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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Real estate securities, at fair value [1] $ 129,445 $ 240,475
Home equity investments, at fair value [1] 431,272 403,462
Other investments [1] 340,361 390,938
Cash and cash equivalents [1] 203,622 258,894
Restricted cash [1] 56,101 70,470
Goodwill [1] 23,373 23,373
Intangible assets [1] 31,570 40,892
Derivative assets [1] 37,686 20,830
Other assets [1] 250,487 211,240
Total Assets [1] 13,021,138 13,030,899
Liabilities    
Short-term debt, net [1] 1,476,654 2,029,679
Derivative liabilities [1] 8,781 16,855
Accrued expenses and other liabilities [1] 208,294 180,203
Asset-backed securities issued (includes $7,910,345 and $7,424,132 at fair value), net [1] 8,392,050 7,986,752
Long-term debt, net [1] 1,829,560 1,733,425
Total liabilities [1] 11,915,339 11,946,914
Commitments and Contingencies [1]
Equity    
Preferred stock, par value $0.01 per share, 2,800,000 shares authorized; 2,800,000 and zero issued and outstanding [1] 66,923 0
Common stock, par value $0.01 per share, 395,000,000 shares authorized; 118,503,762 and 113,484,675 issued and outstanding [1] 1,185 1,135
Additional paid-in capital [1] 2,395,247 2,349,845
Accumulated other comprehensive loss [1] (64,738) (68,868)
Cumulative earnings [1] 1,125,126 1,153,370
Cumulative distributions to stockholders [1] (2,417,944) (2,351,497)
Total equity [1] 1,105,799 1,083,985
Total Liabilities and Equity [1] 13,021,138 13,030,899
Residential loans, held-for-sale, at fair value    
ASSETS    
Fair value of loans [1] 610,946 780,781
Residential loans, held-for-investment, at fair value    
ASSETS    
Fair value of loans [1] 5,236,391 4,832,407
Business purpose loans, held-for-sale, at fair value    
ASSETS    
Fair value of loans [1] 102,777 364,073
Business purpose loans, held-for-investment, at fair value    
ASSETS    
Fair value of loans [1] 5,146,553 4,968,513
Consolidated Agency multifamily loans, at fair value    
ASSETS    
Fair value of loans [1] $ 420,554 $ 424,551
[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.