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Other Investments - Summary of Other Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
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Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | $ 159,408 | $ 217,656
Other Investments | [1] | 422,366 | 348,175
Residential Loans |  |  |
Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | 170,062 | 231,489
HEIs |  |  |
Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | 167,856 | 42,440
Strategic Investments |  |  |
Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | 31,108 | 4,449
Excess MSRs |  |  |
Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | 29,185 | 34,418
Mortgage servicing rights |  |  |
Net Investment Income [Line Items] |  |  |
Servicing asset, fair value |  | 12,389 | 8,815
Other |  |  |
Net Investment Income [Line Items] |  |  |
Loans held for investment |  | $ 11,766 | $ 26,564
[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 September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $9,358,317 and $8,141,069, respectively. At September 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $8,391,761 and $7,348,713, respectively. See Note 4 for further discussion.

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