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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 591,152 | $ 445,687
Available-for-sale securities |  | 574,788 | 572,752
MSRs | [1] | 111,013 | 118,526
Derivative assets | [1] | 26,660 | 36,595
Pledged collateral |  | 42,916 | 42,875
Liabilities |  |  |
Derivative liabilities | [1] | 66,867 | 66,329
Commercial Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 3,000 |
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 591,152 | 445,687
Available-for-sale securities |  | 574,788 | 572,752
MSRs |  | 111,013 | 118,526
Cash and cash equivalents |  | 221,781 | 212,844
Restricted cash |  | 1,929 | 8,623
Accrued interest receivable |  | 17,645 | 18,454
Derivative assets |  | 26,660 | 36,595
REO |  | 3,953 | 5,533
Margin receivable |  | 83,229 | 68,038
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 3,846 | 4,092
Pledged collateral |  | 42,916 | 42,875
Liabilities |  |  |
Short-term debt |  | 563,773 | 791,539
Accrued interest payable |  | 16,035 | 9,608
Margin payable |  | 3,394 | 12,783
Guarantee obligation |  | 21,082 | 21,668
Derivative liabilities |  | 66,867 | 66,329
ABS issued, net, Fair value |  | 728,391 | 773,462
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Convertible notes, net |  | 482,994 | 482,195
Trust preferred securities and subordinated notes, net |  | 138,501 | 138,489
Carrying Value | Residential Loans | Residential loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 375,407 | 834,193
Carrying Value | Residential loans, at lower of cost or fair value | Residential loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,200 | 1,206
Carrying Value | Residential Loans Held For Investment at Fair Value | Residential loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,095,634 | 3,052,652
Carrying Value | Commercial Loans | Commercial Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 2,700 | 2,700
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 591,152 | 445,687
Available-for-sale securities |  | 574,788 | 572,752
MSRs |  | 111,013 | 118,526
Cash and cash equivalents |  | 221,781 | 212,844
Restricted cash |  | 1,929 | 8,623
Accrued interest receivable |  | 17,645 | 18,454
Derivative assets |  | 26,660 | 36,595
REO |  | 4,183 | 5,560
Margin receivable |  | 83,229 | 68,038
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 3,846 | 4,092
Pledged collateral |  | 42,916 | 42,875
Liabilities |  |  |
Short-term debt |  | 563,773 | 791,539
Accrued interest payable |  | 16,035 | 9,608
Margin payable |  | 3,394 | 12,783
Guarantee obligation |  | 21,764 | 22,181
Derivative liabilities |  | 66,867 | 66,329
ABS issued, net, Fair value |  | 728,391 | 773,462
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Convertible notes, net |  | 496,820 | 493,365
Trust preferred securities and subordinated notes, net |  | 101,138 | 96,255
Fair Value | Residential Loans | Residential loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 375,407 | 834,193
Fair Value | Residential loans, at lower of cost or fair value | Residential loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,354 | 1,365
Fair Value | Residential Loans Held For Investment at Fair Value | Residential loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,095,634 | 3,052,652
Fair Value | Commercial Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 3,000 |
Fair Value | Commercial Loans | Commercial Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | $ 2,700 | $ 2,700
[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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $750,694 and $798,317, respectively. At March 31, 2017 and December 31, 2016, liabilities of consolidated VIEs totaled $728,923 and $773,980, respectively. See Note 4 for further discussion.

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