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Real Estate Securities - Fair Values of Real Estate Securities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]    
Trading $ 221,571 $ 404,011
Available-for-sale 698,356 829,245
Total Real Estate Securities [1] $ 919,927 $ 1,233,256
[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.