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Other Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Summary of Other Assets | Other assets at December 31, 2021 and 2020 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | December 31, 2021 |  | December 31, 2020
Investment receivable |  | $ | 82,781 |  |  | $ | 43,176 |
Accrued interest receivable |  | 47,515 |  |  | 39,445 |
REO |  | 36,126 |  |  | 8,413 |
Deferred tax asset |  | 20,867 |  |  | 871 |
Operating lease right-of-use assets |  | 18,772 |  |  | 15,012 |
Fixed assets and leasehold improvements (1) |  | 9,019 |  |  | 4,203 |
Margin receivable |  | 7,269 |  |  | 4,758 |
Pledged collateral |  | — |  |  | 1,177 |
Other |  | 8,768 |  |  | 13,533 |
Total Other Assets |  | $ | 231,117 |  |  | $ | 130,588 |
(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $8 million at December 31, 2021.
Summary of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at December 31, 2021 and 2020 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | December 31, 2021 |  | December 31, 2020
Accrued compensation |  | $ | 74,636 |  |  | $ | 24,393 |
Payable to non-controlling interests |  | 42,670 |  |  | 16,941 |
Accrued interest payable |  | 39,297 |  |  | 34,858 |
Margin payable |  | 24,368 |  |  | 14,728 |
Operating lease liabilities |  | 20,960 |  |  | 16,687 |
Residential loan and MSR repurchase reserve |  | 9,306 |  |  | 8,631 |
Guarantee obligations |  | 7,459 |  |  | 10,039 |
Accrued operating expenses |  | 4,377 |  |  | 5,509 |
Bridge loan holdbacks |  | 3,109 |  |  | 5,708 |
Accrued income taxes payable |  | 726 |  |  | 5,614 |
Deferred consideration |  | — |  |  | 14,579 |
Other |  | 18,880 |  |  | 21,653 |
Total Accrued Expenses and Other Liabilities |  | $ | 245,788 |  |  | $ | 179,340 |
Other Real Estate, Roll Forward | The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities during the year ended December 31, 2021 and 2020. Table 12.3 – REO Activity
|  | Year Ended December 31, 2021
(In Thousands) |  | Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | SFR at CAFL |  | Total
Balance at beginning of period |  | $ | 4,600 |  |  | $ | 638 |  |  | $ | 646 |  |  | $ | 2,529 |  |  | $ | 8,413 |
Transfers to REO |  | 15,424 |  |  | 217 |  |  | 3,268 |  |  | 21,129 |  |  | 40,038 |
Liquidations (1) |  | (7,515) |  |  | (956) |  |  | (2,137) |  |  | (2,034) |  |  | (12,642) |
Changes in fair value, net |  | 559 |  |  | 162 |  |  | 251 |  |  | (655) |  |  | 317 |
Balance at End of Period |  | $ | 13,068 |  |  | $ | 61 |  |  | $ | 2,028 |  |  | $ | 20,969 |  |  | $ | 36,126 |
|  | Year Ended December 31, 2020
(In Thousands) |  | Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | SFR at CAFL |  | Total
Balance at beginning of period |  | $ | 6,887 |  |  | $ | 460 |  |  | $ | 445 |  |  | $ | 1,670 |  |  | $ | 9,462 |
Transfers to REO |  | 6,111 |  |  | 532 |  |  | 1,319 |  |  | 6,157 |  |  | 14,119 |
Liquidations (1) |  | (8,830) |  |  | (243) |  |  | (1,178) |  |  | (4,371) |  |  | (14,622) |
Changes in fair value, net |  | 432 |  |  | (111) |  |  | 60 |  |  | (927) |  |  | (546) |
Balance at End of Period |  | $ | 4,600 |  |  | $ | 638 |  |  | $ | 646 |  |  | $ | 2,529 |  |  | $ | 8,413 |
(1)For the years ended December 31, 2021 and 2020, REO liquidations resulted in $0.3 million and $1 million of realized losses, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the detail of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at December 31, 2021 and 2020. Table 12.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | SFR at CAFL |  | Total
At December 31, 2021 |  | 5 |  |  | 2 |  |  | 24 |  |  | 3 |  |  | 34 |
At December 31, 2020 |  | 3 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 17 |

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