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Commercial Loans - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | --- | ---
Jun. 30, 2016 USD ($) | Sep. 30, 2016 USD ($) loan | Sep. 30, 2015 USD ($) | Sep. 30, 2016 USD ($) loan | Sep. 30, 2015 USD ($) | Dec. 31, 2015 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Transfers from loans held-for-investment to loans held-for-sale |  |  |  |  | $ 359,005 | $ 66,918 |
Aggregate fair value |  |  | $ 30,400 |  | 30,400 |  | $ 402,647
Senior commercial loans, held for sale |  |  |  |  | 3,817,445 | 8,794,939 |
Sale of loan for third party, held for sale |  |  |  |  | 2,930,641 | 7,741,024 |
Loans receivable, fair value |  |  | 30,400 |  | 30,400 |  | 402,647
Carrying value of loans |  |  | 4,311,164 |  | 4,311,164 |  | 3,928,803
Investment fair value changes, net |  |  | 11,918 | $ (14,169) | $ (18,686) | (17,105) |
Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Loans financed through securitization |  |  |  |  |  |  | 166,000
Loan pledged as collateral |  |  |  |  |  |  | $ 135,000
Number of loans | loan |  |  |  |  | 0 |  | 59
Aggregate fair value |  |  | 0 |  | $ 0 |  | $ 295,849
Recorded investment in loans |  |  | 0 |  | 0 |  | 302,951
Loans receivable, fair value |  |  | 0 |  | 0 |  | $ 295,849
Commercial loans, held-for-investment |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Transfer of loans held-for-sale to held-for-sale, principal balance |  | $ 67,000 |  |  |  |  |
Transfers from loans held-for-investment to loans held-for-sale |  | 70,000 |  |  |  |  |
Number of loans | loan |  |  |  |  |  |  | 3
Aggregate fair value | [1] |  | 0 |  | 0 |  | $ 363,506
Loans receivable, fair value |  |  | 0 |  | 0 |  | $ 67,657
Commercial Loans, Held-for-sale |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Number of loans | loan |  |  |  |  |  |  | 4
Principal balance |  |  |  |  |  |  | $ 39,000
Aggregate fair value | [1] |  | 30,400 |  | 30,400 |  | 39,141
Senior commercial loans, held for sale |  |  |  | 168,000 | 38,000 | 518,000 |
Sale of loan for third party, held for sale |  |  |  | 254,000 | 76,000 | 602,000 |
Valuation adjustments |  |  |  | $ 4,000 | 400 | $ 11,000 |
Loans, held-for-sale |  |  | 0 |  | 0 |  | 39,141
Loans receivable, fair value |  |  | 0 |  | $ 0 |  | 39,141
Commercial Loans at Lower of Cost or Market |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Transfer of loans held-for-sale to held-for-sale, principal balance |  | 237,000 |  |  |  |  |
Transfers from loans held-for-investment to loans held-for-sale |  | 233,000 |  |  |  |  |
Number of loans | loan |  |  |  |  | 6 |  |
Principal balance |  |  | 31,000 |  | $ 31,000 |  |
Valuation adjustments |  | $ 4,000 |  |  |  |  |
Loans, held-for-sale |  |  | 30,400 |  | 30,400 |  | 0
Net purchase discount on loans transferred to held-for-sale |  |  | 4,000 |  | $ 4,000 |  |
Principal balance of loans sold during period |  |  | 203,000 |  |  |  |
Gain on sale of loans held at lower of cost or market |  |  | $ 5,000 |  |  |  |
Number of loans subject to sale agreements | loan |  |  | 5 |  | 5 |  |
Carrying value of loans |  |  | $ 3,000 |  | $ 3,000 |  |
Investment fair value changes, net |  |  | (300) |  |  |  |
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Loans receivable, fair value |  |  | 0 |  | 0 |  | 300,824
Fair Value | Commercial Loans, Held-for-sale |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Loans, held-for-sale |  |  | 0 |  | 0 |  | 39,141
Fair Value | Commercial Loans at Lower of Cost or Market |  |  |  |  |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |  |  |  |  |
Loans, held-for-sale |  |  | $ 32,239 |  | $ 32,239 |  | $ 0
[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 September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $847,399 and $1,195,574, respectively. At September 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $820,391 and $1,050,861, respectively. See Note 4 for further discussion.

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