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Multifamily Loans - Characteristics and Activity of Multifamily Loans (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Deconsolidation of multifamily loans     $ 3,850,000    
Number of Loans | loan       198 669
Total Principal $ 172,748 $ 524,928   $ 172,748 $ 524,928
Redwood | Residential loans, held-for-investment          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of Loans | loan 0 2,940      
Total Principal $ 0 $ 2,052,778   0 2,052,778
Loans, at fair value $ 0 $ 2,111,897   $ 0 $ 2,111,897
Number of loans in foreclosure | loan 0 0   0 0
Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due | Residential loans, held-for-investment          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Total Principal $ 0 $ 1,424   $ 0 $ 1,424
Number of loans past due | loan 0 2   0 2
Multifamily securities          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of Loans | loan       28 279
Total Principal $ 462,808 $ 4,195,000   $ 462,808 $ 4,195,000
Multifamily securities | Residential loans, held-for-investment          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Valuation adjustment gain (loss)       $ (58,821) $ 130,083
Multifamily securities | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of Loans | loan       28 279
Total Principal 462,808 4,195,000   $ 462,808 $ 4,195,000
Loans, at fair value $ 492,221 $ 4,408,524   $ 492,221 $ 4,408,524
Weighted average coupon rate 4.25% 4.13%   4.25% 4.13%
Contract maturities       5 years 6 years
Number of loans in foreclosure | loan 0 0   0 0
Multifamily securities | 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]          
Number of loans past due | loan 0 0   0 0
Multifamily securities | Maximum          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Weighted average maturity (in years)       10 years