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Multifamily Loans (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
Sep. 30, 2020
USD ($)
loan
Mar. 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
loan
Sep. 30, 2019
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Multifamily loans deconsolidated       $ 3,850,000      
Multifamily loans, held-for-investment, at fair value              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Net market valuation gain (loss)         $ 47,353    
Multifamily loans, held-for-investment, at fair value | Maximum              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Weighted average maturity (in years)           10 years  
Redwood | Multifamily loans, held-for-investment, at fair value              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Number of loans | loan 28 279          
Loan principal $ 464,680 $ 4,195,000 $ 464,680     $ 464,680  
Loans, at fair value $ 491,415 $ 4,408,524 $ 491,415     $ 491,415  
Weighted average coupon rate 4.25% 4.13% 4.25%     4.25%  
Contract maturities   6 years       5 years  
Number of loans in foreclosure | loan 0 0 0     0  
Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due | Multifamily loans, held-for-investment, at fair value              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Number of loans past due | loan 0 0 0     0  
Held-for-investment at fair value | Multifamily loans, held-for-investment, at fair value              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Net market valuation gain (loss)     $ 2,340     $ (61,500) $ 178,374
Held-for-investment at fair value | Redwood              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Number of loans | loan 0 2,940          
Loan principal $ 0 $ 2,052,778 0     0  
Loans, at fair value $ 0 $ 2,111,897 $ 0     $ 0  
Number of loans in foreclosure | loan 0 0 0     0  
Held-for-investment at fair value | Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loan principal $ 0 $ 1,424 $ 0     $ 0  
Number of loans past due | loan 0 2 0     0