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v3.23.1

Summary of Significant Accounting Policies - Offsetting of Financial Assets, Liabilities, and Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022
--- | --- | ---
Assets |  |  |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet | [1] | $ 11,497 | $ 20,830
Liabilities |  |  |
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet | [1] | (10,736) | (16,855)
Total Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (11,668) | (241,536)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (11,668) | (241,536)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 2,103 | 226,625
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 8,914 | 4,518
Net Amount |  | (651) | (10,393)
Interest rate agreements |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 8,032 | 14,625
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 8,032 | 14,625
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 0 | 0
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | (1,596) | (5,944)
Net Amount |  | 6,436 | 8,681
TBAs |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 3,037 | 1,893
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 3,037 | 1,893
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (1,397) | (1,873)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 0 | 0
Net Amount |  | 1,640 | 20
Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (3,018) | (16,784)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (3,018) | (16,784)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 1,397 | 1,873
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 1,277 | 4,518
Net Amount |  | (344) | (10,393)
Futures |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 75 | 3,976
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 75 | 3,976
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (75) | (57)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 0 | 0
Net Amount |  | 0 | 3,919
Liabilities |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (7,712) | (57)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (7,712) | (57)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 75 | 57
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 7,637 | 0
Net Amount |  | 0 | 0
Interest Rate Agreement, TBAs, and Futures |  |  |
Assets |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | 11,144 | 20,494
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | 11,144 | 20,494
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | (1,472) | (1,930)
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | (1,596) | (5,944)
Net Amount |  | 8,076 | 12,620
Loan warehouse debt |  |  |
Loan warehouse debt and Security repurchase agreement |  |  |
Gross Amounts of Recognized Assets (Liabilities) |  | (938) | (224,695)
Gross Amounts Offset in Consolidated Balance Sheet |  | 0 | 0
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | (938) | (224,695)
Gross Amounts Not Offset in Consolidated Balance Sheet, Financial Instruments |  | 631 | 224,695
Gross Amounts Not Offset in Consolidated Balance Sheet, Cash Collateral (Received) Pledged |  | 0 | 0
Net Amount |  | $ (307) | $ 0
[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 March 31, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,836,956 and $9,257,291, respectively. At March 31, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,729,585 and $8,270,276, respectively. See Note 4 for further discussion.

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