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Segment Information - Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
Segment Reporting Information [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ 68,829 | $ 63,484 | $ 63,373 | $ 63,746 | $ 65,251 | $ 63,351 | $ 57,993 | $ 55,475 | $ 259,432 | $ 242,070 | $ 226,156
Interest expense |  | (25,039) | (23,875) | (23,008) | (23,961) | (23,903) | (23,350) | (21,151) | (19,059) | (95,883) | (87,463) | (80,971)
Net Interest Income |  | 43,790 | 39,609 | 40,365 | 39,785 | 41,348 | 40,001 | 36,842 | 36,416 | 163,549 | 154,607 | 145,185
Provision for loan losses |  |  |  |  |  |  |  |  |  | 355 | (961) | (4,737)
Non interest income |  |  |  |  |  |  |  |  |  |  |  |
MSR income (loss) |  |  |  |  |  |  |  |  |  | (3,922) | (4,261) | 20,309
Realized gains, net |  |  |  |  |  |  |  |  |  | 36,369 | 15,478 | 25,259
Total non interest income, net |  | 19,593 | (3,412) | 14,104 | (5,031) | 10,686 | 28,519 | 1,475 | (4,671) | 25,254 | 37,790 | 142,353
Direct operating expenses |  | (22,638) | (24,497) | (25,218) | (25,063) | (26,462) | (21,406) | (22,282) | (19,973) | (97,416) | (90,123) | (86,607)
Other expense |  |  |  |  |  |  |  |  |  | 0 | 0 | (12,000)
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  | 10,346 | (744) | (10,948)
Net income |  | 41,059 | $ 19,164 | $ 27,064 | $ 14,801 | 27,122 | $ 45,097 | $ 16,017 | $ 12,333 | 102,088 | 100,569 | 173,246
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | 3,928,803 |  |  |  | 3,398,573 |  |  |  | 3,928,803 | 3,398,573 |
Commercial loans |  | 402,647 |  |  |  | 566,927 |  |  |  | 402,647 | 566,927 |
Real estate securities | [1] | 1,233,256 |  |  |  | 1,379,230 |  |  |  | 1,233,256 | 1,379,230 |
MSRs | [1] | 191,976 |  |  |  | 139,293 |  |  |  | 191,976 | 139,293 |
Total assets | [1] | 6,231,027 |  |  |  | 5,918,966 |  |  |  | 6,231,027 | 5,918,966 |
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |  |  | (10,385) | 24,792 | 96,785
Other income |  |  |  |  |  |  |  |  |  | 3,192 | 1,781 | 0
Amortization |  |  |  |  |  |  |  |  |  | 32,403 | 33,698 | 26,442
Hedging allocation |  |  |  |  |  |  |  |  |  | 0 |  |
Operating Segments | Residential Mortgage Banking |  |  |  |  |  |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 52,260 | 58,272 | 52,517
Interest expense |  |  |  |  |  |  |  |  |  | (17,207) | (12,776) | (10,167)
Net Interest Income |  |  |  |  |  |  |  |  |  | 35,053 | 45,496 | 42,350
Provision for loan losses |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Non interest income |  |  |  |  |  |  |  |  |  |  |  |
MSR income (loss) |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Realized gains, net |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Total non interest income, net |  |  |  |  |  |  |  |  |  | 8,268 | 21,554 | 79,431
Direct operating expenses |  |  |  |  |  |  |  |  |  | (43,182) | (37,664) | (22,880)
Other expense |  |  |  |  |  |  |  |  |  |  |  | 0
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  | 4,169 | (1,774) | (5,947)
Net income |  |  |  |  |  |  |  |  |  | 4,308 | 27,612 | 92,954
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | 1,115,738 |  |  |  | 1,342,519 |  |  |  | 1,115,738 | 1,342,519 |
Commercial loans |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Real estate securities |  | 197,007 |  |  |  | 93,802 |  |  |  | 197,007 | 93,802 |
MSRs |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Total assets |  | 1,347,492 |  |  |  | 1,468,856 |  |  |  | 1,347,492 | 1,468,856 |
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |  |  | 8,268 | 21,554 | 79,431
Other income |  |  |  |  |  |  |  |  |  | 0 | 0 |
Amortization |  |  |  |  |  |  |  |  |  | (186) | (181) | 0
Hedging allocation |  |  |  |  |  |  |  |  |  | 1,120 |  |
Operating Segments | Residential Investments |  |  |  |  |  |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 135,395 | 110,433 | 96,399
Interest expense |  |  |  |  |  |  |  |  |  | (11,204) | (11,848) | (10,067)
Net Interest Income |  |  |  |  |  |  |  |  |  | 124,191 | 98,585 | 86,332
Provision for loan losses |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Non interest income |  |  |  |  |  |  |  |  |  |  |  |
MSR income (loss) |  |  |  |  |  |  |  |  |  | (3,922) | (4,261) | 20,309
Realized gains, net |  |  |  |  |  |  |  |  |  | 36,369 | 13,777 | 24,765
Total non interest income, net |  |  |  |  |  |  |  |  |  | 15,550 | 519 | 39,940
Direct operating expenses |  |  |  |  |  |  |  |  |  | (4,346) | (3,681) | (4,035)
Other expense |  |  |  |  |  |  |  |  |  |  |  | 0
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  | 847 | 1,340 | (3,027)
Net income |  |  |  |  |  |  |  |  |  | 136,242 | 96,763 | 119,210
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | 1,791,195 |  |  |  | 581,668 |  |  |  | 1,791,195 | 581,668 |
Commercial loans |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Real estate securities |  | 1,028,171 |  |  |  | 1,285,428 |  |  |  | 1,028,171 | 1,285,428 |
MSRs |  | 191,976 |  |  |  | 139,293 |  |  |  | 191,976 | 139,293 |
Total assets |  | 3,140,604 |  |  |  | 2,057,256 |  |  |  | 3,140,604 | 2,057,256 |
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |  |  | (20,089) | (9,178) | (5,134)
Other income |  |  |  |  |  |  |  |  |  | 3,192 | 181 |
Amortization |  |  |  |  |  |  |  |  |  | 36,850 | 42,784 | 34,578
Hedging allocation |  |  |  |  |  |  |  |  |  | (1,070) |  |
Operating Segments | Commercial Mortgage Banking and Investments |  |  |  |  |  |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 46,933 | 47,567 | 43,420
Interest expense |  |  |  |  |  |  |  |  |  | (13,809) | (15,836) | (12,677)
Net Interest Income |  |  |  |  |  |  |  |  |  | 33,124 | 31,731 | 30,743
Provision for loan losses |  |  |  |  |  |  |  |  |  | 355 | (84) | (3,288)
Non interest income |  |  |  |  |  |  |  |  |  |  |  |
MSR income (loss) |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Realized gains, net |  |  |  |  |  |  |  |  |  | 0 | 0 | 210
Total non interest income, net |  |  |  |  |  |  |  |  |  | 2,704 | 13,440 | 23,311
Direct operating expenses |  |  |  |  |  |  |  |  |  | (11,331) | (11,324) | (9,579)
Other expense |  |  |  |  |  |  |  |  |  |  |  | 0
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  | 1,452 | (234) | (3,827)
Net income |  |  |  |  |  |  |  |  |  | 26,304 | 33,529 | 37,360
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Commercial loans |  | 402,647 |  |  |  | 566,927 |  |  |  | 402,647 | 566,927 |
Real estate securities |  | 8,078 |  |  |  | 0 |  |  |  | 8,078 | 0 |
MSRs |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Total assets |  | 416,258 |  |  |  | 575,943 |  |  |  | 416,258 | 575,943 |
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |  |  | 2,704 | 13,440 | 23,101
Other income |  |  |  |  |  |  |  |  |  | 0 | 0 |
Amortization |  |  |  |  |  |  |  |  |  | (267) | (673) | (798)
Hedging allocation |  |  |  |  |  |  |  |  |  | 0 |  |
Corporate/Other |  |  |  |  |  |  |  |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  | 24,844 | 25,798 | 33,820
Interest expense |  |  |  |  |  |  |  |  |  | (53,663) | (47,003) | (48,060)
Net Interest Income |  |  |  |  |  |  |  |  |  | (28,819) | (21,205) | (14,240)
Provision for loan losses |  |  |  |  |  |  |  |  |  | 0 | (877) | (1,449)
Non interest income |  |  |  |  |  |  |  |  |  |  |  |
MSR income (loss) |  |  |  |  |  |  |  |  |  | 0 | 0 | 0
Realized gains, net |  |  |  |  |  |  |  |  |  | 0 | 1,701 | 284
Total non interest income, net |  |  |  |  |  |  |  |  |  | (1,268) | 2,277 | (329)
Direct operating expenses |  |  |  |  |  |  |  |  |  | (38,557) | (37,454) | (50,113)
Other expense |  |  |  |  |  |  |  |  |  | 0 | 0 | (12,000)
(Provision for) benefit from income taxes |  |  |  |  |  |  |  |  |  | 3,878 | (76) | 1,853
Net income |  |  |  |  |  |  |  |  |  | (64,766) | (57,335) | (76,278)
Supplemental Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | 1,021,870 |  |  |  | 1,474,386 |  |  |  | 1,021,870 | 1,474,386 |
Commercial loans |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Real estate securities |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
MSRs |  | 0 |  |  |  | 0 |  |  |  | 0 | 0 |
Total assets |  | $ 1,326,673 |  |  |  | $ 1,816,911 |  |  |  | 1,326,673 | 1,816,911 |
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |  |  | (1,268) | (1,024) | (613)
Other income |  |  |  |  |  |  |  |  |  | 0 | 1,600 |
Amortization |  |  |  |  |  |  |  |  |  | (3,994) | $ (8,232) | $ (7,338)
Hedging allocation |  |  |  |  |  |  |  |  |  | $ (50) |  |
[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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