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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, 2018
Dec. 31, 2017
Assets    
Trading securities $ 907,432 $ 968,844
Available-for-sale securities 450,288 507,666
MSRs [1] 66,496 63,598
Derivative assets [1] 63,544 15,718
Pledged collateral 42,290 42,615
Liabilities    
Derivative liabilities [1] 56,201 63,081
Carrying Value    
Assets    
Trading securities 907,432 968,844
Available-for-sale securities 450,288 507,666
MSRs 66,496 63,598
Cash and cash equivalents 178,562 144,663
Restricted cash 2,406 2,144
Accrued interest receivable 27,257 27,013
Derivative assets 63,544 15,718
REO 3,115 3,354
Margin receivable 50,200 85,044
FHLBC stock 43,393 43,393
Guarantee asset 3,055 2,869
Pledged collateral 42,290 42,615
Liabilities    
Short-term debt facilities 1,254,076 1,688,412
Accrued interest payable 23,492 18,435
Margin payable 16,878 390
Guarantee obligation 18,931 19,487
Derivative liabilities 56,201 63,081
ABS issued at fair value, net 1,542,087 1,164,585
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 687,426 686,759
Trust preferred securities and subordinated notes, net 138,547 138,535
Carrying Value | Residential Loans | Residential loans    
Assets    
Loans, held-for-sale 1,129,890 1,427,052
Carrying Value | Residential loans, at lower of cost or fair value | Residential loans    
Assets    
Loans, held-for-sale 295 893
Carrying Value | Residential Loans Held For Investment at Fair Value | Residential loans    
Assets    
Loans receivable, fair value 4,015,555 3,687,265
Fair Value    
Assets    
Trading securities 907,432 968,844
Available-for-sale securities 450,288 507,666
MSRs 66,496 63,598
Cash and cash equivalents 178,562 144,663
Restricted cash 2,406 2,144
Accrued interest receivable 27,257 27,013
Derivative assets 63,544 15,718
REO 4,651 3,806
Margin receivable 50,200 85,044
FHLBC stock 43,393 43,393
Guarantee asset 3,055 2,869
Pledged collateral 42,290 42,615
Liabilities    
Short-term debt facilities 1,254,076 1,688,412
Accrued interest payable 23,492 18,435
Margin payable 16,878 390
Guarantee obligation 18,551 18,878
Derivative liabilities 56,201 63,081
ABS issued at fair value, net 1,542,087 1,164,585
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 691,535 692,369
Trust preferred securities and subordinated notes, net 106,020 103,230
Fair Value | Residential Loans | Residential loans    
Assets    
Loans, held-for-sale 1,129,890 1,427,052
Fair Value | Residential loans, at lower of cost or fair value | Residential loans    
Assets    
Loans, held-for-sale 388 993
Fair Value | Residential Loans Held For Investment at Fair Value | Residential loans    
Assets    
Loans receivable, fair value $ 4,015,555 $ 3,687,265
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $1,647,850 and $1,259,774, respectively. At March 31, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $1,546,066 and $1,167,157, respectively. See Note 4 for further discussion.