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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, 2020 | Dec. 31, 2019
--- | --- | ---
Assets |  |  |
Trading securities |  | $ 142,699 | $ 860,540
Available-for-sale securities |  | 173,737 | 239,334
MSRs |  | 249,705 | 151,582
Derivative assets | [1] | 357 | 35,701
Pledged collateral |  | 33,105 | 32,945
Liabilities |  |  |
Contingent consideration |  | 14,953 | 28,484
Derivative liabilities | [1] | 1,932 | 163,424
Residential Loans |  |  |
Assets |  |  |
MSRs |  | 266,948 | 169,204
Carrying Value |  |  |
Assets |  |  |
Trading securities |  | 142,699 | 860,540
Available-for-sale securities |  | 173,737 | 239,334
Cash and cash equivalents |  | 528,612 | 196,966
Shared home appreciation options |  |  | 45,085
Restricted cash |  | 44,496 | 93,867
Accrued interest receivable |  | 44,134 | 71,058
Derivative assets |  | 357 | 35,701
Margin receivable |  | 2,746 | 209,776
FHLBC stock |  | 5,000 | 43,393
Guarantee asset |  | 770 | 1,686
Pledged collateral |  | 33,105 | 32,945
Liabilities |  |  |
Accrued interest payable |  | 37,024 | 60,655
Margin payable |  | 0 | 1,700
Guarantee obligation |  | 12,350 | 14,009
Contingent consideration |  | 14,953 | 28,484
Derivative liabilities |  | 1,932 | 163,424
ABS issued at fair value |  | 6,856,086 | 10,515,475
FHLBC long-term borrowings |  | 1,000 | 1,999,999
Other long-term debt, net |  | 1,088,609 | 183,520
Convertible notes, net |  | 509,868 | 631,125
Trust preferred securities and subordinated notes, net |  | 138,651 | 138,628
Carrying Value | Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 266,948 | 169,204
Carrying Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 19,661 | 42,224
Carrying Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 36,197 | 31,814
Carrying Value | REO |  |  |
Assets |  |  |
REO |  | 9,780 | 9,462
Carrying Value | Short-term debt facilities |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 418,370 | 2,176,591
Carrying Value | Short-term debt - servicer advance financing |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 244,437 | 152,554
Carrying Value | Residential Loans | Residential loans, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 20,098 | 536,385
Carrying Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,514,131 | 7,178,465
Carrying Value | Residential Loans | Business purpose residential loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 379,795 | 331,565
Carrying Value | Residential Loans | Business purpose residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,402,405 | 3,175,178
Carrying Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 489,075 | 4,408,524
Fair Value |  |  |
Assets |  |  |
Trading securities |  | 142,699 | 860,540
Available-for-sale securities |  | 173,737 | 239,334
Cash and cash equivalents |  | 528,612 | 196,966
Shared home appreciation options |  | 40,851 | 45,085
Restricted cash |  | 44,496 | 93,867
Accrued interest receivable |  | 44,134 | 71,058
Derivative assets |  | 357 | 35,701
Margin receivable |  | 2,746 | 209,776
FHLBC stock |  | 5,000 | 43,393
Guarantee asset |  | 770 | 1,686
Pledged collateral |  | 33,105 | 32,945
Liabilities |  |  |
Accrued interest payable |  | 37,024 | 60,655
Margin payable |  | 0 | 1,700
Guarantee obligation |  | 10,995 | 13,754
Contingent consideration |  | 14,953 | 28,484
Derivative liabilities |  | 1,932 | 163,424
ABS issued at fair value |  | 6,856,086 | 10,515,475
FHLBC long-term borrowings |  | 1,000 | 1,999,999
Other long-term debt, net |  | 1,082,327 | 184,666
Convertible notes, net |  | 469,360 | 661,985
Trust preferred securities and subordinated notes, net |  | 55,800 | 99,045
Fair Value | Servicer advance investments |  |  |
Assets |  |  |
MSRs |  | 266,948 | 169,204
Fair Value | MSRs |  |  |
Assets |  |  |
MSRs |  | 19,661 | 42,224
Fair Value | Excess MSRs |  |  |
Assets |  |  |
REO |  | 36,197 | 31,814
Fair Value | REO |  |  |
Assets |  |  |
REO |  | 10,014 | 10,389
Fair Value | Short-term debt facilities |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 418,370 | 2,176,591
Fair Value | Short-term debt - servicer advance financing |  |  |
Liabilities |  |  |
Short-term debt facilities |  | 244,437 | 152,554
Fair Value | Residential Loans | Residential loans, at fair value |  |  |
Assets |  |  |
Loans, held-for-sale |  | 20,098 | 536,509
Fair Value | Residential Loans | Residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 4,514,131 | 7,178,465
Fair Value | Residential Loans | Business purpose residential loans, held-for-sale |  |  |
Assets |  |  |
Loans, held-for-sale |  | 379,795 | 331,565
Fair Value | Residential Loans | Business purpose residential loans, held-for-investment |  |  |
Assets |  |  |
Loans receivable, fair value |  | 3,402,405 | 3,175,178
Fair Value | Residential Loans | Multifamily loans |  |  |
Assets |  |  |
Loans receivable, fair value |  | 489,075 | 4,408,524
Shared home appreciation options |  |  |
Assets |  |  |
Shared home appreciation options |  | $ 40,851 | $ 45,085
[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, 2020 and December 31, 2019, assets of consolidated VIEs totaled $7,984,618 and $11,931,869, respectively. At June 30, 2020 and December 31, 2019, liabilities of consolidated VIEs totaled $7,140,221 and $10,717,072, respectively. See Note 4 for further discussion.

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