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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, 2020	Dec. 31, 2019
Assets
Trading securities		$ 164,219	$ 860,540
Available-for-sale securities		129,243	239,334
MSRs		282,743	151,582
Derivative assets	[1]	90,717	35,701
Pledged collateral		33,191	32,945
Liabilities
Contingent consideration		14,819	28,484
Derivative liabilities	[1]	114,614	163,424
Residential Loans
Assets
MSRs		298,946	169,204
Carrying Value
Assets
Trading securities		164,219	860,540
Available-for-sale securities		129,243	239,334
Cash and cash equivalents		378,233	196,966
Shared home appreciation options			45,085
Restricted cash		25,752	93,867
Accrued interest receivable		57,215	71,058
Derivative assets		90,717	35,701
Margin receivable		93,745	209,776
FHLBC stock		43,393	43,393
Guarantee asset		905	1,686
Pledged collateral		33,191	32,945
Liabilities
Accrued interest payable		40,102	60,655
Margin payable		1,283	1,700
Guarantee obligation		13,395	14,009
Contingent consideration		14,819	28,484
Derivative liabilities		114,614	163,424
ABS issued at fair value		6,461,864	10,515,475
FHLBC long-term borrowings		1,367,681	1,999,999
Subordinate securities financing facility		315,583	183,520
Convertible notes, net		631,857	631,125
Trust preferred securities and subordinated notes, net		138,640	138,628
Carrying Value | Servicer advance investments
Assets
MSRs		298,946	169,204
Carrying Value | MSRs
Assets
MSRs		23,616	42,224
Carrying Value | Excess MSRs
Assets
REO		31,788	31,814
Carrying Value | REO
Assets
REO		14,366	9,462
Carrying Value | Short-term debt facilities
Liabilities
Short-term debt facilities		2,082,717	2,176,591
Carrying Value | Short-term debt - servicer advance financing
Liabilities
Short-term debt facilities		258,931	152,554
Carrying Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		2,330,566	536,385
Carrying Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		4,380,460	7,178,465
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		415,333	331,565
Carrying Value | Residential Loans | Business purpose residential loans, held-for-investment
Assets
Loans receivable, fair value		3,048,409	3,175,178
Carrying Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		470,484	4,408,524
Fair Value
Assets
Trading securities		164,219	860,540
Available-for-sale securities		129,243	239,334
Cash and cash equivalents		378,233	196,966
Shared home appreciation options		40,642	45,085
Restricted cash		25,752	93,867
Accrued interest receivable		57,215	71,058
Derivative assets		90,717	35,701
Margin receivable		93,745	209,776
FHLBC stock		43,393	43,393
Guarantee asset		905	1,686
Pledged collateral		33,191	32,945
Liabilities
Accrued interest payable		40,102	60,655
Margin payable		1,283	1,700
Guarantee obligation		12,382	13,754
Contingent consideration		14,819	28,484
Derivative liabilities		114,614	163,424
ABS issued at fair value		6,461,864	10,515,475
FHLBC long-term borrowings		1,367,681	1,999,999
Subordinate securities financing facility		317,498	184,666
Convertible notes, net		359,875	661,985
Trust preferred securities and subordinated notes, net		27,900	99,045
Fair Value | Servicer advance investments
Assets
MSRs		298,946	169,204
Fair Value | MSRs
Assets
MSRs		23,616	42,224
Fair Value | Excess MSRs
Assets
REO		31,788	31,814
Fair Value | REO
Assets
REO		15,714	10,389
Fair Value | Short-term debt facilities
Liabilities
Short-term debt facilities		2,082,717	2,176,591
Fair Value | Short-term debt - servicer advance financing
Liabilities
Short-term debt facilities		258,931	152,554
Fair Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		2,330,566	536,509
Fair Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		4,380,460	7,178,465
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		415,333	331,565
Fair Value | Residential Loans | Business purpose residential loans, held-for-investment
Assets
Loans receivable, fair value		3,048,409	3,175,178
Fair Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		470,484	4,408,524
Shared home appreciation options
Assets
Shared home appreciation options		$ 40,642	$ 45,085
[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, 2020 and December 31, 2019, assets of consolidated VIEs totaled $7,470,706 and $11,931,869, respectively. At March 31, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $6,759,260 and $10,717,072, respectively. See Note 4 for further discussion.

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