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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, 2018 | Dec. 31, 2017
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 1,054,295 | $ 968,844
Available-for-sale securities |  | 399,641 | 507,666
Derivative assets | [1] | 65,645 | 15,718
Pledged collateral |  | 42,201 | 42,615
Liabilities |  |  |
Derivative liabilities | [1] | 55,929 | 63,081
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Trading securities |  | 1,054,295 | 968,844
Available-for-sale securities |  | 399,641 | 507,666
Derivative assets |  | 65,645 | 15,718
MSRs |  | 64,674 | 63,598
Pledged collateral |  | 42,201 | 42,615
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 2,936 | 2,869
Liabilities |  |  |
Derivative liabilities |  | 55,929 | 63,081
ABS issued |  | 1,929,662 | 1,164,585
Fair Value, Measurements, Recurring | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | 5,491,055 | 5,114,317
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets |  |  |
Trading securities |  | 0 | 0
Available-for-sale securities |  | 0 | 0
Derivative assets |  | 3,186 | 134
MSRs |  | 0 | 0
Pledged collateral |  | 42,201 | 42,615
FHLBC stock |  | 0 | 0
Guarantee asset |  | 0 | 0
Liabilities |  |  |
Derivative liabilities |  | 6,498 | 3,808
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 |  | 59,468 | 10,164
MSRs |  | 0 | 0
Pledged collateral |  | 0 | 0
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 0 | 0
Liabilities |  |  |
Derivative liabilities |  | 44,730 | 55,567
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 |  | 1,054,295 | 968,844
Available-for-sale securities |  | 399,641 | 507,666
Derivative assets |  | 2,991 | 5,420
MSRs |  | 64,674 | 63,598
Pledged collateral |  | 0 | 0
FHLBC stock |  | 0 | 0
Guarantee asset |  | 2,936 | 2,869
Liabilities |  |  |
Derivative liabilities |  | 4,701 | 3,706
ABS issued |  | 1,929,662 | 1,164,585
Fair Value, Measurements, Recurring | Level 3 | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | $ 5,491,055 | $ 5,114,317
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $2,082,771 and $1,259,774, respectively. At June 30, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $1,935,299 and $1,167,157, respectively. See Note 4 for further discussion.

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