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Fair Value of Financial Instruments - Schedule of Fair Value Methodology for Level 3 Financial Instruments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / loan
securitization_entity
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
On-balance sheet assets, at fair value:      
Strategic investments | $ $ 3,460 $ 3,460  
Total Assets | $ 19,871,775 [1] 18,258,344 [1] $ 15,057,974
Liabilities      
Total liabilities | $ [1] $ 18,688,281 17,070,481  
Securitization entity | securitization_entity 2    
Payable to non-controlling interests | $ $ 130,255 123,258  
VIEs      
On-balance sheet assets, at fair value:      
Total Assets | $ 15,936,091 14,654,942  
Liabilities      
Total liabilities | $ 14,825,826 13,620,239  
Collateralized Financing Entities | VIEs      
On-balance sheet assets, at fair value:      
Total Assets | $ 15,936,091 14,654,942  
Liabilities      
Total liabilities | $ 14,825,826 13,620,239  
Collateralized Financing Entities | HEI | VIEs      
On-balance sheet assets, at fair value:      
Total Assets | $ 347,051 341,326  
Liabilities      
Total liabilities | $ 296,830 294,018  
Fair value of securities owned | $ 29,000    
Level 3      
On-balance sheet assets, at fair value:      
Total Assets | $ 18,910,673    
Liabilities      
Total liabilities | $ 14,233,834    
Level 3 | ABS Issued      
Liabilities      
ABS issued | $ 14,127,674    
Level 3 | Noncontrolling Interest      
Liabilities      
Non-controlling interests (7) | $ $ 106,160    
Level 3 | Minimum | Whole loan discount rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0.04    
Level 3 | Minimum | Whole loan discount rate | Noncontrolling Interest      
Liabilities      
Non-controlling interest, measurement input 0.13    
Level 3 | Minimum | Prepayment rate (annual CPR) | ABS Issued      
Liabilities      
ABS issued, measurement input 0    
Level 3 | Minimum | Default rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0    
Level 3 | Minimum | Loss severity | ABS Issued      
Liabilities      
ABS issued, measurement input 0    
Level 3 | Maximum | Whole loan discount rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0.18    
Level 3 | Maximum | Whole loan discount rate | Noncontrolling Interest      
Liabilities      
Non-controlling interest, measurement input 0.20    
Level 3 | Maximum | Prepayment rate (annual CPR) | ABS Issued      
Liabilities      
ABS issued, measurement input 0.57    
Level 3 | Maximum | Default rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0.13    
Level 3 | Maximum | Loss severity | ABS Issued      
Liabilities      
ABS issued, measurement input 0.50    
Level 3 | Weighted Average | Whole loan discount rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0.06    
Level 3 | Weighted Average | Whole loan discount rate | Noncontrolling Interest      
Liabilities      
Non-controlling interest, measurement input 0.16    
Level 3 | Weighted Average | Prepayment rate (annual CPR) | ABS Issued      
Liabilities      
ABS issued, measurement input 0.05    
Level 3 | Weighted Average | Default rate | ABS Issued      
Liabilities      
ABS issued, measurement input 0    
Level 3 | Weighted Average | Loss severity | ABS Issued      
Liabilities      
ABS issued, measurement input 0.03    
Residential consumer loans | Level 3      
On-balance sheet assets, at fair value:      
Loans receivable, fair value | $ $ 12,752,258    
Residential consumer loans | Level 3 | Minimum | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.94    
Residential consumer loans | Level 3 | Minimum | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0130    
Residential consumer loans | Level 3 | Minimum | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0170    
Residential consumer loans | Level 3 | Minimum | Senior credit support      
On-balance sheet assets, at fair value:      
Loan purchase commitments, measurement input 0.07    
Residential consumer loans | Level 3 | Minimum | IO discount rate      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 0.07    
Residential consumer loans | Level 3 | Minimum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 27    
Residential consumer loans | Level 3 | Maximum | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 1.81    
Residential consumer loans | Level 3 | Maximum | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0300    
Residential consumer loans | Level 3 | Maximum | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0625    
Residential consumer loans | Level 3 | Maximum | Senior credit support      
On-balance sheet assets, at fair value:      
Loan purchase commitments, measurement input 0.07    
Residential consumer loans | Level 3 | Maximum | IO discount rate      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 0.22    
Residential consumer loans | Level 3 | Maximum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 103    
Residential consumer loans | Level 3 | Weighted Average | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 1.06    
Residential consumer loans | Level 3 | Weighted Average | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0186    
Residential consumer loans | Level 3 | Weighted Average | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Loans held-for-sale, measurement input 0.0268    
Residential consumer loans | Level 3 | Weighted Average | Senior credit support      
On-balance sheet assets, at fair value:      
Loan purchase commitments, measurement input 0.07    
Residential consumer loans | Level 3 | Weighted Average | IO discount rate      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 0.19    
Residential consumer loans | Level 3 | Weighted Average | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 96    
Residential investor term loans | Level 3      
On-balance sheet assets, at fair value:      
Loans receivable, fair value | $ $ 2,559,176    
Residential investor term loans | Level 3 | Minimum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 90    
Residential investor term loans | Level 3 | Minimum | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0245    
Residential investor term loans | Level 3 | Maximum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 100    
Residential investor term loans | Level 3 | Maximum | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0245    
Residential investor term loans | Level 3 | Weighted Average | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 94    
Residential investor term loans | Level 3 | Weighted Average | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0245    
Unsecuritized Bridge Loans | Level 3      
On-balance sheet assets, at fair value:      
Loans receivable, fair value | $ $ 1,880,658    
Unsecuritized Bridge Loans | Level 3 | Minimum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 101    
Unsecuritized Bridge Loans | Level 3 | Minimum | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0445    
Unsecuritized Bridge Loans | Level 3 | Minimum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.07    
Unsecuritized Bridge Loans | Level 3 | Minimum | Dollar price of non-performing loans      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 38    
Unsecuritized Bridge Loans | Level 3 | Maximum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 134    
Unsecuritized Bridge Loans | Level 3 | Maximum | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0445    
Unsecuritized Bridge Loans | Level 3 | Maximum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.13    
Unsecuritized Bridge Loans | Level 3 | Maximum | Dollar price of non-performing loans      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 100    
Unsecuritized Bridge Loans | Level 3 | Weighted Average | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 102    
Unsecuritized Bridge Loans | Level 3 | Weighted Average | Whole loan spread      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.0445    
Unsecuritized Bridge Loans | Level 3 | Weighted Average | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 0.08    
Unsecuritized Bridge Loans | Level 3 | Weighted Average | Dollar price of non-performing loans      
On-balance sheet assets, at fair value:      
Loans held-for-investment, measurement input 80    
Consolidated Agency Multifamily Loans | Level 3      
On-balance sheet assets, at fair value:      
Loans receivable, fair value | $ $ 423,673    
Consolidated Agency Multifamily Loans | Level 3 | Minimum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 99    
Consolidated Agency Multifamily Loans | Level 3 | Maximum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 99    
Consolidated Agency Multifamily Loans | Level 3 | Weighted Average | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 99    
HEI | Collateralized Financing Entities | HEI | VIEs      
Liabilities      
Fair value of securities owned | $ $ 50,000    
HEI | Level 3      
On-balance sheet assets, at fair value:      
Home appreciation options | $ $ 600,386    
HEI | Level 3 | Minimum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 142    
HEI | Level 3 | Minimum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
HEI 0.10    
HEI | Level 3 | Minimum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
HEI 0.01    
HEI | Level 3 | Minimum | Default rate      
On-balance sheet assets, at fair value:      
HEI 0.04    
HEI | Level 3 | Maximum | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 199    
HEI | Level 3 | Maximum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
HEI 0.10    
HEI | Level 3 | Maximum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
HEI 0.20    
HEI | Level 3 | Maximum | Default rate      
On-balance sheet assets, at fair value:      
HEI 0.04    
HEI | Level 3 | Weighted Average | Liability price      
On-balance sheet assets, at fair value:      
Loans receivable, measurement input 160    
HEI | Level 3 | Weighted Average | Whole loan discount rate      
On-balance sheet assets, at fair value:      
HEI 0.10    
HEI | Level 3 | Weighted Average | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
HEI 0.14    
HEI | Level 3 | Weighted Average | Default rate      
On-balance sheet assets, at fair value:      
HEI 0.04    
Real estate securities - trading and AFS securities | Level 3      
On-balance sheet assets, at fair value:      
Real estate securities - trading and AFS securities | $ $ 375,965    
Real estate securities - trading and AFS securities | Level 3 | Minimum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.05    
Real estate securities - trading and AFS securities | Level 3 | Minimum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0    
Real estate securities - trading and AFS securities | Level 3 | Minimum | Default rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0    
Real estate securities - trading and AFS securities | Level 3 | Minimum | Loss severity      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.25    
Real estate securities - trading and AFS securities | Level 3 | Maximum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.40    
Real estate securities - trading and AFS securities | Level 3 | Maximum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.50    
Real estate securities - trading and AFS securities | Level 3 | Maximum | Default rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.08    
Real estate securities - trading and AFS securities | Level 3 | Maximum | Loss severity      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.50    
Real estate securities - trading and AFS securities | Level 3 | Weighted Average | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.13    
Real estate securities - trading and AFS securities | Level 3 | Weighted Average | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.10    
Real estate securities - trading and AFS securities | Level 3 | Weighted Average | Default rate      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0    
Real estate securities - trading and AFS securities | Level 3 | Weighted Average | Loss severity      
On-balance sheet assets, at fair value:      
Trading and AFS securities 0.24    
Servicing Investments | Level 3      
On-balance sheet assets, at fair value:      
Servicing investments | $ $ 298,290    
Servicing Investments | Level 3 | Minimum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.08    
Servicing Investments | Level 3 | Minimum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.02    
Servicing Investments | Level 3 | Maximum | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.19    
Servicing Investments | Level 3 | Maximum | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.50    
Servicing Investments | Level 3 | Weighted Average | Whole loan discount rate      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.13    
Servicing Investments | Level 3 | Weighted Average | Prepayment rate (annual CPR)      
On-balance sheet assets, at fair value:      
Servicing asset, measurement input 0.13    
Derivative Assets, Net | Level 3      
On-balance sheet assets, at fair value:      
Derivative assets, net | $ $ 16,807    
Derivative Assets, Net | Level 3 | Minimum | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.94    
Derivative Assets, Net | Level 3 | Minimum | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0130    
Derivative Assets, Net | Level 3 | Minimum | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0170    
Derivative Assets, Net | Level 3 | Minimum | Senior credit support      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.07    
Derivative Assets, Net | Level 3 | Minimum | IO discount rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.07    
Derivative Assets, Net | Level 3 | Minimum | Pull-through rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.01    
Derivative Assets, Net | Level 3 | Maximum | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 1.81    
Derivative Assets, Net | Level 3 | Maximum | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0300    
Derivative Assets, Net | Level 3 | Maximum | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0625    
Derivative Assets, Net | Level 3 | Maximum | Senior credit support      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.07    
Derivative Assets, Net | Level 3 | Maximum | IO discount rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.22    
Derivative Assets, Net | Level 3 | Maximum | Pull-through rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 1    
Derivative Assets, Net | Level 3 | Weighted Average | Senior credit spread to TBA price      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 1.06    
Derivative Assets, Net | Level 3 | Weighted Average | Senior credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0186    
Derivative Assets, Net | Level 3 | Weighted Average | Subordinate credit spread to Swap rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.0268    
Derivative Assets, Net | Level 3 | Weighted Average | Senior credit support      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.07    
Derivative Assets, Net | Level 3 | Weighted Average | IO discount rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.19    
Derivative Assets, Net | Level 3 | Weighted Average | Pull-through rate      
On-balance sheet assets, at fair value:      
Derivative assets, net measurement input 0.58    
Strategic investments | Level 3      
On-balance sheet assets, at fair value:      
Strategic investments | $ $ 3,460    
Strategic investments | Level 3 | Minimum | Transaction Price      
On-balance sheet assets, at fair value:      
Strategic investments, measurement input 200    
Strategic investments | Level 3 | Maximum | Transaction Price      
On-balance sheet assets, at fair value:      
Strategic investments, measurement input 1,000    
Strategic investments | Level 3 | Weighted Average | Transaction Price      
On-balance sheet assets, at fair value:      
Strategic investments, measurement input 494    
Sequoia      
Liabilities      
Fair value of securities owned | $ $ 533,000    
CAFL      
Liabilities      
Fair value of securities owned | $ 327,000 326,000  
Freddie Mac SLST      
Liabilities      
Fair value of securities owned | $ 264,000 $ 242,000  
Freddie Mac K-Series      
Liabilities      
Fair value of securities owned | $ $ 36,000    
[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 March 31, 2025 and December 31, 2024, assets of consolidated VIEs totaled $15,936,091 and $14,654,942, respectively. At March 31, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $14,825,826 and $13,620,239, respectively. See Note 16 for further discussion.