XML 61 R50.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Debt Facilities

The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at March 31, 2024 and December 31, 2023.

Table 14.1 – Short-Term Debt

						March 31, 2024
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity (2)						Weighted Average Days Until Maturity
Facilities
Residential consumer loan warehouse (3)						5						$	470,761					$	1,350,000					7.26		%				5/2024-3/2025						226
Residential investor loan warehouse						2						31,321						455,000						8.06		%				5/2024-6/2024						71
Real estate securities repo						4						80,657						—						6.81		%				4/2024-6/2024						38
Residential MSR warehouse						1						46,514						50,000						8.58		%				10/2024						211
HEI warehouse						1						119,851						150,000						9.84		%				8/2024						123
Total Short-Term Debt Facilities						13						749,104
Servicer advance financing						1						147,341						240,000						7.68		%				12/2024						246
Recourse subordinate securities financing						2						223,934						—						7.21		%				9/2024-2/2025						235
Promissory notes						N/A						15,273						—						7.02		%				N/A						N/A
Convertible notes, net						N/A						115,792						—						5.63		%				7/2024						106
Total Short-Term Debt												$	1,251,444

						December 31, 2023
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity						Weighted Average Days Until Maturity
Facilities
Residential consumer loan warehouse						4						$	796,537					$	1,150,000					7.27		%				2/2024-12/2024						202
Residential investor loan warehouse						2						71,719						455,000						8.14		%				5/2024-6/2024						166
Real estate securities repo						3						82,622						—						7.01		%				1/2024-3/2024						26
Residential MSR warehouse						1						47,858						50,000						8.60		%				10/2024						302
HEI warehouse						1						122,659						150,000						9.89		%				8/2024						214
Total Short-Term Debt Facilities						11						1,121,395
Servicer advance financing						1						153,653						240,000						7.71		%				12/2024						337
Recourse subordinate securities financing						1						124,552						—						7.21		%				9/2024						266
Promissory notes						N/A						16,064						—						6.97		%				N/A						N/A
Convertible notes, net						N/A						142,558						—						5.63		%				7/2024						197
Total Short-Term Debt												$	1,558,222

Footnotes to table 14.1

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR.

(2)Promissory notes payable on demand to lender with 90-day notice.

(3)At March 31, 2024, includes one non-recourse facility with a borrowing limit of $300 million and a maturity of March 2025.

Schedule of Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at March 31, 2024 and December 31, 2023.

Table 14.2 – Collateral for Short-Term Debt

(In Thousands)						March 31, 2024						December 31, 2023
Collateral Type
Held-for-sale residential consumer loans						$	507,450					$	907,742
MSRs (1)						84,831						76,560
Residential investor loans						40,961						95,225
HEI						239,665						237,973
Real estate securities (collateralizing debt facilities)
On balance sheet						4,470						4,460
Sequoia securitizations (2)						43,653						52,333
Freddie Mac K-Series securitization (2)						33,551						33,308
CAFL securitizations (2)						32,336						32,010
Total real estate securities owned						114,010						122,111
Restricted cash and other assets						580						—
Total Collateral for Short-Term Debt Facilities						987,497						1,439,611
Cash						14,357						15,162
Real estate securities (recourse subordinate securities financing)						313,148						175,096
Servicer advances						216,033						225,345
Total Collateral for Short-Term Debt						$	1,531,035					$	1,855,214

(1)Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets.

(2)Represents securities we retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS issued from these securitizations.

Schedule of Short-Term Debt by Collateral Type and Remaining Maturities

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at March 31, 2024.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities

						March 31, 2024
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential consumer loans						$	—					$	92,411					$	378,350					$	470,761
Residential investor loans						—						31,321						—						31,321
Real estate securities						35,846						44,811						223,934						304,591
MSRs						—						—						46,514						46,514
HEI						—						—						119,851						119,851
Servicer advances						—						—						147,341						147,341
Total Secured Short-Term Debt Facilities						35,846						168,543						915,990						1,120,379
Promissory notes (unsecured)						—						15,273						—						15,273
Convertible notes, net (unsecured)						—						—						115,792						115,792
Total Short-Term Debt						$	35,846					$	183,816					$	1,031,782					$	1,251,444

X

- Definition

Schedule Collateral for Short-Term Debt [Table Text Block]

+ References

No definition available.

+ Details

Name:	rwt_ScheduleCollateralforShortTermDebtTableTextBlock
Namespace Prefix:	rwt_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Maturities of Debt Disclosure.

+ References

No definition available.

+ Details

Name:	rwt_ScheduleOfMaturitiesOfDebtDisclosureTextBlock
Namespace Prefix:	rwt_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration