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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Real estate securities		$ 153,010	$ 125,667
MSRs		159,408	217,656
Other investments	[1]	422,366	348,175
Derivative assets	[1]	51,103	53,238
Pledged collateral		0	1,177
Liabilities
Derivative liabilities	[1]	10,972	16,072
ABS issued		7,756,101	6,900,362
Fair Value, Measurements, Recurring
Assets
Business purpose loans		4,693,555	4,136,353
Multifamily loans		482,791	492,221
Real estate securities		353,286	344,125
Servicer advance investments		170,062	231,489
MSRs		12,389	8,815
Excess MSRs		29,185	34,418
HEIs		167,856	42,440
Other investments		17,574	18,847
Derivative assets		51,103	53,238
Pledged collateral			1,177
FHLBC stock			5,000
Liabilities
Point HEI non-controlling interest		16,722
Derivative liabilities		10,972	16,072
ABS issued		7,756,101	6,900,362
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		6,216,433	4,249,014
Fair Value, Measurements, Recurring | Level 1
Assets
Business purpose loans		0	0
Multifamily loans		0	0
Real estate securities		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		8,213	18,260
Pledged collateral			1,177
FHLBC stock			0
Liabilities
Point HEI non-controlling interest		0
Derivative liabilities		8,348	15,495
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 2
Assets
Business purpose loans		0	0
Multifamily loans		0	0
Real estate securities		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		33,628	19,951
Pledged collateral			0
FHLBC stock			5,000
Liabilities
Point HEI non-controlling interest		0
Derivative liabilities		74	0
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 3
Assets
Business purpose loans		4,693,555	4,136,353
Multifamily loans		482,791	492,221
Real estate securities		353,286	344,125
Servicer advance investments		170,062	231,489
MSRs		12,389	8,815
Excess MSRs		29,185	34,418
HEIs		167,856	42,440
Other investments		17,574	18,847
Derivative assets		9,262	15,027
Pledged collateral			0
FHLBC stock			0
Liabilities
Point HEI non-controlling interest		16,722
Derivative liabilities		2,550	577
ABS issued		7,756,101	6,900,362
Fair Value, Measurements, Recurring | Level 3 | Residential Loans
Assets
Residential loans		$ 6,216,433	$ 4,249,014
[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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