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Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 668,561 | $ 445,687
Available-for-sale securities |  | 549,942 | 572,752
Derivative assets | [1] | 12,264 | 36,595
MSRs | [1] | 63,770 | 118,526
Pledged collateral |  | 42,963 | 42,875
Liabilities |  |  |
Derivative liabilities | [1] | 69,175 | 66,329
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Trading securities |  | 668,561 | 445,687
Available-for-sale securities |  | 549,942 | 572,752
Derivative assets |  | 12,264 | 36,595
MSRs |  | 63,770 | 118,526
Pledged collateral |  | 42,963 | 42,875
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 3,288 | 4,092
Liabilities |  |  |
Derivative liabilities |  | 69,175 | 66,329
ABS issued |  | 692,606 | 773,462
Fair Value, Measurements, Recurring | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | 3,904,210 | 3,886,845
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets |  |  |
Trading securities |  | 0 | 0
Available-for-sale securities |  | 0 | 0
Derivative assets |  | 3,390 | 8,300
MSRs |  | 0 | 0
Pledged collateral |  | 42,963 | 42,875
FHLBC stock |  | 0 | 0
Guarantee asset |  | 0 | 0
Liabilities |  |  |
Derivative liabilities |  | 1,669 | 5,609
ABS issued |  | 0 | 0
Fair Value, Measurements, Recurring | Level 1 | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Assets |  |  |
Trading securities |  | 0 | 0
Available-for-sale securities |  | 0 | 0
Derivative assets |  | 4,335 | 24,980
MSRs |  | 0 | 0
Pledged collateral |  | 0 | 0
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 0 | 0
Liabilities |  |  |
Derivative liabilities |  | 64,087 | 56,919
ABS issued |  | 0 | 0
Fair Value, Measurements, Recurring | Level 2 | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | 0 | 0
Fair Value, Measurements, Recurring | Level 3 |  |  |
Assets |  |  |
Trading securities |  | 668,561 | 445,687
Available-for-sale securities |  | 549,942 | 572,752
Derivative assets |  | 4,539 | 3,315
MSRs |  | 63,770 | 118,526
Pledged collateral |  | 0 | 0
FHLBC stock |  | 0 | 0
Guarantee asset |  | 3,288 | 4,092
Liabilities |  |  |
Derivative liabilities |  | 3,419 | 3,801
ABS issued |  | 692,606 | 773,462
Fair Value, Measurements, Recurring | Level 3 | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | $ 3,904,210 | $ 3,886,845
[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, 2017 and December 31, 2016, assets of consolidated VIEs totaled $713,404 and $798,317, respectively. At June 30, 2017 and December 31, 2016, liabilities of consolidated VIEs totaled $693,137 and $773,980, respectively. See Note 4 for further discussion.

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