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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets    
Real estate securities, at fair value $ 48,041 $ 108,329
HEI [1] 431,272 403,462
Derivative assets [1] 37,686 20,830
Liabilities    
Derivative liabilities [1] 8,781 16,855
ABS issued, net, At fair value 7,910,345 7,424,132
Residential loans, held-for-sale, at fair value    
Assets    
Loans receivable, fair value 608,649 775,545
Servicer advance investments    
Assets    
MSRs 219,813 269,259
Carrying Value    
Assets    
Real estate securities, at fair value 129,445 240,475
HEI 431,272 403,462
Other investments 5,583 6,155
Cash and cash equivalents 203,622 258,894
Restricted cash 56,101 70,470
Derivative assets 37,686 20,830
Margin receivable 10,536 13,802
Liabilities    
Margin payable 25,210 5,944
Guarantee obligation 5,913 6,344
HEI securitization non-controlling interest 25,627 22,329
Derivative liabilities 8,781 16,855
ABS issued, net, At fair value 7,910,345 7,424,132
ABS issued, net, At amortized cost 481,705 562,620
Other long-term debt, net 1,320,733 1,077,200
Convertible notes, net 517,662 693,473
Trust preferred securities and subordinated notes, net 138,802 138,767
Carrying Value | Servicer Advance Investments    
Assets    
MSRs 219,813 269,259
Carrying Value | MSRs    
Assets    
MSRs 26,033 25,421
Carrying Value | Excess MSRs    
Assets    
Excess MSRs 38,427 39,035
Carrying Value | Short-term debt    
Liabilities    
Short-term debt 1,329,017 1,853,664
Carrying Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 610,918 780,781
Carrying Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,236,391 4,832,407
Carrying Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 102,777 364,073
Carrying Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,146,553 4,968,513
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 420,554 424,551
Fair Value    
Assets    
Real estate securities, at fair value 129,445 240,475
HEI 431,272 403,462
Other investments 5,583 6,155
Cash and cash equivalents 203,622 258,894
Restricted cash 56,101 70,470
Derivative assets 37,686 20,830
Margin receivable 10,536 13,802
Liabilities    
Margin payable 25,210 5,944
Guarantee obligation 3,734 4,738
HEI securitization non-controlling interest 25,627 22,329
Derivative liabilities 8,781 16,855
ABS issued, net, At fair value 7,910,345 7,424,132
ABS issued, net, At amortized cost 454,973 524,768
Other long-term debt, net 1,315,014 1,069,946
Convertible notes, net 489,828 638,049
Trust preferred securities and subordinated notes, net 97,650 83,700
Fair Value | Servicer Advance Investments    
Assets    
MSRs 219,813 269,259
Fair Value | MSRs    
Assets    
MSRs 26,033 25,421
Fair Value | Excess MSRs    
Assets    
Excess MSRs 38,427 39,035
Fair Value | Short-term debt    
Liabilities    
Short-term debt 1,327,134 1,853,664
Fair Value | Servicer advance investments | Residential loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 610,918 780,781
Fair Value | Servicer advance investments | Residential loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,236,391 4,832,407
Fair Value | Servicer advance investments | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 102,777 364,073
Fair Value | Servicer advance investments | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 5,146,553 4,968,513
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value $ 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.