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Summary of Significant Accounting Policies - Offsetting of Financial Assets, Liabilities, and Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] $ 34,305 $ 53,238
Liabilities    
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet [1] (3,240) (16,072)
Total Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (1,132,600) (230,539)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (1,132,600) (230,539)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 1,131,711 228,467
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 889 1,061
Net Amount 0 (1,011)
Interest rate agreements    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 17,746 19,951
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 17,746 19,951
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (957) 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (11,238) (7,769)
Net Amount 5,551 12,182
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (957)  
Gross Amounts Offset in Consolidated Balance Sheet 0  
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (957)  
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 957  
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0  
Net Amount 0  
TBAs    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 2,064 18,260
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 2,064 18,260
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (478) (13,423)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (1,393) (4,658)
Net Amount 193 179
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (1,367) (15,495)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (1,367) (15,495)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 478 13,423
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 889 1,061
Net Amount 0 (1,011)
Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 304  
Gross Amounts Offset in Consolidated Balance Sheet 0  
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 304  
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (194)  
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0  
Net Amount 110  
Liabilities    
Gross Amounts of Recognized Assets (Liabilities) (194)  
Gross Amounts Offset in Consolidated Balance Sheet 0  
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (194)  
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 194  
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0  
Net Amount 0  
Interest Rate Agreement, TBAs, and Futures    
Assets    
Gross Amounts of Recognized Assets (Liabilities) 20,114 38,211
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet 20,114 38,211
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments (1,629) (13,423)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged (12,631) (12,427)
Net Amount 5,854 12,361
Loan warehouse debt    
Loan warehouse debt and Security repurchase agreement    
Gross Amounts of Recognized Assets (Liabilities) (1,049,144) (137,269)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (1,049,144) (137,269)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 1,049,144 137,269
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount 0 0
Security repurchase agreements    
Loan warehouse debt and Security repurchase agreement    
Gross Amounts of Recognized Assets (Liabilities) (80,938) (77,775)
Gross Amounts Offset in Consolidated Balance Sheet 0 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet (80,938) (77,775)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments 80,938 77,775
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged 0 0
Net Amount $ 0 $ 0
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $8,616,435 and $8,141,069, respectively. At June 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $7,562,367 and $7,148,414, respectively. See Note 4 for further discussion.