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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Assets    
Trading securities $ 404,011 $ 111,606
Available-for-sale securities 829,245 1,267,624
MSRs [1] 191,976 139,293
Derivative assets [1] 16,393 16,417
Pledged collateral 53,600 9,927
Liabilities    
Margin payable 6,415 6,455
Derivative liabilities [1] 62,794 58,331
Carrying Value    
Assets    
Trading securities 404,011 111,606
Available-for-sale securities 829,245 1,267,624
MSRs 191,976 139,293
Cash and cash equivalents 220,229 269,730
Restricted cash 5,567 628
Accrued interest receivable 23,290 18,222
Derivative assets 16,393 16,417
REO 4,896 4,391
Margin receivable 83,191 65,374
FHLBC stock 34,437 10,688
Guarantees asset 5,697 7,201
Pledged collateral 53,600 9,927
Liabilities    
Short-term debt 1,855,003 1,793,825
Accrued interest payable 8,936 8,502
Margin payable 6,415 6,455
Guarantee obligation 22,704 7,201
Derivative liabilities 62,794 58,331
ABS issued, Fair value 996,820 0
ABS issued, Amortized cost 53,137 1,545,119
FHLBC long-term borrowings 1,343,023 495,860
Commercial secured borrowings 63,152 66,707
Convertible notes 492,500 492,500
Other long-term debt 139,500 139,500
Carrying Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 1,114,305 1,341,032
Carrying Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,433 1,488
Carrying Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 2,813,065 581,668
Carrying Value | Residential Loans Held For Investment At Amortized Cost    
Assets    
Loans, held-for-investment 0 1,474,386
Carrying Value | Commercial Loans Held For Sale    
Assets    
Loans, held-for-sale 39,141 166,234
Carrying Value | Commercial Loans Held-for-Investment, at Fair Value    
Assets    
Loans, held-for-investment 67,657 71,262
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans, held-for-investment 295,849 329,431
Fair Value    
Assets    
Trading securities 404,011 111,606
Available-for-sale securities 829,245 1,267,624
MSRs 191,976 139,293
Cash and cash equivalents 220,229 269,730
Restricted cash 5,567 628
Accrued interest receivable 23,290 18,222
Derivative assets 16,393 16,417
REO 5,282 4,703
Margin receivable 83,191 65,374
FHLBC stock 34,437 10,688
Guarantees asset 5,697 7,201
Pledged collateral 53,600 9,927
Liabilities    
Short-term debt 1,855,003 1,793,825
Accrued interest payable 8,936 8,502
Margin payable 6,415 6,455
Guarantee obligation 22,702 7,201
Derivative liabilities 62,794 58,331
ABS issued, Fair value 996,820 0
ABS issued, Amortized cost 53,137 1,446,605
FHLBC long-term borrowings 1,343,023 495,860
Commercial secured borrowings 63,152 66,707
Convertible notes 461,053 492,188
Other long-term debt 83,700 101,835
Fair Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 1,114,305 1,341,032
Fair Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,635 1,669
Fair Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans, held-for-investment 2,813,065 581,668
Fair Value | Residential Loans Held For Investment At Amortized Cost    
Assets    
Loans, held-for-investment 0 1,381,918
Fair Value | Commercial Loans Held For Sale    
Assets    
Loans, held-for-sale 39,141 166,234
Fair Value | Commercial Loans Held-for-Investment, at Fair Value    
Assets    
Loans, held-for-investment 67,657 71,262
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans, held-for-investment 300,824 334,876
Fair Value, Measurements, Recurring    
Assets    
Trading securities 404,011 111,606
Available-for-sale securities 829,245 1,267,624
MSRs 191,976 139,293
Derivative assets 16,393 16,417
FHLBC stock 34,437 10,688
Guarantees asset 5,697 7,201
Pledged collateral 53,600 9,927
Liabilities    
Derivative liabilities 62,794 58,331
ABS issued, Fair value 996,820  
Level 1 | Fair Value, Measurements, Recurring    
Assets    
Trading securities   0
Available-for-sale securities   0
MSRs   0
Derivative assets 2,734 6,654
FHLBC stock 0 0
Pledged collateral 53,600 9,927
Liabilities    
Derivative liabilities $ 2,963 $ 9,878
[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, 2015 and December 31, 2014, assets of consolidated VIEs totaled $1,195,574 and $1,900,208, respectively. At December 31, 2015 and December 31, 2014, liabilities of consolidated VIEs totaled $1,050,861 and $1,546,490, respectively. See Note 4 for further discussion.