XML 45 R23.htm IDEA: XBRL DOCUMENT
v3.21.2

Asset-Backed Securities Issued | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
Asset-Backed Securities Issued | Asset-Backed Securities Issued The carrying values of ABS issued by our consolidated securitization entities at June 30, 2021 and December 31, 2020, along with other selected information, are summarized in the following table. Table 14.1 – Asset-Backed Securities Issued
June 30, 2021 |  | Legacy Sequoia |  | Sequoia |  | CAFL |  | Freddie Mac SLST (1) |  | Freddie Mac K-Series |  | Total
(Dollars in Thousands) |  |  |  |  |  |
Certificates with principal balance |  | $ | 291,083 |  |  | $ | 1,946,901 |  |  | $ | 2,746,648 |  |  | $ | 1,718,754 |  |  | $ | 422,534 |  |  | $ | 7,125,920 |
Interest-only certificates |  | 788 |  |  | 15,282 |  |  | 167,460 |  |  | 21,455 |  |  | 11,627 |  |  | 216,612 |
Market valuation adjustments |  | (33,660) |  |  | 28,365 |  |  | 93,488 |  |  | 86,109 |  |  | 20,163 |  |  | 194,465 |
ABS Issued, Net |  | $ | 258,211 |  |  | $ | 1,990,548 |  |  | $ | 3,007,596 |  |  | $ | 1,826,318 |  |  | $ | 454,324 |  |  | $ | 7,536,997 |
Range of weighted average interest rates, by series |  | 0.49% to 1.46% |  | 2.31% to 5.10% |  | 2.62% to 5.20% |  | 3.50% to 4.75% |  | 3.41 | % |  |
Stated maturities |  | 2024 - 2036 |  | 2047 - 2051 |  | 2021 - 2031 |  | 2028 - 2059 |  | 2025 |  |
Number of series |  | 20 |  |  | 12 |  |  | 14 |  |  | 3 |  |  | 1 |  |  |
December 31, 2020 |  | Legacy Sequoia |  | Sequoia |  | CAFL |  | Freddie Mac SLST (1) |  | Freddie Mac K-Series |  | Total
(Dollars in Thousands) |  |  |  |  |  |
Certificates with principal balance |  | $ | 329,039 |  |  | $ | 1,309,957 |  |  | $ | 2,716,425 |  |  | $ | 1,866,145 |  |  | $ | 416,339 |  |  | $ | 6,637,905 |
Interest-only certificates |  | 1,092 |  |  | 4,591 |  |  | 162,934 |  |  | 23,335 |  |  | 13,026 |  |  | 204,978 |
Market valuation adjustments |  | (47,805) |  |  | 32,809 |  |  | 133,734 |  |  | 104,439 |  |  | 34,601 |  |  | 257,778 |
ABS Issued, Net |  | $ | 282,326 |  |  | $ | 1,347,357 |  |  | $ | 3,013,093 |  |  | $ | 1,993,919 |  |  | $ | 463,966 |  |  | $ | 7,100,661 |
Range of weighted average interest rates, by series |  | 0.35% to 1.55% |  | 2.25% to 5.04% |  | 2.68% to 5.42% |  | 3.50% to 4.75% |  | 3.39 | % |  |
Stated maturities |  | 2024 - 2036 |  | 2047 - 2050 |  | 2021 - 2031 |  | 2028 - 2059 |  | 2025 |  |
Number of series |  | 20 |  |  | 10 |  |  | 14 |  |  | 3 |  |  | 1 |  |  |
(1)Includes $179 million and $205 million (principal balance) of ABS issued by a re-securitization trust sponsored by Redwood and accounted for at amortized cost at June 30, 2021 and December 31, 2020, respectively. During the third quarter of 2020, we transferred all of the subordinate securities we owned from two consolidated re-performing loan securitization VIEs sponsored by Freddie Mac SLST to a re-securitization trust, which we determined was a VIE and for which we determined we are the primary beneficiary. At issuance, we sold $210 million (principal balance) of ABS issued to third parties and retained 100% of the remaining beneficial ownership interest in the trust through ownership of a subordinate security issued by the trust. The ABS was issued at a discount and we have elected to account for the ABS issued at amortized cost. At June 30, 2021, the principal balance of the ABS issued was $179 million, and the debt discount and deferred issuance costs were $3 million, for a carrying value of $176 million. The stated coupon of the ABS issued was 4.75% at issuance and the final stated maturity occurs in July 2059. The ABS issued is subject to optional redemption and interest rate step-ups prior to the stated maturity according to the terms of the respective governing agreements. The actual maturity of each class of ABS issued is primarily determined by the rate of principal prepayments on the assets of the issuing entity. Each series is also subject to redemption prior to the stated maturity according to the terms of the respective governing documents of each ABS issuing entity. As a result, the actual maturity of ABS issued may occur earlier than its stated maturity. At June 30, 2021, the majority of the ABS issued and outstanding had contractual maturities beyond five years. See Note 4 for detail on the carrying value components of the collateral for ABS issued and outstanding. The following table summarizes the accrued interest payable on ABS issued at June 30, 2021 and December 31, 2020. Interest due on consolidated ABS issued is payable monthly. Table 14.2 – Accrued Interest Payable on Asset-Backed Securities Issued
(In Thousands) |  | June 30, 2021 |  | December 31, 2020
Legacy Sequoia |  | $ | 123 |  |  | $ | 141 |
Sequoia |  | 5,521 |  |  | 4,697 |
CAFL |  | 10,183 |  |  | 10,122 |
Freddie Mac SLST (1) |  | 5,200 |  |  | 5,656 |
Freddie Mac K-Series |  | 1,200 |  |  | 1,177 |
Total Accrued Interest Payable on ABS Issued |  | $ | 22,227 |  |  | $ | 21,793 |
(1)Includes accrued interest payable on ABS issued by a re-securitization trust sponsored by Redwood.

X
- Definition This item represents the disclosure related to the asset-backed securities issued under the Sequoia and Acacia securitization entities, and the Residential Resecuritization and Commercial Securitization entities, including their respective components, collateral, and accrued interest payable. + References No definition available. + Details
Name: | rwt_SecuredBorrowingsDisclosureTextBlock
Namespace Prefix: | rwt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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