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Fair Value of Financial Instruments - Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
$ / loan
securitization_entity
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Assets      
Other assets [1] $ 427,687 $ 402,944  
Total Assets 18,427,426 [1] 14,504,327 [1] $ 13,021,138
Liabilities      
Total liabilities [1] $ 17,204,426 13,301,634  
Securitization entity | securitization_entity 2    
VIEs      
Assets      
Total Assets $ 14,312,672 10,988,885  
Liabilities      
Total liabilities 13,354,497 10,096,308  
Collateralized Financing Entities | VIEs      
Assets      
Other assets 37,054 24,443  
Total Assets 14,312,672 10,988,885  
Liabilities      
Total liabilities 13,354,497 10,096,308  
HEI | Collateralized Financing Entities | VIEs      
Assets      
Other assets 414 62  
Total Assets 341,220 316,600  
Liabilities      
Total liabilities 295,072 282,240  
Fair value of securities owned 46,000    
Level 3      
Assets      
Total Assets   17,531,750  
Liabilities      
Total liabilities 12,648,727    
ABS Issued | Level 3      
Liabilities      
ABS issued 12,564,029    
Other liabilities | Level 3      
Liabilities      
Other liabilities $ 84,698    
Minimum | Whole loan discount rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.04    
Minimum | Prepayment rate (annual CPR) | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0    
Minimum | Default rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0    
Minimum | Loss severity | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0    
Maximum | Whole loan discount rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.30    
Maximum | Prepayment rate (annual CPR) | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.30    
Maximum | Default rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.17    
Maximum | Loss severity | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.50    
Weighted Average | Whole loan discount rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.06    
Weighted Average | Prepayment rate (annual CPR) | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.05    
Weighted Average | Default rate | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.04    
Weighted Average | Loss severity | ABS Issued | Level 3      
Liabilities      
ABS issued, measurement input 0.20    
Residential consumer loans | Level 3      
Assets      
Loans receivable, fair value $ 11,157,159    
Residential consumer loans | Minimum | Senior credit spread to TBA price | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.75    
Residential consumer loans | Minimum | Senior credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0170    
Residential consumer loans | Minimum | Subordinate credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0225    
Residential consumer loans | Minimum | Senior credit support | Level 3      
Assets      
Loan purchase commitments, measurement input 0.07    
Residential consumer loans | Minimum | IO discount rate | Level 3      
Assets      
Loans receivable, measurement input 0.25    
Residential consumer loans | Minimum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 37    
Residential consumer loans | Maximum | Senior credit spread to TBA price | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 1.75    
Residential consumer loans | Maximum | Senior credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0200    
Residential consumer loans | Maximum | Subordinate credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0900    
Residential consumer loans | Maximum | Senior credit support | Level 3      
Assets      
Loan purchase commitments, measurement input 0.10    
Residential consumer loans | Maximum | IO discount rate | Level 3      
Assets      
Loans receivable, measurement input 0.28    
Residential consumer loans | Maximum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 103    
Residential consumer loans | Weighted Average | Senior credit spread to TBA price | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.93    
Residential consumer loans | Weighted Average | Senior credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0190    
Residential consumer loans | Weighted Average | Subordinate credit spread to Swap rate | Level 3      
Assets      
Loans held-for-sale, measurement input | $ / loan 0.0341    
Residential consumer loans | Weighted Average | Senior credit support | Level 3      
Assets      
Loan purchase commitments, measurement input 0.08    
Residential consumer loans | Weighted Average | IO discount rate | Level 3      
Assets      
Loans receivable, measurement input 0.27    
Residential consumer loans | Weighted Average | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 95    
Residential investor term loans | Level 3      
Assets      
Loans receivable, fair value $ 2,836,370    
Residential investor term loans | Minimum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 92    
Residential investor term loans | Minimum | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0250    
Residential investor term loans | Maximum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 103    
Residential investor term loans | Maximum | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0260    
Residential investor term loans | Weighted Average | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 95    
Residential investor term loans | Weighted Average | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0254    
Residential investor bridge loans held-for-investment | Level 3      
Assets      
Loans receivable, fair value $ 1,909,804    
Residential investor bridge loans held-for-investment | Minimum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 102    
Residential investor bridge loans held-for-investment | Minimum | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0435    
Residential investor bridge loans held-for-investment | Minimum | Whole loan discount rate | Level 3      
Assets      
Loans held-for-investment, measurement input 0.05    
Residential investor bridge loans held-for-investment | Minimum | Dollar price of non-performing loans | Level 3      
Assets      
Loans held-for-investment, measurement input | $ / loan 38    
Residential investor bridge loans held-for-investment | Maximum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 109    
Residential investor bridge loans held-for-investment | Maximum | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0435    
Residential investor bridge loans held-for-investment | Maximum | Whole loan discount rate | Level 3      
Assets      
Loans held-for-investment, measurement input 0.18    
Residential investor bridge loans held-for-investment | Maximum | Dollar price of non-performing loans | Level 3      
Assets      
Loans held-for-investment, measurement input | $ / loan 100    
Residential investor bridge loans held-for-investment | Weighted Average | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 103    
Residential investor bridge loans held-for-investment | Weighted Average | Whole loan spread | Level 3      
Assets      
Loans held-for-investment, measurement input 0.0435    
Residential investor bridge loans held-for-investment | Weighted Average | Whole loan discount rate | Level 3      
Assets      
Loans held-for-investment, measurement input 0.09    
Residential investor bridge loans held-for-investment | Weighted Average | Dollar price of non-performing loans | Level 3      
Assets      
Loans held-for-investment, measurement input | $ / loan 88    
Consolidated Agency multifamily loans | Level 3      
Assets      
Loans receivable, fair value $ 425,648    
Consolidated Agency multifamily loans | Minimum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 98    
Consolidated Agency multifamily loans | Maximum | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 98    
Consolidated Agency multifamily loans | Weighted Average | Liability price | Level 3      
Assets      
Loans receivable, measurement input | $ / loan 98    
Trading and AFS securities | Level 3      
Assets      
Trading and AFS securities $ 334,141    
Trading and AFS securities | Minimum | Whole loan discount rate | Level 3      
Assets      
Trading and AFS securities 0.05    
Trading and AFS securities | Minimum | Prepayment rate (annual CPR) | Level 3      
Assets      
Trading and AFS securities 0    
Trading and AFS securities | Minimum | Default rate | Level 3      
Assets      
Trading and AFS securities 0    
Trading and AFS securities | Minimum | Loss severity | Level 3      
Assets      
Trading and AFS securities 0.25    
Trading and AFS securities | Maximum | Whole loan discount rate | Level 3      
Assets      
Trading and AFS securities 0.40    
Trading and AFS securities | Maximum | Prepayment rate (annual CPR) | Level 3      
Assets      
Trading and AFS securities 0.40    
Trading and AFS securities | Maximum | Default rate | Level 3      
Assets      
Trading and AFS securities 0.18    
Trading and AFS securities | Maximum | Loss severity | Level 3      
Assets      
Trading and AFS securities 0.50    
Trading and AFS securities | Weighted Average | Whole loan discount rate | Level 3      
Assets      
Trading and AFS securities 0.12    
Trading and AFS securities | Weighted Average | Prepayment rate (annual CPR) | Level 3      
Assets      
Trading and AFS securities 0.13    
Trading and AFS securities | Weighted Average | Default rate | Level 3      
Assets      
Trading and AFS securities 0.001    
Trading and AFS securities | Weighted Average | Loss severity | Level 3      
Assets      
Trading and AFS securities 0.25    
Home Equity Investments (HEI) | Level 3      
Assets      
Home Equity Investments (HEI) $ 590,080    
Home Equity Investments (HEI) | Minimum | Whole loan discount rate | Level 3      
Assets      
HEI, Measurement input 0.10    
Home Equity Investments (HEI) | Minimum | Prepayment rate (annual CPR) | Level 3      
Assets      
HEI, Measurement input 0.01    
Home Equity Investments (HEI) | Minimum | Home price appreciation (depreciation) | Level 3      
Assets      
HEI, Measurement input 0.04    
Home Equity Investments (HEI) | Maximum | Whole loan discount rate | Level 3      
Assets      
HEI, Measurement input 0.10    
Home Equity Investments (HEI) | Maximum | Prepayment rate (annual CPR) | Level 3      
Assets      
HEI, Measurement input 0.20    
Home Equity Investments (HEI) | Maximum | Home price appreciation (depreciation) | Level 3      
Assets      
HEI, Measurement input 0.04    
Home Equity Investments (HEI) | Weighted Average | Whole loan discount rate | Level 3      
Assets      
HEI, Measurement input 0.10    
Home Equity Investments (HEI) | Weighted Average | Prepayment rate (annual CPR) | Level 3      
Assets      
HEI, Measurement input 0.14    
Home Equity Investments (HEI) | Weighted Average | Home price appreciation (depreciation) | Level 3      
Assets      
HEI, Measurement input 0.04    
Servicer advance investments | Level 3      
Assets      
Servicing asset $ 212,446    
Servicer advance investments | Minimum | Level 3      
Assets      
Expected remaining life 5 years    
Servicer advance investments | Minimum | Whole loan discount rate | Level 3      
Assets      
Servicing asset, measurement input 0.11    
Servicer advance investments | Minimum | Mortgage servicing income | Level 3      
Assets      
Loan purchase commitments, measurement input 0.0002    
Servicer advance investments | Maximum | Level 3      
Assets      
Expected remaining life 5 years    
Servicer advance investments | Maximum | Whole loan discount rate | Level 3      
Assets      
Servicing asset, measurement input 0.30    
Servicer advance investments | Maximum | Mortgage servicing income | Level 3      
Assets      
Loan purchase commitments, measurement input 0.0049    
Servicer advance investments | Weighted Average | Level 3      
Assets      
Expected remaining life 5 years    
Servicer advance investments | Weighted Average | Whole loan discount rate | Level 3      
Assets      
Servicing asset, measurement input 0.14    
Servicer advance investments | Weighted Average | Mortgage servicing income | Level 3      
Assets      
Loan purchase commitments, measurement input 0.0009    
Other assets | Level 3      
Assets      
Other assets $ 66,102    
Sequoia      
Liabilities      
Fair value of securities owned 333,000    
Freddie Mac K-Series      
Liabilities      
Fair value of securities owned $ 34,000    
BPL bridge loans held by CAFL      
Liabilities      
Securitization entity | securitization_entity 1    
Residential investor term loans held by CAFL      
Liabilities      
Fair value of securities owned $ 339,000 323,000  
At consolidated CAFL Bridge entities      
Liabilities      
Fair value of securities owned 26,000 22,000  
Freddie Mac SLST      
Liabilities      
Fair value of securities owned $ 268,000 $ 274,000  
[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, 2024 and December 31, 2023, assets of consolidated VIEs totaled $14,312,672 and $10,988,885, respectively. At September 30, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $13,354,497 and $10,096,308, respectively. See Note 15 for further discussion.