XML 64 R47.htm IDEA: XBRL DOCUMENT v3.22.2.2

Short-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Short-Term Debt Facilities

The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at September 30, 2022 and December 31, 2021.

Table 14.1 – Short-Term Debt

						September 30, 2022
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity (2)						Weighted Average Days Until Maturity
Facilities
Residential loan warehouse						9						$	748,962					$	2,850,000					4.83		%				12/2022 - 9/2023						150
Business purpose loan warehouse						4						775,491						1,750,000						5.67		%				3/2023 - 9/2023						289
Real estate securities repo						7						124,435						—						3.50		%				10/2022 - 12/2022						32
Total Short-Term Debt Facilities						20						1,648,888
Servicer advance financing						1						233,104						290,000						4.94		%				11/2023						397
Promissory notes						N/A						30,702						N/A						6.58		%				N/A						N/A
Convertible notes, net						N/A						197,585						N/A						4.75		%				8/2023						319
Total Short-Term Debt												$	2,110,279

						December 31, 2021
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity						Weighted Average Days Until Maturity
Facilities
Residential loan warehouse						7						$	1,669,344					$	2,900,000					1.87		%				1/2022-12/2022						153
Business purpose loan warehouse						2						138,746						350,000						3.34		%				3/2022-7/2022						105
Real estate securities repo						4						74,825						—						1.13		%				1/2022-3/2022						33
Total Short-Term Debt Facilities						13						1,882,915
Servicer advance financing						1						294,447						350,000						1.90		%				11/2022						306
Convertible notes, net						N/A						—
Total Short-Term Debt												$	2,177,362

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over 1-month SOFR or 1- or 3-month LIBOR.

(2)Promissory notes payable on demand to lender with 90-day notice. Assumed maturity date at September 30, 2022 is December 30, 2022 for this presentation.

Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at September 30, 2022 and December 31, 2021.

Table 14.2 – Collateral for Short-Term Debt

(In Thousands)						September 30, 2022						December 31, 2021
Collateral Type
Held-for-sale residential loans						$	828,192					$	1,838,797
Business purpose loans						982,745						167,687
Real estate securities
On balance sheet						60,457						5,823
Sequoia securitizations (1)						77,470						61,525
Freddie Mac K-Series securitization (1)						32,047						31,657
Total real estate securities owned						169,974						99,005
Restricted cash and other assets						4,116						1,962
Total Collateral for Short-Term Debt Facilities						1,985,027						2,107,451
Cash						15,891						6,480
Restricted cash						18,569						25,420
Servicer advances						274,934						310,953
Total Collateral for Servicer Advance Financing						309,394						342,853
Total Collateral for Short-Term Debt						$	2,294,421					$	2,450,304

(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations.

Short-Term Debt by Collateral Type and Remaining Maturities

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at September 30, 2022.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities

						September 30, 2022
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential loans						$	—					$	262,804					$	486,158					$	748,962
Business purpose loans						—						—						775,491						775,491
Real estate securities						72,233						52,202						—						124,435
Total Secured Short-Term Debt						72,233						315,006						1,261,649						1,648,888
Servicer advance financing						—						—						233,104						233,104
Promissory notes						—						30,702						—						30,702
Convertible notes, net						—						—						197,585						197,585
Total Short-Term Debt						$	72,233					$	345,708					$	1,692,338					$	2,110,279

X

- Definition

Schedule Collateral for Short-Term Debt [Table Text Block]

+ References

No definition available.

+ Details

Name:	rwt_ScheduleCollateralforShortTermDebtTableTextBlock
Namespace Prefix:	rwt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Maturities of Debt Disclosure.

+ References

No definition available.

+ Details

Name:	rwt_ScheduleOfMaturitiesOfDebtDisclosureTextBlock
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

X

- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration