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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015
--- | --- | ---
Assets |  |  |  |
Trading securities |  | $ 221,571 | $ 404,011 |
Available-for-sale securities |  | 698,356 | 829,245 |
MSRs |  | 126,620 | 191,976 | [1]
Derivative assets | [1] | 31,975 | 16,393 |
Pledged collateral |  | 59,664 | 53,600 |
Liabilities |  |  |  |
Derivative liabilities | [1] | 97,468 | 62,794 |
Carrying Value |  |  |  |
Assets |  |  |  |
Trading securities |  | 221,571 | 404,011 |
Available-for-sale securities |  | 698,356 | 829,245 |
MSRs |  | 126,620 | 191,976 |
Cash and cash equivalents |  | 305,115 | 220,229 |
Restricted cash |  | 2,137 | 5,567 |
Accrued interest receivable |  | 19,766 | 23,290 |
Derivative assets |  | 31,975 | 16,393 |
REO |  | 4,884 | 4,896 |
Margin receivable |  | 107,941 | 83,191 |
FHLBC stock |  | 44,071 | 34,437 |
Guarantees asset |  | 4,272 | 5,697 |
Pledged collateral |  |  | 53,600 |
Liabilities |  |  |  |
Short-term debt |  | 804,175 | 1,855,003 |
Accrued interest payable |  | 15,522 | 8,936 |
Margin payable |  | 14,247 | 6,415 |
Guarantee obligation |  | 24,896 | 22,704 |
Derivative liabilities |  | 97,468 | 62,794 |
ABS issued, net, Fair value |  | 907,023 | 996,820 |
ABS issued, net, Amortized cost |  | 51,341 | 52,595 |
FHLBC long-term borrowings |  | 1,999,999 | 1,343,023 |
Commercial secured borrowings |  | 65,181 | 63,152 |
Convertible notes, net |  | 479,798 | 483,119 |
Trust preferred securities and subordinated notes, net |  | 138,454 | 138,443 |
Carrying Value | Residential Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 439,674 | 1,114,305 |
Carrying Value | Residential Loans at Lower of Cost or Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,402 | 1,433 |
Carrying Value | Residential Loans Held For Investment at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 3,273,980 | 2,813,065 |
Carrying Value | Commercial Loans Held For Sale |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  |  | 39,141 |
Loans, held-for-investment |  | 0 |  |
Carrying Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 69,674 | 67,657 |
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 294,219 | 295,849 |
Fair Value |  |  |  |
Assets |  |  |  |
Trading securities |  | 221,571 | 404,011 |
Available-for-sale securities |  | 698,356 | 829,245 |
MSRs |  | 126,620 | 191,976 |
Cash and cash equivalents |  | 305,115 | 220,229 |
Restricted cash |  | 2,137 | 5,567 |
Accrued interest receivable |  | 19,766 | 23,290 |
Derivative assets |  | 31,975 | 16,393 |
REO |  | 5,475 | 5,282 |
Margin receivable |  | 107,941 | 83,191 |
FHLBC stock |  | 44,071 | 34,437 |
Guarantees asset |  | 4,272 | 5,697 |
Pledged collateral |  | 59,664 | 53,600 |
Liabilities |  |  |  |
Short-term debt |  | 804,175 | 1,855,003 |
Accrued interest payable |  | 15,522 | 8,936 |
Margin payable |  | 14,247 | 6,415 |
Guarantee obligation |  | 23,595 | 22,702 |
Derivative liabilities |  | 97,468 | 62,794 |
ABS issued, net, Fair value |  | 907,023 | 996,820 |
ABS issued, net, Amortized cost |  | 51,680 | 53,137 |
FHLBC long-term borrowings |  | 1,999,999 | 1,343,023 |
Commercial secured borrowings |  | 65,181 | 63,152 |
Convertible notes, net |  | 453,396 | 461,053 |
Trust preferred securities and subordinated notes, net |  | 80,910 | 83,700 |
Fair Value | Residential Loans at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 439,674 | 1,114,305 |
Fair Value | Residential Loans at Lower of Cost or Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 1,594 | 1,635 |
Fair Value | Residential Loans Held For Investment at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 3,273,980 | 2,813,065 |
Fair Value | Commercial Loans Held For Sale |  |  |  |
Assets |  |  |  |
Loans, held-for-sale |  | 0 | 39,141 |
Fair Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | 69,674 | 67,657 |
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |
Assets |  |  |  |
Loans, held-for-investment |  | $ 301,488 | $ 300,824 |
[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, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,102,195 and $1,195,574, respectively. At March 31, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $959,464 and $1,050,861, respectively. See Note 4 for further discussion.

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