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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (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		6,475,472	6,900,362
Fair Value, Measurements, Recurring
Assets
Business purpose loans		4,172,120	4,136,353
Multifamily loans		489,545	492,221
Real estate securities		364,320	344,125
Servicer advance investments		206,525	231,489
MSRs		7,945	8,815
Excess MSRs		32,465	34,418
Shared home appreciation options		45,823	42,440
Derivative assets		129,924	53,238
Pledged collateral			1,177
FHLBC stock		5,000	5,000
Liabilities
Derivative liabilities		73,178	16,072
ABS issued		6,475,472	6,900,362
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		4,701,800	4,249,014
Fair Value, Measurements, Recurring | Level 1
Assets
Business purpose loans		0	0
Multifamily loans		0	0
Real estate securities		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
Shared home appreciation options		0	0
Derivative assets		40,800	18,260
Pledged collateral			1,177
FHLBC stock		0	0
Liabilities
Derivative liabilities		38,072	15,495
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 2
Assets
Business purpose loans		0	0
Multifamily loans		0	0
Real estate securities		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
Shared home appreciation options		0	0
Derivative assets		87,960	19,951
Pledged collateral			0
FHLBC stock		5,000	5,000
Liabilities
Derivative liabilities		0	0
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 3
Assets
Business purpose loans		4,172,120	4,136,353
Multifamily loans		489,545	492,221
Real estate securities		364,320	344,125
Servicer advance investments		206,525	231,489
MSRs		7,945	8,815
Excess MSRs		32,465	34,418
Shared home appreciation options		45,823	42,440
Derivative assets		1,164	15,027
Pledged collateral			0
FHLBC stock		0	0
Liabilities
Derivative liabilities		35,106	577
ABS issued		6,475,472	6,900,362
Fair Value, Measurements, Recurring | Level 3 | Residential Loans
Assets
Residential loans		$ 4,701,800	$ 4,249,014
[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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