Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)		Dec. 31, 2016 USD ($)		Dec. 31, 2015 USD ($)
Cash Flows From Operating Activities:
Net income	$ 140,406		$ 131,252		$ 102,088
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	(18,250)		(26,487)		(34,089)
Depreciation and amortization of non-financial assets	1,213		1,140		824
Purchases of held-for-sale loans	(5,705,842)		(4,953,619)		(11,045,813)
Proceeds from sales of held-for-sale loans	3,903,147		4,192,671		9,761,010
Principal payments on held-for-sale loans	52,956		80,033		80,299
Net settlements of derivatives	(9,950)		(7,301)		(59,406)
Reversal of provision for loan losses	0		(7,102)		(355)
Non-cash equity award compensation expense	10,378		12,648		11,806
Market valuation adjustments	(51,484)		12,917		51,975
Realized gains, net	(13,355)		(28,009)		(36,369)
Net change in:
Accrued interest receivable and other assets	(17,562)		42,572		(88,173)
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities	(4,820)		3,632		5,993
Net cash used in operating activities	(1,713,163)		(545,653)		(1,250,210)
Cash Flows From Investing Activities:
Purchases of loans held-for-investment	0		0		(22,219)
Proceeds from sales of loans held-for-investment	0		235,604		6,459
Principal payments on loans held-for-investment	523,561		798,831		500,239
Purchases of real estate securities	(600,875)		(318,268)		(179,265)
Proceeds from sales of real estate securities	228,420		497,191		439,493
Principal payments on real estate securities	77,778		80,055		138,630
Purchase of mortgage servicing rights	(643)		(15,338)		(32,388)
Proceeds from sales of mortgage servicing rights	52,137		58,642		17,235
Net change in restricted cash	6,479		(3,056)		(4,939)
Net cash provided by investing activities	286,857		1,333,661		863,245
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt	4,895,889		3,918,083		8,570,291
Repayments on short-term debt	(4,036,634)		(4,981,547)		(8,534,802)
Proceeds from issuance of asset-backed securities	567,100		0		0
Repayments on asset-backed securities issued	(205,163)		(261,351)		(388,962)
Deferred debt issuance costs	(7,380)		0		(33)
Proceeds from issuance of long-term debt	245,000		771,287		1,400,222
Repayments on long-term debt	0		(118,146)		(527,371)
Net settlements of derivatives	(137)		(156)		(43)
Net proceeds from issuance of common stock	302		304		7,301
Net payments on repurchase of common stock	(8,417)		(28,073)		(85,820)
Taxes paid on equity award distributions	(4,136)		(7,329)		(8,448)
Dividends paid	(88,299)		(88,465)		(94,871)
Net cash provided by (used in) financing activities	1,358,125		(795,393)		337,464
Net decrease in cash and cash equivalents	(68,181)		(7,385)		(49,501)
Cash and cash equivalents at beginning of period	212,844	[1]	220,229		269,730
Cash and cash equivalents at end of period	144,663	[1]	212,844	[1]	220,229
Cash paid during the period for:
Interest	103,279		87,164		86,849
Taxes	2,746		1,303		165
Supplemental Noncash Information:
Real estate securities retained from loan securitizations	79,662		9,127		244,177
Retention of mortgage servicing rights from loan securitizations and sales	7,387		10,060		64,725
Transfers from loans held-for-sale to loans held-for-investment	1,245,430		1,063,860		1,555,814
Transfers from loans held-for-investment to loans held-for-sale	98,854		359,005		154,012
Transfers from residential loans to real estate owned	$ 4,220		$ 11,632		$ 8,500

[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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,259,774 and $798,317, respectively. At December 31, 2017 and December 31, 2016, liabilities of consolidated VIEs totaled $1,167,157 and $773,980, respectively. See Note 4 for further discussion.