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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Assets    
Trading securities $ 968,844 $ 445,687
Available-for-sale securities 507,666 572,752
MSR Fair Value [1] 63,598 118,526
Derivative assets [1] 15,718 36,595
Pledged collateral 42,615 42,875
Liabilities    
Derivative liabilities [1] 63,081 66,329
Carrying Value    
Assets    
Trading securities 968,844 445,687
Available-for-sale securities 507,666 572,752
MSR Fair Value 63,598 118,526
Cash and cash equivalents 144,663 212,844
Restricted cash 2,144 8,623
Accrued interest receivable 27,013 18,454
Derivative assets 15,718 36,595
REO 3,354 5,533
Margin receivable 85,044 68,038
FHLBC stock 43,393 43,393
Guarantee asset 2,869 4,092
Pledged collateral 42,615 42,875
Liabilities    
Short-term debt facilities 1,688,412 791,539
Accrued interest payable 18,435 9,608
Margin payable 390 12,783
Guarantee obligation 19,487 21,668
Derivative liabilities 63,081 66,329
ABS issued at fair value, net 1,164,585 773,462
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 686,759 482,195
Trust preferred securities and subordinated notes, net 138,535 138,489
Carrying Value | Residential Loans | Residential Loans    
Assets    
Loans, held-for-sale 1,427,052 834,193
Carrying Value | Residential Loans | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 893 1,206
Carrying Value | Residential Loans | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 3,687,265 3,052,652
Carrying Value | Commercial Loans | Commercial Loans At Lower Of Cost Or Market    
Assets    
Loans, held-for-sale 0 2,700
Fair Value    
Assets    
Trading securities 968,844 445,687
Available-for-sale securities 507,666 572,752
MSR Fair Value 63,598 118,526
Cash and cash equivalents 144,663 212,844
Restricted cash 2,144 8,623
Accrued interest receivable 27,013 18,454
Derivative assets 15,718 36,595
REO 3,806 5,560
Margin receivable 85,044 68,038
FHLBC stock 43,393 43,393
Guarantee asset 2,869 4,092
Pledged collateral 42,615 42,875
Liabilities    
Short-term debt facilities 1,688,412 791,539
Accrued interest payable 18,435 9,608
Margin payable 390 12,783
Guarantee obligation 18,878 22,181
Derivative liabilities 63,081 66,329
ABS issued at fair value, net 1,164,585 773,462
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 692,369 493,365
Trust preferred securities and subordinated notes, net 103,230 96,255
Fair Value | Residential Loans | Residential Loans    
Assets    
Loans, held-for-sale 1,427,052 834,193
Fair Value | Residential Loans | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 993 1,365
Fair Value | Residential Loans | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 3,687,265 3,052,652
Fair Value | Commercial Loans | Commercial Loans At Lower Of Cost Or Market    
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 December 31, 2017 and December 31, 2016, assets of consolidated VIEs totaled $1,259,774 and $798,317, respectively. At December 31, 2017 and December 31, 2016, liabilities of consolidated VIEs totaled $1,167,157 and $773,980, respectively. See Note 4 for further discussion.