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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
Real estate securities, at fair value $ 102,220 $ 40,424
Derivative assets [1] 3,155 14,212
Liabilities    
Derivative liabilities [1] 5,849 33,828
ABS issued, net, at fair value 9,979,891 9,151,263
Residential consumer loans, held-for-sale, at fair value    
Assets    
Loans receivable, fair value 507,450 907,742
Servicer advance investments    
Assets    
MSRs 216,033 225,345
Carrying Value    
Assets    
Real estate securities, at fair value 212,307 127,797
HEI 560,745 550,436
Other investments 3,224 3,193
Cash and cash equivalents 275,394 293,104
Restricted cash 64,993 75,684
Derivative assets 3,155 14,212
Margin receivable 19,409 33,414
Liabilities    
Margin payable 0 350
Guarantee obligation 5,650 5,781
HEI securitization non-controlling interest 64,878 59,752
Derivative liabilities 5,849 33,828
ABS issued, net, at fair value 9,979,891 9,151,263
ABS issued, net, At amortized cost 648,298 660,617
Other long-term debt, net 1,152,475 1,180,918
Convertible notes, net 474,049 503,728
Trust preferred securities and subordinated notes, net 138,825 138,813
Carrying Value | Senior Notes    
Liabilities    
ABS issued, net, At fair value 57,581 0
Carrying Value | Servicer Advance Investments    
Assets    
MSRs 216,033 225,345
Carrying Value | MSRs    
Assets    
MSRs 27,417 24,877
Carrying Value | Excess MSRs    
Assets    
Excess MSRs 36,122 37,367
Carrying Value | Short-term debt    
Liabilities    
Short-term debt 1,135,653 1,415,664
Carrying Value | Servicer advance investments | Residential consumer loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 511,706 911,192
Carrying Value | Servicer advance investments | Residential consumer loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 7,104,886 6,139,445
Carrying Value | Servicer advance investments | Residential investor loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 280,551 180,249
Carrying Value | Servicer advance investments | Residential investor loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,901,443 5,040,048
Carrying Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value 422,788 425,285
Fair Value    
Assets    
Real estate securities, at fair value 212,307 127,797
HEI 560,745 550,436
Other investments 3,224 3,193
Cash and cash equivalents 275,394 293,104
Restricted cash 64,993 75,684
Derivative assets 3,155 14,212
Margin receivable 19,409 33,414
Liabilities    
Margin payable 0 350
Guarantee obligation 3,516 3,772
HEI securitization non-controlling interest 64,878 59,752
Derivative liabilities 5,849 33,828
ABS issued, net, at fair value 9,979,891 9,151,263
ABS issued, net, At amortized cost 643,417 637,816
Other long-term debt, net 1,151,248 1,177,287
Convertible notes, net 465,835 488,341
Trust preferred securities and subordinated notes, net 96,255 92,070
Fair Value | Senior Notes    
Liabilities    
ABS issued, net, At fair value 61,200 0
Fair Value | Servicer Advance Investments    
Assets    
MSRs 216,033 225,345
Fair Value | MSRs    
Assets    
MSRs 27,417 24,877
Fair Value | Excess MSRs    
Assets    
Excess MSRs 36,122 37,367
Fair Value | Short-term debt    
Liabilities    
Short-term debt 1,132,812 1,414,644
Fair Value | Servicer advance investments | Residential consumer loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 511,706 911,192
Fair Value | Servicer advance investments | Residential consumer loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 7,104,886 6,139,445
Fair Value | Servicer advance investments | Residential investor loans, held-for-sale, at fair value    
Assets    
Loans, held-for-sale 280,551 180,250
Fair Value | Servicer advance investments | Residential investor loans, held-for-investment, at fair value    
Assets    
Loans receivable, fair value 4,901,443 5,040,048
Fair Value | Servicer advance investments | Consolidated Agency multifamily loans, at fair value    
Assets    
Loans receivable, fair value $ 422,788 $ 425,285
[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 March 31, 2024 and December 31, 2023, assets of consolidated VIEs totaled $11,850,461 and $10,988,885, respectively. At March 31, 2024 and December 31, 2023, liabilities of consolidated VIEs totaled $10,921,862 and $10,096,308, respectively. See Note 4 for further discussion.