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Principles of Consolidation - Schedule of Assets and Liabilities of Consolidated Variable Interest Entity's (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Investment
Dec. 31, 2022
USD ($)
Investment
Dec. 31, 2021
USD ($)
Variable Interest Entity [Line Items]      
Home equity investments [1] $ 550,436 $ 403,462  
Other investments [1] 343,930 390,938  
Cash and cash equivalents 293,104 [1] 258,894 [1] $ 450,000
Accrued interest receivable 69,072 60,893  
Other assets [1] 351,109 211,240  
Total Assets [1] 14,504,327 13,030,899  
Short-term debt, net [1] 1,558,222 2,029,679  
Accrued interest payable 52,755 46,612  
Accrued expenses and other liabilities [1] 216,803 180,203  
Asset-backed securities issued [1] 9,811,880 7,986,752  
Total Liabilities [1] 13,301,634 11,946,914  
Net investments in consolidated CAFL Term entities      
Variable Interest Entity [Line Items]      
Fair value of securities owned 323,000 304,000  
CAFL Bridge Loan Securitization      
Variable Interest Entity [Line Items]      
Fair value of securities owned 22,000 0  
Freddie Mac SLST      
Variable Interest Entity [Line Items]      
Fair value of securities owned 274,000 323,000  
Business purpose loans, held-for-investment      
Variable Interest Entity [Line Items]      
Fair value of loans [1] 5,040,048 4,968,513  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Total Assets 10,988,885 9,257,291  
Variable Interest Entity, Primary Beneficiary | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 305,717 132,627  
Other investments 257,489 301,213  
Cash and cash equivalents 9,482 13,475  
Restricted cash 44,905 29,862  
Accrued interest receivable 47,798 36,392  
Other assets 24,443 25,397  
Total Assets 10,988,885 9,257,291  
Short-term debt, net 153,653 206,510  
Accrued interest payable 33,932 25,300  
Accrued expenses and other liabilities 96,843 51,714  
Asset-backed securities issued 9,811,880 7,986,752  
Total Liabilities 10,096,308 8,270,276  
Estimated fair value of investments $ 885,770 $ 979,267  
Number of VIEs | Investment 72 64  
Variable Interest Entity, Primary Beneficiary | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 6,139,445 $ 4,832,407  
Variable Interest Entity, Primary Beneficiary | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 3,734,321 3,461,367  
Variable Interest Entity, Primary Beneficiary | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 425,285 424,551  
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | 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 68 69  
Accrued interest receivable 332 284  
Other assets 0 637  
Total Assets 140,139 185,922  
Short-term debt, net 0 0  
Accrued interest payable 303 282  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 138,530 184,191  
Total Liabilities 138,833 184,473  
Estimated fair value of investments $ 1,209 $ 1,285  
Number of VIEs | Investment 20 20  
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 139,739 $ 184,932  
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Legacy Sequoia | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Sequoia | 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 95 73  
Accrued interest receivable 19,697 11,227  
Other assets 0 0  
Total Assets 4,660,256 3,201,717  
Short-term debt, net 0 0  
Accrued interest payable 15,990 8,880  
Accrued expenses and other liabilities 0 81  
Asset-backed securities issued 4,430,130 2,971,109  
Total Liabilities 4,446,120 2,980,070  
Estimated fair value of investments $ 210,429 $ 219,299  
Number of VIEs | Investment 22 17  
Variable Interest Entity, Primary Beneficiary | Sequoia | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 4,640,464 $ 3,190,417  
Variable Interest Entity, Primary Beneficiary | Sequoia | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Sequoia | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Net investments in consolidated CAFL Term entities | 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 33,921 26,296  
Accrued interest receivable 20,806 18,102  
Other assets 14,886 14,265  
Total Assets 3,803,934 3,520,740  
Short-term debt, net 0 0  
Accrued interest payable 11,537 10,918  
Accrued expenses and other liabilities 2,734 4,559  
Asset-backed securities issued 3,362,978 3,115,807  
Total Liabilities 3,377,249 3,131,284  
Estimated fair value of investments $ 424,136 $ 385,927  
Number of VIEs | Investment 21 19  
Variable Interest Entity, Primary Beneficiary | Net investments in consolidated CAFL Term entities | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
Variable Interest Entity, Primary Beneficiary | Net investments in consolidated CAFL Term entities | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 3,734,321 3,461,367  
Variable Interest Entity, Primary Beneficiary | Net investments in consolidated CAFL Term entities | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | 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 4,821 5,144  
Other assets 3,158 2,898  
Total Assets 1,367,221 1,465,100  
Short-term debt, net 0 0  
Accrued interest payable 4,496 3,561  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 1,265,777 1,222,150  
Total Liabilities 1,270,273 1,225,711  
Estimated fair value of investments $ 96,623 $ 237,807  
Number of VIEs | Investment 3 3  
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 1,359,242 $ 1,457,058  
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Freddie Mac SLST | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | 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 1,320 1,293  
Other assets 0 0  
Total Assets 426,605 425,844  
Short-term debt, net 0 0  
Accrued interest payable 1,190 1,167  
Accrued expenses and other liabilities 0 0  
Asset-backed securities issued 391,977 392,785  
Total Liabilities 393,167 393,952  
Estimated fair value of investments $ 33,308 $ 31,767  
Number of VIEs | Investment 1 1  
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Freddie Mac K-Series | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 425,285 424,551  
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 0 0  
Other investments 257,489 301,213  
Cash and cash equivalents 9,482 12,765  
Restricted cash 0 0  
Accrued interest receivable 822 342  
Other assets 6,337 7,547  
Total Assets 274,130 321,867  
Short-term debt, net 153,653 206,510  
Accrued interest payable 416 492  
Accrued expenses and other liabilities 34,357 24,745  
Asset-backed securities issued 0 0  
Total Liabilities 188,426 231,747  
Estimated fair value of investments $ 85,704 $ 90,120  
Number of VIEs | Investment 3 3  
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans $ 0 $ 0  
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | Servicing Investment | Consolidated Agency multifamily loans | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | HEI | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Home equity investments 305,717 132,627  
Other investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 10,821 3,424  
Accrued interest receivable 0 0  
Other assets 62 50  
Total Assets 316,600 136,101  
Short-term debt, net 0 0  
Accrued interest payable 0 0  
Accrued expenses and other liabilities 59,752 22,329  
Asset-backed securities issued 222,488 100,710  
Total Liabilities 282,240 123,039  
Estimated fair value of investments $ 34,361 $ 13,062  
Number of VIEs | Investment 2 1  
Fair value of securities owned $ 34,000    
Variable Interest Entity, Primary Beneficiary | HEI | Residential loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 $ 0  
Variable Interest Entity, Primary Beneficiary | HEI | Business purpose loans, held-for-investment | Collateralized Financing Entities      
Variable Interest Entity [Line Items]      
Fair value of loans 0 0  
Variable Interest Entity, Primary Beneficiary | HEI | Consolidated Agency multifamily loans | 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 December 31, 2023 and 2022, assets of consolidated VIEs totaled $10,988,885 and $9,257,291, respectively. At December 31, 2023 and 2022, liabilities of consolidated VIEs totaled $10,096,308 and $8,270,276, respectively. See Note 4 for further discussion.