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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, 2019 | Dec. 31, 2018
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 860,540 | $ 1,118,612
Available-for-sale securities |  | 239,334 | 333,882
Shared home appreciation options |  | 0 | 39,703
Derivative assets | [1] | 35,701 | 35,789
Pledged collateral |  | 32,945 | 42,433
Liabilities |  |  |
Contingent consideration |  | 28,484 | 0
Derivative liabilities | [1] | 163,424 | 84,855
Residential Loans |  |  |
Assets |  |  |
MSR Fair Value |  | 169,204 | 300,468
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 860,540 | 1,118,612
Available-for-sale securities |  | 239,334 | 333,882
Shared home appreciation options |  | 45,085 | 0
Cash and cash equivalents |  | 196,966 | 175,764
Restricted cash |  | 93,867 | 29,313
Accrued interest receivable |  | 71,058 | 47,105
Derivative assets |  | 35,701 | 35,789
Margin receivable |  | 209,776 | 100,773
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 1,686 | 2,618
Pledged collateral |  | 32,945 | 42,433
Liabilities |  |  |
Accrued interest payable |  | 60,655 | 42,528
Margin payable |  | 1,700 | 835
Guarantee obligation |  | 14,009 | 16,711
Contingent consideration |  |  | 0
Derivative liabilities |  | 163,424 | 84,855
ABS issued at fair value |  | 10,515,475 | 5,410,073
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Subordinate securities financing facility |  | 183,520 | 0
Convertible notes, net |  | 631,125 | 633,196
Trust preferred securities and subordinated notes, net |  | 138,628 | 138,582
Carrying Value | Servicer advance investments |  |  |
Assets |  |  |
MSR Fair Value |  | 169,204 | 300,468
Carrying Value | MSRs |  |  |
Assets |  |  |
MSR Fair Value |  | 42,224 | 60,281
Carrying Value | Participation In Loan Warehouse Facility |  |  |
Assets |  |  |
Loans, held-for-investment |  | 0 | 39,703
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
Other assets |  | 31,814 | 27,312
Carrying Value | REO |  |  |
Assets |  |  |
Other assets |  | 9,462 | 3,943
Carrying Value | Credit facilities |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 2,176,591 | 1,937,920
Carrying Value | Servicer advance financing |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 152,554 | 262,740
Carrying Value | Residential Loans | Residential loans, held-for-sale at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 536,385 | 1,048,801
Carrying Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans, held-for-investment |  | 7,178,465 | 6,205,941
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 331,565 | 28,460
Loans, held-for-investment |  | 3,175,178 | 112,798
Carrying Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans, held-for-investment |  | 4,408,524 | 2,144,598
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 860,540 | 1,118,612
Available-for-sale securities |  | 239,334 | 333,882
Shared home appreciation options |  | 45,085 | 0
Cash and cash equivalents |  | 196,966 | 175,764
Restricted cash |  | 93,867 | 29,313
Accrued interest receivable |  | 71,058 | 47,105
Derivative assets |  | 35,701 | 35,789
Margin receivable |  | 209,776 | 100,773
FHLBC stock |  | 43,393 | 43,393
Guarantee asset |  | 1,686 | 2,618
Pledged collateral |  | 32,945 | 42,433
Liabilities |  |  |
Accrued interest payable |  | 60,655 | 42,528
Margin payable |  | 1,700 | 835
Guarantee obligation |  | 13,754 | 16,774
Contingent consideration |  | 28,484 | 0
Derivative liabilities |  | 163,424 | 84,855
ABS issued at fair value |  | 10,515,475 | 5,410,073
FHLBC long-term borrowings |  | 1,999,999 | 1,999,999
Subordinate securities financing facility |  | 184,666 | 0
Convertible notes, net |  | 661,985 | 618,271
Trust preferred securities and subordinated notes, net |  | 99,045 | 102,533
Fair Value | Servicer advance investments |  |  |
Assets |  |  |
MSR Fair Value |  | 169,204 | 300,468
Fair Value | MSRs |  |  |
Assets |  |  |
MSR Fair Value |  | 42,224 | 60,281
Fair Value | Participation In Loan Warehouse Facility |  |  |
Assets |  |  |
Loans, held-for-investment |  | 0 | 39,703
Fair Value | Excess MSRs |  |  |
Assets |  |  |
Other assets |  | 31,814 | 27,312
Fair Value | REO |  |  |
Assets |  |  |
Other assets |  | 10,389 | 4,396
Fair Value | Credit facilities |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 2,176,591 | 1,937,920
Fair Value | Servicer advance financing |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 152,554 | 262,740
Fair Value | Residential Loans | Residential loans, held-for-sale at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 536,509 | 1,048,821
Fair Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans, held-for-investment |  | 7,178,465 | 6,205,941
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 331,565 | 28,460
Loans, held-for-investment |  | 3,175,178 | 112,798
Fair Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans, held-for-investment |  | $ 4,408,524 | $ 2,144,598
[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, 2019 and December 31, 2018, assets of consolidated VIEs totaled $11,931,869 and $6,331,191, respectively. At December 31, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $10,717,072 and $5,709,807, respectively. See Note 4 for further discussion.

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