Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Cash Flows From Operating Activities:
Net income		$ (581,847)		$ 169,183		$ 119,600
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization of premiums, discounts, and debt issuance costs, net		8,550		(5,066)		(13,687)
Depreciation and amortization of non-financial assets		17,365		10,133		1,308
Originations of held-for-sale loans		(1,004,058)		(569,915)		0
Purchases of held-for-sale loans		(4,431,468)		(5,823,547)		(7,162,131)
Proceeds from sales of held-for-sale loans		4,776,469		5,198,089		5,383,313
Principal payments on held-for-sale loans		62,736		106,183		66,892
Net settlements of derivatives		(201,036)		(66,059)		51,115
Non-cash equity award compensation expense		15,298		14,957		13,736
Goodwill impairment expense		88,675		0		0
Market valuation adjustments		541,399		(97,006)		(24,069)
Realized gains, net		(30,424)		(23,821)		(27,041)
Net change in:
Accrued interest receivable and other assets		301,381		(83,210)		(41,849)
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities		(68,507)		4,502		21,080
Net cash used in operating activities		(505,467)		(1,165,577)		(1,611,733)
Cash Flows From Investing Activities:
Originations of loans held-for-investment		(426,404)		(448,189)		0
Purchases of loans held-for-investment		0		(49,489)		(147,523)
Proceeds from sales of loans held-for-investment		1,574,160		9,422		0
Principal payments on loans held-for-investment		2,256,196		1,751,303		781,063
Purchases of real estate securities		(112,626)		(345,403)		(609,568)
Sales of multifamily securities held in consolidated securitization trusts		142,990		0		0
Proceeds from sales of real estate securities		658,899		707,357		582,331
Principal payments on real estate securities		27,210		84,303		84,495
Purchases of servicer advance investments		(179,419)		(69,610)		(395,813)
Principal repayments from servicer advance investments		107,527		203,876		94,644
Acquisition of 5 Arches, net of cash acquired		0		(3,714)		(9,999)
Acquisition of CoreVest, net of cash acquired		0		(451,626)		0
Equity investment		40,226		(40,467)		0
Other investing activities, net		(18,345)		(29,468)		(57,322)
Net cash provided by (used in) investing activities		4,070,414		1,025,862		(12,752)
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt		5,496,761		6,452,566		6,975,965
Repayments on short-term debt		(7,303,543)		(7,193,677)		(6,711,264)
Proceeds from issuance of asset-backed securities		1,684,778		1,397,126		1,658,848
Repayments on asset-backed securities issued		(1,493,438)		(1,123,119)		(459,171)
Proceeds from issuance of long-term debt		1,473,590		387,053		199,000
Deferred debt issuance costs		(10,244)		(7,023)		(4,977)
Repayments on long-term debt		(2,974,795)		(1,137)		0
Net settlements of derivatives		(84,336)		0		0
Net proceeds from issuance of common stock		5,881		450,710		142,601
Net payments on repurchase of common stock		(21,659)		0		(16,315)
Taxes paid on equity award distributions		(4,286)		(5,471)		(4,839)
Dividends paid		(83,985)		(129,452)		(96,802)
Other financing activities, net		3,946		(2,105)		(291)
Net cash provided by (used in) financing activities		(3,311,330)		225,471		1,682,755
Net decrease in cash and cash equivalents		253,617		85,756		58,270
Cash, cash equivalents and restricted cash at beginning of period	[1]	290,833		205,077		146,807
Cash, cash equivalents and restricted cash at end of period	[1]	544,450		290,833		205,077
Cash paid during the period for:
Interest		456,147		452,216		207,014
Taxes		1,190		7,963		10,594
Supplemental Noncash Information:
Real estate securities retained from loan securitizations		53,276		13,729		51,911
Retention of mortgage servicing rights from loan securitizations and sales		0		868		328
Consolidation of residential loans held in securitization trust		0		1,190,995		1,206,645
Consolidation of residential ABS issued		0		997,783		978,996
(Deconsolidation) consolidation of multifamily loans held in securitization trusts		3,849,779		(2,162,385)		2,099,916
(Deconsolidation) consolidation of multifamily ABS issued		3,706,789		(2,058,214)		1,975,324
Consolidation of single-family rental loans held in securitization trusts		0		1,829,281		0
Consolidation of single-family rental ABS issued		0		1,656,023		0
Transfers from loans held-for-sale to loans held-for-investment		1,868,656		1,801,560		2,062,809
Transfers from loans held-for-investment to loans held-for-sale		64,520		22,808		15,717
Transfers from residential loans to real estate owned		14,229		8,609		4,104
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		7,862		13,094		0
Reduction in operating lease liabilities due to lease modification		1,722		0		0
Cash and cash equivalents		461,260	[2]	196,966	[2]	176,000
Restricted cash		83,190	[2]	93,867	[2]	29,000
Residential Loans
Cash Flows From Investing Activities:
Purchases of multifamily securities held in consolidated securitization trusts		0		(193,212)		(227,649)
Multifamily securities
Cash Flows From Investing Activities:
Purchases of multifamily securities held in consolidated securitization trusts		$ 0		$ (99,221)		$ (107,411)

[1] Cash, cash equivalents, and restricted cash at December 31, 2020 included cash and cash equivalents of $461 million and restricted cash of $83 million; at December 31, 2019 included cash and cash equivalents of $197 million and restricted cash of $94 million; and at December 31, 2018 included cash and cash equivalents of $176 million and restricted cash of $29 million.

[2] 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, 2020 and December 31, 2019, assets of consolidated VIEs totaled $8,141,069 and $11,931,869, respectively. At December 31, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,148,414 and $10,717,072, respectively. See Note 4 for further discussion.