Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Real estate securities, at fair value		$ 108,329	$ 170,619
Shared home appreciation options	[1]	403,462	192,740
Derivative assets	[1]	20,830	26,467
Liabilities
Derivative liabilities	[1]	16,855	3,317
ABS issued, net, At fair value		7,424,132	8,843,147
Residential loans, held-for-sale at fair value
Assets
Loans, held-for-investment		775,545	1,838,797
Residential Loans
Assets
MSRs		269,259	350,923
Carrying Value
Assets
Real estate securities, at fair value		240,475	377,411
Other investments		6,155	12,663
Cash and cash equivalents		258,894	450,485
Restricted cash		70,470	80,999
Derivative assets		20,830	26,467
Margin receivable		13,802	7,269
Liabilities
Margin payable		5,944	24,368
Guarantee obligation		6,344	7,459
Derivative liabilities		16,855	3,317
ABS issued, net, At fair value		7,424,132	8,843,147
ABS issued, at amortized cost		562,620	410,410
Other long-term debt, net		1,077,200	988,483
Other long-term debt, net		693,473	513,629
Trust preferred securities and subordinated notes, net		138,767	138,721
Carrying Value | HEI at Redwood
Assets
Shared home appreciation options		403,462	192,740
Liabilities
HEI securitization non-controlling interest		22,329	17,035
Carrying Value | Servicer advance investments
Assets
MSRs		269,259	350,923
Carrying Value | MSRs
Assets
MSRs		25,421	12,438
Carrying Value | Excess MSRs
Assets
Other assets		39,035	44,231
Carrying Value | REO
Assets
Other assets		6,455	36,126
Carrying Value | Credit facilities
Liabilities
Short-term debt		1,853,664	2,177,362
Carrying Value | Residential Loans | Residential loans, held-for-sale at fair value
Assets
Loans, held-for-sale		780,781	1,845,248
Carrying Value | Residential Loans | Residential loans, held-for-investment, at fair value
Assets
Loans, held-for-investment		4,832,407	5,747,150
Carrying Value | Residential Loans | Business purpose loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		364,073	358,309
Carrying Value | Residential Loans | Business purpose loans, held-for-investment, at fair value
Assets
Loans, held-for-investment		4,968,513	4,432,680
Carrying Value | Residential Loans | Multifamily securities
Assets
Loans, held-for-investment		424,551	473,514
Fair Value
Assets
Real estate securities, at fair value		240,475	377,411
Other investments		6,155	12,663
Cash and cash equivalents		258,894	450,485
Restricted cash		70,470	80,999
Derivative assets		20,830	26,467
Margin receivable		13,802	7,269
Liabilities
Margin payable		5,944	24,368
Guarantee obligation		4,738	7,133
Derivative liabilities		16,855	3,317
ABS issued, net, At fair value		7,424,132	8,843,147
ABS issued, at amortized cost		524,768	410,471
Other long-term debt, net		1,069,946	989,570
Other long-term debt, net		638,049	537,300
Trust preferred securities and subordinated notes, net		83,700	97,650
Fair Value | HEI at Redwood
Assets
Shared home appreciation options		403,462	192,740
Liabilities
HEI securitization non-controlling interest		22,329	17,035
Fair Value | Servicer advance investments
Assets
MSRs		269,259	350,923
Fair Value | MSRs
Assets
MSRs		25,421	12,438
Fair Value | Excess MSRs
Assets
Other assets		39,035	44,231
Fair Value | REO
Assets
Other assets		4,185	39,272
Fair Value | Credit facilities
Liabilities
Short-term debt		1,853,664	2,177,362
Fair Value | Residential Loans | Residential loans, held-for-sale at fair value
Assets
Loans, held-for-sale		780,781	1,845,248
Fair Value | Residential Loans | Residential loans, held-for-investment, at fair value
Assets
Loans, held-for-investment		4,832,407	5,747,150
Fair Value | Residential Loans | Business purpose loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		364,073	358,309
Fair Value | Residential Loans | Business purpose loans, held-for-investment, at fair value
Assets
Loans, held-for-investment		4,968,513	4,432,680
Fair Value | Residential Loans | Multifamily securities
Assets
Loans, held-for-investment		$ 424,551	$ 473,514

[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 December 31, 2022 and 2021, assets of consolidated VIEs totaled $9,257,291 and $10,661,081, respectively. At December 31, 2022 and 2021, liabilities of consolidated VIEs totaled $8,270,276 and $9,619,347, respectively. See Note 4 for further discussion.