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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net income $ 61,029 $ 73,447
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (26,244) (26,248)
Depreciation and amortization of non-financial assets 510 369
Purchases of held-for-sale loans (8,794,939) (6,844,403)
Proceeds from sales of held-for-sale loans 7,741,024 5,328,901
Principal payments on held-for-sale loans 46,952 19,648
Net settlements of derivatives (47,002) (22,776)
Provision for loan losses (115) (629)
Non-cash equity award compensation expense 9,002 8,934
Market valuation adjustments 40,546 (1,787)
Realized gains, net (16,170) (10,687)
Net change in:    
Accrued interest receivable and other assets (90,605) (57,806)
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities 26,094 (266)
Net cash used in operating activities (1,049,918) (1,533,303)
Cash Flows From Investing Activities:    
Purchases of loans held-for-investment (22,219) (65,584)
Principal payments on held-for-investment loans 359,714 267,425
Purchases of real estate securities (66,601) (132,393)
Proceeds from sales of real estate securities 309,101 457,131
Principal payments on real estate securities 103,664 144,598
Purchase of mortgage servicing rights (23,315) (41,834)
Proceeds from sales of mortgage servicing rights 17,235 0
Net change in restricted cash (7,733) (57)
Net cash provided by investing activities 669,846 629,286
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 6,213,505 5,615,317
Repayments on short-term debt (6,160,226) (4,643,308)
Repayments on asset-backed securities issued (256,614) (286,248)
Deferred securities issuance costs (33) 0
Proceeds from issuance of long-term debt 1,156,396 272,937
Repayments on long-term debt (502,268) (685)
Net settlements of derivatives (32) (2,507)
Net proceeds from issuance of common stock 7,198 3,840
Net payments on repurchase of common stock (32,042) 0
Taxes paid on equity award distributions (8,092) (7,635)
Dividends paid (72,088) (71,278)
Net cash provided by financing activities 345,704 880,433
Net decrease in cash and cash equivalents (34,368) (23,584)
Cash and cash equivalents at beginning of period 269,730 [1] 173,201
Cash and cash equivalents at end of period 235,362 [1] 149,617
Cash paid during the period for:    
Interest 57,998 57,047
Taxes 55 1,399
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 39,698 126,009
Retention of mortgage servicing rights from loan securitizations and sales 52,297 30,962
Transfers from loans held-for-sale to loans held-for-investment 964,013 278,913
Transfers from loans held-for-investment to loans held-for-sale 66,918 0
Transfers from residential loans to real estate owned $ 5,740 $ 4,753
[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.