Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Real estate securities, at fair value		$ 108,329	$ 170,619
Other investments	[1]	390,938	449,229
Derivative assets	[1]	20,830	26,467
Liabilities
Derivative liabilities	[1]	16,855	3,317
ABS issued		7,424,132	8,843,147
Fair Value, Measurements, Recurring
Assets
Business purpose loans		5,332,586	4,790,989
Consolidated Agency multifamily loans		424,551	473,514
Real estate securities, at fair value		240,475	377,411
Servicer advance investments		269,259	350,923
MSRs		25,421	12,438
Excess MSRs		39,035	44,231
HEIs		403,462	192,740
Other investments		6,155	17,574
Derivative assets		20,830	26,467
Liabilities
HEI securitization non-controlling interest		22,329	17,035
Derivative liabilities		16,855	3,317
ABS issued		7,424,132	8,843,147
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		5,613,157	7,592,398
Fair Value, Measurements, Recurring | Level 1
Assets
Business purpose loans		0	0
Consolidated Agency multifamily loans		0	0
Real estate securities, at fair value		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		5,869	2,906
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		16,841	1,563
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 2
Assets
Business purpose loans		0	0
Consolidated Agency multifamily loans		0	0
Real estate securities, at fair value		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
HEIs		0	0
Other investments		0	0
Derivative assets		14,625	18,928
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		0	1,251
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Level 3
Assets
Business purpose loans		5,332,586	4,790,989
Consolidated Agency multifamily loans		424,551	473,514
Real estate securities, at fair value		240,475	377,411
Servicer advance investments		269,259	350,923
MSRs		25,421	12,438
Excess MSRs		39,035	44,231
HEIs		403,462	192,740
Other investments		6,155	17,574
Derivative assets		336	4,633
Liabilities
HEI securitization non-controlling interest		22,329	17,035
Derivative liabilities		14	503
ABS issued		7,424,132	8,843,147
Fair Value, Measurements, Recurring | Level 3 | Residential Loans
Assets
Residential loans		$ 5,613,157	$ 7,592,398

[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, 2022 and 2021, assets of consolidated VIEs totaled $9,257,291 and $10,661,081, respectively. At December 31, 2022 and 2021, liabilities of consolidated VIEs totaled $8,270,276 and $9,619,347, respectively. See Note 4 for further discussion.