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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021
--- | --- | ---
Assets |  |  |
Real estate securities, at fair value |  | $ 116,933 | $ 170,619
Shared home appreciation options | [1] | 340,437 | 192,740
Derivative assets | [1] | 65,213 | 26,467
Liabilities |  |  |
Derivative liabilities | [1] | 6,782 | 3,317
ABS issued, net, At fair value |  | 7,564,312 | 8,843,147
Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 828,192 | 1,838,797
Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 274,934 | 350,923
Carrying Value |  |  |
Assets |  |  |
Real estate securities, at fair value |  | 259,212 | 377,411
Other financial instruments |  | 11,174 | 12,663
Cash and cash equivalents |  | 297,092 | 450,485
Restricted cash |  | 71,996 | 80,999
Derivative assets |  | 65,213 | 26,467
Margin receivable |  | 6,683 | 7,269
Liabilities |  |  |
Margin payable |  | 30,389 | 24,368
Guarantee obligation |  | 6,532 | 7,459
Derivative liabilities |  | 6,782 | 3,317
ABS issued, net, At fair value |  | 7,564,312 | 8,843,147
ABS issued, net, At amortized cost |  | 574,981 | 410,410
Other long-term debt, net |  | 868,851 | 988,483
Convertible notes, net |  | 724,205 | 513,629
Trust preferred securities and subordinated notes, net |  | 138,755 | 138,721
Carrying Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 274,934 | 350,923
Carrying Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 24,796 | 12,438
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 40,452 | 44,231
Carrying Value | REO |  |  |
Assets |  |  |
REO |  | 3,683 | 36,126
Carrying Value | Short-term debt (3) |  |  |
Liabilities |  |  |
Short-term debt |  | 1,912,694 | 2,177,362
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 834,262 | 1,845,248
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,918,294 | 5,747,150
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 337,238 | 358,309
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,919,980 | 4,432,680
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 427,458 | 473,514
Fair Value |  |  |
Assets |  |  |
Real estate securities, at fair value |  | 259,212 | 377,411
Other financial instruments |  | 11,174 | 12,663
Cash and cash equivalents |  | 297,092 | 450,485
Restricted cash |  | 71,996 | 80,999
Derivative assets |  | 65,213 | 26,467
Margin receivable |  | 6,683 | 7,269
Liabilities |  |  |
Margin payable |  | 30,389 | 24,368
Guarantee obligation |  | 5,237 | 7,133
Derivative liabilities |  | 6,782 | 3,317
ABS issued, net, At fair value |  | 7,564,312 | 8,843,147
ABS issued, net, At amortized cost |  | 541,773 | 410,471
Other long-term debt, net |  | 858,810 | 989,570
Convertible notes, net |  | 651,888 | 537,300
Trust preferred securities and subordinated notes, net |  | 76,725 | 97,650
Fair Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 274,934 | 350,923
Fair Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 24,796 | 12,438
Fair Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 40,452 | 44,231
Fair Value | REO |  |  |
Assets |  |  |
REO |  | 4,105 | 39,272
Fair Value | Short-term debt (3) |  |  |
Liabilities |  |  |
Short-term debt |  | 1,912,694 | 2,177,362
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 834,262 | 1,845,248
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,918,294 | 5,747,150
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 337,238 | 358,309
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,919,980 | 4,432,680
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 427,458 | 473,514
Shared home appreciation options | Carrying Value |  |  |
Assets |  |  |
Shared home appreciation options |  | 340,437 | 192,740
Liabilities |  |  |
HEI securitization non-controlling interest |  | 24,355 | 17,035
Shared home appreciation options | Fair Value |  |  |
Assets |  |  |
Shared home appreciation options |  | 340,437 | 192,740
Liabilities |  |  |
HEI securitization non-controlling interest |  | $ 24,355 | $ 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 September 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,449,163 and $10,661,081, respectively. At September 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,448,479 and $9,619,347, respectively. See Note 4 for further discussion.

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