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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
investment
Dec. 31, 2020
USD ($)
investment
Variable Interest Entity [Line Items]    
Other investments [1] $ 422,366 $ 348,175
Cash and cash equivalents [1] 556,989 461,260
Restricted cash [1] 88,717 83,190
Accrued interest receivable 41,997 39,445
Other assets [1] 162,193 130,588
Total Assets [1] 13,072,714 10,355,066
Short-term debt [1] 1,750,941 522,609
Accrued interest payable 34,545 34,858
Accrued expenses and other liabilities [1] 251,576 179,340
Asset-backed securities issued [1] 8,183,825 7,100,661
Total liabilities [1] 11,696,891 9,244,167
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 9,358,317 8,141,069
Total liabilities 8,391,761 7,348,713
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 355,322 251,773
Cash and cash equivalents 12,977 11,579
Restricted cash 25,053 23,368
Accrued interest receivable 30,009 30,587
Other assets 21,738 9,937
Total Assets 9,051,689 8,141,069
Short-term debt 151,910 208,375
Accrued interest payable 22,288 21,274
Accrued expenses and other liabilities 32,799 18,403
Asset-backed securities issued 7,756,101 6,900,362
Total liabilities 7,963,098 7,148,414
Fair value of our investments $ 1,080,553 $ 992,655
Number of VIEs | investment 56 50
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 4,721,389 $ 4,072,410
Business purpose loans, held-for-investment    
Variable Interest Entity [Line Items]    
Fair value of loans [1] 4,227,209 3,890,959
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 3,402,410 3,249,194
Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 482,791 492,221
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 148 148
Accrued interest receivable 232 305
Other assets 275 638
Total Assets 242,889 287,026
Short-term debt 0 0
Accrued interest payable 108 141
Accrued expenses and other liabilities 0 0
Asset-backed securities issued 239,447 282,326
Total liabilities 239,555 282,467
Fair value of our investments $ 3,062 $ 4,559
Number of VIEs | investment 20 20
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 242,234 $ 285,935
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Legacy Sequoia | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 7,869 6,802
Other assets 0 0
Total Assets 2,487,619 1,572,124
Short-term debt 0 0
Accrued interest payable 5,918 4,697
Accrued expenses and other liabilities 0 50
Asset-backed securities issued 2,243,299 1,347,357
Total liabilities 2,249,217 1,352,104
Fair value of our investments $ 236,451 $ 220,020
Number of VIEs | investment 13 10
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 2,479,750 $ 1,565,322
Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Sequoia | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 13,451 13,055
Other assets 13,172 2,930
Total Assets 3,429,033 3,265,179
Short-term debt 0 0
Accrued interest payable 10,691 10,278
Accrued expenses and other liabilities 224 0
Asset-backed securities issued 3,126,405 3,013,093
Total liabilities 3,137,320 3,023,371
Fair value of our investments $ 287,813 $ 241,808
Number of VIEs | investment 15 14
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 3,402,410 3,249,194
CAFL | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 6,068 6,754
Other assets 1,958 646
Total Assets 2,007,431 2,228,553
Short-term debt 0 0
Accrued interest payable 4,279 4,846
Accrued expenses and other liabilities 0 0
Asset-backed securities issued 1,550,111 1,793,620
Total liabilities 1,554,390 1,798,466
Fair value of our investments $ 451,252 $ 430,087
Number of VIEs | investment 3 2
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 1,999,405 $ 2,221,153
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac SLST | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 1,321 1,337
Other assets 0 0
Total Assets 484,112 493,558
Short-term debt 0 0
Accrued interest payable 1,195 1,177
Accrued expenses and other liabilities 0 0
Asset-backed securities issued 451,402 463,966
Total liabilities 452,597 465,143
Fair value of our investments $ 31,389 $ 28,415
Number of VIEs | investment 1 1
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac K-Series | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 482,791 492,221
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 187,880 251,773
Cash and cash equivalents 12,977 11,579
Restricted cash 19,872 23,220
Accrued interest receivable 1,068 2,334
Other assets 6,283 5,723
Total Assets 228,080 294,629
Short-term debt 151,910 208,375
Accrued interest payable 97 135
Accrued expenses and other liabilities 15,835 18,353
Asset-backed securities issued 0 0
Total liabilities 167,842 226,863
Fair value of our investments $ 60,238 $ 67,766
Number of VIEs | investment 3 3
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Servicing Investment | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Point HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 167,442 0
Cash and cash equivalents 0 0
Restricted cash 5,033 0
Accrued interest receivable 0 0
Other assets 50 0
Total Assets 172,525 0
Short-term debt 0 0
Accrued interest payable 0 0
Accrued expenses and other liabilities 16,740 0
Asset-backed securities issued 145,437 0
Total liabilities 162,177 0
Fair value of our investments $ 10,348 $ 0
Number of VIEs | investment 1 0
Point HEI | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
Point HEI | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Point HEI | Multifamily loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 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.