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Equity - Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Basic Earnings (Loss) per Common Share:        
Net income (loss) attributable to Redwood $ 88,286 $ 141,812 $ 275,568 $ (636,142)
Less: Dividends and undistributed earnings allocated to participating securities (2,984) (4,067) (8,979) (1,427)
Net income (loss) allocated to common shareholders $ 85,302 $ 137,745 $ 266,589 $ (637,569)
Basic weighted average common shares outstanding (in shares) 112,995,847 113,403,102 112,754,691 113,952,308
Basic Earnings (Loss) per Common Share (in dollars per share) $ 0.75 $ 1.21 $ 2.36 $ (5.60)
Diluted Earnings (Loss) per Common Share:        
Net income (loss) attributable to Redwood $ 88,286 $ 141,812 $ 275,568 $ (636,142)
Less: Dividends and undistributed earnings allocated to participating securities (2,747) (3,512) (8,151) (1,427)
Add back: Interest expense on convertible notes for the period, net of tax 6,870 6,990 20,585 0
Net income (loss) allocated to common shareholders $ 92,409 $ 145,290 $ 288,002 $ (637,569)
Weighted average common shares outstanding (in shares) 112,995,847 113,403,102 112,754,691 113,952,308
Net effect of dilutive equity awards (in shares) 292,749 0 253,819 0
Net effect of assumed convertible notes conversion to common shares (in shares) 28,566,875 28,566,875 28,566,875 0
Diluted weighted average common shares outstanding (in shares) 141,855,471 141,969,977 141,575,385 113,952,308
Diluted Earnings (Loss) per Common Share (in dollars per share) $ 0.65 $ 1.02 $ 2.03 $ (5.60)