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v3.23.3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022
--- | --- | ---
Assets |  |  |
Real estate securities |  | $ 48,041 | $ 108,329
Other investments | [1] | 340,361 | 390,938
Derivative assets | [1] | 37,686 | 20,830
Liabilities |  |  |
Derivative liabilities | [1] | 8,781 | 16,855
ABS issued |  | 7,910,345 | 7,424,132
Fair Value, Measurements, Recurring |  |  |
Assets |  |  |
Business purpose loans |  | 5,249,330 | 5,332,586
Consolidated Agency multifamily loans |  | 420,554 | 424,551
Real estate securities |  | 129,445 | 240,475
HEI |  | 431,272 | 403,462
Servicer advance investments |  | 219,813 | 269,259
MSRs |  | 26,033 | 25,421
Excess MSRs |  | 38,427 | 39,035
Other investments |  | 5,583 | 6,155
Derivative assets |  | 37,686 | 20,830
Liabilities |  |  |
HEI securitization non-controlling interest |  | 25,627 | 22,329
Derivative liabilities |  | 8,781 | 16,855
ABS issued |  | 7,910,345 | 7,424,132
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets |  |  |
Business purpose loans |  | 0 | 0
Consolidated Agency multifamily loans |  | 0 | 0
Real estate securities |  | 0 | 0
HEI |  | 0 | 0
Servicer advance investments |  | 0 | 0
MSRs |  | 0 | 0
Excess MSRs |  | 0 | 0
Other investments |  | 0 | 0
Derivative assets |  | 18,800 | 5,869
Liabilities |  |  |
HEI securitization non-controlling interest |  | 0 | 0
Derivative liabilities |  | 5,694 | 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 |  | 0 | 0
HEI |  | 0 | 0
Servicer advance investments |  | 0 | 0
MSRs |  | 0 | 0
Excess MSRs |  | 0 | 0
Other investments |  | 0 | 0
Derivative assets |  | 13,819 | 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 |  | 5,249,330 | 5,332,586
Consolidated Agency multifamily loans |  | 420,554 | 424,551
Real estate securities |  | 129,445 | 240,475
HEI |  | 431,272 | 403,462
Servicer advance investments |  | 219,813 | 269,259
MSRs |  | 26,033 | 25,421
Excess MSRs |  | 38,427 | 39,035
Other investments |  | 5,583 | 6,155
Derivative assets |  | 5,067 | 336
Liabilities |  |  |
HEI securitization non-controlling interest |  | 25,627 | 22,329
Derivative liabilities |  | 3,087 | 14
ABS issued |  | 7,910,345 | 7,424,132
Fair Value, Measurements, Recurring | Residential Loans |  |  |
Assets |  |  |
Residential loans |  | 5,847,309 | 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 |  | $ 5,847,309 | $ 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 September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $9,639,117 and $9,257,291, respectively. At September 30, 2023 and December 31, 2022, liabilities of consolidated VIEs totaled $8,635,696 and $8,270,276, respectively. See Note 4 for further discussion.

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