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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, 2023 | Dec. 31, 2022
--- | --- | ---
Assets |  |  |
Real estate securities, at fair value |  | $ 48,041 | $ 108,329
HEI | [1] | 431,272 | 403,462
Derivative assets | [1] | 37,686 | 20,830
Liabilities |  |  |
Derivative liabilities | [1] | 8,781 | 16,855
ABS issued, net, At fair value |  | 7,910,345 | 7,424,132
Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 608,649 | 775,545
Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 219,813 | 269,259
Carrying Value |  |  |
Assets |  |  |
Real estate securities, at fair value |  | 129,445 | 240,475
HEI |  | 431,272 | 403,462
Other investments |  | 5,583 | 6,155
Cash and cash equivalents |  | 203,622 | 258,894
Restricted cash |  | 56,101 | 70,470
Derivative assets |  | 37,686 | 20,830
Margin receivable |  | 10,536 | 13,802
Liabilities |  |  |
Margin payable |  | 25,210 | 5,944
Guarantee obligation |  | 5,913 | 6,344
HEI securitization non-controlling interest |  | 25,627 | 22,329
Derivative liabilities |  | 8,781 | 16,855
ABS issued, net, At fair value |  | 7,910,345 | 7,424,132
ABS issued, net, At amortized cost |  | 481,705 | 562,620
Other long-term debt, net |  | 1,320,733 | 1,077,200
Convertible notes, net |  | 517,662 | 693,473
Trust preferred securities and subordinated notes, net |  | 138,802 | 138,767
Carrying Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 219,813 | 269,259
Carrying Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 26,033 | 25,421
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
Excess MSRs |  | 38,427 | 39,035
Carrying Value | Short-term debt |  |  |
Liabilities |  |  |
Short-term debt |  | 1,329,017 | 1,853,664
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 610,918 | 780,781
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 5,236,391 | 4,832,407
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 102,777 | 364,073
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 5,146,553 | 4,968,513
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 420,554 | 424,551
Fair Value |  |  |
Assets |  |  |
Real estate securities, at fair value |  | 129,445 | 240,475
HEI |  | 431,272 | 403,462
Other investments |  | 5,583 | 6,155
Cash and cash equivalents |  | 203,622 | 258,894
Restricted cash |  | 56,101 | 70,470
Derivative assets |  | 37,686 | 20,830
Margin receivable |  | 10,536 | 13,802
Liabilities |  |  |
Margin payable |  | 25,210 | 5,944
Guarantee obligation |  | 3,734 | 4,738
HEI securitization non-controlling interest |  | 25,627 | 22,329
Derivative liabilities |  | 8,781 | 16,855
ABS issued, net, At fair value |  | 7,910,345 | 7,424,132
ABS issued, net, At amortized cost |  | 454,973 | 524,768
Other long-term debt, net |  | 1,315,014 | 1,069,946
Convertible notes, net |  | 489,828 | 638,049
Trust preferred securities and subordinated notes, net |  | 97,650 | 83,700
Fair Value | Servicer Advance Investments |  |  |
Assets |  |  |
MSRs |  | 219,813 | 269,259
Fair Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 26,033 | 25,421
Fair Value | Excess MSRs |  |  |
Assets |  |  |
Excess MSRs |  | 38,427 | 39,035
Fair Value | Short-term debt |  |  |
Liabilities |  |  |
Short-term debt |  | 1,327,134 | 1,853,664
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 610,918 | 780,781
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 5,236,391 | 4,832,407
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 102,777 | 364,073
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 5,146,553 | 4,968,513
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value |  |  |
Assets |  |  |
Loans receivable, fair value |  | $ 420,554 | $ 424,551
[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, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,639,117 and $9,257,291, respectively. At September 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,635,696 and $8,270,276, respectively. See Note 4 for further discussion.

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- Definition Fair value portion of guarantee, including, but not limited to, financial standby letter of credit, fair value guarantee, guarantee of collection of scheduled contractual cash flows from financial assets, and contracts that contingently require the guarantor to make payments or perform services. + References No definition available. + Details
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- Definition Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables. + References No definition available. + Details
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- Definition Fair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- Definition Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481260/860-50-45-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481260/860-50-45-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481260/860-50-45-2 + Details
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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