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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Assets    
Trading securities $ 114,211 $ 111,606
Available-for-sale securities 971,013 1,267,624
MSRs 162,726 139,293 [1]
Derivative assets [1] 38,623 16,417
Pledged collateral   9,927
Liabilities    
Derivative liabilities [1] 88,044 58,331
Long/Other Long-term debt 65,578 66,707
Carrying Value    
Assets    
Trading securities 114,211 111,606
Available-for-sale securities 971,013 1,267,624
MSRs 162,726 139,293
Cash and cash equivalents 235,362 269,730
Restricted cash 8,361 628
Accrued interest receivable 20,223 18,222
Derivative assets 38,623 16,417
REO 3,902 4,391
Margin receivable 97,685 65,374
FHLBC stock 30,001 10,688
Guarantees asset 5,120 7,201
Pledged collateral 28,482 9,927
Liabilities    
Short-term debt 1,872,793 1,793,825
Accrued interest payable 14,738 8,502
Guarantee obligation 13,394 7,201
Derivative liabilities 88,044 58,331
ABS issued, Fair value 1,105,588 0
ABS issued, Amortized cost 73,207 1,545,119
FHLBC Borrowings 1,124,299 495,860
Convertible notes 492,500 492,500
Long/Other Long-term debt 139,500 139,500
Carrying Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 1,504,705 1,341,032
Carrying Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,446 1,488
Carrying Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 2,530,523 581,668
Carrying Value | Residential Loans Held For Investment At Amortized Cost    
Assets    
Loans, held-for-investment 0 1,474,386
Carrying Value | Commercial Loans at Fair Value    
Assets    
Loans, held-for-sale 80,756 166,234
Carrying Value | Commercial Loans Held For Investment    
Assets    
Loans, held-for-investment 70,096 71,262
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans, held-for-investment 317,305 329,431
Carrying Value | Commercial Secured Borrowings    
Liabilities    
Long/Other Long-term debt 65,578 66,707
Fair Value    
Assets    
Trading securities 114,211 111,606
Available-for-sale securities 971,013 1,267,624
MSRs 162,726 139,293
Cash and cash equivalents 235,362 269,730
Restricted cash 8,361 628
Accrued interest receivable 20,223 18,222
Derivative assets 38,623 16,417
REO 4,620 4,703
Margin receivable 97,685 65,374
FHLBC stock 30,001 10,688
Guarantees asset 5,120 7,201
Pledged collateral 28,482 9,927
Liabilities    
Short-term debt 1,872,793 1,793,825
Accrued interest payable 14,738 8,502
Guarantee obligation 12,123 7,201
Derivative liabilities 88,044 58,331
ABS issued, Fair value 1,105,588 0
ABS issued, Amortized cost 73,207 1,446,605
FHLBC Borrowings 1,124,299 495,860
Convertible notes 464,164 492,188
Long/Other Long-term debt 90,675 101,835
Fair Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 1,504,705 1,341,032
Fair Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,645 1,669
Fair Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 2,530,523 581,668
Fair Value | Residential Loans Held For Investment At Amortized Cost    
Assets    
Loans, held-for-investment 0 1,381,918
Fair Value | Commercial Loans at Fair Value    
Assets    
Loans, held-for-sale 80,756 166,234
Fair Value | Commercial Loans Held For Investment    
Assets    
Loans, held-for-investment 70,096 71,262
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans, held-for-investment 322,535 334,876
Fair Value | Commercial Secured Borrowings    
Liabilities    
Long/Other Long-term debt $ 65,578 $ 66,707
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,539,350 and $1,900,208, respectively. At September 30, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,179,884 and $1,546,490, respectively. See Note 4 for further discussion.