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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 273,531 | $ 404,011
Available-for-sale securities |  | 610,270 | 829,245
Derivative assets | [1] | 57,610 | 16,393
MSRs | [1] | 110,046 | 191,976
Pledged collateral |  | 44,095 | 53,600
Liabilities |  |  |
Derivative liabilities | [1] | 119,161 | 62,794
Commercial secured borrowings |  | 65,240 | 63,152
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Trading securities |  | 273,531 | 404,011
Available-for-sale securities |  | 610,270 | 829,245
Derivative assets |  | 57,610 | 16,393
MSRs |  | 110,046 | 191,976
Pledged collateral |  | 44,095 | 53,600
FHLBC stock |  | 43,393 | 34,437
Guarantees asset |  | 3,320 | 5,697
Liabilities |  |  |
Derivative liabilities |  | 119,161 | 62,794
Commercial secured borrowings |  | 65,240 | 63,152
ABS issued |  | 859,628 | 996,820
Fair Value, Measurements, Recurring | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  | 4,038,858 | 3,927,370
Fair Value, Measurements, Recurring | Commercial Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  | 69,720 | 106,798
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets |  |  |
Trading securities |  |  | 0
Available-for-sale securities |  |  | 0
Derivative assets |  | 9,662 | 2,734
MSRs |  |  | 0
Pledged collateral |  | 44,095 | 53,600
FHLBC stock |  | 0 | 0
Liabilities |  |  |
Derivative liabilities |  | 10,151 | 2,963
Commercial secured borrowings |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  |  | 0
Fair Value, Measurements, Recurring | Level 1 | Commercial Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  |  | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Assets |  |  |
Trading securities |  |  | 0
Available-for-sale securities |  |  | 0
Derivative assets |  | 40,500 | 8,988
MSRs |  |  | 0
Pledged collateral |  |  | 0
FHLBC stock |  | 43,393 | 34,437
Liabilities |  |  |
Derivative liabilities |  | 108,497 | 58,368
Commercial secured borrowings |  |  | 0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  | 0 | 129,819
Fair Value, Measurements, Recurring | Level 2 | Commercial Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  |  | 0
Fair Value, Measurements, Recurring | Level 3 |  |  |
Assets |  |  |
Trading securities |  | 273,531 | 404,011
Available-for-sale securities |  | 610,270 | 829,245
Derivative assets |  | 7,448 | 4,671
MSRs |  | 110,046 | 191,976
Pledged collateral |  |  | 0
FHLBC stock |  |  | 0
Guarantees asset |  | 3,320 | 5,697
Liabilities |  |  |
Derivative liabilities |  | 513 | 1,463
Commercial secured borrowings |  | 65,240 | 63,152
ABS issued |  | 859,628 | 996,820
Fair Value, Measurements, Recurring | Level 3 | Residential Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  | 4,038,858 | 3,797,551
Fair Value, Measurements, Recurring | Level 3 | Commercial Loans at Fair Value |  |  |
Assets |  |  |
Loans at fair value |  | $ 69,720 | $ 106,798
[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 June 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $888,026 and $1,195,574, respectively. At June 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $860,256 and $1,050,861, respectively. See Note 4 for further discussion.

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