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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
investment
Dec. 31, 2021
USD ($)
investment
Variable Interest Entity [Line Items]    
Home equity investments $ 340,437 $ 192,740
Other investments [1] 412,762 449,229
Cash and cash equivalents [1] 297,092 450,485
Restricted cash [1] 71,996 80,999
Accrued interest receivable 54,944 47,515
Other assets [1] 194,500 231,117
Total Assets [1] 13,145,947 14,706,944
Short-term debt [1] 2,110,279 2,177,362
Accrued interest payable 46,938 39,297
Accrued expenses and other liabilities [1] 201,125 245,788
Asset-backed securities issued [1] 8,139,293 9,253,557
Total liabilities [1] 11,991,705 13,320,857
CAFL    
Variable Interest Entity [Line Items]    
Fair value of securities owned 314,000 302,000
Freddie Mac SLST    
Variable Interest Entity [Line Items]    
Fair value of securities owned 335,000 445,000
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 9,449,163 10,661,081
Total liabilities 8,448,479 9,619,347
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Home equity investments 139,728  
Other investments 307,723 544,307
Cash and cash equivalents 15,923 6,481
Restricted cash 38,168 46,086
Accrued interest receivable 36,284 35,401
Other assets 34,355 41,826
Total Assets 9,449,163 10,661,081
Short-term debt 233,104 294,447
Accrued interest payable 25,580 25,018
Accrued expenses and other liabilities 50,502 46,325
Asset-backed securities issued 8,139,293 9,253,557
Total liabilities 8,448,479 9,619,347
Value of our investments in VIEs $ 993,406 $ 1,033,913
Number of VIEs | investment 64 60
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 4,918,295 $ 5,747,150
Business purpose loans, held-for-investment    
Variable Interest Entity [Line Items]    
Fair value of loans [1] 4,919,980 4,432,680
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 3,531,229 3,766,316
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 427,458 473,514
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 92 148
Accrued interest receivable 226 210
Other assets 407 61
Total Assets 198,886 230,874
Short-term debt 0 0
Accrued interest payable 224 99
Accrued expenses and other liabilities (58) 0
Asset-backed securities issued 197,354 227,881
Total liabilities 197,520 227,980
Value of our investments in VIEs $ 1,214 $ 2,634
Number of VIEs | investment 20 20
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 198,161 $ 230,455
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Legacy Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 78 5
Accrued interest receivable 11,295 10,885
Other assets 0 0
Total Assets 3,248,543 3,639,355
Short-term debt 0 0
Accrued interest payable 9,003 8,452
Accrued expenses and other liabilities 80 5
Asset-backed securities issued 3,013,249 3,383,048
Total liabilities 3,022,332 3,391,505
Value of our investments in VIEs $ 223,920 $ 245,417
Number of VIEs | investment 17 16
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 3,237,170 $ 3,628,465
Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 15,889 15,221
Accrued interest receivable 17,497 15,737
Other assets 24,084 32,510
Total Assets 3,588,699 3,829,784
Short-term debt 0 0
Accrued interest payable 11,202 11,030
Accrued expenses and other liabilities 1,903 1,171
Asset-backed securities issued 3,179,487 3,474,898
Total liabilities 3,192,592 3,487,099
Value of our investments in VIEs $ 393,015 $ 339,419
Number of VIEs | investment 19 16
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 3,531,229 3,766,316
CAFL | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 5,247 5,792
Other assets 2,544 2,028
Total Assets 1,490,755 1,896,050
Short-term debt 0 0
Accrued interest payable 3,630 4,055
Accrued expenses and other liabilities 0 0
Asset-backed securities issued 1,249,041 1,588,463
Total liabilities 1,252,671 1,592,518
Value of our investments in VIEs $ 236,467 $ 301,795
Number of VIEs | investment 3 3
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 1,482,964 $ 1,888,230
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac SLST | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 0 0
Cash and cash equivalents 0 0
Restricted cash 0 0
Accrued interest receivable 1,299 1,315
Other assets 0 0
Total Assets 428,757 474,829
Short-term debt 0 0
Accrued interest payable 1,173 1,190
Accrued expenses and other liabilities 0 0
Asset-backed securities issued 395,411 441,857
Total liabilities 396,584 443,047
Value of our investments in VIEs $ 32,047 $ 31,657
Number of VIEs | investment 1 1
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Freddie Mac K-Series | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 427,458 473,514
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Other investments 307,723 384,754
Cash and cash equivalents 15,923 6,481
Restricted cash 18,569 25,420
Accrued interest receivable 720 1,462
Other assets 7,270 7,177
Total Assets 350,205 425,294
Short-term debt 233,104 294,447
Accrued interest payable 348 192
Accrued expenses and other liabilities 24,223 28,115
Asset-backed securities issued 0 0
Total liabilities 257,675 322,754
Value of our investments in VIEs $ 92,530 $ 102,540
Number of VIEs | investment 3 3
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
Servicing Investment | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Home equity investments 139,728  
Other investments 0 159,553
Cash and cash equivalents 0 0
Restricted cash 3,540 5,292
Accrued interest receivable 0 0
Other assets 50 50
Total Assets 143,318 164,895
Short-term debt 0 0
Accrued interest payable 0 0
Accrued expenses and other liabilities 24,354 17,034
Asset-backed securities issued 104,751 137,410
Total liabilities 129,105 154,444
Value of our investments in VIEs $ 14,213 $ 10,451
Number of VIEs | investment 1 1
Fair value of securities owned $ 14,000  
HEI | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 $ 0
HEI | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans 0 0
HEI | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities    
Variable Interest Entity [Line Items]    
Fair value of loans $ 0 $ 0
[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.