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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 404,011 | $ 111,606
Available-for-sale securities |  | 829,245 | 1,267,624
MSRs | [1] | 191,976 | 139,293
Derivative assets | [1] | 16,393 | 16,417
Pledged collateral |  | 53,600 | 9,927
Liabilities |  |  |
Margin payable |  | 6,415 | 6,455
Derivative liabilities | [1] | 62,794 | 58,331
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 404,011 | 111,606
Available-for-sale securities |  | 829,245 | 1,267,624
MSRs |  | 191,976 | 139,293
Cash and cash equivalents |  | 220,229 | 269,730
Restricted cash |  | 5,567 | 628
Accrued interest receivable |  | 23,290 | 18,222
Derivative assets |  | 16,393 | 16,417
REO |  | 4,896 | 4,391
Margin receivable |  | 83,191 | 65,374
FHLBC stock |  | 34,437 | 10,688
Guarantees asset |  | 5,697 | 7,201
Pledged collateral |  | 53,600 | 9,927
Liabilities |  |  |
Short-term debt |  | 1,855,003 | 1,793,825
Accrued interest payable |  | 8,936 | 8,502
Margin payable |  | 6,415 | 6,455
Guarantee obligation |  | 22,704 | 7,201
Derivative liabilities |  | 62,794 | 58,331
ABS issued, Fair value |  | 996,820 | 0
ABS issued, Amortized cost |  | 53,137 | 1,545,119
FHLBC long-term borrowings |  | 1,343,023 | 495,860
Commercial secured borrowings |  | 63,152 | 66,707
Convertible notes |  | 492,500 | 492,500
Other long-term debt |  | 139,500 | 139,500
Carrying Value | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,114,305 | 1,341,032
Carrying Value | Residential Loans at Lower of Cost or Fair Value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,433 | 1,488
Carrying Value | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 2,813,065 | 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 Held For Sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 39,141 | 166,234
Carrying Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 67,657 | 71,262
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |
Assets |  |  |
Loans, held-for-investment |  | 295,849 | 329,431
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 404,011 | 111,606
Available-for-sale securities |  | 829,245 | 1,267,624
MSRs |  | 191,976 | 139,293
Cash and cash equivalents |  | 220,229 | 269,730
Restricted cash |  | 5,567 | 628
Accrued interest receivable |  | 23,290 | 18,222
Derivative assets |  | 16,393 | 16,417
REO |  | 5,282 | 4,703
Margin receivable |  | 83,191 | 65,374
FHLBC stock |  | 34,437 | 10,688
Guarantees asset |  | 5,697 | 7,201
Pledged collateral |  | 53,600 | 9,927
Liabilities |  |  |
Short-term debt |  | 1,855,003 | 1,793,825
Accrued interest payable |  | 8,936 | 8,502
Margin payable |  | 6,415 | 6,455
Guarantee obligation |  | 22,702 | 7,201
Derivative liabilities |  | 62,794 | 58,331
ABS issued, Fair value |  | 996,820 | 0
ABS issued, Amortized cost |  | 53,137 | 1,446,605
FHLBC long-term borrowings |  | 1,343,023 | 495,860
Commercial secured borrowings |  | 63,152 | 66,707
Convertible notes |  | 461,053 | 492,188
Other long-term debt |  | 83,700 | 101,835
Fair Value | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,114,305 | 1,341,032
Fair Value | Residential Loans at Lower of Cost or Fair Value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,635 | 1,669
Fair Value | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 2,813,065 | 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 Held For Sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 39,141 | 166,234
Fair Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |
Assets |  |  |
Loans, held-for-investment |  | 67,657 | 71,262
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |
Assets |  |  |
Loans, held-for-investment |  | 300,824 | 334,876
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Trading securities |  | 404,011 | 111,606
Available-for-sale securities |  | 829,245 | 1,267,624
MSRs |  | 191,976 | 139,293
Derivative assets |  | 16,393 | 16,417
FHLBC stock |  | 34,437 | 10,688
Guarantees asset |  | 5,697 | 7,201
Pledged collateral |  | 53,600 | 9,927
Liabilities |  |  |
Derivative liabilities |  | 62,794 | 58,331
ABS issued, Fair value |  | 996,820 |
Level 1 | Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Trading securities |  |  | 0
Available-for-sale securities |  |  | 0
MSRs |  |  | 0
Derivative assets |  | 2,734 | 6,654
FHLBC stock |  | 0 | 0
Pledged collateral |  | 53,600 | 9,927
Liabilities |  |  |
Derivative liabilities |  | $ 2,963 | $ 9,878
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,195,574 and $1,900,208, respectively. At December 31, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,050,861 and $1,546,490, respectively. See Note 4 for further discussion.

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