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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014
--- | --- | ---
Assets |  |  |  |
Trading securities |  | $ 114,211 | $ 111,606 |
Available-for-sale securities |  | 971,013 | 1,267,624 |
MSRs |  | 162,726 | 139,293 | [1]
Derivative assets | [1] | 38,623 | 16,417 |
Pledged collateral |  |  | 9,927 |
Liabilities |  |  |  |
Derivative liabilities | [1] | 88,044 | 58,331 |
Long/Other Long-term debt |  | 65,578 | 66,707 |
Carrying Value |  |  |  |
Assets |  |  |  |
Trading securities |  | 114,211 | 111,606 |
Available-for-sale securities |  | 971,013 | 1,267,624 |
MSRs |  | 162,726 | 139,293 |
Cash and cash equivalents |  | 235,362 | 269,730 |
Restricted cash |  | 8,361 | 628 |
Accrued interest receivable |  | 20,223 | 18,222 |
Derivative assets |  | 38,623 | 16,417 |
REO |  | 3,902 | 4,391 |
Margin receivable |  | 97,685 | 65,374 |
FHLBC stock |  | 30,001 | 10,688 |
Guarantees asset |  | 5,120 | 7,201 |
Pledged collateral |  | 28,482 | 9,927 |
Liabilities |  |  |  |
Short-term debt |  | 1,872,793 | 1,793,825 |
Accrued interest payable |  | 14,738 | 8,502 |
Guarantee obligation |  | 13,394 | 7,201 |
Derivative liabilities |  | 88,044 | 58,331 |
ABS issued, Fair value |  | 1,105,588 | 0 |
ABS issued, Amortized cost |  | 73,207 | 1,545,119 |
FHLBC Borrowings |  | 1,124,299 | 495,860 |
Convertible notes |  | 492,500 | 492,500 |
Long/Other Long-term debt |  | 139,500 | 139,500 |
Carrying Value | Residential Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,504,705 | 1,341,032 |
Carrying Value | Residential Loans at Lower of Cost or Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,446 | 1,488 |
Carrying Value | Residential Loans Held For Investment at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 2,530,523 | 581,668 |
Carrying Value | Residential Loans Held For Investment At Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 0 | 1,474,386 |
Carrying Value | Commercial Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 80,756 | 166,234 |
Carrying Value | Commercial Loans Held For Investment |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 70,096 | 71,262 |
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 317,305 | 329,431 |
Carrying Value | Commercial Secured Borrowings |  |  |  |
Liabilities |  |  |  |
Long/Other Long-term debt |  | 65,578 | 66,707 |
Fair Value |  |  |  |
Assets |  |  |  |
Trading securities |  | 114,211 | 111,606 |
Available-for-sale securities |  | 971,013 | 1,267,624 |
MSRs |  | 162,726 | 139,293 |
Cash and cash equivalents |  | 235,362 | 269,730 |
Restricted cash |  | 8,361 | 628 |
Accrued interest receivable |  | 20,223 | 18,222 |
Derivative assets |  | 38,623 | 16,417 |
REO |  | 4,620 | 4,703 |
Margin receivable |  | 97,685 | 65,374 |
FHLBC stock |  | 30,001 | 10,688 |
Guarantees asset |  | 5,120 | 7,201 |
Pledged collateral |  | 28,482 | 9,927 |
Liabilities |  |  |  |
Short-term debt |  | 1,872,793 | 1,793,825 |
Accrued interest payable |  | 14,738 | 8,502 |
Guarantee obligation |  | 12,123 | 7,201 |
Derivative liabilities |  | 88,044 | 58,331 |
ABS issued, Fair value |  | 1,105,588 | 0 |
ABS issued, Amortized cost |  | 73,207 | 1,446,605 |
FHLBC Borrowings |  | 1,124,299 | 495,860 |
Convertible notes |  | 464,164 | 492,188 |
Long/Other Long-term debt |  | 90,675 | 101,835 |
Fair Value | Residential Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,504,705 | 1,341,032 |
Fair Value | Residential Loans at Lower of Cost or Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,645 | 1,669 |
Fair Value | Residential Loans Held For Investment at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 2,530,523 | 581,668 |
Fair Value | Residential Loans Held For Investment At Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 0 | 1,381,918 |
Fair Value | Commercial Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 80,756 | 166,234 |
Fair Value | Commercial Loans Held For Investment |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 70,096 | 71,262 |
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 322,535 | 334,876 |
Fair Value | Commercial Secured Borrowings |  |  |  |
Liabilities |  |  |  |
Long/Other Long-term debt |  | $ 65,578 | $ 66,707 |
[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 September 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,539,350 and $1,900,208, respectively. At September 30, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,179,884 and $1,546,490, respectively. See Note 4 for further discussion.

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