Company: RWT-PA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000930236-25-000007
Chunk: 92

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 16
Chunk 92
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 CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024Note 6. Fair Value of Financial Instruments - (continued)

Assets and Liabilities Not Measured at Fair ValueThe following table summarizes the fair values of assets and liabilities that are not measured at fair value at December 31, 2024 and December 31, 2023.Table 6.4 – Carrying Values and Fair Values of Assets and LiabilitiesDecember 31, 2024December 31, 2023Level in Fair Value HierarchyCarryingValueEstimated FairValueCarryingValueEstimated FairValue(In Thousands)AssetsCash and cash equivalents1$245,165 $245,165 $293,104 $293,104 Restricted cash167,762 67,762 75,684 75,684 LiabilitiesDebt obligation facilities and other financing2$2,818,292 $2,819,393 $2,596,582 $2,591,931 ABS issued, net3390,674 392,344 660,617 637,816 Convertible notes, net2365,739 365,455 503,728 488,341 Trust preferred securities and subordinated notes, net3138,860 93,465 138,813 92,070 Senior Notes1139,989 146,716 — — Guarantee obligations (1)32,806 3,204 5,781 3,772 (1)These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.During the year ended December 31, 2024, we elected the fair value option for $118 million of securities, $7.04 billion (principal balance) of residential consumer loans, and $1.72 billion (principal balance) of residential investor loans. Additionally, during the year ended December 31, 2024, we elected the fair value option for $2 million of HEI. For the year ended December 31, 2024, we elected the fair value option for $2 million, of MSRs/Strategic Investments/Other investments.     Nonrecurring Fair ValuesWe measure the fair value of certain assets and liabilities on a nonrecurring basis when events or changes in circumstances indicate that the carrying value may be impaired. Adjustments to fair value generally result from the write-down of asset values due to impairment. REO in Other