XML 22 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements Of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Cash Flows From Operating Activities:      
Net income $ 102,088 $ 100,569 $ 173,246
Adjustments to reconcile net income to net cash used in operating activities:      
Amortization of premiums, discounts, and securities issuance costs, net (34,089) (34,133) (26,165)
Depreciation and amortization of non-financial assets 824 513 388
Purchases of held-for-sale loans (11,045,813) (9,917,943) (7,766,203)
Proceeds from sales of held-for-sale loans 9,761,010 8,126,249 7,405,088
Principal payments on held-for-sale loans 80,299 30,233 19,030
Net settlements of derivatives (59,406) (33,220) 45,447
(Reversal of) provision for loan losses (355) 961 4,737
Non-cash equity award compensation expense 11,806 11,271 13,547
Market valuation adjustments 51,975 298 (97,701)
Realized gains, net (36,369) (15,478) (36,290)
Net change in:      
Accrued interest receivable and other assets (88,173) (57,685) 12,002
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities 5,993 (2,768) 31,046
Net cash used in operating activities (1,250,210) (1,791,133) (221,828)
Cash Flows From Investing Activities:      
Purchases of loans held-for-investment (22,219) (87,454) (65,771)
Proceeds from sales of loans held-for-investment 6,459 0 440
Principal payments on loans held-for-investment 500,239 364,040 523,900
Purchases of real estate securities (179,265) (168,654) (488,598)
Proceeds from sales of real estate securities 439,493 504,754 220,535
Principal payments on real estate securities 138,630 174,241 163,951
Purchase of mortgage servicing rights (32,388) (46,113) (3,106)
Proceeds from sales of mortgage servicing rights 17,235 0 0
Net change in restricted cash (4,939) (230) (15)
Net cash provided by investing activities 863,245 740,584 351,336
Cash Flows From Financing Activities:      
Proceeds from borrowings on short-term debt 8,570,291 8,320,982 6,661,464
Repayments on short-term debt (8,534,802) (7,442,836) (6,350,619)
Proceeds from issuance of asset-backed securities 0 0 0
Repayments on asset-backed securities issued (388,962) (396,734) (584,400)
Deferred securities issuance costs (33) (6,934) (9,184)
Proceeds from issuance of long-term debt 1,400,222 770,042 336,994
Repayments on long-term debt (527,371) (685) (27)
Net settlements of derivatives (43) (3,352) (7)
Net proceeds from issuance of common stock 7,301 9,511 8,667
Net payments on repurchase of common stock (85,820) 0 0
Taxes paid on equity award distributions (8,448) (7,643) (5,861)
Dividends paid (94,871) (95,273) (94,414)
Net cash provided by (used in) financing activities 337,464 1,147,078 (37,387)
Net (decrease) increase in cash and cash equivalents (49,501) 96,529 92,121
Cash and cash equivalents at beginning of period 269,730 [1] 173,201 81,080
Cash and cash equivalents at end of period 220,229 [1] 269,730 [1] 173,201
Cash paid during the period for:      
Interest 86,849 81,350 85,418
Taxes 165 1,407 3,397
Supplemental Noncash Information:      
Real estate securities retained from loan securitizations 244,177 150,387 392,932
Retention of mortgage servicing rights from loan securitizations and sales 64,725 48,000 44,063
Transfers from loans held-for-sale to loans held-for-investment 1,555,814 633,707 0
Transfers from loans held-for-investment to loans held-for-sale 154,012 0 0
Transfers from residential loans to real estate owned $ 8,500 $ 6,844 $ 4,711
[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.