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Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets    
Trading securities $ 1,013,785 $ 1,118,612
Available-for-sale securities 271,641 333,882
MSRs 204,946 286,778
Loan Held-for-investment, Amount 0 39,703
Derivative assets [1] 43,649 35,789
Pledged collateral 57,832 42,433
Liabilities    
Contingent consideration 25,167 0
Derivative liabilities [1] 234,011 84,855
Subordinate securities financing facility   0
Residential Loans    
Assets    
MSRs 222,591 300,468
Carrying Value    
Assets    
Trading securities 1,013,785 1,118,612
Available-for-sale securities 271,641 333,882
Loan Held-for-investment, Amount 11,372 0
Cash and cash equivalents 394,628 175,764
Restricted cash 111,518 29,313
Accrued interest receivable 57,464 47,105
Derivative assets 43,649 35,789
Margin receivable 226,727 100,773
FHLBC stock 43,393 43,393
Guarantee asset 1,784 2,618
Pledged collateral 57,832 42,433
Liabilities    
Accrued interest payable 46,881 42,528
Margin payable 6,658 835
Guarantee obligation 15,016 16,711
Contingent consideration 25,167 0
Derivative liabilities 234,011 84,855
ABS issued at fair value 8,346,051 5,410,073
FHLBC long-term borrowings 1,999,999 1,999,999
Subordinate securities financing facility 184,664  
Convertible notes, net 830,995 633,196
Trust preferred securities and subordinated notes, net 138,616 138,582
Carrying Value | Servicer advance investments    
Assets    
MSRs 222,591 300,468
Carrying Value | MSRs    
Assets    
MSRs 39,837 60,281
Carrying Value | Participation in loan warehouse facility    
Assets    
Loans receivable, fair value 0 39,703
Carrying Value | Excess MSRs    
Assets    
REO 32,937 27,312
Carrying Value | REO    
Assets    
REO 5,069 3,943
Carrying Value | Short-term debt facilities    
Liabilities    
Short-term debt facilities 1,589,062 1,937,920
Carrying Value | Short-term debt - servicer advance financing    
Liabilities    
Short-term debt facilities 191,203 262,740
Carrying Value | Residential Loans | Residential loans, at fair value    
Assets    
Loans, held-for-sale 925,780 1,048,690
Carrying Value | Residential Loans | Residential loans, held-for-sale, At lower of cost or fair value    
Assets    
Loans, held-for-sale 107 111
Carrying Value | Residential Loans | Residential loans, held-for-investment    
Assets    
Loans receivable, fair value 7,755,916 6,205,941
Carrying Value | Residential Loans | Business purpose residential loans    
Assets    
Loans receivable, fair value 336,035 141,258
Carrying Value | Residential Loans | Multifamily loans    
Assets    
Loans receivable, fair value 3,791,622 2,144,598
Fair Value    
Assets    
Trading securities 1,013,785 1,118,612
Available-for-sale securities 271,641 333,882
Loan Held-for-investment, Amount 11,372 0
Cash and cash equivalents 394,628 175,764
Restricted cash 111,518 29,313
Accrued interest receivable 57,464 47,105
Derivative assets 43,649 35,789
Margin receivable 226,727 100,773
FHLBC stock 43,393 43,393
Guarantee asset 1,784 2,618
Pledged collateral 57,832 42,433
Liabilities    
Accrued interest payable 46,881 42,528
Margin payable 6,658 835
Guarantee obligation 14,661 16,774
Contingent consideration 25,167 0
Derivative liabilities 234,011 84,855
ABS issued at fair value 8,346,051 5,410,073
FHLBC long-term borrowings 1,999,999 1,999,999
Subordinate securities financing facility 185,803  
Convertible notes, net 853,471 618,271
Trust preferred securities and subordinated notes, net 92,070 102,533
Fair Value | Servicer advance investments    
Assets    
MSRs 222,591 300,468
Fair Value | MSRs    
Assets    
MSRs 39,837 60,281
Fair Value | Participation in loan warehouse facility    
Assets    
Loans receivable, fair value 0 39,703
Fair Value | Excess MSRs    
Assets    
REO 32,937 27,312
Fair Value | REO    
Assets    
REO 5,124 4,396
Fair Value | Short-term debt facilities    
Liabilities    
Short-term debt facilities 1,589,062 1,937,920
Fair Value | Short-term debt - servicer advance financing    
Liabilities    
Short-term debt facilities 191,203 262,740
Fair Value | Residential Loans | Residential loans, at fair value    
Assets    
Loans, held-for-sale 925,780 1,048,690
Fair Value | Residential Loans | Residential loans, held-for-sale, At lower of cost or fair value    
Assets    
Loans, held-for-sale 126 131
Fair Value | Residential Loans | Residential loans, held-for-investment    
Assets    
Loans receivable, fair value 7,755,916 6,205,941
Fair Value | Residential Loans | Business purpose residential loans    
Assets    
Loans receivable, fair value 336,035 141,258
Fair Value | Residential Loans | Multifamily loans    
Assets    
Loans receivable, fair value 3,791,622 2,144,598
Home appreciation options    
Assets    
Loan Held-for-investment, Amount $ 11,372 $ 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 September 30, 2019 and December 31, 2018, assets of consolidated VIEs totaled $9,596,537 and $6,331,191, respectively. At September 30, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $8,582,595 and $5,709,807, respectively. See Note 4 for further discussion.