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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.