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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (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		7,360,766	6,900,362
Fair Value, Measurements, Recurring
Assets
Business purpose loans		4,408,889	4,136,353
Multifamily loans		485,157	492,221
Real estate securities		354,886	344,125
Servicer advance investments		184,551	231,489
MSRs		8,721	8,815
Excess MSRs		29,988	34,418
Shared home appreciation options		44,319	42,440
Derivative assets		34,305	53,238
Pledged collateral			1,177
FHLBC stock			5,000
Liabilities
Derivative liabilities		3,240	16,072
ABS issued		7,360,766	6,900,362
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		5,742,565	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		2,368	18,260
Pledged collateral			1,177
FHLBC stock			0
Liabilities
Derivative liabilities		1,561	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		17,746	19,951
Pledged collateral			0
FHLBC stock			5,000
Liabilities
Derivative liabilities		957	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		4,408,889	4,136,353
Multifamily loans		485,157	492,221
Real estate securities		354,886	344,125
Servicer advance investments		184,551	231,489
MSRs		8,721	8,815
Excess MSRs		29,988	34,418
Shared home appreciation options		44,319	42,440
Derivative assets		14,191	15,027
Pledged collateral			0
FHLBC stock			0
Liabilities
Derivative liabilities		722	577
ABS issued		7,360,766	6,900,362
Fair Value, Measurements, Recurring | Level 3 | Residential Loans
Assets
Residential loans		$ 5,742,565	$ 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 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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