certificates at fair value 162 52,112 101,828 13,856 4,562 — 172,520 Market valuation adjustments (12,738) (622,522) (209,740) (72,742) (14,985) (10,643) (943,370) Unamortized debt discount and deferred debt issuance costs — — (1,935) (3,994) — — (5,929) ABS Issued, Net $ 138,530 $ 4,430,130 $ 3,362,978 $ 1,265,777 $ 391,977 $ 222,488 $ 9,811,880 Range of weighted average interest rates, by series (3) 3.59% to 6.66% 2.67% to 6.24% 2.34% to 7.89% 3.50% to 7.5% 3.55 % 3.86% to 6.7% Stated maturities (3) 2024-2036 2047-2053 2027-2033 2028-2059 2025 2052-2053 Number of series 20 22 21 3 1 2 (1) Includes $478 million and $485 million (principal balance) of ABS issued by two CAFL bridge securitization trusts sponsored by Redwood and accounted for at amortized cost at March 31, 2024 and December 31, 2023, respectively. (2) Includes $175 million and $182 million (principal balance) of ABS issued by a re-securitization trust sponsored by Redwood and accounted for at amortized cost at both March 31, 2024 and December 31, 2023, respectively. (3) Certain ABS issued by CAFL and HEI securitization entities are subject to early redemption and interest rate step-ups as described below.
Schedule of Accrued Interest Payable on Asset-Backed Securities Issued	The following table summarizes the accrued interest payable on ABS issued at March 31, 2024 and December 31, 2023. Interest due on consolidated ABS issued is payable monthly. Table 15.2 – Accrued Interest Payable on Asset-Backed Securities Issued (In Thousands) March 31, 2024 December 31, 2023 Legacy Sequoia $ 283 $ 303 Sequoia 21,428 15,990 CAFL 10,653 11,537 Freddie Mac SLST (1) 4,391 4,496 Freddie Mac K-Series 1,184 1,190 Total Accrued Interest Payable on ABS Issued $ 37,939 $ 33,516 (1) Includes accrued interest payable on ABS issued by a re-securitization trust sponsored by Redwood.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The tables below summarize our long-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rates, and the maturity information at March 31, 2024 and December 31, 2023. Table 16.1 – Long-Term Debt March 31, 2024 (Dollars in Thousands) Borrowings Unamortized Deferred Issuance Costs / Discount Net Carrying Value Limit Weighted Average Interest Rate (1) Final Maturity Facilities Recourse Subordinate Securities Financing Facility C $ 55,526 $ — $ 55,526 N/A 5.00 % 6/2026 Non-Recourse Residential Investor Loan Financing Facility D 475,072 — 475,072 $ 750,000 SOFR + 2.76% N/A Recourse Residential Investor Loan Financing Facility F — — — 500,000 SOFR + 2.25%-2.60% 9/2025 Facility H 368,363 — 368,363 450,000 SOFR + 2.25%-2.60% 7/2025 Facility I 228,970 — 228,970 450,000 SOFR + 2.25%-2.45% 6/2025 Facility J 25,368 (824) 24,544 100,000 AMERIBOR + 5.00% 12/2026 Other Recourse Financing Facility K — — — 200,000 SOFR + 5.00% 3/2026 Total Long-Term Debt Facilities 1,153,299 (824) 1,152,475 Convertible notes 5.75% exchangeable senior notes 156,666 (1,320) 155,346 N/A 5.75 % 10/2025 7.75% convertible senior notes 207,410 (4,499) 202,911 N/A 7.75 % 6/2027 Trust preferred securities and subordinated notes 139,500 (675) 138,825 N/A SOFR + 2.51% 7/2037 Senior Notes 60,000 (2,419) 57,581 N/A 9.13 % 3/2029 Total Long-Term Debt $ 1,716,875 $ (9,737) $ 1,707,138 December 31, 2023 (Dollars in Thousands) Borrowings Unamortized Deferred Issuance Costs / Discount Net Carrying Value Limit Weighted Average Interest Rate (1) Final Maturity Facilities Recourse Subordinate Securities Financing Facility B $ 101,228 $ — $ 101,228 N/A 5.71 % 2/2025 Facility C 57,982 — 57,982 N/A 4.75 % 6/2026 Non-Recourse Residential Investor Loan Financing Facility D 481,465 (194) 481,271 $ 750,000 SOFR + 2.94% N/A Facility E 70,858 (750) 70,108 100,000 SOFR + 3.25% 12/2025 Recourse Residential Investor Loan Financing Facility F 40,827 (86) 40,741 500,000 SOFR + 2.35%-2.60% 9/2025 Facility H 244,263 — 244,263 450,000 SOFR + 2.40%-2.60% 7/2025 Facility I 176,986 — 176,986 450,000 SOFR + 2.25%-2.45% 3/2025 Facility J 8,985 (646) 8,339 100,000 AMERIBOR + 5.00% 12/2026 Total Long-Term Debt Facilities 1,182,594 (1,676) 1,180,918 Convertible notes 5.75% exchangeable senior notes 156,666 (1,528) 155,138 N/A 5.75 % 10/2025 7.75% convertible senior notes 210,910 (4,878) 206,032 N/A 7.75 % 6/2027 Trust preferred securities and subordinated notes 139,500 (687) 138,813 N/A SOFR + 2.51% 7/2037 Total Long-Term Debt $ 1,689,670 $ (8,769) $ 1,680,901 (1) Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread. The following table summarizes the accrued interest payable on long-term debt at March 31, 2024 and December 31, 2023. Table 16.3 – Accrued Interest Payable on Long-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Long-term debt facilities $ 5,498 $ 5,502 Convertible notes 5.75% exchangeable senior notes 4,503 2,251 7.75% convertible senior notes 4,573 566 Trust preferred securities and subordinated notes 1,881 1,929 Senior Notes 1,049 — Total Accrued Interest Payable on Long-Term Debt $ 17,504 $ 10,248
Schedule of Financial Instruments Owned and Pledged as Collateral	The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at March 31, 2024 and December 31, 2023. Table 16.2 – Collateral for Long-Term Debt (In Thousands) March 31, 2024 December 31, 2023 Collateral Type Residential investor bridge loans $ 1,223,044 $ 1,205,366 Residential investor term loans 212,589 122,541 Real estate securities CAFL securitizations (1) 115,025 237,607 Total Collateral for Long-Term Debt $ 1,550,658 $ 1,565,514 (1)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Commitments by Year	The following table presents our future lease commitments at March 31, 2024. Table 17.1 – Future Lease Commitments by Year (In Thousands) March 31, 2024 2024 (9 months) $ 3,402 2025 3,687 2026 3,520 2027 2,588 2028 1,122 2029 and thereafter 869 Total Lease Commitments 15,188 Less: Imputed interest (1,529) Operating Lease Liabilities $ 13,659

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity Compensation Costs by Award Type	The unamortized compensation cost of awards issued under the Incentive Plan, which are settled by delivery of shares of common stock, and purchases under the Employee Stock Purchase Plan, totaled $41 million at March 31, 2024, as shown in the following table. Table 19.1 – Activities of Equity Compensation Costs by Award Type Three Months Ended March 31, 2024 (In Thousands) Restricted Stock Units Deferred Stock Units Performance Stock Units Employee Stock Purchase Plan Total Unrecognized compensation cost at beginning of period $ 3,166 $ 18,920 $ 15,519 $ — $ 37,605 Equity grants 3,522 6,915 — 266 10,703 Performance-based valuation adjustment — — — — — Equity grant forfeitures (1) (401) (1,114) — — (1,515) Equity compensation expense (711) (3,172) (1,785) (67) (5,735) Unrecognized Compensation Cost at End of Period $ 5,576 $ 21,549 $ 13,734 $ 199 $ 41,058 (1)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes to Accumulated Other Comprehensive Income by Component	The following table provides a summary of changes to Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023. Table 18.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Balance at beginning of period $ 10,219 $ (68,176) $ 3,435 $ (72,303) Other comprehensive income before reclassifications 8,656 — 5,007 — Amounts reclassified from other (629) 1,029 (193) 1,018 Net current-period other comprehensive income (loss) 8,027 1,029 4,814 1,018 Balance at End of Period $ 18,246 $ (67,147) $ 8,249 $ (71,285)
Schedule of Reclassifications out of Accumulated Other Comprehensive Income	The following table provides a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023. Table 18.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount Reclassified From Affected Line Item in the Three Months Ended March 31, (In Thousands) Income Statement 2024 2023 Net Realized Loss on AFS Securities (Decrease) increase in allowance for credit losses on AFS securities Investment fair value changes, net $ (629) $ 28 Gain on sale and calls of AFS securities Realized gains, net — (221) $ (629) $ (193) Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 1,029 $ 1,018 $ 1,029 $ 1,018
Schedule of Basic and Diluted Earnings (Loss) Per Common Share	The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2024 and 2023. Table 18.3 – Basic and Diluted Earnings per Common Share Three Months Ended March 31, (In Thousands, except Share Data) 2024 2023 Basic Earnings per Common Share: Net income related to common stockholders $ 28,512 $ 3,201 Less: Dividends and undistributed earnings allocated to participating securities (1,356) (1,404) Net income related to common stockholders $ 27,156 $ 1,797 Basic weighted average common shares outstanding 131,570,347 113,678,911 Basic Earnings per Common Share $ 0.21 $ 0.02 Diluted Earnings per Common Share: Net income related to common stockholders $ 28,512 $ 3,201 Less: Dividends and undistributed earnings allocated to participating securities (1,356) (1,404) Net income related to common stockholders $ 27,156 $ 1,797 Weighted average common shares outstanding 131,570,347 113,678,911 Net effect of dilutive equity awards — 455,645 Net effect of assumed convertible notes conversion to common shares — — Diluted weighted average common shares outstanding 131,570,347 114,134,556 Diluted Earnings per Common Share $ 0.21 $ 0.02

Mortgage Banking Activities, _2

Mortgage Banking Activities, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Mortgage Banking [Abstract]
Schedule of Mortgage Banking Activities	The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 20.1 – Mortgage Banking Activities Three Months Ended March 31, (In Thousands) 2024 2023 Residential Consumer Mortgage Banking Activities, Net Changes in fair value of: Residential consumer loans, at fair value (1) $ (3,854) $ 6,755 Trading securities (2) 8,511 — Risk management derivatives (3) 3,089 (3,371) Other income, net (4) 81 (19) Total residential consumer mortgage banking activities, net 7,827 3,365 Residential Investor Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value (296) 12,700 Residential investor bridge loans, at fair value 946 1,119 Risk management derivatives (3) 2,509 (5,096) Other income, net (5) 3,570 4,583 Total residential investor mortgage banking activities, net 6,729 13,306 Mortgage Banking Activities, Net $ 14,556 $ 16,671 (1) For residential consumer loans, includes changes in fair value for associated loan purchase commitments. (2) For the three months ended March 31, 2024, this represents the fair value changes on trading securities being used as hedges to manage the mark-to-market risks associated with our residential consumer mortgage banking operations. For the three months ended March 31, 2023, we did not utilize trading securities as hedging instruments. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations. (4) Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net. (5) Amounts in this line item include other fee income from loan originations.

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	The following table presents the components of Other income recorded in our consolidated statements of income for the three months ended March 31, 2024 and 2023. Table 21.1 – Other Income, Net Three Months Ended March 31, (In Thousands) 2024 2023 MSR income, net (1) $ 4,225 $ 1,077 Risk share income 169 159 Bridge loan fees (2) 1,000 1,592 Earnings (loss) from equity method investments (943) (20) Legal settlement — 891 Other, net 55 857 Other Income, Net $ 4,506 $ 4,556 (1) Includes servicing fees and fair value changes for MSRs, net. (2) Includes asset management fees, extension fees, default interest and other fees.

Components of Operating Expen_2

Components of Operating Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Components of General and Administrative Expenses and Other Expenses	Components of our general and administrative expenses, portfolio management costs, loan acquisition costs, and other expenses for the three months ended March 31, 2024 and 2023 are presented in the following table. Table 22.1 – Components of Operating Expenses Three Months Ended March 31, (In Thousands) 2024 2023 General and Administrative Expenses Fixed compensation expense (1) $ 16,257 $ 15,359 Annual variable compensation expense 2,917 4,005 Long-term incentive award expense (2) 6,487 7,942 Systems and consulting 3,201 3,112 Office costs 2,082 2,040 Accounting and legal 1,217 919 Corporate costs 872 929 Other 1,536 1,249 Total General and Administrative Expenses 34,569 35,555 Portfolio Management Costs 3,597 3,510 Loan Acquisition Costs Commissions 881 828 Underwriting costs 682 242 Transfer and holding costs 674 219 Total Loan Acquisition Costs 2,237 1,289 Other Expenses Amortization of purchase-related intangible assets 2,805 3,107 Other 556 577 Total Other Expenses 3,361 3,684 Total Operating Expenses $ 43,764 $ 44,038 (1) Includes $2 million and $1 million of severance and transition-related expenses for the three months ended March 31, 2024 and 2023, respectively. (2)

Taxes (Tables)

Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate	The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at March 31, 2024 and 2023. Table 23.1 – Reconciliation of Statutory Tax Rate to Effective Tax Rate March 31, 2024 March 31, 2023 Federal statutory rate 21.0 % 21.0 % State taxes, net of Federal tax effect, as applicable 0.4 % (6.3) % Differences in taxable income (loss) from GAAP income 0.6 % (14.3) % Change in valuation allowance — % — % REIT GAAP income or loss not subject to federal income tax (20.3) % (32.5) % Effective Tax Rate 1.7 % (32.1) %

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Business Segment Financial Information	The following tables present financial information by segment for the three months ended March 31, 2024 and 2023. Table 24.1 – Business Segment Financial Information Three Months Ended March 31, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 14,313 $ 3,771 $ 182,600 $ 4,056 $ 204,740 Interest expense (8,266) (2,877) (153,105) (16,282) (180,530) Net interest income (expense) 6,047 894 29,495 (12,226) 24,210 Non-interest income (loss) Mortgage banking activities, net 7,827 6,729 — — 14,556 Investment fair value changes, net — — 21,405 432 21,837 HEI income, net — — 9,031 — 9,031 Other income, net — 626 4,825 (945) 4,506 Realized gains, net — — 314 95 409 Total non-interest income (loss), net 7,827 7,355 35,575 (418) 50,339 General and administrative expenses (4,789) (11,425) (2,175) (16,180) (34,569) Portfolio management costs — — (3,588) (9) (3,597) Loan acquisition costs (572) (1,663) — (2) (2,237) Other expenses — (2,806) (555) — (3,361) (Provision for) Benefit from income taxes (1,494) 2,136 (1,146) (19) (523) Segment Contribution $ 7,019 $ (5,509) $ 57,606 $ (28,854) Net Income $ 30,262 Non-cash amortization (expense), net $ (284) $ (3,073) $ (3,017) $ (1,940) $ (8,314) Three Months Ended March 31, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 5,510 $ 4,494 $ 163,660 $ 4,852 $ 178,516 Interest expense (6,866) (4,038) (123,452) (17,723) (152,079) Net interest income (expense) (1,356) 456 40,208 (12,871) 26,437 Non-interest income (loss) Mortgage banking activities, net 3,365 13,306 — — 16,671 Investment fair value changes, net 1,076 — (5,279) (189) (4,392) HEI income, net — — 4,265 — 4,265 Other income, net — 2,408 2,168 (20) 4,556 Realized gains, net — — (117) 115 (2) Total non-interest income (loss), net 4,441 15,714 1,037 (94) 21,098 General and administrative expenses (4,806) (13,678) (1,409) (15,662) (35,555) Portfolio management costs — — (3,510) — (3,510) Loan acquisition costs (175) (1,114) — — (1,289) Other expenses — (3,108) (576) — (3,684) Benefit from income taxes 633 703 (213) — 1,123 Segment Contribution $ (1,263) $ (1,027) $ 35,537 $ (28,627) Net Income $ 4,620 Non-cash amortization (expense), net $ (255) $ (3,701) $ (2,833) $ (2,106) $ (8,895)
Schedule of Components of Corporate and Other	The following table presents the components of Corporate/Other for the three months ended March 31, 2024 and 2023. Table 24.2 – Components of Corporate/Other Three Months Ended March 31, 2024 2023 (In Thousands) Legacy Consolidated VIEs (1) Other Total Legacy Consolidated VIEs (1) Other Total Interest income $ 2,298 $ 1,758 $ 4,056 $ 2,543 $ 2,309 $ 4,852 Interest expense (2,194) (14,088) (16,282) (2,504) (15,219) (17,723) Net interest income (expense) 104 (12,330) (12,226) 39 (12,910) (12,871) Non-interest income (loss) Investment fair value changes, net (218) 650 432 (94) (95) (189) Other income, net — (945) (945) — (20) (20) Realized gains, net — 95 95 — 115 115 Total non-interest income (loss), net (218) (200) (418) (94) — (94) General and administrative expenses — (16,180) (16,180) — (15,662) (15,662) Portfolio management costs — (9) (9) — — — Loan acquisition costs — (2) (2) — — — Benefit from income taxes — (19) (19) — — — Total $ (114) $ (28,740) $ (28,854) $ (55) $ (28,572) $ (28,627) (1) Legacy consolidated VIEs represent Legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4
Schedule of Supplemental Information by Segment	The following table presents supplemental information by segment at March 31, 2024 and December 31, 2023. Table 24.3 – Supplemental Segment Information (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total March 31, 2024 Residential consumer loans $ 511,706 $ — $ 6,973,027 $ 131,859 $ 7,616,592 Residential investor loans — 280,551 4,901,443 — 5,181,994 Consolidated Agency multifamily loans — — 422,788 — 422,788 Real estate securities 62,815 — 149,492 — 212,307 Home equity investments — — 560,325 420 560,745 Other investments — — 279,737 57,608 337,345 Goodwill — 23,373 — — 23,373 Intangible assets — 25,657 — — 25,657 Total assets 594,842 383,090 13,560,010 520,032 15,057,974 December 31, 2023 Residential consumer loans $ 911,192 $ — $ 5,999,706 $ 139,739 $ 7,050,637 Residential investor loans — 180,250 5,040,048 — 5,220,298 Consolidated Agency multifamily loans — — 425,285 — 425,285 Real estate securities 4,995 — 122,802 — 127,797 Home equity investments — — 550,323 113 550,436 Other investments — — 287,822 56,108 343,930 Goodwill — 23,373 — — 23,373 Intangible assets — 28,462 — — 28,462 Total assets 971,535 293,225 12,718,201 521,366 14,504,327

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details)		3 Months Ended		12 Months Ended
	Jul. 01, 2022 USD ($)	Mar. 31, 2024 USD ($) partnership	Mar. 31, 2023 USD ($)	Dec. 31, 2018 partnership
Variable Interest Entity [Line Items]
Number of partnerships consolidated | partnership		2		2
Amortization of intangible assets		$ 3,000,000	$ 3,000,000
Riverbend Funding, LLC
Variable Interest Entity [Line Items]
Intangibles acquired	$ 95,000,000
Goodwill acquired during the period		23,000,000
Change in amount of contingent consideration liability	$ 0
Contingent liability		$ 0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of partnerships consolidated | partnership		2
VIE, ownership interest rate (as a percent)		80%

Basis of Presentation - Intangi

Basis of Presentation - Intangible Assets Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (3,000)	$ (3,000)
Carrying Value	25,657
5 Arches LLC and CoreVest
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	94,600
Accumulated Amortization	(68,943)
Carrying Value	$ 25,657
Weighted Average Amortization Period (in years)	6 years
5 Arches LLC and CoreVest | Borrower network
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 56,300
Accumulated Amortization	(31,601)
Carrying Value	$ 24,699
Weighted Average Amortization Period (in years)	7 years
5 Arches LLC and CoreVest | Broker network
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 18,100
Accumulated Amortization	(18,100)
Carrying Value	$ 0
Weighted Average Amortization Period (in years)	5 years
5 Arches LLC and CoreVest | Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 11,400
Accumulated Amortization	(10,608)
Carrying Value	$ 792
Weighted Average Amortization Period (in years)	3 years
5 Arches LLC and CoreVest | Tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 4,400
Accumulated Amortization	(4,234)
Carrying Value	$ 166
Weighted Average Amortization Period (in years)	3 years
5 Arches LLC and CoreVest | Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 1,800
Accumulated Amortization	(1,800)
Carrying Value	$ 0
Weighted Average Amortization Period (in years)	2 years
5 Arches LLC and CoreVest | Loan administration fees on existing loan assets
Finite-Lived Intangible Assets [Line Items]
Intangible Assets at Acquisition	$ 2,600
Accumulated Amortization	(2,600)
Carrying Value	$ 0
Weighted Average Amortization Period (in years)	1 year

Basis of Presentation - Intan_2

Basis of Presentation - Intangible Asset Amortization Expense by Year (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024 (9 months)	$ 6,609
2025	8,426
2026	6,694
2027	1,571
2028 and thereafter	2,357
Total Future Intangible Asset Amortization	$ 25,657

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Offsetting of Financial Assets, Liabilities, and Collateral (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	$ 3,155	$ 14,212
Liabilities
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	(5,849)	(33,828)
Total Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(199,207)	(502,314)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(199,207)	(502,314)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		198,496	472,852
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		706	28,878
Net Amount		(5)	(584)
Interest rate agreements
Assets
Gross Amounts of Recognized Assets (Liabilities)		0	1,742
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		0	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		0	0
Net Amount		0	1,742
TBAs
Assets
Gross Amounts of Recognized Assets (Liabilities)		0	952
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		0	952
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		0	(952)
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)		(5)	(27,020)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(5)	(27,020)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		0	952
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		0	25,484
Net Amount		(5)	(584)
Futures
Assets
Gross Amounts of Recognized Assets (Liabilities)		1,840	0
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		1,840	0
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		(1,716)	0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		0	0
Net Amount		124	0
Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(2,422)	(3,394)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(2,422)	(3,394)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		1,716	0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		706	3,394
Net Amount		0	0
Interest Rate Agreement, TBAs, and Futures
Assets
Gross Amounts of Recognized Assets (Liabilities)		1,840	2,694
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		1,840	2,694
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		(1,716)	(952)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		0	0
Net Amount		124	1,742
Loan warehouse debt
Loan warehouse debt and Security repurchase agreement
Gross Amounts of Recognized Assets (Liabilities)		(196,780)	(471,900)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(196,780)	(471,900)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		196,780	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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Principles of Consolidation - A

Principles of Consolidation - Additional Information (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2024 partnership transaction entity	Dec. 31, 2023 transaction	Sep. 30, 2021 transaction	Dec. 31, 2023 transaction	Dec. 31, 2021 transaction	Dec. 31, 2018 partnership
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2					2
Number of securitization transactions co-sponsored | transaction	2	2	2	2	2
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2
VIE, ownership interest rate (as a percent)	80%
Variable Interest Entity, Primary Beneficiary | Servicing Investment
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2
VIE, ownership interest rate (as a percent)	80%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of securitization entities to which asset transferred (in entities) | entity	46

Principles of Consolidation -_2

Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details) $ in Thousands		Mar. 31, 2024 USD ($) Investment		Dec. 31, 2023 USD ($) Investment		Mar. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Home equity investments	[1]	$ 560,745		$ 550,436
Other investments	[1]	337,345		343,930
Cash and cash equivalents		275,394	[1]	293,104	[1]	$ 404,000
Accrued interest receivable		79,491		69,072
Other assets	[1]	333,631		351,109
Total Assets	[1]	15,057,974		14,504,327
Short-term debt	[1]	1,251,444		1,558,222
Accrued interest payable		60,925		52,755
Accrued expenses and other liabilities	[1]	241,191		216,803
Asset-backed securities issued	[1]	10,628,189		9,811,880
Total liabilities	[1]	13,833,811		13,301,634
CAFL
Variable Interest Entity [Line Items]
Fair value of securities owned		333,000		323,000
CAFL Bridge Loan Securitization
Variable Interest Entity [Line Items]
Fair value of securities owned		21,000		22,000
Freddie Mac SLST
Variable Interest Entity [Line Items]
Fair value of securities owned		271,000		274,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets		11,850,461		10,988,885
Total liabilities		10,921,862		10,096,308
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		314,184		305,717
Other investments		247,308		257,489
Cash and cash equivalents		16,902		9,482
Restricted cash		33,904		44,905
Accrued interest receivable		53,786		47,798
Other assets		41,493		24,443
Total Assets		11,850,461		10,988,885
Short-term debt		147,342		153,653
Accrued interest payable		38,335		33,932
Accrued expenses and other liabilities		107,996		96,843
Asset-backed securities issued		10,628,189		9,811,880
Total liabilities		10,921,862		10,096,308
Value of our investments in VIEs		$ 922,350		$ 885,770
Number of VIEs | Investment		75		72
Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 7,104,886		$ 6,139,445
Residential investor loans, held-for-investment
Variable Interest Entity [Line Items]
Fair value of loans	[1]	4,901,443		5,040,048
Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,615,210		3,734,321
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		422,788		425,285
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		70		68
Accrued interest receivable		310		332
Other assets		0		0
Total Assets		132,239		140,139
Short-term debt		0		0
Accrued interest payable		283		303
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		130,875		138,530
Total liabilities		131,158		138,833
Value of our investments in VIEs		$ 984		$ 1,209
Number of VIEs | Investment		20		20
Legacy Sequoia | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 131,859		$ 139,739
Legacy Sequoia | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Legacy Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		94		95
Accrued interest receivable		24,520		19,697
Other assets		0		0
Total Assets		5,664,955		4,660,256
Short-term debt		0		0
Accrued interest payable		21,428		15,990
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		5,423,137		4,430,130
Total liabilities		5,444,565		4,446,120
Value of our investments in VIEs		$ 217,299		$ 210,429
Number of VIEs | Investment		25		22
Sequoia | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 5,640,341		$ 4,640,464
Sequoia | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		25,613		33,921
Accrued interest receivable		20,462		20,806
Other assets		32,382		14,886
Total Assets		3,693,667		3,803,934
Short-term debt		0		0
Accrued interest payable		10,653		11,537
Accrued expenses and other liabilities		6,316		2,734
Asset-backed securities issued		3,228,804		3,362,978
Total liabilities		3,245,773		3,377,249
Value of our investments in VIEs		$ 445,332		$ 424,136
Number of VIEs | Investment		21		21
CAFL | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
CAFL | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,615,210		3,734,321
CAFL | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		0		0
Accrued interest receivable		4,759		4,821
Other assets		3,178		3,158
Total Assets		1,340,623		1,367,221
Short-term debt		0		0
Accrued interest payable		4,391		4,496
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		1,235,810		1,265,777
Total liabilities		1,240,201		1,270,273
Value of our investments in VIEs		$ 100,053		$ 96,623
Number of VIEs | Investment		3		3
Freddie Mac SLST | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 1,332,686		$ 1,359,242
Freddie Mac SLST | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac SLST | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		0		0
Accrued interest receivable		1,314		1,320
Other assets		0		0
Total Assets		424,102		426,605
Short-term debt		0		0
Accrued interest payable		1,184		1,190
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		389,238		391,977
Total liabilities		390,422		393,167
Value of our investments in VIEs		$ 33,550		$ 33,308
Number of VIEs | Investment		1		1
Freddie Mac K-Series | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Freddie Mac K-Series | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac K-Series | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		422,788		425,285
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		247,308		257,489
Cash and cash equivalents		16,902		9,482
Restricted cash		0		0
Accrued interest receivable		2,421		822
Other assets		5,834		6,337
Total Assets		272,465		274,130
Short-term debt		147,342		153,653
Accrued interest payable		396		416
Accrued expenses and other liabilities		36,802		34,357
Asset-backed securities issued		0		0
Total liabilities		184,540		188,426
Value of our investments in VIEs		$ 87,925		$ 85,704
Number of VIEs | Investment		3		3
Servicing Investment | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Servicing Investment | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Servicing Investment | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		314,184		305,717
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		8,127		10,821
Accrued interest receivable		0		0
Other assets		99		62
Total Assets		322,410		316,600
Short-term debt		0		0
Accrued interest payable		0		0
Accrued expenses and other liabilities		64,878		59,752
Asset-backed securities issued		220,325		222,488
Total liabilities		285,203		282,240
Value of our investments in VIEs		$ 37,207		$ 34,361
Number of VIEs | Investment		2		2
Fair value of securities owned		$ 37,000
HEI | Residential consumer loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		$ 0
HEI | Residential investor loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
HEI | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Principles of Consolidation - I

Principles of Consolidation - Income (Loss) from Consolidated VIEs Accounted for as Collateralized Financing Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Interest income	$ 204,740	$ 178,516
Interest expense	(180,530)	(152,079)
Net Interest Income	24,210	26,437
Investment fair value changes, net	21,837	(4,392)
HEI income, net	9,031	4,265
Realized gains, net	409	(2)
Total non-interest income, net	50,339	21,098
Net Income	30,262	4,620
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	150,720	119,549
Interest expense	(123,503)	(91,408)
Net Interest Income	27,217	28,141
Investment fair value changes, net	21,101	916
HEI income, net	2,888	425
Other income	305	172
Realized gains, net	314
Total non-interest income, net	24,608	1,513
General and administrative expenses	(65)	10
Other expenses	(556)	(577)
Net Income	51,204	29,087
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	2,298	2,543
Interest expense	(2,194)	(2,504)
Net Interest Income	104	39
Investment fair value changes, net	(218)	(94)
HEI income, net	0	0
Other income	0	0
Realized gains, net	0
Total non-interest income, net	(218)	(94)
General and administrative expenses	0	0
Other expenses	0	0
Net Income	(114)	(55)
Sequoia | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	60,680	34,644
Interest expense	(56,628)	(30,055)
Net Interest Income	4,052	4,589
Investment fair value changes, net	5,346	2,442
HEI income, net	0	0
Other income	0	0
Realized gains, net	0
Total non-interest income, net	5,346	2,442
General and administrative expenses	0	0
Other expenses	0	0
Net Income	9,398	7,031
CAFL | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	60,994	54,437
Interest expense	(43,283)	(39,542)
Net Interest Income	17,711	14,895
Investment fair value changes, net	13,503	(9,682)
HEI income, net	0	0
Other income	305	172
Realized gains, net	314
Total non-interest income, net	14,122	(9,510)
General and administrative expenses	0	0
Other expenses	0	0
Net Income	31,833	5,385
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	14,616	15,493
Interest expense	(13,980)	(11,218)
Net Interest Income	636	4,275
Investment fair value changes, net	3,730	8,934
HEI income, net	0	0
Other income	0	0
Realized gains, net	0
Total non-interest income, net	3,730	8,934
General and administrative expenses	(14)	0
Other expenses	0	0
Net Income	4,352	13,209
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	4,581	4,618
Interest expense	(4,199)	(4,241)
Net Interest Income	382	377
Investment fair value changes, net	243	363
HEI income, net	0	0
Other income	0	0
Realized gains, net	0
Total non-interest income, net	243	363
General and administrative expenses	0	0
Other expenses	0	0
Net Income	625	740
Servicing Investment | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	7,551	7,814
Interest expense	(3,219)	(3,848)
Net Interest Income	4,332	3,966
Investment fair value changes, net	(1,503)	(1,047)
HEI income, net	0	0
Other income	0	0
Realized gains, net	0
Total non-interest income, net	(1,503)	(1,047)
General and administrative expenses	(51)	10
Other expenses	(556)	(577)
Net Income	2,222	2,352
HEI | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest income	0	0
Interest expense	0	0
Net Interest Income	0	0
Investment fair value changes, net	0	0
HEI income, net	2,888	425
Other income	0	0
Realized gains, net	0
Total non-interest income, net	2,888	425
General and administrative expenses	0	0
Other expenses	0	0
Net Income	$ 2,888	$ 425

Principles of Consolidation - C

Principles of Consolidation - Cash Flows Related to Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
MSR fees received	$ 604	$ 684
Funding of compensating interest, net	(124)	(1)
Cash flows received on retained securities	$ 3,022	$ 2,963

Principles of Consolidation - S

Principles of Consolidation - Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
On-balance sheet assets, at fair value:
Subordinate securities, classified as AFS	$ 110,087	$ 87,373
Subordinate securities, classified as AFS
On-balance sheet assets, at fair value:
Subordinate securities, classified as AFS	100,868	87,373
Variable Interest Entity, Not Primary Beneficiary
On-balance sheet assets, at fair value:
Maximum loss exposure	135,152	121,517
Assets transferred:
Principal balance of loans outstanding	3,702,972	3,758,914
Principal balance of loans 30+ days delinquent	22,779	22,367
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS
On-balance sheet assets, at fair value:
Subordinate securities, classified as AFS	87,647	78,942
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary
On-balance sheet assets, at fair value:
Interest-only, senior and subordinate securities, classified as trading	35,709	31,690
Mortgage servicing rights
On-balance sheet assets, at fair value:
Mortgage servicing rights	27,417	24,877
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary
On-balance sheet assets, at fair value:
Mortgage servicing rights	$ 11,796	$ 10,885

Principles of Consolidation - K

Principles of Consolidation - Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
MSRs
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	$ 11,796	$ 10,885
Expected life (in years)	9 years	8 years
Prepayment speed assumption (annual CPR) (as a percent)	4%	6%
Decrease in fair value from:
10% adverse change	$ 177	$ 207
25% adverse change	$ 439	$ 513
Discount rate assumption	12%	13%
Decrease in fair value from:
100 basis point increase	$ 471	$ 405
200 basis point increase	900	827
Senior Securities
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	$ 35,709	$ 31,690
Expected life (in years)	11 years	9 years
Prepayment speed assumption (annual CPR) (as a percent)	3%	5%
Decrease in fair value from:
10% adverse change	$ 347	$ 532
25% adverse change	$ 912	$ 1,335
Discount rate assumption	12%	13%
Decrease in fair value from:
100 basis point increase	$ 1,646	$ 1,322
200 basis point increase	$ 3,181	$ 2,506
Credit loss assumption	0.03%	0.03%
Subordinate Securities
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value	$ 87,647	$ 78,942
Expected life (in years)	10 years	13 years
Prepayment speed assumption (annual CPR) (as a percent)	6%	6%
Decrease in fair value from:
10% adverse change	$ 626	$ 200
25% adverse change	$ 642	$ 477
Discount rate assumption	9%	9%
Decrease in fair value from:
100 basis point increase	$ 6,973	$ 6,855
200 basis point increase	$ 12,731	$ 12,883
Credit loss assumption	0.03%	0.03%
Decrease in fair value from:
10% higher losses	$ 646	$ 36
25% higher losses	$ 703	$ 96
Minimum | MSRs
Decrease in fair value from:
Impact of adverse change in prepayment speed	10%	10%
Impact of increase in discount rate assumption	1%	1%
Impact of adverse change in expected credit losses	10%	10%
Minimum | Senior Securities
Decrease in fair value from:
Impact of adverse change in prepayment speed	10%	10%
Impact of increase in discount rate assumption	1%	1%
Impact of adverse change in expected credit losses	10%	10%
Minimum | Subordinate Securities
Decrease in fair value from:
Impact of adverse change in prepayment speed	10%	10%
Impact of increase in discount rate assumption	1%	1%
Impact of adverse change in expected credit losses	10%	10%
Maximum | MSRs
Decrease in fair value from:
Impact of adverse change in prepayment speed	25%	25%
Impact of increase in discount rate assumption	2%	2%
Impact of adverse change in expected credit losses	25%	25%
Maximum | Senior Securities
Decrease in fair value from:
Impact of adverse change in prepayment speed	25%	25%
Impact of increase in discount rate assumption	2%	2%
Impact of adverse change in expected credit losses	25%	25%
Maximum | Subordinate Securities
Decrease in fair value from:
Impact of adverse change in prepayment speed	25%	25%
Impact of increase in discount rate assumption	2%	2%
Impact of adverse change in expected credit losses	25%	25%

Principles of Consolidation -_3

Principles of Consolidation - Schedule of Redwood's Interest in Third-Party Variable Interest Entity's (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Real estate securities	[1]	$ 212,307	$ 127,797
Other assets | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		93,799	22,389
Other assets | Senior | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		62,246	4,419
Other assets | Mezzanine | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		9,219	0
Other assets | Subordinate | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		17,486	12,746
Other assets | Total Mortgage-Backed Securities | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		88,951	17,165
Other assets | Excess MSR | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Real estate securities		$ 4,848	$ 5,224
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate securities, at fair value		$ 102,220	$ 40,424
Derivative assets	[1]	3,155	14,212
Liabilities
Derivative liabilities	[1]	5,849	33,828
ABS issued, net, at fair value		9,979,891	9,151,263
Residential consumer loans, held-for-sale, at fair value
Assets
Loans receivable, fair value		507,450	907,742
Servicer advance investments
Assets
MSRs		216,033	225,345
Carrying Value
Assets
Real estate securities, at fair value		212,307	127,797
HEI		560,745	550,436
Other investments		3,224	3,193
Cash and cash equivalents		275,394	293,104
Restricted cash		64,993	75,684
Derivative assets		3,155	14,212
Margin receivable		19,409	33,414
Liabilities
Margin payable		0	350
Guarantee obligation		5,650	5,781
HEI securitization non-controlling interest		64,878	59,752
Derivative liabilities		5,849	33,828
ABS issued, net, at fair value		9,979,891	9,151,263
ABS issued, net, At amortized cost		648,298	660,617
Other long-term debt, net		1,152,475	1,180,918
Convertible notes, net		474,049	503,728
Trust preferred securities and subordinated notes, net		138,825	138,813
Carrying Value | Senior Notes
Liabilities
ABS issued, net, At fair value		57,581	0
Carrying Value | Servicer Advance Investments
Assets
MSRs		216,033	225,345
Carrying Value | MSRs
Assets
MSRs		27,417	24,877
Carrying Value | Excess MSRs
Assets
Excess MSRs		36,122	37,367
Carrying Value | Short-term debt
Liabilities
Short-term debt		1,135,653	1,415,664
Carrying Value | Servicer advance investments | Residential consumer loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		511,706	911,192
Carrying Value | Servicer advance investments | Residential consumer loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		7,104,886	6,139,445
Carrying Value | Servicer advance investments | Residential investor loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		280,551	180,249
Carrying Value | Servicer advance investments | Residential investor loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		4,901,443	5,040,048
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value
Assets
Loans receivable, fair value		422,788	425,285
Fair Value
Assets
Real estate securities, at fair value		212,307	127,797
HEI		560,745	550,436
Other investments		3,224	3,193
Cash and cash equivalents		275,394	293,104
Restricted cash		64,993	75,684
Derivative assets		3,155	14,212
Margin receivable		19,409	33,414
Liabilities
Margin payable		0	350
Guarantee obligation		3,516	3,772
HEI securitization non-controlling interest		64,878	59,752
Derivative liabilities		5,849	33,828
ABS issued, net, at fair value		9,979,891	9,151,263
ABS issued, net, At amortized cost		643,417	637,816
Other long-term debt, net		1,151,248	1,177,287
Convertible notes, net		465,835	488,341
Trust preferred securities and subordinated notes, net		96,255	92,070
Fair Value | Senior Notes
Liabilities
ABS issued, net, At fair value		61,200	0
Fair Value | Servicer Advance Investments
Assets
MSRs		216,033	225,345
Fair Value | MSRs
Assets
MSRs		27,417	24,877
Fair Value | Excess MSRs
Assets
Excess MSRs		36,122	37,367
Fair Value | Short-term debt
Liabilities
Short-term debt		1,132,812	1,414,644
Fair Value | Servicer advance investments | Residential consumer loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		511,706	911,192
Fair Value | Servicer advance investments | Residential consumer loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		7,104,886	6,139,445
Fair Value | Servicer advance investments | Residential investor loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		280,551	180,250
Fair Value | Servicer advance investments | Residential investor loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		4,901,443	5,040,048
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value
Assets
Loans receivable, fair value		$ 422,788	$ 425,285
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 3,224,000		$ 3,193,000
Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	48,000,000	$ 2,000,000
Residential Consumer Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	1,000,000,000	53,000,000
Total Residential Investor Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	327,000,000	442,000,000
HEIs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Acquisitions	300,000	17,000,000
MSRs and Other Asset Class
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Acquisitions	$ 200,000	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate securities		$ 102,220	$ 40,424
Other investments	[1]	337,345	343,930
Derivative assets	[1]	3,155	14,212
Liabilities
Derivative liabilities	[1]	5,849	33,828
ABS issued		9,979,891	9,151,263
Fair Value, Measurements, Recurring
Assets
Residential investor loans		5,181,994	5,220,297
Consolidated Agency multifamily loans		422,788	425,285
Real estate securities		212,307	127,797
HEI		560,745	550,436
Servicer advance investments		216,033	225,345
MSRs		27,417	24,877
Excess MSRs		36,122	37,367
Other investments		3,224	3,193
Derivative assets		3,155	14,212
Liabilities
HEI securitization non-controlling interest		64,878	59,752
Derivative liabilities		5,849	33,828
ABS issued		9,979,891	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		1,840	952
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		2,427	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		0	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		5,181,994	5,220,297
Consolidated Agency multifamily loans		422,788	425,285
Real estate securities		212,307	127,797
HEI		560,745	550,436
Servicer advance investments		216,033	225,345
MSRs		27,417	24,877
Excess MSRs		36,122	37,367
Other investments		3,224	3,193
Derivative assets		1,315	11,518
Liabilities
HEI securitization non-controlling interest		64,878	59,752
Derivative liabilities		3,422	3,414
ABS issued		9,979,891	9,151,263
Fair Value, Measurements, Recurring | Residential Consumer Loans
Assets
Residential consumer loans		7,616,592	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		$ 7,616,592	$ 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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
HEI Securitization Non-Controlling Interest
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	$ 59,752
Acquisitions	0
Principal paydowns	0
Gains (losses) in net income, net	5,126
Other settlements, net	0
Ending balance - March 31, 2024	64,878
ABS Issued
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	9,151,263
Acquisitions	1,190,500
Principal paydowns	(294,043)
Gains (losses) in net income, net	(67,829)
Other settlements, net	0
Ending balance - March 31, 2024	9,979,891
Residential Consumer Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	7,050,637
Acquisitions	1,005,659
Originations	0
Sales	(199,338)
Principal paydowns	(185,131)
Gains (losses) in net income, net	(54,192)
Unrealized gains in OCI, net	0
Other settlements, net	(1,043)
Ending balance - March 31, 2024	7,616,592
Residential investor loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	5,220,297
Acquisitions	15,677
Originations	311,119
Sales	(59,377)
Principal paydowns	(310,047)
Gains (losses) in net income, net	5,070
Unrealized gains in OCI, net	0
Other settlements, net	(745)
Ending balance - March 31, 2024	5,181,994
Consolidated Agency multifamily loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	425,285
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	(2,150)
Gains (losses) in net income, net	(347)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	422,788
Trading Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	40,424
Acquisitions	47,526
Originations
Sales	0
Principal paydowns	(205)
Gains (losses) in net income, net	14,475
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	102,220
AFS Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	87,373
Acquisitions	14,056
Originations
Sales	0
Principal paydowns	(90)
Gains (losses) in net income, net	92
Unrealized gains in OCI, net	8,656
Other settlements, net	0
Ending balance - March 31, 2024	110,087
HEI
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	550,436
Acquisitions	307
Originations	0
Sales	0
Principal paydowns	(11,565)
Gains (losses) in net income, net	21,567
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	560,745
Servicer Advance Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	225,345
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	(8,678)
Gains (losses) in net income, net	(634)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	216,033
Excess MSRs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	37,367
Acquisitions	0
Originations	0
Sales	0
Principal paydowns	0
Gains (losses) in net income, net	(1,245)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	36,122
MSRs and Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	28,070
Acquisitions	176
Originations	0
Sales	0
Principal paydowns	(69)
Gains (losses) in net income, net	2,464
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - March 31, 2024	30,641
Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	8,104
Acquisitions	0
Principal paydowns	0
Gains (losses) in net income, net	(6,744)
Other settlements, net	(3,467)
Ending balance - March 31, 2024	$ (2,107)

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held Included in Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loan purchase commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net (loss) attributable to Level 3 liability still held included in net income	$ (3,420)	$ (6)
HEI Point Entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	2,888	1,194
Held-for-investment at fair value | Residential consumer loans at Redwood
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	(1,497)	156
Held-for-investment at fair value | Sequoia
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	6,910	2,349
Held-for-investment at fair value | Freddie Mac SLST
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	3,367	8,759
Residential investor loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	(1,397)	12,239
Consolidated Agency multifamily loans | Freddie Mac K-Series
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	243	363
Residential Investor Term | CAFL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	10,251	(8,810)
Trading Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	14,506	1,793
Available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	629	(28)
HEI
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	6,075	3,433
Servicer Advance Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	(634)	(1,352)
MSRs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	2,723	(424)
Excess MSRs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	(1,245)	(229)
Other investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	0	(94)
Loan purchase commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) attributable to level 3 assets still held included in net income	$ 1,315	$ 353

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Strategic investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	$ 1,600
Gain (Loss) on assets measured at fair value on a non-recurring basis	650
Strategic investments | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	0
Strategic investments | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	0
Strategic investments | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	1,600
REO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	66,978
Gain (Loss) on assets measured at fair value on a non-recurring basis	(3,000)
REO | Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	0
REO | Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	0
REO | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other assets	$ 66,978

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	$ 10,905	$ 12,107
Mortgage servicing rights income (loss), net	4,225	1,077
Total Market Valuation Gains (Losses), Net	$ 44,020	$ 11,270
Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, Type [Extensible Enumeration]	Total Market Valuation Gains (Losses), Net	Total Market Valuation Gains (Losses), Net
Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	$ 21,837	$ (4,392)
HEI income, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	9,031	4,265
Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights income (loss), net	2,247	(710)
Residential consumer loans held-for-sale | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	2,497	6,994
Residential consumer loan purchase commitments | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(6,351)	(239)
Residential investor term loans held-for-sale | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(296)	12,700
Residential investor term loans held-for-sale | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(1,000)	0
Residential investor bridge loans | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	946	1,119
Trading securities | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	8,511	0
Trading securities | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	4,181	1,961
Risk management derivatives, net | Mortgage Banking Activities, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	5,598	(8,467)
Risk management derivatives, net | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	4,381	(8,704)
Residential consumer loans held-for-investment, at Redwood (called Sequoia loans) | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	0	183
Residential investor bridge loans held-for-investment | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(3,218)	1,376
Servicer advance investments | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(634)	(1,352)
Excess MSRs | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(1,245)	(228)
Legacy Sequoia | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(218)	(94)
Sequoia | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	7,128	2,442
Freddie Mac SLST | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	3,730	8,934
Freddie Mac K-Series | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	243	363
CAFL | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	10,251	(8,810)
Other investments | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	(2,391)	(435)
Credit recoveries (losses) on AFS securities | Investment Fair Value Changes, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	629	(28)
HEI at Redwood | HEI income, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	6,143	3,840
Net investments in HEI securitization entities | HEI income, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of assets	2,888	425
MSRs | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights income (loss), net	2,464	(590)
Other | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights income (loss), net	$ (217)	$ (120)

Fair Value of Financial Inst_10

Fair Value of Financial Instruments - Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / loan	Dec. 31, 2023 USD ($)
Assets
ABS issued, net, at fair value | $	$ 9,979,891	$ 9,151,263
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities | HEI
Liabilities
Fair value of securities owned | $	37,000
Residential consumer loan purchase commitments, net
Liabilities
Loan purchase commitments, net | $	$ 2,107
Residential consumer loan purchase commitments, net | Prepayment rate (annual CPR) | Minimum
Assets
Loans receivable, measurement input	0.15
Liabilities
Loans receivable, measurement input	0.15
Residential consumer loan purchase commitments, net | Prepayment rate (annual CPR) | Maximum
Assets
Loans receivable, measurement input	0.15
Liabilities
Loans receivable, measurement input	0.15
Residential consumer loan purchase commitments, net | Prepayment rate (annual CPR) | Weighted Average
Assets
Loans receivable, measurement input	0.15
Liabilities
Loans receivable, measurement input	0.15
Residential consumer loan purchase commitments, net | Senior credit support | Minimum
Assets
Loans receivable, measurement input	0.07
Liabilities
Loans receivable, measurement input	0.07
Residential consumer loan purchase commitments, net | Senior credit support | Maximum
Assets
Loans receivable, measurement input	0.07
Liabilities
Loans receivable, measurement input	0.07
Residential consumer loan purchase commitments, net | Senior credit support | Weighted Average
Assets
Loans receivable, measurement input	0.07
Liabilities
Loans receivable, measurement input	0.07
Residential consumer loan purchase commitments, net | IO discount rate | Minimum
Assets
Loans receivable, measurement input	0.20
Liabilities
Loans receivable, measurement input	0.20
Residential consumer loan purchase commitments, net | IO discount rate | Maximum
Assets
Loans receivable, measurement input	0.20
Liabilities
Loans receivable, measurement input	0.20
Residential consumer loan purchase commitments, net | IO discount rate | Weighted Average
Assets
Loans receivable, measurement input	0.20
Liabilities
Loans receivable, measurement input	0.20
Residential consumer loan purchase commitments, net | Pull-through rate | Minimum
Assets
Loan purchase commitments, measurement input	0.18
Liabilities
Loan purchase commitments, measurement input	0.18
Residential consumer loan purchase commitments, net | Pull-through rate | Maximum
Assets
Loan purchase commitments, measurement input	1
Liabilities
Loan purchase commitments, measurement input	1
Residential consumer loan purchase commitments, net | Pull-through rate | Weighted Average
Assets
Loan purchase commitments, measurement input	0.69
Liabilities
Loan purchase commitments, measurement input	0.69
Residential consumer loan purchase commitments, net | Committed sales price | Minimum
Liabilities
Loan liabilities, measurement input	102
Residential consumer loan purchase commitments, net | Committed sales price | Maximum
Liabilities
Loan liabilities, measurement input	103
Residential consumer loan purchase commitments, net | Committed sales price | Weighted Average
Liabilities
Loan liabilities, measurement input	103
Residential consumer loan purchase commitments, net | Senior credit spread to TBA price | Minimum
Assets
Loans receivable, measurement input	1.13
Liabilities
Loans receivable, measurement input	1.13
Residential consumer loan purchase commitments, net | Senior credit spread to TBA price | Maximum
Assets
Loans receivable, measurement input	2.25
Liabilities
Loans receivable, measurement input	2.25
Residential consumer loan purchase commitments, net | Senior credit spread to TBA price | Weighted Average
Assets
Loans receivable, measurement input	1.23
Liabilities
Loans receivable, measurement input	1.23
Residential consumer loan purchase commitments, net | Measurement Input, Whole Loan Spread to Swap Rate [Member] | Minimum
Assets
Loans receivable, measurement input	0.0215
Liabilities
Loans receivable, measurement input	0.0215
Residential consumer loan purchase commitments, net | Measurement Input, Whole Loan Spread to Swap Rate [Member] | Maximum
Assets
Loans receivable, measurement input	0.0700
Liabilities
Loans receivable, measurement input	0.0700
Residential consumer loan purchase commitments, net | Measurement Input, Whole Loan Spread to Swap Rate [Member] | Weighted Average
Assets
Loans receivable, measurement input	0.0305
Liabilities
Loans receivable, measurement input	0.0305
ABS Issued
Liabilities
ABS issued | $	$ 5,554,012
ABS Issued | Prepayment rate (annual CPR) | Minimum
Liabilities
ABS issued, measurement input	0.04
ABS Issued | Prepayment rate (annual CPR) | Maximum
Liabilities
ABS issued, measurement input	0.23
ABS Issued | Prepayment rate (annual CPR) | Weighted Average
Liabilities
ABS issued, measurement input	0.08
ABS Issued | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.04
ABS Issued | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.40
ABS Issued | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.08
ABS Issued | Default rate | Minimum
Liabilities
ABS issued, measurement input	0
ABS Issued | Default rate | Maximum
Liabilities
ABS issued, measurement input	0.18
ABS Issued | Default rate | Weighted Average
Liabilities
ABS issued, measurement input	0.01
ABS Issued | Loss severity | Minimum
Liabilities
ABS issued, measurement input	0.25
ABS Issued | Loss severity | Maximum
Liabilities
ABS issued, measurement input	0.50
ABS Issued | Loss severity | Weighted Average
Liabilities
ABS issued, measurement input	0.30
CAFL
Liabilities
ABS issued | $	$ 2,519,547
CAFL | Prepayment rate (annual CPR) | Minimum
Liabilities
ABS issued, measurement input	0
CAFL | Prepayment rate (annual CPR) | Maximum
Liabilities
ABS issued, measurement input	0.03
CAFL | Prepayment rate (annual CPR) | Weighted Average
Liabilities
ABS issued, measurement input	0.001
CAFL | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.05
CAFL | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.12
CAFL | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.07
CAFL | Default rate | Minimum
Liabilities
ABS issued, measurement input	0.03
CAFL | Default rate | Maximum
Liabilities
ABS issued, measurement input	0.13
CAFL | Default rate | Weighted Average
Liabilities
ABS issued, measurement input	0.07
CAFL | Loss severity | Minimum
Liabilities
ABS issued, measurement input	0.25
CAFL | Loss severity | Maximum
Liabilities
ABS issued, measurement input	0.35
CAFL | Loss severity | Weighted Average
Liabilities
ABS issued, measurement input	0.25
Freddie Mac SLST
Liabilities
ABS issued | $	$ 1,064,788
Freddie Mac SLST | Prepayment rate (annual CPR) | Minimum
Liabilities
ABS issued, measurement input	0.06
Freddie Mac SLST | Prepayment rate (annual CPR) | Maximum
Liabilities
ABS issued, measurement input	0.06
Freddie Mac SLST | Prepayment rate (annual CPR) | Weighted Average
Liabilities
ABS issued, measurement input	0.06
Freddie Mac SLST | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.05
Freddie Mac SLST | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.09
Freddie Mac SLST | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.06
Freddie Mac SLST | Default rate | Minimum
Liabilities
ABS issued, measurement input	0.14
Freddie Mac SLST | Default rate | Maximum
Liabilities
ABS issued, measurement input	0.16
Freddie Mac SLST | Default rate | Weighted Average
Liabilities
ABS issued, measurement input	0.15
Freddie Mac SLST | Loss severity | Minimum
Liabilities
ABS issued, measurement input	0.25
Freddie Mac SLST | Loss severity | Maximum
Liabilities
ABS issued, measurement input	0.25
Freddie Mac SLST | Loss severity | Weighted Average
Liabilities
ABS issued, measurement input	0.25
Freddie Mac K-Series
Liabilities
ABS issued | $	$ 389,238
Freddie Mac K-Series | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.05
Freddie Mac K-Series | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.10
Freddie Mac K-Series | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.06
At consolidated HEI entities
Liabilities
ABS issued | $	$ 220,325
At consolidated HEI entities | Prepayment rate (annual CPR) | Minimum
Liabilities
ABS issued, measurement input	0.15
At consolidated HEI entities | Prepayment rate (annual CPR) | Maximum
Liabilities
ABS issued, measurement input	0.15
At consolidated HEI entities | Prepayment rate (annual CPR) | Weighted Average
Liabilities
ABS issued, measurement input	0.15
At consolidated HEI entities | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.08
At consolidated HEI entities | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.12
At consolidated HEI entities | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.09
At consolidated HEI entities | Home price appreciation (depreciation) | Minimum
Liabilities
ABS issued, measurement input	0.03
At consolidated HEI entities | Home price appreciation (depreciation) | Maximum
Liabilities
ABS issued, measurement input	0.03
At consolidated HEI entities | Home price appreciation (depreciation) | Weighted Average
Liabilities
ABS issued, measurement input	0.03
At consolidated CAFL Bridge entities
Liabilities
ABS issued | $	$ 231,982
At consolidated CAFL Bridge entities | Prepayment rate (annual CPR) | Minimum
Liabilities
ABS issued, measurement input	0.40
At consolidated CAFL Bridge entities | Prepayment rate (annual CPR) | Maximum
Liabilities
ABS issued, measurement input	0.40
At consolidated CAFL Bridge entities | Prepayment rate (annual CPR) | Weighted Average
Liabilities
ABS issued, measurement input	0.40
At consolidated CAFL Bridge entities | Whole loan discount rate | Minimum
Liabilities
ABS issued, measurement input	0.07
At consolidated CAFL Bridge entities | Whole loan discount rate | Maximum
Liabilities
ABS issued, measurement input	0.15
At consolidated CAFL Bridge entities | Whole loan discount rate | Weighted Average
Liabilities
ABS issued, measurement input	0.08
At consolidated CAFL Bridge entities | Default rate | Minimum
Liabilities
ABS issued, measurement input	0
At consolidated CAFL Bridge entities | Default rate | Maximum
Liabilities
ABS issued, measurement input	0.05
At consolidated CAFL Bridge entities | Default rate | Weighted Average
Liabilities
ABS issued, measurement input	0.03
At consolidated CAFL Bridge entities | Loss severity | Minimum
Liabilities
ABS issued, measurement input	0.25
At consolidated CAFL Bridge entities | Loss severity | Maximum
Liabilities
ABS issued, measurement input	0.25
At consolidated CAFL Bridge entities | Loss severity | Weighted Average
Liabilities
ABS issued, measurement input	0.25
Jumbo loans
Assets
ABS issued, net, at fair value | $	$ 506,500
Jumbo loans | Prepayment rate (annual CPR) | Minimum
Assets
Loans held-for-sale, measurement input	0.15
Liabilities
Loans held-for-sale, measurement input	0.15
Jumbo loans | Prepayment rate (annual CPR) | Maximum
Assets
Loans held-for-sale, measurement input	0.15
Liabilities
Loans held-for-sale, measurement input	0.15
Jumbo loans | Prepayment rate (annual CPR) | Weighted Average
Assets
Loans held-for-sale, measurement input	0.15
Liabilities
Loans held-for-sale, measurement input	0.15
Jumbo loans | Subordinate credit spread | Minimum
Assets
Loans receivable, measurement input	0.0215
Liabilities
Loans receivable, measurement input	0.0215
Jumbo loans | Subordinate credit spread | Maximum
Assets
Loans receivable, measurement input	0.0700
Liabilities
Loans receivable, measurement input	0.0700
Jumbo loans | Subordinate credit spread | Weighted Average
Assets
Loans receivable, measurement input	0.0305
Liabilities
Loans receivable, measurement input	0.0305
Jumbo loans | IO discount rate | Minimum
Assets
Loans receivable, measurement input	0.24
Liabilities
Loans receivable, measurement input	0.24
Jumbo loans | IO discount rate | Maximum
Assets
Loans receivable, measurement input	0.24
Liabilities
Loans receivable, measurement input	0.24
Jumbo loans | IO discount rate | Weighted Average
Assets
Loans receivable, measurement input	0.24
Liabilities
Loans receivable, measurement input	0.24
Jumbo loans | Senior credit spread to TBA price | Minimum
Assets
Loans held-for-sale, measurement input	1.13
Liabilities
Loans held-for-sale, measurement input	1.13
Jumbo loans | Senior credit spread to TBA price | Maximum
Assets
Loans held-for-sale, measurement input	2.25
Liabilities
Loans held-for-sale, measurement input	2.25
Jumbo loans | Senior credit spread to TBA price | Weighted Average
Assets
Loans held-for-sale, measurement input	1.23
Liabilities
Loans held-for-sale, measurement input	1.23
Jumbo loans committed to sell
Assets
Loans receivable, fair value | $	$ 5,205
Jumbo loans committed to sell | Whole loan committed sales price | Minimum
Assets
Residential loans, measurement input	103
Jumbo loans committed to sell | Whole loan committed sales price | Maximum
Assets
Residential loans, measurement input	103
Jumbo loans committed to sell | Whole loan committed sales price | Weighted Average
Assets
Residential loans, measurement input	103
Legacy Sequoia
Assets
Loans receivable, fair value | $	$ 131,859
Sequoia
Assets
Loans receivable, fair value | $	5,640,341
Liabilities
Fair value of securities owned | $	218,000
Freddie Mac SLST
Assets
Loans receivable, fair value | $	1,332,686
Liabilities
Fair value of securities owned | $	271,000	274,000
Residential investor term loans
Assets
Loans receivable, fair value | $	$ 253,774
Residential investor term loans | Prepayment rate (annual CPR) | Minimum
Assets
Loans receivable, measurement input	0
Liabilities
Loans receivable, measurement input	0
Residential investor term loans | Prepayment rate (annual CPR) | Maximum
Assets
Loans receivable, measurement input	0.03
Liabilities
Loans receivable, measurement input	0.03
Residential investor term loans | Prepayment rate (annual CPR) | Weighted Average
Assets
Loans receivable, measurement input	0.03
Liabilities
Loans receivable, measurement input	0.03
Residential investor term loans | Senior credit spread | Minimum
Assets
Loans receivable, measurement input	0.0120
Liabilities
Loans receivable, measurement input	0.0120
Residential investor term loans | Senior credit spread | Maximum
Assets
Loans receivable, measurement input	0.0120
Liabilities
Loans receivable, measurement input	0.0120
Residential investor term loans | Senior credit spread | Weighted Average
Assets
Loans receivable, measurement input	0.0120
Liabilities
Loans receivable, measurement input	0.0120
Residential investor term loans | Subordinate credit spread | Minimum
Assets
Loans receivable, measurement input	0.0180
Liabilities
Loans receivable, measurement input	0.0180
Residential investor term loans | Subordinate credit spread | Maximum
Assets
Loans receivable, measurement input	0.0780
Liabilities
Loans receivable, measurement input	0.0780
Residential investor term loans | Subordinate credit spread | Weighted Average
Assets
Loans receivable, measurement input	0.0383
Liabilities
Loans receivable, measurement input	0.0383
Residential investor term loans | Senior credit support | Minimum
Assets
Loans receivable, measurement input	0.34
Liabilities
Loans receivable, measurement input	0.34
Residential investor term loans | Senior credit support | Maximum
Assets
Loans receivable, measurement input	0.34
Liabilities
Loans receivable, measurement input	0.34
Residential investor term loans | Senior credit support | Weighted Average
Assets
Loans receivable, measurement input	0.34
Liabilities
Loans receivable, measurement input	0.34
Residential investor term loans | Dollar price of non-performing loans | Minimum
Assets
Loans receivable, measurement input	59
Liabilities
Loans receivable, measurement input	59
Residential investor term loans | Dollar price of non-performing loans | Maximum
Assets
Loans receivable, measurement input	100
Liabilities
Loans receivable, measurement input	100
Residential investor term loans | Dollar price of non-performing loans | Weighted Average
Assets
Loans receivable, measurement input	60
Liabilities
Loans receivable, measurement input	60
CAFL
Assets
Loans receivable, fair value | $	$ 2,853,052
Liabilities
Fair value of securities owned | $	333,000	323,000
BPL bridge loans held by CAFL
Assets
Loans receivable, fair value | $	762,158
Residential investor bridge loans
Assets
Loans receivable, fair value | $	$ 1,313,010
Residential investor bridge loans | Whole loan discount rate | Minimum
Assets
Loans held-for-investment, measurement input	0.09
Residential investor bridge loans | Whole loan discount rate | Maximum
Assets
Loans held-for-investment, measurement input	0.13
Residential investor bridge loans | Whole loan discount rate | Weighted Average
Assets
Loans held-for-investment, measurement input	0.10
Residential investor bridge loans | Dollar price of non-performing loans | Minimum
Assets
Loans held-for-investment, measurement input	0.0485
Residential investor bridge loans | Dollar price of non-performing loans | Maximum
Assets
Loans held-for-investment, measurement input	0.0485
Residential investor bridge loans | Dollar price of non-performing loans | Weighted Average
Assets
Loans held-for-investment, measurement input	0.0485
Residential investor bridge loans | Dollar price of non-performing loans | Minimum
Assets
Loans held-for-investment, measurement input	41
Residential investor bridge loans | Dollar price of non-performing loans | Maximum
Assets
Loans held-for-investment, measurement input	100
Residential investor bridge loans | Dollar price of non-performing loans | Weighted Average
Assets
Loans held-for-investment, measurement input	84
Freddie Mac K-Series
Assets
Loans receivable, fair value | $	$ 422,788
Liabilities
Fair value of securities owned | $	34,000
Trading and AFS securities
Assets
Trading and AFS securities | $	$ 212,307
Trading and AFS securities | Prepayment rate (annual CPR) | Minimum
Assets
Trading and AFS securities	0.02
Trading and AFS securities | Prepayment rate (annual CPR) | Maximum
Assets
Trading and AFS securities	0.65
Trading and AFS securities | Prepayment rate (annual CPR) | Weighted Average
Assets
Trading and AFS securities	0.10
Trading and AFS securities | Whole loan discount rate | Minimum
Assets
Trading and AFS securities	0.06
Trading and AFS securities | Whole loan discount rate | Maximum
Assets
Trading and AFS securities	0.27
Trading and AFS securities | Whole loan discount rate | Weighted Average
Assets
Trading and AFS securities	0.13
Trading and AFS securities | Default rate | Minimum
Assets
Trading and AFS securities	0
Trading and AFS securities | Default rate | Maximum
Assets
Trading and AFS securities	0.09
Trading and AFS securities | Default rate | Weighted Average
Assets
Trading and AFS securities	0.002
Trading and AFS securities | Loss severity | Minimum
Assets
Trading and AFS securities	0
Trading and AFS securities | Loss severity | Maximum
Assets
Trading and AFS securities	0.50
Trading and AFS securities | Loss severity | Weighted Average
Assets
Trading and AFS securities	0.22
HEI
Assets
HEI | $	$ 246,561
HEI | Prepayment rate (annual CPR) | Minimum
Assets
HEI, Measurement input	0.01
HEI | Prepayment rate (annual CPR) | Maximum
Assets
HEI, Measurement input	0.20
HEI | Prepayment rate (annual CPR) | Weighted Average
Assets
HEI, Measurement input	0.14
HEI | Whole loan discount rate | Minimum
Assets
HEI, Measurement input	0.10
HEI | Whole loan discount rate | Maximum
Assets
HEI, Measurement input	0.10
HEI | Whole loan discount rate | Weighted Average
Assets
HEI, Measurement input	0.10
HEI | Home price appreciation (depreciation) | Minimum
Assets
HEI, Measurement input	0.03
HEI | Home price appreciation (depreciation) | Maximum
Assets
HEI, Measurement input	0.03
HEI | Home price appreciation (depreciation) | Weighted Average
Assets
HEI, Measurement input	0.03
HEIs held by Point HEI entity
Assets
HEI | $	$ 314,184
Servicer advance investments
Assets
Servicing asset | $	$ 216,033
Servicer advance investments | Minimum
Assets
Expected remaining life	5 years
Servicer advance investments | Maximum
Assets
Expected remaining life	5 years
Servicer advance investments | Weighted Average
Assets
Expected remaining life	5 years
Servicer advance investments | Prepayment rate (annual CPR) | Minimum
Assets
Servicing asset, measurement input	0.11
Servicer advance investments | Prepayment rate (annual CPR) | Maximum
Assets
Servicing asset, measurement input	0.30
Servicer advance investments | Prepayment rate (annual CPR) | Weighted Average
Assets
Servicing asset, measurement input	0.14
Servicer advance investments | Whole loan discount rate | Minimum
Assets
Servicing asset, measurement input	0.02
Servicer advance investments | Whole loan discount rate | Maximum
Assets
Servicing asset, measurement input	0.04
Servicer advance investments | Whole loan discount rate | Weighted Average
Assets
Servicing asset, measurement input	0.03
Servicer advance investments | Mortgage servicing income | Minimum
Assets
Loan purchase commitments, measurement input	0.0003
Liabilities
Loan purchase commitments, measurement input	0.0003
Servicer advance investments | Mortgage servicing income | Maximum
Assets
Loan purchase commitments, measurement input	0.0018
Liabilities
Loan purchase commitments, measurement input	0.0018
Servicer advance investments | Mortgage servicing income | Weighted Average
Assets
Loan purchase commitments, measurement input	0.0010
Liabilities
Loan purchase commitments, measurement input	0.0010
MSRs
Assets
Servicing asset | $	$ 27,417
MSRs | Prepayment rate (annual CPR) | Minimum
Assets
Servicing asset, measurement input	0.02
MSRs | Prepayment rate (annual CPR) | Maximum
Assets
Servicing asset, measurement input	0.14
MSRs | Prepayment rate (annual CPR) | Weighted Average
Assets
Servicing asset, measurement input	0.04
MSRs | Whole loan discount rate | Minimum
Assets
Servicing asset, measurement input	0.12
MSRs | Whole loan discount rate | Maximum
Assets
Servicing asset, measurement input	0.73
MSRs | Whole loan discount rate | Weighted Average
Assets
Servicing asset, measurement input	0.12
MSRs | Per loan annual cost to service | Minimum
Assets
Servicing asset, measurement input	93
MSRs | Per loan annual cost to service | Maximum
Assets
Servicing asset, measurement input	93
MSRs | Per loan annual cost to service | Weighted Average
Assets
Servicing asset, measurement input	93
Excess MSRs
Assets
Servicing asset | $	$ 36,122
Excess MSRs | Prepayment rate (annual CPR) | Minimum
Assets
Servicing asset, measurement input	0.10
Excess MSRs | Prepayment rate (annual CPR) | Maximum
Assets
Servicing asset, measurement input	1
Excess MSRs | Prepayment rate (annual CPR) | Weighted Average
Assets
Servicing asset, measurement input	0.17
Excess MSRs | Whole loan discount rate | Minimum
Assets
Servicing asset, measurement input	0.12
Excess MSRs | Whole loan discount rate | Maximum
Assets
Servicing asset, measurement input	0.19
Excess MSRs | Whole loan discount rate | Weighted Average
Assets
Servicing asset, measurement input	0.18
Excess MSRs | Excess mortgage servicing amount | Minimum
Assets
Servicing asset, measurement input	0.0008
Excess MSRs | Excess mortgage servicing amount | Maximum
Assets
Servicing asset, measurement input	0.0020
Excess MSRs | Excess mortgage servicing amount | Weighted Average
Assets
Servicing asset, measurement input	0.0011
CAFL Bridge Loan Securitization
Liabilities
Fair value of securities owned | $	$ 21,000	$ 22,000

Residential Consumer Loans - Sc

Residential Consumer Loans - Schedule of Classifications and Carrying Value of Residential Consumer Loans (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	[1]	$ 511,706	$ 911,192
Legacy Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		131,859	139,739
Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		5,640,341	4,640,464
Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		1,332,686	1,359,242
Servicer advance investments
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		7,616,592	7,050,637
Servicer advance investments | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		511,706	911,192
Servicer advance investments | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		7,104,886	6,139,445
Servicer advance investments | Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		131,859	139,739
Servicer advance investments | Legacy Sequoia | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		0	0
Servicer advance investments | Legacy Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		131,859	139,739
Servicer advance investments | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		5,640,341	4,640,464
Servicer advance investments | Sequoia | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		0	0
Servicer advance investments | Sequoia | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		5,640,341	4,640,464
Servicer advance investments | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		1,332,686	1,359,242
Servicer advance investments | Freddie Mac SLST | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		0	0
Servicer advance investments | Freddie Mac SLST | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		1,332,686	1,359,242
Servicer advance investments | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		511,706	911,192
Servicer advance investments | Redwood | Held-for-sale at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		511,706	911,192
Servicer advance investments | Redwood | Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		$ 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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Residential Consumer Loans - Ad

Residential Consumer Loans - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Receivables [Abstract]
Mortgage servicing rights, at amortized cost	$ 504

Residential Consumer Loans - Ch

Residential Consumer Loans - Characteristics of Residential Consumer Loans Held-for-Sale (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Residential Consumer Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	448	874
Unpaid principal balance	$ 508,708	$ 916,877
Fair value of loans	511,706	911,192
Market value of loans pledged as collateral under short-term borrowing agreements	$ 507,450	$ 907,742
Weighted average coupon	6.74%	6.25%
Residential Loans at Fair Value | 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]
Number of loans in foreclosure | loan	0	0

Residential Consumer Loans - Qu

Residential Consumer Loans - Quarterly Activity of Residential Consumer Loans Held-for-Sale (Details) - Residential Consumer Loans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans acquired	$ 999,786	$ 53,046
Principal balance of loans sold	201,581	173,153
Principal balance of loans transferred from HFS to HFI	1,187,961	657,295
Net market valuation gains recorded	$ 2,497	$ 7,178

Residential Consumer Loans - _2

Residential Consumer Loans - Characteristics of Residential Consumer Loans Held-for-Investment (Details) - Held-for-investment at fair value $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	1,017	1,059
Unpaid principal balance	$ 146,688	$ 156,053
Fair value of loans	$ 131,859	$ 139,739
Weighted average coupon	6.59%	6.54%
Number of loans in foreclosure | loan	5	7
Unpaid principal balance of loans in foreclosure	$ 1,086	$ 1,848
Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	7,078	6,070
Unpaid principal balance	$ 6,294,974	$ 5,242,860
Fair value of loans	$ 5,640,341	$ 4,640,464
Weighted average coupon	4.52%	4.08%
Number of loans in foreclosure | loan	6	5
Unpaid principal balance of loans in foreclosure	$ 5,335	$ 3,386
Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	10,187	10,302
Unpaid principal balance	$ 1,593,040	$ 1,614,974
Fair value of loans	$ 1,332,686	$ 1,359,242
Weighted average coupon	4.50%	4.50%
Number of loans in foreclosure | loan	286	292
Unpaid principal balance of loans in foreclosure	$ 47,490	$ 47,654
Financing Receivables, Equal to Greater than 90 Days Past Due | Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans with 90+ day delinquencies | loan	15	16
Fair value of loans with 90+ day delinquencies	$ 4,328	$ 4,141
Financing Receivables, Equal to Greater than 90 Days Past Due | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans with 90+ day delinquencies | loan	14	11
Fair value of loans with 90+ day delinquencies	$ 11,904	$ 8,882
Financing Receivables, Equal to Greater than 90 Days Past Due | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans with 90+ day delinquencies | loan	743	796
Fair value of loans with 90+ day delinquencies	$ 125,401	$ 132,307

Residential Consumer Loans - _3

Residential Consumer Loans - Quarterly Activity of Residential Consumer Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans transferred	$ 1,284,529	$ 873,093
Held-for-investment at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	(56,324)	61,867
Held-for-investment at fair value | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	(4,231)	32,437
Held-for-investment at fair value | Legacy Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	1,516	(463)
Held-for-investment at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans transferred	$ 1,187,961	$ 657,295

Residential Investor Loans - Cl

Residential Investor Loans - Classifications and Carrying Values of Residential Investor Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Held-for-sale at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 280,551	$ 180,250
Held-for-sale at fair value | Residential Investor Term | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	253,774	144,359
Held-for-sale at fair value | Residential Investor Term | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
Held-for-sale at fair value | Residential investor bridge loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	26,777	35,891
Held-for-sale at fair value | Residential investor bridge loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
Held-for-investment at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	4,901,443	5,040,048
Held-for-investment at fair value | Residential Investor Term | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	0	0
Held-for-investment at fair value | Residential Investor Term | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,853,052	2,971,725
Held-for-investment at fair value | Residential investor bridge loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,286,233	1,305,727
Held-for-investment at fair value | Residential investor bridge loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	762,158	762,596
Total Residential Investor Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	5,181,994	5,220,298
Total Residential Investor Loans | Residential Investor Term | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	253,774	144,359
Total Residential Investor Loans | Residential Investor Term | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,853,052	2,971,725
Total Residential Investor Loans | Residential investor bridge loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,313,010	1,341,618
Total Residential Investor Loans | Residential investor bridge loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 762,158	$ 762,596

Residential Investor Loans - Na

Residential Investor Loans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Commitment To Fund Residential Investor Bridge Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Commitment to fund loan	$ 513
SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate owned, rate (as a percent)	73%
Fixed Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate owned, rate (as a percent)	27%
Residential investor bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 142	$ 207
Fair value of loans	$ 137	$ 201
Minimum | Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Residential bridge loans held-for-investment, original maturities (in months)	6 months
Maximum | Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Residential bridge loans held-for-investment, original maturities (in months)	36 months

Residential Investor Loans - Ac

Residential Investor Loans - Activity and Characteristics of Residential Investor Loans (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	$ 1,001,793	$ 55,824
Principal payments on real estate securities	294	255
Residential Investor 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	117,090	174,078
Principal balance of loans acquired	0	0
Principal payments on real estate securities	6,032	217,702
Fair value of loans transferred	0	0
Gain (loss) on investments	(1,000)	0
Residential Investor 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]
Gain (loss) on investments	(296)	12,700
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	194,029	255,152
Principal balance of loans acquired	15,677	9,085
Principal payments on real estate securities	53,221	12,547
Fair value of loans transferred	(98,731)	(80,792)
Gain (loss) on investments	(3,218)	1,608
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]
Gain (loss) on investments	946	1,119
Construction Draws On Residential Investor Bridge Loans | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal payments on real estate securities	15,000
Single Family Rental Loans Held For Investment At Fair Value | 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	0
Number of loans | loan	1,022		1,055
Unpaid principal balance	$ 3,066,563		$ 3,194,131
Fair value of loans	$ 2,853,052		$ 2,971,725
Weighted average coupon	5.34%		5.34%
Weighted average remaining loan term (years)	5 years		5 years
Fair value of loans with 90+ day delinquencies	$ 25,158		$ 15,708
Number of loans in foreclosure | loan	10		7
Single Family Rental Loans Held For Investment At Fair Value | 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]
Number of loans with 90+ day delinquencies | loan	42		45
Fair value of loans with 90+ day delinquencies	$ 137,447		$ 143,623
Total Residential Investor Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	5,181,994		$ 5,220,298
Total Residential Investor Loans | CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain (loss) on investments	7,583	37,179
Residential Investor Bridge at CAFL | CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain (loss) on investments	3,690	(592)
Fair value of loans transferred to HFI	$ 98,731	$ 80,792
Single-Family Rental Loans, Held-For-Sale | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	73		38
Unpaid principal balance	$ 263,048		$ 152,213
Fair value of loans	$ 253,774		$ 144,359
Weighted average coupon	6.95%		6.92%
Weighted average remaining loan term (years)	7 years		7 years
Fair value of loans with 90+ day delinquencies	$ 28,064		$ 28,263
Number of loans in foreclosure | loan	2		2
Unpaid principal balance of loans in foreclosure	$ 15,623		$ 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	$ 15,623		$ 16,822
Number of loans with 90+ day delinquencies | loan	2		2
Fair value of loans with 90+ day delinquencies	$ 28,064		$ 28,263
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]
Gain (loss) on investments	5,307		2,393
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Long Term debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain (loss) on investments	$ 212,589		$ 122,541
Business Purpose Bridge Loans | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	850		925
Unpaid principal balance	$ 1,336,820		$ 1,360,957
Fair value of loans	$ 1,313,010		$ 1,341,618
Weighted average coupon	10.35%		10.41%
Weighted average remaining loan term (years)	1 year		1 year
Fair value of loans with 90+ day delinquencies	$ 76,483		$ 79,841
Number of loans in foreclosure | loan	34		36
Unpaid principal balance of loans in foreclosure	$ 64,999		$ 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	$ 81,326		$ 86,137
Number of loans with 90+ day delinquencies | loan	48		54
Fair value of loans with 90+ day delinquencies	$ 92,810		$ 96,934
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]
Gain (loss) on investments	35,653		92,832
Business Purpose Bridge Loans | Redwood | Loans Pledged As Collateral, Long Term debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain (loss) on investments	$ 1,223,044		$ 1,205,366
Business Purpose Bridge Loans | CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	1,849		1,912
Unpaid principal balance	$ 752,084		$ 756,574
Fair value of loans	$ 762,158		$ 762,596
Weighted average coupon	10.62%		10.82%
Weighted average remaining loan term (years)	1 year		1 year
Fair value of loans with 90+ day delinquencies	$ 5,295		$ 3,931
Number of loans in foreclosure | loan	59		47
Business Purpose Bridge Loans | 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]
Number of loans with 90+ day delinquencies | loan	61		52
Fair value of loans with 90+ day delinquencies	$ 11,741		$ 10,646

Residential Investor Loans - Sc

Residential Investor Loans - Schedule unpaid principal balance of business purpose loans (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Residential Term, Single Family Rental | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 185,581
Residential Term, Multifamily | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	77,467
Term Loans, Single Family Rental | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,393,902
Term Loans, Multifamily | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	672,661
Residential Bridge Renovate Build For Rent | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	602,774
Bridge Loans, Renovate Build For Rent | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	389,451
Residential Bridge Single Asset Bridge | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	23,023
Bridge Loans, Single Asset Bridge | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	136,475
Residential Bridge Multifamily | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	686,456
Bridge Loans, Multifamily | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	221,635
Residential Bridge Third Party Originated | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	24,567
Bridge Loans, Third Party Originated | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	4,523
Residential Term Loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	263,048
Term Loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	3,066,563
BPL bridge loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,336,820
Bridge Loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 752,084

Consolidated Agency Multifami_3

Consolidated Agency Multifamily Loans (Details) - Consolidated Agency multifamily loans, at fair value $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Held-for-investment at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded | $	$ (347)	$ 4,160
Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	28		28
Unpaid principal balance | $	$ 436,718		$ 438,868
Fair value of loans | $	$ 422,788		$ 425,285
Weighted average coupon	4.25%		4.25%
Weighted average remaining loan term (years)	1 year		2 years
Number of loans in foreclosure | loan	0		0
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]
Number of loans with 90+ day delinquencies | loan	0		0

Real Estate Securities - Fair V

Real Estate Securities - Fair Values of Real Estate Securities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Trading		$ 102,220	$ 40,424
Available-for-sale		110,087	87,373
Total Real Estate Securities	[1]	$ 212,307	$ 127,797
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Real Estate Securities - Tradin

Real Estate Securities - Trading Securities by Collateral Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	$ 102,220		$ 40,424
Unpaid principal balance	16,370		16,567
Fair value of securities acquired	47,526	$ 1,700
Fair value of securities sold	0	3,509
Net market valuation gains (losses) recorded	14,475	$ 1,961
Senior
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	97,955		36,109
Unpaid principal balance	0		0
Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	4,265		4,315
Unpaid principal balance	16,370		16,567
Interest-only securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	97,955		36,109
Interest-only securities | Senior | Sequoia
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	32,000		28,000
Multifamily securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	2,714		2,641
Other third-party residential securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Real estate securities, at fair value	$ 1,551		$ 1,674

Real Estate Securities - Availa

Real Estate Securities - Available for Sale Securities by Collateral Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	$ 110,087		$ 87,373
Fair value of securities acquired	14,056	$ 0
Fair value of securities sold	0	2,678
Principal balance of securities called	0	0
Net unrealized gains on AFS securities	8,656	$ 5,007
Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	9,219		0
Sequoia securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	87,647		78,942
Multifamily securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	4,470		4,460
Other third-party residential securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	8,751		3,971
Total Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	$ 100,868		$ 87,373

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) investment Investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) investment
Debt and Equity Securities, FV-NI [Line Items]
Number of AFS securities (in investments) | investment	69		66
Number of securities in unrealized loss position | investment	13		21
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer (in investments)	12		19
Gross unrealized losses	$ 4,880,000		$ 6,753,000
CECL credit allowance	1,853,000		2,482,000
Sales
Debt and Equity Securities, FV-NI [Line Items]
Gross realized gains	0	$ 1,000,000
Residential
Debt and Equity Securities, FV-NI [Line Items]
AFS securities, contractual maturities, less than five years	4,000,000
Marketable securities, due from five to ten years	7,000,000
CECL credit allowance	$ 19,717,000		$ 23,436,000

Real Estate Securities - Compon

Real Estate Securities - Components of Carrying Value (Which Equals Fair Value) of Residential Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Principal balance	$ 166,302	$ 149,956
Credit reserve	(19,717)	(23,436)
Unamortized discount, net	(52,891)	(46,885)
Amortized cost	93,694	79,635
Gross unrealized gains	23,126	16,973
Gross unrealized losses	(4,880)	(6,753)
CECL allowance	(1,853)	(2,482)
Carrying Value	$ 110,087	$ 87,373

Real Estate Securities - Change

Real Estate Securities - Changes of Unamortized Discount and Designated Credit Reserves on Residential Available for Sale Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Credit Reserve
Beginning balance	$ 2,482
Ending Balance	1,853
Unamortized Discount, Net
Beginning balance	46,885
Ending Balance	52,891
Residential
Credit Reserve
Beginning balance	23,436
Amortization of net discount	0
Realized credit recoveries (losses), net	18
Acquisitions	0
Sales, calls, other	0
Transfers to (release of) credit reserves, net	(3,737)
Ending Balance	19,717
Unamortized Discount, Net
Beginning balance	46,885
Amortization of net discount	(92)
Realized credit recoveries (losses), net	0
Acquisitions	2,361
Sales, calls, other	0
Transfers to (release of) credit reserves, net	3,737
Ending Balance	$ 52,891

Real Estate Securities - Comp_2

Real Estate Securities - Components of Carrying Value of Residential Available for Sale Securities in Unrealized Loss Position (Details) - Residential - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Fair Value	$ 2,851	$ 2,374
Less Than 12 Consecutive Months, Unrealized Losses	(2)	(128)
12 Consecutive Months or Longer, Fair Value	21,416	27,299
12 Consecutive Months or Longer, Unrealized Losses	$ (4,878)	$ (6,625)

Real Estate Securities - Summar

Real Estate Securities - Summary of Significant Valuation Assumptions for Available for Sale Securities Credit Loss (Details) - Subordinate Securities	3 Months Ended
	Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Default rate	0.80%
Loss severity	20%

Real Estate Securities - Activi

Real Estate Securities - Activity of Allowance for Credit Losses for Available-for-sale Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Rollforward of Allowance for Credit Losses
Beginning balance	$ 2,482
Additions to allowance for credit losses on securities for which credit losses were not previously recorded	0
Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(629)
Reduction to allowance for securities sold during the period	0
Ending Balance	$ 1,853

Home Equity Investments (HEI) -

Home Equity Investments (HEI) - Schedule of Home Equity Investments (Details) $ in Thousands		3 Months Ended			12 Months Ended
		Mar. 31, 2024 USD ($) transaction	Dec. 31, 2023 USD ($) transaction	Sep. 30, 2021 transaction	Dec. 31, 2023 USD ($) transaction	Dec. 31, 2021 transaction
Equity Method Investments and Joint Ventures [Abstract]
Number of securitization transactions co-sponsored | transaction		2	2	2	2	2
Schedule of Equity Method Investments [Line Items]
Home equity investments	[1]	$ 560,745	$ 550,436		$ 550,436
Redwood
Schedule of Equity Method Investments [Line Items]
Home equity investments		246,561	244,719		244,719
HEI held at consolidated HEI securitization entities
Schedule of Equity Method Investments [Line Items]
Home equity investments		$ 314,184	$ 305,717		$ 305,717
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Home Equity Investments (HEI)_2

Home Equity Investments (HEI) - Activity of HEI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair value of HEI purchased and originated
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	$ 0	$ 0
Fair value of HEI purchased and originated | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	307	40,141
Fair value of HEI transferred
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	0	0
Fair value of HEI transferred | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	$ 0	$ 0

Home Equity Investments (HEI)_3

Home Equity Investments (HEI) - HEI Characteristics (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Contract	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Contract
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ 9,031	$ 4,265
Interest expense	180,530	152,079
HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	6,143	3,840
Securitized HEI
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	15,424	1,068
ABS Issued From HEI Securitization
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	(7,409)	126
Interest expense	3,000	1,000
Non-controlling In HEI Securitizations
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ (5,127)	$ (769)
HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Number of HEI contracts | Contract	1,992		2,034
Average initial amount of contract	$ 105		$ 105
Securitized HEI
Schedule of Equity Method Investments [Line Items]
Number of HEI contracts | Contract	2,370		2,434
Average initial amount of contract	$ 95		$ 96

Other Investments - Schedule of

Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Total Other Investments	[1]	$ 337,345	$ 343,930
Mortgage servicing rights
Net Investment Income [Line Items]
Servicing asset, fair value		27,417	24,877
Other
Net Investment Income [Line Items]
Other		165	234
Servicer advance investments
Net Investment Income [Line Items]
Servicing asset, fair value		216,033	225,345
Strategic investments
Net Investment Income [Line Items]
Servicing asset, fair value		57,608	56,107
Excess MSRs
Net Investment Income [Line Items]
Servicing asset, fair value		$ 36,122	$ 37,367
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Other Investments - Additional

Other Investments - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) partnership numberOfInvestment Investment	Mar. 31, 2023 USD ($)	Dec. 31, 2018 partnership	Dec. 31, 2023 USD ($)
Net Investment Income [Line Items]
Number of partnerships consolidated | partnership	2		2
Total Collateral for Long-Term Debt	$ 1,550,658			$ 1,565,514
(Decrease) increase in allowance for credit losses on AFS securities	21,837	$ (4,392)
Principal payments on real estate securities	294	255
Interest income	204,740	178,516
MSR income, net	4,225	$ 1,077
Strategic investments
Net Investment Income [Line Items]
(Decrease) increase in allowance for credit losses on AFS securities	$ 1,000
Number of investments made | numberOfInvestment	7,000
MSRs
Net Investment Income [Line Items]
Mortgage servicing rights	$ 27,417			24,877
Aggregate principal balance	2,000,000			2,190,000
MSR income, net	$ 4,000
RWT Horizons | Strategic investments
Net Investment Income [Line Items]
Number of investments made | Investment	36
Investments	$ 22,000
Oaktree Capital Management, L.P. | Strategic investments
Net Investment Income [Line Items]
Investments	5,000
Sale of investments	$ 52,000
Equity method investment, ownership percentage	20%
Servicer advance financing
Net Investment Income [Line Items]
Total Collateral for Long-Term Debt	$ 176,000
Repayments received	9,000
Income (loss) from equity method investments	5,000
(Decrease) increase in allowance for credit losses on AFS securities	(1,000)
Held-for-sale residential loans
Net Investment Income [Line Items]
Mortgage servicing rights	216,033			225,345
Servicing asset, unpaid principal balance on underlying loan	9,920,000
Excess MSRs
Net Investment Income [Line Items]
Mortgage servicing rights	36,122			$ 37,367
(Decrease) increase in allowance for credit losses on AFS securities	(1,000)
Interest income	3,000
Fair value option elected aggregate carrying amount, asset	9,000
Construction Draws On Residential Investor Bridge Loans | Redwood
Net Investment Income [Line Items]
Principal payments on real estate securities	$ 15,000

Other Investments - Servicing A

Other Investments - Servicing Advance Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Total Servicer Advance Receivables	$ 175,909	$ 184,587
Servicer advance financing
Schedule of Investments [Line Items]
Principal and interest advances	56,005	60,216
Escrow advances (taxes and insurance advances)	89,381	91,792
Corporate advances	$ 30,523	$ 32,579

Derivative Financial Instrume_3

Derivative Financial Instruments - Aggregate Fair Value and Notional Amount of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ (2,694)	$ (19,616)
Notional Amount	2,235,635	2,628,677
TBAs
Derivative [Line Items]
Notional Amount		1,790,000
Interest rate futures
Derivative [Line Items]
Notional Amount	1,230,000	142,000
Derivative Liabilities
Derivative [Line Items]
Fair Value	(5,849)	(33,828)
Notional Amount	1,169,175	1,977,483
Derivative Liabilities | TBAs
Derivative [Line Items]
Fair Value	(5)	(27,020)
Notional Amount	7,000	1,405,000
Derivative Liabilities | Interest rate futures
Derivative [Line Items]
Fair Value	(2,422)	(3,394)
Notional Amount	445,000	141,500
Derivative Liabilities | Loan purchase commitments
Derivative [Line Items]
Fair Value	(3,422)	(3,414)
Notional Amount	717,175	430,983
Derivative Assets
Derivative [Line Items]
Fair Value	3,155	14,212
Notional Amount	1,066,460	651,194
Derivative Assets | Interest rate swaps
Derivative [Line Items]
Fair Value	0	1,742
Notional Amount	0	50,000
Derivative Assets | TBAs
Derivative [Line Items]
Fair Value	0	952
Notional Amount	0	385,000
Derivative Assets | Interest rate futures
Derivative [Line Items]
Fair Value	1,840	0
Notional Amount	782,000	0
Derivative Assets | Loan purchase commitments
Derivative [Line Items]
Fair Value	1,315	11,518
Notional Amount	$ 284,460	$ 216,194

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount	$ 2,235,635		$ 2,628,677
Market valuations gains (losses), net	10,905	$ 12,107
Accumulated other comprehensive loss	1,224,163	1,137,680	1,202,693	$ 1,083,985
Interest Expense
Derivative [Line Items]
Expected amortization of realized losses related to terminated cash flow hedges	4,000
Interest Rate Agreements Accounted for as Cash Flow Hedges
Derivative [Line Items]
Accumulated other comprehensive loss	(67,147)	(71,285)	(68,176)	$ (72,303)
Loan purchase commitments and forward sales commitments
Derivative [Line Items]
Market valuations gains (losses), net	(6,000)	(200)
Interest rate futures
Derivative [Line Items]
Notional amount	1,230,000		142,000
Interest rate contract
Derivative [Line Items]
Notional amount			50,000
Interest rate contract | Cash Flow Hedging
Derivative [Line Items]
Realized net losses from accumulated comprehensive loss into Interest expense	(1,000)	(1,000)
TBAs
Derivative [Line Items]
Notional amount			$ 1,790,000
Unsecuritized Residential and Commercial Loans
Derivative [Line Items]
Valuation adjustments on derivatives	$ 10,000	$ (17,000)

Other Assets and Liabilities -

Other Assets and Liabilities - Components of Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
REO		$ 91,313	$ 93,599
Accrued interest receivable		79,491	69,072
Investment receivable		50,917	67,302
Deferred tax asset		40,116	40,115
Margin receivable		19,409	33,414
Operating lease right-of-use assets		11,539	12,532
Fixed assets and leasehold improvements		7,225	7,829
Income tax receivables		1,134	2,082
Other		32,487	25,164
Total Other Assets	[1]	333,631	$ 351,109
Fixed assets		18,000
Accumulated depreciation		$ (10,000)
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Other Assets and Liabilities _2

Other Assets and Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Payable to noncontrolling interests		$ 86,860	$ 81,177
Accrued interest payable		60,925	52,755
Accrued compensation		18,529	28,140
Operating lease liabilities		13,659	14,725
Unsettled trades		13,404	0
Accrued operating expenses		9,265	5,527
Guarantee obligations		5,650	5,781
Residential consumer loan and MSR repurchase reserve		4,878	4,700
Current accounts payable		4,481	4,992
Bridge loan holdbacks		2,185	2,059
Preferred stock dividends payable		1,478	1,478
Margin payable		0	350
Other		19,877	15,119
Accrued expenses and other liabilities	[1]	$ 241,191	$ 216,803
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Other Assets and Liabilities _3

Other Assets and Liabilities - REO Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) asset	Dec. 31, 2023 asset
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 93,599
Transfers to REO	1,846
Liquidations	(1,512)
Changes in fair value, net	(2,620)
Balance at end of period	91,313
Realized loss from liquidation	$ (3,000)
Number of REO assets | asset	42	45
Legacy Sequoia
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 0
Transfers to REO	0
Liquidations	0
Changes in fair value, net	0
Balance at end of period	$ 0
Number of REO assets | asset	0	0
Freddie Mac SLST
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 3,158
Transfers to REO	1,043
Liquidations	(1,386)
Changes in fair value, net	363
Balance at end of period	$ 3,178
Number of REO assets | asset	24	28
CAFL
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 2,684
Transfers to REO	0
Liquidations	0
Changes in fair value, net	0
Balance at end of period	$ 2,684
Number of REO assets | asset	1	1
Residential investor bridge loans
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 87,757
Transfers to REO	803
Liquidations	(126)
Changes in fair value, net	(2,983)
Balance at end of period	$ 85,451
Number of REO assets | asset	17	16

Other Assets and Liabilities _4

Other Assets and Liabilities - Additional Information (Details) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2024 USD ($) transaction partnership	Dec. 31, 2023 transaction	Sep. 30, 2021 transaction	Dec. 31, 2023 transaction	Dec. 31, 2021 transaction	Dec. 31, 2018 partnership
Other Assets and Other Liabilities [Line Items]
Number of partnerships consolidated | partnership	2					2
Co-investors gains (losses)	$ 1
Number of securitization transactions co-sponsored | transaction	2	2	2	2	2
Co-Investors Interests
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	$ 22
HEI Securitization Non-Controlling Interest
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	65
Co-investors gains (losses)	$ 5

Short-Term Debt - Outstanding B

Short-Term Debt - Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt (Details)		3 Months Ended	12 Months Ended
		Mar. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) loan facility
Short-term Debt [Line Items]
Outstanding Balance	[1]	$ 1,251,444,000	$ 1,558,222,000
Facilities
Short-term Debt [Line Items]
Number of Facilities | facility		13	11
Outstanding Balance		$ 749,104,000	$ 1,121,395,000
Facilities | Residential consumer loan warehouse
Short-term Debt [Line Items]
Number of Facilities | facility		5	4
Outstanding Balance		$ 470,761,000	$ 796,537,000
Limit		$ 1,350,000,000	$ 1,150,000,000
Weighted Average Interest Rate (as a percent)		7.26%	7.27%
Weighted Average Days Until Maturity		226 days	202 days
Facilities | Residential investor loan warehouse
Short-term Debt [Line Items]
Number of Facilities | facility		2	2
Outstanding Balance		$ 31,321,000	$ 71,719,000
Limit		$ 455,000,000	$ 455,000,000
Weighted Average Interest Rate (as a percent)		8.06%	8.14%
Weighted Average Days Until Maturity		71 days	166 days
Facilities | Real estate securities repo
Short-term Debt [Line Items]
Number of Facilities | facility		4	3
Outstanding Balance		$ 80,657,000	$ 82,622,000
Limit		$ 0	$ 0
Weighted Average Interest Rate (as a percent)		6.81%	7.01%
Weighted Average Days Until Maturity		38 days	26 days
Facilities | Residential MSR warehouse
Short-term Debt [Line Items]
Number of Facilities		1	1
Outstanding Balance		$ 46,514,000	$ 47,858,000
Limit		$ 50,000,000	$ 50,000,000
Weighted Average Interest Rate (as a percent)		8.58%	8.60%
Weighted Average Days Until Maturity		211 days	302 days
Facilities | HEI warehouse
Short-term Debt [Line Items]
Number of Facilities | facility		1	1
Outstanding Balance		$ 119,851,000	$ 122,659,000
Limit		$ 150,000,000	$ 150,000,000
Weighted Average Interest Rate (as a percent)		9.84%	9.89%
Weighted Average Days Until Maturity		123 days	214 days
Facilities | Non-Recourse Facility
Short-term Debt [Line Items]
Number of Facilities | facility		1
Limit		$ 300,000,000
Servicer advance financing
Short-term Debt [Line Items]
Number of Facilities | facility		1	1
Outstanding Balance		$ 147,341,000	$ 153,653,000
Limit		$ 240,000,000	$ 240,000,000
Weighted Average Interest Rate (as a percent)		7.68%	7.71%
Weighted Average Days Until Maturity		246 days	337 days
Recourse subordinate securities financing
Short-term Debt [Line Items]
Number of Facilities		2	1
Outstanding Balance		$ 223,934,000	$ 124,552,000
Limit		$ 0	$ 0
Weighted Average Interest Rate (as a percent)		7.21%	7.21%
Weighted Average Days Until Maturity		235 days	266 days
Promissory notes
Short-term Debt [Line Items]
Outstanding Balance		$ 15,273,000	$ 16,064,000
Weighted Average Interest Rate (as a percent)		7.02%	6.97%
Convertible notes, net
Short-term Debt [Line Items]
Outstanding Balance		$ 115,792,000	$ 142,558,000
Weighted Average Interest Rate (as a percent)		5.63%	5.63%
Weighted Average Days Until Maturity		106 days	197 days
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Short-Term Debt - Collateral fo

Short-Term Debt - Collateral for Short-Term Debt Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Total Collateral for Short-Term Debt Facilities	$ 1,531,035	$ 1,855,214
CAFL | Sequoia securities | Short Term Borrowing Agreement
Short-term Debt [Line Items]
Trading securities pledged as collateral	32,336	32,010
Facilities
Short-term Debt [Line Items]
Total real estate securities owned	114,010	122,111
Restricted cash and other assets	580	0
Total Collateral for Short-Term Debt Facilities	987,497	1,439,611
Facilities | On balance sheet
Short-term Debt [Line Items]
On balance sheet	4,470	4,460
Facilities | Sequoia | Sequoia securities | Short Term Borrowing Agreement
Short-term Debt [Line Items]
Trading securities pledged as collateral	43,653	52,333
Facilities | Freddie Mac K-Series | Sequoia securities | Short Term Borrowing Agreement
Short-term Debt [Line Items]
Trading securities pledged as collateral	33,551	33,308
Recourse subordinate securities financing
Short-term Debt [Line Items]
Cash	313,148	175,096
Servicer advance financing
Short-term Debt [Line Items]
Cash	14,357	15,162
Servicer advances	216,033	225,345
Held-for-sale residential consumer loans | Facilities
Short-term Debt [Line Items]
Short term debt, restricted	507,450	907,742
MSRs | Facilities
Short-term Debt [Line Items]
Short term debt, restricted	84,831	76,560
Residential investor loans | Facilities
Short-term Debt [Line Items]
Short term debt, restricted	40,961	95,225
HEI | Facilities
Short-term Debt [Line Items]
Short term debt, restricted	$ 239,665	$ 237,973

Short-Term Debt - Additional In

Short-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2019	Dec. 31, 2023	Jul. 01, 2022
Short-term Debt [Line Items]
Average balance of short-term debt		$ 951,000
Accrued interest payable on short-term debt		4,000		$ 6,000
Short-term debt, net	[1]	1,251,444		1,558,222
Convertible notes
Short-term Debt [Line Items]
Repurchased debt instrument		27,000
Convertible notes, net
Short-term Debt [Line Items]
Short-term debt, net		$ 115,792		$ 142,558
Riverbend Funding, LLC | Minimum
Short-term Debt [Line Items]
Fixed interest rate (as a percentage)					6%
Riverbend Funding, LLC | Maximum
Short-term Debt [Line Items]
Fixed interest rate (as a percentage)					8%
Recourse Subordinate Securities Financing Receivable | Redwood
Short-term Debt [Line Items]
Long-term debt, weighted average interest rate, over time			4.21%
Recourse Subordinate Securities Financing Receivable | Redwood | October 2022 through September 2023
Short-term Debt [Line Items]
Long-term debt, weighted average interest rate, over time			5.71%
Recourse Subordinate Securities Financing Receivable | Redwood | October 2023 through September 2024
Short-term Debt [Line Items]
Long-term debt, weighted average interest rate, over time			7.21%
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Short-Term Debt - Remaining Mat

Short-Term Debt - Remaining Maturities of Short Term Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term debt	[1]	$ 1,251,444	$ 1,558,222
Within 30 days
Short-term Debt [Line Items]
Short-term debt		35,846
31 to 90 days
Short-term Debt [Line Items]
Short-term debt		183,816
Over 90 days
Short-term Debt [Line Items]
Short-term debt		1,031,782
Facilities
Short-term Debt [Line Items]
Short-term debt		749,104	1,121,395
Facilities | Held-for-sale residential consumer loans
Short-term Debt [Line Items]
Short-term debt		470,761	796,537
Facilities | Held-for-sale residential consumer loans | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | Held-for-sale residential consumer loans | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		92,411
Facilities | Held-for-sale residential consumer loans | Over 90 days
Short-term Debt [Line Items]
Short-term debt		378,350
Facilities | Residential investor loans
Short-term Debt [Line Items]
Short-term debt		31,321
Facilities | Residential investor loans | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | Residential investor loans | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		31,321
Facilities | Residential investor loans | Over 90 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | Real estate securities
Short-term Debt [Line Items]
Short-term debt		304,591
Facilities | Real estate securities | Within 30 days
Short-term Debt [Line Items]
Short-term debt		35,846
Facilities | Real estate securities | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		44,811
Facilities | Real estate securities | Over 90 days
Short-term Debt [Line Items]
Short-term debt		223,934
Facilities | MSRs
Short-term Debt [Line Items]
Short-term debt		46,514	47,858
Facilities | MSRs | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | MSRs | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | MSRs | Over 90 days
Short-term Debt [Line Items]
Short-term debt		46,514
Facilities | HEI
Short-term Debt [Line Items]
Short-term debt		119,851	122,659
Facilities | HEI | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | HEI | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		0
Facilities | HEI | Over 90 days
Short-term Debt [Line Items]
Short-term debt		119,851
Servicer advance financing
Short-term Debt [Line Items]
Short-term debt		147,341	153,653
Servicer advance financing | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Servicer advance financing | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		0
Servicer advance financing | Over 90 days
Short-term Debt [Line Items]
Short-term debt		147,341
Total Secured Short-Term Debt Facilities
Short-term Debt [Line Items]
Short-term debt		1,120,379
Total Secured Short-Term Debt Facilities | Within 30 days
Short-term Debt [Line Items]
Short-term debt		35,846
Total Secured Short-Term Debt Facilities | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		168,543
Total Secured Short-Term Debt Facilities | Over 90 days
Short-term Debt [Line Items]
Short-term debt		915,990
Promissory notes
Short-term Debt [Line Items]
Short-term debt		15,273	16,064
Promissory notes | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Promissory notes | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		15,273
Promissory notes | Over 90 days
Short-term Debt [Line Items]
Short-term debt		0
Convertible notes, net
Short-term Debt [Line Items]
Short-term debt		115,792	$ 142,558
Convertible notes, net | Within 30 days
Short-term Debt [Line Items]
Short-term debt		0
Convertible notes, net | 31 to 90 days
Short-term Debt [Line Items]
Short-term debt		0
Convertible notes, net | Over 90 days
Short-term Debt [Line Items]
Short-term debt		$ 115,792
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Asset-Backed Securities Issue_2

Asset-Backed Securities Issued - Components of Asset-Backed Securities Issued by Consolidated Securitization Entities Sponsored, Along With Other Selected Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) series trust	Dec. 31, 2023 USD ($) series trust
CAFL
Debt Instrument [Line Items]
Number of bridge securitization trusts | trust	2	2
Asset-backed securities issued
Debt Instrument [Line Items]
ABS Issued, Net	$ 10,628,189	$ 9,811,880
Asset-backed securities issued | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	(1,007,233)	(943,370)
Asset-backed securities issued | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	(4,107)	(5,929)
Asset-backed securities issued | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	11,474,801	10,588,659
Asset-backed securities issued | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	164,728	172,520
Asset-backed securities issued | Legacy Sequoia
Debt Instrument [Line Items]
ABS Issued, Net	$ 130,875	$ 138,530
Number of series | series	20	20
Asset-backed securities issued | Legacy Sequoia | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	$ (10,933)	$ (12,738)
Asset-backed securities issued | Legacy Sequoia | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	$ 0	$ 0
Asset-backed securities issued | Legacy Sequoia | Minimum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	3.75%	3.59%
Asset-backed securities issued | Legacy Sequoia | Maximum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	6.69%	6.66%
Asset-backed securities issued | Legacy Sequoia | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	$ 141,686	$ 151,106
Asset-backed securities issued | Legacy Sequoia | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	122	162
Asset-backed securities issued | Sequoia
Debt Instrument [Line Items]
ABS Issued, Net	$ 5,423,137	$ 4,430,130
Number of series | series	25	22
Asset-backed securities issued | Sequoia | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	$ (691,532)	$ (622,522)
Asset-backed securities issued | Sequoia | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	$ 0	$ 0
Asset-backed securities issued | Sequoia | Minimum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	2.67%	2.67%
Asset-backed securities issued | Sequoia | Maximum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	6.23%	6.24%
Asset-backed securities issued | Sequoia | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	$ 6,060,855	$ 5,000,540
Asset-backed securities issued | Sequoia | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	53,814	52,112
Asset-backed securities issued | CAFL
Debt Instrument [Line Items]
ABS Issued, Net	$ 3,228,804	$ 3,362,978
Number of series | series	21	21
Asset-backed securities issued | CAFL | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	$ (204,149)	$ (209,740)
Asset-backed securities issued | CAFL | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	$ (575)	$ (1,935)
Asset-backed securities issued | CAFL | Minimum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	2.31%	2.34%
Asset-backed securities issued | CAFL | Maximum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	7.89%	7.89%
Asset-backed securities issued | CAFL | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	$ 3,339,432	$ 3,472,825
Asset-backed securities issued | CAFL | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	94,096	101,828
Asset-backed securities issued | Freddie Mac SLST
Debt Instrument [Line Items]
ABS Issued, Net	$ 1,235,810	$ 1,265,777
Range of weighted average interest rates, by series (as a percent)	3.50%
Number of series | series	3	3
Debt instrument, face amount	$ 175,000	$ 182,000
Asset-backed securities issued | Freddie Mac SLST | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	(79,468)	(72,742)
Asset-backed securities issued | Freddie Mac SLST | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	$ (3,532)	$ (3,994)
Asset-backed securities issued | Freddie Mac SLST | Minimum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)		3.50%
Asset-backed securities issued | Freddie Mac SLST | Maximum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	7.50%	7.50%
Asset-backed securities issued | Freddie Mac SLST | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	$ 1,305,826	$ 1,328,657
Asset-backed securities issued | Freddie Mac SLST | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	12,984	13,856
Asset-backed securities issued | Freddie Mac K-Series
Debt Instrument [Line Items]
ABS Issued, Net	$ 389,238	$ 391,977
Range of weighted average interest rates, by series (as a percent)	3.55%	3.55%
Number of series | series	1	1
Asset-backed securities issued | Freddie Mac K-Series | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	$ (14,724)	$ (14,985)
Asset-backed securities issued | Freddie Mac K-Series | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	0	0
Asset-backed securities issued | Freddie Mac K-Series | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	400,250	402,400
Asset-backed securities issued | Freddie Mac K-Series | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	3,712	4,562
Asset-backed securities issued | HEI
Debt Instrument [Line Items]
ABS Issued, Net	$ 220,325	$ 222,488
Number of series | series	2	2
Asset-backed securities issued | HEI | Revision of Prior Period, Accounting Standards Update, Adjustment
Debt Instrument [Line Items]
ABS Issued, Net	$ (6,427)	$ (10,643)
Asset-backed securities issued | HEI | Deferred Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized debt discount and deferred debt issuance costs	$ 0	$ 0
Asset-backed securities issued | HEI | Minimum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	3.88%	3.86%
Asset-backed securities issued | HEI | Maximum
Debt Instrument [Line Items]
Range of weighted average interest rates, by series (as a percent)	6.71%	6.70%
Asset-backed securities issued | HEI | Certificates with principal balance
Debt Instrument [Line Items]
ABS Issued, Net	$ 226,752	$ 233,131
Asset-backed securities issued | HEI | Interest-only certificates at fair value
Debt Instrument [Line Items]
ABS Issued, Net	0	0
Asset-backed securities issued | CoreVest
Debt Instrument [Line Items]
Debt instrument, face amount	$ 478,000	$ 485,000

Asset-Backed Securities Issue_3

Asset-Backed Securities Issued - Additional Information (Details) - USD ($)

3 Months Ended

Mar. 31, 2024

Dec. 31, 2053

Dec. 31, 2052

Dec. 31, 2030

May 29, 2029

Mar. 31, 2029

Dec. 31, 2023

Mar. 31, 2023

Jun. 30, 2022

Sep. 30, 2021

Debt Instrument [Line Items]

Restricted cash

$ 64,993,000

[1]

$ 75,684,000

[1]

$ 86,000,000

Other assets

[1]

$ 333,631,000

351,109,000

Asset-backed securities issued | Maturity over Five Years

Debt Instrument [Line Items]

Contractual maturities of ABS (in years)

5 years

CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Debt instrument, face amount

$ 478,000,000

485,000,000

Bridge loan

304,000,000

Restricted cash

8,000,000

Other assets

8,000,000

CoreVest | 2021 Asset Backed Securities Sold

Debt Instrument [Line Items]

Debt instrument, face amount

263,000,000

Total funding capacity

300,000,000

Repurchased debt instrument, face amount

7,000,000

Gain on extinguishment of debt

300,000

Debt Instrument, Redemption, Period One | CoreVest | 2022 Asset Backed Securities Sold

Debt Instrument [Line Items]

Debt instrument, face amount

231,000,000

Bridge loan

230,000,000

Restricted cash

1,000,000

Other assets

25,000,000

Debt Instrument, Redemption, Period One | CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Total funding capacity

250,000,000

Debt Instrument, Redemption, Period Two | CoreVest | 2022 Asset Backed Securities Sold

Debt Instrument [Line Items]

Debt instrument, face amount

215,000,000

Bridge loan

228,000,000

Restricted cash

18,000,000

Other assets

7,000,000

Debt Instrument, Redemption, Period Two | CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Total funding capacity

250,000,000

Variable Interest Entity, Primary Beneficiary | HEI

Debt Instrument [Line Items]

ABS issued, at amortized cost

$ 146,000,000

Variable Interest Entity, Primary Beneficiary | Asset-backed securities issued | Forecast

Debt Instrument [Line Items]

Debt Instrument interest rate (as a percent)

2%

2%

Variable Interest Entity, Primary Beneficiary | CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Debt instrument, face amount

263,000,000

Unamortized debt discount

$ 0

Variable Interest Entity, Primary Beneficiary | CoreVest | 2021 Asset Backed Securities Sold

Debt Instrument [Line Items]

ABS issued, at amortized cost

$ 270,000,000

Debt Instrument interest rate (as a percent)

2.34%

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period One | 2021 Asset Backed Securities Sold | Forecast

Debt Instrument [Line Items]

Debt Instrument interest rate (as a percent)

1.50%

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period One | CoreVest

Debt Instrument [Line Items]

ABS issued, at amortized cost

231,000,000

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period One | CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Debt instrument, face amount

$ 232,000,000

Debt Instrument interest rate (as a percent)

7.89%

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Two | 2021 Asset Backed Securities Sold | Forecast

Debt Instrument [Line Items]

Debt Instrument interest rate (as a percent)

2%

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Two | CoreVest

Debt Instrument [Line Items]

ABS issued, at amortized cost

$ 215,000,000

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Two | CoreVest | 2022 Asset Backed Securities Sold

Debt Instrument [Line Items]

Debt instrument, face amount

$ 214,000,000

Unamortized debt discount

$ 1,000,000

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Two | CoreVest | Asset-backed securities issued

Debt Instrument [Line Items]

Debt Instrument interest rate (as a percent)

4.32%

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Four | HEI

Debt Instrument [Line Items]

ABS issued, at amortized cost

$ 139,000,000

Variable Interest Entity, Primary Beneficiary | Debt Instrument, Redemption, Period Four | Asset-backed securities issued | Forecast

Debt Instrument [Line Items]

Debt Instrument interest rate (as a percent)

3%

[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Asset-Backed Securities Issue_4

Asset-Backed Securities Issued - Accrued Interest Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued	$ 60,925	$ 52,755
Asset-backed securities issued
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued	37,939	33,516
Asset-backed securities issued | Legacy Sequoia
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued		303
Asset-backed securities issued | Sequoia
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued		15,990
Asset-backed securities issued | CAFL
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued	$ 10,653	11,537
Asset-backed securities issued | Freddie Mac SLST
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued		4,496
Asset-backed securities issued | Freddie Mac K-Series
Debt Instrument [Line Items]
Total Accrued Interest Payable on ABS Issued		$ 1,190

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Components of Long-Term Debt (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings	$ 1,716,875,000	$ 1,689,670,000
Unamortized Deferred Issuance Costs / Discount	(9,737,000)	(8,769,000)
Net Carrying Value	1,707,138,000	1,680,901,000
Facilities
Debt Instrument [Line Items]
Borrowings	1,153,299,000	1,182,594,000
Unamortized Deferred Issuance Costs / Discount	(824,000)	(1,676,000)
Net Carrying Value	1,152,475,000	1,180,918,000
Trust preferred securities and subordinated notes
Debt Instrument [Line Items]
Borrowings	139,500,000	139,500,000
Unamortized Deferred Issuance Costs / Discount	(675,000)	(687,000)
Net Carrying Value	$ 138,825,000	$ 138,813,000
Trust preferred securities and subordinated notes | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.51%	2.51%
Facility B | Recourse Subordinate Securities Financing
Debt Instrument [Line Items]
Borrowings		$ 101,228,000
Unamortized Deferred Issuance Costs / Discount		0
Net Carrying Value		$ 101,228,000
Weighted Average Interest Rate (as a percent)		5.71%
Facility C | Recourse Subordinate Securities Financing
Debt Instrument [Line Items]
Borrowings	$ 55,526,000	$ 57,982,000
Unamortized Deferred Issuance Costs / Discount	0	0
Net Carrying Value	$ 55,526,000	$ 57,982,000
Weighted Average Interest Rate (as a percent)	5%	4.75%
Facility D | Facilities
Debt Instrument [Line Items]
Borrowings	$ 475,072,000	$ 481,465,000
Unamortized Deferred Issuance Costs / Discount	0	(194,000)
Net Carrying Value	475,072,000	481,271,000
Limit	$ 750,000,000	$ 750,000,000
Facility D | Facilities | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.76%	2.94%
Facility E | Facilities
Debt Instrument [Line Items]
Borrowings		$ 70,858,000
Unamortized Deferred Issuance Costs / Discount		(750,000)
Net Carrying Value		70,108,000
Limit		$ 100,000,000
Facility E | Facilities | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.25%
Facility F | Facilities
Debt Instrument [Line Items]
Borrowings	$ 0	$ 40,827,000
Unamortized Deferred Issuance Costs / Discount	0	(86,000)
Net Carrying Value	0	40,741,000
Limit	$ 500,000,000	$ 500,000,000
Facility F | Facilities | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.60%	2.60%
Facility F | Facilities | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%	2.35%
Facility H | Facilities
Debt Instrument [Line Items]
Borrowings	$ 368,363,000	$ 244,263,000
Unamortized Deferred Issuance Costs / Discount	0	0
Net Carrying Value	368,363,000	244,263,000
Limit	$ 450,000,000	$ 450,000,000
Facility H | Facilities | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.60%	2.60%
Facility H | Facilities | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%	2.40%
Facility I | Facilities
Debt Instrument [Line Items]
Borrowings	$ 228,970,000	$ 176,986,000
Unamortized Deferred Issuance Costs / Discount	0	0
Net Carrying Value	228,970,000	176,986,000
Limit	$ 450,000,000	$ 450,000,000
Facility I | Facilities | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.45%	2.45%
Facility I | Facilities | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%	2.25%
Facility J | Facilities
Debt Instrument [Line Items]
Borrowings	$ 25,368,000	$ 8,985,000
Unamortized Deferred Issuance Costs / Discount	(824,000)	(646,000)
Net Carrying Value	24,544,000	8,339,000
Limit	$ 100,000,000	$ 100,000,000
Facility J | Facilities | AMERIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	5%	5%
Facility K | Facilities
Debt Instrument [Line Items]
Borrowings	$ 0
Unamortized Deferred Issuance Costs / Discount	0
Net Carrying Value	0
Limit	$ 200,000,000
Facility K | Facilities | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	5%
5.75% exchangeable senior notes | Convertible notes
Debt Instrument [Line Items]
Borrowings	$ 156,666,000	$ 156,666,000
Unamortized Deferred Issuance Costs / Discount	(1,320,000)	(1,528,000)
Net Carrying Value	$ 155,346,000	$ 155,138,000
Weighted Average Interest Rate (as a percent)	5.75%	5.75%
7.75% convertible senior notes | Convertible notes
Debt Instrument [Line Items]
Borrowings	$ 207,410,000	$ 210,910,000
Unamortized Deferred Issuance Costs / Discount	(4,499,000)	(4,878,000)
Net Carrying Value	$ 202,911,000	$ 206,032,000
Weighted Average Interest Rate (as a percent)	7.75%	7.75%
9.125% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Borrowings	$ 60,000,000
Unamortized Deferred Issuance Costs / Discount	(2,419,000)
Net Carrying Value	$ 57,581,000
Weighted Average Interest Rate (as a percent)	9.13%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 08, 2024	Dec. 31, 2023
7.75% convertible senior notes | Convertible notes
Debt Instrument [Line Items]
Repurchased debt instrument, face amount		$ 4,000
Debt Instrument interest rate (as a percent)		7.75%					7.75%
Gain on extinguishment of debt		$ 100
Recourse Subordinate Securities Financing Receivable | Redwood
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time					4.21%
Recourse Subordinate Securities Financing Receivable | CAFL | Affiliated Entity | Redwood
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time			4.75%	4.21%
Recourse Subordinate Securities Financing Receivable | CAFL | Affiliated Entity | Redwood | March 2023 through February 2024
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time				5.71%
Recourse Subordinate Securities Financing Receivable | CAFL | Affiliated Entity | Redwood | March 2024 through February 2025
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time				7.21%
Recourse Subordinate Securities Financing Receivable | CAFL | Affiliated Entity | Redwood | July 2024 through June 2025
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time			6.25%
Recourse Subordinate Securities Financing Receivable | CAFL | Affiliated Entity | Redwood | July 2025 to June 2026
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time			7.75%
9.125% Senior Notes Due 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument interest rate (as a percent)	9.125%
Debt instrument, face amount	$ 60,000
Redemption price	100%
Facility K | Facilities
Debt Instrument [Line Items]
Borrowing capacity		$ 200,000
Line of credit term		2 years
Line of credit, length of extension option		1 year
Facility K | Facilities | Subsequent Event
Debt Instrument [Line Items]
Borrowing capacity						$ 250,000

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Collateral for Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Collateral for Long-Term Debt	$ 1,550,658	$ 1,565,514
Residential investor bridge loans
Debt Instrument [Line Items]
Total Collateral for Long-Term Debt	1,223,044	1,205,366
Residential investor term loans
Debt Instrument [Line Items]
Total Collateral for Long-Term Debt	212,589	122,541
Real estate securities | CAFL securitizations | Affiliated Entity
Debt Instrument [Line Items]
Total Collateral for Long-Term Debt	$ 115,025	$ 237,607

Long-Term Debt - Schedule of Ac

Long-Term Debt - Schedule of Accrued Interest Payable on Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Accrued Interest Payable on Long-Term Debt	$ 17,504	$ 10,248
Long-term debt facilities
Debt Instrument [Line Items]
Total Accrued Interest Payable on Long-Term Debt	$ 5,498	$ 5,502
Convertible notes | 5.75% exchangeable senior notes
Debt Instrument [Line Items]
Debt Instrument interest rate (as a percent)	5.75%	5.75%
Total Accrued Interest Payable on Long-Term Debt	$ 4,503	$ 2,251
Convertible notes | 7.75% convertible senior notes
Debt Instrument [Line Items]
Debt Instrument interest rate (as a percent)	7.75%	7.75%
Total Accrued Interest Payable on Long-Term Debt	$ 4,573	$ 566
Trust preferred securities and subordinated notes
Debt Instrument [Line Items]
Total Accrued Interest Payable on Long-Term Debt	$ 1,881	1,929
Senior Notes | 9.125% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt Instrument interest rate (as a percent)	9.13%
Total Accrued Interest Payable on Long-Term Debt	$ 1,049	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)				3 Months Ended				12 Months Ended
		Mar. 31, 2024 USD ($) tranche lease repurchase_request	Jul. 01, 2022 USD ($)	Mar. 31, 2024 USD ($) repurchase_request loan lease tranche provision	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) repurchase_request loan	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 partnership	Dec. 31, 2023 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Loss Contingencies [Line Items]
Lessee, number of leases | lease		9		9
Present value of remaining lease payments		$ 15,188,000		$ 15,188,000
Operating lease expense				$ 1,000,000		$ 1,000,000
Lessee, number of office leases | lease		0		0
Lease term		1 year		1 year
Operating lease liabilities		$ 13,659,000		$ 13,659,000						$ 14,725,000
Operating lease liability, statement of financial position [Extensible List]		Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Operating lease right-of-use assets		$ 11,539,000		$ 11,539,000						12,532,000
Operating lease right-of-use asset, statement of financial position [Extensible List]		Other assets		Other assets
Weighted average remaining lease term		4 years		4 years
Discount rate (as a percent)		5.30%		5.30%
Derivative liabilities	[1]	$ 5,849,000		$ 5,849,000						33,828,000
Gain (loss) on market valuation adjustments				44,020,000		11,270,000
Number of partnerships, committed to fund | partnership									2
Other income related to risk sharing agreement				169,000		159,000
Guarantee obligations		5,650,000		5,650,000						5,781,000
Guarantee obligations, credit reserve		5,000,000		5,000,000
Special purpose entities assets		28,000,000		28,000,000						28,000,000
Special purpose entities liabilities		6,000,000		6,000,000						6,000,000
Residential repurchase reserve		4,878,000		4,878,000						4,700,000
Residential loans repurchase (reversal) provision				200,000		$ 0
Residential Consumer Loans
Loss Contingencies [Line Items]
Unpaid principal balance		508,708,000		508,708,000						916,877,000
Fair value of loans		511,706,000		511,706,000						911,192,000
Total Residential Investor Loans
Loss Contingencies [Line Items]
Residential repurchase reserve		$ 10,000		$ 10,000						0
Number of residential repurchase requests (in repurchase requests) | repurchase_request				9		4
Number of loans repurchased | loan				0		11
Number of loans recorded | provision				1
Number of repurchase requests outstanding | repurchase_request		2		2
Maximum
Loss Contingencies [Line Items]
Loss from arrangements				$ 100,000
Guarantee Obligations
Loss Contingencies [Line Items]
Potential future payments on loans		$ 44,000,000		44,000,000
Original unpaid balance of loans subject to risk sharing agreements											$ 3,190,000,000	$ 3,190,000,000
Unpaid principal balance		$ 388,000,000		$ 388,000,000
Weighted average original FICO score		761		761
Weighted average original loan-to-value (LTV)		74%		74%
Guarantee Obligations | Residential Consumer Loans
Loss Contingencies [Line Items]
Number of loans in foreclosure | tranche		5		5
Unpaid principal balance of loans in foreclosure		$ 1,000,000		$ 1,000,000
Guarantee Obligations | Financing Receivables, Equal to Greater than 90 Days Past Due
Loss Contingencies [Line Items]
Fair value of loans		8,000,000		8,000,000
Repurchase Reserves
Loss Contingencies [Line Items]
Residential repurchase reserve		5,000,000		$ 5,000,000						$ 5,000,000
Number of residential repurchase requests (in repurchase requests) | repurchase_request				1		1
Number of loans repurchased | loan				1		5
Riverbend Funding, LLC
Loss Contingencies [Line Items]
Earnout period			2 years
Potential future payments on loans			$ 25,000,000
Contingent liability		0		$ 0
CPP Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Amount committed				100,000,000
Capital contribution		0
CPP Joint Venture, Residential Investor Bridge and Term Loans | Redwood Trust Inc. And Canadian Pension Plan Investment Board
Loss Contingencies [Line Items]
Amount committed				500,000,000
CPP Joint Venture, Residential Investor Bridge and Term Loans | CPP Investments
Loss Contingencies [Line Items]
Amount committed				400,000,000
Oaktree Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Capital contribution		4,000,000			$ 19,000,000
Commitment To Fund Residential Investor Bridge Loan
Loss Contingencies [Line Items]
Commitment to fund loan		513,000,000		513,000,000
Derivative liabilities		1,000,000		1,000,000
Gain (loss) on market valuation adjustments				(1,000,000)
Commitment To Fund Strategic Investment
Loss Contingencies [Line Items]
Commitment to fund loan		16,000,000		16,000,000
Payments for other commitments							$ 25,000,000
Commitment To Fund RWT Horizons Investments
Loss Contingencies [Line Items]
Commitment to fund loan		$ 2,000,000		$ 2,000,000
Payments for other commitments								$ 5,000,000
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Commitments and Contingencies_2

Commitments and Contingencies - Future Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (9 months)	$ 3,402
2025	3,687
2026	3,520
2027	2,588
2028	1,122
2029	869
Total Lease Commitments	15,188
Less: Imputed interest	(1,529)
Operating lease liabilities	$ 13,659	$ 14,725

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 41,058	$ 37,605
Weighted average amortization period remaining for equity awards		2 years
Shares of common stock to be purchased in aggregate for all employees (in shares)		850,000
Number of shares purchased by employees (in shares)		785,530	763,369
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)		4 years
Unvested outstanding stock awards (in shares)		865,279	593,570
Number of stock awards granted (in shares)		542,719
Number of stock awards vested (in shares)		271,010
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)		4 years
Unvested outstanding stock awards (in shares)		5,598,779	4,821,172
Number of stock awards granted (in shares)		1,089,871
Number of stock awards vested (in shares)		2,309,485	2,284,480
Stock units distributed (in shares)		312,264
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period (in years)		3 years
Unvested outstanding stock awards (in shares)		2,598,194	3,072,039
Number of stock awards granted (in shares)	473,845	564,975
Redwood Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for grant (in shares)		9,170,507	10,211,459
Redwood Incentive Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 5,576	$ 3,166
Redwood Incentive Plan | Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		21,549	18,920
Redwood Incentive Plan | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 13,734	$ 15,519

Equity Compensation Plans - Unr

Equity Compensation Plans - Unrecognized Compensation Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of period	$ 37,605
Equity grants	10,703
Performance-based valuation adjustment	0
Equity grant forfeitures	(1,515)
Equity compensation expense	(5,735)
Unrecognized Compensation Cost at End of Period	41,058
Redwood Incentive Plan | Restricted Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of period	3,166
Equity grants	3,522
Performance-based valuation adjustment	0
Equity grant forfeitures	(401)
Equity compensation expense	(711)
Unrecognized Compensation Cost at End of Period	5,576
Redwood Incentive Plan | Deferred Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of period	18,920
Equity grants	6,915
Performance-based valuation adjustment	0
Equity grant forfeitures	(1,114)
Equity compensation expense	(3,172)
Unrecognized Compensation Cost at End of Period	21,549
Redwood Incentive Plan | Performance Stock Units
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of period	15,519
Equity grants	0
Performance-based valuation adjustment	0
Equity grant forfeitures	0
Equity compensation expense	(1,785)
Unrecognized Compensation Cost at End of Period	13,734
Employee Stock Purchase Plan
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]
Unrecognized compensation cost at beginning of period	0
Equity grants	266
Performance-based valuation adjustment	0
Equity grant forfeitures	0
Equity compensation expense	(67)
Unrecognized Compensation Cost at End of Period	$ 199

Equity - Changes to Accumulated

Equity - Changes to Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 1,202,693	$ 1,083,985
Total other comprehensive income	9,056	5,832
Balance at End of Period	1,224,163	1,137,680
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	10,219	3,435
Other comprehensive income before reclassifications	8,656	5,007
Amounts reclassified from other accumulated comprehensive income (loss)	(629)	(193)
Total other comprehensive income	8,027	4,814
Balance at End of Period	18,246	8,249
Interest Rate Agreements Accounted for as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(68,176)	(72,303)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from other accumulated comprehensive income (loss)	1,029	1,018
Total other comprehensive income	1,029	1,018
Balance at End of Period	$ (67,147)	$ (71,285)

Equity - Reclassifications out

Equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Decrease) increase in allowance for credit losses on AFS securities	$ 21,837	$ (4,392)
Gain on sale and calls of AFS securities	(409)	2
Interest expense	180,530	152,079
Net income before provision for income taxes	30,785	3,497
Reclassification out of Accumulated Other Comprehensive Income | Available-for-Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
(Decrease) increase in allowance for credit losses on AFS securities	(629)	28
Gain on sale and calls of AFS securities	0	(221)
Net income before provision for income taxes	(629)	(193)
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Agreements Accounted for as Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	1,029	1,018
Net income before provision for income taxes	$ 1,029	$ 1,018

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 31, 2023	Jul. 31, 2022
Stockholders Equity Note [Line Items]
Preferred stock, issued (in shares)		2,800,000		2,800,000
Gross proceeds from issuance of preferred stock		$ 0	$ 66,923,000
Preferred stock dividends declared (in dollars per share)		$ 0.625	$ 0.60417
Preferred stock dividends payable		$ 1,000,000
Strike price (in dollars per share)		$ 7.76
Warrants issuance value		$ 800,000
Share Repurchase Program 2022
Stockholders Equity Note [Line Items]
Common stock authorized to repurchase by Board					$ 70,000,000	$ 125,000,000
Available authorization remaining for repurchase		$ 101,000,000		$ 70,000,000
First Tranche Warrants
Stockholders Equity Note [Line Items]
Warrants issued (in shares)		1,974,905
Second Tranche Warrants
Stockholders Equity Note [Line Items]
Warrants issued (in shares)		4,608,112
Convertible Debt Securities
Stockholders Equity Note [Line Items]
Securities excluded in the calculation of diluted earnings per share (in shares)		35,673,554	46,316,074
Equity awards
Stockholders Equity Note [Line Items]
Securities excluded in the calculation of diluted earnings per share (in shares)		22,161	28,474
Common Stock
Stockholders Equity Note [Line Items]
Direct stock purchase and dividend reinvestment plan (in shares)		0
Series A Preferred Stock
Stockholders Equity Note [Line Items]
Preferred stock, issued (in shares)	2,800,000
Sale of stock, percentage of ownership before transaction (in percent)	10%
Gross proceeds from issuance of preferred stock	$ 70,000,000
Net proceeds from issuance of stock	$ 67,000,000
Preferred stock, dividend rate (in percent)	10%
Preferred stock, redemption price per share (in dollars per share)	$ 25
Spread on treasury rate (as a percent)	6.278%
At The Market Offerings | Common Stock
Stockholders Equity Note [Line Items]
Issuance of stock (in shares)		0
Remaining capacity		$ 50,000,000
Direct Stock Purchases and Dividend Reinvestment Plan | Common Stock
Stockholders Equity Note [Line Items]
Shares remaining for future offerings (in shares)		6,000,000,000,000

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic Earnings per Common Share:
Net income related to common stockholders	$ 28,512	$ 3,201
Less: Dividends and undistributed earnings allocated to participating securities	(1,356)	(1,404)
Net income related to common stockholders	$ 27,156	$ 1,797
Basic weighted average common shares outstanding (in shares)	131,570,347	113,678,911
Basic Earnings per Common Share (in dollars per share)	$ 0.21	$ 0.02
Diluted Earnings per Common Share:
Net income related to common stockholders	$ 28,512	$ 3,201
Less: Dividends and undistributed earnings allocated to participating securities	(1,356)	(1,404)
Net income related to common stockholders	$ 27,156	$ 1,797
Net effect of dilutive equity awards (in shares)	0	455,645
Net effect of assumed convertible notes conversion to common shares (in shares)	0	0
Diluted weighted average common shares outstanding (in shares)	131,570,347	114,134,556
Diluted Earnings per Common Share (in dollars per share)	$ 0.21	$ 0.02

Mortgage Banking Activities, _3

Mortgage Banking Activities, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Changes in fair value of assets	$ 10,905	$ 12,107
Other income, net	4,506	4,556
Mortgage banking activities, net	14,556	16,671
Residential Consumer Mortgage Banking Activities, Net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	81	(19)
Mortgage banking activities, net	7,827	3,365
Residential Consumer Mortgage Banking Activities, Net | Residential consumer loans, held-for-sale, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Changes in fair value of assets	(3,854)	6,755
Residential Consumer Mortgage Banking Activities, Net | Trading securities
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Changes in fair value of assets	8,511	0
Residential Consumer Mortgage Banking Activities, Net | Risk management derivatives
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Risk management derivatives	3,089	(3,371)
Residential Investor Mortgage Banking Activities, Net:
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	3,570	4,583
Mortgage banking activities, net	6,729	13,306
Residential Investor Mortgage Banking Activities, Net: | Single-family rental loans, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Changes in fair value of assets	(296)	12,700
Residential Investor Mortgage Banking Activities, Net: | Residential investor bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Changes in fair value of assets	946	1,119
Residential Investor Mortgage Banking Activities, Net: | Risk management derivatives
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Risk management derivatives	$ 2,509	$ (5,096)

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
MSR income, net	$ 4,225	$ 1,077
Risk share income	169	159
Bridge loan fees	1,000	1,592
Earnings (loss) from equity method investments	(943)	(20)
Legal settlement	0	891
Other, net	55	857
Other income, net	$ 4,506	$ 4,556

Components of Operating Expen_3

Components of Operating Expenses - Components of General and Administrative Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Fixed compensation expense	$ 16,257	$ 15,359
Annual variable compensation expense	2,917	4,005
Long-term incentive award expense	6,487	7,942
Systems and consulting	3,201	3,112
Office costs	2,082	2,040
Accounting and legal	1,217	919
Corporate costs	872	929
Other	1,536	1,249
Total General and Administrative Expenses	34,569	35,555
Portfolio Management Costs	3,597	3,510
Commissions	881	828
Underwriting costs	682	242
Transfer and holding costs	674	219
Total Loan Acquisition Costs	2,237	1,289
Amortization of purchase-related intangible assets	2,805	3,107
Other	556	577
Total Other Expenses	3,361	3,684
Total Operating Expenses	43,764	44,038
Severance and transition-related expenses	2,000	1,000
Equity amortization expense	1,000	100
Settlement in Common Stock
Business Acquisition [Line Items]
Long-term incentive award expense	6,000	6,000
Settlement in Cash
Business Acquisition [Line Items]
Long-term incentive award expense	$ 1,000	$ 2,000

Components of Operating Expen_4

Components of Operating Expenses - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash-Settled Deferred Stock Units
Business Acquisition [Line Items]
Variable compensation expense, term			4 years	4 years	4 years
Shares issued for settlement of remaining deferred consideration (in shares)	980,407
Liability associated with cash based awards	$ 3,000
Unamortized compensation cost	$ 3,000
Cash-Settled Restricted Stock Units
Business Acquisition [Line Items]
Variable compensation expense, term		4 years
Shares issued for settlement of remaining deferred consideration (in shares)	535,620
Liability associated with cash based awards	$ 300
Cash-based retention awards granted		$ 4,000
Unamortized compensation cost	$ 3,000
Cash Settled Performance Stock Units
Business Acquisition [Line Items]
Variable compensation expense, term	3 years
Shares issued for settlement of remaining deferred consideration (in shares)	663,499
Liability associated with cash based awards	$ 2,000
Cash-based retention awards granted	6,000
Unamortized compensation cost	$ 3,000
Grant date fair value (in dollars per share)	$ 9.75
Cash Settled Performance Stock Units | Minimum
Business Acquisition [Line Items]
Award vesting percentage (in percent)	0%
Cash Settled Performance Stock Units | Maximum
Business Acquisition [Line Items]
Award vesting percentage (in percent)	250%
Cash Based Retention Award | Minimum
Business Acquisition [Line Items]
Variable compensation expense, term	1 year
Cash Based Retention Award | Maximum
Business Acquisition [Line Items]
Variable compensation expense, term	3 years
Cash Performance Awards
Business Acquisition [Line Items]
Liability associated with cash based awards	$ 1,000
Unamortized compensation cost	$ 1,000

Taxes - Additional Information

Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 523	$ (1,123)

Taxes - Reconciliation of Statu

Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
State taxes, net of Federal tax effect, as applicable	0.40%	(6.30%)
Differences in taxable income (loss) from GAAP income	0.60%	(14.30%)
Change in valuation allowance	0%	0%
REIT GAAP income or loss not subject to federal income tax	(20.30%)	(32.50%)
Effective Tax Rate	1.70%	(32.10%)

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Financial

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 204,740	$ 178,516
Interest expense	(180,530)	(152,079)
Net interest income (expense)	24,210	26,437
Non-interest income (loss)
Mortgage banking activities, net	14,556	16,671
Investment fair value changes, net	21,837	(4,392)
HEI income, net	9,031	4,265
Other income, net	4,506	4,556
Realized gains, net	409	(2)
Total non-interest income, net	50,339	21,098
General and administrative expenses	(34,569)	(35,555)
Portfolio management costs	(3,597)	(3,510)
Loan acquisition costs	(2,237)	(1,289)
Other expenses	(3,361)	(3,684)
(Provision for) Benefit from income taxes	(523)	1,123
Net Income	30,262	4,620
Non-cash amortization (expense), net	(8,314)	(8,895)
Operating Segments | Residential Consumer Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	14,313	5,510
Interest expense	(8,266)	(6,866)
Net interest income (expense)	6,047	(1,356)
Non-interest income (loss)
Mortgage banking activities, net	7,827	3,365
Investment fair value changes, net	0	1,076
HEI income, net	0	0
Other income, net	0	0
Realized gains, net	0	0
Total non-interest income, net	7,827	4,441
General and administrative expenses	(4,789)	(4,806)
Portfolio management costs	0	0
Loan acquisition costs	(572)	(175)
Other expenses	0	0
(Provision for) Benefit from income taxes	(1,494)	633
Net Income	7,019	(1,263)
Non-cash amortization (expense), net	(284)	(255)
Operating Segments | Residential Investor Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	3,771	4,494
Interest expense	(2,877)	(4,038)
Net interest income (expense)	894	456
Non-interest income (loss)
Mortgage banking activities, net	6,729	13,306
Investment fair value changes, net	0	0
HEI income, net	0	0
Other income, net	626	2,408
Realized gains, net	0	0
Total non-interest income, net	7,355	15,714
General and administrative expenses	(11,425)	(13,678)
Portfolio management costs	0	0
Loan acquisition costs	(1,663)	(1,114)
Other expenses	(2,806)	(3,108)
(Provision for) Benefit from income taxes	2,136	703
Net Income	(5,509)	(1,027)
Non-cash amortization (expense), net	(3,073)	(3,701)
Operating Segments | Investment Portfolio
Segment Reporting Information [Line Items]
Interest income	182,600	163,660
Interest expense	(153,105)	(123,452)
Net interest income (expense)	29,495	40,208
Non-interest income (loss)
Mortgage banking activities, net	0	0
Investment fair value changes, net	21,405	(5,279)
HEI income, net	9,031	4,265
Other income, net	4,825	2,168
Realized gains, net	314	(117)
Total non-interest income, net	35,575	1,037
General and administrative expenses	(2,175)	(1,409)
Portfolio management costs	(3,588)	(3,510)
Loan acquisition costs	0	0
Other expenses	(555)	(576)
(Provision for) Benefit from income taxes	(1,146)	(213)
Net Income	57,606	35,537
Non-cash amortization (expense), net	(3,017)	(2,833)
Corporate/ Other
Segment Reporting Information [Line Items]
Interest income	4,056	4,852
Interest expense	(16,282)	(17,723)
Net interest income (expense)	(12,226)	(12,871)
Non-interest income (loss)
Mortgage banking activities, net	0	0
Investment fair value changes, net	432	(189)
HEI income, net	0	0
Other income, net	(945)	(20)
Realized gains, net	95	115
Total non-interest income, net	(418)	(94)
General and administrative expenses	(16,180)	(15,662)
Portfolio management costs	(9)	0
Loan acquisition costs	(2)	0
Other expenses	0	0
(Provision for) Benefit from income taxes	(19)	0
Net Income	(28,854)	(28,627)
Non-cash amortization (expense), net	$ (1,940)	$ (2,106)

Segment Information - Component

Segment Information - Components of Corporate/Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 204,740	$ 178,516
Interest expense	(180,530)	(152,079)
Net Interest Income	24,210	26,437
Investment fair value changes, net	21,837	(4,392)
Other income, net	4,506	4,556
Realized gains, net	409	(2)
Total non-interest income, net	50,339	21,098
General and administrative expenses	(34,569)	(35,555)
Portfolio management costs	(3,597)	(3,510)
Loan acquisition costs	(2,237)	(1,289)
(Provision for) benefit from income taxes	(523)	1,123
Net Income	30,262	4,620
Corporate/ Other
Segment Reporting Information [Line Items]
Interest income	4,056	4,852
Interest expense	(16,282)	(17,723)
Net Interest Income	(12,226)	(12,871)
Investment fair value changes, net	432	(189)
Other income, net	(945)	(20)
Realized gains, net	95	115
Total non-interest income, net	(418)	(94)
General and administrative expenses	(16,180)	(15,662)
Portfolio management costs	(9)	0
Loan acquisition costs	(2)	0
(Provision for) benefit from income taxes	(19)	0
Net Income	(28,854)	(28,627)
Corporate/ Other | Legacy Consolidated VIEs
Segment Reporting Information [Line Items]
Interest income	2,298	2,543
Interest expense	(2,194)	(2,504)
Net Interest Income	104	39
Investment fair value changes, net	(218)	(94)
Other income, net	0	0
Realized gains, net	0	0
Total non-interest income, net	(218)	(94)
General and administrative expenses	0	0
Portfolio management costs	0	0
Loan acquisition costs	0	0
(Provision for) benefit from income taxes	0	0
Net Income	(114)	(55)
Corporate/ Other | Other
Segment Reporting Information [Line Items]
Interest income	1,758	2,309
Interest expense	(14,088)	(15,219)
Net Interest Income	(12,330)	(12,910)
Investment fair value changes, net	650	(95)
Other income, net	(945)	(20)
Realized gains, net	95	115
Total non-interest income, net	(200)	0
General and administrative expenses	(16,180)	(15,662)
Portfolio management costs	(9)	0
Loan acquisition costs	(2)	0
(Provision for) benefit from income taxes	(19)	0
Net Income	$ (28,740)	$ (28,572)

Segment Information - Supplemen

Segment Information - Supplemental Information by Segment (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Real estate securities	[1]	$ 212,307	$ 127,797
Home equity investments	[1]	560,745	550,436
Other investments	[1]	337,345	343,930
Goodwill	[1]	23,373	23,373
Intangible assets		25,657	28,462
Total Assets	[1]	15,057,974	14,504,327
Residential consumer loans
Segment Reporting Information [Line Items]
Fair value of loans		7,616,592	7,050,637
Residential investor loans
Segment Reporting Information [Line Items]
Fair value of loans		5,181,994	5,220,298
Consolidated Agency multifamily loans
Segment Reporting Information [Line Items]
Fair value of loans		422,788	425,285
Operating Segments | Residential Consumer Mortgage Banking
Segment Reporting Information [Line Items]
Real estate securities		62,815	4,995
Home equity investments		0	0
Other investments		0	0
Goodwill		0	0
Intangible assets		0	0
Total Assets		594,842	971,535
Operating Segments | Residential Consumer Mortgage Banking | Residential consumer loans
Segment Reporting Information [Line Items]
Fair value of loans		511,706	911,192
Operating Segments | Residential Consumer Mortgage Banking | Residential investor loans
Segment Reporting Information [Line Items]
Fair value of loans		0	0
Operating Segments | Residential Consumer Mortgage Banking | Consolidated Agency multifamily loans
Segment Reporting Information [Line Items]
Fair value of loans		0	0
Operating Segments | Residential Investor Mortgage Banking
Segment Reporting Information [Line Items]
Real estate securities		0	0
Home equity investments		0	0
Other investments		0	0
Goodwill		23,373	23,373
Intangible assets		25,657	28,462
Total Assets		383,090	293,225
Operating Segments | Residential Investor Mortgage Banking | Residential consumer loans
Segment Reporting Information [Line Items]
Fair value of loans		0	0
Operating Segments | Residential Investor Mortgage Banking | Residential investor loans
Segment Reporting Information [Line Items]
Fair value of loans		280,551	180,250
Operating Segments | Residential Investor Mortgage Banking | Consolidated Agency multifamily loans
Segment Reporting Information [Line Items]
Fair value of loans		0	0
Operating Segments | Investment Portfolio
Segment Reporting Information [Line Items]
Real estate securities		149,492	122,802
Home equity investments		560,325	550,323
Other investments		279,737	287,822
Goodwill		0	0
Intangible assets		0	0
Total Assets		13,560,010	12,718,201
Operating Segments | Investment Portfolio | Residential consumer loans
Segment Reporting Information [Line Items]
Fair value of loans		6,973,027	5,999,706
Operating Segments | Investment Portfolio | Residential investor loans
Segment Reporting Information [Line Items]
Fair value of loans		4,901,443	5,040,048
Operating Segments | Investment Portfolio | Consolidated Agency multifamily loans
Segment Reporting Information [Line Items]
Fair value of loans		422,788	425,285
Corporate/ Other
Segment Reporting Information [Line Items]
Real estate securities		0	0
Home equity investments		420	113
Other investments		57,608	56,108
Goodwill		0	0
Intangible assets		0	0
Total Assets		520,032	521,366
Corporate/ Other | Residential consumer loans
Segment Reporting Information [Line Items]
Fair value of loans		131,859	139,739
Corporate/ Other | Residential investor loans
Segment Reporting Information [Line Items]
Fair value of loans		0	0
Corporate/ Other | Consolidated Agency multifamily loans
Segment Reporting Information [Line Items]
Fair value of loans		$ 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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.

Subsequent Events (Details)

Subsequent Events (Details) - Facilities - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2024	May 08, 2024	Mar. 31, 2024
Facility K
Subsequent Event [Line Items]
Borrowing capacity			$ 200,000
Facility K | Subsequent Event
Subsequent Event [Line Items]
Borrowing capacity		$ 250,000
Initial draw on facility	$ 100,000
RBL Warehouse Financing Facility | Subsequent Event
Subsequent Event [Line Items]
Borrowing capacity	$ 180,000
Draw period (in years)	2 years
Term to maturity (in years)	3 years