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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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