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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Real estate securities, at fair value $ 116,933 $ 170,619
Shared home appreciation options [1] 340,437 192,740
Derivative assets [1] 65,213 26,467
Liabilities    
Derivative liabilities [1] 6,782 3,317
ABS issued, net, At fair value 7,564,312 8,843,147
Residential loans, held-for-sale, at fair value    
Assets    
Loans receivable, fair value 828,192 1,838,797
Servicer advance investments    
Assets    
MSRs 274,934 350,923
Carrying Value    
Assets    
Real estate securities, at fair value 259,212 377,411
Other financial instruments 11,174 12,663
Cash and cash equivalents 297,092 450,485
Restricted cash 71,996 80,999
Derivative assets 65,213 26,467
Margin receivable 6,683 7,269
Liabilities    
Margin payable 30,389 24,368
Guarantee obligation 6,532 7,459
Derivative liabilities 6,782 3,317
ABS issued, net, At fair value 7,564,312 8,843,147
ABS issued, net, At amortized cost 574,981 410,410
Other long-term debt, net 868,851 988,483
Convertible notes, net 724,205 513,629
Trust preferred securities and subordinated notes, net 138,755 138,721
Carrying Value | Servicer Advance Investments    
Assets    
MSRs 274,934 350,923
Carrying Value | MSRs    
Assets    
MSRs 24,796 12,438
Carrying Value | Excess MSRs    
Assets    
REO 40,452 44,231
Carrying Value | REO    
Assets    
REO 3,683 36,126
Carrying Value | Short-term debt (3)    
Liabilities    
Short-term debt 1,912,694 2,177,362
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 834,262 1,845,248
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,918,294 5,747,150
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 337,238 358,309
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,919,980 4,432,680
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 427,458 473,514
Fair Value    
Assets    
Real estate securities, at fair value 259,212 377,411
Other financial instruments 11,174 12,663
Cash and cash equivalents 297,092 450,485
Restricted cash 71,996 80,999
Derivative assets 65,213 26,467
Margin receivable 6,683 7,269
Liabilities    
Margin payable 30,389 24,368
Guarantee obligation 5,237 7,133
Derivative liabilities 6,782 3,317
ABS issued, net, At fair value 7,564,312 8,843,147
ABS issued, net, At amortized cost 541,773 410,471
Other long-term debt, net 858,810 989,570
Convertible notes, net 651,888 537,300
Trust preferred securities and subordinated notes, net 76,725 97,650
Fair Value | Servicer Advance Investments    
Assets    
MSRs 274,934 350,923
Fair Value | MSRs    
Assets    
MSRs 24,796 12,438
Fair Value | Excess MSRs    
Assets    
REO 40,452 44,231
Fair Value | REO    
Assets    
REO 4,105 39,272
Fair Value | Short-term debt (3)    
Liabilities    
Short-term debt 1,912,694 2,177,362
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 834,262 1,845,248
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,918,294 5,747,150
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 337,238 358,309
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,919,980 4,432,680
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 427,458 473,514
Shared home appreciation options | Carrying Value    
Assets    
Shared home appreciation options 340,437 192,740
Liabilities    
HEI securitization non-controlling interest 24,355 17,035
Shared home appreciation options | Fair Value    
Assets    
Shared home appreciation options 340,437 192,740
Liabilities    
HEI securitization non-controlling interest $ 24,355 $ 17,035
[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 September 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $9,449,163 and $10,661,081, respectively. At September 30, 2022 and December 31, 2021, liabilities of consolidated VIEs totaled $8,448,479 and $9,619,347, respectively. See Note 4 for further discussion.