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Residential Loans - Summary of Classifications and Carrying Value of Residential Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019
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Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value | [1] | $ 20,199 | $ 536,385
Legacy Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 305,000 | 408,000
Sequoia Choice | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,060,000 | 2,290,000
Freddie Mac SLST | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,150,000 | 2,370,000
Redwood | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 0 | 2,110,000
Residential Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 4,534,331 | 7,714,850
Residential Loans | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 20,200 | 536,385
Residential Loans | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 4,514,131 | 7,178,465
Residential Loans | Legacy Sequoia |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 304,632 | 407,890
Residential Loans | Legacy Sequoia | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Residential Loans | Legacy Sequoia | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 304,632 | 407,890
Residential Loans | Sequoia Choice |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,064,388 | 2,291,463
Residential Loans | Sequoia Choice | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Residential Loans | Sequoia Choice | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,064,388 | 2,291,463
Residential Loans | Freddie Mac SLST |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,145,111 | 2,367,215
Residential Loans | Freddie Mac SLST | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 0 | 0
Residential Loans | Freddie Mac SLST | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 2,145,111 | 2,367,215
Residential Loans | Redwood |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | 20,200 | 2,648,282
Residential Loans | Redwood | Held-for-sale at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  | $ 20,200 | 536,385
Residential Loans | Redwood | Held-for-investment at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loans, at fair value |  |  | $ 2,111,897
[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, 2020 and December 31, 2019, assets of consolidated VIEs totaled $7,984,618 and $11,931,869, respectively. At June 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,140,221 and $10,717,072, respectively. See Note 4 for further discussion.

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