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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Assets
Trading securities		$ 1,118,612	$ 968,844
Available-for-sale securities		333,882	507,666
MSR Fair Value		300,000
Derivative assets	[1]	35,789	15,718
Pledged collateral		42,433	42,615
Liabilities
Derivative liabilities	[1]	84,855	63,081
Residential Loans
Assets
MSR Fair Value		300,468	0
Carrying Value
Assets
Trading securities		1,118,612	968,844
Available-for-sale securities		333,882	507,666
Participation in loan warehouse facility		39,703	0
Cash and cash equivalents		175,764	144,663
Restricted cash		29,313	2,144
Accrued interest receivable		47,105	27,013
Derivative assets		35,789	15,718
Margin receivable		100,773	85,044
FHLBC stock		43,393	43,393
Guarantee asset		2,618	2,869
Pledged collateral		42,433	42,615
Liabilities
Accrued interest payable		42,528	18,435
Margin payable		835	390
Guarantee obligation		16,711	19,487
Derivative liabilities		84,855	63,081
ABS issued at fair value		5,410,073	1,164,585
FHLBC long-term borrowings		1,999,999	1,999,999
Convertible notes, net		633,196	686,759
Trust preferred securities and subordinated notes, net		138,582	138,535
Carrying Value | Servicer advance investments
Assets
MSR Fair Value		300,468	0
Carrying Value | MSRs
Assets
MSR Fair Value		60,281	63,598
Carrying Value | Excess MSRs
Assets
Other assets		27,312	0
Carrying Value | REO
Assets
Other assets		3,943	3,354
Carrying Value | Credit facilities
Liabilities
Short-term debt facilities		1,937,920	1,688,412
Carrying Value | Servicer advance financing
Liabilities
Short-term debt facilities		262,740	0
Carrying Value | Residential Loans | Residential Loans
Assets
Loans, held-for-sale		1,048,690	1,427,052
Carrying Value | Residential Loans | Residential loans, at lower of cost or fair value
Assets
Loans, held-for-sale		111	893
Carrying Value | Residential Loans | Residential Loans Held For Investment at Fair Value
Assets
Loans, held-for-investment		6,205,941	3,687,265
Carrying Value | Residential Loans | Business purpose residential loans
Assets
Loans, held-for-investment		141,258	0
Carrying Value | Residential Loans | Multifamily loans
Assets
Loans, held-for-investment		2,144,598	0
Fair Value
Assets
Trading securities		1,118,612	968,844
Available-for-sale securities		333,882	507,666
Participation in loan warehouse facility		39,703	0
Cash and cash equivalents		175,764	144,663
Restricted cash		29,313	2,144
Accrued interest receivable		47,105	27,013
Derivative assets		35,789	15,718
Margin receivable		100,773	85,044
FHLBC stock		43,393	43,393
Guarantee asset		2,618	2,869
Pledged collateral		42,433	42,615
Liabilities
Accrued interest payable		42,528	18,435
Margin payable		835	390
Guarantee obligation		16,774	18,878
Derivative liabilities		84,855	63,081
ABS issued at fair value		5,410,073	1,164,585
FHLBC long-term borrowings		1,999,999	1,999,999
Convertible notes, net		618,271	692,369
Trust preferred securities and subordinated notes, net		102,533	103,230
Fair Value | Servicer advance investments
Assets
MSR Fair Value		300,468	0
Fair Value | MSRs
Assets
MSR Fair Value		60,281	63,598
Fair Value | Excess MSRs
Assets
Other assets		27,312	0
Fair Value | REO
Assets
Other assets		4,396	3,806
Fair Value | Credit facilities
Liabilities
Short-term debt facilities		1,937,920	1,688,412
Fair Value | Servicer advance financing
Liabilities
Short-term debt facilities		262,740	0
Fair Value | Residential Loans | Residential Loans
Assets
Loans, held-for-sale		1,048,690	1,427,052
Fair Value | Residential Loans | Residential loans, at lower of cost or fair value
Assets
Loans, held-for-sale		131	993
Fair Value | Residential Loans | Residential Loans Held For Investment at Fair Value
Assets
Loans, held-for-investment		6,205,941	3,687,265
Fair Value | Residential Loans | Business purpose residential loans
Assets
Loans, held-for-investment		141,258	0
Fair Value | Residential Loans | Multifamily loans
Assets
Loans, held-for-investment		$ 2,144,598	$ 0
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2018 and December 31, 2017, assets of consolidated VIEs totaled $6,331,191 and $1,259,774, respectively. At December 31, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $5,709,807 and $1,167,157, respectively. See Note 4 for further discussion.

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