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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Assets |  |  |
Real estate securities |  | $ 153,010 | $ 125,667
MSRs |  | 159,408 | 217,656
Derivative assets | [1] | 51,103 | 53,238
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Derivative liabilities | [1] | 10,972 | 16,072
ABS issued, net, Fair value |  | 7,756,101 | 6,900,362
Residential Loans |  |  |
Assets |  |  |
MSRs |  | 170,062 | 231,489
Carrying Value |  |  |
Assets |  |  |
Real estate securities |  | 353,286 | 344,125
Other financial instruments |  | 17,574 | 18,847
Cash and cash equivalents |  | 556,989 | 461,260
Restricted cash |  | 88,717 | 83,190
Derivative assets |  | 51,103 | 53,238
Margin receivable |  | 16,503 | 4,758
FHLBC stock |  | 10 | 5,000
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Margin payable |  | 48,298 | 0
Guarantee obligation |  | 7,902 | 10,039
Derivative liabilities |  | 10,972 | 16,072
ABS issued, net, Fair value |  | 7,756,101 | 6,900,362
ABS issued, net, Amortized cost |  | 427,724 | 200,299
Other long-term debt, net (5) |  | 847,889 | 774,726
Convertible notes, net (5) |  | 512,979 | 511,085
Trust preferred securities and subordinated notes, net (5) |  | 138,709 | 138,674
Carrying Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 170,062 | 231,489
Carrying Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 12,389 | 8,815
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 29,185 | 34,418
Carrying Value | REO |  |  |
Assets |  |  |
REO |  | 18,863 | 8,413
Carrying Value | Short-term debt |  |  |
Liabilities |  |  |
Short-term debt |  | 1,750,941 | 522,609
Carrying Value | Residential Loans | Residential loans, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,495,044 | 176,604
Carrying Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,721,389 | 4,072,410
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 466,346 | 245,394
Carrying Value | Residential Loans | Business purpose loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,227,209 | 3,890,959
Carrying Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 482,791 | 492,221
Fair Value |  |  |
Assets |  |  |
Real estate securities |  | 353,286 | 344,125
Other financial instruments |  | 17,574 | 18,847
Cash and cash equivalents |  | 556,989 | 461,260
Restricted cash |  | 88,717 | 83,190
Derivative assets |  | 51,103 | 53,238
Margin receivable |  | 16,503 | 4,758
FHLBC stock |  | 10 | 5,000
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Margin payable |  | 48,298 | 0
Guarantee obligation |  | 5,263 | 7,843
Derivative liabilities |  | 10,972 | 16,072
ABS issued, net, Fair value |  | 7,756,101 | 6,900,362
ABS issued, net, Amortized cost |  | 428,059 | 204,892
Other long-term debt, net (5) |  | 848,929 | 783,570
Convertible notes, net (5) |  | 539,067 | 499,865
Trust preferred securities and subordinated notes, net (5) |  | 94,163 | 80,910
Fair Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 170,062 | 231,489
Fair Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 12,389 | 8,815
Fair Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 29,185 | 34,418
Fair Value | REO |  |  |
Assets |  |  |
REO |  | 21,657 | 9,229
Fair Value | Short-term debt |  |  |
Liabilities |  |  |
Short-term debt |  | 1,750,941 | 522,609
Fair Value | Residential Loans | Residential loans, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,495,044 | 176,604
Fair Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,721,389 | 4,072,410
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 466,346 | 245,394
Fair Value | Residential Loans | Business purpose loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,227,209 | 3,890,959
Fair Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 482,791 | 492,221
HEIs at Redwood | Carrying Value |  |  |
Assets |  |  |
Shared home appreciation options |  | 167,856 | 42,440
Liabilities |  |  |
Point HEI non-controlling interest |  | 16,722 | 0
HEIs at Redwood | Fair Value |  |  |
Assets |  |  |
Shared home appreciation options |  | 167,856 | 42,440
Liabilities |  |  |
Point HEI non-controlling interest |  | $ 16,722 | $ 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 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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