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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows From Operating Activities:    
Net income $ 12,063 $ 14,801
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (7,568) (9,176)
Depreciation and amortization of non-financial assets 277 143
Purchases of held-for-sale loans (1,245,068) (2,558,425)
Proceeds from sales of held-for-sale loans 1,336,617 2,455,452
Principal payments on held-for-sale loans 23,518 14,394
Net settlements of derivatives (1,154) (19,373)
Provision for loan losses 289 206
Non-cash equity award compensation expense 5,782 2,692
Market valuation adjustments 15,848 19,435
Realized gains, net (9,538) (4,306)
Net change in:    
Accrued interest receivable and other assets (30,056) (38,394)
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities 4,966 3,476
Net cash provided by (used in) operating activities 105,976 (119,075)
Cash Flows From Investing Activities:    
Purchases of loans held-for-investment 0 (7,600)
Proceeds from sales of loans held-for-investment 6,298 0
Principal payments on loans held-for-investment 125,631 101,754
Purchases of real estate securities (48,446) (15,613)
Proceeds from sales of real estate securities 340,798 77,293
Principal payments on real estate securities 22,401 26,313
Purchase of mortgage servicing rights (5,397) (5,173)
Proceeds from sales of mortgage servicing rights 28,268 17,235
Net change in restricted cash 3,430 (97)
Net cash provided by investing activities 472,983 194,112
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 1,027,320 1,641,380
Repayments on short-term debt (2,078,148) (1,933,041)
Proceeds from issuance of asset-backed securities 0 420
Repayments on asset-backed securities issued (50,868) (80,918)
Deferred securities issuance costs 0 (32)
Proceeds from issuance of long-term debt 771,287 354,932
Repayments on long-term debt (118,146) 0
Net settlements of derivatives (73) 658
Net proceeds from issuance of common stock 77 134
Net payments on repurchase of common stock (22,987) 0
Taxes paid on equity award distributions (229) (318)
Dividends paid (22,306) (24,162)
Net cash used in financing activities (494,073) (40,947)
Net increase in cash and cash equivalents 84,886 34,090
Cash and cash equivalents at beginning of period 220,229 [1] 269,730
Cash and cash equivalents at end of period 305,115 [1] 303,820
Cash paid during the period for:    
Interest 18,634 15,032
Taxes 64 38
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 0 6,282
Retention of mortgage servicing rights from loan securitizations and sales 3,463 15,675
Transfers from loans held-for-sale to loans held-for-investment 660,818 447,840
Transfers from loans held-for-investment to loans held-for-sale 54,747 0
Transfers from residential loans to real estate owned $ 2,042 $ 3,166
[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.