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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Assets
Real estate securities		$ 142,425	$ 125,667
MSRs		171,818	217,656
Derivative assets	[1]	34,305	53,238
Pledged collateral		0	1,177
Liabilities
Derivative liabilities	[1]	3,240	16,072
ABS issued, net, Fair value		7,360,766	6,900,362
Residential Loans
Assets
MSRs		184,551	231,489
Carrying Value
Assets
Real estate securities		354,886	344,125
Other financial instruments		28,556	10,203
Cash and cash equivalents		421,223	461,260
Restricted cash		55,048	83,190
Derivative assets		34,305	53,238
Margin receivable		10,269	4,758
FHLBC stock		10	5,000
Pledged collateral		0	1,177
Liabilities
Margin payable		19,503	0
Guarantee obligation		8,446	10,039
Derivative liabilities		3,240	16,072
ABS issued, net, Fair value		7,360,766	6,900,362
ABS issued, net, Amortized cost		176,231	200,299
Other long-term debt, net (5)		833,272	774,726
Convertible notes, net (5)		512,339	511,085
Trust preferred securities and subordinated notes, net (5)		138,697	138,674
Carrying Value | Servicer Advance Investments
Assets
MSRs		184,551	231,489
Carrying Value | MSRs
Assets
MSRs		8,721	8,815
Carrying Value | Excess MSRs
Assets
REO		29,988	34,418
Carrying Value | REO
Assets
REO		15,489	8,413
Carrying Value | Short-term debt
Liabilities
Short-term debt		1,484,999	522,609
Carrying Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		1,160,513	176,604
Carrying Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		4,582,052	4,072,410
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		418,442	245,394
Carrying Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		3,990,447	3,890,959
Carrying Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		485,157	492,221
Fair Value
Assets
Real estate securities		354,886	344,125
Other financial instruments		28,556	10,203
Cash and cash equivalents		421,223	461,260
Restricted cash		55,048	83,190
Derivative assets		34,305	53,238
Margin receivable		10,269	4,758
FHLBC stock		10	5,000
Pledged collateral		0	1,177
Liabilities
Margin payable		19,503	0
Guarantee obligation		5,932	7,843
Derivative liabilities		3,240	16,072
ABS issued, net, Fair value		7,360,766	6,900,362
ABS issued, net, Amortized cost		180,080	204,892
Other long-term debt, net (5)		834,214	783,570
Convertible notes, net (5)		531,473	499,865
Trust preferred securities and subordinated notes, net (5)		87,188	80,910
Fair Value | Servicer Advance Investments
Assets
MSRs		184,551	231,489
Fair Value | MSRs
Assets
MSRs		8,721	8,815
Fair Value | Excess MSRs
Assets
REO		29,988	34,418
Fair Value | REO
Assets
REO		17,718	9,229
Fair Value | Short-term debt
Liabilities
Short-term debt		1,484,999	522,609
Fair Value | Residential Loans | Residential loans, at fair value
Assets
Loans, held-for-sale		1,160,513	176,604
Fair Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		4,582,052	4,072,410
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale
Assets
Loans, held-for-sale		418,442	245,394
Fair Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		3,990,447	3,890,959
Fair Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		485,157	492,221
Shared home appreciation options
Assets
Shared home appreciation options			42,440
Shared home appreciation options | Carrying Value
Assets
Shared home appreciation options		44,319	42,440
Shared home appreciation options | Fair Value
Assets
Shared home appreciation options		$ 44,319	$ 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 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.

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