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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.