Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Assets
Real estate securities, at fair value		$ 133,780	$ 170,619
MSRs		239,552	310,953
Derivative assets	[1]	36,587	26,467
Liabilities
Derivative liabilities	[1]	6,591	3,317
ABS issued, net, At fair value		7,993,953	8,843,147
Residential loans, held-for-sale, at fair value
Assets
Loans receivable, fair value		1,207,185	1,838,797
Servicer advance investments
Assets
MSRs		273,210	350,923
Carrying Value
Assets
Real estate securities, at fair value		284,278	377,411
Other financial instruments		10,869	12,663
Cash and cash equivalents		371,296	450,485
Restricted cash		72,558	80,999
Derivative assets		36,587	26,467
Margin receivable		11,420	7,269
Liabilities
Margin payable		15,023	24,368
Guarantee obligation		6,768	7,459
Derivative liabilities		6,591	3,317
ABS issued, net, At fair value		7,993,953	8,843,147
ABS issued, net, At amortized cost		590,193	410,410
Other long-term debt, net		1,104,050	988,483
Convertible notes, net		723,267	513,629
Trust preferred securities and subordinated notes, net		138,744	138,721
Carrying Value | Servicer Advance Investments
Assets
MSRs		273,210	350,923
Carrying Value | MSRs
Assets
MSRs		23,560	12,438
Carrying Value | Excess MSRs
Assets
REO		40,803	44,231
Carrying Value | REO
Assets
REO		7,813	36,126
Carrying Value | Short-term debt
Liabilities
Short-term debt		1,869,822	2,177,362
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		1,213,067	1,845,248
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		5,365,531	5,747,150
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		505,171	358,309
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		4,697,766	4,432,680
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value
Assets
Loans receivable, fair value		443,114	473,514
Fair Value
Assets
Real estate securities, at fair value		284,278	377,411
Other financial instruments		10,869	12,663
Cash and cash equivalents		371,296	450,485
Restricted cash		72,558	80,999
Derivative assets		36,587	26,467
Margin receivable		11,420	7,269
Liabilities
Margin payable		15,023	24,368
Guarantee obligation		6,241	7,133
Derivative liabilities		6,591	3,317
ABS issued, net, At fair value		7,993,953	8,843,147
ABS issued, net, At amortized cost		569,731	410,471
Other long-term debt, net		1,101,622	989,570
Convertible notes, net		684,922	537,300
Trust preferred securities and subordinated notes, net		83,700	97,650
Fair Value | Servicer Advance Investments
Assets
MSRs		273,210	350,923
Fair Value | MSRs
Assets
MSRs		23,560	12,438
Fair Value | Excess MSRs
Assets
REO		40,803	44,231
Fair Value | REO
Assets
REO		9,170	39,272
Fair Value | Short-term debt
Liabilities
Short-term debt		1,869,822	2,177,362
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		1,213,067	1,845,248
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		5,365,531	5,747,150
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value
Assets
Loans, held-for-sale		505,171	358,309
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value
Assets
Loans receivable, fair value		4,697,766	4,432,680
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value
Assets
Loans receivable, fair value		443,114	473,514
HEIs at Redwood | Carrying Value
Assets
Shared home appreciation options		276,366	192,740
Liabilities
HEI securitization non-controlling interest		25,422	17,035
HEIs at Redwood | Fair Value
Assets
Shared home appreciation options		276,366	192,740
Liabilities
HEI securitization non-controlling interest		$ 25,422	$ 17,035

[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 June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,951,520 and $10,661,081, respectively. At June 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,899,020 and $9,619,347, respectively. See Note 4 for further discussion.