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Fair Value of Financial Instruments - Schedule of Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Real estate securities, at fair value $ 40,424 $ 108,329
Derivative assets [1] 14,212 20,830
Liabilities    
Derivative liabilities [1] 33,828 16,855
ABS issued, net, At fair value 9,151,263 7,424,132
Residential loans, held-for-sale at fair value    
Assets    
Loans, held-for-investment 907,742 775,545
Residential Loans    
Assets    
MSRs 225,345 269,259
Carrying Value    
Assets    
Real estate securities, at fair value 127,797 240,475
HEI 550,436 403,462
Other investments 3,193 6,155
Cash and cash equivalents 293,104 258,894
Restricted cash 75,684 70,470
Derivative assets 14,212 20,830
Margin receivable 33,414 13,802
Liabilities    
Margin payable 350 5,944
Guarantee obligation 5,781 6,344
HEI securitization non-controlling interest 59,752 22,329
Derivative liabilities 33,828 16,855
ABS issued, net, At fair value 9,151,263 7,424,132
ABS issued, at amortized cost 660,617 562,620
Other long-term debt, net 1,180,918 1,077,200
Other long-term debt, net 503,728 693,473
Trust preferred securities and subordinated notes, net 138,813 138,767
Carrying Value | Servicer advance investments    
Assets    
MSRs 225,345 269,259
Carrying Value | MSRs    
Assets    
MSRs 24,877 25,421
Carrying Value | Excess MSRs    
Assets    
Other assets 37,367 39,035
Carrying Value | Credit facilities    
Liabilities    
Short-term debt 1,415,664 1,853,664
Carrying Value | Residential Loans | Residential loans, held-for-sale at fair value    
Assets    
Loans, held-for-sale 911,192 780,781
Carrying Value | Residential Loans | Residential loans, held-for-investment, at fair value    
Assets    
Loans, held-for-investment 6,139,445 4,832,407
Carrying Value | Residential Loans | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 180,249 364,073
Carrying Value | Residential Loans | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans, held-for-investment 5,040,048 4,968,513
Carrying Value | Residential Loans | Multifamily securities    
Assets    
Loans, held-for-investment 425,285 424,551
Fair Value    
Assets    
Real estate securities, at fair value 127,797 240,475
HEI 550,436 403,462
Other investments 3,193 6,155
Cash and cash equivalents 293,104 258,894
Restricted cash 75,684 70,470
Derivative assets 14,212 20,830
Margin receivable 33,414 13,802
Liabilities    
Margin payable 350 5,944
Guarantee obligation 3,772 4,738
HEI securitization non-controlling interest 59,752 22,329
Derivative liabilities 33,828 16,855
ABS issued, net, At fair value 9,151,263 7,424,132
ABS issued, at amortized cost 637,816 524,768
Other long-term debt, net 1,177,287 1,069,946
Other long-term debt, net 488,341 638,049
Trust preferred securities and subordinated notes, net 92,070 83,700
Fair Value | Servicer advance investments    
Assets    
MSRs 225,345 269,259
Fair Value | MSRs    
Assets    
MSRs 24,877 25,421
Fair Value | Excess MSRs    
Assets    
Other assets 37,367 39,035
Fair Value | Credit facilities    
Liabilities    
Short-term debt 1,414,644 1,853,664
Fair Value | Residential Loans | Residential loans, held-for-sale at fair value    
Assets    
Loans, held-for-sale 911,192 780,781
Fair Value | Residential Loans | Residential loans, held-for-investment, at fair value    
Assets    
Loans, held-for-investment 6,139,445 4,832,407
Fair Value | Residential Loans | Business purpose loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 180,249 364,073
Fair Value | Residential Loans | Business purpose loans, held-for-investment, at fair value    
Assets    
Loans, held-for-investment 5,040,048 4,968,513
Fair Value | Residential Loans | Multifamily securities    
Assets    
Loans, held-for-investment $ 425,285 $ 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 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.