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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets
Real estate securities		$ 173,684	$ 170,619
MSRs		265,949	310,953
Derivative assets	[1]	112,060	26,467
Liabilities
Derivative liabilities	[1]	80,260	3,317
ABS issued, net, Fair value		8,475,868	8,843,147
Residential Loans
Assets
MSRs		302,837	350,923
Carrying Value
Assets
Real estate securities		358,882	377,411
Other financial instruments		11,824	12,663
Cash and cash equivalents		409,272	450,485
Restricted cash		73,549	80,999
Derivative assets		112,060	26,467
Margin receivable		17,165	7,269
Liabilities
Margin payable		41,966	24,368
Guarantee obligation		7,046	7,459
Derivative liabilities		80,260	3,317
ABS issued, net, Fair value		8,475,868	8,843,147
ABS issued, net, Amortized cost		396,498	410,410
Other long-term debt, net		1,310,683	988,483
Convertible notes, net		514,289	513,629
Trust preferred securities and subordinated notes, net		138,732	138,721
Carrying Value | Servicer Advance Investments
Assets
MSRs		302,837	350,923
Carrying Value | MSRs
Assets
MSRs		19,739	12,438
Carrying Value | Excess MSRs
Assets
REO		43,023	44,231
Carrying Value | REO
Assets
REO		27,179	36,126
Carrying Value | Short-term debt
Liabilities
Short-term debt		1,647,246	2,177,362
Carrying Value | Residential Loans | Residential loans, held-for-sale at fair value
Assets
Loans, held-for-sale		1,347,036	1,845,248
Carrying Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		5,870,068	5,747,150
Carrying Value | Residential Loans | Business purpose loans, held-for-sale
Assets
Loans, held-for-sale		505,889	358,309
Carrying Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		4,248,889	4,432,680
Carrying Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		451,804	473,514
Fair Value
Assets
Real estate securities		358,882	377,411
Other financial instruments		11,824	12,663
Cash and cash equivalents		409,272	450,485
Restricted cash		73,549	80,999
Derivative assets		112,060	26,467
Margin receivable		17,165	7,269
Liabilities
Margin payable		41,966	24,368
Guarantee obligation		6,579	7,133
Derivative liabilities		80,260	3,317
ABS issued, net, Fair value		8,475,868	8,843,147
ABS issued, net, Amortized cost		379,930	410,471
Other long-term debt, net		1,307,867	989,570
Convertible notes, net		518,738	537,300
Trust preferred securities and subordinated notes, net		104,625	97,650
Fair Value | Servicer Advance Investments
Assets
MSRs		302,837	350,923
Fair Value | MSRs
Assets
MSRs		19,739	12,438
Fair Value | Excess MSRs
Assets
REO		43,023	44,231
Fair Value | REO
Assets
REO		30,787	39,272
Fair Value | Short-term debt
Liabilities
Short-term debt		1,647,246	2,177,362
Fair Value | Residential Loans | Residential loans, held-for-sale at fair value
Assets
Loans, held-for-sale		1,347,036	1,845,248
Fair Value | Residential Loans | Residential loans, held-for-investment
Assets
Loans receivable, fair value		5,870,068	5,747,150
Fair Value | Residential Loans | Business purpose loans, held-for-sale
Assets
Loans, held-for-sale		505,889	358,309
Fair Value | Residential Loans | Business purpose loans, held-for-investment
Assets
Loans receivable, fair value		4,248,889	4,432,680
Fair Value | Residential Loans | Multifamily loans
Assets
Loans receivable, fair value		451,804	473,514
HEIs at Redwood | Carrying Value
Assets
Shared home appreciation options		227,133	192,740
Liabilities
HEI securitization non-controlling interest		23,253	17,035
HEIs at Redwood | Fair Value
Assets
Shared home appreciation options		227,133	192,740
Liabilities
HEI securitization non-controlling interest		$ 23,253	$ 17,035
[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 March 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $10,250,802 and $10,661,081, respectively. At March 31, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $9,202,156 and $9,619,347, respectively. See Note 4 for further discussion.

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