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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020
--- | --- | ---
Assets |  |  |
Real estate securities |  | $ 170,619 | $ 125,667
Derivative assets | [1] | 26,467 | 53,238
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Derivative liabilities | [1] | 3,317 | 16,072
Fair value |  | 8,843,147 | 6,900,362
Residential Loans |  |  |
Assets |  |  |
MSRs |  | 350,923 | 231,489
Carrying Value |  |  |
Assets |  |  |
Real estate securities |  | 377,411 | 344,125
Other investments |  | 12,663 | 18,847
Cash and cash equivalents |  | 450,485 | 461,260
Restricted cash |  | 80,999 | 83,190
Derivative assets |  | 26,467 | 53,238
Margin receivable |  | 7,269 | 4,758
FHLBC stock |  | 10 | 5,000
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Margin payable |  | 24,368 | 0
Guarantee obligation |  | 7,459 | 10,039
Derivative liabilities |  | 3,317 | 16,072
Fair value |  | 8,843,147 | 6,900,362
Amortized cost |  | 410,410 | 200,299
Other long-term debt, net (4) |  | 988,483 | 774,726
Convertible notes, net (4) |  | 513,629 | 511,085
Trust preferred securities and subordinated notes, net (4) |  | 138,721 | 138,674
Carrying Value | HEIs |  |  |
Assets |  |  |
Shared home appreciation options |  | 192,740 | 42,440
Liabilities |  |  |
Point HEI non-controlling interest |  | 17,035 | 0
Carrying Value | Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 350,923 | 231,489
Carrying Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 12,438 | 8,815
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
Other assets |  | 44,231 | 34,418
Carrying Value | REO |  |  |
Assets |  |  |
Other assets |  | 36,126 | 8,413
Carrying Value | Credit facilities |  |  |
Liabilities |  |  |
Short-term debt |  | 2,177,362 | 522,609
Carrying Value | Residential Loans | Residential loans, held-for-sale at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,845,248 | 176,604
Carrying Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans, held-for-investment |  | 5,747,150 | 4,072,410
Carrying Value | Residential Loans | Business purpose loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 358,309 | 245,394
Carrying Value | Residential Loans | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 4,432,680 | 3,890,959
Carrying Value | Residential Loans | Multifamily securities |  |  |
Assets |  |  |
Loans, held-for-investment |  | 473,514 | 492,221
Fair Value |  |  |
Assets |  |  |
Real estate securities |  | 377,411 | 344,125
Other investments |  | 12,663 | 18,847
Cash and cash equivalents |  | 450,485 | 461,260
Restricted cash |  | 80,999 | 83,190
Derivative assets |  | 26,467 | 53,238
Margin receivable |  | 7,269 | 4,758
FHLBC stock |  | 10 | 5,000
Pledged collateral |  | 0 | 1,177
Liabilities |  |  |
Margin payable |  | 24,368 | 0
Guarantee obligation |  | 7,133 | 7,843
Derivative liabilities |  | 3,317 | 16,072
Fair value |  | 8,843,147 | 6,900,362
Amortized cost |  | 410,471 | 204,892
Other long-term debt, net (4) |  | 989,570 | 783,570
Convertible notes, net (4) |  | 537,300 | 499,865
Trust preferred securities and subordinated notes, net (4) |  | 97,650 | 80,910
Fair Value | HEIs |  |  |
Assets |  |  |
Shared home appreciation options |  | 192,740 | 42,440
Liabilities |  |  |
Point HEI non-controlling interest |  | 17,035 | 0
Fair Value | Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 350,923 | 231,489
Fair Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 12,438 | 8,815
Fair Value | Excess MSRs |  |  |
Assets |  |  |
Other assets |  | 44,231 | 34,418
Fair Value | REO |  |  |
Assets |  |  |
Other assets |  | 39,272 | 9,229
Fair Value | Credit facilities |  |  |
Liabilities |  |  |
Short-term debt |  | 2,177,362 | 522,609
Fair Value | Residential Loans | Residential loans, held-for-sale at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,845,248 | 176,604
Fair Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans, held-for-investment |  | 5,747,150 | 4,072,410
Fair Value | Residential Loans | Business purpose loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 358,309 | 245,394
Fair Value | Residential Loans | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 4,432,680 | 3,890,959
Fair Value | Residential Loans | Multifamily securities |  |  |
Assets |  |  |
Loans, held-for-investment |  | $ 473,514 | $ 492,221
[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 December 31, 2021 and 2020, assets of consolidated VIEs totaled $10,661,081 and $8,141,069, respectively. At December 31, 2021 and 2020, liabilities of consolidated VIEs totaled $9,619,347 and $7,148,414, respectively. See Note 4 for further discussion.

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