Schedule IV - Mortgage Loans On Real Estate

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans On Real Estate


(In Thousands) Description	Number of Loans	Interest Rate				Maturity Date			Carrying Amount		Principal Amount Subject to Delinquent Principal or Interest
Residential Loans Held-for-Investment



At Legacy Sequoia (1):
ARM loans	1,574	0.25	%	to	5.63%	2022-01	-	2036-03	$	227,302	$	7,482
Hybrid ARM loans	9	2.50	%	to	2.63%	2033-07	-	2034-03	3,153		—
At Sequoia (1):
Hybrid ARM loans	28	3.13	%	to	6.75%	2044-04	-	2050-01	21,855		—
Fixed loans	4,272	1.88	%	to	6.75%	2029-04	-	2051-12	3,606,610		15,124
At Freddie Mac SLST (2):
Fixed loans	11,986	2.00	%	to	11.00%	2021-12	-	2061-10	1,888,230		212,961
Total Residential Loans Held-for-Investment									$	5,747,150	$	235,567

Residential Loans Held-for-Sale (3):

Hybrid ARM loans	57	1.88	%	to	4.00%	2032-11	-	2052-01	$	52,532	$	—
Fixed loans	2,139	2.50	%	to	5.88%	2026-04	-	2052-01	1,792,750		2,923
Total Residential Loans Held-for-Sale									$	1,845,282	$	2,923

Single-Family Rental Loans Held-for-Sale (3):
Fixed loans	245	3.38	%	to	7.75%	2020-01	-	2052-01	$	358,309	$	5,384
Total Single-Family Rental Loans Held-for-Sale									$	358,309	$	5,384

Single-Family Rental Loans Held-for-Investment:


At CAFL (1):
Fixed loans	1,173	3.81	%	to	7.57%	2022-02	-	2031-10	$	3,488,074	$	41,998
Total Single-Family Rental Loans Held-for-Investment									$	3,488,074	$	41,998

Residential Bridge Loans Held-for-Investment (4):
Fixed loans	187	5.45	%	to	12.00%	2019-08	-	2023-11	$	91,580	$	17,115
Floating ARM loans	947	4.25	%	to	10.00%	2019-08	-	2024-12	$	574,784	$	916
Total Residential Bridge Loans Held-for-Investment									$	666,364	$	18,031

Residential Bridge Loans Held-for-Investment at CAFL:
Fixed loans	920	5.45	%	to	10.65%	2022-01	-	2023-11	$	137,671	$	—
Floating ARM loans	720	5.75	%	to	10.50%	2021-10	-	2023-12	$	140,571	$	—
Total Residential Bridge Loans Held-for-Investment at CAFL									$	278,242	$	—

Multifamily Loans Held-for-Investment (2):
At Freddie Mac K-Series:
Fixed loans	28	4.25	%	to	4.25%	2025-09	-	2025-09	$	473,514	$	—
Total Multifamily Loans Held-for-Investment									$	473,514	$	—

(1)For our held-for-investment loans at consolidated Legacy Sequoia, Sequoia, and CAFL entities, the aggregate tax basis for Federal income tax purposes at December 31, 2021 was zero, as the transfers of these loans into securitizations were treated as sales for tax purposes.

(2)Our held-for-investment loans at Freddie Mac SLST and Freddie Mac K-Series entities were consolidated for GAAP purposes. For tax purposes, we acquired real estate securities issued by these entities and therefore, the tax basis in these loans was zero at December 31, 2021.

(3)The aggregate tax basis for Federal income tax purposes of our mortgage loans held at Redwood approximates the carrying values, as disclosed in the schedule.

(4)For our held-for-investment bridge loans at Redwood, the aggregate tax basis for Federal income tax purposes at December 31, 2021 was $950 million.

The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2021, 2020, and 2019.


	Years Ended December 31,
(In Thousands)	2021		2020		2019
Balance at beginning of period	$	8,877,626	$	15,630,117	$	9,540,598


Additions during period:
Originations/acquisitions	15,427,382		5,914,728		12,911,261

Deductions during period:
Sales	(8,660,440)		(6,398,690)		(5,218,797)
Principal repayments	(2,675,859)		(2,313,143)		(1,851,278)

Transfers to REO	(40,038)		(14,104)		(7,552)
Deconsolidation adjustments	—		(3,849,779)		—
Changes in fair value, net	(71,737)		(91,503)		255,885
Balance at end of period	$	12,856,934	$	8,877,626	$	15,630,117