Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 41,865		$ 28,350
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of premiums, discounts, and securities issuance costs, net	(18,310)		(17,521)
Depreciation and amortization of non-financial assets	315		232
Purchases of held-for-sale loans	(5,656,836)		(3,118,457)
Proceeds from sales of held-for-sale loans	5,366,705		2,339,023
Principal payments on held-for-sale loans	29,282		12,100
Net settlements of derivatives	(36,622)		(14,873)
Provision for loan losses	(55)		967
Non-cash equity award compensation expense	6,193		6,681
Market valuation adjustments	21,478		13,329
Realized gains, net	(10,622)		(2,155)
Net change in:
Accrued interest receivable and other assets	(28,265)		(23,935)
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities	(1,390)		(9,950)
Net cash used in operating activities	(286,262)		(786,209)
Cash Flows From Investing Activities:
Purchases of loans held-for-investment	(9,350)		(38,991)
Principal payments on held-for-investment loans	243,179		146,656
Purchases of real estate securities	(57,178)		(126,162)
Proceeds from sales of real estate securities	271,963		1,313
Principal payments on real estate securities	62,090		95,303
Purchase of mortgage servicing rights	(15,993)		(3,054)
Proceeds from sales of mortgage servicing rights	17,235		0
Net change in restricted cash	(1,761)		5
Net cash provided by investing activities	510,185		75,070
Cash Flows From Financing Activities:
Proceeds from borrowings on short-term debt	3,605,887		2,417,438
Repayments on short-term debt	(4,032,650)		(1,561,771)
Repayments on asset-backed securities issued	(174,949)		(174,861)
Deferred securities issuance costs	(33)		0
Proceeds from issuance of long-term debt	637,396		69,181
Repayments on long-term debt	(251,134)		(685)
Net settlements of derivatives	999		(1,650)
Net proceeds from issuance of common stock	3,498		1,787
Taxes paid on equity award distributions	(7,973)		(6,909)
Dividends paid	(48,268)		(47,513)
Net cash (used in) provided by financing activities	(267,227)		695,017
Net increase (decrease) in cash and cash equivalents	(43,304)		(16,122)
Cash and cash equivalents at beginning of period	269,730	[1]	173,201
Cash and cash equivalents at end of period	226,426	[1]	157,079
Cash paid during the period for:
Interest	41,440		38,158
Taxes	48		1,399
Supplemental Noncash Information:
Real estate securities retained from loan securitizations	39,698		85,000
Retention of mortgage servicing rights from loan securitizations and sales	36,834		11,976
Transfers from loans held-for-sale to loans held-for-investment	663,666		37,631
Transfers from residential loans to real estate owned	$ 4,780		$ 1,832

[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 the primary beneficiary (Redwood Trust, Inc.). At June 30, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,622,636 and $1,900,208, respectively, and liabilities of consolidated VIEs totaled $1,263,249 and $1,546,490, respectively. See Note 4 for further discussion.