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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Real estate securities, at fair value		$ 116,933	$ 170,619
Other investments	[1]	412,762	449,229
Derivative assets	[1]	65,213	26,467
Liabilities
Derivative liabilities	[1]	6,782	3,317
ABS issued		7,564,312	8,843,147
Fair Value, Measurements, Recurring
Assets
Business purpose loans		5,257,218	4,790,989
Consolidated Agency multifamily loans		427,458	473,514
Real estate securities, at fair value		259,212	377,411
Servicer advance investments		274,934	350,923
MSRs		24,796	12,438
Excess MSRs		40,452	44,231
HEIs		340,437	192,740
Other investments		11,174	17,574
Derivative assets		65,213	26,467
FHLBC stock			10
Liabilities
HEI securitization non-controlling interest		24,355	17,035
Derivative liabilities		6,782	3,317
ABS issued		7,564,312	8,843,147
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		5,752,524	7,592,398
Fair Value, Measurements, Recurring | Level 1
Assets
Business purpose loans		0	0
Consolidated Agency multifamily loans		0	0
Real estate securities, at fair value		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		39,843	2,906
FHLBC stock			0
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		6,547	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
Consolidated Agency multifamily loans		0	0
Real estate securities, at fair value		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		24,626	18,928
FHLBC stock			10
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		23	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		5,257,218	4,790,989
Consolidated Agency multifamily loans		427,458	473,514
Real estate securities, at fair value		259,212	377,411
Servicer advance investments		274,934	350,923
MSRs		24,796	12,438
Excess MSRs		40,452	44,231
HEIs		340,437	192,740
Other investments		11,174	17,574
Derivative assets		744	4,633
FHLBC stock			0
Liabilities
HEI securitization non-controlling interest		24,355	17,035
Derivative liabilities		212	503
ABS issued		7,564,312	8,843,147
Fair Value, Measurements, Recurring | Level 3 | Residential Loans
Assets
Residential loans		$ 5,752,524	$ 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 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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