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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015
--- | --- | ---
Assets |  |  |
Loans receivable, fair value |  | $ 30,400 | $ 402,647
Trading securities |  | 341,269 | 404,011
Available-for-sale securities |  | 595,641 | 829,245
MSRs | [1] | 106,009 | 191,976
Derivative assets | [1] | 36,880 | 16,393
Pledged collateral |  | 43,802 | 53,600
Liabilities |  |  |
Derivative liabilities | [1] | 100,117 | 62,794
Commercial Loans, Held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 0 | 39,141
Loans receivable, fair value |  | 0 | 39,141
Commercial Loans at Lower of Cost or Market |  |  |
Assets |  |  |
Loans, held-for-sale |  | 30,400 | 0
Commercial loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 67,657
Commercial Loans Held-for-Investment, at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 67,657
Commercial Loans Held-for-Investment, at Amortized Cost |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 295,849
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 341,269 | 404,011
Available-for-sale securities |  | 595,641 | 829,245
MSRs |  | 106,009 | 191,976
Cash and cash equivalents |  | 221,372 | 220,229
Restricted cash |  | 2,044 | 5,567
Accrued interest receivable |  | 20,054 | 23,290
Derivative assets |  | 36,880 | 16,393
REO |  | 6,245 | 4,896
Margin receivable |  | 96,650 | 83,191
FHLBC stock |  | 43,393 | 34,437
Guarantee asset |  | 3,627 | 5,697
Pledged collateral |  |  | 53,600
Liabilities |  |  |
Short-term debt |  | 1,117,405 | 1,855,003
Accrued interest payable |  | 15,518 | 8,936
Margin payable |  | 13,313 | 6,415
Guarantee obligation |  | 23,011 | 22,704
Derivative liabilities |  | 100,117 | 62,794
ABS issued, net, Fair value |  | 819,868 | 996,820
ABS issued, net, Amortized cost |  | 0 | 52,595
FHLBC long-term borrowings |  | 1,999,999 | 1,343,023
Commercial secured borrowings |  | 0 | 63,152
Convertible notes, net |  | 481,396 | 483,119
Trust preferred securities and subordinated notes, net |  | 138,478 | 138,443
Carrying Value | Residential Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,187,240 | 1,114,305
Carrying Value | Residential loans, at lower of cost or fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,274 | 1,433
Carrying Value | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,122,650 | 2,813,065
Carrying Value | Commercial Loans, Held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 0 | 39,141
Carrying Value | Commercial Loans at Lower of Cost or Market |  |  |
Assets |  |  |
Loans, held-for-sale |  | 30,400 | 0
Carrying Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 67,657
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 295,849
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 341,269 | 404,011
Available-for-sale securities |  | 595,641 | 829,245
MSRs |  | 106,009 | 191,976
Cash and cash equivalents |  | 221,372 | 220,229
Restricted cash |  | 2,044 | 5,567
Accrued interest receivable |  | 20,054 | 23,290
Derivative assets |  | 36,880 | 16,393
REO |  | 6,342 | 5,282
Margin receivable |  | 96,650 | 83,191
FHLBC stock |  | 43,393 | 34,437
Guarantee asset |  | 3,627 | 5,697
Pledged collateral |  | 43,802 | 53,600
Liabilities |  |  |
Short-term debt |  | 1,117,405 | 1,855,003
Accrued interest payable |  | 15,518 | 8,936
Margin payable |  | 13,313 | 6,415
Guarantee obligation |  | 21,968 | 22,702
Derivative liabilities |  | 100,117 | 62,794
ABS issued, net, Fair value |  | 819,868 | 996,820
ABS issued, net, Amortized cost |  | 0 | 53,137
FHLBC long-term borrowings |  | 1,999,999 | 1,343,023
Commercial secured borrowings |  | 0 | 63,152
Convertible notes, net |  | 496,719 | 461,053
Trust preferred securities and subordinated notes, net |  | 83,700 | 83,700
Fair Value | Residential Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,187,240 | 1,114,305
Fair Value | Residential loans, at lower of cost or fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,459 | 1,635
Fair Value | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,122,650 | 2,813,065
Fair Value | Commercial Loans, Held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 0 | 39,141
Fair Value | Commercial Loans at Lower of Cost or Market |  |  |
Assets |  |  |
Loans, held-for-sale |  | 32,239 | 0
Fair Value | Commercial Loans Held-for-Investment, at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 0 | 67,657
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost |  |  |
Assets |  |  |
Loans receivable, fair value |  | $ 0 | $ 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 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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