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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, 2021	Dec. 31, 2020
Assets
Real estate securities		$ 145,390	$ 125,667
MSRs		192,852	217,656
Derivative assets	[1]	129,924	53,238
Pledged collateral		0	1,177
Liabilities
Derivative liabilities	[1]	73,178	16,072
ABS issued, net, Fair value		6,475,472	6,900,362
Residential Loans
Assets
MSRs		206,525	231,489
Carrying Value
Assets
Real estate securities		364,320	344,125
Cash and cash equivalents		426,019	461,260
Restricted cash		95,775	83,190
Derivative assets		129,924	53,238
Margin receivable		16,283	4,758
FHLBC stock		5,000	5,000
Pledged collateral		0	1,177
Liabilities
Margin payable		84,306	0
Guarantee obligation		9,238	10,039
Derivative liabilities		73,178	16,072
ABS issued, net, Fair value		6,475,472	6,900,362
ABS issued, net, Amortized cost		196,205	200,299
FHLBC long-term borrowings		1,000	1,000
Other long-term debt, net		786,869	774,726
Convertible notes, net		511,707	511,085
Trust preferred securities and subordinated notes, net		138,686	138,674
Carrying Value | Servicer advance investments
Assets
MSRs		206,525	231,489
Carrying Value | MSRs
Assets
MSRs		7,945	8,815
Carrying Value | Excess MSRs
Assets
REO		32,465	34,418
Carrying Value | REO
Assets
REO		15,829	8,413
Carrying Value | Short-term debt
Liabilities
Short-term debt		1,253,882	522,609
Carrying Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		996,476	176,604
Carrying Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		3,705,324	4,072,410
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		333,110	245,394
Carrying Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		3,839,010	3,890,959
Carrying Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		489,545	492,221
Fair Value
Assets
Real estate securities		364,320	344,125
Cash and cash equivalents		426,019	461,260
Restricted cash		95,775	83,190
Derivative assets		129,924	53,238
Margin receivable		16,283	4,758
FHLBC stock		5,000	5,000
Pledged collateral		0	1,177
Liabilities
Margin payable		84,306	0
Guarantee obligation		6,782	7,843
Derivative liabilities		73,178	16,072
ABS issued, net, Fair value		6,475,472	6,900,362
ABS issued, net, Amortized cost		200,157	204,892
FHLBC long-term borrowings		1,000	1,000
Other long-term debt, net		793,421	783,570
Convertible notes, net		522,423	499,865
Trust preferred securities and subordinated notes, net		97,650	80,910
Fair Value | Servicer advance investments
Assets
MSRs		206,525	231,489
Fair Value | MSRs
Assets
MSRs		7,945	8,815
Fair Value | Excess MSRs
Assets
REO		32,465	34,418
Fair Value | REO
Assets
REO		18,176	9,229
Fair Value | Short-term debt
Liabilities
Short-term debt		1,253,882	522,609
Fair Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		996,476	176,604
Fair Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		3,705,324	4,072,410
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		333,110	245,394
Fair Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		3,839,010	3,890,959
Fair Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		489,545	492,221
Shared home appreciation options
Assets
Shared home appreciation options			42,440
Shared home appreciation options | Carrying Value
Assets
Shared home appreciation options		45,823	42,440
Shared home appreciation options | Fair Value
Assets
Shared home appreciation options		$ 45,823	$ 42,440
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $7,724,203 and $8,141,069, respectively. At March 31, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $6,704,943 and $7,148,414, respectively. See Note 4 for further discussion.

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