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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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