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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets    
Real estate securities, at fair value $ 69,323 $ 108,329
HEIs [1] 427,307 403,462
Derivative assets [1] 20,436 20,830
Liabilities    
Derivative liabilities [1] 2,316 16,855
ABS issued, net, At fair value 7,702,826 7,424,132
Residential loans, held-for-sale, at fair value    
Assets    
Loans receivable, fair value 192,910 775,545
Servicer advance investments    
Assets    
MSRs 234,304 269,259
Carrying Value    
Assets    
Real estate securities, at fair value 166,819 240,475
Other instruments 5,847 6,155
Cash and cash equivalents 357,308 258,894
Restricted cash 89,534 70,470
Derivative assets 20,436 20,830
Margin receivable 2,043 13,802
Liabilities    
Margin payable 7,512 5,944
Guarantee obligation 6,079 6,344
Derivative liabilities 2,316 16,855
ABS issued, net, At fair value 7,702,826 7,424,132
ABS issued, net, At amortized cost 480,344 562,620
Other long-term debt, net 1,144,232 1,077,200
Convertible notes, net 631,349 693,473
Trust preferred securities and subordinated notes, net 138,790 138,767
Carrying Value | Servicer Advance Investments    
Assets    
MSRs 234,304 269,259
Carrying Value | MSRs    
Assets    
MSRs 26,242 25,421
Carrying Value | Excess MSRs    
Assets    
Other assets 39,877 39,035
Carrying Value | Short-term debt    
Liabilities    
Short-term debt 1,344,624 1,853,664
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 196,737 780,781
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,259,162 4,832,407
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 282,836 364,073
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,943,887 4,968,513
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 420,096 424,551
Fair Value    
Assets    
Real estate securities, at fair value 166,819 240,475
Other instruments 5,847 6,155
Cash and cash equivalents 357,308 258,894
Restricted cash 89,534 70,470
Derivative assets 20,436 20,830
Margin receivable 2,043 13,802
Liabilities    
Margin payable 7,512 5,944
Guarantee obligation 4,378 4,738
Derivative liabilities 2,316 16,855
ABS issued, net, At fair value 7,702,826 7,424,132
ABS issued, net, At amortized cost 447,171 524,768
Other long-term debt, net 1,087,998 1,069,946
Convertible notes, net 580,543 638,049
Trust preferred securities and subordinated notes, net 90,675 83,700
Fair Value | Servicer Advance Investments    
Assets    
MSRs 234,304 269,259
Fair Value | MSRs    
Assets    
MSRs 26,242 25,421
Fair Value | Excess MSRs    
Assets    
Other assets 39,877 39,035
Fair Value | Short-term debt    
Liabilities    
Short-term debt 1,344,624 1,853,664
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 196,737 780,781
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,259,162 4,832,407
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 282,836 364,073
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,943,887 4,968,513
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 420,096 424,551
HEIs | Carrying Value    
Assets    
HEIs 427,307 403,462
Liabilities    
HEI securitization non-controlling interest 23,895 22,329
HEIs | Fair Value    
Assets    
HEIs 427,307 403,462
Liabilities    
HEI securitization non-controlling interest $ 23,895 $ 22,329
[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.