XML 75 R49.htm IDEA: XBRL DOCUMENT
v3.20.4

Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Equity [Abstract] |
Changes to Accumulated Other Comprehensive Income (Loss) by Component | The following table provides a summary of changes to accumulated other comprehensive income by component for the years ended December 31, 2020 and 2019. During the year ended December 31, 2020, we recognized net unrealized losses of $2 million on our Level 3 AFS securities which we owned as of December 31, 2020. Table 17.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component
|  | Years Ended December 31,
|  | 2020 |  | 2019
(In Thousands) |  | Net Unrealized Gains on Available-for-Sale Securities |  | Net Unrealized Losses on Interest Rate Agreements Accounted for as Cash Flow Hedges |  | Net Unrealized Gains on Available-for-Sale Securities |  | Net Unrealized Losses on Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period |  | $ | 92,452 |  |  | $ | (50,939) |  |  | $ | 95,342 |  |  | $ | (34,045) |
Other comprehensive (loss) income before reclassifications |  | (3,951) |  |  | (32,806) |  |  | 17,077 |  |  | (16,894) |
Amounts reclassified from other accumulated comprehensive (loss) income |  | (12,165) |  |  | 3,188 |  |  | (19,967) |  |  | — |
Net current-period other comprehensive loss |  | (16,116) |  |  | (29,618) |  |  | (2,890) |  |  | (16,894) |
Balance at End of Period |  | $ | 76,336 |  |  | $ | (80,557) |  |  | $ | 92,452 |  |  | $ | (50,939) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table provides a summary of reclassifications out of accumulated other comprehensive income for the years ended December 31, 2020 and 2019. Table 17.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
|  |  |  | Amount Reclassified From Accumulated Other Comprehensive Income
|  | Affected Line Item in the |  | Year Ended December 31,
(In Thousands) |  | Income Statement |  | 2020 |  | 2019
Net Realized (Gain) Loss on AFS Securities |  |  |  |  |  |
Credit loss expense on AFS securities |  | Investment fair value changes, net |  | $ | 388 |  |  | $ | — |
Gain on sale of AFS securities |  | Realized gains, net |  | (12,553) |  |  | (19,967) |
|  |  |  | $ | (12,165) |  |  | $ | (19,967) |
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges |  |  |  |  |  |
Amortization of deferred loss |  | Interest expense |  | $ | 3,188 |  |  | $ | — |
|  |  |  | $ | 3,188 |  |  | $ | — |
Basic and Diluted Earnings (Loss) Per Common Share | The following table provides the basic and diluted earnings per common share computations for the years ended December 31, 2020, 2019, and 2018. Table 17.3 – Basic and Diluted Earnings per Common Share
|  | Years Ended December 31,
(In Thousands, except Share Data) |  | 2020 |  | 2019 |  | 2018
Basic (Loss) Earnings per Common Share: |  |  |  |  |  |
Net (loss) income attributable to Redwood |  | $ | (581,847) |  |  | $ | 169,183 |  |  | $ | 119,600 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (1,990) |  |  | (4,797) |  |  | (3,754) |
Net (loss) income allocated to common shareholders |  | $ | (583,837) |  |  | $ | 164,386 |  |  | $ | 115,846 |
Basic weighted average common shares outstanding |  | 113,935,605 |  |  | 101,120,744 |  |  | 78,724,912 |
Basic (Loss) Earnings per Common Share |  | $ | (5.12) |  |  | $ | 1.63 |  |  | $ | 1.47 |
Diluted (Loss) Earnings per Common Share: |  |  |  |  |  |
Net (loss) income attributable to Redwood |  | $ | (581,847) |  |  | $ | 169,183 |  |  | $ | 119,600 |
Less: Dividends and undistributed earnings allocated to participating securities |  | (1,990) |  |  | (5,273) |  |  | (4,283) |
Adjust for interest expense and gain on extinguishment of convertible notes for the period, net of tax |  | — |  |  | 36,212 |  |  | 32,653 |
Net (loss) income allocated to common shareholders |  | $ | (583,837) |  |  | $ | 200,122 |  |  | $ | 147,970 |
Weighted average common shares outstanding |  | 113,935,605 |  |  | 101,147,225 |  |  | 78,724,912 |
Net effect of dilutive equity awards |  | — |  |  | 251,100 |  |  | 189,120 |
Net effect of assumed convertible notes conversion to common shares |  | — |  |  | 35,382,269 |  |  | 31,113,738 |
Diluted weighted average common shares outstanding |  | 113,935,605 |  |  | 136,780,594 |  |  | 110,027,770 |
Diluted (Loss) Earnings per Common Share |  | $ | (5.12) |  |  | $ | 1.46 |  |  | $ | 1.34 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration