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Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Assets      
Strategic investments $ 3,460 $ 3,460  
Derivative assets, at fair value [1] 158,909 46,003  
Total Assets 19,871,775 [1] 18,258,344 [1] $ 15,057,974
Liabilities      
ABS issued 14,127,674 12,879,530  
Derivative liabilities, at fair value [1] 12,835 23,660  
Total liabilities [1] 18,688,281 17,070,481  
Level 3      
Assets      
Total Assets 18,910,673    
Liabilities      
Total liabilities 14,233,834    
Fair Value, Measurements, Recurring      
Assets      
Residential investor loans 4,439,834 4,587,090  
Consolidated Agency multifamily loans 423,673 424,597  
HEI 600,386 589,785  
Trading 171,363 193,749  
AFS 204,602 211,474  
Servicing investments, at fair value 298,290 297,683  
Strategic investments 3,460 3,460  
Derivative assets, at fair value 158,909 46,003  
Total Assets 19,052,775 17,431,664  
Liabilities      
ABS issued 14,127,674 12,879,530  
Derivative liabilities, at fair value 12,835 23,660  
Non-controlling interest 106,160 99,510  
Total liabilities 14,246,669 13,002,700  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
HEI 0 0  
Trading 0 0  
AFS 0 0  
Servicing investments, at fair value 0 0  
Strategic investments 0 0  
Derivative assets, at fair value 11,154 16,446  
Total Assets 11,154 16,446  
Liabilities      
ABS issued 0 0  
Derivative liabilities, at fair value 8,137 23,164  
Non-controlling interest 0 0  
Total liabilities 8,137 23,164  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Residential investor loans 0 0  
Consolidated Agency multifamily loans 0 0  
HEI 0 0  
Trading 0 0  
AFS 0 0  
Servicing investments, at fair value 0 0  
Strategic investments 0 0  
Derivative assets, at fair value 126,250 23,738  
Total Assets 126,250 23,738  
Liabilities      
ABS issued 0 0  
Derivative liabilities, at fair value 0 0  
Non-controlling interest 0 0  
Total liabilities 0 0  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Residential investor loans 4,439,834 4,587,090  
Consolidated Agency multifamily loans 423,673 424,597  
HEI 600,386 589,785  
Trading 171,363 193,749  
AFS 204,602 211,474  
Servicing investments, at fair value 298,290 297,683  
Strategic investments 3,460 3,460  
Derivative assets, at fair value 21,505 5,819  
Total Assets 18,915,371 17,391,480  
Liabilities      
ABS issued 14,127,674 12,879,530  
Derivative liabilities, at fair value 4,698 496  
Non-controlling interest 106,160 99,510  
Total liabilities 14,238,532 12,979,536  
Fair Value, Measurements, Recurring | Residential Consumer Loans      
Assets      
Residential consumer loans 12,752,258 11,077,823  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 1      
Assets      
Residential consumer loans 0 0  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 2      
Assets      
Residential consumer loans 0 0  
Fair Value, Measurements, Recurring | Residential Consumer Loans | Level 3      
Assets      
Residential consumer loans $ 12,752,258 $ 11,077,823  
[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, 2025 and December 31, 2024, assets of consolidated VIEs totaled $15,936,091 and $14,654,942, respectively. At March 31, 2025 and December 31, 2024, liabilities of consolidated VIEs totaled $14,825,826 and $13,620,239, respectively. See Note 16 for further discussion.