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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, 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
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 1,054,295 | 968,844
Available-for-sale securities |  | 399,641 | 507,666
Cash and cash equivalents |  | 184,779 | 144,663
Restricted cash |  | 15,285 | 2,144
Accrued interest receivable |  | 29,066 | 27,013
Derivative assets |  | 65,645 | 15,718
MSRs |  | 64,674 | 63,598
REO |  | 2,649 | 3,354
Margin receivable |  | 49,538 | 85,044
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 2,936 | 2,869
Pledged collateral |  | 42,201 | 42,615
Participation in loan warehouse facility |  | 41,658 | 0
Liabilities |  |  |
Short-term debt facilities |  | 1,426,288 | 1,688,412
Accrued interest payable |  | 21,925 | 18,435
Margin payable |  | 7,282 | 390
Guarantee obligation |  | 18,124 | 19,487
Derivative liabilities |  | 55,929 | 63,081
ABS issued at fair value, net |  | 1,929,662 | 1,164,585
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Convertible notes, net |  | 631,663 | 686,759
Trust preferred securities and subordinated notes, net |  | 138,559 | 138,535
Carrying Value | Residential loans | Residential Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,104,545 | 1,427,052
Carrying Value | Residential loans | Residential loans, at lower of cost or fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 115 | 893
Carrying Value | Residential loans | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,386,510 | 3,687,265
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 1,054,295 | 968,844
Available-for-sale securities |  | 399,641 | 507,666
Cash and cash equivalents |  | 184,779 | 144,663
Restricted cash |  | 15,285 | 2,144
Accrued interest receivable |  | 29,066 | 27,013
Derivative assets |  | 65,645 | 15,718
MSRs |  | 64,674 | 63,598
REO |  | 3,534 | 3,806
Margin receivable |  | 49,538 | 85,044
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 2,936 | 2,869
Pledged collateral |  | 42,201 | 42,615
Participation in loan warehouse facility |  | 41,658 | 0
Liabilities |  |  |
Short-term debt facilities |  | 1,426,288 | 1,688,412
Accrued interest payable |  | 21,925 | 18,435
Margin payable |  | 7,282 | 390
Guarantee obligation |  | 17,903 | 18,878
Derivative liabilities |  | 55,929 | 63,081
ABS issued at fair value, net |  | 1,929,662 | 1,164,585
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Convertible notes, net |  | 639,204 | 692,369
Trust preferred securities and subordinated notes, net |  | 107,415 | 103,230
Fair Value | Residential loans | Residential Loans |  |  |
Assets |  |  |
Loans, held-for-sale |  | 1,104,545 | 1,427,052
Fair Value | Residential loans | Residential loans, at lower of cost or fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 135 | 993
Fair Value | Residential loans | Residential Loans Held For Investment at Fair Value |  |  |
Assets |  |  |
Loans receivable, fair value |  | $ 4,386,510 | $ 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 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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- Definition Fair value portion of amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13433-108611 + Details
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