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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
Investment
Dec. 31, 2022
USD ($)
Investment
Jun. 30, 2022
USD ($)
Variable Interest Entity [Line Items]      
Home equity investments $ 427,307 $ 403,462  
Other investments [1] 355,537 390,938  
Cash and cash equivalents 357,308 [1] 258,894 [1] $ 371,000
Restricted cash 90,000   $ 73,000
Accrued interest receivable 63,659 60,893  
Other assets [1] 219,025 211,240  
Assets [1] 12,796,734 13,030,899  
Short-term debt [1] 1,457,122 2,029,679  
Accrued interest payable 48,320 46,612  
Accrued expenses and other liabilities [1] 228,114 180,203  
Asset-backed securities issued [1] 8,183,170 7,986,752  
Liabilities [1] 11,672,596 11,946,914  
CAFL      
Variable Interest Entity [Line Items]      
Fair value of securities owned 306,000 304,000  
Freddie Mac SLST      
Variable Interest Entity [Line Items]      
Fair value of securities owned 298,000 323,000  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Assets 9,492,706 9,257,291  
Liabilities 8,439,522 8,270,276  
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 129,264 132,627  
Other investments 268,151 301,213  
Cash and cash equivalents 19,979 13,475  
Restricted cash 59,612 29,862  
Accrued interest receivable 38,834 36,392  
Other assets 17,523 25,397  
Assets 9,492,706 9,257,291  
Short-term debt 162,981 206,510  
Accrued interest payable 26,836 25,300  
Accrued expenses and other liabilities 66,535 51,714  
Asset-backed securities issued 8,183,170 7,986,752  
Liabilities 8,439,522 8,270,276  
Value of our investments in VIEs $ 1,045,252 $ 979,267  
Number of VIEs | Investment 65 64  
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 5,259,162 $ 4,832,407  
Business purpose loans, held-for-investment      
Variable Interest Entity [Line Items]      
Fair value of loans [1] 4,943,887 4,968,513  
Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 3,280,085 3,461,367  
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 420,096 424,551  
Legacy Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 64 69  
Accrued interest receivable 343 284  
Other assets 0 637  
Assets 163,629 185,922  
Short-term debt 0 0  
Accrued interest payable 317 282  
Accrued expenses and other liabilities (106) 0  
Asset-backed securities issued 162,049 184,191  
Liabilities 162,260 184,473  
Value of our investments in VIEs $ 1,173 $ 1,285  
Number of VIEs | Investment 20 20  
Legacy Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 163,222 $ 184,932  
Legacy Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Legacy Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Sequoia | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 73 73  
Accrued interest receivable 14,472 11,227  
Other assets 0 0  
Assets 3,718,299 3,201,717  
Short-term debt 0 0  
Accrued interest payable 11,222 8,880  
Accrued expenses and other liabilities 80 81  
Asset-backed securities issued 3,485,390 2,971,109  
Liabilities 3,496,692 2,980,070  
Value of our investments in VIEs $ 218,357 $ 219,299  
Number of VIEs | Investment 19 17  
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 3,703,754 $ 3,190,417  
Sequoia | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Sequoia | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
CAFL | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 0 0  
Cash and cash equivalents 69 710  
Restricted cash 55,351 26,296  
Accrued interest receivable 17,992 18,102  
Other assets 7,265 14,265  
Assets 3,360,762 3,520,740  
Short-term debt 0 0  
Accrued interest payable 10,286 10,918  
Accrued expenses and other liabilities 3,395 4,559  
Asset-backed securities issued 2,955,520 3,115,807  
Liabilities 2,969,201 3,131,284  
Value of our investments in VIEs $ 388,730 $ 385,927  
Number of VIEs | Investment 19 19  
CAFL | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
CAFL | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 3,280,085 3,461,367  
CAFL | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Freddie Mac SLST | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Accrued interest receivable 4,985 5,144  
Other assets 2,372 2,898  
Assets 1,399,543 1,465,100  
Short-term debt 0 0  
Accrued interest payable 3,455 3,561  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 1,096,972 1,222,150  
Liabilities 1,100,427 1,225,711  
Value of our investments in VIEs $ 297,587 $ 237,807  
Number of VIEs | Investment 2 3  
Freddie Mac SLST | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 1,392,186 $ 1,457,058  
Freddie Mac SLST | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Freddie Mac SLST | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Freddie Mac K-Series | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Accrued interest receivable 1,281 1,293  
Other assets 0 0  
Assets 421,377 425,844  
Short-term debt 0 0  
Accrued interest payable 1,155 1,167  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 387,581 392,785  
Liabilities 388,736 393,952  
Value of our investments in VIEs $ 32,515 $ 31,767  
Number of VIEs | Investment 1 1  
Freddie Mac K-Series | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
Freddie Mac K-Series | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Freddie Mac K-Series | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 420,096 424,551  
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 268,151 301,213  
Cash and cash equivalents 19,910 12,765  
Restricted cash 0 0  
Accrued interest receivable (239) 342  
Other assets 7,836 7,547  
Assets 295,658 321,867  
Short-term debt 162,981 206,510  
Accrued interest payable 401 492  
Accrued expenses and other liabilities 39,271 24,745  
Asset-backed securities issued 0 0  
Liabilities 202,653 231,747  
Value of our investments in VIEs $ 93,005 $ 90,120  
Number of VIEs | Investment 3 3  
Servicing Investment | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
Servicing Investment | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Servicing Investment | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
HEI | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 129,264 132,627  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 4,124 3,424  
Accrued interest receivable 0 0  
Other assets 50 50  
Assets 133,438 136,101  
Short-term debt 0 0  
Accrued interest payable 0 0  
Accrued expenses and other liabilities 23,895 22,329  
Asset-backed securities issued 95,658 100,710  
Liabilities 119,553 123,039  
Value of our investments in VIEs $ 13,885 $ 13,062  
Number of VIEs | Investment 1 1  
Fair value of securities owned $ 14,000    
HEI | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 $ 0  
HEI | Business purpose loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
HEI | Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 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 June 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,492,706 and $9,257,291, respectively. At June 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,439,522 and $8,270,276, respectively. See Note 4 for further discussion.