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Principles of Consolidation - Assets and Liabilities of Consolidated Variable Interest Entities Accounted for as Collateralized Financing Entities (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Investment
Dec. 31, 2022
USD ($)
Investment
Sep. 30, 2022
USD ($)
Variable Interest Entity [Line Items]      
Home equity investments $ 431,272 $ 403,462  
Other investments [1] 340,361 390,938  
Cash and cash equivalents 203,622 [1] 258,894 [1] $ 297,000
Restricted cash 56,000   $ 72,000
Accrued interest receivable 60,762 60,893  
Other assets [1] 250,487 211,240  
Total Assets [1] 13,021,138 13,030,899  
Short-term debt [1] 1,476,654 2,029,679  
Accrued interest payable 51,849 46,612  
Accrued expenses and other liabilities [1] 208,294 180,203  
Asset-backed securities issued [1] 8,392,050 7,986,752  
Total Liabilities [1] 11,915,339 11,946,914  
CAFL      
Variable Interest Entity [Line Items]      
Fair value of securities owned 316,000 304,000  
Freddie Mac SLST      
Variable Interest Entity [Line Items]      
Fair value of securities owned 256,000 323,000  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Total Assets 9,639,117 9,257,291  
Total Liabilities 8,635,696 8,270,276  
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 129,150 132,627  
Other investments 252,650 301,213  
Cash and cash equivalents 15,198 13,475  
Restricted cash 28,285 29,862  
Accrued interest receivable 43,270 36,392  
Other assets 18,950 25,397  
Total Assets 9,639,117 9,257,291  
Short-term debt 154,128 206,510  
Accrued interest payable 29,119 25,300  
Accrued expenses and other liabilities 60,399 51,714  
Asset-backed securities issued 8,392,050 7,986,752  
Total Liabilities 8,635,696 8,270,276  
Value of our investments in VIEs $ 995,935 $ 979,267  
Number of VIEs | Investment 67 64  
Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 5,236,391 $ 4,832,407  
Business purpose loans, held-for-investment      
Variable Interest Entity [Line Items]      
Fair value of loans [1] 5,146,553 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 3,494,669 3,461,367  
Consolidated Agency multifamily loans | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 420,554 424,551  
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 67 69  
Accrued interest receivable 333 284  
Other assets 0 637  
Total Assets 150,552 185,922  
Short-term debt 0 0  
Accrued interest payable 310 282  
Accrued expenses and other liabilities (106) 0  
Asset-backed securities issued 149,202 184,191  
Total Liabilities 149,406 184,473  
Value of our investments in VIEs $ 950 $ 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 $ 150,152 $ 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 76 73  
Accrued interest receivable 15,263 11,227  
Other assets 0 0  
Total Assets 3,789,429 3,201,717  
Short-term debt 0 0  
Accrued interest payable 12,695 8,880  
Accrued expenses and other liabilities 80 81  
Asset-backed securities issued 3,568,505 2,971,109  
Total Liabilities 3,581,280 2,980,070  
Value of our investments in VIEs $ 205,581 $ 219,299  
Number of VIEs | Investment 20 17  
Sequoia | Residential loans, held-for-investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 3,774,090 $ 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 0 710  
Restricted cash 24,127 26,296  
Accrued interest receivable 19,267 18,102  
Other assets 8,062 14,265  
Total Assets 3,546,125 3,520,740  
Short-term debt 0 0  
Accrued interest payable 11,181 10,918  
Accrued expenses and other liabilities 2,736 4,559  
Asset-backed securities issued 3,134,929 3,115,807  
Total Liabilities 3,148,846 3,131,284  
Value of our investments in VIEs $ 394,184 $ 385,927  
Number of VIEs | Investment 20 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 3,494,669 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 4,900 5,144  
Other assets 2,865 2,898  
Total Assets 1,319,914 1,465,100  
Short-term debt 0 0  
Accrued interest payable 3,398 3,561  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 1,058,991 1,222,150  
Total Liabilities 1,062,389 1,225,711  
Value of our investments in VIEs $ 256,023 $ 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 $ 1,312,149 $ 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 1,275 1,293  
Other assets 0 0  
Total Assets 421,829 425,844  
Short-term debt 0 0  
Accrued interest payable 1,150 1,167  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 387,650 392,785  
Total Liabilities 388,800 393,952  
Value of our investments in VIEs $ 32,904 $ 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 420,554 424,551  
Servicing Investment | Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 252,650 301,213  
Cash and cash equivalents 15,198 12,765  
Restricted cash 0 0  
Accrued interest receivable 2,232 342  
Other assets 7,973 7,547  
Total Assets 278,053 321,867  
Short-term debt 154,128 206,510  
Accrued interest payable 385 492  
Accrued expenses and other liabilities 32,062 24,745  
Asset-backed securities issued 0 0  
Total Liabilities 186,575 231,747  
Value of our investments in VIEs $ 91,478 $ 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 129,150 132,627  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 4,015 3,424  
Accrued interest receivable 0 0  
Other assets 50 50  
Total Assets 133,215 136,101  
Short-term debt 0 0  
Accrued interest payable 0 0  
Accrued expenses and other liabilities 25,627 22,329  
Asset-backed securities issued 92,773 100,710  
Total Liabilities 118,400 123,039  
Value of our investments in VIEs $ 14,815 $ 13,062  
Number of VIEs | Investment 1 1  
Fair value of securities owned $ 15,000    
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 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.