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Principles of Consolidation - Summary of Redwood's Interest in Third-Party Variable Interest Entity's (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Real estate securities | [1] | $ 353,286 | $ 344,125
Other assets | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | 217,400 | 200,801
Other assets | Senior | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | 4,114 | 11,131
Other assets | Mezzanine | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | 0 | 2,014
Other assets | Subordinate | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | 201,918 | 173,523
Other assets | Total Mortgage-Backed Securities | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | 206,032 | 186,668
Other assets | Excess MSR | Variable Interest Entity, Not Primary Beneficiary |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate securities |  | $ 11,368 | $ 14,133
[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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