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Equity - Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Basic Earnings (Loss) per Common Share:        
Net income (loss) attributable to Redwood $ 90,025 $ 165,444 $ 187,282 $ (777,954)
Less: Dividends and undistributed earnings allocated to participating securities (3,149) (4,528) (6,458) (1,011)
Net income (loss) allocated to common shareholders $ 86,876 $ 160,916 $ 180,824 $ (778,965)
Basic weighted average common shares outstanding (in shares) 112,921,070 114,383,289 112,337,984 114,229,928
Basic Earnings (Loss) per Common Share (in dollars per share) $ 0.77 $ 1.41 $ 1.61 $ (6.82)
Diluted Earnings (Loss) per Common Share:        
Net income (loss) attributable to Redwood $ 90,025 $ 165,444 $ 187,282 $ (777,954)
Less: Dividends and undistributed earnings allocated to participating securities (2,869) (3,116) (5,829) (1,011)
Adjust for interest expense and gain on extinguishment of convertible notes for the period, net of tax 6,990 (15,835) 13,971 0
Net income (loss) allocated to common shareholders $ 94,146 $ 146,493 $ 195,424 $ (778,965)
Weighted average common shares outstanding (in shares) 112,921,070 114,383,289 112,337,984 114,229,928
Net effect of dilutive equity awards (in shares) 273,139 0 234,353 0
Net effect of assumed convertible notes conversion to common shares (in shares) 28,566,875 32,715,790 28,566,875 0
Diluted weighted average common shares outstanding (in shares) 141,761,084 147,099,079 141,139,212 114,229,928
Diluted Earnings (Loss) per Common Share (in dollars per share) $ 0.66 $ 1.00 $ 1.38 $ (6.82)