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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Assets    
Real estate securities $ 173,684 $ 170,619
MSRs 265,949 310,953
Other investments [1] 635,581 641,969
Derivative assets [1] 112,060 26,467
Liabilities    
Derivative liabilities [1] 80,260 3,317
ABS issued 8,475,868 8,843,147
Fair Value, Measurements, Recurring    
Assets    
Business purpose loans 4,754,778 4,790,989
Multifamily loans 451,804 473,514
Real estate securities 358,882 377,411
Servicer advance investments 302,837 350,923
MSRs 19,739 12,438
Excess MSRs 43,023 44,231
HEIs 227,133 192,740
Other investments 11,824 17,574
Derivative assets 112,060 26,467
Liabilities    
HEI securitization non-controlling interest 23,253 17,035
Derivative liabilities 80,260 3,317
ABS issued 8,475,868 8,843,147
Fair Value, Measurements, Recurring | Residential Loans    
Assets    
Residential loans 7,217,104 7,592,398
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 98,538 2,906
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 65,119 1,563
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 11,412 18,928
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 650 1,251
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 4,754,778 4,790,989
Multifamily loans 451,804 473,514
Real estate securities 358,882 377,411
Servicer advance investments 302,837 350,923
MSRs 19,739 12,438
Excess MSRs 43,023 44,231
HEIs 227,133 192,740
Other investments 11,824 17,574
Derivative assets 2,110 4,633
Liabilities    
HEI securitization non-controlling interest 23,253 17,035
Derivative liabilities 14,491 503
ABS issued 8,475,868 8,843,147
Fair Value, Measurements, Recurring | Level 3 | Residential Loans    
Assets    
Residential loans $ 7,217,104 $ 7,592,398
[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.