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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2016
Dec. 31, 2015
Assets    
Loans receivable, fair value $ 325,063 $ 402,647
Trading securities 273,531 404,011
Available-for-sale securities 610,270 829,245
MSRs [1] 110,046 191,976
Derivative assets [1] 57,610 16,393
Pledged collateral 44,095 53,600
Liabilities    
Derivative liabilities [1] 119,161 62,794
Commercial loans, held-for-sale    
Assets    
Loans, held-for-sale 69,720 39,141
Loans receivable, fair value 69,720 39,141
Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 233,058 0
Commercial Loans Held For Investment    
Assets    
Loans receivable, fair value 0 67,657
Commercial Loans Held-for-Investment, at Fair Value    
Assets    
Loans receivable, fair value 0 67,657
Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans receivable, fair value 22,285 295,849
Carrying Value    
Assets    
Trading securities 273,531 404,011
Available-for-sale securities 610,270 829,245
MSRs 110,046 191,976
Cash and cash equivalents 216,923 220,229
Restricted cash 8,293 5,567
Accrued interest receivable 20,594 23,290
Derivative assets 57,610 16,393
REO 6,493 4,896
Margin receivable 104,108 83,191
FHLBC stock 43,393 34,437
Guarantees asset 3,320 5,697
Pledged collateral   53,600
Liabilities    
Short-term debt 1,059,045 1,855,003
Accrued interest payable 9,515 8,936
Margin payable 19,592 6,415
Guarantee obligation 24,022 22,704
Derivative liabilities 119,161 62,794
ABS issued, net, Fair value 859,628 996,820
ABS issued, net, Amortized cost 0 52,595
FHLBC long-term borrowings 1,999,999 1,343,023
Commercial secured borrowings 65,240 63,152
Convertible notes, net 480,597 483,119
Trust preferred securities and subordinated notes, net 138,466 138,443
Carrying Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 881,100 1,114,305
Carrying Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,280 1,433
Carrying Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value 3,157,758 2,813,065
Carrying Value | Commercial loans, held-for-sale    
Assets    
Loans, held-for-sale 69,720 39,141
Carrying Value | Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 233,058 0
Carrying Value | Commercial Loans Held-for-Investment, at Fair Value    
Assets    
Loans receivable, fair value 0 67,657
Carrying Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans receivable, fair value 22,285 295,849
Fair Value    
Assets    
Trading securities 273,531 404,011
Available-for-sale securities 610,270 829,245
MSRs 110,046 191,976
Cash and cash equivalents 216,923 220,229
Restricted cash 8,293 5,567
Accrued interest receivable 20,594 23,290
Derivative assets 57,610 16,393
REO 7,951 5,282
Margin receivable 104,108 83,191
FHLBC stock 43,393 34,437
Guarantees asset 3,320 5,697
Pledged collateral 44,095 53,600
Liabilities    
Short-term debt 1,059,045 1,855,003
Accrued interest payable 9,515 8,936
Margin payable 19,592 6,415
Guarantee obligation 22,203 22,702
Derivative liabilities 119,161 62,794
ABS issued, net, Fair value 859,628 996,820
ABS issued, net, Amortized cost 0 53,137
FHLBC long-term borrowings 1,999,999 1,343,023
Commercial secured borrowings 65,240 63,152
Convertible notes, net 482,812 461,053
Trust preferred securities and subordinated notes, net 79,515 83,700
Fair Value | Residential Loans at Fair Value    
Assets    
Loans, held-for-sale 881,100 1,114,305
Fair Value | Residential Loans at Lower of Cost or Fair Value    
Assets    
Loans, held-for-sale 1,472 1,635
Fair Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value 3,157,758 2,813,065
Fair Value | Commercial loans, held-for-sale    
Assets    
Loans, held-for-sale 69,720 39,141
Fair Value | Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 236,824 0
Fair Value | Commercial Loans Held-for-Investment, at Fair Value    
Assets    
Loans receivable, fair value 0 67,657
Fair Value | Commercial Loans Held-for-Investment, at Amortized Cost    
Assets    
Loans receivable, fair value $ 22,421 $ 300,824
[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, 2016 and December 31, 2015, assets of consolidated VIEs totaled $888,026 and $1,195,574, respectively. At June 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $860,256 and $1,050,861, respectively. See Note 4 for further discussion.