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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Assets    
Trading securities $ 1,205,389 $ 1,118,612
Available-for-sale securities 272,097 333,882
MSRs 236,632 286,778
Derivative assets [1] 26,609 35,789
Pledged collateral 42,913 42,433
Liabilities    
Contingent consideration 24,932 0
Derivative liabilities [1] 173,847 84,855
Residential Loans    
Assets    
MSRs 259,222 300,468
Carrying Value    
Assets    
Trading securities 1,205,389 1,118,612
Available-for-sale securities 272,097 333,882
Cash and cash equivalents 218,145 175,764
Restricted cash 33,953 29,313
Accrued interest receivable 54,265 47,105
Derivative assets 26,609 35,789
Margin receivable 211,199 100,773
FHLBC stock 43,393 43,393
Guarantee asset 1,999 2,618
Pledged collateral 42,913 42,433
Liabilities    
Accrued interest payable 47,092 42,528
Margin payable 0 835
Guarantee obligation 15,744 16,711
Contingent consideration 24,932 0
Derivative liabilities 173,847 84,855
ABS issued at fair value 6,913,129 5,410,073
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 634,805 633,196
Trust preferred securities and subordinated notes, net 138,605 138,582
Carrying Value | Servicer advance investments    
Assets    
MSRs 259,222 300,468
Carrying Value | MSRs    
Assets    
MSRs 47,396 60,281
Carrying Value | Participation in loan warehouse facility    
Assets    
Loans receivable, fair value 0 39,703
Carrying Value | Excess MSRs    
Assets    
REO 33,620 27,312
Carrying Value | REO    
Assets    
REO 6,305 3,943
Carrying Value | Short-term debt facilities    
Liabilities    
Short-term debt facilities 2,026,418 1,937,920
Carrying Value | Short-term debt - servicer advance financing    
Liabilities    
Short-term debt facilities 236,231 262,740
Carrying Value | Residential Loans | Residential loans, at fair value    
Assets    
Loans, held-for-sale 1,056,178 1,048,690
Carrying Value | Residential Loans | Residential loans, held-for-sale, At lower of cost or fair value    
Assets    
Loans, held-for-sale 109 111
Carrying Value | Residential Loans | Residential loans, held-for-investment    
Assets    
Loans receivable, fair value 6,227,078 6,205,941
Carrying Value | Residential Loans | Business purpose residential loans    
Assets    
Loans receivable, fair value 250,854 141,258
Carrying Value | Residential Loans | Multifamily loans    
Assets    
Loans receivable, fair value 3,749,657 2,144,598
Fair Value    
Assets    
Trading securities 1,205,389 1,118,612
Available-for-sale securities 272,097 333,882
Cash and cash equivalents 218,145 175,764
Restricted cash 33,953 29,313
Accrued interest receivable 54,265 47,105
Derivative assets 26,609 35,789
Margin receivable 211,199 100,773
FHLBC stock 43,393 43,393
Guarantee asset 1,999 2,618
Pledged collateral 42,913 42,433
Liabilities    
Accrued interest payable 47,092 42,528
Margin payable 0 835
Guarantee obligation 15,456 16,774
Contingent consideration 24,932 0
Derivative liabilities 173,847 84,855
ABS issued at fair value 6,913,129 5,410,073
FHLBC long-term borrowings 1,999,999 1,999,999
Convertible notes, net 639,849 618,271
Trust preferred securities and subordinated notes, net 97,650 102,533
Fair Value | Servicer advance investments    
Assets    
MSRs 259,222 300,468
Fair Value | MSRs    
Assets    
MSRs 47,396 60,281
Fair Value | Participation in loan warehouse facility    
Assets    
Loans receivable, fair value 0 39,703
Fair Value | Excess MSRs    
Assets    
REO 33,620 27,312
Fair Value | REO    
Assets    
REO 6,509 4,396
Fair Value | Short-term debt facilities    
Liabilities    
Short-term debt facilities 2,026,418 1,937,920
Fair Value | Short-term debt - servicer advance financing    
Liabilities    
Short-term debt facilities 236,231 262,740
Fair Value | Residential Loans | Residential loans, at fair value    
Assets    
Loans, held-for-sale 1,056,178 1,048,690
Fair Value | Residential Loans | Residential loans, held-for-sale, At lower of cost or fair value    
Assets    
Loans, held-for-sale 128 131
Fair Value | Residential Loans | Residential loans, held-for-investment    
Assets    
Loans receivable, fair value 6,227,078 6,205,941
Fair Value | Residential Loans | Business purpose residential loans    
Assets    
Loans receivable, fair value 250,854 141,258
Fair Value | Residential Loans | Multifamily loans    
Assets    
Loans receivable, fair value $ 3,749,657 $ 2,144,598
[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, 2019 and December 31, 2018, assets of consolidated VIEs totaled $7,937,685 and $6,331,191, respectively. At June 30, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $7,189,086 and $5,709,807, respectively. See Note 4 for further discussion.