XML 86 R76.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets    
Real estate securities, at fair value $ 69,323 $ 108,329
Other investments [1] 355,537 390,938
Derivative assets [1] 20,436 20,830
Liabilities    
Derivative liabilities [1] 2,316 16,855
ABS issued 7,702,826 7,424,132
Fair Value, Measurements, Recurring    
Assets    
Business purpose loans 5,226,723 5,332,586
Consolidated Agency multifamily loans 420,096 424,551
Real estate securities, at fair value 166,819 240,475
HEIs 427,307 403,462
Servicer advance investments 234,304 269,259
MSRs 26,242 25,421
Excess MSRs 39,877 39,035
Other investments 5,847 6,155
Derivative assets 20,436 20,830
Liabilities    
HEI securitization non-controlling interest 23,895 22,329
Derivative liabilities 2,316 16,855
ABS issued 7,702,826 7,424,132
Fair Value, Measurements, Recurring | Level 1    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
HEIs 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
Other investments 0 0
Derivative assets 6,869 5,869
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 920 16,841
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 2    
Assets    
Business purpose loans 0 0
Consolidated Agency multifamily loans 0 0
Real estate securities, at fair value 0 0
HEIs 0 0
Servicer advance investments 0 0
MSRs 0 0
Excess MSRs 0 0
Other investments 0 0
Derivative assets 10,125 14,625
Liabilities    
HEI securitization non-controlling interest 0 0
Derivative liabilities 0 0
ABS issued 0 0
Fair Value, Measurements, Recurring | Level 3    
Assets    
Business purpose loans 5,226,723 5,332,586
Consolidated Agency multifamily loans 420,096 424,551
Real estate securities, at fair value 166,819 240,475
HEIs 427,307 403,462
Servicer advance investments 234,304 269,259
MSRs 26,242 25,421
Excess MSRs 39,877 39,035
Other investments 5,847 6,155
Derivative assets 3,442 336
Liabilities    
HEI securitization non-controlling interest 23,895 22,329
Derivative liabilities 1,396 14
ABS issued 7,702,826 7,424,132
Fair Value, Measurements, Recurring | Residential Loans    
Assets    
Residential loans 5,455,869 5,613,157
Fair Value, Measurements, Recurring | Residential Loans | Level 1    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Residential Loans | Level 2    
Assets    
Residential loans 0 0
Fair Value, Measurements, Recurring | Residential Loans | Level 3    
Assets    
Residential loans $ 5,455,869 $ 5,613,157
[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.