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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Assets
Trading securities		$ 1,255,224	$ 1,118,612
Available-for-sale securities		287,928	333,882
MSRs		281,762	286,778
Derivative assets	[1]	22,283	35,789
Pledged collateral		42,631	42,433
Liabilities
Contingent consideration		24,621	0
Derivative liabilities	[1]	110,942	84,855
Residential Loans
Assets
MSRs		303,920	300,468
Carrying Value
Assets
Trading securities		1,255,224	1,118,612
Available-for-sale securities		287,928	333,882
Cash and cash equivalents		200,837	175,764
Restricted cash		14,614	29,313
Accrued interest receivable		48,972	47,105
Derivative assets		22,283	35,789
Margin receivable		154,549	100,773
FHLBC stock		43,393	43,393
Guarantee asset		2,342	2,618
Pledged collateral		42,631	42,433
Liabilities
Accrued interest payable		39,526	42,528
Margin payable		19	835
Guarantee obligation		16,359	16,711
Contingent consideration		24,621	0
Derivative liabilities		110,942	84,855
ABS issued at fair value		5,637,644	5,410,073
FHLBC long-term borrowings		1,999,999	1,999,999
Convertible notes, net		633,994	633,196
Trust preferred securities and subordinated notes, net		138,593	138,582
Carrying Value | Servicer advance investments
Assets
MSRs		303,920	300,468
Carrying Value | MSRs
Assets
MSRs		55,284	60,281
Carrying Value | Participation in loan warehouse facility
Assets
Loans receivable, fair value		0	39,703
Carrying Value | Excess MSRs
Assets
REO		28,992	27,312
Carrying Value | REO
Assets
REO		7,275	3,943
Carrying Value | Facilities
Liabilities
Short-term debt facilities		1,713,749	1,937,920
Carrying Value | Servicer advance financing
Liabilities
Short-term debt facilities		249,557	262,740
Carrying Value | Residential Loans | Residential Loans
Assets
Loans, held-for-sale		819,111	1,048,690
Carrying Value | Residential Loans | At lower of cost or fair value
Assets
Loans, held-for-sale		110	111
Carrying Value | Residential Loans | Held-for-investment at fair value
Assets
Loans receivable, fair value		6,455,080	6,205,941
Carrying Value | Residential Loans | Business purpose residential loans, at fair value
Assets
Loans receivable, fair value		160,612	141,258
Carrying Value | Residential Loans | Multifamily loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		2,175,899	2,144,598
Fair Value
Assets
Trading securities		1,255,224	1,118,612
Available-for-sale securities		287,928	333,882
Cash and cash equivalents		200,837	175,764
Restricted cash		14,614	29,313
Accrued interest receivable		48,972	47,105
Derivative assets		22,283	35,789
Margin receivable		154,549	100,773
FHLBC stock		43,393	43,393
Guarantee asset		2,342	2,618
Pledged collateral		42,631	42,433
Liabilities
Accrued interest payable		39,526	42,528
Margin payable		19	835
Guarantee obligation		16,210	16,774
Contingent consideration		24,621	0
Derivative liabilities		110,942	84,855
ABS issued at fair value		5,637,644	5,410,073
FHLBC long-term borrowings		1,999,999	1,999,999
Convertible notes, net		632,470	618,271
Trust preferred securities and subordinated notes, net		100,440	102,533
Fair Value | Servicer advance investments
Assets
MSRs		303,920	300,468
Fair Value | MSRs
Assets
MSRs		55,284	60,281
Fair Value | Participation in loan warehouse facility
Assets
Loans receivable, fair value		0	39,703
Fair Value | Excess MSRs
Assets
REO		28,992	27,312
Fair Value | REO
Assets
REO		7,531	4,396
Fair Value | Facilities
Liabilities
Short-term debt facilities		1,713,749	1,937,920
Fair Value | Servicer advance financing
Liabilities
Short-term debt facilities		249,557	262,740
Fair Value | Residential Loans | Residential Loans
Assets
Loans, held-for-sale		819,111	1,048,690
Fair Value | Residential Loans | At lower of cost or fair value
Assets
Loans, held-for-sale		130	131
Fair Value | Residential Loans | Held-for-investment at fair value
Assets
Loans receivable, fair value		6,455,080	6,205,941
Fair Value | Residential Loans | Business purpose residential loans, at fair value
Assets
Loans receivable, fair value		160,612	141,258
Fair Value | Residential Loans | Multifamily loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		$ 2,175,899	$ 2,144,598
[1] Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At March 31, 2019 and December 31, 2018, assets of consolidated VIEs totaled $6,585,881 and $6,331,191, respectively. At March 31, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $5,925,677 and $5,709,807, respectively. See Note 4 for further discussion.

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