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Summary of Significant Accounting Policies - Offsetting of Financial Assets, Liabilities, and Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Assets |  |  |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet | [1] | $ 51,103 | $ 53,238
Liabilities |  |  |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet | [1] | (10,972) | (16,072)
Total Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (1,423,652) | (230,539)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (1,423,652) | (230,539)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 1,419,582 | 228,467
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 4,070 | 1,061
Net Amount |  | 0 | (1,011)
Interest rate agreements |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 33,628 | 19,951
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 33,628 | 19,951
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (74) | 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | (32,408) | (7,769)
Net Amount |  | 1,146 | 12,182
Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (74) |
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (74) |
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 74 |
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 0 |
Net Amount |  | 0 |
TBAs |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 8,213 | 18,260
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 8,213 | 18,260
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (4,278) | (13,423)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | (3,117) | (4,658)
Net Amount |  | 818 | 179
Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (7,599) | (15,495)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (7,599) | (15,495)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 4,278 | 13,423
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 3,321 | 1,061
Net Amount |  | 0 | (1,011)
Futures |  |  |
Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (749) |
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (749) |
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 0 |
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 749 |
Net Amount |  | 0 |
Interest Rate Agreement, TBAs, and Futures |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 41,841 | 38,211
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 41,841 | 38,211
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (4,352) | (13,423)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | (35,525) | (12,427)
Net Amount |  | 1,964 | 12,361
Loan warehouse debt |  |  |
Loan warehouse debt and Security repurchase agreement |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (1,335,464) | (137,269)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (1,335,464) | (137,269)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 1,335,464 | 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) |  | (79,766) | (77,775)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (79,766) | (77,775)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 79,766 | 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 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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