Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Real estate securities, at fair value		$ 108,366	$ 108,329
Other investments	[1]	381,690	390,938
Derivative assets	[1]	11,497	20,830
Liabilities
Derivative liabilities	[1]	10,736	16,855
ABS issued		7,968,135	7,424,132
Fair Value, Measurements, Recurring
Assets
Business purpose loans		5,364,649	5,332,586
Consolidated Agency multifamily loans		426,599	424,551
Real estate securities, at fair value		243,346	240,475
HEIs		416,783	403,462
Servicer advance investments		260,378	269,259
MSRs		24,831	25,421
Excess MSRs		38,807	39,035
Other investments		5,727	6,155
Derivative assets		11,497	20,830
Liabilities
HEI securitization non-controlling interest		23,097	22,329
Derivative liabilities		10,736	16,855
ABS issued		7,968,135	7,424,132
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
HEIs		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
Other investments		0	0
Derivative assets		3,112	5,869
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		10,730	16,841
ABS issued		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
HEIs		0	0
Servicer advance investments		0	0
MSRs		0	0
Excess MSRs		0	0
Other investments		0	0
Derivative assets		8,032	14,625
Liabilities
HEI securitization non-controlling interest		0	0
Derivative liabilities		0	0
ABS issued		0	0
Fair Value, Measurements, Recurring | Level 3
Assets
Business purpose loans		5,364,649	5,332,586
Consolidated Agency multifamily loans		426,599	424,551
Real estate securities, at fair value		243,346	240,475
HEIs		416,783	403,462
Servicer advance investments		260,378	269,259
MSRs		24,831	25,421
Excess MSRs		38,807	39,035
Other investments		5,727	6,155
Derivative assets		353	336
Liabilities
HEI securitization non-controlling interest		23,097	22,329
Derivative liabilities		6	14
ABS issued		7,968,135	7,424,132
Fair Value, Measurements, Recurring | Residential Loans
Assets
Residential loans		5,492,828	5,613,157
Fair Value, Measurements, Recurring | Residential Loans | Level 1
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Residential Loans | Level 2
Assets
Residential loans		0	0
Fair Value, Measurements, Recurring | Residential Loans | Level 3
Assets
Residential loans		$ 5,492,828	$ 5,613,157

[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,836,956 and $9,257,291, respectively. At March 31, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,729,585 and $8,270,276, respectively. See Note 4 for further discussion.