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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (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
MSRs [1] 63,770 118,526
Derivative assets [1] 12,264 36,595
Pledged collateral 42,963 42,875
Liabilities    
Derivative liabilities [1] 69,175 66,329
Commercial Loans    
Assets    
Loans, held-for-sale   3,000
Carrying Value    
Assets    
Trading securities 668,561 445,687
Available-for-sale securities 549,942 572,752
MSRs 63,770 118,526
Cash and cash equivalents 217,218 212,844
Restricted cash 2,006 8,623
Accrued interest receivable 20,101 18,454
Derivative assets 12,264 36,595
REO 4,645 5,533
Margin receivable 100,156 68,038
FHLBC stock 43,393 43,393
Guarantee asset 3,288 4,092
Pledged collateral 42,963 42,875
Liabilities    
Short-term debt facilities 1,044,794 791,539
Accrued interest payable 9,939 9,608
Margin payable 2,020 12,783
Guarantee obligation 20,692 21,668
Derivative liabilities 69,175 66,329
ABS issued, net, Fair value 692,606 773,462
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 447,848 482,195
Trust preferred securities and subordinated notes, net 138,512 138,489
Carrying Value | Residential Loans | Residential loans    
Assets    
Loans, held-for-sale 836,291 834,193
Carrying Value | Residential loans, at lower of cost or fair value | Residential loans    
Assets    
Loans, held-for-sale 1,080 1,206
Carrying Value | Residential Loans Held For Investment at Fair Value | Residential loans    
Assets    
Loans receivable, fair value 3,067,920 3,052,652
Carrying Value | Commercial Loans | Valuation adjustments on commercial loans held-for-sale    
Assets    
Loans, held-for-sale 0 2,700
Fair Value    
Assets    
Trading securities 668,561 445,687
Available-for-sale securities 549,942 572,752
MSRs 63,770 118,526
Cash and cash equivalents 217,218 212,844
Restricted cash 2,006 8,623
Accrued interest receivable 20,101 18,454
Derivative assets 12,264 36,595
REO 4,802 5,560
Margin receivable 100,156 68,038
FHLBC stock 43,393 43,393
Guarantee asset 3,288 4,092
Pledged collateral 42,963 42,875
Liabilities    
Short-term debt facilities 1,044,794 791,539
Accrued interest payable 9,939 9,608
Margin payable 2,020 12,783
Guarantee obligation 20,568 22,181
Derivative liabilities 69,175 66,329
ABS issued, net, Fair value 692,606 773,462
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 464,042 493,365
Trust preferred securities and subordinated notes, net 100,440 96,255
Fair Value | Residential Loans | Residential loans    
Assets    
Loans, held-for-sale 836,291 834,193
Fair Value | Residential loans, at lower of cost or fair value | Residential loans    
Assets    
Loans, held-for-sale 1,212 1,365
Fair Value | Residential Loans Held For Investment at Fair Value | Residential loans    
Assets    
Loans receivable, fair value 3,067,920 3,052,652
Fair Value | Commercial Loans    
Assets    
Loans, held-for-sale   3,000
Fair Value | Commercial Loans | Valuation adjustments on commercial loans held-for-sale    
Assets    
Loans, held-for-sale $ 0 $ 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 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.