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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets    
Trading securities $ 1,108,243 $ 968,844
Available-for-sale securities 361,841 507,666
Derivative assets [1] 87,219 15,718
Pledged collateral 42,127 42,615
Liabilities    
Derivative liabilities [1] 42,724 63,081
Carrying Value    
Assets    
Business purpose loans 115,620 0
Multifamily loans 942,165 0
Trading securities 1,108,243 968,844
Available-for-sale securities 361,841 507,666
Cash and cash equivalents 173,516 144,663
Restricted cash 27,253 2,144
Accrued interest receivable 35,644 27,013
Derivative assets 87,219 15,718
MSRs 63,785 63,598
REO 2,915 3,354
Margin receivable 48,655 85,044
FHLBC stock 43,393 43,393
Guarantee asset 2,885 2,869
Pledged collateral 42,127 42,615
Participation in loan warehouse facility 39,219 0
Liabilities    
Short-term debt 1,424,275 1,688,412
Accrued interest payable 31,076 18,435
Margin payable 33,950 390
Guarantee obligation 17,423 19,487
Derivative liabilities 42,724 63,081
ABS issued at fair value, net 3,406,985 1,164,585
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 632,401 686,759
Trust preferred securities and subordinated notes, net 138,570 138,535
Carrying Value | Residential loans | Residential Loans    
Assets    
Loans, held-for-sale 866,331 1,427,052
Carrying Value | Residential loans | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 113 893
Carrying Value | Residential loans | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value 5,055,815 3,687,265
Fair Value    
Assets    
Business purpose loans 115,620 0
Multifamily loans 942,165 0
Trading securities 1,108,243 968,844
Available-for-sale securities 361,841 507,666
Cash and cash equivalents 173,516 144,663
Restricted cash 27,253 2,144
Accrued interest receivable 35,644 27,013
Derivative assets 87,219 15,718
MSRs 63,785 63,598
REO 3,490 3,806
Margin receivable 48,655 85,044
FHLBC stock 43,393 43,393
Guarantee asset 2,885 2,869
Pledged collateral 42,127 42,615
Participation in loan warehouse facility 39,219 0
Liabilities    
Short-term debt 1,424,275 1,688,412
Accrued interest payable 31,076 18,435
Margin payable 33,950 390
Guarantee obligation 17,409 18,878
Derivative liabilities 42,724 63,081
ABS issued at fair value, net 3,406,985 1,164,585
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 639,684 692,369
Trust preferred securities and subordinated notes, net 108,113 103,230
Fair Value | Residential loans | Residential Loans    
Assets    
Loans, held-for-sale 866,331 1,427,052
Fair Value | Residential loans | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 133 993
Fair Value | Residential loans | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value $ 5,055,815 $ 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 September 30, 2018 and December 31, 2017, assets of consolidated VIEs totaled $3,693,140 and $1,259,774, respectively. At September 30, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $3,417,835 and $1,167,157, respectively. See Note 4 for further discussion.