false2023Q2000093023612/31P6Mhttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssets0.666700009302362023-01-012023-06-300000930236us-gaap:CommonStockMember2023-01-012023-06-300000930236us-gaap:RedeemablePreferredStockMember2023-01-012023-06-3000009302362023-08-01xbrli:shares0000930236rwt:ResidentialLoansHeldForSaleMember2023-06-30iso4217:USD0000930236rwt:ResidentialLoansHeldForSaleMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueIncludingLoansAtHistoricalCostMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueIncludingLoansAtHistoricalCostMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMember2023-06-300000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:MultifamilyLoansMember2023-06-300000930236rwt:MultifamilyLoansMember2022-12-3100009302362023-06-3000009302362022-12-31iso4217:USDxbrli:shares0000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-3100009302362023-04-012023-06-3000009302362022-04-012022-06-3000009302362022-01-012022-06-300000930236us-gaap:PreferredStockMember2023-03-310000930236us-gaap:CommonStockMember2023-03-310000930236us-gaap:AdditionalPaidInCapitalMember2023-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000930236us-gaap:RetainedEarningsMember2023-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-03-3100009302362023-03-310000930236us-gaap:RetainedEarningsMember2023-04-012023-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000930236us-gaap:CommonStockMember2023-04-012023-06-300000930236us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-04-012023-06-300000930236us-gaap:PreferredStockMember2023-06-300000930236us-gaap:CommonStockMember2023-06-300000930236us-gaap:AdditionalPaidInCapitalMember2023-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000930236us-gaap:RetainedEarningsMember2023-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-06-300000930236us-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:RetainedEarningsMember2023-01-012023-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300000930236us-gaap:CommonStockMember2023-01-012023-06-300000930236us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300000930236us-gaap:PreferredStockMember2023-01-012023-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-06-300000930236us-gaap:PreferredStockMember2022-03-310000930236us-gaap:CommonStockMember2022-03-310000930236us-gaap:AdditionalPaidInCapitalMember2022-03-310000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000930236us-gaap:RetainedEarningsMember2022-03-310000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-3100009302362022-03-310000930236us-gaap:RetainedEarningsMember2022-04-012022-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000930236us-gaap:CommonStockMember2022-04-012022-06-300000930236us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-04-012022-06-300000930236us-gaap:PreferredStockMember2022-06-300000930236us-gaap:CommonStockMember2022-06-300000930236us-gaap:AdditionalPaidInCapitalMember2022-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000930236us-gaap:RetainedEarningsMember2022-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-3000009302362022-06-300000930236us-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:RetainedEarningsMember2022-01-012022-06-300000930236us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000930236us-gaap:CommonStockMember2022-01-012022-06-300000930236us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300000930236us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-06-30rwt:segment0000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-30rwt:partnershipxbrli:pure0000930236rwt:RiverbendFundingLLCMember2022-07-010000930236rwt:BorrowerNetworkMemberrwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236rwt:BorrowerNetworkMemberrwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236rwt:BrokerNetworkMemberrwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236rwt:BrokerNetworkMemberrwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236us-gaap:NoncompeteAgreementsMemberrwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236us-gaap:NoncompeteAgreementsMemberrwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236us-gaap:TradeNamesMemberrwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236us-gaap:TradeNamesMemberrwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:DevelopedTechnologyRightsMember2023-01-012023-06-300000930236rwt:A5ArchesLLCAndCoreVestMemberus-gaap:DevelopedTechnologyRightsMember2023-06-300000930236rwt:ManagementFeeOnExistingAssetsUnderManagementMemberrwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236rwt:ManagementFeeOnExistingAssetsUnderManagementMemberrwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236rwt:A5ArchesLLCAndCoreVestMember2023-01-012023-06-300000930236rwt:A5ArchesLLCAndCoreVestMember2023-06-300000930236rwt:RiverbendFundingLLCMember2022-07-012022-09-300000930236rwt:RiverbendFundingLLCMember2022-07-012022-07-010000930236rwt:RiverbendFundingLLCMember2023-06-300000930236rwt:RiverbendAcquisitionMember2022-04-012022-06-300000930236rwt:RiverbendAcquisitionMember2022-01-012022-06-300000930236us-gaap:BridgeLoanMember2023-06-300000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2023-06-300000930236us-gaap:InterestRateSwapMember2023-06-300000930236rwt:ToBeAnnouncedContractsMember2023-06-300000930236us-gaap:FutureMember2023-06-300000930236rwt:InterestRateAgreementTBAsAndFuturesMember2023-06-300000930236us-gaap:WarehouseAgreementBorrowingsMember2023-06-300000930236us-gaap:InterestRateSwapMember2022-12-310000930236rwt:ToBeAnnouncedContractsMember2022-12-310000930236us-gaap:FutureMember2022-12-310000930236rwt:InterestRateAgreementTBAsAndFuturesMember2022-12-310000930236us-gaap:WarehouseAgreementBorrowingsMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ExcessServicingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-30rwt:Investment0000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ExcessServicingEntitiesMemberrwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ConsolidatedAgencyMultifamilyLoansMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:ExcessServicingEntitiesMemberrwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberrwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CollateralizedFinancingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-04-012023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:ExcessServicingEntitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:PointMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-30rwt:entity0000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-04-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-04-012022-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-06-300000930236rwt:InterestOnlyStripAndSeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:InterestOnlyStripAndSeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:TotalSubordinateInvestmentSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:TotalSubordinateInvestmentSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:MortgageServicingRightsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2023-06-300000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2023-01-012023-06-300000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-01-012023-06-300000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2023-01-012023-06-300000930236rwt:SeniorSecuritiesMembersrt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-01-012023-06-300000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2023-01-012023-06-300000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMember2023-01-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberrwt:SubordinateSecuritiesMember2023-01-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberrwt:MortgageServicingRightsMember2023-01-012023-06-300000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2022-12-310000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2022-01-012022-12-310000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:MortgageServicingRightsMember2022-01-012022-12-310000930236rwt:SeniorSecuritiesMembersrt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-12-310000930236srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberrwt:SubordinateSecuritiesMember2022-01-012022-12-310000930236us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMemberrwt:MortgageServicingRightsMember2022-01-012022-12-310000930236rwt:SeniorSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembersrt:MaximumMember2022-01-012022-12-310000930236rwt:SeniorSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:SeniorSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:SubordinateSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:SubordinateSecuritiesMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-06-300000930236us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:BusinessPurposeResidentialLoansHeldforSaleMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236us-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2023-06-300000930236us-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236us-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberrwt:BusinessPurposeResidentialLoansHeldforInvestmentMember2022-12-310000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:MultifamilyLoansMemberus-gaap:ResidentialMortgageMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:PointOptionMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:PointOptionMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:PointOptionMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:PointOptionMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:ServicerAdvanceInvestmentsMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236us-gaap:CarryingReportedAmountFairValueDisclosureMemberrwt:ServicerAdvanceInvestmentsMember2022-12-310000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:MortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:MortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236us-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000930236us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000930236rwt:SecuritiesMember2023-04-012023-06-300000930236rwt:SecuritiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansAtFairValueMember2023-04-012023-06-300000930236rwt:ResidentialLoansAtFairValueMember2023-01-012023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-04-012023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-01-012023-06-300000930236rwt:HEIsMember2023-04-012023-06-300000930236rwt:HEIsMember2023-01-012023-06-300000930236rwt:MortgageServicingRightsMember2023-01-012023-06-300000930236rwt:MortgageServicingRightsMember2023-04-012023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236us-gaap:FairValueInputsLevel1Memberrwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300000930236us-gaap:FairValueInputsLevel3Memberrwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236us-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueInputsLevel1Memberrwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000930236us-gaap:FairValueInputsLevel3Memberrwt:ResidentialLoansAtFairValueMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMember2022-12-310000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-12-310000930236rwt:MultifamilyLoansMember2022-12-310000930236rwt:TradingSecuritiesMember2022-12-310000930236rwt:DebtSecuritiesAvailableForSaleMember2022-12-310000930236rwt:PointOptionMember2022-12-310000930236rwt:ServicerAdvanceInvestmentsMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMember2022-12-310000930236rwt:MortgageServicingRightsMember2022-12-310000930236rwt:MultifamilyLoansMember2023-01-012023-06-300000930236rwt:TradingSecuritiesMember2023-01-012023-06-300000930236rwt:DebtSecuritiesAvailableForSaleMember2023-01-012023-06-300000930236rwt:PointOptionMember2023-01-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMember2023-01-012023-06-300000930236rwt:ExcessMortgageServicingRightsMember2023-01-012023-06-300000930236rwt:ResidentialLoansAtFairValueMember2023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236rwt:MultifamilyLoansMember2023-06-300000930236rwt:TradingSecuritiesMember2023-06-300000930236rwt:DebtSecuritiesAvailableForSaleMember2023-06-300000930236rwt:PointOptionMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMember2023-06-300000930236rwt:ExcessMortgageServicingRightsMember2023-06-300000930236rwt:MortgageServicingRightsMember2023-06-300000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236rwt:PointNoncontrollingInterestMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2023-01-012023-06-300000930236rwt:PointNoncontrollingInterestMember2023-01-012023-06-300000930236us-gaap:AssetBackedSecuritiesMember2023-01-012023-06-300000930236us-gaap:DerivativeFinancialInstrumentsAssetsMember2023-06-300000930236rwt:PointNoncontrollingInterestMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:ResidentialLoansHeldAtRedwoodMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldAtRedwoodMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldAtRedwoodMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldAtRedwoodMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-01-012022-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-04-012022-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-01-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:MultifamilyLoansMember2023-04-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:MultifamilyLoansMember2022-04-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:MultifamilyLoansMember2023-01-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:MultifamilyLoansMember2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2023-04-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2022-04-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2023-01-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansMember2022-01-012022-06-300000930236rwt:PointEntitiesMember2023-04-012023-06-300000930236rwt:PointEntitiesMember2022-04-012022-06-300000930236rwt:PointEntitiesMember2023-01-012023-06-300000930236rwt:PointEntitiesMember2022-01-012022-06-300000930236rwt:TradingSecuritiesMember2023-04-012023-06-300000930236rwt:TradingSecuritiesMember2022-04-012022-06-300000930236rwt:TradingSecuritiesMember2022-01-012022-06-300000930236rwt:DebtSecuritiesAvailableForSaleMember2023-04-012023-06-300000930236rwt:DebtSecuritiesAvailableForSaleMember2022-04-012022-06-300000930236rwt:DebtSecuritiesAvailableForSaleMember2022-01-012022-06-300000930236rwt:PointOptionMember2023-04-012023-06-300000930236rwt:PointOptionMember2022-04-012022-06-300000930236rwt:PointOptionMember2022-01-012022-06-300000930236rwt:ServicerAdvanceInvestmentsMember2023-04-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMember2022-04-012022-06-300000930236rwt:ServicerAdvanceInvestmentsMember2022-01-012022-06-300000930236rwt:MortgageServicingRightsMember2022-04-012022-06-300000930236rwt:MortgageServicingRightsMember2022-01-012022-06-300000930236rwt:ExcessMortgageServicingRightsMember2023-04-012023-06-300000930236rwt:ExcessMortgageServicingRightsMember2022-04-012022-06-300000930236rwt:ExcessMortgageServicingRightsMember2022-01-012022-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2023-04-012023-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2022-04-012022-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2023-01-012023-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2022-01-012022-06-300000930236rwt:PointHEINoncontrollingInterestMember2023-04-012023-06-300000930236rwt:PointHEINoncontrollingInterestMember2022-04-012022-06-300000930236rwt:PointHEINoncontrollingInterestMember2023-01-012023-06-300000930236rwt:PointHEINoncontrollingInterestMember2022-01-012022-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2023-04-012023-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2022-04-012022-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2023-01-012023-06-300000930236us-gaap:LoanPurchaseCommitmentsMember2022-01-012022-06-300000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMember2023-06-300000930236us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMember2023-06-300000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMemberus-gaap:FairValueInputsLevel2Member2023-06-300000930236us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMember2023-06-300000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMember2023-04-012023-06-300000930236us-gaap:FairValueMeasurementsNonrecurringMemberrwt:StrategicInvestmentsMember2023-01-012023-06-300000930236rwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300000930236us-gaap:FairValueInputsLevel1Memberrwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300000930236rwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300000930236us-gaap:FairValueInputsLevel3Memberrwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-06-300000930236rwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-04-012023-06-300000930236rwt:OtherRealEstateOwnedMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoansHeldForSaleMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoansHeldForSaleMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoansHeldForSaleMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:ResidentialLoansHeldForSaleMember2022-01-012022-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseandInterestRateLockcommitmentsMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseandInterestRateLockcommitmentsMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseandInterestRateLockcommitmentsMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseandInterestRateLockcommitmentsMember2022-01-012022-06-300000930236rwt:ResidentialBridgeLoansMemberrwt:MortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:ResidentialBridgeLoansMemberrwt:MortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:ResidentialBridgeLoansMemberrwt:MortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:ResidentialBridgeLoansMemberrwt:MortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:TradingSecuritiesMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialLoansHeldForInvestmentMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:BPLTermLoansHeldForSaleAtFairValueMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:TradingSecuritiesMember2022-01-012022-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:ExcessMortgageServicingRightsMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:PointEntitiesMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:PointEntitiesMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:PointEntitiesMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:PointEntitiesMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:SharedHomeAppreciationOptionsMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:SharedHomeAppreciationOptionsMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:SharedHomeAppreciationOptionsMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:SharedHomeAppreciationOptionsMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberus-gaap:OtherInvestmentsMember2022-01-012022-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMemberrwt:DebtSecuritiesAvailableforSalewithAllowanceforCreditLossMember2022-01-012022-06-300000930236rwt:OtherMemberrwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:OtherMemberrwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:OtherMemberrwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:OtherMemberrwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:InvestmentActivitiesMember2023-04-012023-06-300000930236rwt:InvestmentActivitiesMember2022-04-012022-06-300000930236rwt:InvestmentActivitiesMember2023-01-012023-06-300000930236rwt:InvestmentActivitiesMember2022-01-012022-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMemberrwt:MortgageServicingRightsMember2023-04-012023-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMemberrwt:MortgageServicingRightsMember2022-04-012022-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMemberrwt:MortgageServicingRightsMember2023-01-012023-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMemberrwt:MortgageServicingRightsMember2022-01-012022-06-300000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-04-012023-06-300000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-04-012022-06-300000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-01-012023-06-300000930236rwt:OtherMemberrwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-01-012022-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-04-012023-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-04-012022-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2023-01-012023-06-300000930236rwt:MortgageServicingRightsIncomeLossIncludingRiskManagementDerivativesMember2022-01-012022-06-300000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMember2023-06-300000930236srt:MinimumMemberrwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMember2023-06-30iso4217:USDrwt:loan0000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMembersrt:MaximumMember2023-06-300000930236rwt:ResidentialLoansPricedToSecuritizationAndWholeLoanMarketUncommittedToSellMembersrt:WeightedAverageMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMember2023-06-300000930236rwt:ResidentialJumboLoansPricedToWholeLoanMarketCommittedToSellMember2023-06-300000930236srt:MinimumMemberrwt:ResidentialJumboLoansPricedToWholeLoanMarketCommittedToSellMemberrwt:MeasurementInputWholeLoanCommittedSalesPriceMember2023-06-300000930236rwt:ResidentialJumboLoansPricedToWholeLoanMarketCommittedToSellMemberrwt:MeasurementInputWholeLoanCommittedSalesPriceMembersrt:MaximumMember2023-06-300000930236rwt:ResidentialJumboLoansPricedToWholeLoanMarketCommittedToSellMembersrt:WeightedAverageMemberrwt:MeasurementInputWholeLoanCommittedSalesPriceMember2023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-06-300000930236srt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:SeniorCreditSpreadMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:MaximumMemberrwt:SeniorCreditSpreadMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:WeightedAverageMemberrwt:SeniorCreditSpreadMember2023-06-300000930236srt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputSubordinateCreditSpreadMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputSubordinateCreditSpreadMembersrt:MaximumMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:WeightedAverageMemberrwt:MeasurementInputSubordinateCreditSpreadMember2023-06-300000930236srt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:SeniorCreditSupportMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:SeniorCreditSupportMembersrt:MaximumMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:SeniorCreditSupportMembersrt:WeightedAverageMember2023-06-300000930236srt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputISODiscountRateMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputISODiscountRateMembersrt:MaximumMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:WeightedAverageMemberrwt:MeasurementInputISODiscountRateMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMembersrt:WeightedAverageMember2023-06-300000930236srt:MinimumMemberrwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputWholeLoanDollarPriceMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputWholeLoanDollarPriceMembersrt:MaximumMember2023-06-300000930236rwt:SingleFamilyBusinessPurposeResidentialLoansMemberrwt:MeasurementInputWholeLoanDollarPriceMembersrt:WeightedAverageMember2023-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-06-300000930236srt:MinimumMemberrwt:WholeLoanSpreadMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-06-300000930236rwt:WholeLoanSpreadMemberrwt:ResidentialBridgeLoansHeldForInvestmentMembersrt:MaximumMember2023-06-300000930236rwt:WholeLoanSpreadMembersrt:WeightedAverageMemberrwt:ResidentialBridgeLoansHeldForInvestmentMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-06-300000930236rwt:InvestmentSecuritiesMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:InvestmentSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:InvestmentSecuritiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:InvestmentSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:InvestmentSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:InvestmentSecuritiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:InvestmentSecuritiesMember2023-06-300000930236srt:MinimumMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236rwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2023-06-300000930236srt:WeightedAverageMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236srt:MinimumMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMembersrt:MaximumMember2023-06-300000930236srt:WeightedAverageMemberrwt:InvestmentSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:MeasurementInputCRTDollarPriceMembersrt:MinimumMemberrwt:InvestmentSecuritiesMember2023-06-300000930236rwt:MeasurementInputCRTDollarPriceMemberrwt:InvestmentSecuritiesMembersrt:MaximumMember2023-06-300000930236rwt:MeasurementInputCRTDollarPriceMembersrt:WeightedAverageMemberrwt:InvestmentSecuritiesMember2023-06-300000930236rwt:HomeAppreciationOptionMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:HomeAppreciationOptionMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:HomeAppreciationOptionMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:HomeAppreciationOptionMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:HomeAppreciationOptionMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:HomeAppreciationOptionMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:HomeAppreciationOptionMember2023-06-300000930236srt:MinimumMemberrwt:MeasurementInputHomePriceAppreciationMemberrwt:HomeAppreciationOptionMember2023-06-300000930236rwt:MeasurementInputHomePriceAppreciationMemberrwt:HomeAppreciationOptionMembersrt:MaximumMember2023-06-300000930236rwt:MeasurementInputHomePriceAppreciationMembersrt:WeightedAverageMemberrwt:HomeAppreciationOptionMember2023-06-300000930236rwt:PointOptionsHeldByPointMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMembersrt:MinimumMember2023-01-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMembersrt:MaximumMember2023-01-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMembersrt:WeightedAverageMember2023-01-012023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:MeasurementInputMortgageServicingIncomeMembersrt:MinimumMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:MeasurementInputMortgageServicingIncomeMembersrt:MaximumMember2023-06-300000930236rwt:ServicerAdvanceInvestmentsMemberrwt:MeasurementInputMortgageServicingIncomeMembersrt:WeightedAverageMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:MortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:MortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:MortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:MortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:MortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:MortgageServicingRightsMember2023-06-300000930236srt:MinimumMemberrwt:MeasurementInputPerLoanAnnualCostToServiceMemberrwt:MortgageServicingRightsMember2023-06-300000930236rwt:MeasurementInputPerLoanAnnualCostToServiceMemberrwt:MortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236rwt:MeasurementInputPerLoanAnnualCostToServiceMembersrt:WeightedAverageMemberrwt:MortgageServicingRightsMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:ExcessMortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:ExcessMortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236rwt:MeasurementInputExcessMortgageServicingAmountMembersrt:MinimumMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236rwt:MeasurementInputExcessMortgageServicingAmountMemberrwt:ExcessMortgageServicingRightsMembersrt:MaximumMember2023-06-300000930236rwt:MeasurementInputExcessMortgageServicingAmountMembersrt:WeightedAverageMemberrwt:ExcessMortgageServicingRightsMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:MinimumMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMembersrt:MaximumMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:WeightedAverageMemberrwt:MeasurementInputWholeLoanSpreadToTBAPriceMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:MinimumMemberrwt:MeasurementInputPullthroughRateMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputPullthroughRateMembersrt:MaximumMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:WeightedAverageMemberrwt:MeasurementInputPullthroughRateMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:MinimumMemberrwt:MeasurementInputCommittedSalesPriceMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMemberrwt:MeasurementInputCommittedSalesPriceMembersrt:MaximumMember2023-06-300000930236rwt:ResidentialLoanPurchaseCommitmentsMembersrt:WeightedAverageMemberrwt:MeasurementInputCommittedSalesPriceMember2023-06-300000930236rwt:ABSIssuedSecuritiesMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ABSIssuedSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:ABSIssuedSecuritiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:ABSIssuedSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:ABSIssuedSecuritiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:ABSIssuedSecuritiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:ABSIssuedSecuritiesMember2023-06-300000930236srt:MinimumMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236rwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2023-06-300000930236srt:WeightedAverageMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236srt:MinimumMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMembersrt:MaximumMember2023-06-300000930236srt:WeightedAverageMemberrwt:ABSIssuedSecuritiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMember2023-06-300000930236srt:MinimumMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:CAFLSecuritizationEntitiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:CAFLSecuritizationEntitiesMembersrt:WeightedAverageMember2023-06-300000930236srt:MinimumMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236srt:MinimumMemberrwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMembersrt:MaximumMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:WeightedAverageMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:WeightedAverageMember2023-06-300000930236srt:MinimumMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2023-06-300000930236srt:MinimumMemberrwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:MeasurementInputLossSeverityMembersrt:MaximumMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-06-300000930236rwt:ConsolidatedPointEntitiesMember2023-06-300000930236srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMemberrwt:ConsolidatedPointEntitiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMemberrwt:ConsolidatedPointEntitiesMembersrt:MaximumMember2023-06-300000930236us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236srt:MinimumMemberrwt:MeasurementInputHomePriceAppreciationMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236rwt:MeasurementInputHomePriceAppreciationMemberrwt:ConsolidatedPointEntitiesMembersrt:MaximumMember2023-06-300000930236rwt:MeasurementInputHomePriceAppreciationMembersrt:WeightedAverageMemberrwt:ConsolidatedPointEntitiesMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForSaleMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForSaleMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:RedwoodTrustInc.Member2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236us-gaap:ResidentialMortgageMember2023-06-300000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForSaleMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForSaleMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberus-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:ResidentialLoansHeldForSaleMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:ResidentialMortgageMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:RedwoodTrustInc.Member2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236us-gaap:ResidentialMortgageMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:ResidentialMortgageMember2022-12-310000930236rwt:MortgageServicingRightsMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMember2023-01-012023-06-30rwt:loan0000930236rwt:ResidentialLoansAtFairValueMember2022-01-012022-12-310000930236rwt:ResidentialLoansAtFairValueMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:ResidentialLoansAtFairValueMember2023-04-012023-06-300000930236rwt:ResidentialLoansAtFairValueMember2022-04-012022-06-300000930236rwt:ResidentialLoansAtFairValueMember2022-01-012022-06-300000930236rwt:ResidentialLoansAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-06-30rwt:securitization0000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt: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:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-04-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2023-01-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:ResidentialLoansHeldForInvestmentAtFairValueMember2022-01-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-06-300000930236rwt:ResidentialBridgeHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:BridgeLoansHeldForSaleAtFairValueMemberrwt:CoreVestAmericanFinanceLenderLLCMember2023-06-300000930236rwt:LoansHeldForSaleAtFairValueMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2023-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2023-06-300000930236rwt:LoansHeldForInvestmentAtFairValueMember2023-06-300000930236rwt:SingleFamilyRentalLoansMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansMember2023-06-300000930236rwt:ResidentialBridgeLoansMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansMember2023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:ResidentialBridgeHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:BridgeLoansHeldForSaleAtFairValueMemberrwt:CoreVestAmericanFinanceLenderLLCMember2022-12-310000930236rwt:LoansHeldForSaleAtFairValueMember2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:LoansHeldForInvestmentAtFairValueMember2022-12-310000930236rwt:SingleFamilyRentalLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:SingleFamilyRentalLoansMember2022-12-310000930236rwt:ResidentialBridgeLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:CoreVestAmericanFinanceLenderLLCMemberrwt:BridgeLoansMember2022-12-310000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-12-310000930236srt:MinimumMemberrwt:BridgeLoansMember2023-01-012023-06-300000930236rwt:BridgeLoansMembersrt:MaximumMember2023-01-012023-06-300000930236rwt:LondonInterbankOfferedRateLIBOR1Member2023-01-012023-06-300000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-06-300000930236rwt:FixedRateMember2023-01-012023-06-300000930236rwt:CommitmentToFundResidentialBridgeLoanMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-04-012023-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2023-04-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-04-012022-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2022-04-012022-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-01-012022-06-300000930236rwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMemberrwt:RedwoodTrustInc.Member2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansHeldForInvestmentMemberrwt:RedwoodTrustInc.Member2022-01-012022-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:RedwoodTrustInc.Member2023-04-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:BridgeLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2023-04-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:BridgeLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-04-012022-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:BridgeLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:BridgeLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:CAFLSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:BusinessPurposeBridgeLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:LoansPledgedAsCollateralShortTermDebtMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:LoansPledgedAsCollateralLongTermDebtMemberrwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:SingleFamilyRentalLoansHeldForSaleMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:SingleFamilyRentalLoansHeldForInvestmentAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:BusinessPurposeBridgeLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2023-01-012023-06-300000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2022-01-012022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:MultifamilyLoansMemberrwt:RedwoodTrustInc.Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:MultifamilyLoansMember2023-04-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:MultifamilyLoansMember2022-04-012022-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:MultifamilyLoansMember2023-01-012023-06-300000930236rwt:ResidentialLoansHeldForInvestmentAtFairValueMemberrwt:MultifamilyLoansMember2022-01-012022-06-300000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2023-06-300000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMember2022-12-310000930236rwt:SeniorSecuritiesMember2023-06-300000930236rwt:SeniorSecuritiesMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:RepreformingLoansSecuritiesMember2023-06-300000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:RepreformingLoansSecuritiesMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:MultifamilyLoansMember2023-06-300000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:MultifamilyLoansMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:OtherThirdPartySecuritiesMember2023-06-300000930236rwt:RealEstateSecuritiesPrimeSubordinateMemberrwt:OtherThirdPartySecuritiesMember2022-12-310000930236rwt:RealEstateSecuritiesPrimeSubordinateMember2023-06-300000930236rwt:RealEstateSecuritiesPrimeSubordinateMember2022-12-310000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2022-12-310000930236rwt:SeniorSecuritiesMemberrwt:InterestOnlySeniorTradingSecuritiesMemberrwt:SequoiaChoiceSecuritizationEntitiesMember2023-06-300000930236rwt:SequoiaSecuritiesMember2023-06-300000930236rwt:SequoiaSecuritiesMember2022-12-310000930236rwt:MultifamilyLoansMember2023-06-300000930236rwt:MultifamilyLoansMember2022-12-310000930236rwt:OtherThirdPartySecuritiesMember2023-06-300000930236rwt:OtherThirdPartySecuritiesMember2022-12-310000930236rwt:TotalSubordinateInvestmentSecuritiesMember2023-06-300000930236rwt:TotalSubordinateInvestmentSecuritiesMember2022-12-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-03-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-04-012023-06-300000930236us-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-06-30rwt:investment0000930236rwt:SubordinateSecuritiesMember2023-01-012023-06-300000930236us-gaap:PutOptionMember2023-04-012023-06-300000930236us-gaap:PutOptionMember2022-04-012022-06-300000930236us-gaap:PutOptionMember2023-01-012023-06-300000930236us-gaap:PutOptionMember2022-01-012022-06-300000930236us-gaap:CallOptionMember2023-04-012023-06-300000930236us-gaap:CallOptionMember2022-04-012022-06-300000930236us-gaap:CallOptionMember2023-01-012023-06-300000930236us-gaap:CallOptionMember2022-01-012022-06-300000930236rwt:PointOptionMemberrwt:RedwoodTrustInc.Member2023-06-300000930236rwt:PointOptionMemberrwt:RedwoodTrustInc.Member2022-12-310000930236rwt:PointOptionMemberrwt:PointHEIMember2023-06-300000930236rwt:PointOptionMemberrwt:PointHEIMember2022-12-310000930236rwt:RedwoodMemberrwt:HomeEquityInvestmentsPurchasedFairValueMember2023-04-012023-06-300000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2023-04-012023-06-300000930236rwt:RedwoodMemberrwt:HomeEquityInvestmentsPurchasedFairValueMember2022-04-012022-06-300000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2022-04-012022-06-300000930236rwt:RedwoodMember2023-04-012023-06-300000930236rwt:RedwoodMember2022-04-012022-06-300000930236rwt:RedwoodMemberrwt:HomeEquityInvestmentsPurchasedFairValueMember2023-01-012023-06-300000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2023-01-012023-06-300000930236rwt:RedwoodMemberrwt:HomeEquityInvestmentsPurchasedFairValueMember2022-01-012022-06-300000930236rwt:HomeEquityInvestmentsPurchasedFairValueMember2022-01-012022-06-300000930236rwt:RedwoodMember2023-01-012023-06-300000930236rwt:RedwoodMember2022-01-012022-06-300000930236rwt:PointOptionMember2023-06-30rwt:Contract0000930236rwt:SecuritizedPointOptionsMember2023-06-300000930236rwt:PointOptionMember2022-12-310000930236rwt:SecuritizedPointOptionsMember2022-12-310000930236rwt:StrategicInvestmentsMember2023-06-300000930236rwt:StrategicInvestmentsMember2022-12-310000930236rwt:ExcessMortgageServicingRightsMember2023-06-300000930236rwt:ExcessMortgageServicingRightsMember2022-12-310000930236rwt:MortgageServicingRightsMember2022-12-310000930236rwt:OtherNotesReceivableMember2023-06-300000930236rwt:OtherNotesReceivableMember2022-12-310000930236rwt:ServicerAdvanceFinancingMember2023-06-300000930236rwt:ServicerAdvanceFinancingMember2023-06-300000930236rwt:ServicerAdvanceFinancingMember2022-12-310000930236rwt:ServicerAdvanceFinancingMember2023-04-012023-06-300000930236rwt:ServicerAdvanceFinancingMember2023-01-012023-06-300000930236rwt:StrategicInvestmentsMemberrwt:RWTHorizonsMember2023-06-300000930236rwt:StrategicInvestmentsMemberrwt:ChurchillFinanceMember2023-06-30rwt:numberOfInvestment0000930236rwt:StrategicInvestmentsMember2023-04-012023-06-300000930236rwt:StrategicInvestmentsMember2023-01-012023-06-300000930236rwt:StrategicInvestmentsMember2022-04-012022-06-300000930236rwt:StrategicInvestmentsMember2022-01-012022-06-300000930236rwt:ExcessMortgageServicingRightsMember2023-04-012023-06-300000930236rwt:ExcessMortgageServicingRightsMember2023-01-012023-06-300000930236rwt:MortgageServicingRightsMember2023-04-012023-06-300000930236rwt:MortgageServicingRightsMember2023-01-012023-06-300000930236us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-06-300000930236us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236rwt:ToBeAnnouncedContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-06-300000930236rwt:ToBeAnnouncedContractsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236us-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-06-300000930236us-gaap:FutureMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236us-gaap:LoanPurchaseCommitmentsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-06-300000930236us-gaap:LoanPurchaseCommitmentsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberrwt:ToBeAnnouncedContractsMember2023-06-300000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberrwt:ToBeAnnouncedContractsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMember2023-06-300000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FutureMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:LoanPurchaseCommitmentsMember2023-06-300000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:LoanPurchaseCommitmentsMember2022-12-310000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-06-300000930236us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-12-310000930236rwt:InterestRateSwapAndSwaptionsMember2023-06-300000930236rwt:ToBeAnnouncedContractsMember2023-06-300000930236us-gaap:FutureMember2023-06-300000930236us-gaap:InterestRateContractMember2022-12-310000930236us-gaap:FutureMember2022-12-310000930236rwt:ToBeAnnouncedContractsMember2022-12-310000930236rwt:ResidentialAndCommercialLoansMember2023-04-012023-06-300000930236rwt:ResidentialAndCommercialLoansMember2023-01-012023-06-300000930236rwt:ResidentialAndCommercialLoansMember2022-04-012022-06-300000930236rwt:ResidentialAndCommercialLoansMember2022-01-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMember2023-04-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMember2023-01-012023-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMember2022-04-012022-06-300000930236rwt:MortgageBankingActivitiesMemberrwt:LoanPurchaseCommitmentsAndForwardSalesCommitmentsMember2022-01-012022-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000930236us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2023-04-012023-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2023-01-012023-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2022-04-012022-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2022-01-012022-06-300000930236us-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2023-01-012023-06-300000930236us-gaap:BridgeLoanMember2022-12-310000930236rwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacSLSTMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:BridgeLoanMember2023-01-012023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-06-300000930236rwt:FreddieMacSLSTMember2023-01-012023-06-300000930236rwt:CAFLSecuritizationEntitiesMember2023-01-012023-06-300000930236us-gaap:BridgeLoanMember2023-06-300000930236rwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:FreddieMacSLSTMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMember2023-06-30rwt:asset00009302362018-01-012018-12-310000930236rwt:CoInvestorsInterestsMember2023-06-300000930236rwt:PointHEINoncontrollingInterestMember2023-06-300000930236rwt:PointHEINoncontrollingInterestMember2023-04-012023-06-300000930236rwt:PointHEINoncontrollingInterestMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2023-01-012023-06-30rwt:facility0000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:SingleFamilyRentalLoanWarehouseFacilitiesMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:SingleFamilyRentalLoanWarehouseFacilitiesMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesRepoMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesRepoMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:HEIWarehouseMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:HEIWarehouseMember2023-06-300000930236us-gaap:LineOfCreditMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMember2023-06-300000930236rwt:ServicerAdvanceFinancingMember2023-01-012023-06-300000930236rwt:ServicerAdvanceFinancingMember2023-06-300000930236us-gaap:CommercialPaperMember2023-06-300000930236us-gaap:ConvertibleNotesPayableMember2023-06-300000930236us-gaap:ConvertibleNotesPayableMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:SingleFamilyRentalLoanWarehouseFacilitiesMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:SingleFamilyRentalLoanWarehouseFacilitiesMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesRepoMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesRepoMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:HEIWarehouseMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:HEIWarehouseMember2022-12-310000930236us-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:ConvertibleNotesPayableMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoansHeldForSaleMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoansHeldForSaleMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:HomeEquityInvestmentReceivableMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:HomeEquityInvestmentReceivableMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesOnBalanceSheetMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesOnBalanceSheetMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2022-12-310000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2023-06-300000930236rwt:FreddieMacSLSTSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2022-12-310000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2023-06-300000930236rwt:CAFLSecuritizationEntitiesMemberrwt:SequoiaSecuritiesMemberrwt:ShortTermBorrowingAgreementMember2022-12-310000930236srt:MinimumMemberrwt:RiverbendFundingLLCMember2022-07-010000930236rwt:RiverbendFundingLLCMembersrt:MaximumMember2022-07-010000930236us-gaap:ConvertibleDebtMember2023-04-012023-06-300000930236us-gaap:ConvertibleDebtMember2023-01-012023-06-300000930236us-gaap:ConvertibleDebtMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:ResidentialLoanWarehouseMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:RealEstateSecuritiesMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMemberrwt:HEIWarehouseMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:Maturity30To90DaysMemberrwt:HEIWarehouseMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMemberrwt:HEIWarehouseMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:LineOfCreditMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:LineOfCreditMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberrwt:ServicerAdvanceFinancingMember2023-06-300000930236rwt:ServicerAdvanceFinancingMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236rwt:ServicerAdvanceFinancingMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:CommercialPaperMember2023-06-300000930236us-gaap:CommercialPaperMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:CommercialPaperMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMemberus-gaap:ConvertibleNotesPayableMember2023-06-300000930236us-gaap:ConvertibleNotesPayableMemberus-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:ConvertibleNotesPayableMemberus-gaap:MaturityOver90DaysMember2023-06-300000930236us-gaap:MaturityUpTo30DaysMember2023-06-300000930236us-gaap:Maturity30To90DaysMember2023-06-300000930236us-gaap:MaturityOver90DaysMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2023-06-300000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2023-06-300000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2023-06-300000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:PointMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMember2023-06-300000930236srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:MaximumMember2023-06-300000930236srt:MinimumMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMembersrt:MaximumMember2023-06-300000930236srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:MaximumMember2023-06-30rwt:series0000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2022-12-310000930236rwt:CertificatesWithPrincipalValueMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2022-12-310000930236rwt:InterestOnlyCertificatesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberrwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMemberrwt:PointMember2022-12-310000930236srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:PointMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMember2022-12-310000930236srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMembersrt:MaximumMember2022-12-310000930236srt:MinimumMemberrwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMembersrt:MaximumMember2022-12-310000930236srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMembersrt:MaximumMember2022-12-310000930236srt:MinimumMemberus-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMembersrt:MaximumMember2022-12-310000930236rwt:CoreVestMemberus-gaap:AssetBackedSecuritiesMember2023-06-300000930236rwt:CoreVestMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000930236rwt:CoreVestMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-06-300000930236rwt:A2022AssetBackedSecuritiesSoldMemberrwt:CoreVestMember2023-06-300000930236rwt:A2022AssetBackedSecuritiesSoldMemberrwt:CoreVestMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:CoreVestMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236rwt:A2021AssetBackedSecuritiesSoldMembersrt:ScenarioForecastMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2029-05-310000930236rwt:CoreVestMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-06-300000930236rwt:CoreVestMemberrwt:A2021AssetBackedSecuritiesSoldMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300000930236rwt:CoreVestMemberrwt:A2021AssetBackedSecuritiesSoldMember2023-06-300000930236rwt:CoreVestMemberrwt:A2021AssetBackedSecuritiesSoldMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-06-300000930236us-gaap:AssetBackedSecuritiesMembersrt:ScenarioForecastMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2029-03-310000930236rwt:CoreVestMemberrwt:A2021AssetBackedSecuritiesSoldMember2023-01-012023-06-300000930236rwt:PointHEIMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-09-300000930236us-gaap:AssetBackedSecuritiesMembersrt:ScenarioForecastMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2052-12-310000930236us-gaap:AssetBackedSecuritiesMember2023-01-012023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2023-01-012023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:LegacySequoiaSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-06-300000930236rwt:SequoiaChoiceSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:CAFLSecuritizationEntitiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2023-01-012023-06-300000930236us-gaap:AssetBackedSecuritiesMemberrwt:FreddieMacSLSTSecuritizationEntitiesMember2022-01-012022-12-310000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2023-01-012023-06-300000930236rwt:FreddieMacKSeriesSecuritizationEntitiesMemberus-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000930236us-gaap:AssetBackedSecuritiesMember2022-01-012022-12-310000930236rwt:NonMarginableDebtRepurchaseAgreementOneMembersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2023-06-300000930236rwt:NonMarginableDebtRepurchaseAgreementTwoMembersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2023-06-300000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilityBMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2023-06-300000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2023-06-300000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2023-06-300000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2023-01-012023-06-300000930236rwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:LineOfCreditMember2023-06-300000930236srt:MinimumMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMember2023-01-012023-06-300000930236rwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMembersrt:MaximumMember2023-01-012023-06-300000930236rwt:RecourseMortgageServicingRightsFinancingFacilityThroughSeptember2024Memberus-gaap:LineOfCreditMember2023-06-300000930236rwt:RecourseMortgageServicingRightsFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMember2023-01-012023-06-300000930236us-gaap:LineOfCreditMember2023-06-300000930236us-gaap:ConvertibleDebtMemberrwt:SeniorNotesDue2024Member2023-06-300000930236rwt:ExchangeableSeniorNotesDue2025Memberus-gaap:ConvertibleDebtMember2023-06-300000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2027Member2023-06-300000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMemberrwt:LondonInterbankOfferedRateLIBOR1Member2023-01-012023-06-300000930236rwt:NonMarginableDebtRepurchaseAgreementOneMembersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2022-12-310000930236rwt:NonMarginableDebtRepurchaseAgreementTwoMembersrt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2022-12-310000930236srt:AffiliatedEntityMemberrwt:RecourseSubordinateSecuritiesFinancingFacilityBMemberrwt:RecourseSubordinateSecuritiesFinancingFacilitiesMember2022-12-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2022-12-310000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityOneMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2022-12-310000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberrwt:NonRecourseBusinessPurposeLoanFinancingFacilityTwoMember2022-01-012022-12-310000930236rwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:LineOfCreditMember2022-12-310000930236srt:MinimumMemberrwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMember2022-01-012022-12-310000930236rwt:RecourseBusinessPurposeLoanFinancingFacilityThroughSeptember2024Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMembersrt:MaximumMember2022-01-012022-12-310000930236us-gaap:LineOfCreditMember2022-12-310000930236us-gaap:ConvertibleDebtMemberrwt:SeniorNotesDue2024Member2022-12-310000930236rwt:ExchangeableSeniorNotesDue2025Memberus-gaap:ConvertibleDebtMember2022-12-310000930236us-gaap:ConvertibleDebtMemberrwt:ExchangeableSeniorNotesDue2027Member2022-12-310000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMember2022-12-310000930236rwt:TrustPreferredSecuritiesAndSubordinatedNotesMemberrwt:LondonInterbankOfferedRateLIBOR1Member2022-01-012022-12-310000930236us-gaap:BridgeLoanMember2023-06-300000930236us-gaap:BridgeLoanMember2022-12-310000930236us-gaap:ResidentialRealEstateMember2023-06-300000930236us-gaap:ResidentialRealEstateMember2022-12-310000930236rwt:MortgageServicingRightsMember2023-06-300000930236rwt:MortgageServicingRightsMember2022-12-310000930236rwt:NonMarginableDebtRepurchaseAgreementOneMembersrt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMember2023-06-300000930236rwt:NonMarginableDebtRepurchaseAgreementOneMembersrt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMember2022-12-310000930236rwt:NonMarginableDebtRepurchaseAgreementTwoMembersrt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMember2023-06-300000930236rwt:NonMarginableDebtRepurchaseAgreementTwoMembersrt:AffiliatedEntityMemberus-gaap:CommercialRealEstateMember2022-12-310000930236rwt:TrustPreferredSecuritiesMember2023-06-300000930236rwt:TrustPreferredSecuritiesMember2022-12-310000930236rwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2019-01-012019-12-310000930236rwt:October2022ThroughSeptember2023Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2019-01-012019-12-310000930236rwt:October2023ThroughSeptember2024Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2019-01-012019-12-310000930236srt:AffiliatedEntityMemberrwt:CAFLSecuritizationEntitiesMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2020-01-012020-12-310000930236srt:AffiliatedEntityMemberrwt:CAFLSecuritizationEntitiesMemberrwt:March2023ThroughFebruary2024Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2020-01-012020-12-310000930236srt:AffiliatedEntityMemberrwt:March2024ThroughFebruary2025Memberrwt:CAFLSecuritizationEntitiesMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2020-01-012020-12-310000930236srt:AffiliatedEntityMemberrwt:CAFLSecuritizationEntitiesMemberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2021-07-012021-09-300000930236srt:AffiliatedEntityMemberrwt:CAFLSecuritizationEntitiesMemberrwt:July2024ThroughJune2025Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2021-07-012021-09-300000930236srt:AffiliatedEntityMemberrwt:CAFLSecuritizationEntitiesMemberrwt:July2025ToJune2026Memberrwt:RecourseSubordinateSecuritiesFinancingReceivableMemberrwt:RedwoodTrustInc.Member2021-07-012021-09-300000930236us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMemberrwt:RecourseRevolvingDebtFacilityMember2023-03-310000930236us-gaap:LineOfCreditMemberrwt:RecourseRevolvingDebtFacilityMember2023-03-31rwt:lease0000930236rwt:CommitmentToFundResidentialBridgeLoanMember2023-04-012023-06-300000930236rwt:CommitmentToFundResidentialBridgeLoanMember2023-01-012023-06-300000930236rwt:CommitmentToFundStrategicInvestmentMember2022-01-012022-03-310000930236rwt:CommitmentToFundStrategicInvestmentMember2023-06-300000930236rwt:CommitmentToFundRWTHorizonsInvestmentsMember2021-01-012021-12-310000930236rwt:CommitmentToFundRWTHorizonsInvestmentsMember2023-06-300000930236us-gaap:GuaranteeObligationsMember2015-12-310000930236us-gaap:GuaranteeObligationsMember2016-12-310000930236us-gaap:GuaranteeObligationsMember2023-06-300000930236srt:MaximumMember2023-01-012023-06-300000930236us-gaap:OtherIncomeMember2023-04-012023-06-300000930236us-gaap:OtherIncomeMember2023-01-012023-06-300000930236us-gaap:GuaranteeObligationsMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-06-300000930236rwt:ResidentialLoansAtFairValueMemberus-gaap:GuaranteeObligationsMember2023-06-30rwt:tranche0000930236rwt:RepurchaseReservesMember2023-06-300000930236rwt:RepurchaseReservesMember2022-12-310000930236rwt:RepurchaseReservesMember2023-01-012023-06-30rwt:repurchase_request0000930236rwt:RepurchaseReservesMember2022-01-012022-06-300000930236rwt:BusinessPurposeLoansMember2023-06-300000930236rwt:BusinessPurposeLoansMember2022-12-310000930236rwt:BusinessPurposeLoansMember2023-01-012023-06-300000930236rwt:BusinessPurposeLoansMember2022-01-012022-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-012023-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000930236us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300000930236us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-012023-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000930236us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300000930236rwt:AtTheMarketOfferingsMemberus-gaap:CommonStockMember2023-01-012023-06-300000930236rwt:AtTheMarketOfferingsMemberus-gaap:CommonStockMember2023-06-300000930236us-gaap:SeriesAPreferredStockMember2023-01-310000930236us-gaap:SeriesAPreferredStockMember2023-01-012023-01-310000930236us-gaap:CommonStockMemberrwt:DirectStockPurchasesAndDividendReinvestmentPlanMember2023-06-300000930236us-gaap:ConvertibleDebtSecuritiesMember2023-04-012023-06-300000930236us-gaap:ConvertibleDebtSecuritiesMember2023-01-012023-06-300000930236us-gaap:ConvertibleDebtSecuritiesMember2022-04-012022-06-300000930236us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-06-300000930236us-gaap:StockCompensationPlanMember2023-04-012023-06-300000930236us-gaap:StockCompensationPlanMember2023-01-012023-06-300000930236us-gaap:StockCompensationPlanMember2022-04-012022-06-300000930236us-gaap:StockCompensationPlanMember2022-01-012022-06-300000930236rwt:ShareRepurchaseProgram2022Member2022-07-310000930236rwt:ShareRepurchaseProgram2022Member2023-06-300000930236rwt:RedwoodIncentivePlanMember2023-04-012023-06-300000930236rwt:RedwoodIncentivePlanMember2023-06-300000930236rwt:RedwoodIncentivePlanMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2022-12-310000930236rwt:EmployeeStockPurchasePlanMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2023-01-012023-06-300000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2023-01-012023-06-300000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2023-01-012023-06-300000930236rwt:EmployeeStockPurchasePlanMember2023-01-012023-06-300000930236us-gaap:RestrictedStockUnitsRSUMemberrwt:RedwoodIncentivePlanMember2023-06-300000930236rwt:DeferredStockUnitsMemberrwt:RedwoodIncentivePlanMember2023-06-300000930236us-gaap:PerformanceSharesMemberrwt:RedwoodIncentivePlanMember2023-06-300000930236rwt:EmployeeStockPurchasePlanMember2023-06-300000930236us-gaap:RestrictedStockUnitsRSUMember2023-06-300000930236us-gaap:RestrictedStockUnitsRSUMember2022-12-310000930236us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300000930236rwt:DeferredStockUnitsMember2023-06-300000930236rwt:DeferredStockUnitsMember2022-12-310000930236rwt:DeferredStockUnitsMember2023-01-012023-06-300000930236rwt:DeferredStockUnitsMember2022-01-012022-12-310000930236us-gaap:PerformanceSharesMember2023-06-300000930236us-gaap:PerformanceSharesMember2022-12-310000930236us-gaap:PerformanceSharesMember2023-01-012023-06-300000930236us-gaap:PerformanceSharesMember2019-12-312019-12-3100009302362022-01-012022-12-310000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:ResidentialLoansAtFairValueMemberrwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:TradingSecuritiesMemberrwt:ResidentialMortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:TradingSecuritiesMemberrwt:ResidentialMortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:TradingSecuritiesMemberrwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:TradingSecuritiesMemberrwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2023-04-012023-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2022-04-012022-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-06-300000930236us-gaap:PriceRiskDerivativeMemberrwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:ResidentialMortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:ResidentialMortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:ResidentialMortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:ResidentialMortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:SingleFamilyRentalLoansHeldForSaleAtFairValueMember2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberrwt:ResidentialBridgeLoansMember2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMemberus-gaap:PriceRiskDerivativeMember2022-01-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2023-04-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2022-04-012022-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2023-01-012023-06-300000930236rwt:BusinessPurposeMortgageBankingActivitiesMember2022-01-012022-06-300000930236rwt:SettlementInCommonStockMember2023-04-012023-06-300000930236rwt:SettlementInCommonStockMember2022-04-012022-06-300000930236rwt:SettlementInCashMember2023-04-012023-06-300000930236rwt:SettlementInCashMember2022-04-012022-06-300000930236rwt:SettlementInCommonStockMember2022-01-012022-06-300000930236rwt:SettlementInCommonStockMember2023-01-012023-06-300000930236rwt:SettlementInCashMember2023-01-012023-06-300000930236rwt:SettlementInCashMember2022-01-012022-06-300000930236rwt:CashBasedRetentionAwardMember2023-01-012023-06-300000930236rwt:CashBasedRetentionAwardMember2023-06-300000930236rwt:CashSettledDeferredStockUnitsMember2023-01-012023-06-300000930236rwt:CashSettledDeferredStockUnitsMember2023-06-300000930236rwt:CashSettledPerformanceStockUnitsMember2023-06-300000930236rwt:CashSettledPerformanceStockUnitsMember2023-01-012023-06-300000930236srt:MinimumMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMembersrt:MaximumMember2023-01-012023-06-30rwt:trading_day0000930236srt:MinimumMemberrwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MaximumMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300000930236srt:MinimumMemberrwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MaximumMember2023-01-012023-06-300000930236us-gaap:ShareBasedCompensationAwardTrancheThreeMemberrwt:CashSettledPerformanceStockUnitsMember2023-01-012023-06-300000930236rwt:CashSettledPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-04-012023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-04-012023-06-300000930236us-gaap:CorporateNonSegmentMember2023-04-012023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-01-012023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-01-012023-06-300000930236us-gaap:CorporateNonSegmentMember2023-01-012023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2022-04-012022-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2022-04-012022-06-300000930236us-gaap:CorporateNonSegmentMember2022-04-012022-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2022-01-012022-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2022-01-012022-06-300000930236us-gaap:CorporateNonSegmentMember2022-01-012022-06-300000930236rwt:LegacyConsolidatedVariableInterestEntitiesMemberus-gaap:CorporateNonSegmentMember2023-04-012023-06-300000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2023-04-012023-06-300000930236rwt:LegacyConsolidatedVariableInterestEntitiesMemberus-gaap:CorporateNonSegmentMember2022-04-012022-06-300000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2022-04-012022-06-300000930236rwt:LegacyConsolidatedVariableInterestEntitiesMemberus-gaap:CorporateNonSegmentMember2023-01-012023-06-300000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2023-01-012023-06-300000930236rwt:LegacyConsolidatedVariableInterestEntitiesMemberus-gaap:CorporateNonSegmentMember2022-01-012022-06-300000930236rwt:OtherSubsegmentsMemberus-gaap:CorporateNonSegmentMember2022-01-012022-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:BusinessPurposeLendingMember2023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300000930236us-gaap:CorporateNonSegmentMemberus-gaap:ResidentialPortfolioSegmentMember2023-06-300000930236us-gaap:ResidentialPortfolioSegmentMember2023-06-300000930236rwt:ResidentialLendingMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMember2023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-06-300000930236us-gaap:CorporateNonSegmentMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMember2023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:BusinessPurposeLendingMember2023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMemberrwt:MultifamilyLoansMember2023-06-300000930236us-gaap:CorporateNonSegmentMemberrwt:MultifamilyLoansMember2023-06-300000930236rwt:MultifamilyLoansMember2023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2023-06-300000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2023-06-300000930236us-gaap:CorporateNonSegmentMember2023-06-300000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236us-gaap:OperatingSegmentsMemberus-gaap:ResidentialPortfolioSegmentMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236us-gaap:ResidentialPortfolioSegmentMember2022-12-310000930236rwt:ResidentialLendingMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMember2022-12-310000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMemberrwt:BusinessPurposeLendingMember2022-12-310000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMemberus-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberrwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-12-310000930236rwt:BusinessPurposeLoansAtRedwoodAndCAFLBridgeMember2022-12-310000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:MultifamilyLoansMemberrwt:BusinessPurposeLendingMember2022-12-310000930236us-gaap:OperatingSegmentsMemberrwt:ThirdPartyResidentialInvestmentsMemberrwt:MultifamilyLoansMember2022-12-310000930236us-gaap:CorporateNonSegmentMemberrwt:MultifamilyLoansMember2022-12-310000930236rwt:MultifamilyLoansMember2022-12-310000930236rwt:ResidentialLendingMemberus-gaap:OperatingSegmentsMember2022-12-310000930236us-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: June 30, 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)
Maryland68-0329422
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
One Belvedere Place, Suite 300
Mill Valley,California94941
(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 classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareRWTNew York Stock Exchange
10% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per shareRWT PRANew 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 share114,234,643 shares outstanding as of August 1, 2023



REDWOOD TRUST, INC.
2023 FORM 10-Q REPORT
TABLE OF CONTENTS
 
Page
PART I
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
i


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, except Share Data)
(Unaudited)
June 30, 2023December 31, 2022
ASSETS (1)
Residential loans, held-for-sale, at fair value$196,737 $780,781 
Residential loans, held-for-investment, at fair value5,259,162 4,832,407 
Business purpose loans, held-for-sale, at fair value282,836 364,073 
Business purpose loans, held-for-investment, at fair value4,943,887 4,968,513 
Consolidated Agency multifamily loans, at fair value420,096 424,551 
Real estate securities, at fair value166,819 240,475 
Home equity investments, at fair value427,307 403,462 
Other investments355,537 390,938 
Cash and cash equivalents357,308 258,894 
Restricted cash89,534 70,470 
Goodwill23,373 23,373 
Intangible assets34,677 40,892 
Derivative assets20,436 20,830 
Other assets219,025 211,240 
Total Assets$12,796,734 $13,030,899 
LIABILITIES AND EQUITY (1)
Liabilities
Short-term debt, net $1,457,122 $2,029,679 
Derivative liabilities2,316 16,855 
Accrued expenses and other liabilities228,114 180,203 
Asset-backed securities issued (includes $7,702,826 and $7,424,132 at fair value), net
8,183,170 7,986,752 
Long-term debt, net1,801,874 1,733,425 
Total liabilities11,672,596 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; 114,177,992 and 113,484,675 issued and outstanding
1,142 1,135 
Additional paid-in capital2,358,675 2,349,845 
Accumulated other comprehensive loss(62,091)(68,868)
Cumulative earnings1,157,686 1,153,370 
Cumulative distributions to stockholders(2,398,197)(2,351,497)
Total equity1,124,138 1,083,985 
Total Liabilities and Equity$12,796,734 $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 June 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,492,706 and $9,257,291, respectively. At June 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,439,522 and $8,270,276, respectively. See Note 4 for further discussion.
The accompanying notes are an integral part of these consolidated financial statements.
2


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, except Share Data)Three Months Ended June 30,Six Months Ended June 30,
(Unaudited)2023202220232022
Interest Income
Residential loans$56,751 $65,047 $114,625 $130,250 
Business purpose loans98,264 80,934 195,560 175,233 
Consolidated Agency multifamily loans4,697 4,732 9,315 9,485 
Real estate securities6,223 7,828 12,651 23,783 
Other interest income13,046 8,914 25,346 18,104 
Total interest income178,981 167,455 357,497 356,855 
Interest Expense
Short-term debt(28,711)(13,661)(60,539)(25,149)
Asset-backed securities issued(90,093)(88,859)(177,558)(194,554)
Long-term debt(34,081)(24,447)(66,867)(43,562)
Total interest expense(152,885)(126,967)(304,964)(263,265)
Net Interest Income26,096 40,488 52,533 93,590 
Non-Interest Income (Loss)
Mortgage banking activities, net16,552 (30,017)33,223 (13,702)
Investment fair value changes, net(4,596)(87,972)(4,723)(94,092)
Other income, net4,158 7,006 8,714 12,989 
Realized gains, net1,056  1,054 2,581 
Total non-interest income (loss), net17,170 (110,983)38,268 (92,224)
General and administrative expenses(30,805)(30,199)(66,360)(63,475)
Portfolio management costs(3,100)(1,767)(6,610)(3,345)
Loan acquisition costs(1,444)(3,480)(2,733)(7,945)
Other expenses(4,975)(3,468)(8,659)(7,553)
Net Income (Loss) before (Provision for) Benefit from Income Taxes2,942 (109,409)6,439 (80,952)
(Provision for) benefit from income taxes(69)9,443 1,054 11,901 
Net Income (Loss)$2,873 $(99,966)$7,493 $(69,051)
Dividends on preferred stock(1,758) (3,177) 
Net Income (Loss) available (related) to common stockholders$1,115 $(99,966)$4,316 $(69,051)
Net income (loss) available (related) to common stockholders - Basic$ $(0.85)$0.02 $(0.60)
Net income (loss) available (related) to common stockholders - Diluted$ $(0.85)$0.02 $(0.60)
Basic weighted average common shares outstanding114,051,017 119,660,173 113,830,347 119,771,554 
Diluted weighted average common shares outstanding114,445,262 119,660,173 114,255,292 119,771,554 

The accompanying notes are an integral part of these consolidated financial statements.


3


REDWOOD TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)Three Months Ended June 30,Six Months Ended June 30,
(Unaudited)2023202220232022
Net Income (Loss)$2,873 $(99,966)$7,493 $(69,051)
Other comprehensive income (loss):
Net unrealized (loss) gain on available-for-sale securities (688)(33,409)4,319 (51,282)
Reclassification of unrealized loss on available-for-sale securities to net income (loss)604 1,066 411 374 
Reclassification of unrealized loss on interest rate agreements to net income (loss)1,029 1,029 2,047 2,047 
Total other comprehensive income (loss)945 (31,314)6,777 (48,861)
Comprehensive Income (Loss)$3,818 $(131,280)$14,270 $(117,912)
Dividends on preferred stock$(1,758)$ $(3,177)$ 
Comprehensive income (loss) available (related) to common stockholders$2,060 $(131,280)$11,093 $(