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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Assets    
Loans receivable, fair value $ 30,400 $ 402,647
Trading securities 341,269 404,011
Available-for-sale securities 595,641 829,245
MSRs [1] 106,009 191,976
Derivative assets [1] 36,880 16,393
Pledged collateral 43,802 53,600
Liabilities    
Derivative liabilities [1] 100,117 62,794
Commercial Loans, Held-for-sale    
Assets    
Loans, held-for-sale 0 39,141
Loans receivable, fair value 0 39,141
Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 30,400 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 0 295,849
Carrying Value    
Assets    
Trading securities 341,269 404,011
Available-for-sale securities 595,641 829,245
MSRs 106,009 191,976
Cash and cash equivalents 221,372 220,229
Restricted cash 2,044 5,567
Accrued interest receivable 20,054 23,290
Derivative assets 36,880 16,393
REO 6,245 4,896
Margin receivable 96,650 83,191
FHLBC stock 43,393 34,437
Guarantee asset 3,627 5,697
Pledged collateral   53,600
Liabilities    
Short-term debt 1,117,405 1,855,003
Accrued interest payable 15,518 8,936
Margin payable 13,313 6,415
Guarantee obligation 23,011 22,704
Derivative liabilities 100,117 62,794
ABS issued, net, Fair value 819,868 996,820
ABS issued, net, Amortized cost 0 52,595
FHLBC long-term borrowings 1,999,999 1,343,023
Commercial secured borrowings 0 63,152
Convertible notes, net 481,396 483,119
Trust preferred securities and subordinated notes, net 138,478 138,443
Carrying Value | Residential Loans    
Assets    
Loans, held-for-sale 1,187,240 1,114,305
Carrying Value | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 1,274 1,433
Carrying Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value 3,122,650 2,813,065
Carrying Value | Commercial Loans, Held-for-sale    
Assets    
Loans, held-for-sale 0 39,141
Carrying Value | Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 30,400 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 0 295,849
Fair Value    
Assets    
Trading securities 341,269 404,011
Available-for-sale securities 595,641 829,245
MSRs 106,009 191,976
Cash and cash equivalents 221,372 220,229
Restricted cash 2,044 5,567
Accrued interest receivable 20,054 23,290
Derivative assets 36,880 16,393
REO 6,342 5,282
Margin receivable 96,650 83,191
FHLBC stock 43,393 34,437
Guarantee asset 3,627 5,697
Pledged collateral 43,802 53,600
Liabilities    
Short-term debt 1,117,405 1,855,003
Accrued interest payable 15,518 8,936
Margin payable 13,313 6,415
Guarantee obligation 21,968 22,702
Derivative liabilities 100,117 62,794
ABS issued, net, Fair value 819,868 996,820
ABS issued, net, Amortized cost 0 53,137
FHLBC long-term borrowings 1,999,999 1,343,023
Commercial secured borrowings 0 63,152
Convertible notes, net 496,719 461,053
Trust preferred securities and subordinated notes, net 83,700 83,700
Fair Value | Residential Loans    
Assets    
Loans, held-for-sale 1,187,240 1,114,305
Fair Value | Residential loans, at lower of cost or fair value    
Assets    
Loans, held-for-sale 1,459 1,635
Fair Value | Residential Loans Held For Investment at Fair Value    
Assets    
Loans receivable, fair value 3,122,650 2,813,065
Fair Value | Commercial Loans, Held-for-sale    
Assets    
Loans, held-for-sale 0 39,141
Fair Value | Commercial Loans at Lower of Cost or Market    
Assets    
Loans, held-for-sale 32,239 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 $ 0 $ 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 September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $847,399 and $1,195,574, respectively. At September 30, 2016 and December 31, 2015, liabilities of consolidated VIEs totaled $820,391 and $1,050,861, respectively. See Note 4 for further discussion.