Redwood Trust (RWT) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		132,266,682
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
9.0% Senior Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	9.0% Senior Notes Due 2029
Trading Symbol	RWTO
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2024		Dec. 31, 2023
Assets
Real estate securities, at fair value	[1]	$ 334,141		$ 127,797
Home equity investments, at fair value	[1]	590,080		550,436
Other investments	[1]	341,637		343,930
Cash and cash equivalents	[1]	253,673		293,104
Restricted cash	[1]	72,294	[2]	75,684
Derivative assets	[1]	78,933		14,212
Other assets	[1]	427,687		402,944
Total Assets	[1]	18,427,426		14,504,327
Liabilities
Asset-backed securities issued (includes $12,564,029 and $9,151,263 at fair value), net	[1]	13,019,516		9,811,880
Debt obligations, net	[1]	3,801,446		3,239,123
Derivative liabilities	[1]	7,977		33,828
Accrued expenses and other liabilities	[1]	375,487		216,803
Total liabilities	[1]	17,204,426		13,301,634
Commitments and Contingencies (see Note 18)	[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; 132,237,436 and 131,485,661 issued and outstanding	[1]	1,322		1,315
Additional paid-in capital	[1]	2,502,028		2,487,848
Accumulated other comprehensive loss	[1]	(39,391)		(57,957)
Cumulative earnings	[1]	1,199,777		1,144,412
Cumulative distributions to stockholders	[1]	(2,507,684)		(2,439,873)
Total equity	[1]	1,223,000		1,202,693
Total Liabilities and Equity	[1]	18,427,426		14,504,327
Residential consumer loans, held-for-sale, at fair value
Assets
Fair value of loans	[1]	1,362,349		911,192
Residential consumer loans, held-for-investment, at fair value
Assets
Fair value of loans	[1]	9,794,810		6,139,445
Residential investor loans, held-for-sale, at fair value
Assets
Fair value of loans	[1]	265,878		180,250
Residential investor loans, held-for-investment, at fair value
Assets
Fair value of loans	[1]	4,480,296		5,040,048
Consolidated Agency multifamily loans, at fair value
Assets
Fair value of loans	[1]	$ 425,648		$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion. Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions, as well as cash collateral for certain consolidated securitization entities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
ABS issued		$ 12,564,029	$ 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)		132,237,436	131,485,661
Common stock, outstanding (in shares)		132,237,436	131,485,661
Total Assets	[1]	$ 18,427,426	$ 14,504,327
Total Liabilities	[1]	17,204,426	13,301,634
VIEs
Total Assets		14,312,672	10,988,885
Total Liabilities		$ 13,354,497	$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Income
Residential consumer loans	$ 136,025	$ 62,512	$ 329,670	$ 177,137
Residential investor loans	85,137	93,020	273,278	288,580
Consolidated Agency multifamily loans	4,586	4,677	13,726	13,992
Real estate securities	13,585	5,111	30,614	17,762
Other interest income	9,310	11,754	31,512	37,100
Total interest income	248,643	177,074	678,800	534,571
Interest Expense
Asset-backed securities issued	(152,374)	(91,323)	(406,062)	(268,881)
Debt obligations	(70,771)	(65,400)	(197,737)	(192,806)
Total interest expense	(223,145)	(156,723)	(603,799)	(461,687)
Net Interest Income	25,498	20,351	75,001	72,884
Non-Interest Income (Loss)
Mortgage banking activities, net	39,569	19,440	73,049	52,663
Investment fair value changes, net	(12,202)	(41,689)	10,733	(59,598)
HEI income, net	10,651	10,259	35,521	23,445
Other income, net	5,995	2,346	16,794	11,060
Realized gains, net	211	50	620	1,104
Total non-interest income (loss), net	44,224	(9,594)	136,717	28,674
General and administrative expenses	(36,008)	(29,697)	(103,861)	(96,057)
Portfolio management costs	(6,356)	(3,661)	(14,817)	(10,271)
Loan acquisition costs	(3,176)	(1,880)	(9,077)	(4,613)
Other expenses	(2,228)	(4,633)	(10,766)	(13,292)
Net Income (Loss) Before (Provision for) Benefit From Income Taxes	21,954	(29,114)	73,197	(22,675)
(Provision for) benefit from income taxes	(7,128)	(1,696)	(12,575)	(642)
Net Income (Loss)	14,826	(30,810)	60,622	(23,317)
Dividends on preferred stock	(1,750)	(1,750)	(5,257)	(4,927)
Net Income (Loss) Available (Related) To Common Stockholders	$ 13,076	$ (32,560)	$ 55,365	$ (28,244)
Basic earnings (loss) per common share (in dollars per share)	$ 0.09	$ (0.29)	$ 0.40	$ (0.27)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.09	$ (0.29)	$ 0.40	$ (0.27)
Basic weighted average common shares outstanding (in shares)	132,218,180	115,465,977	131,969,039	114,381,548
Diluted weighted average common shares outstanding (in shares)	132,357,697	115,465,977	132,018,161	114,381,548

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 14,826	$ (30,810)	$ 60,622	$ (23,317)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale securities	7,373	(3,921)	17,083	398
Reclassification of unrealized (gain) loss on available-for-sale securities to net income (loss)	(472)	234	(1,615)	645
Reclassification of unrealized loss on interest rate agreements to net income (loss)	1,040	1,040	3,098	3,087
Total other comprehensive income (loss)	7,941	(2,647)	18,566	4,130
Comprehensive Income (Loss)	22,767	(33,457)	79,188	(19,187)
Dividends on preferred stock	(1,750)	(1,750)	(5,257)	(4,927)
Comprehensive income (loss) available (related) to Common Stockholders	$ 21,017	$ (35,207)	$ 73,931	$ (24,114)

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 (loss)		(23,317)					(23,317)
Other comprehensive income (loss)		4,130				4,130
Issuance of common stock (in shares)				4,244,580
Issuance of common stock		33,328		$ 42	33,286
Employee stock purchase and incentive plans (in shares)				774,507
Employee stock purchase and incentive plans		(2,828)		$ 8	(2,836)
Non-cash equity award compensation and other		14,952			14,952
Issuance of preferred stock		66,923	66,923
Preferred dividends declared		(4,927)					(4,927)
Common dividends declared		(66,447)						(66,447)
Balance at End of Period at Sep. 30, 2023		$ 1,105,799	66,923	$ 1,185	2,395,247	(64,738)	1,125,126	(2,417,944)
Ending balance (in shares) at Sep. 30, 2023				118,503,762
Increase (Decrease) in Stockholders' Equity
Preferred stock dividends declared (in dollars per share)		$ 1.85417
Balance at beginning of period at Jun. 30, 2023		$ 1,124,138	66,923	$ 1,142	2,358,675	(62,091)	1,157,686	(2,398,197)
Beginning balance (in shares) at Jun. 30, 2023				114,177,992
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(30,810)					(30,810)
Other comprehensive income (loss)		(2,647)				(2,647)
Issuance of common stock (in shares)				4,244,580
Issuance of common stock		33,328		$ 42	33,286
Employee stock purchase and incentive plans (in shares)				81,190
Employee stock purchase and incentive plans		(123)		$ 1	(124)
Non-cash equity award compensation and other		3,410			3,410
Preferred dividends declared		(1,750)					(1,750)
Common dividends declared	[1]	(19,747)						(19,747)
Balance at End of Period at Sep. 30, 2023		$ 1,105,799	66,923	$ 1,185	2,395,247	(64,738)	1,125,126	(2,417,944)
Ending balance (in shares) at Sep. 30, 2023				118,503,762
Increase (Decrease) in Stockholders' Equity
Preferred stock dividends declared (in dollars per share)		$ 0.625
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 (loss)		60,622					60,622
Other comprehensive income (loss)		18,566				18,566
Employee stock purchase and incentive plans (in shares)				751,775
Employee stock purchase and incentive plans		(2,762)		$ 7	(2,769)
Non-cash equity award compensation and other		16,949			16,949
Preferred dividends declared		(5,257)					(5,257)
Common dividends declared	[1]	(67,811)						(67,811)
Balance at End of Period at Sep. 30, 2024		$ 1,223,000	66,948	$ 1,322	2,502,028	(39,391)	1,199,777	(2,507,684)
Ending balance (in shares) at Sep. 30, 2024				132,237,436
Increase (Decrease) in Stockholders' Equity
Preferred stock dividends declared (in dollars per share)		$ 1.8750
Balance at beginning of period at Jun. 30, 2024		$ 1,220,738	66,948	$ 1,322	2,497,218	(47,332)	1,186,701	(2,484,119)
Beginning balance (in shares) at Jun. 30, 2024				132,215,757
Increase (Decrease) in Stockholders' Equity
Net income (loss)		14,826					14,826
Other comprehensive income (loss)		7,941				7,941
Employee stock purchase and incentive plans (in shares)				21,679
Employee stock purchase and incentive plans		111			111
Non-cash equity award compensation and other		4,699			4,699
Preferred dividends declared		(1,750)					(1,750)
Common dividends declared	[1]	(23,565)						(23,565)
Balance at End of Period at Sep. 30, 2024		$ 1,223,000	$ 66,948	$ 1,322	$ 2,502,028	$ (39,391)	$ 1,199,777	$ (2,507,684)
Ending balance (in shares) at Sep. 30, 2024				132,237,436
Increase (Decrease) in Stockholders' Equity
Preferred stock dividends declared (in dollars per share)		$ 0.6250
[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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Preferred dividends declared (in dollars per share)	$ 0.6250	$ 0.625	$ 1.8750	$ 1.85417
Common dividends declared (in dollars per share)	$ 0.17	$ 0.16	$ 0.49	$ 0.55

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024		Sep. 30, 2023
Cash Flows From Operating Activities:
Net income (loss)		$ 60,622		$ (23,317)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		9,547		14,137
Depreciation and amortization of non-financial assets		9,131		11,082
Originations of held-for-sale loans		(1,099,186)		(577,098)
Purchases of held-for-sale loans		(4,910,749)		(1,051,236)
Proceeds from sales of held-for-sale loans		941,704		692,392
Principal payments on held-for-sale loans		63,665		45,326
Net settlements of derivatives		(71,988)		(5,023)
Non-cash equity award compensation expense and other		16,949		14,952
Market valuation adjustments		(103,936)		(1,275)
Realized gains, net		(620)		(1,104)
Net change in:
Other assets		(28,985)		14,687
Accrued expenses and other liabilities		105,306		(984)
Net cash used in operating activities		(5,008,540)		(867,461)
Cash Flows From Investing Activities:
Originations and purchases of loan investments		(120,661)		(674,500)
Proceeds from sales of loans		52,163		5,351
Principal payments on loan investments		1,749,172		1,126,609
Purchases of real estate securities		(193,744)		(9,855)
Proceeds from sales of real estate securities		2,833		138,111
Principal payments on real estate securities		5,331		950
Repayments from servicer advance investments, net		21,151		55,828
Purchases of HEI		(1,066)		(25,626)
Repayments on HEI		37,024		26,153
Other investing activities, net		(14,800)		(3,787)
Net cash provided by investing activities		1,537,403		639,234
Cash Flows From Financing Activities:
Proceeds from borrowings on debt obligations		7,207,997		2,398,412
Repayments on debt obligations		(6,635,775)		(2,844,566)
Proceeds from issuance of asset-backed securities		4,280,237		1,240,121
Repayments on asset-backed securities issued		(1,331,656)		(657,638)
Debt issuance costs paid		(15,257)		(1,640)
Taxes paid on equity award distributions		(3,114)		(3,288)
Net proceeds from issuance of common stock		352		33,788
Net proceeds from issuance of preferred stock		0		66,923
Dividends paid on common stock		(67,811)		(66,447)
Dividends paid on preferred stock		(5,257)		(3,449)
Other financing activities, net		(1,400)		(3,630)
Net cash provided by financing activities		3,428,316		158,586
Net decrease in cash, cash equivalents and restricted cash		(42,821)		(69,641)
Cash, cash equivalents and restricted cash at beginning of period		368,788		329,364
Cash, cash equivalents and restricted cash at end of period		325,967		259,723
Cash and cash equivalents		253,673	[1]	203,622
Restricted cash at end of period	[2]	72,294	[1]	56,101
Cash, cash equivalents and restricted cash at end of period		325,967		259,723
Cash paid during the period for:
Interest		721,264		436,879
Taxes paid (refunded)		347		(1,034)
Supplemental Noncash Information:
Dividends declared but not paid on preferred stock		1,478		1,478
Retention of mortgage servicing rights from loan sales		84		0
Transfers from loans held-for-sale to loans held-for-investment		4,553,378		2,009,030
Transfers from residential consumer loans to real estate owned		14,800		53,906
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] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion. Restricted cash primarily includes cash held at our consolidated Servicing Investment entities, and cash associated with our risk-sharing transactions, as well as cash collateral for certain consolidated securitization entities.

Organization

Organization	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 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") and U.S. generally accepted accounting principles ("GAAP"). Certain disclosures typically included in our annual financial statements may be condensed or omitted from these interim financial statements, as permitted. 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 September 30, 2024 and results of operations for all periods presented. The results of operations for the three and nine months ended September 30, 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 these updates. All prior period references in this document were conformed to this presentation. In the second quarter of 2024, we combined the presentation of Short-term and Long-term debt within Debt obligations, net and Goodwill and Intangible assets within Other assets on the consolidated balance sheets and consolidated statements of income, as applicable. There was no impact to the consolidated financial statements as a result of this change and all prior periods in this document were conformed to this presentation. Principles of Consolidation The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. The Company has a controlling financial interest in and consolidates a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits for the VIE that could potentially be significant to the VIE. See Note 15 for further information about VIEs. For entities that are not VIEs, we have a controlling financial interest in entities where we hold a majority of the voting rights. We use the equity method to account for our interest in entities in which we do not have a controlling financial interest, but over which we have significant influence. For financial reporting purposes, we consolidate the assets and liabilities of certain entities formed in connection with the securitization of our loans and home equity investments ("HEI"), which we have determined to be VIEs and in which we have a controlling financial interest. The underlying loans owned at the consolidated securitization entities are shown under Residential consumer loans and Residential investor loans on our consolidated balance sheets. 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. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. See Note 16 for further discussion on ABS issued. The underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments on our consolidated balance sheets and the associated fair value changes and interest expense associated with ABS issued are shown under HEI income, net on our consolidated statements of income (loss). See Note 10 for further discussion on HEI. 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 15 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU requires enhanced disclosures primarily about significant segment expenses that are regularly provided to the chief operating decision maker. 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 expect that this new guidance will result in additional disclosures in our consolidated financial statements and 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." This ASU requires incremental disclosures primarily related to the reconciliation of the statutory income tax rate to the effective income tax rate, as well as income taxes paid. 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 expect that this new guidance will result in additional disclosures in our consolidated financial statements and plan to adopt this new guidance by the required date. The Company reviewed other recently issued ASUs and determined that they were not expected to have a significant impact on the Company's consolidated financial statements when adopted or did not have a significant impact on the Company's consolidated financial statements upon adoption.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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. 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. 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 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, indirect general and administrative expenses and other expenses. The following tables present financial information by segment for the three and nine months ended September 30, 2024 and 2023. Table 4.1 – Business Segment Financial Information Three Months Ended September 30, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 26,318 $ 4,868 $ 217,057 $ 400 $ 248,643 Interest expense (16,770) (3,099) (184,319) (18,957) (223,145) Net interest income (expense) 9,548 1,769 32,738 (18,557) 25,498 Non-interest income (loss) Mortgage banking activities, net 26,715 12,854 — — 39,569 Investment fair value changes, net — — (11,966) (236) (12,202) HEI income, net — — 10,651 — 10,651 Other income, net — 5,434 426 135 5,995 Realized gains, net — — 211 — 211 Total non-interest income (loss), net 26,715 18,288 (678) (101) 44,224 General and administrative expenses (5,240) (9,306) (701) (20,761) (36,008) Portfolio management costs — — (6,324) (32) (6,356) Loan acquisition costs (1,291) (1,885) — — (3,176) Other expenses — (2,202) (26) — (2,228) (Provision for) benefit from income taxes (6,977) (981) 606 224 (7,128) Segment Contribution $ 22,755 $ 5,683 $ 25,615 $ (39,227) Net Income $ 14,826 Non-cash amortization (expense), net $ (271) $ (2,422) $ 1,016 $ (2,863) $ (4,540) Total Assets $ 1,543,380 $ 357,432 $ 16,151,156 $ 375,458 $ 18,427,426 Nine Months Ended September 30, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 61,728 $ 15,647 $ 598,696 $ 2,729 $ 678,800 Interest expense (34,958) (11,480) (506,429) (50,932) (603,799) Net interest income (expense) 26,770 4,167 92,267 (48,203) 75,001 Non-interest income (loss) Mortgage banking activities, net 40,787 32,262 — — 73,049 Investment fair value changes, net — — 11,770 (1,037) 10,733 HEI income, net — — 35,521 — 35,521 Other income, net — 7,233 10,371 (810) 16,794 Realized gains, net — — 525 95 620 Total non-interest income (loss), net 40,787 39,495 58,187 (1,752) 136,717 General and administrative expenses (14,986) (30,407) (3,517) (54,951) (103,861) Portfolio management costs — — (14,746) (71) (14,817) Loan acquisition costs (2,843) (5,982) (244) (8) (9,077) Other expenses — (7,210) (3,556) — (10,766) (Provision for) benefit from income taxes (10,031) 706 (3,454) 204 (12,575) Segment Contribution $ 39,697 $ 769 $ 124,937 $ (104,781) Net Income $ 60,622 Non-cash amortization (expense), net $ (868) $ (7,921) $ (2,204) $ (7,684) $ (18,677) Total Assets $ 1,543,380 $ 357,432 $ 16,151,156 $ 375,458 $ 18,427,426 Three Months Ended September 30, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 6,063 $ 4,618 $ 164,847 $ 1,546 $ 177,074 Interest expense (4,826) (3,888) (133,790) (14,219) (156,723) Net interest income (expense) 1,237 730 31,057 (12,673) 20,351 Non-interest income (loss) Mortgage banking activities, net 8,964 10,476 — — 19,440 Investment fair value changes, net — — (41,789) 100 (41,689) HEI income, net — — 10,259 — 10,259 Other income, net — 1,278 2,622 (1,554) 2,346 Realized gains, net — — 26 24 50 Total non-interest income (loss), net 8,964 11,754 (28,882) (1,430) (9,594) General and administrative expenses (4,521) (9,402) (1,340) (14,434) (29,697) Portfolio management costs — — (3,636) (25) (3,661) Loan acquisition costs (395) (1,485) — — (1,880) Other expenses — (3,108) (1,525) — (4,633) (Provision for) Benefit from income taxes (813) 318 (1,457) 256 (1,696) Segment Contribution $ 4,472 $ (1,193) $ (5,783) $ (28,306) Net (Loss) $ (30,810) Non-cash amortization (expense), net $ (266) $ (3,294) $ (1,687) $ (2,099) $ (7,346) Total Assets $ 659,520 $ 197,974 $ 11,701,939 $ 461,705 $ 13,021,138 Nine Months Ended September 30, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 14,007 $ 13,509 $ 500,393 $ 6,662 $ 534,571 Interest expense (13,392) (11,599) (392,260) (44,436) (461,687) Net interest income (expense) 615 1,910 108,133 (37,774) 72,884 Non-interest income (loss) Mortgage banking activities, net 19,390 33,273 — — 52,663 Investment fair value changes, net 1,076 — (57,930) (2,744) (59,598) HEI income, net — — 23,445 — 23,445 Other income, net — 4,762 8,803 (2,505) 11,060 Realized gains, net — — 858 246 1,104 Total non-interest income (loss), net 20,466 38,035 (24,824) (5,003) 28,674 General and administrative expenses (13,065) (34,718) (3,990) (44,284) (96,057) Portfolio management costs — — (10,233) (38) (10,271) Loan acquisition costs (719) (3,894) — — (4,613) Other expenses — (9,323) (3,969) — (13,292) (Provision for) Benefit from income taxes (887) 2,427 (3,135) 953 (642) Segment Contribution $ 6,410 $ (5,563) $ 61,982 $ (86,146) Net (Loss) $ (23,317) Non-cash amortization (expense), net $ (813) $ (10,291) $ (6,167) $ (6,292) $ (23,563) Total Assets $ 659,520 $ 197,974 $ 11,701,939 $ 461,705 $ 13,021,138

Mortgage Banking Activities, Ne

Mortgage Banking Activities, Net	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023. Table 5.1 – Mortgage Banking Activities Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Residential Consumer Mortgage Banking Activities, Net: Changes in fair value of: Residential consumer loans, at fair value (1) $ 20,959 $ (2,819) $ 31,410 $ 5,272 Trading securities (2) (28,630) (482) (17,508) 2,188 Risk management derivatives (3) 34,051 12,158 25,121 10,508 Other income, net (4) 335 107 1,764 1,422 Total residential consumer mortgage banking activities, net 26,715 8,964 40,787 19,390 Residential Investor Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value 6,061 1,600 11,833 13,214 Residential investor bridge loans, at fair value 694 1,438 2,748 4,808 Risk management derivatives (3) 551 3,434 2,692 1,295 Other income, net (5) 5,548 4,004 14,989 13,956 Total residential investor mortgage banking activities, net 12,854 10,476 32,262 33,273 Mortgage Banking Activities, Net $ 39,569 $ 19,440 $ 73,049 $ 52,663 (1) Includes changes in fair value for associated loan purchase commitments for residential consumer loans. (2) For the three and nine months ended September 30, 2024 and 2023, 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. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks. (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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 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. Determination of Fair Value 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 hierarc hy. At September 30, 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 presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at September 30, 2024 and December 31, 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 6.1 – Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2024 Fair Value Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 11,157,159 $ — $ — $ 11,157,159 Residential investor loans 4,746,174 — — 4,746,174 Consolidated Agency multifamily loans 425,648 — — 425,648 Real estate securities: Trading 128,780 — — 128,780 Available-for-sale 205,361 — — 205,361 HEI 590,080 — — 590,080 Other investments: Servicer advance investments 212,446 — — 212,446 Excess MSRs 33,491 — — 33,491 MSRs 26,594 — — 26,594 Strategic investments 2,960 — — 2,960 Other 92 — — 92 Derivative assets 78,933 5,817 70,151 2,965 Total Assets $ 17,607,718 $ 5,817 $ 70,151 $ 17,531,750 Liabilities ABS issued $ 12,564,029 $ — $ — $ 12,564,029 Derivative liabilities 7,977 4,143 — 3,834 HEI securitization non-controlling interest 80,864 — — 80,864 Total Liabilities $ 12,652,870 $ 4,143 $ — $ 12,648,727 December 31, 2023 Fair Value 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: Trading 40,424 — — 40,424 Available-for-sale 87,373 — — 87,373 HEI 550,436 — — 550,436 Other investments: Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Strategic investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Total Assets $ 13,679,446 $ 952 $ 1,742 $ 13,676,752 Liabilities ABS issued $ 9,151,263 $ — $ — $ 9,151,263 Derivative liabilities 33,828 30,414 — 3,414 HEI securitization non-controlling interest 59,752 — — 59,752 Total Liabilities $ 9,244,843 $ 30,414 $ — $ 9,214,429 The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024. Table 6.2 – 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 Real Estate Trading Securities Real Estate AFS HEI Servicer Advance Investments Excess MSRs MSRs/Strategic Investments/Other (In Thousands) Beginning balance - December 31, 2023 $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 4,931,228 19,155 — 96,810 103,934 1,066 — — 185 Originations — 1,201,564 — — — — — — — Sales (245,771) (744,759) — (2,833) — — — — — Principal paydowns (790,158) (1,016,256) (6,418) (556) (4,757) (36,899) (21,151) — (141) Gains (losses) in net income, net 213,491 79,288 6,781 (5,065) 1,731 75,477 8,252 (3,876) 1,632 Unrealized gains in OCI, net — — — — 17,080 — — — — Other settlements, net (1) (2,268) (13,115) — — — — — — (100) Ending balance - September 30, 2024 $ 11,157,159 $ 4,746,174 $ 425,648 $ 128,780 $ 205,361 $ 590,080 $ 212,446 $ 33,491 $ 29,646 Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period (2) $ 145,485 $ 50,712 $ 6,582 $ (5,320) $ 17,083 $ 68,078 $ 8,252 $ (3,877) $ 2,555 Liabilities ABS Issued Derivatives (3) HEI Securitization Non-controlling interest (In Thousands) Beginning balance - December 31, 2023 $ 9,151,263 $ 8,104 $ 59,752 Acquisitions 4,280,237 — — Sales (1,544) — — Principal paydowns (1,122,041) — — Gains (losses) in net income, net 256,114 10,938 21,111 Other settlements, net (1) — (19,911) — Ending balance - September 30, 2024 $ 12,564,029 $ (869) $ 80,863 Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period (2) $ 195,951 $ (869) $ (21,111) (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 mortgage servicing rights ("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) All changes in unrealized gains or (losses) are included in earnings with the exception of Real Estate AFS Securities, which are included in comprehensive income. (3) 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 provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value. Table 6.3 – Fair Value Methodology for Level 3 Financial Instruments September 30, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Assets Residential consumer loans (4) $ 11,157,159 Senior Credit Spread to TBA price (3) $ 0.75 - $ 1.75 $ 0.93 Senior credit spread to Swap rate (3) 170 - 200 bps 190 bps Subordinate credit spread to Swap rate 225 - 900 bps 341 bps Senior credit support (3) 7 - 10 % 8 % IO discount rate (3) 25 - 28 % 27 % Liability price $ 37 - $ 103 $ 95 Residential investor loans: Residential investor term loans (4) 2,836,370 Whole loan spread (3) 250 - 260 bps 254 bps Liability price $ 92 - $ 103 $ 95 Residential investor bridge loans (4) 1,909,804 Whole loan discount rate 5 - 18 % 9 % Whole loan spread 435 - 435 bps 435 bps Liability Price $ 102 - $ 109 $ 103 Dollar price of non-performing loans $ 38 - $ 100 $ 88 Consolidated agency multifamily loans (6) 425,648 Liability price $ 98 - $ 98 $ 98 Trading and AFS securities 334,141 Discount rate 5 - 40 % 12 % Prepayment rate (Annual CPR) — - 40 % 13 % Default rate — - 18 % 0.1 % Loss severity 25 - 50 % 25 % HEI 590,080 Discount rate 10 - 10 % 10 % Prepayment rate (Annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 4 - 4 % 4 % Servicer advance investments 212,446 Prepayment rate (Annual CPR) 11 - 30 % 14 % Expected remaining life (5) 5 - 5 yrs 5 yrs Mortgage servicing amount 2 - 49 bps 9 bps Other assets (7) 66,102 Total Assets $ 17,531,750 Liabilities ABS issued (4) $ 12,564,029 Discount rate 4 - 30 % 6 % Prepayment rate (annual CPR) — - 30 % 5 % Default rate — - 17 % 4 % Loss severity — - 50 % 20 % Other liabilities (7) 84,698 Total Liabilities $ 12,648,727 (1) The predominant valuation technique used to determine our Level 3 fair value assets and liabilities is based on the discounted cash flow model. (2) 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. (3) Values represent pricing inputs used in a securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. Footnotes to Table 6.3 (Continued) (4) 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 September 30, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, CAFL Bridge (under the Collateralized Financing Entity "CFE" election), Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $333 million, $339 million, $26 million, $268 million, $34 million, and $46 million, respectively. CAFL Bridge only includes the one securitization entity for which we made the CFE election. (5) 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). (6) Consolidated agency multifamily loans represent securitized financial assets and liabilities of the Company's CFEs. (7) Represents less than 1% of the individual and aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis. The following table summarizes the estimated fair values of assets and liabilities that are not measured at fair value at September 30, 2024 and December 31, 2023. Table 6.4 – Carrying Values and Estimated Fair Values of Assets and Liabilities September 30, 2024 December 31, 2023 Level in Fair Value Hierarchy Carrying Estimated Fair Carrying Estimated Fair (In Thousands) Assets Cash and cash equivalents 1 $ 253,673 $ 253,673 $ 293,104 $ 293,104 Restricted cash 1 72,294 72,294 75,684 75,684 Liabilities Debt obligation facilities and other financing 2 $ 3,163,534 $ 3,164,737 $ 2,596,582 $ 2,591,931 ABS issued, net 3 455,487 456,272 660,617 637,816 Convertible notes, net 1 359,297 364,599 503,728 488,341 Trust preferred securities and subordinated notes, net 3 138,848 96,255 138,813 92,070 Senior Notes 1 139,767 146,666 — — Guarantee obligations (1) 3 3,753 3,303 5,781 3,772 (1) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets. During the three and nine months ended September 30, 2024, we elected the fair value option for $33 million and $97 million of securities, respectively, $2.00 billion and $4.87 billion (principal balance) of residential consumer loans, respectively, and $449 million and $1.23 billion (principal balance) of residential investor loans, respectively. Additionally, during the three and nine months ended September 30, 2024, we elected the fair value option for $0.5 million and $1 million of HEI, respectively. For the three and nine months ended September 30, 2024, we elected the fair value option for zero and $0.2 million, respectively, of Other investments. Nonrecurring Fair Values We measure the fair value of certain assets and liabilities on a nonrecurring basis when events or changes in circumstances indicate that the carrying value may be impaired. Adjustments to fair value generally result from the write-down of asset values due to impairment. Real estate owned ("REO") in Other Assets and Liabilities are classified as Level 3 in the fair value hierarchy based upon fair value determinations using appraisals, broker price opinions, comparable properties or other indications of value. Refer to Note 14 for further information on our Real estate owned ("REO").

Residential Consumer Loans

Residential Consumer Loans	9 Months Ended
	Sep. 30, 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 the consolidated Sequoia and Freddie Mac SLST entities at September 30, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans September 30, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,362,349 $ — $ — $ 1,362,349 Held-for-investment at fair value — 8,476,004 1,318,806 9,794,810 Total Residential Consumer Loans $ 1,362,349 $ 8,476,004 $ 1,318,806 $ 11,157,159 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 At September 30, 2024, we owned mortgage servicing rights associated with $1.3 billion (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 September 30, 2024 and December 31, 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) September 30, 2024 December 31, 2023 Unpaid principal balance $ 1,348,819 $ 916,877 Fair value of loans $ 1,362,349 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,350,551 $ 907,742 Weighted average coupon 6.63 % 6.25 % At both September 30, 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 and nine months ended September 30, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Principal balance of loans acquired $ 1,999,621 $ 857,974 $ 4,873,608 $ 1,092,992 Principal balance of loans sold 39,497 53,743 246,641 235,821 Principal balance of loans transferred from HFS to HFI 1,528,163 337,752 4,140,150 995,047 Net market valuation gains (losses) recorded (1) 11,047 (8,683) 20,079 (2,590) (1) Net market valuation gains (losses) 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 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 September 30, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment September 30, 2024 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 8,880,569 $ 1,538,972 Average loan balance (UPB) $ 868 $ 156 Fair value of loans (1) $ 8,476,004 $ 1,318,806 Weighted average coupon 4.95 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 16,802 $ 103,379 Average 90+ days delinquent balance (UPB) $ 525 $ 171 Unpaid principal balance of loans in foreclosure $ 7,079 $ 39,790 Average foreclosure balance (UPB) $ 442 $ 181 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 Footnotes to Table 7.4 (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 the accounting guidance for collateralized financing entities. (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 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 the measurement alternative provided for collateralized financing entities, 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 and nine months ended September 30, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 1,528,163 N/A $ 337,752 N/A Net market valuation gains (losses) recorded 256,034 53,555 (177,253) (51,046) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 4,140,150 N/A $ 995,047 N/A Net market valuation gains (losses) recorded 152,635 38,154 (162,895) (62,756) (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 September 30, 2024 and December 31, 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans September 30, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 174,485 $ — $ 91,393 $ — $ 265,878 Held-for-investment at fair value — 2,661,885 1,211,081 607,330 4,480,296 Total Residential Investor Loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 $ 4,746,174 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 September 30, 2024 were first-lien, fixed-rate loans with original maturities of three five seven The outstanding residential investor bridge loans held-for-investment at September 30, 2024 were first-lien, interest-only loans with original maturities of 6 to 36 months and were comprised of 62% one-month SOFR-indexed adjustable-rate loans, and 38% fixed-rate loans. At September 30, 2024, we had $429 million in commitments to fund residential investor bridge loans. See Note 18 for additional information on these commitments. During the three and nine months ended September 30, 2024, we sold $66 million and $253 million, of residential investor bridge loans, net of $13 million and $34 million, respectively, of construction draws to our joint ventures. See Note 11 for additional information on these joint ventures. The following table provides the activity of residential investor loans at Redwood during the three and nine months ended September 30, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 158,584 $ 286,833 $ 105,777 $ 303,284 Principal balance of loans acquired 3,145 — — 1,820 Principal balance of loans sold to third parties (1) 206,380 67,655 27,436 34,061 Fair value of loans transferred (2) — (62,386) (278,751) (116,679) Mortgage banking activities income (loss) recorded (3) 6,061 694 1,600 1,438 Investment fair value changes recorded (1,500) (10,293) — (16,899) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 493,212 $ 714,977 $ 408,477 $ 828,149 Principal balance of loans acquired 3,793 15,677 — 19,054 Principal balance of loans sold to third parties (1) 464,836 277,170 425,542 65,868 Fair value of loans transferred (2) — (250,319) (278,751) (337,657) Mortgage banking activities income recorded (3) 11,833 2,748 13,214 4,808 Investment fair value changes recorded (2,837) (27,503) (14,430) (22,867) (1) For the three and nine months ended September 30, 2024 the principal balance of loans sold to third parties is net of $13 million and $34 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (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 for a set period of time from the closing date. (3) Represents 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 5.1 for additional detail on Mortgage banking activities income. 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. The following table provides the activity of residential investor loans held-for-investment at CAFL during the three and nine months ended September 30, 2024 and 2023. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 78,275 $ 1,623 $ (1,360) $ (2,560) Fair value of loans transferred to HFI — 62,386 278,751 116,679 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 89,388 $ 443 $ (1,961) $ (1,960) Fair value of loans transferred to HFI — 250,319 278,751 337,657 (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 CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE 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. Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at September 30, 2024 and December 31, 2023. Table 8.4 – Characteristics of Residential Investor Loans September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 Average UPB of loans $ 2,108 $ 3,037 $ 5,161 $ 2,035 Fair value of loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 Weighted average coupon 6.88 % 5.36 % 9.14 % 10.16 % Weighted average remaining loan term (years) 7 4 1 1 Market value of loans pledged as collateral under debt facilities $ 133,022 N/A $ 1,250,392 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 34,083 $ 161,874 $ 132,286 $ 24,993 Average UPB of 90+ days delinquent loans (2) $ 11,361 $ 3,948 $ 7,782 $ 1,785 Fair value of loans with 90+ day delinquencies (2) $ 19,320 N/A $ 113,904 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 18,646 $ 86,019 $ 13,426 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,936 $ 7,820 $ 1,918 Fair value of loans in foreclosure (3) $ 13,250 N/A $ 72,212 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 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 debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (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 the accounting guidance for CFEs. (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 September 30, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 85,307 $ 2,163,862 $ — $ — Multifamily 98,051 626,893 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 575,782 279,820 Single Asset Bridge ("SAB") (3) — — 90,678 171,489 Multifamily (4) — — 664,060 147,903 Third-Party Originated — — 6,247 1,055 Total Residential Investor Loans $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 (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 the accounting guidance for CFEs. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (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. Loan Modifications We may amend or modify a loan depending on the loan's specific facts and circumstances. These loan modifications typically include amendments and restructuring and include terms such as additional time for the borrower to refinance or sell the collateral property, interest rate reductions and/or deferral of scheduled principal and/or interest payments. In some instances, a loan amendment or restructuring may bring the loan out of delinquent status. In other instances, including in the case of Build for Rent ("BFR") loans, a loan modification may amend the project's underlying budget (including allocation of hard/soft costs, interest reserves and other items) or construction or completion milestones, if warranted, based on progress versus the initial budget. Because they finance the construction of rental housing, many BFR projects do not generate net operating income until the later stages of the loan term. As such, BFR loans are sized to include allocations for interest expense as well as construction costs and other standard budget items. In exchange for a modification, we may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a capital infusion to replenish interest or capital improvement reserves and/or termination of all or a portion of the remaining unfunded loan commitment. The fair value of residential investor bridge loans of $1.91 billion at September 30, 2024 declined from $2.10 billion at December 31, 2023. Changes in the fair value of these loans during the three months ending September 30, 2024 primarily reflect principal repayments and reductions in the fair values for non-accrual bridge loans and certain modified bridge loans since the fourth quarter of 2023. For the three months ending September 30, 2024, we modified or put into forbearance loans with a total aggregate unpaid principal balance of $228 million. Of this balance, loans with reductions in contractual interest rates (including, in certain cases, deferrals of interest) had an aggregate unpaid principal balance of $113 million, and an aggregate fair value of $111 million at September 30, 2024. The modification terms on these loans involved conversions of the contractual interest rates on the loans from floating to fixed and/or deferrals of a portion of the stated pay rate to an extended date or to maturity. In the third quarter of 2024, modifications on these loans maintained a weighted average contractual interest rate of approximately 10.49%, of which 4.86% represented deferred interest. In addition, for the three months ending September 30, 2024, we modified two BFR loans with a total aggregate unpaid principal balance of $116 million and an aggregate fair value of $115 million, respectively, at September 30, 2024, that had previously been modified in 2024. The previous modifications on these loans amended the interest rate to a combination of current pay and deferred interest. During the three months ending September 30, 2024, the modifications on these loans amended the allocation of loan commitments between hard and soft costs, interest expense and other expenses, provided maturity extensions of 16-19 months (subject to mandatory partial repayments during the loan term), and established a hard lockbox and funding of interest reserves to cover debt service shortfalls. Nonaccrual Loans Interest income is accrued on loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. At the time a loan is placed on non-accrual status, all previously accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis when it is received. A loan remains on non-accrual status until the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured either through reinstatement by the borrower, estimated net equity in the underlying real estate property or both. At September 30, 2024 and December 31, 2023, residential investor loans with an aggregate unpaid principal balance of $364 million and $340 million, respectively, and an aggregate fair value of $320 million and $312 million, respectively, were on non-accrual status. Of this balance, loans with an aggregate unpaid principal balance of $215 million and $207 million were less than 90 days past due (including loans that were contractually current) as of September 30, 2024 and December 31, 2023, respectively.

Residential Investor Loans

Residential Investor Loans	9 Months Ended
	Sep. 30, 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 the consolidated Sequoia and Freddie Mac SLST entities at September 30, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans September 30, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,362,349 $ — $ — $ 1,362,349 Held-for-investment at fair value — 8,476,004 1,318,806 9,794,810 Total Residential Consumer Loans $ 1,362,349 $ 8,476,004 $ 1,318,806 $ 11,157,159 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 At September 30, 2024, we owned mortgage servicing rights associated with $1.3 billion (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 September 30, 2024 and December 31, 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) September 30, 2024 December 31, 2023 Unpaid principal balance $ 1,348,819 $ 916,877 Fair value of loans $ 1,362,349 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,350,551 $ 907,742 Weighted average coupon 6.63 % 6.25 % At both September 30, 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 and nine months ended September 30, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Principal balance of loans acquired $ 1,999,621 $ 857,974 $ 4,873,608 $ 1,092,992 Principal balance of loans sold 39,497 53,743 246,641 235,821 Principal balance of loans transferred from HFS to HFI 1,528,163 337,752 4,140,150 995,047 Net market valuation gains (losses) recorded (1) 11,047 (8,683) 20,079 (2,590) (1) Net market valuation gains (losses) 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 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 September 30, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment September 30, 2024 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 8,880,569 $ 1,538,972 Average loan balance (UPB) $ 868 $ 156 Fair value of loans (1) $ 8,476,004 $ 1,318,806 Weighted average coupon 4.95 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 16,802 $ 103,379 Average 90+ days delinquent balance (UPB) $ 525 $ 171 Unpaid principal balance of loans in foreclosure $ 7,079 $ 39,790 Average foreclosure balance (UPB) $ 442 $ 181 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 Footnotes to Table 7.4 (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 the accounting guidance for collateralized financing entities. (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 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 the measurement alternative provided for collateralized financing entities, 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 and nine months ended September 30, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 1,528,163 N/A $ 337,752 N/A Net market valuation gains (losses) recorded 256,034 53,555 (177,253) (51,046) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 4,140,150 N/A $ 995,047 N/A Net market valuation gains (losses) recorded 152,635 38,154 (162,895) (62,756) (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 September 30, 2024 and December 31, 2023. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans September 30, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 174,485 $ — $ 91,393 $ — $ 265,878 Held-for-investment at fair value — 2,661,885 1,211,081 607,330 4,480,296 Total Residential Investor Loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 $ 4,746,174 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 September 30, 2024 were first-lien, fixed-rate loans with original maturities of three five seven The outstanding residential investor bridge loans held-for-investment at September 30, 2024 were first-lien, interest-only loans with original maturities of 6 to 36 months and were comprised of 62% one-month SOFR-indexed adjustable-rate loans, and 38% fixed-rate loans. At September 30, 2024, we had $429 million in commitments to fund residential investor bridge loans. See Note 18 for additional information on these commitments. During the three and nine months ended September 30, 2024, we sold $66 million and $253 million, of residential investor bridge loans, net of $13 million and $34 million, respectively, of construction draws to our joint ventures. See Note 11 for additional information on these joint ventures. The following table provides the activity of residential investor loans at Redwood during the three and nine months ended September 30, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 158,584 $ 286,833 $ 105,777 $ 303,284 Principal balance of loans acquired 3,145 — — 1,820 Principal balance of loans sold to third parties (1) 206,380 67,655 27,436 34,061 Fair value of loans transferred (2) — (62,386) (278,751) (116,679) Mortgage banking activities income (loss) recorded (3) 6,061 694 1,600 1,438 Investment fair value changes recorded (1,500) (10,293) — (16,899) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 493,212 $ 714,977 $ 408,477 $ 828,149 Principal balance of loans acquired 3,793 15,677 — 19,054 Principal balance of loans sold to third parties (1) 464,836 277,170 425,542 65,868 Fair value of loans transferred (2) — (250,319) (278,751) (337,657) Mortgage banking activities income recorded (3) 11,833 2,748 13,214 4,808 Investment fair value changes recorded (2,837) (27,503) (14,430) (22,867) (1) For the three and nine months ended September 30, 2024 the principal balance of loans sold to third parties is net of $13 million and $34 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (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 for a set period of time from the closing date. (3) Represents 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 5.1 for additional detail on Mortgage banking activities income. 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. The following table provides the activity of residential investor loans held-for-investment at CAFL during the three and nine months ended September 30, 2024 and 2023. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 78,275 $ 1,623 $ (1,360) $ (2,560) Fair value of loans transferred to HFI — 62,386 278,751 116,679 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 89,388 $ 443 $ (1,961) $ (1,960) Fair value of loans transferred to HFI — 250,319 278,751 337,657 (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 CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE 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. Residential Investor Loan Characteristics The following tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at September 30, 2024 and December 31, 2023. Table 8.4 – Characteristics of Residential Investor Loans September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 Average UPB of loans $ 2,108 $ 3,037 $ 5,161 $ 2,035 Fair value of loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 Weighted average coupon 6.88 % 5.36 % 9.14 % 10.16 % Weighted average remaining loan term (years) 7 4 1 1 Market value of loans pledged as collateral under debt facilities $ 133,022 N/A $ 1,250,392 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 34,083 $ 161,874 $ 132,286 $ 24,993 Average UPB of 90+ days delinquent loans (2) $ 11,361 $ 3,948 $ 7,782 $ 1,785 Fair value of loans with 90+ day delinquencies (2) $ 19,320 N/A $ 113,904 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 18,646 $ 86,019 $ 13,426 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,936 $ 7,820 $ 1,918 Fair value of loans in foreclosure (3) $ 13,250 N/A $ 72,212 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 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 debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (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 the accounting guidance for CFEs. (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 September 30, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 85,307 $ 2,163,862 $ — $ — Multifamily 98,051 626,893 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 575,782 279,820 Single Asset Bridge ("SAB") (3) — — 90,678 171,489 Multifamily (4) — — 664,060 147,903 Third-Party Originated — — 6,247 1,055 Total Residential Investor Loans $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 (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 the accounting guidance for CFEs. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (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. Loan Modifications We may amend or modify a loan depending on the loan's specific facts and circumstances. These loan modifications typically include amendments and restructuring and include terms such as additional time for the borrower to refinance or sell the collateral property, interest rate reductions and/or deferral of scheduled principal and/or interest payments. In some instances, a loan amendment or restructuring may bring the loan out of delinquent status. In other instances, including in the case of Build for Rent ("BFR") loans, a loan modification may amend the project's underlying budget (including allocation of hard/soft costs, interest reserves and other items) or construction or completion milestones, if warranted, based on progress versus the initial budget. Because they finance the construction of rental housing, many BFR projects do not generate net operating income until the later stages of the loan term. As such, BFR loans are sized to include allocations for interest expense as well as construction costs and other standard budget items. In exchange for a modification, we may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a capital infusion to replenish interest or capital improvement reserves and/or termination of all or a portion of the remaining unfunded loan commitment. The fair value of residential investor bridge loans of $1.91 billion at September 30, 2024 declined from $2.10 billion at December 31, 2023. Changes in the fair value of these loans during the three months ending September 30, 2024 primarily reflect principal repayments and reductions in the fair values for non-accrual bridge loans and certain modified bridge loans since the fourth quarter of 2023. For the three months ending September 30, 2024, we modified or put into forbearance loans with a total aggregate unpaid principal balance of $228 million. Of this balance, loans with reductions in contractual interest rates (including, in certain cases, deferrals of interest) had an aggregate unpaid principal balance of $113 million, and an aggregate fair value of $111 million at September 30, 2024. The modification terms on these loans involved conversions of the contractual interest rates on the loans from floating to fixed and/or deferrals of a portion of the stated pay rate to an extended date or to maturity. In the third quarter of 2024, modifications on these loans maintained a weighted average contractual interest rate of approximately 10.49%, of which 4.86% represented deferred interest. In addition, for the three months ending September 30, 2024, we modified two BFR loans with a total aggregate unpaid principal balance of $116 million and an aggregate fair value of $115 million, respectively, at September 30, 2024, that had previously been modified in 2024. The previous modifications on these loans amended the interest rate to a combination of current pay and deferred interest. During the three months ending September 30, 2024, the modifications on these loans amended the allocation of loan commitments between hard and soft costs, interest expense and other expenses, provided maturity extensions of 16-19 months (subject to mandatory partial repayments during the loan term), and established a hard lockbox and funding of interest reserves to cover debt service shortfalls. Nonaccrual Loans Interest income is accrued on loans in the period the coupon interest is contractually earned until such time a loan is placed on non-accrual status. A loan is placed on non-accrual status when it is probable that all principal and interest due under the contractual terms will not be collected and a loan is past due more than 90 days. At the time a loan is placed on non-accrual status, all previously accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis when it is received. A loan remains on non-accrual status until the loan balance is deemed collectible or until such time the loan qualifies to be placed back on accrual status. Generally, a loan is placed back on accrual status when the loan becomes contractually current or the collection of past due and future payments is reasonably assured either through reinstatement by the borrower, estimated net equity in the underlying real estate property or both. At September 30, 2024 and December 31, 2023, residential investor loans with an aggregate unpaid principal balance of $364 million and $340 million, respectively, and an aggregate fair value of $320 million and $312 million, respectively, were on non-accrual status. Of this balance, loans with an aggregate unpaid principal balance of $215 million and $207 million were less than 90 days past due (including loans that were contractually current) as of September 30, 2024 and December 31, 2023, respectively.

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 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 unconsolidated Sequoia securitizations or acquire from third parties. The following table presents the fair values of our real estate securities by type at September 30, 2024 and December 31, 2023. Table 9.1 – Fair Value of Real Estate Securities by Type (In Thousands) September 30, 2024 December 31, 2023 Trading $ 128,780 $ 40,424 Available-for-sale 205,361 87,373 Total Real Estate Securities $ 334,141 $ 127,797 Our real estate securities include mortgage-backed securities, which are classified 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. Refer to Note 3 to the Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information and our accounting policies for our trading and available-for-sale real estate securities. Trading Securities We elected the fair value option for certain securities and classify them as trading securities. Our trading securities generally include both residential and multifamily mortgage-backed interest-only and subordinate securities. Refer to Note 6 for further information on the inputs into the fair valuation of our real estate trading securities. AFS Securities The following tables present the detail of our AFS securities, by position and collateral type, at September 30, 2024 and December 31, 2023. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type September 30, 2024 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ 32,217 $ 34,143 $ 114,181 $ 180,541 Gross unrealized gains 139 916 28,945 30,000 Gross unrealized losses — — (4,313) (4,313) Allowance for credit losses — — (867) (867) Total Carrying Value $ 32,356 $ 35,059 $ 137,946 $ 205,361 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ — $ — $ 79,635 $ 79,635 Gross unrealized gains — — 16,973 16,973 Gross unrealized losses — — (6,753) (6,753) Allowance for credit losses — — (2,482) (2,482) Total Carrying Value $ — $ — $ 87,373 $ 87,373 September 30, 2024 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ 32,356 $ 32,178 $ 38,208 $ 102,742 Multifamily securities — 2,881 4,504 7,385 Sequoia securities — — 95,234 95,234 Total Fair Value $ 32,356 $ 35,059 $ 137,946 $ 205,361 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ — $ — $ 3,971 $ 3,971 Multifamily securities — — 4,460 4,460 Sequoia securities — — 78,942 78,942 Total Fair Value $ — $ — $ 87,373 $ 87,373 Gains and losses from the sale of AFS securities are recorded as Realized gains, net, in our consolidated statements of income. During the nine months ended September 30, 2024, we did not sell any AFS securities. During the nine months ended September 30, 2023, we realized gains of $2 million on sales of AFS securities. During the three and nine months ended September 30, 2024, we had $7 million and $17 million of net unrealized gains on AFS securities, respectively. At September 30, 2024, we had $46 million of AFS securities with contractual maturities less than five years, $5 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. 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 September 30, 2024 and December 31, 2023. Table 9.3 – 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) September 30, 2024 $ 15,077 $ (44) $ 20,809 $ (4,269) December 31, 2023 2,374 (128) 27,299 (6,625) At September 30, 2024, after giving effect to purchases, sales, and extinguishment due to credit losses, our consolidated balance sheets included 88 AFS securities, of which 14 were in an unrealized loss position and 11 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. Allowance for Credit Losses Credit impairments on our available-for-sale securities are recorded in earnings using an allowance for credit losses, with the allowance limited to the amount by which the security's fair value is less than its amortized cost basis. 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). The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the beneficial interest’s amortized cost and the estimate of cash flows expected to be collected, discounted at the effective interest rate used to accrete the beneficial interest. No allowance is recorded for beneficial interests in an unrealized gain position. At September 30, 2024, our allowance for credit losses related to our AFS securities was $0.9 million. The following table details the activity related to the allowance for credit losses for AFS securities for the three and nine months ended September 30, 2024. Table 9.4 – Rollforward of Allowance for Credit Losses Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In Thousands) Beginning balance allowance for credit losses $ 1,339 $ 2,482 Additions to allowance for credit losses on securities for which credit losses were not previously recorded 25 25 Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (497) (1,640) Reduction to allowance for securities sold during the period — — Ending balance of allowance for credit losses $ 867 $ 867

Home Equity Investments (HEI)

Home Equity Investments (HEI)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Home Equity Investments (HEI)	Home Equity Investments (HEI) We invest in HEI contracts from third party originators and 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. We co-sponsored two HEI securitization entities that we consolidated 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 September 30, 2024 and December 31, 2023. Table 10.1 – Home Equity Investments (In Thousands) September 30, 2024 December 31, 2023 HEI at Redwood $ 255,521 $ 244,719 HEI held at consolidated HEI securitization entities 334,559 305,717 Total Home Equity Investments $ 590,080 $ 550,436 The following table details our HEI activity during the three and nine months ended September 30, 2024 and 2023. Table 10.2 – Activity of HEI Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 460 $ — $ 113 $ — Net market valuation gains (losses) recorded 5,812 19,408 9,290 4,212 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 1,066 $ — $ 25,626 $ — Net market valuation gains (losses) recorded 23,618 51,861 21,598 8,418 The following table provides the components of HEI income, net for the three and nine months ended September 30, 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 (In Thousands) Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Net market valuation gains recorded on HEI at Redwood $ 5,812 $ 9,291 Net market valuation gains recorded on Securitized HEI 19,407 4,212 Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) (5,964) (1,512) Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (8,604) (1,732) Total HEI income, net $ 10,651 $ 10,259 (In Thousands) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Net market valuation gains recorded on HEI at Redwood $ 23,618 $ 21,599 Net market valuation gains recorded on Securitized HEI 51,859 8,418 Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) (18,845) (3,274) Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (21,111) (3,298) Total HEI income, net $ 35,521 $ 23,445 (1)

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other Investments at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) September 30, 2024 December 31, 2023 Servicer advance investments, at fair value $ 212,446 $ 225,345 Strategic investments, at carrying value 66,054 53,147 Strategic investments, at fair value 2,960 2,960 Excess MSRs, at fair value 33,491 37,367 MSRs, at fair value 26,594 24,877 Other, at fair value 92 234 Total Other Investments $ 341,637 $ 343,930 We account for our Servicer advance investments, Strategic investments, Excess MSRs and MSRs at fair value. Refer to Note 6 for further information on the inputs into the fair valuation of these components. 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 these components and related transactions. Income from Other Investments for the three and nine months ended September 30, 2024 are summarized in the following table. Table 11.2 – Components of Income From Other Investments, net (1) Three Months Ended Nine Months Ended (In Thousands) September 30, 2024 September 30, 2024 Service Advance Investments: Other interest income $ 4,435 $ 14,301 Investment fair value changes, net (2,725) 8,252 Strategic Investments: Other income, net (52) (997) Investment fair value changes, net (236) (1,036) Excess MSRs: Other interest income 3,192 9,815 Investment fair value changes, net (1,263) (3,876) MSRs: Other income, net 251 8,025 Total Other Investments Income, Net $ 3,602 $ 34,484 (1) Market valuation gains (losses) on Other investments accounted for under the fair value option are recorded in Investment fair value changes, net. All other market valuation gains (losses) on Other investments are recorded in Other income, etc. Strategic Investments At September 30, 2024, we have investments in private companies, including investments through our RWT Horizons venture investment platform, with a total carrying value of $69 million. Depending on the terms of the investments, we may account for these investments under the fair value option or as non-marketable equity securities under the equity method of accounting or the measurement alternative available for such securities under US GAAP. Refer to Note 3 and 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 these investments. In the second quarter of 2023, we established a joint venture with an institutional investment manager to invest in residential investor bridge loans originated by our CoreVest subsidiary. At September 30, 2024, the carrying value of our investment in the joint venture was $6 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. For both the three and nine months ended September 30, 2024, we recognized net equity method earnings of $0.1 million and $0.3 million, respectively, through Other income, net in our Consolidated statements of income. In the first quarter of 2024, we established a joint venture with another institutional investment manager to invest in residential investor bridge and term loans originated by us. At September 30, 2024, the carrying value of our investment in the joint venture was $16 million. We account for our investment in the joint venture under the equity method of accounting as we have a minority non-controlling interest approximating 20% 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, but we 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. We recognized net equity method earnings of $1 million for both the three and nine months ended September 30, 2024, through Other income, net in our Consolidated statements of income. See Note 8 for further information on residential bridge loans sold to these joint ventures.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments To manage, to varying degrees, risks associated with certain assets and liabilities on our consolidated balance sheets, we may enter into derivative contracts. We account for our derivative contracts, including loan purchase commitments ("LPCs") and interest rate lock commitments ("IRLCs") qualifying as derivatives under GAAP, at fair value. 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 September 30, 2024, we assessed this risk as remote and did not record an associated specific valuation adjustment. At September 30, 2024, we were in compliance with our derivative counterparty ISDA agreements. The following table presents the fair value and notional amount of our derivatives at September 30, 2024 and December 31, 2023. Table 12.1 – Fair Value and Notional Amount of Derivatives September 30, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs 195 125,000 952 385,000 Interest rate futures 5,622 715,900 — — Swaptions 70,151 6,295,000 — — Assets - Other Derivatives LPCs and IRLCs 2,965 638,536 11,518 216,194 Total Assets (1) $ 78,933 $ 7,774,436 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ — $ — $ (27,020) $ 1,405,000 Interest rate futures (4,143) 1,076,400 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (3,834) 701,770 (3,414) 430,983 Total Liabilities (1) $ (7,977) $ 1,778,170 $ (33,828) $ 1,977,483 Total Derivatives, Net (1) $ 70,956 $ 9,552,606 $ (19,616) $ 2,628,677 (1) For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis. The following table presents the market valuation gains and losses on our derivatives for the three and nine months ended September 30, 2024. Table 12.2 – Market Valuation Gains (Losses) on Derivatives Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In Thousands) Risk Management Derivatives (1) $ 27,419 $ 27,556 LPCs and IRLCs (2) 9,801 11,331 Market Valuation Gains (Losses) on Derivatives $ 37,220 $ 38,887 (1) Market valuation gains (losses) on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income. (2) Market valuation gains (losses) on LPCs and IRLCs are 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 $65 million and $68 million at September 30, 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 each of the three and nine months ended September 30, 2024 and 2023, we reclassified $1 million and $3 million of realized net losses from Accumulated other comprehensive loss into Interest expense, respectively. As of September 30, 2024, we expect to amortize $4 million of realized losses related to terminated cash flow hedges into interest expense over the next twelve months.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities Certain of our derivatives and debt obligations 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. Refer to Note 3 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 our master netting arrangements. The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with the corresponding financial instruments and corresponding collateral received or pledged at September 30, 2024 and December 31, 2023. Table 13.1 – Offsetting of Financial Assets, Liabilities, and Collateral (In Thousands) 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 September 30, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 70,151 $ — $ 70,151 $ — $ (70,151) $ — TBAs 195 — 195 — (195) — Futures 5,622 — 5,622 (3,880) — 1,742 Total Assets $ 75,968 $ — $ 75,968 $ (3,880) $ (70,346) $ 1,742 Liabilities (2) Futures $ (4,143) $ — $ (4,143) $ 3,880 $ 263 $ — Loan warehouse debt (679,080) — (679,080) 679,080 — — Total Liabilities $ (683,223) $ — $ (683,223) $ 682,960 $ 263 $ — 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) — — 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)

Other Assets and Liabilities

Other Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities Other Assets Other assets at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.1 – Components of Other Assets (In Thousands) September 30, 2024 December 31, 2023 Accrued interest receivable $ 103,035 $ 69,072 Real estate owned 94,598 93,599 Investment receivable 67,576 67,302 Deferred tax asset 40,116 40,115 Margin receivable 27,090 33,414 Goodwill 23,373 23,373 Intangible assets 21,252 28,462 Operating lease right-of-use assets 9,759 12,532 Fixed assets and leasehold improvements (1) 6,140 7,829 Other 34,748 27,246 Total Other Assets $ 427,687 $ 402,944 (1) Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $12 million at September 30, 2024. Real Estate Owned (REO) The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Freddie Mac SLST, and CAFL entities during the three and nine months ended September 30, 2024. Table 14.2 – REO Activity Three Months Ended September 30, 2024 (In Thousands) Bridge (1) Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 86,092 $ 2,527 $ 11,266 $ 99,885 Transfers to REO — 967 — 967 Liquidations (2) (1,606) (733) (5) (2,344) Changes in fair value, net (2) (3,992) 82 — (3,910) Balance at End of Period $ 80,494 $ 2,843 $ 11,261 $ 94,598 Nine Months Ended September 30, 2024 (In Thousands) Bridge (1) Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 87,757 $ 3,158 $ 2,684 $ 93,599 Transfers to REO 3,951 2,267 8,582 14,800 Liquidations (2) (1,733) (3,067) (5) (4,805) Changes in fair value, net (2) (9,481) 485 — (8,996) Balance at End of Period $ 80,494 $ 2,843 $ 11,261 $ 94,598 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the three and nine months ended September 30, 2024, REO market valuation adjustments and liquidations resulted in net valuation losses of $4 million and $9 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.3 – Components of Accrued Expenses and Other Liabilities (In Thousands) September 30, 2024 December 31, 2023 Payable to noncontrolling interests $ 104,444 $ 81,177 Margin payable 74,378 350 Accrued interest payable 74,097 52,755 Accrued compensation 31,294 28,140 Operating lease liabilities 11,707 14,725 Accrued operating expenses 11,308 5,527 Accrued taxes payable 11,166 — Current accounts payable 6,504 4,992 Unsettled trades 4,107 — Guarantee obligations 3,753 5,781 Residential consumer loan and MSR repurchase reserve 3,556 4,700 Bridge loan holdbacks (1) 2,148 2,059 Preferred stock dividends payable 1,478 1,478 Other 35,547 15,119 Total Accrued Expenses and Other Liabilities $ 375,487 $ 216,803 (1) Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan. Legal and Repurchase Reserves See Note 18 for additional information on legal and repurchase reserves. Payable to Non-Controlling Interests 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 11 and Note 15 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 September 30, 2024, the carrying value of their interests was $24 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 and nine months ended September 30, 2024, we allocated $26 thousand and $4 million of income to the co-investors, respectively, recorded in Other expenses on our consolidated statements of income. Additionally, 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

Principles of Consolidation

Principles of Consolidation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation In the normal course of business, we enter into certain types of transactions with entities that are considered to be VIEs. The Company's primary involvement with VIEs has been related to its securitization transactions in which it transfers assets to securitization vehicles. We primarily securitize our acquired and originated loans, which provides a source of funding and has enabled us to transfer a certain portion of economic risk on loans or related debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. See Note 2 for further information on our accounting policies regarding our Principles of consolidation. 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 For certain of our consolidated VIEs, we have elected to account for the assets and liabilities of these entities pursuant to the measurement alternative available to CFEs. 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 fair value or amortized cost. These include two CAFL bridge loan securitizations and a Freddie Mac SLST re-securitization for which the ABS are accounted at amortized cost and a Sequoia re-securitization completed during the third quarter of 2024 for which the ABS are accounted at fair value. See Note 16 for additional information regarding the Sequoia re-securitization. The following table presents a summary of the assets and liabilities of our consolidated VIEs. Table 15.1 – Assets and Liabilities of Consolidated VIEs September 30, 2024 Sequoia (2) CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 8,476,004 $ — $ 1,318,806 $ — $ — $ — $ 9,794,810 Residential investor loans, held-for-investment — 3,269,215 — — — — 3,269,215 Consolidated Agency multifamily loans — — — 425,648 — — 425,648 Real estate securities 83,229 — — — — — 83,229 Home equity investments — — — — — 334,559 334,559 Other investments — — — — 241,885 — 241,885 Cash and cash equivalents — — — — 24,632 — 24,632 Restricted cash 145 16,838 — — 14,011 6,247 37,241 Accrued interest receivable 39,461 18,328 4,584 1,251 775 — 64,399 Other assets — 25,440 2,843 — 8,357 414 37,054 Total Assets $ 8,598,839 $ 3,329,821 $ 1,326,233 $ 426,899 $ 289,660 $ 341,220 $ 14,312,672 Short-term debt $ — $ — $ — $ — $ 155,986 $ — $ 155,986 Accrued interest payable 35,096 9,455 4,161 1,125 356 — 50,193 Accrued expenses and other liabilities 1,263 7,683 — — 38,994 80,863 128,803 Asset-backed securities issued 8,336,670 2,870,257 1,207,186 391,193 — 214,209 13,019,515 Total Liabilities $ 8,373,029 $ 2,887,395 $ 1,211,347 $ 392,318 $ 195,336 $ 295,072 $ 13,354,497 Value of our investments in VIEs (1) $ 222,631 $ 440,160 $ 114,463 $ 34,455 $ 94,324 $ 46,148 $ 952,181 Number of VIEs 52 21 3 1 3 2 82 December 31, 2023 Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 4,780,203 $ — $ 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 163 33,921 — — — 10,821 44,905 Accrued interest receivable 20,029 20,806 4,821 1,320 822 — 47,798 Other assets — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 4,800,395 $ 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 16,293 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 4,568,660 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 4,584,953 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 211,638 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 42 21 3 1 3 2 72 (1) The 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. At September 30, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election were $339 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 $26 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. At September 30, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $268 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. (2) Additionally, the ABS from a Sequoia re-securitization completed during the third quarter of 2024 are not accounted for under the CFE election and are accounted for at fair value (included within the Sequoia column at September 30, 2024). At September 30, 2024, the fair value of our interests in consolidated Sequoia securitizations accounted for under the CFE election was $332 million, with the difference in value of our investments in these VIEs reflected in the September 30, 2024 table above representing $194 million of ABS issued at fair value. Unconsolidated VIEs with Continuing Involvement We have transferred residential consumer loans to certain Sequoia securitization entities sponsored by us that are still outstanding as of September 30, 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 presents additional information at September 30, 2024 and December 31, 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 15.2 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) September 30, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 33,743 $ 31,690 Subordinate securities, classified as AFS 95,234 78,942 Mortgage servicing rights 11,401 10,885 Maximum loss exposure (1) $ 140,378 $ 121,517 (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.

Asset-Backed Securities Issued

Asset-Backed Securities Issued	9 Months Ended
	Sep. 30, 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 15 for additional detail) with the remainder carried at amortized cost. The carrying values of ABS issued by our consolidated securitization entities at September 30, 2024 and December 31, 2023, along with other selected information, are summarized in the following table. Table 16.1 – Asset-Backed Securities Issued September 30, 2024 Unpaid Principal Balance Fair Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 8,789,284 $ 8,336,670 2.67% to 8.51% 2024-2054 52 CAFL 2,602,033 2,568,074 2.74% to 7.89% 2027-2033 18 Freddie Mac SLST 1,092,540 1,053,882 3.50% 2028-2029 2 Freddie Mac K-Series 395,982 391,194 3.41% 2025 1 HEI 215,415 214,209 3.94% to 6.71% 2052-2053 2 ABS Issued at Fair Value $ 13,095,254 $ 12,564,029 CAFL 302,184 302,184 2.31% to 4.35% 2029 2 Freddie Mac SLST 155,977 153,303 7.50% 2059 1 ABS Issued at Amortized Cost $ 458,161 $ 455,487 Total ABS Issued $ 13,553,415 $ 13,019,516 December 31, 2023 Unpaid Principal Balance Fair Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 5,151,646 $ 4,568,660 2.67% to 6.66% 2024-2053 42 CAFL 2,987,825 2,879,913 2.69% to 7.89% 2027-2033 19 Freddie Mac SLST 1,147,111 1,088,225 3.50% 2028-2029 2 Freddie Mac K-Series 402,400 391,977 3.55% 2025 1 HEI 233,131 222,488 3.86% to 6.70% 2052-2053 2 ABS Issued at Fair Value $ 9,922,113 $ 9,151,263 CAFL 485,000 483,065 2.34% to 4.36% 2029 2 Freddie Mac SLST 181,546 177,552 7.50% 2059 1 ABS Issued at Amortized Cost $ 666,546 $ 660,617 Total ABS Issued $ 10,588,659 $ 9,811,880 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 September 30, 2024, the majority of the ABS issued and outstanding had contractual maturities beyond five years. See Note 15 for detail on the carrying value components of the collateral for ABS issued and outstanding. During the third quarter of 2024, we transferred subordinate securities we owned in certain consolidated and unconsolidated Sequoia securitization trusts to a Sequoia re-securitization trust that we sponsored, which we determined was a VIE. At issuance, we sold $205 million (principal balance) of ABS issued to third parties at a discount and elected to account for the ABS issued under the fair value option, with changes in the fair value of the ABS reported through our consolidated statements of income (loss) in Investment fair value changes, net. The stated coupon of the ABS issued was approximately 8.5% at issuance, increasing by 3.0% after the payment date occurring in July 2026. The ABS issued are subject to an optional redemption beginning in July 2025 and have a final stated maturity in December 2054. At issuance, we retained 100% of the remaining beneficial ownership interest in the trust through ownership of a subordinate security issued by the trust. We maintained certain discretionary rights associated with the ownership of this investment that we determined reflected a controlling financial interest in the trust and as such, we consolidated the trust. At September 30, 2024, the collateral for the Sequoia re-securitization trust included $83 million of Sequoia securities we owned from unconsolidated Sequoia securitization trusts as well as $152 million of Sequoia securities that we have retained from certain consolidated Sequoia securitization entities. The Sequoia re-securitization ABS are included in "Sequoia" in Table 16.1 above at September 30, 2024. See Note 15 for further information regarding our Principles of consolidation on this trust. For additional information related to certain of our asset-backed securities issued that are presented above, see Note 15 to the Consolidated Financial Statements of our 2023 Annual Report on Form 10-K.

Debt Obligations, Net

Debt Obligations, Net	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations, Net	Debt Obligations, Net We enter into loan warehouse facilities, repurchase agreements ("repo"), recourse subordinate securities financings, and other forms of collateralized (and generally uncommitted) borrowings with several banks and major investment banking firms. We use debt to finance the acquisition and/or origination of residential consumer and residential investor mortgage loans (including those we acquire or originate in anticipation of sale or securitization), and to finance investments in securities and other investments. Additionally, we use corporate debt obligations to fund other aspects of our business and operations, including the repurchase of shares of our capital stock. At September 30, 2024, we had outstanding agreements on debt obligations with several counterparties and we were in compliance with all of the related covenants. Refer to Note 3 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 these investments. Refer to Note 14 and Note 16 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 our debt obligations. The following tables summarize our debt obligations at September 30, 2024 and December 31, 2023. Table 17.1 – Debt Obligations, Net September 30, 2024 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Warehouse Facilities and Other: Residential consumer loan warehouse facilities 7 $ 1,269,512 $ 1,269,512 $ 2,675,000 6.69 % 10/2024-5/2025 $ 1,350,551 Residential investor loan warehouse facilities 3 277,536 276,827 900,000 8.29 % 6/2025-7/2025 422,636 Real estate securities repurchase facilities 6 185,393 185,393 — 6.45 % 10/2024-1/2025 250,416 Residential MSR warehouse facility 1 54,306 54,306 75,000 8.25 % 10/2024 80,392 HEI warehouse facility 1 100,302 100,302 150,000 9.52 % 11/2024 210,288 Servicer advance financing 1 156,116 155,986 240,000 7.31 % 12/2024 212,446 Recourse Subordinate Securities Financing: CAFL securities (3) 1 269,037 267,833 N/A 7.54 % 9/2028 324,874 Long-Term Warehouse Facilities: Residential Investor Facilities 4 696,671 695,431 1,625,000 8.16 % 10/2025-6/2026 987,286 Corporate Debt: Promissory notes (2) (3) 3 13,663 13,663 — 7.02 % N/A — Corporate Secured Revolving Financing Facility 1 150,000 144,281 250,000 10.02 % 3/2026 290,320 5.75% exchangeable senior notes (3) 1 156,666 155,772 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 207,410 203,525 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,848 N/A 7.77 % 1/2037, 7/2037 N/A 9.125% Senior Notes (3) 1 60,000 57,776 N/A 9.13 % 3/2029 N/A 9.0% Senior Notes (3) 1 85,000 81,991 N/A 9.00 % 9/2029 N/A Total Debt Obligations $ 3,821,112 $ 3,801,446 $ 4,129,209 December 31, 2023 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Warehouse Facilities and Other: Residential consumer loan warehouse facilities 4 $ 796,537 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 $ 907,742 Residential investor loan warehouse facilities 2 71,851 71,719 455,000 8.14 % 5/2024-6/2024 95,225 Real estate securities repurchase facilities 3 82,622 82,622 — 7.01 % 1/2024-3/2024 122,110 Residential MSR warehouse facility 1 47,858 47,858 50,000 8.60 % 10/2024 76,560 HEI warehouse facility 1 122,659 122,659 150,000 9.89 % 8/2024 237,973 Servicer advance financing 1 154,369 153,654 240,000 7.71 % 12/2024 225,345 Recourse Subordinate Securities Financings: Sequoia securities (3) 1 124,552 124,552 N/A 7.21 % 9/2024 175,096 CAFL securities 1 (3) 1 101,228 101,228 N/A 5.71 % 2/2025 124,793 CAFL securities 2 (3) 1 57,982 57,982 N/A 4.75 % 6/2026 112,813 Long Term Warehouse Facilities: Residential Investor Facilities 6 1,023,384 1,021,708 2,350,000 8.14 % 3/2025-12/2026 1,327,907 Corporate Debt: Promissory notes (2) (3) 3 16,063 16,063 N/A 6.97 % N/A — 5.625% convertible senior notes (3) 1 142,977 142,558 N/A 5.63 % 7/2024 N/A 5.75% exchangeable senior notes (3) 1 156,666 155,138 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 210,910 206,032 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,813 N/A 7.90 % 1/2037, 7/2037 N/A Total Debt Obligations $ 3,249,158 $ 3,239,123 $ 3,405,564 (1) Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread. (2) Promissory notes payable on demand to lender with 90-day notice. (3) Borrowing has a fixed interest rate at period end. During the three months ended September 30, 2024, we terminated two recourse subordinate financing facilities entered into in 2020 and 2021, and entered into a new recourse subordinate financing facility providing non-marginable debt financing of certain securities retained from our consolidated CAFL securitizations. This financing is fully and unconditionally guaranteed by Redwood, with an interest rate of approximately 7.54% through September 2027, increasing to 10.54% from October 2027 through September 2028. This financing facility may be terminated at our option, beginning in September 2026, and has a final stated maturity in September 2028. In March 2024, we entered into a corporate secured revolving financing facility to provide non-marginable 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. This facility has a capacity of $250 million and a two one 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. In June 2024, Redwood issued $85 million of 9.0% Senior Notes due in 2029. The Senior Notes are senior unsecured obligations of Redwood and bear interest at a rate equal to 9.0% per year, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2024. The Senior Notes mature on September 1, 2029. We may redeem the Senior Notes, in whole or in part, at any time on or after September 1, 2026 at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. During the three months ended September 30, 2024, we repaid our 5.625% convertible senior notes and our Sequoia recourse subordinate securities financing in full. During the nine months ended September 30, 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments At September 30, 2024, we were obligated under eight non-cancelable operating leases with expiration dates through 2031 for $13 million of cumulative lease payments. For both the nine-months ended September 30, 2024 and 2023, our operating lease expense was $4 million, respectively. During the three and nine months ended September 30, 2024, we entered into one new office lease with a lease term of greater than one year. This lease has aggregate total lease payments of $3 million and a lease term of five years commencing on the later of March 1, 2025 or the completion of certain improvements and renovations provided by the landlord. At September 30, 2024, our operating lease liabilities were $12 million, which were a component of Accrued expenses and other liabilities Other assets Commitment to Fund Residential Investor Bridge Loans As of September 30, 2024, we had commitments to fund up to $429 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 September 30, 2024, we carried a $1 million contingent liability related to these commitments to fund construction advances. During the three and nine months ended September 30, 2024, we recorded net market valuation income of $0.5 million and a net market valuation expense of $1 million, respectively, related to this liability through Investment of fair value changes, net and on our consolidated statements of income. Commitment to Fund Joint Ventures In the first quarter of 2024, we entered into a joint venture with an institutional investment manager pursuant to which 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. We have committed approximately $100 million of equity capital to be allocated to the joint venture entities and joint venture co-investments to be held in Redwood's investment portfolio. At September 30, 2024, we had contributed $15 million of capital to the joint venture. In the second quarter of 2023, we entered into a joint venture with another institutional investment manager to invest in residential investor bridge loans originated by our CoreVest subsidiary. 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 September 30, 2024, we had contributed $5 million of capital to the joint venture. For additional information related to our commitments and contingencies, see Note 17 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. 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. As of September 30, 2024, we were not aware of any material unsettled repurchase claims. 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 .” For additional information related to our commitments and contingencies, see Note 17 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity The following tables provide a summary of changes to Accumulated other comprehensive income (loss) by component for three and nine months ended September 30, 2024 and 2023. Table 19.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of period $ 18,786 $ (66,118) $ (47,332) $ 8,165 $ (70,256) $ (62,091) Other comprehensive income (loss) 7,373 — 7,373 (3,921) — (3,921) Amounts reclassified from other (472) 1,040 568 234 1,040 1,274 Net current-period other comprehensive income (loss) 6,901 1,040 7,941 (3,687) 1,040 (2,647) Balance at End of Period $ 25,687 $ (65,078) $ (39,391) $ 4,478 $ (69,216) $ (64,738) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of period $ 10,219 $ (68,176) $ (57,957) $ 3,435 $ (72,303) $ (68,868) Other comprehensive income 17,083 — 17,083 398 — 398 Amounts reclassified from other (1,615) 3,098 1,483 645 3,087 3,732 Net current-period other comprehensive income (loss) 15,468 3,098 18,566 1,043 3,087 4,130 Balance at End of Period $ 25,687 $ (65,078) $ (39,391) $ 4,478 $ (69,216) $ (64,738) The following tables provide a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023. Table 19.2 – Reclassifications Out of Accumulated Other Comprehensive Loss Amount Reclassified From Affected Line Item in the Three Months Ended September 30, (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 $ (472) $ (66) Loss (gain) on sale of AFS securities Realized gains, net — 300 $ (472) $ 234 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 1,040 $ 1,040 $ 1,040 $ 1,040 Amount Reclassified From Affected Line Item in the Nine Months Ended September 30, (In Thousands) Income Statement 2024 2023 Net Realized (Gain) Loss on AFS Securities (Decrease) increase in allowance for credit losses on AFS securities Investment fair value changes, net $ (1,615) $ 33 Loss (gain) on sale of AFS securities Realized gains, net — 612 $ (1,615) $ 645 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 3,098 $ 3,087 $ 3,098 $ 3,087 We have an established program to sell common stock from time to time in at-the-market ("ATM") offerings. During the nine months ended September 30, 2024, we did not issue any shares of common stock under this program. At September 30, 2024, the remaining share issuance capacity under this program was approximately $50 million. 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 and nine months ended September 30, 2024, the Company declared preferred stock dividends of $0.625 and $1.8750 per preferred share, respectively. At September 30, 2024, preferred dividends payable totaling $1 million for the third quarter 2024 dividend were included in Accrued expenses and other liabilities and were payable on October 15, 2024 to preferred stockholders of record on October 1, 2024. Direct Stock Purchase and Dividend Reinvestment Plan During the three months ended September 30, 2024, we did not issue any shares of common stock through our Direct Stock Purchase and Dividend Reinvestment Plan. At September 30, 2024, approximately six million shares remained outstanding for future offerings under this plan. Common Stock Warrants In conjunction with establishing the joint venture with an institutional investment manager 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 an institutional investment manager 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. See Note 20 for discussion on the impact of the Warrants on earnings per common share. For additional information related to our equity, see Note 18 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings per Common Share The following table provides the basic and diluted earnings per common share computations for the three and nine months ended September 30, 2024 and 2023. Table 20.1 – Basic and Diluted Earnings per Common Share Three Months Ended September 30, Nine Months Ended September 30, (In Thousands, except Share Data) 2024 2023 2024 2023 Basic Earnings (Loss) per Common Share: Net income (loss) available related) to common stockholders $ 13,076 $ (32,560) $ 55,365 $ (28,244) Less: Dividends and undistributed earnings allocated to participating securities (1,088) (792) (3,116) (3,072) Net income (loss) available (related) to common stockholders $ 11,988 $ (33,352) $ 52,249 $ (31,316) Basic weighted average common shares outstanding 132,218,180 115,465,977 131,969,039 114,381,548 Basic Earnings (Loss) per Common Share $ 0.09 $ (0.29) $ 0.40 $ (0.27) Diluted Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 13,076 $ (32,560) $ 55,365 $ (28,244) Less: Dividends and undistributed earnings allocated to participating securities (1,088) (792) (3,116) (3,072) Net income (loss) available (related) to common stockholders $ 11,988 $ (33,352) $ 52,249 $ (31,316) Weighted average common shares outstanding 132,218,180 115,465,977 131,969,039 114,381,548 Net effect of dilutive equity awards 139,517 — 49,122 — Net effect of assumed convertible notes conversion to common shares — — — — Diluted weighted average common shares outstanding 132,357,697 115,465,977 132,018,161 114,381,548 Diluted Earnings (Loss) per Common Share $ 0.09 $ (0.29) $ 0.40 $ (0.27) 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 and nine months ended September 30, 2024 and 2023, none of our convertible or exchangeable senior 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 senior 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. During the three and nine months ended September 30, 2024, none of our Warrants were determined to be 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 average market value per share of our common stock exceeds the strike price of the Warrants. For the three and nine months ended September 30, 2024, 29,335,176 and 33,167,991 of common shares, respectively, related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three and nine months ended September 30, 2023, 40,763,478 and 43,910,345 of common shares, respectively, related to the assumed conversion of our convertible and exchangeable senior notes, were antidilutive and were excluded in the calculation of diluted earnings per share. For the three and nine months ended September 30, 2024, the number of outstanding equity awards that were antidilutive totaled 19,032 and 61,569 common shares, respectively. For the three and nine months ended September 30, 2023, the number of outstanding equity awards that were antidilutive totaled 24,539 and 81,267 common shares, respectively. For additional information regarding EPS, see Note 18 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

General and Administrative Expe

General and Administrative Expenses	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
General and Administrative Expenses	General and Administrative Expenses Components of our general and administrative expenses for the three and nine months ended September 30, 2024 and 2023 are presented in the following table. Table 21.1 – Components of General and Administrative Expenses Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Fixed compensation expense (1) $ 12,847 $ 12,579 $ 42,177 $ 40,724 Long-term incentive award expense (2) 7,839 5,013 21,664 19,192 Annual variable compensation expense 6,631 3,383 13,599 10,575 Systems and consulting 3,398 3,108 9,853 9,074 Office costs 1,720 2,131 5,878 6,460 Accounting and legal 1,087 1,307 3,093 3,402 Corporate costs 865 959 2,722 2,845 Other 1,621 1,217 4,875 3,785 Total General and Administrative Expenses $ 36,008 $ 29,697 $ 103,861 $ 96,057 (1) Includes $2 million and $2 million of severance and transition-related expenses for the nine months ended September 30, 2024 and 2023, respectively. (2) Includes $1 million of equity amortization expense related to employee terminations for both the nine months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, long-term incentive award expense included $4 million and $3 million of expense, respectively, for awards settleable in shares of our common stock, and $3 million and $2 million of expense, respectively, for awards settleable in cash. For the nine months ended September 30, 2024 and 2023, long-term incentive award expense included $16 million and $14 million of expense, respectively, for awards settleable in shares of our common stock, and $6 million and $5 million of expense, respectively, for awards settleable in cash. For additional information related to cash-settled, long-term incentive awards, see Note 22 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Taxes

Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Taxes	Taxes The Company's effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes and REIT GAAP income not subject to federal income tax. The Company's effective tax rate was 17.2% and (2.8)% for the three months ended September 30, 2024 and 2023. We assessed our tax positions for all open tax years (i.e., Federal, 2020 to 2024, and State, 2019 to 2024) at September 30, 2024 and December 31, 2023, and concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits. As of September 30, 2024, the Company has a valuation allowance of $117 million for certain state deferred tax assets, as it is more likely than not that those assets will not be realized. The Company considers all available evidence, both positive and negative, to analyze the realizability of deferred tax assets. After evaluating these sources of taxable income, and considering the jurisdiction and character of the deferred tax assets, the Company continues to recognize its federal and certain state deferred tax assets of $40 million at September 30, 2024, as it believes it is more likely than not that the net deferred tax assets will be realized.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2024, we issued $40 million of 7.75% Convertible Senior Notes due in 2027 in a private offering, resulting in net proceeds to us of approximately $38 million. We issued these Notes through a reopening of our 7.75% Convertible Senior Notes due in 2027, which the Company originally issued in June 2022. The proceeds from the October 2024 issuance were primarily used to repurchase approximately $33 million of the principal balance of our outstanding Exchangeable Senior Notes due in 2025, which mature in October 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,826	$ (30,810)	$ 60,622	$ (23,317)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements presented herein are at September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 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") and U.S. generally accepted accounting principles ("GAAP"). Certain disclosures typically included in our annual financial statements may be condensed or omitted from these interim financial statements, as permitted. 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 September 30, 2024 and results of operations for all periods presented. The results of operations for the three and nine months ended September 30, 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 these updates. All prior period references in this document were conformed to this presentation.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the entities where the Company has a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. The Company has a controlling financial interest in and consolidates a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits for the VIE that could potentially be significant to the VIE. See Note 15 for further information about VIEs. For entities that are not VIEs, we have a controlling financial interest in entities where we hold a majority of the voting rights. We use the equity method to account for our interest in entities in which we do not have a controlling financial interest, but over which we have significant influence. For financial reporting purposes, we consolidate the assets and liabilities of certain entities formed in connection with the securitization of our loans and home equity investments ("HEI"), which we have determined to be VIEs and in which we have a controlling financial interest. The underlying loans owned at the consolidated securitization entities are shown under Residential consumer loans and Residential investor loans on our consolidated balance sheets. 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. The asset-backed securities (“ABS”) issued to third parties by these entities are shown under ABS issued. See Note 16 for further discussion on ABS issued. The underlying HEI at the consolidated HEI securitization entities are shown under Home equity investments on our consolidated balance sheets and the associated fair value changes and interest expense associated with ABS issued are shown under HEI income, net on our consolidated statements of income (loss). See Note 10 for further discussion on HEI. 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 In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This ASU requires enhanced disclosures primarily about significant segment expenses that are regularly provided to the chief operating decision maker. 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 expect that this new guidance will result in additional disclosures in our consolidated financial statements and 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." This ASU requires incremental disclosures primarily related to the reconciliation of the statutory income tax rate to the effective income tax rate, as well as income taxes paid. 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 expect that this new guidance will result in additional disclosures in our consolidated financial statements and plan to adopt this new guidance by the required date. The Company reviewed other recently issued ASUs and determined that they were not expected to have a significant impact on the Company's consolidated financial statements when adopted or did not have a significant impact on the Company's consolidated financial statements upon adoption.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Business Segment Financial Information	The following tables present financial information by segment for the three and nine months ended September 30, 2024 and 2023. Table 4.1 – Business Segment Financial Information Three Months Ended September 30, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 26,318 $ 4,868 $ 217,057 $ 400 $ 248,643 Interest expense (16,770) (3,099) (184,319) (18,957) (223,145) Net interest income (expense) 9,548 1,769 32,738 (18,557) 25,498 Non-interest income (loss) Mortgage banking activities, net 26,715 12,854 — — 39,569 Investment fair value changes, net — — (11,966) (236) (12,202) HEI income, net — — 10,651 — 10,651 Other income, net — 5,434 426 135 5,995 Realized gains, net — — 211 — 211 Total non-interest income (loss), net 26,715 18,288 (678) (101) 44,224 General and administrative expenses (5,240) (9,306) (701) (20,761) (36,008) Portfolio management costs — — (6,324) (32) (6,356) Loan acquisition costs (1,291) (1,885) — — (3,176) Other expenses — (2,202) (26) — (2,228) (Provision for) benefit from income taxes (6,977) (981) 606 224 (7,128) Segment Contribution $ 22,755 $ 5,683 $ 25,615 $ (39,227) Net Income $ 14,826 Non-cash amortization (expense), net $ (271) $ (2,422) $ 1,016 $ (2,863) $ (4,540) Total Assets $ 1,543,380 $ 357,432 $ 16,151,156 $ 375,458 $ 18,427,426 Nine Months Ended September 30, 2024 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 61,728 $ 15,647 $ 598,696 $ 2,729 $ 678,800 Interest expense (34,958) (11,480) (506,429) (50,932) (603,799) Net interest income (expense) 26,770 4,167 92,267 (48,203) 75,001 Non-interest income (loss) Mortgage banking activities, net 40,787 32,262 — — 73,049 Investment fair value changes, net — — 11,770 (1,037) 10,733 HEI income, net — — 35,521 — 35,521 Other income, net — 7,233 10,371 (810) 16,794 Realized gains, net — — 525 95 620 Total non-interest income (loss), net 40,787 39,495 58,187 (1,752) 136,717 General and administrative expenses (14,986) (30,407) (3,517) (54,951) (103,861) Portfolio management costs — — (14,746) (71) (14,817) Loan acquisition costs (2,843) (5,982) (244) (8) (9,077) Other expenses — (7,210) (3,556) — (10,766) (Provision for) benefit from income taxes (10,031) 706 (3,454) 204 (12,575) Segment Contribution $ 39,697 $ 769 $ 124,937 $ (104,781) Net Income $ 60,622 Non-cash amortization (expense), net $ (868) $ (7,921) $ (2,204) $ (7,684) $ (18,677) Total Assets $ 1,543,380 $ 357,432 $ 16,151,156 $ 375,458 $ 18,427,426 Three Months Ended September 30, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 6,063 $ 4,618 $ 164,847 $ 1,546 $ 177,074 Interest expense (4,826) (3,888) (133,790) (14,219) (156,723) Net interest income (expense) 1,237 730 31,057 (12,673) 20,351 Non-interest income (loss) Mortgage banking activities, net 8,964 10,476 — — 19,440 Investment fair value changes, net — — (41,789) 100 (41,689) HEI income, net — — 10,259 — 10,259 Other income, net — 1,278 2,622 (1,554) 2,346 Realized gains, net — — 26 24 50 Total non-interest income (loss), net 8,964 11,754 (28,882) (1,430) (9,594) General and administrative expenses (4,521) (9,402) (1,340) (14,434) (29,697) Portfolio management costs — — (3,636) (25) (3,661) Loan acquisition costs (395) (1,485) — — (1,880) Other expenses — (3,108) (1,525) — (4,633) (Provision for) Benefit from income taxes (813) 318 (1,457) 256 (1,696) Segment Contribution $ 4,472 $ (1,193) $ (5,783) $ (28,306) Net (Loss) $ (30,810) Non-cash amortization (expense), net $ (266) $ (3,294) $ (1,687) $ (2,099) $ (7,346) Total Assets $ 659,520 $ 197,974 $ 11,701,939 $ 461,705 $ 13,021,138 Nine Months Ended September 30, 2023 (In Thousands) Residential Consumer Mortgage Banking Residential Investor Mortgage Banking Investment Portfolio Corporate/ Total Interest income $ 14,007 $ 13,509 $ 500,393 $ 6,662 $ 534,571 Interest expense (13,392) (11,599) (392,260) (44,436) (461,687) Net interest income (expense) 615 1,910 108,133 (37,774) 72,884 Non-interest income (loss) Mortgage banking activities, net 19,390 33,273 — — 52,663 Investment fair value changes, net 1,076 — (57,930) (2,744) (59,598) HEI income, net — — 23,445 — 23,445 Other income, net — 4,762 8,803 (2,505) 11,060 Realized gains, net — — 858 246 1,104 Total non-interest income (loss), net 20,466 38,035 (24,824) (5,003) 28,674 General and administrative expenses (13,065) (34,718) (3,990) (44,284) (96,057) Portfolio management costs — — (10,233) (38) (10,271) Loan acquisition costs (719) (3,894) — — (4,613) Other expenses — (9,323) (3,969) — (13,292) (Provision for) Benefit from income taxes (887) 2,427 (3,135) 953 (642) Segment Contribution $ 6,410 $ (5,563) $ 61,982 $ (86,146) Net (Loss) $ (23,317) Non-cash amortization (expense), net $ (813) $ (10,291) $ (6,167) $ (6,292) $ (23,563) Total Assets $ 659,520 $ 197,974 $ 11,701,939 $ 461,705 $ 13,021,138

Mortgage Banking Activities, _2

Mortgage Banking Activities, Net (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023. Table 5.1 – Mortgage Banking Activities Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Residential Consumer Mortgage Banking Activities, Net: Changes in fair value of: Residential consumer loans, at fair value (1) $ 20,959 $ (2,819) $ 31,410 $ 5,272 Trading securities (2) (28,630) (482) (17,508) 2,188 Risk management derivatives (3) 34,051 12,158 25,121 10,508 Other income, net (4) 335 107 1,764 1,422 Total residential consumer mortgage banking activities, net 26,715 8,964 40,787 19,390 Residential Investor Mortgage Banking Activities, Net: Changes in fair value of: Residential investor term loans, at fair value 6,061 1,600 11,833 13,214 Residential investor bridge loans, at fair value 694 1,438 2,748 4,808 Risk management derivatives (3) 551 3,434 2,692 1,295 Other income, net (5) 5,548 4,004 14,989 13,956 Total residential investor mortgage banking activities, net 12,854 10,476 32,262 33,273 Mortgage Banking Activities, Net $ 39,569 $ 19,440 $ 73,049 $ 52,663 (1) Includes changes in fair value for associated loan purchase commitments for residential consumer loans. (2) For the three and nine months ended September 30, 2024 and 2023, 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. (3) Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks. (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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
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 September 30, 2024 and December 31, 2023, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Table 6.1 – Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2024 Fair Value Fair Value Measurements Using (In Thousands) Level 1 Level 2 Level 3 Assets Residential consumer loans $ 11,157,159 $ — $ — $ 11,157,159 Residential investor loans 4,746,174 — — 4,746,174 Consolidated Agency multifamily loans 425,648 — — 425,648 Real estate securities: Trading 128,780 — — 128,780 Available-for-sale 205,361 — — 205,361 HEI 590,080 — — 590,080 Other investments: Servicer advance investments 212,446 — — 212,446 Excess MSRs 33,491 — — 33,491 MSRs 26,594 — — 26,594 Strategic investments 2,960 — — 2,960 Other 92 — — 92 Derivative assets 78,933 5,817 70,151 2,965 Total Assets $ 17,607,718 $ 5,817 $ 70,151 $ 17,531,750 Liabilities ABS issued $ 12,564,029 $ — $ — $ 12,564,029 Derivative liabilities 7,977 4,143 — 3,834 HEI securitization non-controlling interest 80,864 — — 80,864 Total Liabilities $ 12,652,870 $ 4,143 $ — $ 12,648,727 December 31, 2023 Fair Value 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: Trading 40,424 — — 40,424 Available-for-sale 87,373 — — 87,373 HEI 550,436 — — 550,436 Other investments: Servicer advance investments 225,345 — — 225,345 MSRs 24,877 — — 24,877 Excess MSRs 37,367 — — 37,367 Strategic investments 3,193 — — 3,193 Derivative assets 14,212 952 1,742 11,518 Total Assets $ 13,679,446 $ 952 $ 1,742 $ 13,676,752 Liabilities ABS issued $ 9,151,263 $ — $ — $ 9,151,263 Derivative liabilities 33,828 30,414 — 3,414 HEI securitization non-controlling interest 59,752 — — 59,752 Total Liabilities $ 9,244,843 $ 30,414 $ — $ 9,214,429
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 nine months ended September 30, 2024. Table 6.2 – 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 Real Estate Trading Securities Real Estate AFS HEI Servicer Advance Investments Excess MSRs MSRs/Strategic Investments/Other (In Thousands) Beginning balance - December 31, 2023 $ 7,050,637 $ 5,220,297 $ 425,285 $ 40,424 $ 87,373 $ 550,436 $ 225,345 $ 37,367 $ 28,070 Acquisitions 4,931,228 19,155 — 96,810 103,934 1,066 — — 185 Originations — 1,201,564 — — — — — — — Sales (245,771) (744,759) — (2,833) — — — — — Principal paydowns (790,158) (1,016,256) (6,418) (556) (4,757) (36,899) (21,151) — (141) Gains (losses) in net income, net 213,491 79,288 6,781 (5,065) 1,731 75,477 8,252 (3,876) 1,632 Unrealized gains in OCI, net — — — — 17,080 — — — — Other settlements, net (1) (2,268) (13,115) — — — — — — (100) Ending balance - September 30, 2024 $ 11,157,159 $ 4,746,174 $ 425,648 $ 128,780 $ 205,361 $ 590,080 $ 212,446 $ 33,491 $ 29,646 Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period (2) $ 145,485 $ 50,712 $ 6,582 $ (5,320) $ 17,083 $ 68,078 $ 8,252 $ (3,877) $ 2,555 Liabilities ABS Issued Derivatives (3) HEI Securitization Non-controlling interest (In Thousands) Beginning balance - December 31, 2023 $ 9,151,263 $ 8,104 $ 59,752 Acquisitions 4,280,237 — — Sales (1,544) — — Principal paydowns (1,122,041) — — Gains (losses) in net income, net 256,114 10,938 21,111 Other settlements, net (1) — (19,911) — Ending balance - September 30, 2024 $ 12,564,029 $ (869) $ 80,863 Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period (2) $ 195,951 $ (869) $ (21,111) (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 mortgage servicing rights ("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) All changes in unrealized gains or (losses) are included in earnings with the exception of Real Estate AFS Securities, which are included in comprehensive income. (3) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis.
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 6.3 – Fair Value Methodology for Level 3 Financial Instruments September 30, 2024 Fair Value (1) Input Values (Dollars in Thousands, except Input Values) Unobservable Input Range Weighted Average (2) Assets Residential consumer loans (4) $ 11,157,159 Senior Credit Spread to TBA price (3) $ 0.75 - $ 1.75 $ 0.93 Senior credit spread to Swap rate (3) 170 - 200 bps 190 bps Subordinate credit spread to Swap rate 225 - 900 bps 341 bps Senior credit support (3) 7 - 10 % 8 % IO discount rate (3) 25 - 28 % 27 % Liability price $ 37 - $ 103 $ 95 Residential investor loans: Residential investor term loans (4) 2,836,370 Whole loan spread (3) 250 - 260 bps 254 bps Liability price $ 92 - $ 103 $ 95 Residential investor bridge loans (4) 1,909,804 Whole loan discount rate 5 - 18 % 9 % Whole loan spread 435 - 435 bps 435 bps Liability Price $ 102 - $ 109 $ 103 Dollar price of non-performing loans $ 38 - $ 100 $ 88 Consolidated agency multifamily loans (6) 425,648 Liability price $ 98 - $ 98 $ 98 Trading and AFS securities 334,141 Discount rate 5 - 40 % 12 % Prepayment rate (Annual CPR) — - 40 % 13 % Default rate — - 18 % 0.1 % Loss severity 25 - 50 % 25 % HEI 590,080 Discount rate 10 - 10 % 10 % Prepayment rate (Annual CPR) 1 - 20 % 14 % Home price appreciation (depreciation) 4 - 4 % 4 % Servicer advance investments 212,446 Prepayment rate (Annual CPR) 11 - 30 % 14 % Expected remaining life (5) 5 - 5 yrs 5 yrs Mortgage servicing amount 2 - 49 bps 9 bps Other assets (7) 66,102 Total Assets $ 17,531,750 Liabilities ABS issued (4) $ 12,564,029 Discount rate 4 - 30 % 6 % Prepayment rate (annual CPR) — - 30 % 5 % Default rate — - 17 % 4 % Loss severity — - 50 % 20 % Other liabilities (7) 84,698 Total Liabilities $ 12,648,727 (1) The predominant valuation technique used to determine our Level 3 fair value assets and liabilities is based on the discounted cash flow model. (2) 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. (3) Values represent pricing inputs used in a securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise. Footnotes to Table 6.3 (Continued) (4) 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 September 30, 2024, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, CAFL Bridge (under the Collateralized Financing Entity "CFE" election), Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $333 million, $339 million, $26 million, $268 million, $34 million, and $46 million, respectively. CAFL Bridge only includes the one securitization entity for which we made the CFE election. (5) 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). (6) Consolidated agency multifamily loans represent securitized financial assets and liabilities of the Company's CFEs. (7) Represents less than 1% of the individual and aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis.
Schedule of Carrying Values and Fair Values of Assets and Liabilities	The following table summarizes the estimated fair values of assets and liabilities that are not measured at fair value at September 30, 2024 and December 31, 2023. Table 6.4 – Carrying Values and Estimated Fair Values of Assets and Liabilities September 30, 2024 December 31, 2023 Level in Fair Value Hierarchy Carrying Estimated Fair Carrying Estimated Fair (In Thousands) Assets Cash and cash equivalents 1 $ 253,673 $ 253,673 $ 293,104 $ 293,104 Restricted cash 1 72,294 72,294 75,684 75,684 Liabilities Debt obligation facilities and other financing 2 $ 3,163,534 $ 3,164,737 $ 2,596,582 $ 2,591,931 ABS issued, net 3 455,487 456,272 660,617 637,816 Convertible notes, net 1 359,297 364,599 503,728 488,341 Trust preferred securities and subordinated notes, net 3 138,848 96,255 138,813 92,070 Senior Notes 1 139,767 146,666 — — Guarantee obligations (1) 3 3,753 3,303 5,781 3,772 (1) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.

Residential Consumer Loans (Tab

Residential Consumer Loans (Tables)	9 Months Ended
	Sep. 30, 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 the consolidated Sequoia and Freddie Mac SLST entities at September 30, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans September 30, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,362,349 $ — $ — $ 1,362,349 Held-for-investment at fair value — 8,476,004 1,318,806 9,794,810 Total Residential Consumer Loans $ 1,362,349 $ 8,476,004 $ 1,318,806 $ 11,157,159 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 Table 8.1 – Classifications and Carrying Values of Residential Investor Loans September 30, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 174,485 $ — $ 91,393 $ — $ 265,878 Held-for-investment at fair value — 2,661,885 1,211,081 607,330 4,480,296 Total Residential Investor Loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 $ 4,746,174 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 and nine months ended September 30, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 158,584 $ 286,833 $ 105,777 $ 303,284 Principal balance of loans acquired 3,145 — — 1,820 Principal balance of loans sold to third parties (1) 206,380 67,655 27,436 34,061 Fair value of loans transferred (2) — (62,386) (278,751) (116,679) Mortgage banking activities income (loss) recorded (3) 6,061 694 1,600 1,438 Investment fair value changes recorded (1,500) (10,293) — (16,899) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 493,212 $ 714,977 $ 408,477 $ 828,149 Principal balance of loans acquired 3,793 15,677 — 19,054 Principal balance of loans sold to third parties (1) 464,836 277,170 425,542 65,868 Fair value of loans transferred (2) — (250,319) (278,751) (337,657) Mortgage banking activities income recorded (3) 11,833 2,748 13,214 4,808 Investment fair value changes recorded (2,837) (27,503) (14,430) (22,867) (1) For the three and nine months ended September 30, 2024 the principal balance of loans sold to third parties is net of $13 million and $34 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (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 for a set period of time from the closing date. (3) Represents 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 5.1 for additional detail on Mortgage banking activities income. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 78,275 $ 1,623 $ (1,360) $ (2,560) Fair value of loans transferred to HFI — 62,386 278,751 116,679 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 89,388 $ 443 $ (1,961) $ (1,960) Fair value of loans transferred to HFI — 250,319 278,751 337,657 (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 CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE 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 tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at September 30, 2024 and December 31, 2023. Table 8.4 – Characteristics of Residential Investor Loans September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 Average UPB of loans $ 2,108 $ 3,037 $ 5,161 $ 2,035 Fair value of loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 Weighted average coupon 6.88 % 5.36 % 9.14 % 10.16 % Weighted average remaining loan term (years) 7 4 1 1 Market value of loans pledged as collateral under debt facilities $ 133,022 N/A $ 1,250,392 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 34,083 $ 161,874 $ 132,286 $ 24,993 Average UPB of 90+ days delinquent loans (2) $ 11,361 $ 3,948 $ 7,782 $ 1,785 Fair value of loans with 90+ day delinquencies (2) $ 19,320 N/A $ 113,904 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 18,646 $ 86,019 $ 13,426 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,936 $ 7,820 $ 1,918 Fair value of loans in foreclosure (3) $ 13,250 N/A $ 72,212 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 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 debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (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 the accounting guidance for CFEs. (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 September 30, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 85,307 $ 2,163,862 $ — $ — Multifamily 98,051 626,893 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 575,782 279,820 Single Asset Bridge ("SAB") (3) — — 90,678 171,489 Multifamily (4) — — 664,060 147,903 Third-Party Originated — — 6,247 1,055 Total Residential Investor Loans $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 (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 the accounting guidance for CFEs. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (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 September 30, 2024 and December 31, 2023. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale (Dollars in Thousands) September 30, 2024 December 31, 2023 Unpaid principal balance $ 1,348,819 $ 916,877 Fair value of loans $ 1,362,349 $ 911,192 Market value of loans pledged as collateral under short-term borrowing agreements $ 1,350,551 $ 907,742 Weighted average coupon 6.63 % 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 and nine months ended September 30, 2024 and 2023. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Principal balance of loans acquired $ 1,999,621 $ 857,974 $ 4,873,608 $ 1,092,992 Principal balance of loans sold 39,497 53,743 246,641 235,821 Principal balance of loans transferred from HFS to HFI 1,528,163 337,752 4,140,150 995,047 Net market valuation gains (losses) recorded (1) 11,047 (8,683) 20,079 (2,590) (1) Net market valuation gains (losses) 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 September 30, 2024 and December 31, 2023. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment September 30, 2024 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 8,880,569 $ 1,538,972 Average loan balance (UPB) $ 868 $ 156 Fair value of loans (1) $ 8,476,004 $ 1,318,806 Weighted average coupon 4.95 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 16,802 $ 103,379 Average 90+ days delinquent balance (UPB) $ 525 $ 171 Unpaid principal balance of loans in foreclosure $ 7,079 $ 39,790 Average foreclosure balance (UPB) $ 442 $ 181 December 31, 2023 Freddie Mac (Dollars in Thousands) Sequoia SLST Unpaid principal balance $ 5,398,913 $ 1,614,974 Average loan balance (UPB) $ 757 $ 157 Fair value of loans (1) $ 4,780,203 $ 1,359,242 Weighted average coupon 4.15 % 4.50 % Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 13,023 $ 132,307 Average 90+ days delinquent balance (UPB) $ 482 $ 166 Unpaid principal balance of loans in foreclosure $ 5,234 $ 47,654 Average foreclosure balance (UPB) $ 436 $ 163 Footnotes to Table 7.4 (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 the accounting guidance for collateralized financing entities. (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 and nine months ended September 30, 2024 and 2023. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 1,528,163 N/A $ 337,752 N/A Net market valuation gains (losses) recorded 256,034 53,555 (177,253) (51,046) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Freddie Mac Freddie Mac (In Thousands) Sequoia SLST Sequoia SLST Principal value of loans transferred from HFS to HFI (1) $ 4,140,150 N/A $ 995,047 N/A Net market valuation gains (losses) recorded 152,635 38,154 (162,895) (62,756) (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)	9 Months Ended
	Sep. 30, 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 the consolidated Sequoia and Freddie Mac SLST entities at September 30, 2024 and December 31, 2023. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans September 30, 2024 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 1,362,349 $ — $ — $ 1,362,349 Held-for-investment at fair value — 8,476,004 1,318,806 9,794,810 Total Residential Consumer Loans $ 1,362,349 $ 8,476,004 $ 1,318,806 $ 11,157,159 December 31, 2023 Freddie Mac (In Thousands) Redwood Sequoia SLST Total Held-for-sale at fair value $ 911,192 $ — $ — $ 911,192 Held-for-investment at fair value — 4,780,203 1,359,242 6,139,445 Total Residential Consumer Loans $ 911,192 $ 4,780,203 $ 1,359,242 $ 7,050,637 Table 8.1 – Classifications and Carrying Values of Residential Investor Loans September 30, 2024 Residential Investor Term Residential Investor Bridge (In Thousands) Redwood CAFL Redwood CAFL Total Held-for-sale at fair value $ 174,485 $ — $ 91,393 $ — $ 265,878 Held-for-investment at fair value — 2,661,885 1,211,081 607,330 4,480,296 Total Residential Investor Loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 $ 4,746,174 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 and nine months ended September 30, 2024 and 2023. Table 8.2 – Activity of Residential Investor Loans at Redwood Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 158,584 $ 286,833 $ 105,777 $ 303,284 Principal balance of loans acquired 3,145 — — 1,820 Principal balance of loans sold to third parties (1) 206,380 67,655 27,436 34,061 Fair value of loans transferred (2) — (62,386) (278,751) (116,679) Mortgage banking activities income (loss) recorded (3) 6,061 694 1,600 1,438 Investment fair value changes recorded (1,500) (10,293) — (16,899) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Redwood Bridge at Redwood Term at Redwood Bridge at Redwood Principal balance of loans originated $ 493,212 $ 714,977 $ 408,477 $ 828,149 Principal balance of loans acquired 3,793 15,677 — 19,054 Principal balance of loans sold to third parties (1) 464,836 277,170 425,542 65,868 Fair value of loans transferred (2) — (250,319) (278,751) (337,657) Mortgage banking activities income recorded (3) 11,833 2,748 13,214 4,808 Investment fair value changes recorded (2,837) (27,503) (14,430) (22,867) (1) For the three and nine months ended September 30, 2024 the principal balance of loans sold to third parties is net of $13 million and $34 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures. (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 for a set period of time from the closing date. (3) Represents 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 5.1 for additional detail on Mortgage banking activities income. Table 8.3 – Activity of Residential Investor Loans Held-for-Investment at CAFL Three Months Ended Three Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 78,275 $ 1,623 $ (1,360) $ (2,560) Fair value of loans transferred to HFI — 62,386 278,751 116,679 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Term at Bridge at CAFL Term at Bridge at CAFL Net market valuation gains (losses) recorded (1) $ 89,388 $ 443 $ (1,961) $ (1,960) Fair value of loans transferred to HFI — 250,319 278,751 337,657 (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 CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE 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 tables summarize the characteristics of the residential investor loans owned at Redwood and at consolidated CAFL entities at September 30, 2024 and December 31, 2023. Table 8.4 – Characteristics of Residential Investor Loans September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 Average UPB of loans $ 2,108 $ 3,037 $ 5,161 $ 2,035 Fair value of loans $ 174,485 $ 2,661,885 $ 1,302,474 $ 607,330 Weighted average coupon 6.88 % 5.36 % 9.14 % 10.16 % Weighted average remaining loan term (years) 7 4 1 1 Market value of loans pledged as collateral under debt facilities $ 133,022 N/A $ 1,250,392 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 34,083 $ 161,874 $ 132,286 $ 24,993 Average UPB of 90+ days delinquent loans (2) $ 11,361 $ 3,948 $ 7,782 $ 1,785 Fair value of loans with 90+ day delinquencies (2) $ 19,320 N/A $ 113,904 N/A Unpaid principal balance of loans in foreclosure (3) $ 27,529 $ 18,646 $ 86,019 $ 13,426 Average UPB of loans in foreclosure (3) $ 27,529 $ 2,936 $ 7,820 $ 1,918 Fair value of loans in foreclosure (3) $ 13,250 N/A $ 72,212 N/A December 31, 2023 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (Dollars in Thousands) Unpaid principal balance $ 152,213 $ 3,194,131 $ 1,360,957 $ 756,574 Average UPB of loans $ 4,006 $ 3,028 $ 8,453 $ 2,162 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 debt facilities $ 124,934 N/A $ 1,298,198 N/A Delinquency information Unpaid principal balance of loans with 90+ day delinquencies (2) $ 28,263 $ 143,623 $ 96,934 $ 10,646 Average UPB of 90+ days delinquent loans (2) $ 14,132 $ 3,192 $ 5,702 $ 1,774 Fair value of loans with 90+ day delinquencies (2) $ 16,822 N/A $ 86,137 N/A Unpaid principal balance of loans in foreclosure (3) $ 28,263 $ 15,708 $ 79,841 $ 3,931 Average UPB of loans in foreclosure (3) $ 14,132 $ 2,244 $ 5,323 $ 1,310 Fair value of loans in foreclosure (3) $ 16,822 N/A $ 69,046 N/A (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 the accounting guidance for CFEs. (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 September 30, 2024 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type September 30, 2024 Term at Redwood Term at CAFL (1) Bridge at Redwood Bridge at CAFL (1) (Dollars in Thousands) Term Single family rental $ 85,307 $ 2,163,862 $ — $ — Multifamily 98,051 626,893 — — Bridge Renovate / Build for Rent ("BFR") (2) — — 575,782 279,820 Single Asset Bridge ("SAB") (3) — — 90,678 171,489 Multifamily (4) — — 664,060 147,903 Third-Party Originated — — 6,247 1,055 Total Residential Investor Loans $ 183,358 $ 2,790,755 $ 1,336,767 $ 600,267 (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 the accounting guidance for CFEs. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (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.

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023. Table 9.1 – Fair Value of Real Estate Securities by Type (In Thousands) September 30, 2024 December 31, 2023 Trading $ 128,780 $ 40,424 Available-for-sale 205,361 87,373 Total Real Estate Securities $ 334,141 $ 127,797
Schedule of Available-for-Sale Securities by Position and Collateral Type	The following tables present the detail of our AFS securities, by position and collateral type, at September 30, 2024 and December 31, 2023. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type September 30, 2024 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ 32,217 $ 34,143 $ 114,181 $ 180,541 Gross unrealized gains 139 916 28,945 30,000 Gross unrealized losses — — (4,313) (4,313) Allowance for credit losses — — (867) (867) Total Carrying Value $ 32,356 $ 35,059 $ 137,946 $ 205,361 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Amortized cost $ — $ — $ 79,635 $ 79,635 Gross unrealized gains — — 16,973 16,973 Gross unrealized losses — — (6,753) (6,753) Allowance for credit losses — — (2,482) (2,482) Total Carrying Value $ — $ — $ 87,373 $ 87,373 September 30, 2024 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ 32,356 $ 32,178 $ 38,208 $ 102,742 Multifamily securities — 2,881 4,504 7,385 Sequoia securities — — 95,234 95,234 Total Fair Value $ 32,356 $ 35,059 $ 137,946 $ 205,361 December 31, 2023 (In Thousands) Senior Mezzanine Subordinate Total Other third-party securities $ — $ — $ 3,971 $ 3,971 Multifamily securities — — 4,460 4,460 Sequoia securities — — 78,942 78,942 Total Fair Value $ — $ — $ 87,373 $ 87,373
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 September 30, 2024 and December 31, 2023. Table 9.3 – 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) September 30, 2024 $ 15,077 $ (44) $ 20,809 $ (4,269) December 31, 2023 2,374 (128) 27,299 (6,625)
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 and nine months ended September 30, 2024. Table 9.4 – Rollforward of Allowance for Credit Losses Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In Thousands) Beginning balance allowance for credit losses $ 1,339 $ 2,482 Additions to allowance for credit losses on securities for which credit losses were not previously recorded 25 25 Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (497) (1,640) Reduction to allowance for securities sold during the period — — Ending balance of allowance for credit losses $ 867 $ 867

Home Equity Investments (HEI) (

Home Equity Investments (HEI) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Home Equity Investments	The following table presents our HEI at September 30, 2024 and December 31, 2023. Table 10.1 – Home Equity Investments (In Thousands) September 30, 2024 December 31, 2023 HEI at Redwood $ 255,521 $ 244,719 HEI held at consolidated HEI securitization entities 334,559 305,717 Total Home Equity Investments $ 590,080 $ 550,436
Schedule Of Activity of Home Equity Investments	The following table details our HEI activity during the three and nine months ended September 30, 2024 and 2023. Table 10.2 – Activity of HEI Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 460 $ — $ 113 $ — Net market valuation gains (losses) recorded 5,812 19,408 9,290 4,212 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) HEI at Redwood Securitized HEI HEI at Redwood Securitized HEI Fair value of HEI purchased and originated $ 1,066 $ — $ 25,626 $ — Net market valuation gains (losses) recorded 23,618 51,861 21,598 8,418
Schedule Of HEI Characteristics	The following table provides the components of HEI income, net for the three and nine months ended September 30, 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 (In Thousands) Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Net market valuation gains recorded on HEI at Redwood $ 5,812 $ 9,291 Net market valuation gains recorded on Securitized HEI 19,407 4,212 Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) (5,964) (1,512) Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (8,604) (1,732) Total HEI income, net $ 10,651 $ 10,259 (In Thousands) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Net market valuation gains recorded on HEI at Redwood $ 23,618 $ 21,599 Net market valuation gains recorded on Securitized HEI 51,859 8,418 Net market valuation (losses) recorded on ABS Issued from HEI securitizations (1) (18,845) (3,274) Net market valuation (losses) recorded on non-controlling interests in HEI securitizations (21,111) (3,298) Total HEI income, net $ 35,521 $ 23,445 (1)

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Other Investments	Other Investments at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 11.1 – Components of Other Investments (In Thousands) September 30, 2024 December 31, 2023 Servicer advance investments, at fair value $ 212,446 $ 225,345 Strategic investments, at carrying value 66,054 53,147 Strategic investments, at fair value 2,960 2,960 Excess MSRs, at fair value 33,491 37,367 MSRs, at fair value 26,594 24,877 Other, at fair value 92 234 Total Other Investments $ 341,637 $ 343,930 Income from Other Investments for the three and nine months ended September 30, 2024 are summarized in the following table. Table 11.2 – Components of Income From Other Investments, net (1) Three Months Ended Nine Months Ended (In Thousands) September 30, 2024 September 30, 2024 Service Advance Investments: Other interest income $ 4,435 $ 14,301 Investment fair value changes, net (2,725) 8,252 Strategic Investments: Other income, net (52) (997) Investment fair value changes, net (236) (1,036) Excess MSRs: Other interest income 3,192 9,815 Investment fair value changes, net (1,263) (3,876) MSRs: Other income, net 251 8,025 Total Other Investments Income, Net $ 3,602 $ 34,484 (1) Market valuation gains (losses) on Other investments accounted for under the fair value option are recorded in Investment fair value changes, net. All other market valuation gains (losses) on Other investments are recorded in Other income, etc.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value and Notional Amount of Derivatives	The following table presents the fair value and notional amount of our derivatives at September 30, 2024 and December 31, 2023. Table 12.1 – Fair Value and Notional Amount of Derivatives September 30, 2024 December 31, 2023 Fair Notional Fair Notional (In Thousands) Assets - Risk Management Derivatives Interest rate swaps $ — $ — $ 1,742 $ 50,000 TBAs 195 125,000 952 385,000 Interest rate futures 5,622 715,900 — — Swaptions 70,151 6,295,000 — — Assets - Other Derivatives LPCs and IRLCs 2,965 638,536 11,518 216,194 Total Assets (1) $ 78,933 $ 7,774,436 $ 14,212 $ 651,194 Liabilities - Risk Management Derivatives TBAs $ — $ — $ (27,020) $ 1,405,000 Interest rate futures (4,143) 1,076,400 (3,394) 141,500 Liabilities - Other Derivatives Loan purchase commitments (3,834) 701,770 (3,414) 430,983 Total Liabilities (1) $ (7,977) $ 1,778,170 $ (33,828) $ 1,977,483 Total Derivatives, Net (1) $ 70,956 $ 9,552,606 $ (19,616) $ 2,628,677 (1) For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis.
Schedule of Market Valuation Gains (Losses) on Derivatives	The following table presents the market valuation gains and losses on our derivatives for the three and nine months ended September 30, 2024. Table 12.2 – Market Valuation Gains (Losses) on Derivatives Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In Thousands) Risk Management Derivatives (1) $ 27,419 $ 27,556 LPCs and IRLCs (2) 9,801 11,331 Market Valuation Gains (Losses) on Derivatives $ 37,220 $ 38,887 (1) Market valuation gains (losses) on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income. (2) Market valuation gains (losses) on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income.

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Offsetting [Abstract]
Offsetting Liabilities	The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with the corresponding financial instruments and corresponding collateral received or pledged at September 30, 2024 and December 31, 2023. Table 13.1 – Offsetting of Financial Assets, Liabilities, and Collateral (In Thousands) 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 September 30, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 70,151 $ — $ 70,151 $ — $ (70,151) $ — TBAs 195 — 195 — (195) — Futures 5,622 — 5,622 (3,880) — 1,742 Total Assets $ 75,968 $ — $ 75,968 $ (3,880) $ (70,346) $ 1,742 Liabilities (2) Futures $ (4,143) $ — $ (4,143) $ 3,880 $ 263 $ — Loan warehouse debt (679,080) — (679,080) 679,080 — — Total Liabilities $ (683,223) $ — $ (683,223) $ 682,960 $ 263 $ — 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) — — 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)
Offsetting Assets	The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with the corresponding financial instruments and corresponding collateral received or pledged at September 30, 2024 and December 31, 2023. Table 13.1 – Offsetting of Financial Assets, Liabilities, and Collateral (In Thousands) 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 September 30, 2024 (In Thousands) Financial Instruments Cash Collateral (Received) Pledged Assets (2) Interest rate agreements $ 70,151 $ — $ 70,151 $ — $ (70,151) $ — TBAs 195 — 195 — (195) — Futures 5,622 — 5,622 (3,880) — 1,742 Total Assets $ 75,968 $ — $ 75,968 $ (3,880) $ (70,346) $ 1,742 Liabilities (2) Futures $ (4,143) $ — $ (4,143) $ 3,880 $ 263 $ — Loan warehouse debt (679,080) — (679,080) 679,080 — — Total Liabilities $ (683,223) $ — $ (683,223) $ 682,960 $ 263 $ — 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) — — 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)

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components of Other Assets	Other assets at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.1 – Components of Other Assets (In Thousands) September 30, 2024 December 31, 2023 Accrued interest receivable $ 103,035 $ 69,072 Real estate owned 94,598 93,599 Investment receivable 67,576 67,302 Deferred tax asset 40,116 40,115 Margin receivable 27,090 33,414 Goodwill 23,373 23,373 Intangible assets 21,252 28,462 Operating lease right-of-use assets 9,759 12,532 Fixed assets and leasehold improvements (1) 6,140 7,829 Other 34,748 27,246 Total Other Assets $ 427,687 $ 402,944 (1)
Schedule of Activity and Carrying Values of REO Assets	The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Freddie Mac SLST, and CAFL entities during the three and nine months ended September 30, 2024. Table 14.2 – REO Activity Three Months Ended September 30, 2024 (In Thousands) Bridge (1) Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 86,092 $ 2,527 $ 11,266 $ 99,885 Transfers to REO — 967 — 967 Liquidations (2) (1,606) (733) (5) (2,344) Changes in fair value, net (2) (3,992) 82 — (3,910) Balance at End of Period $ 80,494 $ 2,843 $ 11,261 $ 94,598 Nine Months Ended September 30, 2024 (In Thousands) Bridge (1) Freddie Mac SLST Term at CAFL Total Balance at beginning of period $ 87,757 $ 3,158 $ 2,684 $ 93,599 Transfers to REO 3,951 2,267 8,582 14,800 Liquidations (2) (1,733) (3,067) (5) (4,805) Changes in fair value, net (2) (9,481) 485 — (8,996) Balance at End of Period $ 80,494 $ 2,843 $ 11,261 $ 94,598 (1) Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2) For the three and nine months ended September 30, 2024, REO market valuation adjustments and liquidations resulted in net valuation losses of $4 million and $9 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities at September 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.3 – Components of Accrued Expenses and Other Liabilities (In Thousands) September 30, 2024 December 31, 2023 Payable to noncontrolling interests $ 104,444 $ 81,177 Margin payable 74,378 350 Accrued interest payable 74,097 52,755 Accrued compensation 31,294 28,140 Operating lease liabilities 11,707 14,725 Accrued operating expenses 11,308 5,527 Accrued taxes payable 11,166 — Current accounts payable 6,504 4,992 Unsettled trades 4,107 — Guarantee obligations 3,753 5,781 Residential consumer loan and MSR repurchase reserve 3,556 4,700 Bridge loan holdbacks (1) 2,148 2,059 Preferred stock dividends payable 1,478 1,478 Other 35,547 15,119 Total Accrued Expenses and Other Liabilities $ 375,487 $ 216,803 (1) Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.

Principles of Consolidation (Ta

Principles of Consolidation (Tables)	9 Months Ended
	Sep. 30, 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 15.1 – Assets and Liabilities of Consolidated VIEs September 30, 2024 Sequoia (2) CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 8,476,004 $ — $ 1,318,806 $ — $ — $ — $ 9,794,810 Residential investor loans, held-for-investment — 3,269,215 — — — — 3,269,215 Consolidated Agency multifamily loans — — — 425,648 — — 425,648 Real estate securities 83,229 — — — — — 83,229 Home equity investments — — — — — 334,559 334,559 Other investments — — — — 241,885 — 241,885 Cash and cash equivalents — — — — 24,632 — 24,632 Restricted cash 145 16,838 — — 14,011 6,247 37,241 Accrued interest receivable 39,461 18,328 4,584 1,251 775 — 64,399 Other assets — 25,440 2,843 — 8,357 414 37,054 Total Assets $ 8,598,839 $ 3,329,821 $ 1,326,233 $ 426,899 $ 289,660 $ 341,220 $ 14,312,672 Short-term debt $ — $ — $ — $ — $ 155,986 $ — $ 155,986 Accrued interest payable 35,096 9,455 4,161 1,125 356 — 50,193 Accrued expenses and other liabilities 1,263 7,683 — — 38,994 80,863 128,803 Asset-backed securities issued 8,336,670 2,870,257 1,207,186 391,193 — 214,209 13,019,515 Total Liabilities $ 8,373,029 $ 2,887,395 $ 1,211,347 $ 392,318 $ 195,336 $ 295,072 $ 13,354,497 Value of our investments in VIEs (1) $ 222,631 $ 440,160 $ 114,463 $ 34,455 $ 94,324 $ 46,148 $ 952,181 Number of VIEs 52 21 3 1 3 2 82 December 31, 2023 Sequoia CAFL (1) Freddie Mac SLST (1) Freddie Mac Servicing Investment HEI Total (Dollars in Thousands) Residential consumer loans, held-for-investment $ 4,780,203 $ — $ 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 163 33,921 — — — 10,821 44,905 Accrued interest receivable 20,029 20,806 4,821 1,320 822 — 47,798 Other assets — 14,886 3,158 — 6,337 62 24,443 Total Assets $ 4,800,395 $ 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 16,293 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 4,568,660 3,362,978 1,265,777 391,977 — 222,488 9,811,880 Total Liabilities $ 4,584,953 $ 3,377,249 $ 1,270,273 $ 393,167 $ 188,426 $ 282,240 $ 10,096,308 Value of our investments in VIEs (1) $ 211,638 $ 424,136 $ 96,623 $ 33,308 $ 85,704 $ 34,361 $ 885,770 Number of VIEs 42 21 3 1 3 2 72 (1) The 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. At September 30, 2024 and December 31, 2023, the fair value of our interests in the CAFL term loan securitizations accounted for under the CFE election were $339 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 $26 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. At September 30, 2024 and December 31, 2023, the fair value of our interests in the Freddie Mac SLST securitizations accounted for under the CFE election were $268 million and $274 million, respectively, with the difference from the tables above representing ABS issued and carried at amortized historical cost. (2)
Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood	The following table presents additional information at September 30, 2024 and December 31, 2023, related to unconsolidated VIEs sponsored by Redwood and accounted for as sales since 2012. Table 15.2 – Unconsolidated VIEs Sponsored by Redwood (In Thousands) September 30, 2024 December 31, 2023 On-balance sheet assets, at fair value: Interest-only, senior and subordinate securities, classified as trading $ 33,743 $ 31,690 Subordinate securities, classified as AFS 95,234 78,942 Mortgage servicing rights 11,401 10,885 Maximum loss exposure (1) $ 140,378 $ 121,517 (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.

Asset-Backed Securities Issued

Asset-Backed Securities Issued (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Asset-Backed Securities Issued	The carrying values of ABS issued by our consolidated securitization entities at September 30, 2024 and December 31, 2023, along with other selected information, are summarized in the following table. Table 16.1 – Asset-Backed Securities Issued September 30, 2024 Unpaid Principal Balance Fair Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 8,789,284 $ 8,336,670 2.67% to 8.51% 2024-2054 52 CAFL 2,602,033 2,568,074 2.74% to 7.89% 2027-2033 18 Freddie Mac SLST 1,092,540 1,053,882 3.50% 2028-2029 2 Freddie Mac K-Series 395,982 391,194 3.41% 2025 1 HEI 215,415 214,209 3.94% to 6.71% 2052-2053 2 ABS Issued at Fair Value $ 13,095,254 $ 12,564,029 CAFL 302,184 302,184 2.31% to 4.35% 2029 2 Freddie Mac SLST 155,977 153,303 7.50% 2059 1 ABS Issued at Amortized Cost $ 458,161 $ 455,487 Total ABS Issued $ 13,553,415 $ 13,019,516 December 31, 2023 Unpaid Principal Balance Fair Value Weighted Average Interest Rate Stated Maturities Number of Series (Dollars in Thousands) Sequoia $ 5,151,646 $ 4,568,660 2.67% to 6.66% 2024-2053 42 CAFL 2,987,825 2,879,913 2.69% to 7.89% 2027-2033 19 Freddie Mac SLST 1,147,111 1,088,225 3.50% 2028-2029 2 Freddie Mac K-Series 402,400 391,977 3.55% 2025 1 HEI 233,131 222,488 3.86% to 6.70% 2052-2053 2 ABS Issued at Fair Value $ 9,922,113 $ 9,151,263 CAFL 485,000 483,065 2.34% to 4.36% 2029 2 Freddie Mac SLST 181,546 177,552 7.50% 2059 1 ABS Issued at Amortized Cost $ 666,546 $ 660,617 Total ABS Issued $ 10,588,659 $ 9,811,880

Debt Obligations, Net (Tables)

Debt Obligations, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following tables summarize our debt obligations at September 30, 2024 and December 31, 2023. Table 17.1 – Debt Obligations, Net September 30, 2024 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Warehouse Facilities and Other: Residential consumer loan warehouse facilities 7 $ 1,269,512 $ 1,269,512 $ 2,675,000 6.69 % 10/2024-5/2025 $ 1,350,551 Residential investor loan warehouse facilities 3 277,536 276,827 900,000 8.29 % 6/2025-7/2025 422,636 Real estate securities repurchase facilities 6 185,393 185,393 — 6.45 % 10/2024-1/2025 250,416 Residential MSR warehouse facility 1 54,306 54,306 75,000 8.25 % 10/2024 80,392 HEI warehouse facility 1 100,302 100,302 150,000 9.52 % 11/2024 210,288 Servicer advance financing 1 156,116 155,986 240,000 7.31 % 12/2024 212,446 Recourse Subordinate Securities Financing: CAFL securities (3) 1 269,037 267,833 N/A 7.54 % 9/2028 324,874 Long-Term Warehouse Facilities: Residential Investor Facilities 4 696,671 695,431 1,625,000 8.16 % 10/2025-6/2026 987,286 Corporate Debt: Promissory notes (2) (3) 3 13,663 13,663 — 7.02 % N/A — Corporate Secured Revolving Financing Facility 1 150,000 144,281 250,000 10.02 % 3/2026 290,320 5.75% exchangeable senior notes (3) 1 156,666 155,772 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 207,410 203,525 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,848 N/A 7.77 % 1/2037, 7/2037 N/A 9.125% Senior Notes (3) 1 60,000 57,776 N/A 9.13 % 3/2029 N/A 9.0% Senior Notes (3) 1 85,000 81,991 N/A 9.00 % 9/2029 N/A Total Debt Obligations $ 3,821,112 $ 3,801,446 $ 4,129,209 December 31, 2023 (Dollars in Thousands) Number of Facilities or Issuances Principal Amount Carrying Value Facility Capacity Weighted Average Interest Rate (1) Final Stated Maturity Carrying Value of Collateral Short-Term Warehouse Facilities and Other: Residential consumer loan warehouse facilities 4 $ 796,537 $ 796,537 $ 1,150,000 7.27 % 2/2024-12/2024 $ 907,742 Residential investor loan warehouse facilities 2 71,851 71,719 455,000 8.14 % 5/2024-6/2024 95,225 Real estate securities repurchase facilities 3 82,622 82,622 — 7.01 % 1/2024-3/2024 122,110 Residential MSR warehouse facility 1 47,858 47,858 50,000 8.60 % 10/2024 76,560 HEI warehouse facility 1 122,659 122,659 150,000 9.89 % 8/2024 237,973 Servicer advance financing 1 154,369 153,654 240,000 7.71 % 12/2024 225,345 Recourse Subordinate Securities Financings: Sequoia securities (3) 1 124,552 124,552 N/A 7.21 % 9/2024 175,096 CAFL securities 1 (3) 1 101,228 101,228 N/A 5.71 % 2/2025 124,793 CAFL securities 2 (3) 1 57,982 57,982 N/A 4.75 % 6/2026 112,813 Long Term Warehouse Facilities: Residential Investor Facilities 6 1,023,384 1,021,708 2,350,000 8.14 % 3/2025-12/2026 1,327,907 Corporate Debt: Promissory notes (2) (3) 3 16,063 16,063 N/A 6.97 % N/A — 5.625% convertible senior notes (3) 1 142,977 142,558 N/A 5.63 % 7/2024 N/A 5.75% exchangeable senior notes (3) 1 156,666 155,138 N/A 5.75 % 10/2025 N/A 7.75% convertible senior notes (3) 1 210,910 206,032 N/A 7.75 % 6/2027 N/A Trust preferred securities and subordinated notes 2 139,500 138,813 N/A 7.90 % 1/2037, 7/2037 N/A Total Debt Obligations $ 3,249,158 $ 3,239,123 $ 3,405,564 (1) Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread. (2) Promissory notes payable on demand to lender with 90-day notice. (3) Borrowing has a fixed interest rate at period end.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Changes to Accumulated Other Comprehensive Income by Component	The following tables provide a summary of changes to Accumulated other comprehensive income (loss) by component for three and nine months ended September 30, 2024 and 2023. Table 19.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of period $ 18,786 $ (66,118) $ (47,332) $ 8,165 $ (70,256) $ (62,091) Other comprehensive income (loss) 7,373 — 7,373 (3,921) — (3,921) Amounts reclassified from other (472) 1,040 568 234 1,040 1,274 Net current-period other comprehensive income (loss) 6,901 1,040 7,941 (3,687) 1,040 (2,647) Balance at End of Period $ 25,687 $ (65,078) $ (39,391) $ 4,478 $ (69,216) $ (64,738) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (In Thousands) Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Available-for-Sale Securities Interest Rate Agreements Accounted for as Cash Flow Hedges Total Balance at beginning of period $ 10,219 $ (68,176) $ (57,957) $ 3,435 $ (72,303) $ (68,868) Other comprehensive income 17,083 — 17,083 398 — 398 Amounts reclassified from other (1,615) 3,098 1,483 645 3,087 3,732 Net current-period other comprehensive income (loss) 15,468 3,098 18,566 1,043 3,087 4,130 Balance at End of Period $ 25,687 $ (65,078) $ (39,391) $ 4,478 $ (69,216) $ (64,738)
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss)	The following tables provide a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023. Table 19.2 – Reclassifications Out of Accumulated Other Comprehensive Loss Amount Reclassified From Affected Line Item in the Three Months Ended September 30, (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 $ (472) $ (66) Loss (gain) on sale of AFS securities Realized gains, net — 300 $ (472) $ 234 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 1,040 $ 1,040 $ 1,040 $ 1,040 Amount Reclassified From Affected Line Item in the Nine Months Ended September 30, (In Thousands) Income Statement 2024 2023 Net Realized (Gain) Loss on AFS Securities (Decrease) increase in allowance for credit losses on AFS securities Investment fair value changes, net $ (1,615) $ 33 Loss (gain) on sale of AFS securities Realized gains, net — 612 $ (1,615) $ 645 Net Realized Loss on Interest Rate Amortization of deferred loss Interest expense $ 3,098 $ 3,087 $ 3,098 $ 3,087

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	The following table provides the basic and diluted earnings per common share computations for the three and nine months ended September 30, 2024 and 2023. Table 20.1 – Basic and Diluted Earnings per Common Share Three Months Ended September 30, Nine Months Ended September 30, (In Thousands, except Share Data) 2024 2023 2024 2023 Basic Earnings (Loss) per Common Share: Net income (loss) available related) to common stockholders $ 13,076 $ (32,560) $ 55,365 $ (28,244) Less: Dividends and undistributed earnings allocated to participating securities (1,088) (792) (3,116) (3,072) Net income (loss) available (related) to common stockholders $ 11,988 $ (33,352) $ 52,249 $ (31,316) Basic weighted average common shares outstanding 132,218,180 115,465,977 131,969,039 114,381,548 Basic Earnings (Loss) per Common Share $ 0.09 $ (0.29) $ 0.40 $ (0.27) Diluted Earnings (Loss) per Common Share: Net income (loss) available (related) to common stockholders $ 13,076 $ (32,560) $ 55,365 $ (28,244) Less: Dividends and undistributed earnings allocated to participating securities (1,088) (792) (3,116) (3,072) Net income (loss) available (related) to common stockholders $ 11,988 $ (33,352) $ 52,249 $ (31,316) Weighted average common shares outstanding 132,218,180 115,465,977 131,969,039 114,381,548 Net effect of dilutive equity awards 139,517 — 49,122 — Net effect of assumed convertible notes conversion to common shares — — — — Diluted weighted average common shares outstanding 132,357,697 115,465,977 132,018,161 114,381,548 Diluted Earnings (Loss) per Common Share $ 0.09 $ (0.29) $ 0.40 $ (0.27)

General and Administrative Ex_2

General and Administrative Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Components of General and Administrative Expenses	Components of our general and administrative expenses for the three and nine months ended September 30, 2024 and 2023 are presented in the following table. Table 21.1 – Components of General and Administrative Expenses Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2024 2023 2024 2023 Fixed compensation expense (1) $ 12,847 $ 12,579 $ 42,177 $ 40,724 Long-term incentive award expense (2) 7,839 5,013 21,664 19,192 Annual variable compensation expense 6,631 3,383 13,599 10,575 Systems and consulting 3,398 3,108 9,853 9,074 Office costs 1,720 2,131 5,878 6,460 Accounting and legal 1,087 1,307 3,093 3,402 Corporate costs 865 959 2,722 2,845 Other 1,621 1,217 4,875 3,785 Total General and Administrative Expenses $ 36,008 $ 29,697 $ 103,861 $ 96,057 (1) Includes $2 million and $2 million of severance and transition-related expenses for the nine months ended September 30, 2024 and 2023, respectively. (2) Includes $1 million of equity amortization expense related to employee terminations for both the nine months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, long-term incentive award expense included $4 million and $3 million of expense, respectively, for awards settleable in shares of our common stock, and $3 million and $2 million of expense, respectively, for awards settleable in cash. For the nine months ended September 30, 2024 and 2023, long-term incentive award expense included $16 million and $14 million of expense, respectively, for awards settleable in shares of our common stock, and $6 million and $5 million of expense, respectively, for awards settleable in cash.

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Basis of Presentation (Details)

Basis of Presentation (Details) - partnership	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2018
Variable Interest Entity [Line Items]
Number of partnerships consolidated		2
VIEs
Variable Interest Entity [Line Items]
Number of partnerships consolidated	2
VIE, ownership interest rate (as a percent)	80%

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Schedule

Segment Information - Schedule of Business Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023	Dec. 31, 2023	[1]
Segment Reporting Information [Line Items]
Interest income	$ 248,643		$ 177,074	$ 678,800		$ 534,571
Interest expense	(223,145)		(156,723)	(603,799)		(461,687)
Net interest income (expense)	25,498		20,351	75,001		72,884
Non-interest income (loss)
Mortgage banking activities, net	39,569		19,440	73,049		52,663
Investment fair value changes, net	(12,202)		(41,689)	10,733		(59,598)
HEI income, net	10,651		10,259	35,521		23,445
Other income, net	5,995		2,346	16,794		11,060
Realized gains, net	211		50	620		1,104
Total non-interest income (loss), net	44,224		(9,594)	136,717		28,674
General and administrative expenses	(36,008)		(29,697)	(103,861)		(96,057)
Portfolio management costs	(6,356)		(3,661)	(14,817)		(10,271)
Loan acquisition costs	(3,176)		(1,880)	(9,077)		(4,613)
Other expenses	(2,228)		(4,633)	(10,766)		(13,292)
(Provision for) benefit from income taxes	(7,128)		(1,696)	(12,575)		(642)
Net Income (Loss)	14,826		(30,810)	60,622		(23,317)
Non-cash amortization (expense), net	(4,540)		(7,346)	(18,677)		(23,563)
Total Assets	18,427,426	[1]	13,021,138	18,427,426	[1]	13,021,138	$ 14,504,327
Operating Segments | Residential Consumer Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	26,318		6,063	61,728		14,007
Interest expense	(16,770)		(4,826)	(34,958)		(13,392)
Net interest income (expense)	9,548		1,237	26,770		615
Non-interest income (loss)
Mortgage banking activities, net	26,715		8,964	40,787		19,390
Investment fair value changes, net	0		0	0		1,076
HEI income, net	0		0	0		0
Other income, net	0		0	0		0
Realized gains, net	0		0	0		0
Total non-interest income (loss), net	26,715		8,964	40,787		20,466
General and administrative expenses	(5,240)		(4,521)	(14,986)		(13,065)
Portfolio management costs	0		0	0		0
Loan acquisition costs	(1,291)		(395)	(2,843)		(719)
Other expenses	0		0	0		0
(Provision for) benefit from income taxes	(6,977)		(813)	(10,031)		(887)
Net Income (Loss)	22,755		4,472	39,697		6,410
Non-cash amortization (expense), net	(271)		(266)	(868)		(813)
Total Assets	1,543,380		659,520	1,543,380		659,520
Operating Segments | Residential Investor Mortgage Banking
Segment Reporting Information [Line Items]
Interest income	4,868		4,618	15,647		13,509
Interest expense	(3,099)		(3,888)	(11,480)		(11,599)
Net interest income (expense)	1,769		730	4,167		1,910
Non-interest income (loss)
Mortgage banking activities, net	12,854		10,476	32,262		33,273
Investment fair value changes, net	0		0	0		0
HEI income, net	0		0	0		0
Other income, net	5,434		1,278	7,233		4,762
Realized gains, net	0		0	0		0
Total non-interest income (loss), net	18,288		11,754	39,495		38,035
General and administrative expenses	(9,306)		(9,402)	(30,407)		(34,718)
Portfolio management costs	0		0	0		0
Loan acquisition costs	(1,885)		(1,485)	(5,982)		(3,894)
Other expenses	(2,202)		(3,108)	(7,210)		(9,323)
(Provision for) benefit from income taxes	(981)		318	706		2,427
Net Income (Loss)	5,683		(1,193)	769		(5,563)
Non-cash amortization (expense), net	(2,422)		(3,294)	(7,921)		(10,291)
Total Assets	357,432		197,974	357,432		197,974
Operating Segments | Investment Portfolio
Segment Reporting Information [Line Items]
Interest income	217,057		164,847	598,696		500,393
Interest expense	(184,319)		(133,790)	(506,429)		(392,260)
Net interest income (expense)	32,738		31,057	92,267		108,133
Non-interest income (loss)
Mortgage banking activities, net	0		0	0		0
Investment fair value changes, net	(11,966)		(41,789)	11,770		(57,930)
HEI income, net	10,651		10,259	35,521		23,445
Other income, net	426		2,622	10,371		8,803
Realized gains, net	211		26	525		858
Total non-interest income (loss), net	(678)		(28,882)	58,187		(24,824)
General and administrative expenses	(701)		(1,340)	(3,517)		(3,990)
Portfolio management costs	(6,324)		(3,636)	(14,746)		(10,233)
Loan acquisition costs	0		0	(244)		0
Other expenses	(26)		(1,525)	(3,556)		(3,969)
(Provision for) benefit from income taxes	606		(1,457)	(3,454)		(3,135)
Net Income (Loss)	25,615		(5,783)	124,937		61,982
Non-cash amortization (expense), net	1,016		(1,687)	(2,204)		(6,167)
Total Assets	16,151,156		11,701,939	16,151,156		11,701,939
Corporate/ Other
Segment Reporting Information [Line Items]
Interest income	400		1,546	2,729		6,662
Interest expense	(18,957)		(14,219)	(50,932)		(44,436)
Net interest income (expense)	(18,557)		(12,673)	(48,203)		(37,774)
Non-interest income (loss)
Mortgage banking activities, net	0		0	0		0
Investment fair value changes, net	(236)		100	(1,037)		(2,744)
HEI income, net	0		0	0		0
Other income, net	135		(1,554)	(810)		(2,505)
Realized gains, net	0		24	95		246
Total non-interest income (loss), net	(101)		(1,430)	(1,752)		(5,003)
General and administrative expenses	(20,761)		(14,434)	(54,951)		(44,284)
Portfolio management costs	(32)		(25)	(71)		(38)
Loan acquisition costs	0		0	(8)		0
Other expenses	0		0	0		0
(Provision for) benefit from income taxes	224		256	204		953
Net Income (Loss)	(39,227)		(28,306)	(104,781)		(86,146)
Non-cash amortization (expense), net	(2,863)		(2,099)	(7,684)		(6,292)
Total Assets	$ 375,458		$ 461,705	$ 375,458		$ 461,705
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Mortgage Banking Activities, _3

Mortgage Banking Activities, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Other income, net	$ 5,995	$ 2,346	$ 16,794	$ 11,060
Mortgage banking activities, net	39,569	19,440	73,049	52,663
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	335	107	1,764	1,422
Mortgage banking activities, net	26,715	8,964	40,787	19,390
Residential Consumer Mortgage Banking Activities, Net: | Residential consumer 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	20,959	(2,819)	31,410	5,272
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	(28,630)	(482)	(17,508)	2,188
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	34,051	12,158	25,121	10,508
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	5,548	4,004	14,989	13,956
Mortgage banking activities, net	12,854	10,476	32,262	33,273
Residential Investor Mortgage Banking Activities, Net: | Residential investor term 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	6,061	1,600	11,833	13,214
Residential Investor Mortgage Banking Activities, Net: | Residential investor bridge 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	694	1,438	2,748	4,808
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	$ 551	$ 3,434	$ 2,692	$ 1,295

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Sep. 30, 2024		Dec. 31, 2023		Sep. 30, 2023
Assets
Other investments	[1]	$ 341,637		$ 343,930
Derivative assets	[1]	78,933		14,212
Total Assets		18,427,426	[1]	14,504,327	[1]	$ 13,021,138
Liabilities
ABS issued		12,564,029		9,151,263
Derivative liabilities	[1]	7,977		33,828
Total liabilities	[1]	17,204,426		13,301,634
Level 3
Assets
Total Assets				17,531,750
Liabilities
Total liabilities		12,648,727
Fair Value, Measurements, Recurring
Assets
Residential investor loans		4,746,174		5,220,297
Consolidated Agency multifamily loans		425,648		425,285
Trading		128,780		40,424
Available-for-sale		205,361		87,373
HEI		590,080		550,436
Servicer advance investments		212,446		225,345
Excess MSRs		33,491		37,367
Mortgage servicing rights		26,594		24,877
Strategic investments		2,960		3,193
Other investments		92
Derivative assets		78,933		14,212
Total Assets		17,607,718		13,679,446
Liabilities
ABS issued		12,564,029		9,151,263
Derivative liabilities		7,977		33,828
HEI securitization non-controlling interest		80,864		59,752
Total liabilities		12,652,870		9,244,843
Fair Value, Measurements, Recurring | Level 1
Assets
Residential investor loans		0		0
Consolidated Agency multifamily loans		0		0
Trading		0		0
Available-for-sale		0		0
HEI		0		0
Servicer advance investments		0		0
Excess MSRs		0		0
Mortgage servicing rights		0		0
Strategic investments		0		0
Other investments		0
Derivative assets		5,817		952
Total Assets		5,817		952
Liabilities
ABS issued		0		0
Derivative liabilities		4,143		30,414
HEI securitization non-controlling interest		0		0
Total liabilities		4,143		30,414
Fair Value, Measurements, Recurring | Level 2
Assets
Residential investor loans		0		0
Consolidated Agency multifamily loans		0		0
Trading		0		0
Available-for-sale		0		0
HEI		0		0
Servicer advance investments		0		0
Excess MSRs		0		0
Mortgage servicing rights		0		0
Strategic investments		0		0
Other investments		0
Derivative assets		70,151		1,742
Total Assets		70,151		1,742
Liabilities
ABS issued		0		0
Derivative liabilities		0		0
HEI securitization non-controlling interest		0		0
Total liabilities		0		0
Fair Value, Measurements, Recurring | Level 3
Assets
Residential investor loans		4,746,174		5,220,297
Consolidated Agency multifamily loans		425,648		425,285
Trading		128,780		40,424
Available-for-sale		205,361		87,373
HEI		590,080		550,436
Servicer advance investments		212,446		225,345
Excess MSRs		33,491		37,367
Mortgage servicing rights		26,594		24,877
Strategic investments		2,960		3,193
Other investments		92
Derivative assets		2,965		11,518
Total Assets		17,531,750		13,676,752
Liabilities
ABS issued		12,564,029		9,151,263
Derivative liabilities		3,834		3,414
HEI securitization non-controlling interest		80,864		59,752
Total liabilities		12,648,727		9,214,429
Fair Value, Measurements, Recurring | Residential Consumer Loans
Assets
Residential consumer loans		11,157,159		7,050,637
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 1
Assets
Residential consumer loans		0		0
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 2
Assets
Residential consumer loans		0		0
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 3
Assets
Residential consumer loans		$ 11,157,159		$ 7,050,637
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
ABS Issued
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	$ 9,151,263
Acquisitions	4,280,237
Sales	(1,544)
Principal paydowns	(1,122,041)
Gains (losses) in net income, net	256,114
Other settlements, net	0
Ending balance - September 30, 2024	12,564,029
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	195,951
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
Sales	0
Principal paydowns	0
Gains (losses) in net income, net	21,111
Other settlements, net	0
Ending balance - September 30, 2024	80,863
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	(21,111)
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	4,931,228
Originations	0
Sales	(245,771)
Principal paydowns	(790,158)
Gains (losses) in net income, net	213,491
Unrealized gains in OCI, net	0
Other settlements, net	(2,268)
Ending balance - September 30, 2024	11,157,159
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	145,485
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	19,155
Originations	1,201,564
Sales	(744,759)
Principal paydowns	(1,016,256)
Gains (losses) in net income, net	79,288
Unrealized gains in OCI, net	0
Other settlements, net	(13,115)
Ending balance - September 30, 2024	4,746,174
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	50,712
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	(6,418)
Gains (losses) in net income, net	6,781
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - September 30, 2024	425,648
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	6,582
Real Estate Trading Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	40,424
Acquisitions	96,810
Originations	0
Sales	(2,833)
Principal paydowns	(556)
Gains (losses) in net income, net	(5,065)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - September 30, 2024	128,780
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	(5,320)
Real Estate AFS Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	87,373
Acquisitions	103,934
Originations	0
Sales	0
Principal paydowns	(4,757)
Gains (losses) in net income, net	1,731
Unrealized gains in OCI, net	17,080
Other settlements, net	0
Ending balance - September 30, 2024	205,361
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	17,083
HEI
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	550,436
Acquisitions	1,066
Originations	0
Sales	0
Principal paydowns	(36,899)
Gains (losses) in net income, net	75,477
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - September 30, 2024	590,080
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	68,078
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	(21,151)
Gains (losses) in net income, net	8,252
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - September 30, 2024	212,446
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	8,252
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	(3,876)
Unrealized gains in OCI, net	0
Other settlements, net	0
Ending balance - September 30, 2024	33,491
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	(3,877)
MSRs/Strategic Investments/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	28,070
Acquisitions	185
Originations	0
Sales	0
Principal paydowns	(141)
Gains (losses) in net income, net	1,632
Unrealized gains in OCI, net	0
Other settlements, net	(100)
Ending balance - September 30, 2024	29,646
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period	2,555
Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance - December 31, 2023	8,104
Acquisitions	0
Sales	0
Principal paydowns	0
Gains (losses) in net income, net	10,938
Other settlements, net	(19,911)
Ending balance - September 30, 2024	(869)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period	$ (869)

Fair Value of Financial Instr_5

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		9 Months Ended
		Sep. 30, 2024 USD ($) $ / loan securitization_entity		Dec. 31, 2023 USD ($)		Sep. 30, 2023 USD ($)
Assets
Other assets	[1]	$ 427,687		$ 402,944
Total Assets		18,427,426	[1]	14,504,327	[1]	$ 13,021,138
Liabilities
Total liabilities	[1]	$ 17,204,426		13,301,634
Securitization entity | securitization_entity		2
VIEs
Assets
Total Assets		$ 14,312,672		10,988,885
Liabilities
Total liabilities		13,354,497		10,096,308
Collateralized Financing Entities | VIEs
Assets
Other assets		37,054		24,443
Total Assets		14,312,672		10,988,885
Liabilities
Total liabilities		13,354,497		10,096,308
HEI | Collateralized Financing Entities | VIEs
Assets
Other assets		414		62
Total Assets		341,220		316,600
Liabilities
Total liabilities		295,072		282,240
Fair value of securities owned		46,000
Level 3
Assets
Total Assets				17,531,750
Liabilities
Total liabilities		12,648,727
ABS Issued | Level 3
Liabilities
ABS issued		12,564,029
Other liabilities | Level 3
Liabilities
Other liabilities		$ 84,698
Minimum | Whole loan discount rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.04
Minimum | Prepayment rate (annual CPR) | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0
Minimum | Default rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0
Minimum | Loss severity | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0
Maximum | Whole loan discount rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.30
Maximum | Prepayment rate (annual CPR) | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.30
Maximum | Default rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.17
Maximum | Loss severity | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.50
Weighted Average | Whole loan discount rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.06
Weighted Average | Prepayment rate (annual CPR) | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.05
Weighted Average | Default rate | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.04
Weighted Average | Loss severity | ABS Issued | Level 3
Liabilities
ABS issued, measurement input		0.20
Residential consumer loans | Level 3
Assets
Loans receivable, fair value		$ 11,157,159
Residential consumer loans | Minimum | Senior credit spread to TBA price | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.75
Residential consumer loans | Minimum | Senior credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0170
Residential consumer loans | Minimum | Subordinate credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0225
Residential consumer loans | Minimum | Senior credit support | Level 3
Assets
Loan purchase commitments, measurement input		0.07
Residential consumer loans | Minimum | IO discount rate | Level 3
Assets
Loans receivable, measurement input		0.25
Residential consumer loans | Minimum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		37
Residential consumer loans | Maximum | Senior credit spread to TBA price | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		1.75
Residential consumer loans | Maximum | Senior credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0200
Residential consumer loans | Maximum | Subordinate credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0900
Residential consumer loans | Maximum | Senior credit support | Level 3
Assets
Loan purchase commitments, measurement input		0.10
Residential consumer loans | Maximum | IO discount rate | Level 3
Assets
Loans receivable, measurement input		0.28
Residential consumer loans | Maximum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		103
Residential consumer loans | Weighted Average | Senior credit spread to TBA price | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.93
Residential consumer loans | Weighted Average | Senior credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0190
Residential consumer loans | Weighted Average | Subordinate credit spread to Swap rate | Level 3
Assets
Loans held-for-sale, measurement input | $ / loan		0.0341
Residential consumer loans | Weighted Average | Senior credit support | Level 3
Assets
Loan purchase commitments, measurement input		0.08
Residential consumer loans | Weighted Average | IO discount rate | Level 3
Assets
Loans receivable, measurement input		0.27
Residential consumer loans | Weighted Average | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		95
Residential investor term loans | Level 3
Assets
Loans receivable, fair value		$ 2,836,370
Residential investor term loans | Minimum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		92
Residential investor term loans | Minimum | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0250
Residential investor term loans | Maximum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		103
Residential investor term loans | Maximum | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0260
Residential investor term loans | Weighted Average | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		95
Residential investor term loans | Weighted Average | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0254
Residential investor bridge loans held-for-investment | Level 3
Assets
Loans receivable, fair value		$ 1,909,804
Residential investor bridge loans held-for-investment | Minimum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		102
Residential investor bridge loans held-for-investment | Minimum | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0435
Residential investor bridge loans held-for-investment | Minimum | Whole loan discount rate | Level 3
Assets
Loans held-for-investment, measurement input		0.05
Residential investor bridge loans held-for-investment | Minimum | Dollar price of non-performing loans | Level 3
Assets
Loans held-for-investment, measurement input | $ / loan		38
Residential investor bridge loans held-for-investment | Maximum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		109
Residential investor bridge loans held-for-investment | Maximum | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0435
Residential investor bridge loans held-for-investment | Maximum | Whole loan discount rate | Level 3
Assets
Loans held-for-investment, measurement input		0.18
Residential investor bridge loans held-for-investment | Maximum | Dollar price of non-performing loans | Level 3
Assets
Loans held-for-investment, measurement input | $ / loan		100
Residential investor bridge loans held-for-investment | Weighted Average | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		103
Residential investor bridge loans held-for-investment | Weighted Average | Whole loan spread | Level 3
Assets
Loans held-for-investment, measurement input		0.0435
Residential investor bridge loans held-for-investment | Weighted Average | Whole loan discount rate | Level 3
Assets
Loans held-for-investment, measurement input		0.09
Residential investor bridge loans held-for-investment | Weighted Average | Dollar price of non-performing loans | Level 3
Assets
Loans held-for-investment, measurement input | $ / loan		88
Consolidated Agency multifamily loans | Level 3
Assets
Loans receivable, fair value		$ 425,648
Consolidated Agency multifamily loans | Minimum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		98
Consolidated Agency multifamily loans | Maximum | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		98
Consolidated Agency multifamily loans | Weighted Average | Liability price | Level 3
Assets
Loans receivable, measurement input | $ / loan		98
Trading and AFS securities | Level 3
Assets
Trading and AFS securities		$ 334,141
Trading and AFS securities | Minimum | Whole loan discount rate | Level 3
Assets
Trading and AFS securities		0.05
Trading and AFS securities | Minimum | Prepayment rate (annual CPR) | Level 3
Assets
Trading and AFS securities		0
Trading and AFS securities | Minimum | Default rate | Level 3
Assets
Trading and AFS securities		0
Trading and AFS securities | Minimum | Loss severity | Level 3
Assets
Trading and AFS securities		0.25
Trading and AFS securities | Maximum | Whole loan discount rate | Level 3
Assets
Trading and AFS securities		0.40
Trading and AFS securities | Maximum | Prepayment rate (annual CPR) | Level 3
Assets
Trading and AFS securities		0.40
Trading and AFS securities | Maximum | Default rate | Level 3
Assets
Trading and AFS securities		0.18
Trading and AFS securities | Maximum | Loss severity | Level 3
Assets
Trading and AFS securities		0.50
Trading and AFS securities | Weighted Average | Whole loan discount rate | Level 3
Assets
Trading and AFS securities		0.12
Trading and AFS securities | Weighted Average | Prepayment rate (annual CPR) | Level 3
Assets
Trading and AFS securities		0.13
Trading and AFS securities | Weighted Average | Default rate | Level 3
Assets
Trading and AFS securities		0.001
Trading and AFS securities | Weighted Average | Loss severity | Level 3
Assets
Trading and AFS securities		0.25
Home Equity Investments (HEI) | Level 3
Assets
Home Equity Investments (HEI)		$ 590,080
Home Equity Investments (HEI) | Minimum | Whole loan discount rate | Level 3
Assets
HEI, Measurement input		0.10
Home Equity Investments (HEI) | Minimum | Prepayment rate (annual CPR) | Level 3
Assets
HEI, Measurement input		0.01
Home Equity Investments (HEI) | Minimum | Home price appreciation (depreciation) | Level 3
Assets
HEI, Measurement input		0.04
Home Equity Investments (HEI) | Maximum | Whole loan discount rate | Level 3
Assets
HEI, Measurement input		0.10
Home Equity Investments (HEI) | Maximum | Prepayment rate (annual CPR) | Level 3
Assets
HEI, Measurement input		0.20
Home Equity Investments (HEI) | Maximum | Home price appreciation (depreciation) | Level 3
Assets
HEI, Measurement input		0.04
Home Equity Investments (HEI) | Weighted Average | Whole loan discount rate | Level 3
Assets
HEI, Measurement input		0.10
Home Equity Investments (HEI) | Weighted Average | Prepayment rate (annual CPR) | Level 3
Assets
HEI, Measurement input		0.14
Home Equity Investments (HEI) | Weighted Average | Home price appreciation (depreciation) | Level 3
Assets
HEI, Measurement input		0.04
Servicer advance investments | Level 3
Assets
Servicing asset		$ 212,446
Servicer advance investments | Minimum | Level 3
Assets
Expected remaining life		5 years
Servicer advance investments | Minimum | Whole loan discount rate | Level 3
Assets
Servicing asset, measurement input		0.11
Servicer advance investments | Minimum | Mortgage servicing income | Level 3
Assets
Loan purchase commitments, measurement input		0.0002
Servicer advance investments | Maximum | Level 3
Assets
Expected remaining life		5 years
Servicer advance investments | Maximum | Whole loan discount rate | Level 3
Assets
Servicing asset, measurement input		0.30
Servicer advance investments | Maximum | Mortgage servicing income | Level 3
Assets
Loan purchase commitments, measurement input		0.0049
Servicer advance investments | Weighted Average | Level 3
Assets
Expected remaining life		5 years
Servicer advance investments | Weighted Average | Whole loan discount rate | Level 3
Assets
Servicing asset, measurement input		0.14
Servicer advance investments | Weighted Average | Mortgage servicing income | Level 3
Assets
Loan purchase commitments, measurement input		0.0009
Other assets | Level 3
Assets
Other assets		$ 66,102
Sequoia
Liabilities
Fair value of securities owned		333,000
Freddie Mac K-Series
Liabilities
Fair value of securities owned		$ 34,000
BPL bridge loans held by CAFL
Liabilities
Securitization entity | securitization_entity		1
Residential investor term loans held by CAFL
Liabilities
Fair value of securities owned		$ 339,000		323,000
At consolidated CAFL Bridge entities
Liabilities
Fair value of securities owned		26,000		22,000
Freddie Mac SLST
Liabilities
Fair value of securities owned		$ 268,000		$ 274,000
[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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value | Level 1
Assets
Cash and cash equivalents	$ 253,673	$ 293,104
Restricted cash	72,294	75,684
Liabilities
Convertible notes, net	359,297	503,728
Carrying Value | Level 2
Liabilities
Debt obligation facilities and other financing	3,163,534	2,596,582
Carrying Value | Level 3
Liabilities
Total ABS issued, net	455,487	660,617
Trust preferred securities and subordinated notes, net	138,848	138,813
Guarantee obligations	3,753	5,781
Carrying Value | Senior Notes | Level 1
Liabilities
Senior Notes	139,767	0
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	253,673	293,104
Restricted cash	72,294	75,684
Liabilities
Convertible notes, net	364,599	488,341
Estimated Fair Value | Level 2
Liabilities
Debt obligation facilities and other financing	3,164,737	2,591,931
Estimated Fair Value | Level 3
Liabilities
Total ABS issued, net	456,272	637,816
Trust preferred securities and subordinated notes, net	96,255	92,070
Guarantee obligations	3,303	3,772
Estimated Fair Value | Senior Notes | Level 1
Liabilities
Senior Notes	$ 146,666	$ 0

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	$ 33,000,000	$ 97,000,000
Residential Consumer Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	2,000,000,000	4,870,000,000
Total Residential Investor Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option elected aggregate carrying amount, asset	449,000,000	1,230,000,000
HEIs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Acquisitions	500,000	1,000,000
MSRs and Other Asset Class
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Acquisitions	$ 0	$ 200,000

Residential Consumer Loans - Sc

Residential Consumer Loans - Schedule of Classifications and Carrying Value of Residential Consumer Loans (Details) - USD ($) $ in Thousands		Sep. 30, 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]	$ 1,362,349	$ 911,192
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		8,476,004	4,780,203
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		1,318,806	1,359,242
Servicer advance investments, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		11,157,159	7,050,637
Servicer advance investments, at fair value | 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		1,362,349	911,192
Servicer advance investments, at fair value | 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		9,794,810	6,139,445
Servicer advance investments, at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		8,476,004	4,780,203
Servicer advance investments, at fair value | 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, at fair value | 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		8,476,004	4,780,203
Servicer advance investments, at fair value | Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		1,318,806	1,359,242
Servicer advance investments, at fair value | 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, at fair value | 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		1,318,806	1,359,242
Servicer advance investments, at fair value | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans		1,362,349	911,192
Servicer advance investments, at fair value | 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		1,362,349	911,192
Servicer advance investments, at fair value | 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Residential Consumer Loans - Ad

Residential Consumer Loans - Additional Information (Details) $ in Billions	Sep. 30, 2024 USD ($)
Receivables [Abstract]
Mortgage servicing rights, at amortized cost	$ 1.3

Residential Consumer Loans - _2

Residential Consumer Loans - Schedule of Characteristics of Residential Consumer Loans Held-for-Sale (Details) $ in Thousands	Sep. 30, 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]
Unpaid principal balance	$ 1,348,819	$ 916,877
Fair value of loans	1,362,349	911,192
Market value of loans pledged as collateral under short-term borrowing agreements	$ 1,350,551	$ 907,742
Weighted average coupon	6.63%	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 - _3

Residential Consumer Loans - Schedule of Quarterly Activity of Residential Consumer Loans Held-for-Sale (Details) - Residential Consumer Loans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans acquired	$ 1,999,621	$ 857,974	$ 4,873,608	$ 1,092,992
Principal balance of loans sold	39,497	53,743	246,641	235,821
Principal balance of loans transferred from HFS to HFI	1,528,163	337,752	4,140,150	995,047
Net market valuation gains (losses) recorded	$ 11,047	$ (8,683)	$ 20,079	$ (2,590)

Residential Consumer Loans - _4

Residential Consumer Loans - Schedule of Characteristics of Residential Consumer Loans Held-for-Investment (Details) - Held-for-investment at fair value - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 8,880,569	$ 5,398,913
Average loan balance (UPB)	868	757
Fair value of loans	$ 8,476,004	$ 4,780,203
Weighted average coupon	4.95%	4.15%
Unpaid principal balance of loans in foreclosure	$ 7,079	$ 5,234
Average foreclosure balance (UPB)	442	436
Freddie Mac SLST
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	1,538,972	1,614,974
Average loan balance (UPB)	156	157
Fair value of loans	$ 1,318,806	$ 1,359,242
Weighted average coupon	4.50%	4.50%
Unpaid principal balance of loans in foreclosure	$ 39,790	$ 47,654
Average foreclosure balance (UPB)	181	163
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]
Unpaid principal balance of loans with 90+ day delinquencies	16,802	13,023
Average 90+ days delinquent balance (UPB)	525	482
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]
Unpaid principal balance of loans with 90+ day delinquencies	103,379	132,307
Average 90+ days delinquent balance (UPB)	$ 171	$ 166

Residential Consumer Loans - _5

Residential Consumer Loans - Schedule of Quarterly Activity of Residential Consumer Loans Held-for-Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal value of loans transferred from HFS to HFI			$ 4,553,378	$ 2,009,030
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	$ 256,034	$ (177,253)	152,635	(162,895)
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	53,555	(51,046)	38,154	(62,756)
Held-for-investment at fair value | Sequoia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal value of loans transferred from HFS to HFI	$ 1,528,163	$ 337,752	$ 4,140,150	$ 995,047

Residential Investor Loans - Cl

Residential Investor Loans - Classifications and Carrying Values of Residential Investor Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Held-for-sale at fair value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 265,878	$ 180,250
Held-for-sale at fair value | Residential Investor Term | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	174,485	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 | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	91,393	35,891
Held-for-sale at fair value | Residential Investor Bridge | 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	4,480,296	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	2,661,885	2,971,725
Held-for-investment at fair value | Residential Investor Bridge | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,211,081	1,305,727
Held-for-investment at fair value | Residential Investor Bridge | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	607,330	762,596
Total Residential Investor Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	4,746,174	5,220,298
Total Residential Investor Loans | Residential Investor Term | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	174,485	144,359
Total Residential Investor Loans | Residential Investor Term | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,661,885	2,971,725
Total Residential Investor Loans | Residential Investor Bridge | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,302,474	1,341,618
Total Residential Investor Loans | Residential Investor Bridge | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 607,330	$ 762,596

Residential Investor Loans - Ad

Residential Investor Loans - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal payments on real estate securities		$ 5,331	$ 950
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	$ 429,000	$ 429,000
SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate owned, rate (as a percent)		62%
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)		38%
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average term increase from modification	16 months
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted average term increase from modification	19 months
Bridge Loans | Minimum
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
Bridge Loans | Maximum
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 Bridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans sold	$ 66,000	$ 253,000
Principal payments on real estate securities	13,000	34,000
Financing receivable, modified in period, amount	$ 116,000	1,910,000		$ 2,100,000
Number of modified loans | loan	2
Unpaid principal balance	$ 364,000	364,000		340,000
Fair value of loans	$ 320,000	$ 320,000		312,000
Deferred interest	10.49%	10.49%
Residential Investor Bridge | Financing Receivables Less Than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 215,000	$ 215,000		$ 207,000
Residential Investor Bridge | Payment Deferral
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified in period, amount	$ 228,000
Deferred interest	4.86%	4.86%
Residential Investor Bridge | Interest Rate Below Market Reduction
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified in period, amount		$ 113,000
Residential Investor Bridge | Estimated Fair Value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified in period, amount	$ 115,000
Residential Investor Bridge | Estimated Fair Value | Interest Rate Below Market Reduction
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, modified in period, amount		$ 111,000
Financial Instrument, Term One | Residential Investor Term Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, term	3 years	3 years
Financial Instrument, Term Two | Residential Investor Term Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, term	5 years	5 years
Financial Instrument, Term Three | Residential Investor Term Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, term	7 years	7 years
Financial Instrument, Term Four | Residential Investor Term Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, term	10 years	10 years

Residential Investor Loans - Ac

Residential Investor Loans - Activity and Characteristics of Residential Investor Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated			$ 4,910,749	$ 1,051,236
Principal payments on real estate securities			5,331	950
Term at Redwood | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	$ 158,584	$ 105,777	493,212	408,477
Principal balance of loans acquired	3,145	0	3,793	0
Principal payments on real estate securities	206,380	27,436	464,836	425,542
Fair value of loans transferred	0	(278,751)	0	(278,751)
Net market valuation gains (losses) recorded	(1,500)	0	(2,837)	(14,430)
Term at Redwood | Redwood | Total residential mortgage banking activities, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	6,061	1,600	11,833	13,214
Residential investor bridge loans held-for-investment | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal balance of loans originated	286,833	303,284	714,977	828,149
Principal balance of loans acquired	0	1,820	15,677	19,054
Principal payments on real estate securities	67,655	34,061	277,170	65,868
Fair value of loans transferred	(62,386)	(116,679)	(250,319)	(337,657)
Net market valuation gains (losses) recorded	(10,293)	(16,899)	(27,503)	(22,867)
Residential investor bridge loans held-for-investment | Redwood | Total residential mortgage banking activities, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	694	1,438	2,748	4,808
Total Residential Investor Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	4,746,174		4,746,174		$ 5,220,298
Total Residential Investor Loans | Residential investor term loans held by CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	78,275	(1,360)	89,388	(1,961)
Single Family Rental Loans Held For Investment At Fair Value | Residential investor term loans held by CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans transferred to HFI	0	278,751	0	278,751
Unpaid principal balance	2,790,755		2,790,755		3,194,131
Average UPB of loans	3,037		3,037		3,028
Fair value of loans	$ 2,661,885		$ 2,661,885		$ 2,971,725
Weighted average coupon	5.36%		5.36%		5.34%
Weighted average remaining loan term (years)			4 years		5 years
Fair value of loans with 90+ day delinquencies	$ 18,646		$ 18,646		$ 15,708
Average UPB of 90+ day delinquencies	2,936		2,936		2,244
Single Family Rental Loans Held For Investment At Fair Value | Residential investor term loans held by CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans with 90+ day delinquencies	161,874		161,874		143,623
Average UPB of 90+ day delinquencies	3,948		3,948		3,192
Bridge at CAFL | Residential investor term loans held by CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded	1,623	(2,560)	443	(1,960)
Fair value of loans transferred to HFI	62,386	$ 116,679	250,319	$ 337,657
Single-Family Rental Loans, Held-For-Sale | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	183,358		183,358		152,213
Average UPB of loans	2,108		2,108		4,006
Fair value of loans	$ 174,485		$ 174,485		$ 144,359
Weighted average coupon	6.88%		6.88%		6.92%
Weighted average remaining loan term (years)			7 years		7 years
Fair value of loans with 90+ day delinquencies	$ 27,529		$ 27,529		$ 28,263
Average UPB of 90+ day delinquencies	27,529		27,529		14,132
Unpaid principal balance of loans in foreclosure	13,250		13,250		16,822
Single-Family Rental Loans, Held-For-Sale | Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	19,320		19,320		16,822
Fair value of loans with 90+ day delinquencies	34,083		34,083		28,263
Average UPB of 90+ day delinquencies	11,361		11,361		14,132
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Short Term Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded			133,022		124,934
Business Purpose Bridge Loans | Redwood
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	1,336,767		1,336,767		1,360,957
Average UPB of loans	5,161		5,161		8,453
Fair value of loans	$ 1,302,474		$ 1,302,474		$ 1,341,618
Weighted average coupon	9.14%		9.14%		10.41%
Weighted average remaining loan term (years)			1 year		1 year
Fair value of loans with 90+ day delinquencies	$ 86,019		$ 86,019		$ 79,841
Average UPB of 90+ day delinquencies	7,820		7,820		5,323
Unpaid principal balance of loans in foreclosure	72,212		72,212		69,046
Business Purpose Bridge Loans | Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans	113,904		113,904		86,137
Fair value of loans with 90+ day delinquencies	132,286		132,286		96,934
Average UPB of 90+ day delinquencies	7,782		7,782		5,702
Business Purpose Bridge Loans | Redwood | Loans Pledged As Collateral, Short Term Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net market valuation gains (losses) recorded			1,250,392		1,298,198
Business Purpose Bridge Loans | Residential investor term loans held by CAFL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	600,267		600,267		756,574
Average UPB of loans	2,035		2,035		2,162
Fair value of loans	$ 607,330		$ 607,330		$ 762,596
Weighted average coupon	10.16%		10.16%		10.82%
Weighted average remaining loan term (years)			1 year		1 year
Fair value of loans with 90+ day delinquencies	$ 13,426		$ 13,426		$ 3,931
Average UPB of 90+ day delinquencies	1,918		1,918		1,310
Business Purpose Bridge Loans | Residential investor term loans held by CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fair value of loans with 90+ day delinquencies	24,993		24,993		10,646
Average UPB of 90+ day delinquencies	$ 1,785		$ 1,785		$ 1,774

Residential Investor Loans - Sc

Residential Investor Loans - Schedule unpaid principal balance of business purpose loans (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) securitization_entity unit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitization entity | securitization_entity	2
Number of units for light to moderate renovation | unit	20
BPL bridge loans held by CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securitization entity | securitization_entity	1
Residential Term, Single Family Rental | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 85,307
Residential Term, Multifamily | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	98,051
Term Loans, Single Family Rental | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,163,862
Term Loans, Multifamily | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	626,893
Residential Bridge Renovate Build For Rent | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	575,782
Bridge Loans, Renovate Build For Rent | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	279,820
Residential Bridge Single Asset Bridge | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	90,678
Bridge Loans, Single Asset Bridge | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	171,489
Residential Bridge Multifamily | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	664,060
Bridge Loans, Multifamily | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	147,903
Residential Bridge Third Party Originated | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	6,247
Bridge Loans, Third Party Originated | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,055
Residential Term Loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	183,358
Term Loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	2,790,755
BPL bridge loans | Redwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	1,336,767
Bridge Loans | CAFL
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans	$ 600,267

Real Estate Securities - Schedu

Real Estate Securities - Schedule of Fair Values of Real Estate Securities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Trading		$ 128,780	$ 40,424
Available-for-sale		205,361	87,373
Total Real Estate Securities	[1]	$ 334,141	$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Real Estate Securities - Sche_2

Real Estate Securities - Schedule of Available for Sale Securities by Collateral Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost	$ 180,541		$ 79,635
Gross unrealized gains	30,000		16,973
Gross unrealized losses	(4,313)		(6,753)
Allowance for credit losses	(867)	$ (1,339)	(2,482)
Available-for-sale	205,361		87,373
Senior
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost	32,217		0
Gross unrealized gains	139		0
Gross unrealized losses	0		0
Allowance for credit losses	0		0
Available-for-sale	32,356		0
Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost	34,143		0
Gross unrealized gains	916		0
Gross unrealized losses	0		0
Allowance for credit losses	0		0
Available-for-sale	35,059		0
Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost	114,181		79,635
Gross unrealized gains	28,945		16,973
Gross unrealized losses	(4,313)		(6,753)
Allowance for credit losses	(867)		(2,482)
Available-for-sale	$ 137,946		$ 87,373

Real Estate Securities - Availa

Real Estate Securities - Available for Sale Securities by Collateral Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	$ 205,361	$ 87,373
Senior
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	32,356	0
Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	35,059	0
Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	137,946	87,373
Other third-party securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	102,742	3,971
Other third-party securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	32,356	0
Other third-party securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	32,178	0
Other third-party securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	38,208	3,971
Multifamily securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	7,385	4,460
Multifamily securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	0	0
Multifamily securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	2,881	0
Multifamily securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	4,504	4,460
Sequoia securities
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	95,234	78,942
Sequoia securities | Senior
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	0	0
Sequoia securities | Mezzanine
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	0	0
Sequoia securities | Subordinate
Debt and Equity Securities, FV-NI [Line Items]
Available-for-sale	$ 95,234	$ 78,942

Real Estate Securities - Additi

Real Estate Securities - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Investment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Investment	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) Investment
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized gain (loss) on available-for-sale securities	$ 7,373,000	$ (3,921,000)	$ 17,083,000	$ 398,000
Number of AFS securities (in investments) | Investment	88		88			66
Number of securities in unrealized loss position | Investment	14		14			21
Number of securities in a continuous unrealized loss position for twelve consecutive months or longer (in investments) | Investment	11		11			19
Allowance for credit loss	$ 867,000		$ 867,000		$ 1,339,000	$ 2,482,000
Sales
Debt and Equity Securities, FV-NI [Line Items]
Gross realized gains			0	$ 2,000,000
Residential
Debt and Equity Securities, FV-NI [Line Items]
AFS securities, contractual maturities, less than five years	46,000,000		46,000,000
Marketable securities, due from five to ten years	$ 5,000,000		$ 5,000,000

Real Estate Securities - Sche_3

Real Estate Securities - Schedule of Components of Fair Value of Available for Sale Securities by Holding Periods (Details) - Residential - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Fair Value	$ 15,077	$ 2,374
Less Than 12 Consecutive Months, Unrealized Losses	(44)	(128)
12 Consecutive Months or Longer, Fair Value	20,809	27,299
12 Consecutive Months or Longer, Unrealized Losses	$ (4,269)	$ (6,625)

Real Estate Securities - Sche_4

Real Estate Securities - Schedule of Activity of Allowance for Credit Losses for Available-for-sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Rollforward of Allowance for Credit Losses
Beginning balance allowance for credit losses	$ 1,339	$ 2,482
Additions to allowance for credit losses on securities for which credit losses were not previously recorded	25	25
Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(497)	(1,640)
Reduction to allowance for securities sold during the period	0	0
Ending balance of allowance for credit losses	$ 867	$ 867

Home Equity Investments (HEI) -

Home Equity Investments (HEI) - Schedule of Home Equity Investments (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2024 USD ($) transaction	Dec. 31, 2023 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of securitization transactions co-sponsored | transaction		2
Schedule of Equity Method Investments [Line Items]
Home equity investments	[1]	$ 590,080	$ 550,436
Redwood
Schedule of Equity Method Investments [Line Items]
Home equity investments		255,521	244,719
HEI held at consolidated HEI securitization entities
Schedule of Equity Method Investments [Line Items]
Home equity investments		$ 334,559	$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Home Equity Investments (HEI)_2

Home Equity Investments (HEI) - Activity of HEI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair value of HEI purchased and originated
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	$ 0	$ 0	$ 0	$ 0
Fair value of HEI purchased and originated | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	460	113	1,066	25,626
Net market valuation gains (losses) recorded
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	19,408	4,212	51,861	8,418
Net market valuation gains (losses) recorded | Redwood
Schedule of Equity Method Investments [Line Items]
Net market valuation gains (losses)	$ 5,812	$ 9,290	$ 23,618	$ 21,598

Home Equity Investments (HEI)_3

Home Equity Investments (HEI) - HEI Characteristics (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ 10,651	$ 10,259	$ 35,521	$ 23,445
Interest expense	223,145	156,723	603,799	461,687
Net market valuation gains recorded on HEI at Redwood
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	5,812	9,291	23,618	21,599
Net market valuation gains recorded on Securitized HEI
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	19,407	4,212	51,859	8,418
ABS Issued From HEI Securitization
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	(5,964)	(1,512)	(18,845)	(3,274)
Interest expense	3,000	1,000	9,000	3,000
Net market valuation (losses) recorded on non-controlling interests in HEI securitizations
Schedule of Equity Method Investments [Line Items]
Total HEI income, net	$ (8,604)	$ (1,732)	$ (21,111)	$ (3,298)

Other Investments - Schedule of

Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Total Other Investments	[1]	$ 341,637	$ 343,930
MSRs
Net Investment Income [Line Items]
Servicing asset, fair value		26,594	24,877
Other, at fair value
Net Investment Income [Line Items]
Other, at fair value		92	234
Servicer advance investments, at fair value
Net Investment Income [Line Items]
Servicing asset, fair value		212,446	225,345
Strategic Investments
Net Investment Income [Line Items]
Strategic investments, at carrying value		66,054	53,147
Strategic investments		2,960	2,960
Excess MSRs, at fair value
Net Investment Income [Line Items]
Servicing asset, fair value		$ 33,491	$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Other Investments - Schedule _2

Other Investments - Schedule of Other Investment Income Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Investment fair value changes, net	$ (12,202)	$ (41,689)	$ 10,733	$ (59,598)
Other interest income	248,643	$ 177,074	678,800	$ 534,571
Total Other Investments Income, Net	3,602		34,484
Excess MSRs
Net Investment Income [Line Items]
Investment fair value changes, net	(1,263)		(3,876)
Other interest income	3,192		9,815
Strategic Investments
Net Investment Income [Line Items]
Investment fair value changes, net	(236)		(1,036)
Other income, net	(52)		(997)
MSRs
Net Investment Income [Line Items]
Other income, net	251		8,025
Servicer advance financing
Net Investment Income [Line Items]
Other interest income	4,435		14,301
Investment fair value changes, net	$ (2,725)		$ 8,252

Other Investments - Additional

Other Investments - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Net Investment Income [Line Items]
Sale of investments	$ 0.1	$ 0.3
RWT Horizons
Net Investment Income [Line Items]
Investments	69	69
Oaktree Capital Management, L.P.
Net Investment Income [Line Items]
Investments	$ 6	$ 6
Equity method investment, ownership percentage	20%	20%
CPP Investments
Net Investment Income [Line Items]
Investments	$ 16	$ 16
Equity method investment, ownership percentage	20%	20%
Sale of investments	$ 1	$ 1

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value and Notional Amount of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ 70,956	$ (19,616)
Notional Amount	9,552,606	2,628,677
Derivative Liabilities
Derivative [Line Items]
Fair Value	(7,977)	(33,828)
Notional Amount	1,778,170	1,977,483
Derivative Liabilities | TBAs
Derivative [Line Items]
Fair Value	0	(27,020)
Notional Amount	0	1,405,000
Derivative Liabilities | Interest rate futures
Derivative [Line Items]
Fair Value	(4,143)	(3,394)
Notional Amount	1,076,400	141,500
Derivative Liabilities | LPCs and IRLCs
Derivative [Line Items]
Fair Value	(3,834)	(3,414)
Notional Amount	701,770	430,983
Derivative Assets
Derivative [Line Items]
Fair Value	78,933	14,212
Notional Amount	7,774,436	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	195	952
Notional Amount	125,000	385,000
Derivative Assets | Interest rate futures
Derivative [Line Items]
Fair Value	5,622	0
Notional Amount	715,900	0
Derivative Assets | Swaptions
Derivative [Line Items]
Fair Value	70,151	0
Notional Amount	6,295,000	0
Derivative Assets | LPCs and IRLCs
Derivative [Line Items]
Fair Value	2,965	11,518
Notional Amount	$ 638,536	$ 216,194

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Market Valuation Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Derivative [Line Items]
Valuation adjustments on derivatives	$ 37,220	$ 38,887
LPCs and IRLCs
Derivative [Line Items]
Market valuations gains (losses), net	9,801	11,331
Risk Management Derivatives
Derivative [Line Items]
Valuation adjustments on derivatives	$ 27,419	$ 27,556

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Accumulated other comprehensive loss, interest rate agreements			$ (65)		$ (68)
Interest Expense
Derivative [Line Items]
Expected amortization of realized losses related to terminated cash flow hedges			4
Interest rate contract | Cash Flow Hedging
Derivative [Line Items]
Realized net losses from accumulated comprehensive loss into Interest expense	$ 1	$ 3	$ 1	$ 3

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	$ 78,933	$ 14,212
Liabilities
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet	[1]	(7,977)	(33,828)
Total Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(683,223)	(502,314)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(683,223)	(502,314)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		682,960	472,852
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		263	28,878
Net Amount		0	(584)
Interest rate agreements
Assets
Gross Amounts of Recognized Assets (Liabilities)		70,151	1,742
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		70,151	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		(70,151)	0
Net Amount		0	1,742
TBAs
Assets
Gross Amounts of Recognized Assets (Liabilities)		195	952
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		195	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		(195)	0
Net Amount		0	0
Liabilities
Gross Amounts of Recognized Assets (Liabilities)			(27,020)
Gross Amounts Offset in Consolidated Balance Sheet			0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet			(27,020)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments			952
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged			25,484
Net Amount			(584)
Futures
Assets
Gross Amounts of Recognized Assets (Liabilities)		5,622
Gross Amounts Offset in Consolidated Balance Sheet		0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		5,622
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		(3,880)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		0
Net Amount		1,742
Liabilities
Gross Amounts of Recognized Assets (Liabilities)		(4,143)	(3,394)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(4,143)	(3,394)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		3,880	0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		263	3,394
Net Amount		0	0
Interest Rate Agreement, TBAs, and Futures
Assets
Gross Amounts of Recognized Assets (Liabilities)		75,968	2,694
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		75,968	2,694
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		(3,880)	(952)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged		(70,346)	0
Net Amount		1,742	1,742
Loan warehouse debt
Loan warehouse debt and Security repurchase agreement
Gross Amounts of Recognized Assets (Liabilities)		(679,080)	(471,900)
Gross Amounts Offset in Consolidated Balance Sheet		0	0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		(679,080)	(471,900)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments		679,080	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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Other Assets and Liabilities -

Other Assets and Liabilities - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable		$ 103,035		$ 69,072
Real estate owned		94,598	$ 99,885	93,599
Investment receivable		67,576		67,302
Deferred tax asset		40,116		40,115
Margin receivable		27,090		33,414
Goodwill		23,373		23,373
Intangible assets		21,252		28,462
Operating lease right-of-use assets		9,759		12,532
Fixed assets and leasehold improvements		6,140		7,829
Other		34,748		27,246
Total Other Assets	[1]	427,687		$ 402,944
Fixed assets		18,000
Accumulated depreciation		$ (12,000)
[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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Other Assets and Liabilities _2

Other Assets and Liabilities - Schedule of Activity and Carrying Values of REO Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Other Real Estate [Roll Forward]
Balance at beginning of period	$ 99,885	$ 93,599
Transfers to REO	967	14,800
Liquidations	(2,344)	(4,805)
Changes in fair value, net	(3,910)	(8,996)
Balance at End of Period	94,598	94,598
Realized loss from liquidation	(4,000)	(9,000)
Freddie Mac SLST
Other Real Estate [Roll Forward]
Balance at beginning of period	2,527	3,158
Transfers to REO	967	2,267
Liquidations	(733)	(3,067)
Changes in fair value, net	82	485
Balance at End of Period	2,843	2,843
Residential investor term loans held by CAFL
Other Real Estate [Roll Forward]
Balance at beginning of period	11,266	2,684
Transfers to REO	0	8,582
Liquidations	(5)	(5)
Changes in fair value, net	0	0
Balance at End of Period	11,261	11,261
Bridge Loan
Other Real Estate [Roll Forward]
Balance at beginning of period	86,092	87,757
Transfers to REO	0	3,951
Liquidations	(1,606)	(1,733)
Changes in fair value, net	(3,992)	(9,481)
Balance at End of Period	$ 80,494	$ 80,494

Other Assets and Liabilities _3

Other Assets and Liabilities - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) transaction	Dec. 31, 2018 partnership
Other Assets and Other Liabilities [Line Items]
Number of partnerships consolidated | partnership			2
Co-investors gains	$ 26	$ 4,000
Number of securitization transactions co-sponsored | transaction		2
Co-Investors Interests
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	24,000	$ 24,000
HEI Securitization Non-controlling interest
Other Assets and Other Liabilities [Line Items]
Carrying value of interests	81,000	81,000
Co-investors gains	$ 9,000	$ 21,000

Other Assets and Liabilities _4

Other Assets and Liabilities - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Payable to noncontrolling interests		$ 104,444	$ 81,177
Margin payable		74,378	350
Accrued interest payable		74,097	52,755
Accrued compensation		31,294	28,140
Operating lease liabilities		11,707	14,725
Accrued operating expenses		11,308	5,527
Accrued taxes payable		11,166	0
Current accounts payable		6,504	4,992
Unsettled trades		4,107	0
Guarantee obligations		3,753	5,781
Residential consumer loan and MSR repurchase reserve		3,556	4,700
Bridge loan holdbacks		2,148	2,059
Dividends payable		1,478	1,478
Other		35,547	15,119
Total Accrued Expenses and Other Liabilities	[1]	$ 375,487	$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Principles of Consolidation - A

Principles of Consolidation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 securitization_entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitization entity	2

Principles of Consolidation - S

Principles of Consolidation - Schedule of Assets and Liabilities of Consolidated VIEs (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2024 USD ($) Investment securitization_entity		Dec. 31, 2023 USD ($) Investment		Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Home equity investments	[1]	$ 590,080		$ 550,436
Other investments	[1]	341,637		343,930
Cash and cash equivalents		253,673	[1]	293,104	[1]	$ 203,622
Accrued interest receivable		103,035		69,072
Other assets	[1]	427,687		402,944
Total Assets		18,427,426	[1]	14,504,327	[1]	$ 13,021,138
Accrued interest payable		74,097		52,755
Accrued expenses and other liabilities	[1]	375,487		216,803
Asset-backed securities issued	[1]	13,019,516		9,811,880
Total liabilities	[1]	$ 17,204,426		13,301,634
Securitization entity | securitization_entity		2
Available-for-sale		$ 205,361		87,373
Residential investor term loans held by CAFL
Variable Interest Entity [Line Items]
Fair value of securities owned		339,000		323,000
At consolidated CAFL Bridge entities
Variable Interest Entity [Line Items]
Fair value of securities owned		26,000		22,000
Freddie Mac SLST
Variable Interest Entity [Line Items]
Fair value of securities owned		268,000		274,000
Consolidated Sequoia Securitizations
Variable Interest Entity [Line Items]
Fair value of securities owned		332,000
Available-for-sale		194,000
VIEs
Variable Interest Entity [Line Items]
Total Assets		14,312,672		10,988,885
Total liabilities		13,354,497		10,096,308
VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		334,559		305,717
Other investments		241,885		257,489
Cash and cash equivalents		24,632		9,482
Restricted cash		37,241		44,905
Accrued interest receivable		64,399		47,798
Other assets		37,054		24,443
Total Assets		14,312,672		10,988,885
Short-term debt		155,986		153,653
Accrued interest payable		50,193		33,932
Accrued expenses and other liabilities		128,803		96,843
Asset-backed securities issued		13,019,515		9,811,880
Total liabilities		13,354,497		10,096,308
Value of our investments in VIEs		$ 952,181		$ 885,770
Number of VIEs | Investment		82		72
Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 9,794,810		$ 6,139,445
Residential investor loans, held-for-investment
Variable Interest Entity [Line Items]
Fair value of loans	[1]	4,480,296		5,040,048
Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,269,215		3,734,321
Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		425,648		425,285
Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		83,229
Sequoia | VIEs | 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		145		163
Accrued interest receivable		39,461		20,029
Other assets		0		0
Total Assets		8,598,839		4,800,395
Short-term debt		0		0
Accrued interest payable		35,096		16,293
Accrued expenses and other liabilities		1,263		0
Asset-backed securities issued		8,336,670		4,568,660
Total liabilities		8,373,029		4,584,953
Value of our investments in VIEs		$ 222,631		$ 211,638
Number of VIEs | Investment		52		42
Sequoia | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 8,476,004		$ 4,780,203
Sequoia | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Sequoia | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Sequoia | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		83,229
Residential investor term loans held by CAFL | VIEs | 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		16,838		33,921
Accrued interest receivable		18,328		20,806
Other assets		25,440		14,886
Total Assets		3,329,821		3,803,934
Short-term debt		0		0
Accrued interest payable		9,455		11,537
Accrued expenses and other liabilities		7,683		2,734
Asset-backed securities issued		2,870,257		3,362,978
Total liabilities		2,887,395		3,377,249
Value of our investments in VIEs		$ 440,160		$ 424,136
Number of VIEs | Investment		21		21
Residential investor term loans held by CAFL | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Residential investor term loans held by CAFL | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		3,269,215		3,734,321
Residential investor term loans held by CAFL | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Residential investor term loans held by CAFL | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Freddie Mac SLST | VIEs | 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		4,584		4,821
Other assets		2,843		3,158
Total Assets		1,326,233		1,367,221
Short-term debt		0		0
Accrued interest payable		4,161		4,496
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		1,207,186		1,265,777
Total liabilities		1,211,347		1,270,273
Value of our investments in VIEs		$ 114,463		$ 96,623
Number of VIEs | Investment		3		3
Freddie Mac SLST | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 1,318,806		$ 1,359,242
Freddie Mac SLST | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac SLST | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac SLST | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Freddie Mac K-Series | VIEs | 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		1,251		1,320
Other assets		0		0
Total Assets		426,899		426,605
Short-term debt		0		0
Accrued interest payable		1,125		1,190
Accrued expenses and other liabilities		0		0
Asset-backed securities issued		391,193		391,977
Total liabilities		392,318		393,167
Value of our investments in VIEs		$ 34,455		$ 33,308
Number of VIEs | Investment		1		1
Freddie Mac K-Series | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Freddie Mac K-Series | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Freddie Mac K-Series | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		425,648		425,285
Freddie Mac K-Series | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
Servicing Investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		0		0
Other investments		241,885		257,489
Cash and cash equivalents		24,632		9,482
Restricted cash		14,011		0
Accrued interest receivable		775		822
Other assets		8,357		6,337
Total Assets		289,660		274,130
Short-term debt		155,986		153,653
Accrued interest payable		356		416
Accrued expenses and other liabilities		38,994		34,357
Asset-backed securities issued		0		0
Total liabilities		195,336		188,426
Value of our investments in VIEs		$ 94,324		$ 85,704
Number of VIEs | Investment		3		3
Servicing Investment | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 0		$ 0
Servicing Investment | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Servicing Investment | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
Servicing Investment | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0
HEI | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Home equity investments		334,559		305,717
Other investments		0		0
Cash and cash equivalents		0		0
Restricted cash		6,247		10,821
Accrued interest receivable		0		0
Other assets		414		62
Total Assets		341,220		316,600
Short-term debt		0		0
Accrued interest payable		0		0
Accrued expenses and other liabilities		80,863		59,752
Asset-backed securities issued		214,209		222,488
Total liabilities		295,072		282,240
Value of our investments in VIEs		$ 46,148		$ 34,361
Number of VIEs | Investment		2		2
Fair value of securities owned		$ 46,000
HEI | Residential consumer loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		$ 0
HEI | Residential investor loans, held-for-investment | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		0
HEI | Consolidated Agency multifamily loans | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		0		$ 0
HEI | Real estate securities | VIEs | Collateralized Financing Entities
Variable Interest Entity [Line Items]
Fair value of loans		$ 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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Principles of Consolidation -_2

Principles of Consolidation - Schedule of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
On-balance sheet assets, at fair value:
Subordinate securities, classified as AFS	$ 205,361	$ 87,373
Variable Interest Entity, Not Primary Beneficiary
On-balance sheet assets, at fair value:
Maximum loss exposure	140,378	121,517
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS
On-balance sheet assets, at fair value:
Subordinate securities, classified as AFS	95,234	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	33,743	31,690
Mortgage servicing rights
On-balance sheet assets, at fair value:
Mortgage servicing rights	26,594	24,877
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary
On-balance sheet assets, at fair value:
Mortgage servicing rights	$ 11,401	$ 10,885

Asset-Backed Securities Issue_2

Asset-Backed Securities Issued - Schedule of Asset-Backed Securities Issued (Details)		Sep. 30, 2024 USD ($) series	Dec. 31, 2023 USD ($) series
Debt Instrument [Line Items]
Fair Value	[1]	$ 13,019,516,000	$ 9,811,880,000
VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Fair Value		13,019,515,000	9,811,880,000
Asset-backed securities issued | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		13,553,415,000	10,588,659,000
Fair Value		13,019,516,000	9,811,880,000
ABS Issued at Fair Value | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		13,095,254,000	9,922,113,000
Fair Value		12,564,029,000	9,151,263,000
Sequoia | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		8,789,284,000	5,151,646,000
Fair Value		$ 8,336,670,000	$ 4,568,660,000
Number of Series		52	42
Sequoia | Minimum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.67%	2.67%
Sequoia | Maximum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		8.51%	6.66%
CAFL | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,602,033,000	$ 2,987,825,000
Fair Value		$ 2,568,074,000	$ 2,879,913,000
Number of Series | series		18	19
CAFL | Minimum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.74%	2.69%
CAFL | Maximum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		7.89%	7.89%
Freddie Mac SLST | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,092,540,000	$ 1,147,111,000
Fair Value		$ 1,053,882,000	$ 1,088,225,000
Weighted Average Interest Rate		3.50%
Number of Series | series		2	2
Freddie Mac SLST | Minimum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate			3.50%
Freddie Mac K-Series | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 395,982,000	$ 402,400,000
Fair Value		$ 391,194,000	$ 391,977,000
Weighted Average Interest Rate		3.41%	3.55%
Number of Series | series		1	1
HEI | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 215,415,000	$ 233,131,000
Fair Value		$ 214,209,000	$ 222,488,000
Number of Series | series		2	2
HEI | Minimum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.94%	3.86%
HEI | Maximum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		6.71%	6.70%
ABS Issued at Amortized Cost | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 458,161,000	$ 666,546,000
Fair Value		455,487,000	660,617,000
CAFL | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		302,184,000	485,000,000
Fair Value		$ 302,184,000	$ 483,065,000
Number of Series | series		2	2
CAFL | Minimum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.31%	2.34%
CAFL | Maximum | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Weighted Average Interest Rate		4.35%	4.36%
Freddie Mac SLST | VIEs | Collateralized Financing Entities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 155,977,000	$ 181,546,000
Fair Value		$ 153,303,000	$ 177,552,000
Weighted Average Interest Rate		7.50%	7.50%
Number of Series | series		1	1
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Asset-Backed Securities Issue_3

Asset-Backed Securities Issued - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2026	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying value of collateral		$ 4,129,209	$ 4,129,209	$ 3,405,564
VIEs
Debt Instrument [Line Items]
VIE, ownership interest rate (as a percent)			80%
Asset-backed securities issued | VIEs
Debt Instrument [Line Items]
Contractual maturities of ABS			5 years
Sequoia securities | VIEs
Debt Instrument [Line Items]
ABS issued, at amortized cost		$ 205,000
Debt Instrument interest rate		8.50%	8.50%
VIE, ownership interest rate (as a percent)		100%
Sequoia securities | VIEs | Forecast
Debt Instrument [Line Items]
Interest rate increase	3%
Sequoia Re-securitization Trust | VIEs
Debt Instrument [Line Items]
Carrying value of collateral		$ 83,000	$ 83,000
Sequoia Securitization Trusts | VIEs
Debt Instrument [Line Items]
Carrying value of collateral		$ 152,000	$ 152,000

Debt Obligations, Net - Schedul

Debt Obligations, Net - Schedule of Debt Obligations (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility	Jun. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 3,821,112	$ 3,249,158
Carrying Value of Collateral	4,129,209	3,405,564
Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 3,801,446	$ 3,239,123
Short-Term Warehouse Facilities and Other: | Residential consumer loan warehouse facilities | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	7	4
Debt Instrument, Face Amount	$ 1,269,512	$ 796,537
Facility Capacity	$ 2,675,000	$ 1,150,000
Weighted Average Interest Rate (as percent)	6.69%	7.27%
Carrying Value of Collateral	$ 1,350,551	$ 907,742
Short-Term Warehouse Facilities and Other: | Residential consumer loan warehouse facilities | Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 1,269,512	$ 796,537
Short-Term Warehouse Facilities and Other: | Residential investor loan warehouse facilities | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	3	2
Debt Instrument, Face Amount	$ 277,536	$ 71,851
Facility Capacity	$ 900,000	$ 455,000
Weighted Average Interest Rate (as percent)	8.29%	8.14%
Carrying Value of Collateral	$ 422,636	$ 95,225
Short-Term Warehouse Facilities and Other: | Residential investor loan warehouse facilities | Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 276,827	$ 71,719
Short-Term Warehouse Facilities and Other: | Real estate securities repurchase facilities | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	6	3
Debt Instrument, Face Amount	$ 185,393	$ 82,622
Facility Capacity	$ 0	$ 0
Weighted Average Interest Rate (as percent)	6.45%	7.01%
Carrying Value of Collateral	$ 250,416	$ 122,110
Short-Term Warehouse Facilities and Other: | Real estate securities repurchase facilities | Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 185,393	$ 82,622
Short-Term Warehouse Facilities and Other: | Residential MSR warehouse facility | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 54,306	$ 47,858
Facility Capacity	$ 75,000	$ 50,000
Weighted Average Interest Rate (as percent)	8.25%	8.60%
Carrying Value of Collateral	$ 80,392	$ 76,560
Short-Term Warehouse Facilities and Other: | Residential MSR warehouse facility | Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 54,306	$ 47,858
Short-Term Warehouse Facilities and Other: | HEI warehouse facility | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 100,302	$ 122,659
Facility Capacity	$ 150,000	$ 150,000
Weighted Average Interest Rate (as percent)	9.52%	9.89%
Carrying Value of Collateral	$ 210,288	$ 237,973
Short-Term Warehouse Facilities and Other: | HEI warehouse facility | Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 100,302	$ 122,659
Short-Term Warehouse Facilities and Other: | Servicer advance financing | Servicer advance financing
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 156,116	$ 154,369
Facility Capacity	$ 240,000	$ 240,000
Weighted Average Interest Rate (as percent)	7.31%	7.71%
Carrying Value of Collateral	$ 212,446	$ 225,345
Short-Term Warehouse Facilities and Other: | Servicer advance financing | Servicer advance financing | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 155,986	$ 153,654
Recourse Subordinate Securities Financing: | Sequoia securities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Debt Instrument, Face Amount		$ 124,552
Weighted Average Interest Rate (as percent)		7.21%
Carrying Value of Collateral		$ 175,096
Recourse Subordinate Securities Financing: | Sequoia securities | Carrying Value
Debt Instrument [Line Items]
Carrying Value		$ 124,552
Recourse Subordinate Securities Financing: | CAFL securities 1
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Debt Instrument, Face Amount		$ 101,228
Weighted Average Interest Rate (as percent)		5.71%
Carrying Value of Collateral		$ 124,793
Recourse Subordinate Securities Financing: | CAFL securities 1 | Carrying Value
Debt Instrument [Line Items]
Carrying Value		$ 101,228
Recourse Subordinate Securities Financing: | CAFL securities 2
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 269,037	$ 57,982
Weighted Average Interest Rate (as percent)	7.54%	4.75%
Carrying Value of Collateral	$ 324,874	$ 112,813
Recourse Subordinate Securities Financing: | CAFL securities 2 | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 267,833	$ 57,982
Long-Term Warehouse Facilities: | Residential Investor Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	4	6
Debt Instrument, Face Amount	$ 696,671	$ 1,023,384
Facility Capacity	$ 1,625,000	$ 2,350,000
Weighted Average Interest Rate (as percent)	8.16%	8.14%
Carrying Value of Collateral	$ 987,286	$ 1,327,907
Long-Term Warehouse Facilities: | Residential Investor Facilities | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 695,431	$ 1,021,708
Corporate Debt: | Promissory notes | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	3	3
Debt Instrument, Face Amount	$ 13,663	$ 16,063
Facility Capacity	$ 0
Weighted Average Interest Rate (as percent)	7.02%	6.97%
Carrying Value of Collateral	$ 0	$ 0
Corporate Debt: | Promissory notes | Carrying Value | Facilities
Debt Instrument [Line Items]
Carrying Value	$ 13,663	$ 16,063
Corporate Debt: | Corporate Secured Revolving Financing Facility | Facilities
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Debt Instrument, Face Amount	$ 150,000
Facility Capacity	$ 250,000
Weighted Average Interest Rate (as percent)	10.02%
Carrying Value of Collateral	$ 290,320
Corporate Debt: | Corporate Secured Revolving Financing Facility | Carrying Value | Facilities
Debt Instrument [Line Items]
Carrying Value	$ 144,281
Corporate Debt: | 5.625% convertible senior notes | Convertible Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility		1
Debt Instrument, Face Amount		$ 142,977
Weighted Average Interest Rate (as percent)		5.625%
Corporate Debt: | 5.625% convertible senior notes | Carrying Value | Convertible Debt
Debt Instrument [Line Items]
Carrying Value		$ 142,558
Corporate Debt: | 5.75% exchangeable senior notes | Exchangeable Senior Notes
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 156,666	$ 156,666
Weighted Average Interest Rate (as percent)	5.75%	5.75%
Corporate Debt: | 5.75% exchangeable senior notes | Carrying Value | Exchangeable Senior Notes
Debt Instrument [Line Items]
Carrying Value	$ 155,772	$ 155,138
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1	1
Debt Instrument, Face Amount	$ 207,410	$ 210,910
Weighted Average Interest Rate (as percent)	7.75%	7.75%
Corporate Debt: | 7.75% convertible senior notes | Carrying Value | Convertible Debt
Debt Instrument [Line Items]
Carrying Value	$ 203,525	$ 206,032
Corporate Debt: | Trust preferred securities and subordinated notes
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	2	2
Debt Instrument, Face Amount	$ 139,500	$ 139,500
Weighted Average Interest Rate (as percent)	7.77%	7.90%
Corporate Debt: | Trust preferred securities and subordinated notes | Carrying Value
Debt Instrument [Line Items]
Carrying Value	$ 138,848	$ 138,813
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Debt Instrument, Face Amount	$ 60,000			$ 60,000
Weighted Average Interest Rate (as percent)	9.125%
Corporate Debt: | 9.125% Senior Notes | Carrying Value | Unsecured Debt
Debt Instrument [Line Items]
Carrying Value	$ 57,776
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of Facilities or Issuances | facility	1
Debt Instrument, Face Amount	$ 85,000		$ 85,000
Weighted Average Interest Rate (as percent)	9%		9%
Corporate Debt: | 9.0% Senior Notes | Carrying Value | Unsecured Debt
Debt Instrument [Line Items]
Carrying Value	$ 81,991

Debt Obligations, Net -Addition

Debt Obligations, Net -Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) facility	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility
Debt Instrument [Line Items]
Face amount			$ 3,821,112		$ 3,821,112	$ 3,249,158
Corporate Debt: | Corporate Secured Revolving Financing Facility | Facilities
Debt Instrument [Line Items]
Facility Capacity				$ 250,000
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of facilities | facility					1
Face amount		$ 60,000	$ 60,000		$ 60,000
Weighted Average Interest Rate			9.125%		9.125%
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Number of facilities | facility					1
Face amount	$ 85,000		$ 85,000		$ 85,000
Weighted Average Interest Rate	9%		9%		9%
Corporate Debt: | 5.625% convertible senior notes | Convertible Debt
Debt Instrument [Line Items]
Number of facilities | facility						1
Face amount						$ 142,977
Weighted Average Interest Rate						5.625%
Other Recourse Financing Facility | Facilities | Corporate Debt:
Debt Instrument [Line Items]
Line of credit term				2 years
Line of credit, length of extension option				1 year
9.125% Senior Notes Due 2029 | Unsecured Debt | Corporate Debt:
Debt Instrument [Line Items]
Debt Instrument interest rate		9.125%
Redemption price	100%	100%
7.75% convertible senior notes | Convertible Debt | Corporate Debt:
Debt Instrument [Line Items]
Debt Instrument interest rate			7.75%		7.75%
Repayments of convertible debt					$ 4,000
Exchangeable Senior Notes Due 2027 | Convertible Debt | Corporate Debt:
Debt Instrument [Line Items]
Gain on extinguishment of debt					$ 100
Residential investor term loans held by CAFL | Recourse Subordinate Securities Financing Receivable | Affiliated Entity | Redwood
Debt Instrument [Line Items]
Number of facilities | facility			2
Long-term debt, weighted average interest rate, over time			7.54%
Residential investor term loans held by CAFL | Recourse Subordinate Securities Financing Receivable | Affiliated Entity | Redwood | October 2027 through September 2028
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate, over time			10.54%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands		3 Months Ended			9 Months Ended		18 Months Ended
		Sep. 30, 2024 USD ($) lease	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Lessee, number of leases | lease		8			8		8
Present value of remaining lease payments		$ 13,000			$ 13,000		$ 13,000
Operating lease expense					$ 4,000	$ 4,000
Lessee, number of office leases | lease		1			1		1
Aggregate total lease payments		$ 3,000			$ 3,000		$ 3,000
Operating lease liabilities		$ 11,707			$ 11,707		$ 11,707	$ 14,725
Operating lease liability, statement of financial position [Extensible List]		Accounts Payable and Accrued Liabilities			Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Operating lease right-of-use assets		$ 9,759			$ 9,759		$ 9,759	12,532
Operating lease right-of-use asset, statement of financial position [Extensible List]		Other assets			Other assets		Other assets
Derivative liabilities	[1]	$ 7,977			$ 7,977		$ 7,977	$ 33,828
Gain (loss) on market valuation adjustments					$ 103,936	$ 1,275
Minimum
Loss Contingencies [Line Items]
Term of lease, not yet commenced		1 year			1 year		1 year
Maximum
Loss Contingencies [Line Items]
Term of lease, not yet commenced		5 years			5 years		5 years
CPP Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Amount committed			$ 100,000
Capital contribution					$ 15,000
Oaktree Joint Venture, Residential Investor Bridge and Term Loans
Loss Contingencies [Line Items]
Amount committed				$ 19,000
Capital contribution							$ 5,000
Commitment To Fund Residential Investor Bridge Loan
Loss Contingencies [Line Items]
Commitment to fund loan		$ 429,000			429,000		429,000
Derivative liabilities		1,000			1,000		$ 1,000
Gain (loss) on market valuation adjustments		$ 500			$ (1,000)
[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 September 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.

Equity - Schedule of Changes to

Equity - Schedule of Changes to Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 1,220,738	$ 1,124,138	$ 1,202,693	$ 1,083,985
Total other comprehensive income (loss)	7,941	(2,647)	18,566	4,130
Balance at End of Period	1,223,000	1,105,799	1,223,000	1,105,799
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	18,786	8,165	10,219	3,435
Other comprehensive income (loss) before reclassifications	7,373	(3,921)	17,083	398
Amounts reclassified from other accumulated comprehensive income (loss)	(472)	234	(1,615)	645
Total other comprehensive income (loss)	6,901	(3,687)	15,468	1,043
Balance at End of Period	25,687	4,478	25,687	4,478
Interest Rate Agreements Accounted for as Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(66,118)	(70,256)	(68,176)	(72,303)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from other accumulated comprehensive income (loss)	1,040	1,040	3,098	3,087
Total other comprehensive income (loss)	1,040	1,040	3,098	3,087
Balance at End of Period	(65,078)	(69,216)	(65,078)	(69,216)
Accumulated Other Comprehensive (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(47,332)	(62,091)	(57,957)	(68,868)
Other comprehensive income (loss) before reclassifications	7,373	(3,921)	17,083	398
Amounts reclassified from other accumulated comprehensive income (loss)	568	1,274	1,483	3,732
Total other comprehensive income (loss)	7,941	(2,647)	18,566	4,130
Balance at End of Period	$ (39,391)	$ (64,738)	$ (39,391)	$ (64,738)

Equity - Schedule of Reclassifi

Equity - Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment fair value changes, net	$ (12,202)	$ (41,689)	$ 10,733	$ (59,598)
Loss (gain) on sale of AFS securities	(211)	(50)	(620)	(1,104)
Net income before provision for income taxes	21,954	(29,114)	73,197	(22,675)
Amount Reclassified From Accumulated Other Comprehensive Loss | Available-for-Sale Securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment fair value changes, net	(472)	(66)	(1,615)	33
Loss (gain) on sale of AFS securities	0	300	0	612
Net income before provision for income taxes	(472)	234	(1,615)	645
Amount Reclassified From Accumulated Other Comprehensive Loss | Interest Rate Agreements Accounted for as Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of deferred loss	1,040	1,040	3,098	3,087
Net income before provision for income taxes	$ 1,040	$ 1,040	$ 3,098	$ 3,087

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Stockholders Equity Note [Line Items]
Preferred stock, issued (in shares)		2,800,000		2,800,000			2,800,000
Gross proceeds from issuance of preferred stock				$ 0	$ 66,923
Preferred stock dividends declared (in dollars per share)		$ 0.6250	$ 0.625	$ 1.8750	$ 1.85417
Dividends payable		$ 1,478		$ 1,478			$ 1,478
Strike price (in dollars per share)						$ 7.76
Warrants issuance value						$ 800
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
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
Net proceeds from issuance of stock	$ 67,000
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		$ 50,000
Direct Stock Purchases and Dividend Reinvestment Plan | Common Stock
Stockholders Equity Note [Line Items]
Direct stock purchase and dividend reinvestment plan (in shares)		0
Remaining authorized shares (in shares)		6,000,000		6,000,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Earnings (Loss) per Common Share:
Net Income Available to Common Stockholders, Basic	$ 13,076	$ (32,560)	$ 55,365	$ (28,244)
Less: Dividends and undistributed earnings allocated to participating securities	(1,088)	(792)	(3,116)	(3,072)
Net income (loss) available (related) to common stockholders	$ 11,988	$ (33,352)	$ 52,249	$ (31,316)
Basic weighted average common shares outstanding (in shares)	132,218,180	115,465,977	131,969,039	114,381,548
Basic earnings (loss) per common share (in dollars per share)	$ 0.09	$ (0.29)	$ 0.40	$ (0.27)
Diluted Earnings (Loss) per Common Share:
Net Income (Loss) Available to Common Stockholders, Diluted, Total	$ 13,076	$ (32,560)	$ 55,365	$ (28,244)
Less: Dividends and undistributed earnings allocated to participating securities	(1,088)	(792)	(3,116)	(3,072)
Net income (loss) available (related) to common stockholders	$ 11,988	$ (33,352)	$ 52,249	$ (31,316)
Net effect of dilutive equity awards (in shares)	139,517	0	49,122	0
Net effect of assumed convertible notes conversion to common shares (in shares)	0	0	0	0
Diluted weighted average common shares outstanding (in shares)	132,357,697	115,465,977	132,018,161	114,381,548
Diluted earnings (loss) per common share (in dollars per share)	$ 0.09	$ (0.29)	$ 0.40	$ (0.27)

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Convertible Debt Securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded in the calculation of diluted earnings per share (in shares)	29,335,176	40,763,478	33,167,991	43,910,345
Equity awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded in the calculation of diluted earnings per share (in shares)	19,032	24,539	61,569	81,267

General and Administrative Ex_3

General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Fixed compensation expense	$ 12,847	$ 12,579	$ 42,177	$ 40,724
Long-term incentive award expense	7,839	5,013	21,664	19,192
Annual variable compensation expense	6,631	3,383	13,599	10,575
Systems and consulting	3,398	3,108	9,853	9,074
Office costs	1,720	2,131	5,878	6,460
Accounting and legal	1,087	1,307	3,093	3,402
Corporate costs	865	959	2,722	2,845
Other	1,621	1,217	4,875	3,785
Total General and Administrative Expenses	36,008	29,697	103,861	96,057
Severance and transition-related expenses			2,000	2,000
Equity amortization expense			1,000	1,000
Settlement in Common Stock
Business Acquisition [Line Items]
Long-term incentive award expense	4,000	3,000	16,000	14,000
Settlement in Cash
Business Acquisition [Line Items]
Long-term incentive award expense	$ 3,000	$ 2,000	$ 6,000	$ 5,000

Taxes (Details)

Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	17.20%	(2.80%)
Deferred tax asset valuation allowance	$ 117		$ 117
Valuation allowance, deferred tax asset, Amount			$ 40

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Face amount		$ 3,821,112	$ 3,249,158
7.75% Senior Notes Due 2027 | Convertible Debt | Subsequent Event
Subsequent Event [Line Items]
Face amount	$ 40,000
Debt instrument interest rate (as a percent)	7.75%
Net proceeds	$ 38,000
Exchangeable Senior Notes Due 2027 | Convertible Debt | Subsequent Event
Subsequent Event [Line Items]
Repurchased debt instrument	$ 33,000