XML 152 R137.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information - Components of Corporate/Other (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]                      
Interest income $ 119,725 $ 99,397 $ 82,976 $ 76,619 $ 71,468 $ 62,737 $ 59,224 $ 54,628 $ 378,717 $ 248,057 $ 246,355
Interest expense (84,961) (64,351) (48,213) (41,514) (36,108) (27,443) (24,234) (21,031) (239,039) (108,816) (88,528)
Net Interest Income 34,764 35,046 34,763 35,105 35,360 35,294 34,990 33,597 139,678 139,241 157,827
Mortgage banking activities, net                 59,566 53,908 38,691
Investment fair value changes, net                 (25,689) 10,374 (28,574)
Realized gains, net                 27,041 13,355 28,009
Total non-interest income, net (17,679) 32,284 19,521 39,666 10,951 26,070 25,297 27,755 73,792 90,073 58,817
Direct operating expenses (19,253) (21,490) (19,009) (23,030) (20,367) (19,922) (18,641) (18,226) (82,782) (77,156) (88,786)
Net Income (913) $ 40,921 $ 32,747 $ 46,845 30,933 $ 36,180 $ 36,324 $ 36,969 119,600 140,406 131,252
Real estate securities [1] 1,452,494       1,476,510       1,452,494 1,476,510  
Other investments [1] 438,518       63,598       438,518 63,598  
Total assets [1] 11,937,406       7,039,822       11,937,406 7,039,822  
Residential Loans                      
Segment Reporting Information [Line Items]                      
Residential loans 7,254,742       5,115,210       7,254,742 5,115,210  
Business purpose residential loans                      
Segment Reporting Information [Line Items]                      
Residential loans 141,258               141,258    
Multifamily loans                      
Segment Reporting Information [Line Items]                      
Residential loans 2,144,598               2,144,598    
Operating Segments | Investment Portfolio                      
Segment Reporting Information [Line Items]                      
Interest income                 304,636 188,760 192,200
Interest expense                 (149,139) (36,690) (22,997)
Net Interest Income                 155,497 152,070 169,203
Mortgage banking activities, net                 0 0 0
Investment fair value changes, net                 (24,693) 18,414 (24,367)
Realized gains, net                 27,041 14,107 27,717
Total non-interest income, net                 14,781 44,957 24,041
Direct operating expenses                 (10,357) (6,028) (10,421)
Net Income                 156,180 185,671 188,077
Real estate securities 1,452,494       1,476,510       1,452,494 1,476,510  
Other investments 427,764       63,598       427,764 63,598  
Total assets 10,093,993       4,743,873       10,093,993 4,743,873  
Operating Segments | Investment Portfolio | Residential Loans                      
Segment Reporting Information [Line Items]                      
Residential loans 5,685,983       3,054,448       5,685,983 3,054,448  
Operating Segments | Investment Portfolio | Business purpose residential loans                      
Segment Reporting Information [Line Items]                      
Residential loans 112,798               112,798    
Operating Segments | Investment Portfolio | Multifamily loans                      
Segment Reporting Information [Line Items]                      
Residential loans 2,144,598               2,144,598    
Operating Segments | Mortgage Banking                      
Segment Reporting Information [Line Items]                      
Interest income                 53,054 39,309 33,661
Interest expense                 (28,934) (17,369) (14,191)
Net Interest Income                 24,120 21,940 19,470
Mortgage banking activities, net                 59,566 53,908 40,753
Investment fair value changes, net                 0 0 0
Realized gains, net                 0 0 0
Total non-interest income, net                 59,566 53,908 40,753
Direct operating expenses                 (28,172) (25,113) (23,252)
Net Income                 48,167 44,311 35,111
Real estate securities 0       0       0 0  
Other investments 0       0       0 0  
Total assets 1,103,090       1,453,069       1,103,090 1,453,069  
Operating Segments | Mortgage Banking | Residential Loans                      
Segment Reporting Information [Line Items]                      
Residential loans 1,048,801       1,427,945       1,048,801 1,427,945  
Operating Segments | Mortgage Banking | Business purpose residential loans                      
Segment Reporting Information [Line Items]                      
Residential loans 28,460               28,460    
Operating Segments | Mortgage Banking | Multifamily loans                      
Segment Reporting Information [Line Items]                      
Residential loans 0               0    
Corporate/ Other                      
Segment Reporting Information [Line Items]                      
Interest income                 21,027 19,988 20,494
Interest expense                 (60,966) (54,757) (51,340)
Net Interest Income                 (39,939) (34,769) (30,846)
Mortgage banking activities, net                 0 0 (2,062)
Investment fair value changes, net                 (996) (8,040) (4,207)
Other income, net                 441 0 0
Realized gains, net                 0 (752) 292
Total non-interest income, net                 (555) (8,792) (5,977)
Direct operating expenses                 (44,253) (46,015) (55,113)
Net Income                 (84,747) (89,576) (91,936)
Real estate securities 0       0       0 0  
Other investments 10,754       0       10,754 0  
Total assets 740,323       842,880       740,323 842,880  
Corporate/ Other | Residential Loans                      
Segment Reporting Information [Line Items]                      
Residential loans 519,958       $ 632,817       519,958 632,817  
Corporate/ Other | Business purpose residential loans                      
Segment Reporting Information [Line Items]                      
Residential loans 0               0    
Corporate/ Other | Multifamily loans                      
Segment Reporting Information [Line Items]                      
Residential loans $ 0               0    
Corporate/ Other | Legacy Consolidated VIEs                      
Segment Reporting Information [Line Items]                      
Interest income                 20,036 19,407 19,537
Interest expense                 (16,519) (14,789) (13,103)
Net Interest Income                 3,517 4,618 6,434
Mortgage banking activities, net                 0 0 0
Investment fair value changes, net                 (1,016) (8,027) (4,200)
Other income, net                 0 0 0
Realized gains, net                 0 0 0
Total non-interest income, net                 (1,016) (8,027) (4,200)
Direct operating expenses                 0 0 0
Net Income                 2,501 (3,409) 2,234
Corporate/ Other | Other                      
Segment Reporting Information [Line Items]                      
Interest income                 991 581 957
Interest expense                 (44,447) (39,968) (38,237)
Net Interest Income                 (43,456) (39,387) (37,280)
Mortgage banking activities, net                 0 0 (2,062)
Investment fair value changes, net                 20 (13) (7)
Other income, net                 441 0 0
Realized gains, net                 0 (752) 292
Total non-interest income, net                 461 (765) (1,777)
Direct operating expenses                 (44,253) (46,015) (55,113)
Net Income                 $ (87,248) $ (86,167) $ (94,170)
[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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $6,331,191 and $1,259,774, respectively. At December 31, 2018 and December 31, 2017, liabilities of consolidated VIEs totaled $5,709,807 and $1,167,157, respectively. See Note 4 for further discussion.