false2023Q1000093023612/31P6Mhttp://fasb.org/us-gaap/2022#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssets0.666700009302362023-01-012023-03-310000930236us-gaap:CommonStockMember2023-01-012023-03-310000930236us-gaap:RedeemablePreferredStockMember2023-01-012023-03-3100009302362023-05-02xbrli:shares0000930236rwt:ResidentialLoansHeldForSaleMember2023-03-31iso4217:USD0000930236rwt:ResidentialLoansHeldForSaleMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueIncludingLoansAtHistoricalCostMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueIncludingLoansAtHistoricalCostMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:MultifamilyLoansMember2023-03-310000930236rwt:MultifamilyLoansMember2022-12-3100009302362023-03-3100009302362022-12-31iso4217:USDxbrli:shares0000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-3100009302362022-01-012022-03-310000930236us-gaap:PreferredStockMember2022-12-310000930236us-gaap:CommonStockMember2022-12-310000930236us-gaap:AdditionalPaidInCapitalMember2022-12-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000930236us-gaap:RetainedEarningsMember2022-12-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-310000930236us-gaap:RetainedEarningsMember2023-01-012023-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000930236us-gaap:CommonStockMember2023-01-012023-03-310000930236us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000930236us-gaap:PreferredStockMember2023-01-012023-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-03-310000930236us-gaap:PreferredStockMember2023-03-310000930236us-gaap:CommonStockMember2023-03-310000930236us-gaap:AdditionalPaidInCapitalMember2023-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000930236us-gaap:RetainedEarningsMember2023-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-03-310000930236us-gaap:PreferredStockMember2021-12-310000930236us-gaap:CommonStockMember2021-12-310000930236us-gaap:AdditionalPaidInCapitalMember2021-12-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000930236us-gaap:RetainedEarningsMember2021-12-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-3100009302362021-12-310000930236us-gaap:RetainedEarningsMember2022-01-012022-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000930236us-gaap:CommonStockMember2022-01-012022-03-310000930236us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-03-310000930236us-gaap:PreferredStockMember2022-03-310000930236us-gaap:CommonStockMember2022-03-310000930236us-gaap:AdditionalPaidInCapitalMember2022-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000930236us-gaap:RetainedEarningsMember2022-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-3100009302362022-03-31rwt:segment0000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-31rwt:partnershipxbrli:pure0000930236rwt:RiverbendFundingLLCMember2022-07-010000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:BorrowerNetworkMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:BorrowerNetworkMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:BrokerNetworkMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:BrokerNetworkMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:NoncompeteAgreementsMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:NoncompeteAgreementsMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:TradeNamesMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:TradeNamesMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:DevelopedTechnologyRightsMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:DevelopedTechnologyRightsMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:ManagementFeeOnExistingAssetsUnderManagementMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMemberrwt:ManagementFeeOnExistingAssetsUnderManagementMember2023-03-310000930236rwt:A5ArchesLLCAndCoreVestMember2023-01-012023-03-310000930236rwt:A5ArchesLLCAndCoreVestMember2023-03-310000930236rwt:RiverbendFundingLLCMember2022-07-012022-09-300000930236rwt:RiverbendFundingLLCMember2022-07-012022-07-010000930236rwt:RiverbendFundingLLCMember2023-03-310000930236rwt:RiverbendAcquisitionMember2022-01-012022-03-310000930236us-gaap:BridgeLoanMember2023-03-310000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2023-03-310000930236us-gaap:InterestRateSwapMember2023-03-310000930236rwt:ToBeAnnouncedContractsMember2023-03-310000930236us-gaap:FutureMember2023-03-310000930236rwt:InterestRateAgreementTBAsAndFuturesMember2023-03-310000930236us-gaap:WarehouseAgreementBorrowingsMember2023-03-310000930236us-gaap:InterestRateSwapMember2022-12-310000930236rwt:ToBeAnnouncedContractsMember2022-12-310000930236us-gaap:FutureMember2022-12-310000930236rwt:InterestRateAgreementTBAsAndFuturesMember2022-12-310000930236us-gaap:WarehouseAgreementBorrowingsMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-31rwt:Investment0000930236rwt:CollateralizedFinancingEntitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:ResidentialLoansHeldForInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-31rwt:entity0000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-03-310000930236rwt:InterestOnlyStripAndSeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236rwt:InterestOnlyStripAndSeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:TotalSubordinateInvestmentSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236rwt:TotalSubordinateInvestmentSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-03-310000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2023-01-012023-03-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-01-012023-03-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-01-012023-03-310000930236srt:MinimumMemberrwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-03-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2023-01-012023-03-310000930236srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-01-012023-03-310000930236srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2023-01-012023-03-310000930236srt:MaximumMemberrwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-03-310000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2022-01-012022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236srt:MinimumMemberrwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-12-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2022-01-012022-12-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236srt:MaximumMemberrwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-12-310000930236srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SeniorSecuritiesMember2022-01-012022-12-310000930236rwt:SeniorSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236rwt:SeniorSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-03-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-12-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:ExcessMortgageServicingRightsMember2022-12-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-03-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansAtFairValueMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansAtFairValueMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMemberrwt:BusinessPurposeResidentialLoansHeldforSaleMember2023-03-310000930236us-gaap:ResidentialMortgageMemberrwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMemberrwt:BusinessPurposeResidentialLoansHeldforSaleMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000930236us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:PointOptionMember2023-03-310000930236rwt:PointOptionMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:PointOptionMember2022-12-310000930236rwt:PointOptionMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000930236rwt:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236rwt:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:ExcessMortgageServicingRightsMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:OtherRealEstateOwnedMember2023-03-310000930236rwt:OtherRealEstateOwnedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:OtherRealEstateOwnedMember2022-12-310000930236rwt:OtherRealEstateOwnedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMember2022-12-310000930236us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:SecuritiesMember2023-01-012023-03-310000930236rwt:SecuritiesMember2022-01-012022-03-310000930236rwt:ResidentialLoansAtFairValueMember2023-01-012023-03-310000930236rwt:ResidentialLoansAtFairValueMember2022-01-012022-03-310000930236rwt:BusinessPurposeResidentialLoansMember2023-01-012023-03-310000930236rwt:BusinessPurposeResidentialLoansMember2022-01-012022-03-310000930236rwt:PointOptionMember2023-01-012023-03-310000930236rwt:HEIsMember2022-01-012022-03-310000930236rwt:MortgageServicingRightsMember2023-01-012023-03-310000930236rwt:MortgageServicingRightsMember2022-01-012022-03-310000930236us-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:FairValueMeasurementsRecurringMember2023-03-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000930236us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000930236us-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansMember2022-12-310000930236rwt:MultifamilyLoansMember2022-12-310000930236rwt:TradingSecuritiesMember2022-12-310000930236rwt:DebtSecuritiesAvailableForSaleMember2022-12-310000930236rwt:PointOptionMember2022-12-310000930236rwt:ServicerAdvanceInvestmentsMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMember2022-12-310000930236rwt:MortgageServicingRightsMember2022-12-310000930236rwt:MultifamilyLoansMember2023-01-012023-03-310000930236rwt:TradingSecuritiesMember2023-01-012023-03-310000930236rwt:DebtSecuritiesAvailableForSaleMember2023-01-012023-03-310000930236rwt:ServicerAdvanceInvestmentsMember2023-01-012023-03-310000930236rwt:ExcessMortgageServicingRightsMember2023-01-012023-03-310000930236rwt:ResidentialLoansAtFairValueMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMember2023-03-310000930236rwt:MultifamilyLoansMember2023-03-310000930236rwt:TradingSecuritiesMember2023-03-310000930236rwt:DebtSecuritiesAvailableForSaleMember2023-03-310000930236rwt:PointOptionMember2023-03-310000930236rwt:ServicerAdvanceInvestmentsMember2023-03-310000930236rwt:ExcessMortgageServicingRightsMember2023-03-310000930236rwt:MortgageServicingRightsMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236rwt:PointNoncontrollingInterestMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2023-01-012023-03-310000930236rwt:PointNoncontrollingInterestMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2023-03-310000930236rwt:PointNoncontrollingInterestMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:ResidentialLoansHeldAtRedwoodMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:ResidentialLoansHeldAtRedwoodMember2022-01-012022-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-01-012023-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-01-012022-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:MultifamilyLoansMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:MultifamilyLoansMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2022-01-012022-03-310000930236rwt:PointEntitiesMember2023-01-012023-03-310000930236rwt:PointEntitiesMember2022-01-012022-03-310000930236rwt:TradingSecuritiesMember2022-01-012022-03-310000930236rwt:DebtSecuritiesAvailableForSaleMember2022-01-012022-03-310000930236rwt:PointOptionMember2022-01-012022-03-310000930236rwt:ServicerAdvanceInvestmentsMember2022-01-012022-03-310000930236rwt:ExcessMortgageServicingRightsMember2022-01-012022-03-310000930236us-gaap:LoanPurchaseCommitmentsMember2023-01-012023-03-310000930236us-gaap:LoanPurchaseCommitmentsMember2022-01-012022-03-310000930236us-gaap:OtherInvestmentsMember2023-01-012023-03-310000930236us-gaap:OtherInvestmentsMember2022-01-012022-03-310000930236rwt:PointHEINoncontrollingInterestMember2023-01-012023-03-310000930236rwt:PointHEINoncontrollingInterestMember2022-01-012022-03-310000930236us-gaap:LoanPurchaseCommitmentsMember2023-01-012023-03-310000930236us-gaap:LoanPurchaseCommitmentsMember2022-01-012022-03-310000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:OtherRealEstateOwnedMember2023-03-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberrwt:OtherRealEstateOwnedMember2023-03-310000930236us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberrwt:OtherRealEstateOwnedMember2023-03-310000930236us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberrwt:OtherRealEstateOwnedMember2023-03-310000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:OtherRealEstateOwnedMember2023-01-012023-03-310000930236rwt:ResidentialLoansAtFairValueMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansAtFairValueMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-01-012023-03-310000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoanPurchaseCommitmentsMember2022-01-012022-03-310000930236rwt:BPLTermLoansHeldForSaleAtFairValueMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:BPLTermLoansHeldForSaleAtFairValueMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:LoanPurchaseandInterestRateLockcommitmentsMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:LoanPurchaseandInterestRateLockcommitmentsMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2023-01-012023-03-310000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2022-01-012022-03-310000930236rwt:TradingSecuritiesMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:TradingSecuritiesMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236us-gaap:PriceRiskDerivativeMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236us-gaap:PriceRiskDerivativeMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:ServicerAdvanceInvestmentsMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:ServicerAdvanceInvestmentsMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:CAFLSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:PointEntitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:PointEntitiesMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:SharedHomeAppreciationOptionsMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:SharedHomeAppreciationOptionsMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2022-01-012022-03-310000930236rwt:InvestmentActivitiesMember2023-01-012023-03-310000930236rwt:InvestmentActivitiesMember2022-01-012022-03-310000930236rwt:MortgageServicingRightsMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-01-012023-03-310000930236rwt:MortgageServicingRightsMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-01-012022-03-310000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-01-012023-03-310000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-01-012022-03-310000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-01-012023-03-310000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-01-012022-03-310000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMember2023-03-310000930236rwt:MeasurementInputWholeLoanSpreadToSwapRateMemberrwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMembersrt:MinimumMember2023-03-31iso4217:USDrwt:loan0000930236rwt:MeasurementInputWholeLoanSpreadToSwapRateMemberrwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMembersrt:MaximumMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputWholeLoanSpreadToSwapRateMemberrwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMember2023-03-310000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMembersrt:MinimumMemberrwt:MeasurementInputSeasonedWholeLoanDollarPriceMember2023-03-310000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMembersrt:MaximumMemberrwt:MeasurementInputSeasonedWholeLoanDollarPriceMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMemberrwt:MeasurementInputSeasonedWholeLoanDollarPriceMember2023-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMember2023-03-310000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MinimumMemberrwt:SeniorCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MaximumMemberrwt:SeniorCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberrwt:SeniorCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MinimumMemberrwt:MeasurementInputSubordinateCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MaximumMemberrwt:MeasurementInputSubordinateCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputSubordinateCreditSpreadMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MinimumMemberrwt:SeniorCreditSupportMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MaximumMemberrwt:SeniorCreditSupportMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberrwt:SeniorCreditSupportMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236rwt:MeasurementInputISODiscountRateMembersrt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236rwt:MeasurementInputISODiscountRateMembersrt:MaximumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputISODiscountRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MinimumMemberrwt:MeasurementInputWholeLoanDollarPriceMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:MaximumMemberrwt:MeasurementInputWholeLoanDollarPriceMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputWholeLoanDollarPriceMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MinimumMemberrwt:SeniorCreditSpreadMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMemberrwt:SeniorCreditSpreadMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:SeniorCreditSpreadMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MinimumMemberrwt:MeasurementInputSubordinateCreditSpreadMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMemberrwt:MeasurementInputSubordinateCreditSpreadMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:MeasurementInputSubordinateCreditSpreadMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MinimumMemberrwt:SeniorCreditSupportMember2023-03-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMemberrwt:SeniorCreditSupportMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:SeniorCreditSupportMember2023-03-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:InvestmentSecuritiesMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMembersrt:MinimumMemberrwt:InvestmentSecuritiesMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMembersrt:MaximumMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:MinimumMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:MaximumMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:WeightedAverageMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:MeasurementInputCRTDollarPriceMembersrt:MinimumMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:MaximumMemberrwt:MeasurementInputCRTDollarPriceMemberrwt:InvestmentSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputCRTDollarPriceMemberrwt:InvestmentSecuritiesMember2023-03-310000930236rwt:HomeAppreciationOptionMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:HomeAppreciationOptionMember2023-03-310000930236srt:MinimumMemberrwt:HomeAppreciationOptionMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236srt:MaximumMemberrwt:HomeAppreciationOptionMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236srt:WeightedAverageMemberrwt:HomeAppreciationOptionMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236rwt:PointOptionsHeldByPointMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:MinimumMemberrwt:ServicerAdvanceInvestmentsMember2023-01-012023-03-310000930236srt:MaximumMemberrwt:ServicerAdvanceInvestmentsMember2023-01-012023-03-310000930236srt:WeightedAverageMemberrwt:ServicerAdvanceInvestmentsMember2023-01-012023-03-310000930236rwt:MeasurementInputMortgageServicingIncomeMembersrt:MinimumMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236rwt:MeasurementInputMortgageServicingIncomeMembersrt:MaximumMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputMortgageServicingIncomeMemberrwt:ServicerAdvanceInvestmentsMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:MortgageServicingRightsMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:MortgageServicingRightsMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MinimumMemberrwt:MeasurementInputPerLoanAnnualCostToServiceMember2023-03-310000930236rwt:MortgageServicingRightsMembersrt:MaximumMemberrwt:MeasurementInputPerLoanAnnualCostToServiceMember2023-03-310000930236srt:WeightedAverageMemberrwt:MortgageServicingRightsMemberrwt:MeasurementInputPerLoanAnnualCostToServiceMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ExcessMortgageServicingRightsMember2023-03-310000930236srt:MinimumMemberrwt:ExcessMortgageServicingRightsMemberrwt:MeasurementInputExcessMortgageServicingAmountMember2023-03-310000930236srt:MaximumMemberrwt:ExcessMortgageServicingRightsMemberrwt:MeasurementInputExcessMortgageServicingAmountMember2023-03-310000930236srt:WeightedAverageMemberrwt:ExcessMortgageServicingRightsMemberrwt:MeasurementInputExcessMortgageServicingAmountMember2023-03-310000930236rwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236rwt:MeasurementInputWholeLoanSpreadToSwapRateMembersrt:MinimumMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236rwt:MeasurementInputWholeLoanSpreadToSwapRateMembersrt:MaximumMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputWholeLoanSpreadToSwapRateMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236srt:MinimumMemberrwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputPullthroughRateMember2023-03-310000930236srt:MaximumMemberrwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputPullthroughRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputPullthroughRateMember2023-03-310000930236srt:MinimumMemberrwt:MeasurementInputCommittedSalesPriceMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236srt:MaximumMemberrwt:MeasurementInputCommittedSalesPriceMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236srt:WeightedAverageMemberrwt:MeasurementInputCommittedSalesPriceMemberrwt:ResidentialLoanPurchaseCommitmentsMember2023-03-310000930236rwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMembersrt:MinimumMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMembersrt:MaximumMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberrwt:ABSIssuedSecuritiesMember2023-03-310000930236srt:MinimumMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:MaximumMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:WeightedAverageMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMemberrwt:CAFLSecuritizationEntitiesMembersrt:MinimumMember2023-03-310000930236us-gaap:MeasurementInputDefaultRateMemberrwt:CAFLSecuritizationEntitiesMembersrt:MaximumMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMemberrwt:CAFLSecuritizationEntitiesMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:WeightedAverageMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MinimumMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2023-03-310000930236srt:WeightedAverageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236srt:WeightedAverageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMember2023-03-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236srt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236srt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMemberus-gaap:MeasurementInputPrepaymentRateMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MinimumMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236rwt:ConsolidatedPointEntitiesMembersrt:MaximumMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236srt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMemberrwt:MeasurementInputHomePriceAppreciationMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:RedwoodTrustInc.Memberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:RedwoodTrustInc.Memberus-gaap:ResidentialMortgageMember2023-03-310000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2023-03-310000930236us-gaap:ResidentialMortgageMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:RedwoodTrustInc.Memberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForSaleMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForSaleMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:RedwoodTrustInc.Memberus-gaap:ResidentialMortgageMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMember2022-12-310000930236us-gaap:ResidentialMortgageMember2022-12-310000930236rwt:MortgageServicingRightsMember2023-03-310000930236rwt:ResidentialLoansAtFairValueMember2023-01-012023-03-31rwt:loan0000930236rwt:ResidentialLoansAtFairValueMember2022-01-012022-12-310000930236rwt:ResidentialLoansAtFairValueMember2023-03-310000930236rwt:ResidentialLoansAtFairValueMember2022-12-310000930236us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:ResidentialLoansAtFairValueMember2023-03-310000930236us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:ResidentialLoansAtFairValueMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMember2022-01-012022-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ResidentialLoansAtFairValueMember2023-01-012023-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ResidentialLoansAtFairValueMember2022-01-012022-03-31rwt:securitization0000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-03-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeHeldForSaleAtFairValueMember2023-03-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForSaleAtFairValueMember2023-03-310000930236rwt:LoansHeldForSaleAtFairValueMember2023-03-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:RedwoodTrustInc.Member2023-03-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CoreVestAmericanFinanceLenderLLCMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-03-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2023-03-310000930236rwt:LoansHeldForInvestmentAtFairValueMember2023-03-310000930236rwt:SingleFamilyRentalLoansMemberrwt:RedwoodTrustInc.Member2023-03-310000930236rwt:SingleFamilyRentalLoansMemberrwt:CoreVestAmericanFinanceLenderLLCMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansMember2023-03-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeHeldForSaleAtFairValueMember2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:LoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CoreVestAmericanFinanceLenderLLCMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMember2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:LoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:SingleFamilyRentalLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:SingleFamilyRentalLoansMemberrwt:CoreVestAmericanFinanceLenderLLCMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansMember2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansMember2022-12-310000930236srt:MinimumMemberrwt:BridgeLoansMember2023-01-012023-03-310000930236srt:MaximumMemberrwt:BridgeLoansMember2023-01-012023-03-310000930236us-gaap:LondonInterbankOfferedRateLIBORMember2023-01-012023-03-310000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000930236rwt:FixedRateMember2023-01-012023-03-310000930236rwt:CommitmentToFundResidentialBridgeLoanMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:BusinessPurposeMortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:BusinessPurposeMortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2022-01-012022-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BusinessPurposeBridgeLoansMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BusinessPurposeBridgeLoansMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:LoansPledgedAsCollateralShortTermDebtMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:BusinessPurposeBridgeLoansMember2023-01-012023-03-310000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2023-01-012023-03-310000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2023-01-012023-03-310000930236rwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:SingleFamilyRentalLoansHeldForSaleMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000930236rwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:BusinessPurposeBridgeLoansMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:BusinessPurposeBridgeLoansMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2022-01-012022-06-300000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BusinessPurposeBridgeLoansMember2022-01-012022-06-300000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:BusinessPurposeBridgeLoansMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:LoansPledgedAsCollateralShortTermDebtMember2022-01-012022-06-300000930236rwt:RedwoodTrustInc.Memberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:BusinessPurposeBridgeLoansMember2022-01-012022-06-300000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:RedwoodTrustInc.Memberrwt:SingleFamilyRentalLoansHeldForSaleMember2022-01-012022-06-300000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:RedwoodTrustInc.Memberrwt:BusinessPurposeBridgeLoansMember2022-01-012022-06-300000930236rwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:SingleFamilyRentalLoansHeldForSaleMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:BusinessPurposeBridgeLoansMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:BusinessPurposeBridgeLoansMember2022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2023-01-012023-03-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2023-03-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:MultifamilyLoansMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-01-012023-03-310000930236rwt:MultifamilyLoansMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-01-012022-03-310000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2023-03-310000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2022-12-310000930236rwt:SeniorSecuritiesMember2023-03-310000930236rwt:SeniorSecuritiesMember2022-12-310000930236rwt:RepreformingLoansSecuritiesMemberrwt:RealEstateSecuritiesPrimeSubordinateMember2023-03-310000930236rwt:RepreformingLoansSecuritiesMemberrwt:RealEstateSecuritiesPrimeSubordinateMember2022-12-310000930236rwt:MultifamilyLoansMemberrwt:RealEstateSecuritiesPrimeSubordinateMember2023-03-310000930236rwt:MultifamilyLoansMemberrwt:RealEstateSecuritiesPrimeSubordinateMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:OtherThirdPartySecuritiesMember2023-03-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:OtherThirdPartySecuritiesMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMember2023-03-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMember2022-12-310000930236rwt:SeniorSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2023-03-310000930236rwt:SeniorSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2022-12-310000930236rwt:SequoiaSecuritiesMember2023-03-310000930236rwt:SequoiaSecuritiesMember2022-12-310000930236rwt:MultifamilyLoansMember2023-03-310000930236rwt:MultifamilyLoansMember2022-12-310000930236rwt:OtherThirdPartySecuritiesMember2023-03-310000930236rwt:OtherThirdPartySecuritiesMember2022-12-310000930236rwt:TotalSubordinateInvestmentSecuritiesMember2023-03-310000930236rwt:TotalSubordinateInvestmentSecuritiesMember2022-12-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-03-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-03-31rwt:investment0000930236rwt:SubordinateSecuritiesMember2023-01-012023-03-310000930236us-gaap:PutOptionMember2023-01-012023-03-310000930236us-gaap:PutOptionMember2022-01-012022-03-310000930236us-gaap:CallOptionMember2023-01-012023-03-310000930236us-gaap:CallOptionMember2022-01-012022-03-310000930236rwt:RedwoodTrustInc.Memberrwt:PointOptionMember2023-03-310000930236rwt:RedwoodTrustInc.Memberrwt:PointOptionMember2022-12-310000930236rwt:PointOptionMemberrwt:PointHEIMember2023-03-310000930236rwt:PointOptionMemberrwt:PointHEIMember2022-12-310000930236rwt:CommitmentToAcquireHEIsMember2023-03-310000930236rwt:HomeEquityInvestmentsPurchasedFairValueMemberrwt:RedwoodMember2023-01-012023-03-310000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2023-01-012023-03-310000930236rwt:HomeEquityInvestmentsPurchasedFairValueMemberrwt:RedwoodMember2022-01-012022-03-310000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2022-01-012022-03-310000930236rwt:RedwoodMember2023-01-012023-03-310000930236rwt:RedwoodMember2022-01-012022-03-310000930236rwt:PointOptionMember2023-03-31rwt:Contract0000930236rwt:SecuritizedPointOptionsMember2023-03-310000930236rwt:PointOptionMember2022-12-310000930236rwt:SecuritizedPointOptionsMember2022-12-310000930236rwt:StrategicInvestmentsMember2023-03-310000930236rwt:StrategicInvestmentsMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMember2023-03-310000930236rwt:ExcessMortgageServicingRightsMember2022-12-310000930236rwt:MortgageServicingRightsMember2022-12-310000930236rwt:OtherNotesReceivableMember2023-03-310000930236rwt:OtherNotesReceivableMember2022-12-310000930236rwt:ServicerAdvanceFinancingMember2023-03-310000930236rwt:ServicerAdvanceFinancingMember2023-03-310000930236rwt:ServicerAdvanceFinancingMember2022-12-310000930236rwt:ServicerAdvanceFinancingMember2023-01-012023-03-310000930236rwt:RWTHorizonsMemberrwt:StrategicInvestmentsMember2023-03-310000930236rwt:ChurchillFinanceMemberrwt:StrategicInvestmentsMember2023-03-310000930236rwt:StrategicInvestmentsMember2023-01-012023-03-310000930236rwt:ExcessMortgageServicingRightsMember2023-01-012023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:InterestRateSwapMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:InterestRateSwapMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberrwt:ToBeAnnouncedContractsMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberrwt:ToBeAnnouncedContractsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FutureMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FutureMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:LoanPurchaseCommitmentsMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:LoanPurchaseCommitmentsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberrwt:ToBeAnnouncedContractsMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberrwt:ToBeAnnouncedContractsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:LoanPurchaseCommitmentsMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:LoanPurchaseCommitmentsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-03-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-12-310000930236rwt:InterestRateSwapAndSwaptionsMember2023-03-310000930236rwt:ToBeAnnouncedContractsMember2023-03-310000930236us-gaap:FutureMember2023-03-310000930236us-gaap:InterestRateContractMember2022-12-310000930236us-gaap:FutureMember2022-12-310000930236rwt:ToBeAnnouncedContractsMember2022-12-310000930236rwt:ResidentialAndCommercialLoansMember2023-01-012023-03-310000930236rwt:ResidentialAndCommercialLoansMember2022-01-012022-03-310000930236rwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMemberrwt:MortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMemberrwt:MortgageBankingActivitiesMember2022-01-012022-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2022-12-310000930236us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000930236us-gaap:InterestExpenseMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000930236us-gaap:BridgeLoanMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacSLSTMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:BridgeLoanMember2023-01-012023-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-03-310000930236rwt:FreddieMacSLSTMember2023-01-012023-03-310000930236rwt:CAFLSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:BridgeLoanMember2023-03-310000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236rwt:FreddieMacSLSTMember2023-03-310000930236rwt:CAFLSecuritizationEntitiesMember2023-03-31rwt:asset00009302362018-01-012018-12-310000930236rwt:CoInvestorsInterestsMember2023-03-310000930236rwt:PointHEINoncontrollingInterestMember2023-03-310000930236rwt:PointHEINoncontrollingInterestMember2023-01-012023-03-310000930236rwt:PointHEINoncontrollingInterestMember2022-01-012022-03-310000930236rwt:ResidentialLoanWarehouseMemberus-gaap:LineOfCreditMember2023-01-012023-03-31rwt:facility0000930236rwt:ResidentialLoanWarehouseMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:SingleFamilyRentalLoanWarehouseFacilitiesMemberus-gaap:LineOfCreditMember2023-01-012023-03-310000930236rwt:SingleFamilyRentalLoanWarehouseFacilitiesMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:RealEstateSecuritiesRepoMemberus-gaap:LineOfCreditMember2023-01-012023-03-310000930236rwt:RealEstateSecuritiesRepoMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:HEIWarehouseMemberus-gaap:LineOfCreditMember2023-01-012023-03-310000930236rwt:HEIWarehouseMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:LineOfCreditMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMember2023-03-310000930236rwt:ServicerAdvanceFinancingMember2023-01-012023-03-310000930236rwt:ServicerAdvanceFinancingMember2023-03-310000930236us-gaap:CommercialPaperMember2023-03-310000930236us-gaap:ConvertibleNotesPayableMember2023-03-310000930236us-gaap:ConvertibleNotesPayableMember2023-01-012023-03-310000930236rwt:ResidentialLoanWarehouseMemberus-gaap:LineOfCreditMember2022-01-012022-12-310000930236rwt:ResidentialLoanWarehouseMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:SingleFamilyRentalLoanWarehouseFacilitiesMemberus-gaap:LineOfCreditMember2022-01-012022-12-310000930236rwt:SingleFamilyRentalLoanWarehouseFacilitiesMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:RealEstateSecuritiesRepoMemberus-gaap:LineOfCreditMember2022-01-012022-12-310000930236rwt:RealEstateSecuritiesRepoMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:HEIWarehouseMemberus-gaap:LineOfCreditMember2022-01-012022-12-310000930236rwt:HEIWarehouseMemberus-gaap:LineOfCreditMember2022-12-310000930236us-gaap:LineOfCreditMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMember2022-12-310000930236rwt:ServicerAdvanceFinancingMember2022-01-012022-12-310000930236rwt:ServicerAdvanceFinancingMember2022-12-310000930236us-gaap:CommercialPaperMember2022-12-310000930236us-gaap:ConvertibleNotesPayableMember2022-12-310000930236us-gaap:ConvertibleNotesPayableMember2022-01-012022-12-310000930236rwt:ResidentialLoansHeldForSaleMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:ResidentialLoansHeldForSaleMemberus-gaap:LineOfCreditMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeResidentialLoansMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeResidentialLoansMember2022-12-310000930236rwt:HomeEquityInvestmentReceivableMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:HomeEquityInvestmentReceivableMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:RealEstateSecuritiesOnBalanceSheetMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:RealEstateSecuritiesOnBalanceSheetMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:LineOfCreditMember2022-12-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:ShortTermBorrowingAgreementMemberrwt:SequoiaSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:LineOfCreditMember2022-12-310000930236srt:MinimumMemberrwt:RiverbendFundingLLCMember2022-07-010000930236srt:MaximumMemberrwt:RiverbendFundingLLCMember2022-07-010000930236rwt:RiverbendFundingLLCMember2023-01-012023-03-310000930236us-gaap:ConvertibleDebtMember2023-03-310000930236us-gaap:ConvertibleDebtMember2023-01-012023-03-310000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberus-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMemberus-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberrwt:BusinessPurposeResidentialLoansMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMemberus-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:RealEstateSecuritiesMemberus-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberrwt:RealEstateSecuritiesMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:RealEstateSecuritiesMemberus-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236rwt:RealEstateSecuritiesMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:HEIWarehouseMemberus-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:HEIWarehouseMemberus-gaap:Maturity30To90DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236rwt:HEIWarehouseMemberus-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberus-gaap:LineOfCreditMember2023-03-310000930236us-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236us-gaap:MaturityUpTo30DaysMemberrwt:ServicerAdvanceFinancingMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberrwt:ServicerAdvanceFinancingMember2023-03-310000930236us-gaap:MaturityOver90DaysMemberrwt:ServicerAdvanceFinancingMember2023-03-310000930236us-gaap:CommercialPaperMemberus-gaap:MaturityUpTo30DaysMember2023-03-310000930236us-gaap:Maturity30To90DaysMemberus-gaap:CommercialPaperMember2023-03-310000930236us-gaap:CommercialPaperMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236us-gaap:ConvertibleNotesPayableMemberus-gaap:MaturityUpTo30DaysMember2023-03-310000930236us-gaap:ConvertibleNotesPayableMemberus-gaap:Maturity30To90DaysMember2023-03-310000930236us-gaap:ConvertibleNotesPayableMemberus-gaap:MaturityOver90DaysMember2023-03-310000930236us-gaap:MaturityUpTo30DaysMember2023-03-310000930236us-gaap:Maturity30To90DaysMember2023-03-310000930236us-gaap:MaturityOver90DaysMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InterestOnlyCertificatesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:CAFLSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-03-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:MinimumMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMembersrt:MinimumMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:MinimumMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:CAFLSecuritizationEntitiesMember2023-03-31rwt:series0000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMemberrwt:CertificatesWithPrincipalValueMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CertificatesWithPrincipalValueMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InterestOnlyCertificatesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:InterestOnlyCertificatesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-12-310000930236rwt:PointMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:MinimumMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMembersrt:MinimumMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:MinimumMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MinimumMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMembersrt:MaximumMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CoreVestMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CoreVestMember2022-12-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:CoreVestMember2022-06-300000930236rwt:CoreVestMemberrwt:A2022AssetBackedSecuritiesSoldMember2023-03-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:CoreVestMemberrwt:A2022AssetBackedSecuritiesSoldMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:CoreVestMember2023-03-310000930236rwt:A2021AssetBackedSecuritiesSoldMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ScenarioForecastMember2029-05-290000930236rwt:A2021AssetBackedSecuritiesSoldMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:CoreVestMember2021-09-300000930236rwt:A2021AssetBackedSecuritiesSoldMemberrwt:CoreVestMember2023-03-310000930236rwt:A2021AssetBackedSecuritiesSoldMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:CoreVestMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ScenarioForecastMember2029-03-310000930236rwt:PointHEIMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ScenarioForecastMember2052-12-310000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2020-09-300000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-07-012020-09-300000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000930236us-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ScenarioForecastMember2023-07-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:MaturityOverFiveYearsMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000930236us-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMemberrwt:NonMarginableDebtRepurchaseAgreementOneMember2023-03-310000930236srt:AffiliatedEntityMemberrwt:NonMarginableDebtRepurchaseAgreementTwoMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2023-03-310000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilityBMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2023-03-310000930236us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Member2023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Membersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Membersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseMortgageServicingRightsFinancingFacilityThroughSeptember2024Member2023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseMortgageServicingRightsFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310000930236us-gaap:LineOfCreditMember2023-03-310000930236rwt:SeniorNotesDue2024Memberus-gaap:ConvertibleDebtMember2023-03-310000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2025Member2023-03-310000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2027Member2023-03-310000930236us-gaap:LondonInterbankOfferedRateLIBORMemberrwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2023-01-012023-03-310000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMemberrwt:NonMarginableDebtRepurchaseAgreementOneMember2022-12-310000930236srt:AffiliatedEntityMemberrwt:NonMarginableDebtRepurchaseAgreementTwoMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2022-12-310000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilityBMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2022-12-310000930236us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Member2022-12-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Membersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Membersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMember2022-12-310000930236rwt:SeniorNotesDue2024Memberus-gaap:ConvertibleDebtMember2022-12-310000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2025Member2022-12-310000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2027Member2022-12-310000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2022-12-310000930236us-gaap:LondonInterbankOfferedRateLIBORMemberrwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2022-01-012022-12-310000930236us-gaap:BridgeLoanMember2023-03-310000930236us-gaap:BridgeLoanMember2022-12-310000930236us-gaap:ResidentialRealEstateMember2023-03-310000930236us-gaap:ResidentialRealEstateMember2022-12-310000930236rwt:MortgageServicingRightsMember2023-03-310000930236rwt:MortgageServicingRightsMember2022-12-310000930236srt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMemberrwt:NonMarginableDebtRepurchaseAgreementOneMember2023-03-310000930236srt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMemberrwt:NonMarginableDebtRepurchaseAgreementOneMember2022-12-310000930236srt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMemberrwt:NonMarginableDebtRepurchaseAgreementTwoMember2023-03-310000930236srt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMemberrwt:NonMarginableDebtRepurchaseAgreementTwoMember2022-12-310000930236rwt:TrustPreferredSecuritiesMember2023-03-310000930236rwt:TrustPreferredSecuritiesMember2022-12-310000930236rwt:RedwoodTrustInc.Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMember2019-01-012019-12-310000930236rwt:RedwoodTrustInc.Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:October2022ThroughSeptember2023Member2019-01-012019-12-310000930236rwt:RedwoodTrustInc.Memberrwt:October2023ThroughSeptember2024Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMember2019-01-012019-12-310000930236rwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMember2020-01-012020-12-310000930236rwt:March2023ThroughFebruary2024Memberrwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMember2020-01-012020-12-310000930236rwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMemberrwt:March2024ThroughFebruary2025Member2020-01-012020-12-310000930236rwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMember2021-07-012021-09-300000930236rwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:July2024ThroughJune2025Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMember2021-07-012021-09-300000930236rwt:RedwoodTrustInc.Membersrt:AffiliatedEntityMemberrwt:July2025ToJune2026Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:CAFLSecuritizationEntitiesMember2021-07-012021-09-300000930236us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrwt:RecourseRevolvingDebtFacilityMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseRevolvingDebtFacilityMember2023-03-31rwt:lease0000930236rwt:CommitmentToFundResidentialBridgeLoanMember2023-01-012023-03-310000930236rwt:CommitmentToFundStrategicInvestmentMember2022-01-012022-03-310000930236rwt:CommitmentToFundStrategicInvestmentMember2023-03-310000930236rwt:CommitmentToFundRWTHorizonsInvestmentsMember2021-01-012021-12-310000930236rwt:CommitmentToFundRWTHorizonsInvestmentsMember2023-03-310000930236us-gaap:GuaranteeObligationsMember2015-12-310000930236us-gaap:GuaranteeObligationsMember2016-12-310000930236us-gaap:GuaranteeObligationsMember2023-03-310000930236srt:MaximumMember2023-01-012023-03-310000930236us-gaap:OtherIncomeMember2023-01-012023-03-310000930236us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:GuaranteeObligationsMember2023-03-310000930236us-gaap:GuaranteeObligationsMemberrwt:ResidentialLoansAtFairValueMember2023-03-31rwt:tranche0000930236rwt:RepurchaseReservesMember2023-03-310000930236rwt:RepurchaseReservesMember2022-12-310000930236rwt:RepurchaseReservesMember2023-01-012023-03-31rwt:repurchase_request0000930236rwt:RepurchaseReservesMember2022-01-012022-03-310000930236rwt:BusinessPurposeLoansMember2023-03-310000930236rwt:BusinessPurposeLoansMember2022-12-310000930236rwt:BusinessPurposeLoansMember2023-01-012023-03-310000930236rwt:BusinessPurposeLoansMember2022-01-012022-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000930236rwt:AtTheMarketOfferingsMemberus-gaap:CommonStockMember2023-01-012023-03-310000930236rwt:AtTheMarketOfferingsMemberus-gaap:CommonStockMember2023-03-310000930236us-gaap:SeriesAPreferredStockMember2023-01-310000930236us-gaap:SeriesAPreferredStockMember2023-01-012023-01-310000930236us-gaap:CommonStockMemberrwt:DirectStockPurchasesAndDividendReinvestmentPlanMember2023-03-310000930236us-gaap:ConvertibleDebtSecuritiesMember2023-01-012023-03-310000930236us-gaap:StockCompensationPlanMember2023-01-012023-03-310000930236us-gaap:StockCompensationPlanMember2022-01-012022-03-310000930236rwt:ShareRepurchaseProgram2022Member2022-07-310000930236rwt:ShareRepurchaseProgram2022Member2023-03-310000930236rwt:RedwoodIncentivePlanMember2023-03-310000930236rwt:RedwoodIncentivePlanMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236rwt:EmployeeStockPurchasePlanMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2023-01-012023-03-310000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2023-01-012023-03-310000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2023-01-012023-03-310000930236rwt:EmployeeStockPurchasePlanMember2023-01-012023-03-310000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2023-03-310000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2023-03-310000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2023-03-310000930236rwt:EmployeeStockPurchasePlanMember2023-03-310000930236us-gaap:RestrictedStockUnitsRSUMember2023-03-310000930236us-gaap:RestrictedStockUnitsRSUMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310000930236rwt:DeferredStockUnitsMember2023-03-310000930236rwt:DeferredStockUnitsMember2022-12-310000930236rwt:DeferredStockUnitsMember2023-01-012023-03-310000930236rwt:DeferredStockUnitsMember2022-01-012022-12-310000930236us-gaap:PerformanceSharesMember2023-03-310000930236us-gaap:PerformanceSharesMember2022-12-310000930236us-gaap:PerformanceSharesMember2023-01-012023-03-310000930236us-gaap:PerformanceSharesMember2019-12-312019-12-3100009302362022-01-012022-12-310000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:ResidentialMortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2023-01-012023-03-310000930236rwt:ResidentialMortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2022-01-012022-03-310000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-03-310000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-01-012023-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-01-012022-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2023-01-012023-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2022-01-012022-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-01-012023-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-01-012022-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2023-01-012023-03-310000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2022-01-012022-03-310000930236rwt:SettlementInCommonStockMember2023-01-012023-03-310000930236rwt:SettlementInCommonStockMember2022-01-012022-03-310000930236rwt:SettlementInCashMember2023-01-012023-03-310000930236rwt:SettlementInCashMember2022-01-012022-03-310000930236rwt:CashBasedRetentionAwardMember2023-01-012023-03-310000930236rwt:CashBasedRetentionAwardMember2023-03-310000930236rwt:CashBasedRetentionAwardMember2022-12-310000930236rwt:CashSettledDeferredStockUnitsMember2023-01-012023-03-310000930236rwt:CashSettledDeferredStockUnitsMember2023-03-310000930236rwt:CashSettledDeferredStockUnitsMember2022-12-310000930236rwt:CashSettledPerformanceStockUnitsMember2023-03-310000930236rwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236srt:MinimumMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236srt:MaximumMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-31rwt:trading_day0000930236us-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MinimumMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236us-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MaximumMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236us-gaap:ShareBasedCompensationAwardTrancheOneMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236us-gaap:ShareBasedCompensationAwardTrancheTwoMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236srt:MinimumMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236srt:MaximumMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236us-gaap:ShareBasedCompensationAwardTrancheThreeMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-03-310000930236us-gaap:ShareBasedCompensationAwardTrancheOneMemberrwt:CashSettledPerformanceStockUnitsMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ResidentialLendingMember2023-01-012023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-01-012023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-01-012023-03-310000930236us-gaap:CorporateNonSegmentMember2023-01-012023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ResidentialLendingMember2022-01-012022-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2022-01-012022-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2022-01-012022-03-310000930236us-gaap:CorporateNonSegmentMember2022-01-012022-03-310000930236us-gaap:CorporateNonSegmentMemberrwt:LegacyConsolidatedVariableInterestEntitiesMember2023-01-012023-03-310000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310000930236us-gaap:CorporateNonSegmentMemberrwt:LegacyConsolidatedVariableInterestEntitiesMember2022-01-012022-03-310000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:ResidentialLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:BusinessPurposeLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:ThirdPartyResidentialInvestmentsMember2023-03-310000930236us-gaap:CorporateNonSegmentMemberus-gaap:ResidentialPortfolioSegmentMember2023-03-310000930236us-gaap:ResidentialPortfolioSegmentMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:ResidentialLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:BusinessPurposeLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:ThirdPartyResidentialInvestmentsMember2023-03-310000930236us-gaap:CorporateNonSegmentMemberrwt:BusinessPurposeResidentialLoansMember2023-03-310000930236rwt:BusinessPurposeResidentialLoansMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:ResidentialLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:BusinessPurposeLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:ThirdPartyResidentialInvestmentsMember2023-03-310000930236us-gaap:CorporateNonSegmentMemberrwt:MultifamilyLoansMember2023-03-310000930236rwt:MultifamilyLoansMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ResidentialLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-03-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-03-310000930236us-gaap:CorporateNonSegmentMember2023-03-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:ResidentialLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:ThirdPartyResidentialInvestmentsMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236us-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:ResidentialLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeResidentialLoansMemberrwt:ThirdPartyResidentialInvestmentsMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberrwt:BusinessPurposeResidentialLoansMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:ResidentialLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:ThirdPartyResidentialInvestmentsMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberrwt:MultifamilyLoansMember2022-12-310000930236rwt:MultifamilyLoansMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:ResidentialLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2022-12-310000930236us-gaap:CorporateNonSegmentMember2022-12-31
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended: March 31, 2023
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from _______________ to _______________.
Commission File Number 1-13759
REDWOOD TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
Maryland | | 68-0329422 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | |
One Belvedere Place, | Suite 300 | | |
Mill Valley, | California | | 94941 |
(Address of Principal Executive Offices) | | (Zip Code) |
(415) 389-7373
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.01 per share | RWT | New York Stock Exchange |
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share | RWT PRA | New York Stock Exchange |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
| | | | | | | | | | | |
Common Stock, $0.01 par value per share | | 114,028,712 | | shares outstanding as of May 2, 2023 |
REDWOOD TRUST, INC.
2023 FORM 10-Q REPORT
TABLE OF CONTENTS
| | | | | | | | | | | |
| | | Page |
| FINANCIAL INFORMATION | | |
Item 1. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
| | | |
| OTHER INFORMATION | | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
| | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | | |
(In Thousands, except Share Data) (Unaudited) | | March 31, 2023 | | December 31, 2022 |
ASSETS (1) | | | | |
Residential loans, held-for-sale, at fair value | | $ | 26,975 | | | $ | 780,781 | |
Residential loans, held-for-investment, at fair value | | 5,465,883 | | | 4,832,407 | |
Business purpose loans, held-for-sale, at fair value | | 371,385 | | | 364,073 | |
Business purpose loans, held-for-investment, at fair value | | 4,993,264 | | | 4,968,513 | |
Consolidated Agency multifamily loans, at fair value | | 426,599 | | | 424,551 | |
Real estate securities, at fair value | | 243,346 | | | 240,475 | |
Home equity investments, at fair value | | 416,783 | | | 403,462 | |
Other investments | | 381,690 | | | 390,938 | |
Cash and cash equivalents | | 404,449 | | | 258,894 | |
Restricted cash | | 86,037 | | | 70,470 | |
Goodwill | | 23,373 | | | 23,373 | |
Intangible assets | | 37,784 | | | 40,892 | |
Derivative assets | | 11,497 | | | 20,830 | |
Other assets | | 232,221 | | | 211,240 | |
Total Assets | | $ | 13,121,286 | | | $ | 13,030,899 | |
| | | | |
LIABILITIES AND EQUITY (1) | | | | |
Liabilities | | | | |
Short-term debt, net | | $ | 1,616,452 | | | $ | 2,029,679 | |
| | | | |
Derivative liabilities | | 10,736 | | | 16,855 | |
Accrued expenses and other liabilities | | 176,271 | | | 180,203 | |
| | | | |
Asset-backed securities issued (includes $7,968,135 and $7,424,132 at fair value), net | | 8,447,119 | | | 7,986,752 | |
Long-term debt, net | | 1,733,028 | | | 1,733,425 | |
Total liabilities | | 11,983,606 | | | 11,946,914 | |
Commitments and Contingencies (see Note 17) | | | | |
Equity | | | | |
Preferred stock, par value $0.01 per share, 2,800,000 shares authorized; 2,800,000 and zero issued and outstanding | | 66,923 | | | — | |
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 113,864,456 and 113,484,675 issued and outstanding | | 1,139 | | | 1,135 | |
Additional paid-in capital | | 2,355,139 | | | 2,349,845 | |
Accumulated other comprehensive loss | | (63,036) | | | (68,868) | |
Cumulative earnings | | 1,156,571 | | | 1,153,370 | |
Cumulative distributions to stockholders | | (2,379,056) | | | (2,351,497) | |
Total equity | | 1,137,680 | | | 1,083,985 | |
Total Liabilities and Equity | | $ | 13,121,286 | | | $ | 13,030,899 | |
——————
(1)Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,836,956 and $9,257,291, respectively. At March 31, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,729,585 and $8,270,276, respectively. See Note 4 for further discussion.
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
| | | | | | | | | | | | | | | | | | |
(In Thousands, except Share Data) | | Three Months Ended March 31, | | |
(Unaudited) | | 2023 | | 2022 | | | | |
Interest Income | | | | | | | | |
Residential loans | | $ | 57,874 | | | $ | 65,203 | | | | | |
Business purpose loans | | 97,296 | | | 94,299 | | | | | |
Consolidated Agency multifamily loans | | 4,618 | | | 4,753 | | | | | |
Real estate securities | | 6,428 | | | 15,955 | | | | | |
Other interest income | | 12,300 | | | 9,190 | | | | | |
Total interest income | | 178,516 | | | 189,400 | | | | | |
Interest Expense | | | | | | | | |
Short-term debt | | (31,828) | | | (11,488) | | | | | |
Asset-backed securities issued | | (87,465) | | | (105,695) | | | | | |
Long-term debt | | (32,786) | | | (19,115) | | | | | |
Total interest expense | | (152,079) | | | (136,298) | | | | | |
Net Interest Income | | 26,437 | | | 53,102 | | | | | |
Non-interest Income | | | | | | | | |
Mortgage banking activities, net | | 16,671 | | | 16,315 | | | | | |
Investment fair value changes, net | | (127) | | | (6,120) | | | | | |
Other income, net | | 4,556 | | | 5,983 | | | | | |
Realized gains (losses), net | | (2) | | | 2,581 | | | | | |
Total non-interest income, net | | 21,098 | | | 18,759 | | | | | |
General and administrative expenses | | (35,555) | | | (33,276) | | | | | |
Portfolio management costs | | (3,510) | | | (1,578) | | | | | |
Loan acquisition costs | | (1,289) | | | (4,465) | | | | | |
Other expenses | | (3,684) | | | (4,085) | | | | | |
Net Income before Benefit from Income Taxes | | 3,497 | | | 28,457 | | | | | |
Benefit from income taxes | | 1,123 | | | 2,458 | | | | | |
Net Income | | $ | 4,620 | | | $ | 30,915 | | | | | |
Dividends on preferred stock | | (1,419) | | | — | | | | | |
Net income available to common stockholders | | $ | 3,201 | | | $ | 30,915 | | | | | |
| | | | | | | | |
Net income available to common stockholders - Basic | | $ | 0.02 | | | $ | 0.25 | | | | | |
Net income available to common stockholders - Diluted | | $ | 0.02 | | | $ | 0.24 | | | | | |
Basic weighted average common shares outstanding | | 113,678,911 | | | 119,884,172 | | | | | |
Diluted weighted average common shares outstanding | | 114,134,556 | | | 140,506,157 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| | | | | | | | | | | | | | | | | | |
(In Thousands) | | Three Months Ended March 31, | | |
(Unaudited) | | 2023 | | 2022 | | | | |
Net Income | | $ | 4,620 | | | $ | 30,915 | | | | | |
Other comprehensive income (loss): | | | | | | | | |
Net unrealized gain (loss) on available-for-sale securities | | 5,007 | | | (17,873) | | | | | |
Reclassification of unrealized (gain) on available-for-sale securities to net income | | (193) | | | (692) | | | | | |
| | | | | | | | |
Reclassification of unrealized loss on interest rate agreements to net income | | 1,018 | | | 1,018 | | | | | |
Total other comprehensive income (loss) | | 5,832 | | | (17,547) | | | | | |
Comprehensive Income | | $ | 10,452 | | | $ | 13,368 | | | | | |
Dividends on preferred stock | | $ | (1,419) | | | $ | — | | | | | |
Comprehensive income available to common stockholders | | $ | 9,033 | | | $ | 13,368 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands, except Share Data) | | Preferred Stock | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive (Loss) | | Cumulative Earnings | | Cumulative Distributions to Stockholders | | Total |
(Unaudited) | | | Shares | | Par Value | | | | | |
December 31, 2022 | | $ | — | | | 113,484,675 | | | $ | 1,135 | | | $ | 2,349,845 | | | $ | (68,868) | | | $ | 1,153,370 | | | $ | (2,351,497) | | | $ | 1,083,985 | |
Net income | | — | | | — | | | — | | | — | | | — | | | 4,620 | | | — | | | 4,620 | |
Other comprehensive income | | |