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Multifamily Loans (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Multifamily Loans

The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at December 31, 2021 and 2020.

Table 8.1 – Characteristics of Multifamily Loans

(Dollars in Thousands)						December 31, 2021						December 31, 2020
Number of loans						28						28
Unpaid principal balance						$	455,168					$	462,808
Fair value of loans						$	473,514					$	492,221
Weighted average coupon						4.25		%				4.25		%
Weighted average remaining loan term (years)						4						5
Delinquency information
Number of loans with 90+ day delinquencies						—						—
Number of loans in foreclosure						—						—

The outstanding multifamily loans held-for-investment at the Freddie Mac K-Series entity at December 31, 2021 were first-lien, fixed-rate loans that were originated in 2015 and had original loan terms of ten years. The following table provides the activity of multifamily loans held-for-investment during the year months ended December 31, 2021 and 2020.

Table 8.2 – Activity of Multifamily Loans Held-for-Investment

						Year Ended December 31,
(In Thousands)						2021						2020
Net market valuation gains (losses) recorded (1)						$	(11,068)					$	(58,821)

(1)Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income (loss). For loans held at our consolidated Freddie Mac K-Series entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 5.6.

Geographic Concentration of Loans Recorded on Consolidated Balance Sheet

The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2021 and 2020.

Table 6.7 – Geographic Concentration of Residential Loans

						December 31, 2021
Geographic Concentration (by Principal)						Held-for-Sale						Held-for- Investment at Legacy Sequoia						Held-for- Investment at Sequoia						Held-for-Investment at Freddie Mac SLST
California						29		%				18		%				35		%				14		%
Texas						11		%				5		%				12		%				3		%
Washington						8		%				1		%				5		%				2		%
Colorado						7		%				2		%				6		%				1		%
Florida						6		%				14		%				4		%				10		%
Arizona						5		%				1		%				3		%				2		%
New York						2		%				11		%				2		%				10		%
New Jersey						1		%				5		%				1		%				7		%
Illinois						2		%				3		%				4		%				5		%
Maryland						1		%				2		%				2		%				5		%
Ohio						—		%				5		%				—		%				2		%
Other states (none greater than 5%)						28		%				33		%				26		%				39		%
Total						100		%				100		%				100		%				100		%

						December 31, 2020
Geographic Concentration (by Principal)						Held-for-Sale						Held-for- Investment at Legacy Sequoia						Held-for- Investment at Sequoia						Held-for-Investment at Freddie Mac SLST
California						43		%				17		%				34		%				14		%
Washington						7		%				1		%				5		%				2		%
Texas						10		%				5		%				10		%				3		%
Colorado						5		%				3		%				3		%				1		%
Florida						3		%				14		%				6		%				10		%
Illinois						3		%				3		%				2		%				5		%
Maryland						2		%				2		%				1		%				5		%
New Jersey						1		%				5		%				2		%				7		%
New York						1		%				10		%				5		%				10		%
Ohio						—		%				5		%				—		%				2		%
Other states (none greater than 5%)						25		%				35		%				32		%				41		%
Total						100		%				100		%				100		%				100		%

The following table presents the geographic concentration of business purpose loans recorded on our consolidated balance sheets at December 31, 2021.

Table 7.5 – Geographic Concentration of Business Purpose Loans

						December 31, 2021
Geographic Concentration (by Principal)						SFR at Redwood						SFR at CAFL						Bridge at Redwood						Bridge at CAFL
Florida						15		%				7		%				10		%				17		%
Texas						11		%				15		%				7		%				13		%
Alabama						11		%				3		%				9		%				3		%
Connecticut						9		%				6		%				4		%				3		%
New Jersey						7		%				8		%				9		%				12		%
New York						2		%				2		%				2		%				9		%
Georgia						5		%				5		%				20		%				7		%
California						5		%				5		%				3		%				5		%
Illinois						2		%				5		%				4		%				4		%
Tennessee						—		%				3		%				11		%				2		%
Other states (none greater than 5%)						33		%				41		%				21		%				25		%
Total						100		%				100		%				100		%				100		%

						December 31, 2020
Geographic Concentration (by Principal)						SFR at Redwood						SFR at CAFL						Bridge at Redwood						Bridge at CAFL
Texas						24		%				15		%				4		%				—		%
New Jersey						17		%				11		%				9		%				—		%
Georgia						12		%				5		%				8		%				—		%
Florida						10		%				8		%				11		%				—		%
Connecticut						8		%				4		%				1		%				—		%
New York						5		%				1		%				8		%				—		%
Arizona						5		%				2		%				1		%				—		%
California						5		%				5		%				13		%				—		%
Illinois						5		%				4		%				7		%				—		%
Alabama						2		%				3		%				6		%				—		%
Indiana						2		%				3		%				5		%				—		%
Tennessee						—		%				3		%				6		%				—		%
Other states (none greater than 5%)						5		%				36		%				21		%				—		%
Total						100		%				100		%				100		%				—		%

The following table presents the geographic concentration of multifamily loans recorded on our consolidated balance sheets at December 31, 2021.

Table 8.3 – Geographic Concentration of Multifamily Loans

Geographic Concentration (by Principal)						December 31, 2021						December 31, 2020
California						13		%				13		%
Florida						13		%				13		%
North Carolina						9		%				9		%
Oregon						7		%				7		%
Hawaii						5		%				5		%
Tennessee						5		%				5		%
Other states (none greater than 5%)						48		%				48		%
Total						100		%				100		%

Loan Product Type and Accompanying Loan Characteristics of Loans

The following table displays the loan product type and accompanying loan characteristics of residential loans recorded on our consolidated balance sheets at December 31, 2021 and 2020.

Table 6.8 – Product Types and Characteristics of Residential Loans

December 31, 2021
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate(1)												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Held-for-Sale:
Hybrid ARM loans
			$	—		to			$250									1						1.88		%	to			1.88%						2032-11			-			2032-11						$	45					$	—					$	—
			$	251		to			$500									4						3.25		%	to			3.50%						2042-08			-			2042-09						1,880						—						—
			$	501		to			$750									18						2.38		%	to			3.63%						2042-04			-			2052-01						11,872						—						—
			$	751		to			$1,000									14						2.50		%	to			4.00%						2042-06			-			2052-01						12,288						—						—
						over			$1,000									20						2.38		%	to			3.88%						2042-01			-			2052-01						25,308						—						—
																		57																														51,393						—						—
Fixed loans
			$	—		to			$250									63						3.13		%	to			5.00%						2026-04			-			2051-12						11,118						—						—
			$	251		to			$500									133						2.75		%	to			5.50%						2026-12			-			2051-11						51,737						—						—
			$	501		to			$750									790						2.50		%	to			5.88%						2026-12			-			2052-01						514,785						—						1,093
			$	751		to			$1,000									735						2.63		%	to			5.63%						2041-07			-			2052-.01						642,372						—						—
						over			$1,000									418						2.50		%	to			4.75%						2041-10			-			2052-.01						542,460						—						1,830
																		2,139																														1,762,472						—						2,923
Total Held-for-Sale																		2,196																														$	1,813,865					$	—					$	2,923
Held-for-Investment at Legacy Sequoia:
ARM loans:
			$	—		to			$250									1,273						0.38		%	to			5.63%						2022-01			-			2035-11						$	115,437					$	3,189					$	2,691
			$	251		to			$500									206						0.75		%	to			3.88%						2024-05			-			2035-11						71,306						2,831						2,124
			$	501		to			$750									68						0.25		%	to			4.13%						2027-05			-			2035-07						42,128						555						1,842
			$	751		to			$1,000									15						0.75		%	to			3.75%						2028-03			-			2036-03						12,868						1,811						825
						over			$1,000									12						0.88		%	to			2.00%						2028-06			-			2035-04						18,668						1,175						—
																		1,574																														260,407						9,561						7,482
Hybrid ARM loans:
			$	—		to			$250									3						2.63		%	to			2.63%						2033-09			-			2033-10						650						—						—
			$	251		to			$500									4						2.50		%	to			2.63%						2033-07			-			2034-03						1,341						—						—
			$	501		to			$750									1						2.50		%	to			2.50%						2033-08			-			2033-08						518						—						—
						over			$1,000									1						2.63		%	to			2.63%						2033-09			-			2033-09						1,140						—						—
																		9																														3,649						—						—
Total HFI at Legacy Sequoia:																		1,583																														$	264,056					$	9,561					$	7,482

Table 6.8 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2021
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate(1)												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Held-for-Investment at Sequoia:
Hybrid ARM loans
			$	—		to			$250									2						5.50		%	to			6.75%						2048-03			-			2048-09						$	397					$	191					$	—
			$	251		to			$500									3						3.25		%	to			3.63%						2047-04			-			2049-06						1,354						—						—
			$	501		to			$750									8						3.38		%	to			4.50%						2044-04			-			2049-08						5,321						—						—
			$	751		to			$1,000									8						3.13		%	to			5.00%						2047-06			-			2049-08						6,659						—						—
						over			$1,000									7						3.50		%	to			5.00%						2044-11			-			2050-01						8,934						—						—
																		28																														22,665						191						—
Fixed loans:
			$	—		to			$250									43						2.75		%	to			5.13%						2029-04			-			2051-06						$	8,630					$	—					$	—
			$	251		to			$500									162						2.50		%	to			6.13%						2033-06			-			2051-09						69,442						2,390						462
			$	501		to			$750									1,691						2.13		%	to			6.75%						2031-04			-			2051-12						1,093,766						10,894						3,498
			$	751		to			$1,000									1,497						2.13		%	to			6.25%						2036-12			-			2051-11						1,311,640						9,477						4,931
						over			$1,000									879						1.88		%	to			5.88%						2036-07			-			2051-11						1,099,328						8,508						6,233
																		4,272																														3,582,806						31,269						15,124
																		4,300																														$	3,605,471					$	31,460					$	15,124
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
			$	—		to			$250									9,798						2.00		%	to			11.00%						2021-12						2061-10						$	1,224,173					$	222,541					$	114,622
			$	251		to			$500									2,141						2.00		%	to			7.75%						2035-08						2059-08						681,885						114,360						91,149
			$	501		to			$750									46						2.00		%	to			5.88%						2043-08						2059-01						25,165						3,127						7,190
						over			$1,000									1						4.00		%	to			4.00%						2056-03						2056-03						1,018						1,018						—
Total Held-for-Investment																		11,986																														$	1,932,241					$	341,046					$	212,961

Table 6.8 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2020
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate(1)												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Held-for-Sale:
Hybrid ARM loans
			$	—		to			$250									1						2.00		%	to			2.00%						2032-11			-			2032-11						$	49					$	—					$	—
			$	751		to			$1,000									1						4.38		%	to			4.38%						2047-10			-			2047-10						970						970						—
																		2																														1,019						970						—
Fixed loans
			$	—		to			$250									1						4.69		%	to			4.69%						2044-03			-			2044-03						219						219						—
			$	251		to			$500									—						—		%	to			—%						0			-			0						—						—						—
			$	501		to			$750									75						2.50		%	to			5.50%						2045-12			-			2051-01						48,933						1,127						—
			$	751		to			$1,000									80						2.38		%	to			4.63%						2050-04			-			2051-01						71,137						—						—
						over			$1,000									40						2.38		%	to			5.00%						2040-11			-			2051-01						51,440						1,046						1,882
																		196																														171,729						2,392						1,882
Held-for-Sale																		198																														$	172,748					$	3,362					$	1,882
Held-for-Investment at Legacy Sequoia:
ARM loans:
			$	—		to			$250									1,524						0.25		%	to			5.63%						2020-10			-			2036-05						$	146,100					$	4,208					$	3,966
			$	251		to			$500									251						0.50		%	to			4.13%						2024-05			-			2035-11						86,676						1,908						4,392
			$	501		to			$750									79						0.25		%	to			4.13%						2027-05			-			2035-01						48,437						714						1,192
			$	751		to			$1,000									27						0.75		%	to			3.75%						2028-03			-			2036-03						21,875						—						3,175
						over			$1,000									18						1.00		%	to			2.38%						2028-05			-			2035-04						26,422						—						4,560
																		1,899																														329,510						6,830						17,285
Hybrid ARM loans:
			$	—		to			$250									2						2.63		%	to			2.63%						2033-09			-			2033-10						439						—						—
			$	251		to			$500									5						2.63		%	to			4.00%						2033-07			-			2034-03						1,748						410						—
			$	501		to			$750									1						2.75		%	to			2.75%						2033-08			-			2033-08						556						—						—
						over			$1,000									1						2.63		%	to			2.63%						2033-09			-			2033-09						1,221						—						—
																		9																														3,964						410						—
Total HFI at Legacy Sequoia:																		1,908																														$	333,474					$	7,240					$	17,285

Table 6.8 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2020
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate(1)												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Held-for-Investment at Sequoia:
Hybrid ARM loans
			$	—		to			$250									3						5.50		%	to			6.75%						2048-03			-			2048-10						$	607					$	—					$	—
			$	251		to			$500									5						3.50		%	to			3.63%						2046-11			-			2049-06						2,196						440						—
			$	501		to			$750									19						3.25		%	to			4.75%						2044-04			-			2049-09						12,214						682						671
			$	751		to			$1,000									15						3.13		%	to			5.00%						2043-12			-			2049-08						12,911						960						1,744
						over			$1,000									12						3.50		%	to			5.00%						2044-11			-			2050-02						15,716						—						—
																		54																														43,644						2,082						2,415
Fixed loans:
			$	—		to			$250									48						2.75		%	to			5.50		%				2029-04			-			2049-09						$	9,508					$	—					$	191
			$	251		to			$500									285						3.13		%	to			6.13		%				2033-06			-			2050-03						122,327						4,728						2,225
			$	501		to			$750									1,004						3		%	to			6.75		%				2031-04			-			2050-04						617,488						15,214						24,842
			$	751		to			$1,000									556						3.25		%	to			6.50		%				2036-12			-			2050-04						478,938						10,482						21,155
						over			$1,000									230						3.15		%	to			5.88		%				2036-07			-			2050-04						278,549						4,868						23,914
																		2,123																														1,506,810						35,292						72,327
																		2,177																														$	1,550,454					$	37,374					$	74,742
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
			$	—		to			$250									11,007						2.00		%	to			11.00%						2020-12			-			2059-10						$	1,407,107					$	283,745					$	206,724
			$	251		to			$500									2,545						2.00		%	to			7.75%						2035-05			-			2059-01						811,191						143,195						172,995
			$	501		to			$750									52						2.00		%	to			6.75%						2043-08			-			2058-07						28,461						6,863						9,526
						over			$1,000									1						4.00		%	to			4.00%						2056-03			-			2056-03						1,012						1,012						—
Total HFI at Freddie Mac SLST:																		13,605																														$	2,247,771					$	434,815					$	389,245

(1)Rate is net of servicing fee for consolidated loans for which we do not own the MSR.

The following table displays the loan product type and accompanying loan characteristics of business purpose loans recorded on our consolidated balance sheets at December 31, 2021.

Table 7.6 – Product Types and Characteristics of Business Purpose Loans

December 31, 2021
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
SFR at Redwood:
Fixed loans:
			$	—		to			$250									74						3.75		%	to			7.75%						2048-11			-			2052-01						$	11,515					$	89					$	171
			$	251		to			$500									57						3.75		%	to			6.50%						2026-01			-			2052-01						21,284						—						—
			$	501		to			$750									28						3.75		%	to			6.70%						2021-01			-			2052-01						16,773						—						536
			$	751		to			$1,000									12						4.13		%	to			5.43%						2026-12			-			2052-01						9,764						—						—
						over			$1,000									74						3.38		%	to			7.15%						2020-01			-			2052-01						288,896						—						4,677
Total SFR at Redwood:																		245																														$	348,232					$	89					$	5,384
SFR at CAFL:
Fixed loans:
			$	—		to			$250									5						5.77		%	to			6.80%						2023-01			-			2024-04						$	398					$	20					$	—
			$	251		to			$500									73						4.64		%	to			7.03%						2022-02			-			2031-02						32,106						466						257
			$	501		to			$750									199						4.00		%	to			7.06%						2022-02			-			2031-10						123,685						717						1,224
			$	751		to			$1,000									134						4.20		%	to			7.23%						2022-03			-			2031-09						116,724						788						—
						over			$1,000									762						3.81		%	to			7.57%						2022-03			-			2030-10						3,068,036						26,481						40,518
Total SFR at CAFL:																		1,173																														$	3,340,949					$	28,472					$	41,999
Bridge at Redwood
Fixed Loans:
			$	—		to			$250									115						5.95		%	to			12.00%						2019-08			-			2023-11						$	12,850					$	426					$	1,493
			$	251		to			$500									26						5.95		%	to			10.00%						2020-05			-			2023-09						9,294						253						1,619
			$	501		to			$750									13						6.70		%	to			10.00%						2021-02			-			2022-11						8,498						637						2,012
			$	751		to			$1,000									9						5.45		%	to			10.00%						2021-09			-			2022-10						7,544						980						—
						over			$1,000									24						5.45		%	to			10.00%						2020-07			-			2023-10						57,880						11,699						11,992
																		187																														96,066						13,995						17,116
Floating Loans:
			$	—		to			$250									737						4.25		%	to			10.00%						2019-08			-			2023-11						$	65,611					$	773					$	—
			$	251		to			$500									123						4.25		%	to			8.25%						2020-05			-			2023-12						42,248						—						—
			$	501		to			$750									9						5.75		%	to			8.60%						2021-03			-			2024-02						5,724						—						—
			$	751		to			$1,000									12						5.75		%	to			7.50%						2020-12			-			2024-02						10,200						945						916
						over			$1,000									66						4.90		%	to			9.50%						2021-03			-			2024-12						450,543						1,680						—
																		947																														574,326						3,398						916
Total Bridge at Redwood:																		1,134																														$	670,392					$	17,393					$	18,032

Bridge at CAFL:
Fixed loans:
			$	—		to			$250									808						5.45		%	to			10.65%						2022-01			-			2023-05						$	58,110					$	—					$	—
			$	251		to			$500									70						5.95		%	to			10.50%						2022-01			-			2023-03						23,488						—						—
			$	501		to			$750									24						5.95		%	to			9.99%						2022-01			-			2023-08						15,041						—						—
			$	751		to			$1,000									7						5.45		%	to			8.99%						2022-01			-			2023-04						6,375						—						—
						over			$1,000									11						6.25		%	to			9.00%						2022-01			-			2023-11						32,864						—						—
																		920																														135,878						—						—
Floating Loans:
			$	—		to			$250									681						5.85		%	to			10.50%						2021-10			-			2023-09						$	77,001					$	2,091					$	—
			$	251		to			$500									13						5.95		%	to			8.35%						2021-10			-			2023-09						4,088						783						—
			$	501		to			$750									5						5.75		%	to			8.50%						2021-10			-			2023-10						3,097						552						—
			$	751		to			$1,000									3						6.75		%	to			7.25%						2022-04			-			2023-06						2,546						—						—
						over			$1,000									18						5.75		%	to			10.00%						2021-11			-			2023-12						52,007						—						—
																		720																														138,739						3,426						—
Total Bridge at CAFL:																		1,640																														$	274,617					$	3,426					$	—

December 31, 2020
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
SFR HFS:
Fixed loans:
			$	—		to			$250									8						6.25		%	to			7.75%						2027-03			-			2050-03						$	1,060					$	—					$	635
			$	251		to			$500									1						5.97		%	to			5.97%						2021-02			-			2021-02						483						—						—
			$	501		to			$750									6						5.84		%	to			6.75%						2026-01			-			2031-01						3,632						—						—
			$	751		to			$1,000									10						5.15		%	to			6.39%						2020-05			-			2031-01						8,936						—						1,815
						over			$1,000									40						3.82		%	to			5.95%						2020-07			-			2031-01						220,364						—						4,677
Total SFR HFS:																		65																														$	234,475					$	—					$	7,127
SFR HFI at CAFL:
Fixed loans:
			$	—		to			$250									5						5.77		%	to			7.05%						2022-07			-			2030-08						$	1,016					$	—					$	—
			$	251		to			$500									67						4.64		%	to			6.96%						2021-07			-			2031-01						29,977						—						—
			$	501		to			$750									212						4.12		%	to			7.06%						2020-11			-			2030-12						130,665						—						1,752
			$	751		to			$1,000									131						4.33		%	to			7.23%						2021-01			-			2031-01						113,874						764						750
						over			$1,000									679						3.93		%	to			7.57%						2020-11			-			2031-01						2,741,605						3,867						58,938
Total SFR HFI at CAFL:																		1,094																														$	3,017,137					$	4,631					$	61,440
Residential Bridge
Fixed loans:
			$	—		to			$250									393						6.99		%	to			12.00%						2019-08			-			2022-12						$	44,225					$	6,530					$	1,668
			$	251		to			$500									90						6.99		%	to			13.00%						2020-05			-			2021-11						30,472						945						1,423
			$	501		to			$750									31						6.99		%	to			10.00%						2020-07			-			2021-10						18,843						—						540
			$	751		to			$1,000									12						6.99		%	to			9.50%						2020-10			-			2022-03						10,430						—						943
						over			$1,000									65						6.04		%	to			10.25%						2020-03			-			2022-12						203,215						—						34,841
																		591																														$	307,185					$	7,475					$	39,415
Floating Loans:
			$	—		to			$250									1,047						5.75		%	to			10.25%						2020-11			-			2022-08						$	84,371					$	—					$	—
			$	251		to			$500									20						6.65		%	to			8.60%						2020-11			-			2021-12						7,135						—						—
			$	501		to			$750									8						7.05		%	to			8.50%						2020-11			-			2021-10						4,940						—						—
			$	751		to			$1,000									9						6.50		%	to			8.00%						2020-12			-			2021-11						7,795						—						—
						over			$1,000									50						6.50		%	to			9.50%						2021-01			-			2022-12						238,105						—						—
																		1,134																														$	342,346					$	—					$	—
Total Residential Bridge:																		1,725																														$	649,531					$	7,475					$	39,415

The following table displays the loan product type and accompanying loan characteristics of multifamily loans recorded on our consolidated balance sheets at December 31, 2021.

Table 8.4 – Product Types and Characteristics of Multifamily Loans

December 31, 2021
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Fixed loans:
			$	10,001		to			$20,000									24						4.25		%	to			4.25%						2025-09			-			2025-09						$	364,811					$	—					$	—
			$	20,001		to			$30,000									4						4.25		%	to			4.25%						2025-09			-			2025-09						90,357						—						—
Total:																		28																														$	455,168					$	—					$	—

December 31, 2020
(In Thousands)
Loan Balance																		Number of Loans						Interest  Rate												Maturity Date												Total Principal						30-89 Days DQ						90+ Days DQ
Fixed loans:
			$	10,001		to			$20,000									24						4.25		%	to			4.25%						2025-09			-			2025-09						$	370,934					$	—					$	—
			$	20,001		to			$30,000									4						4.25		%	to			4.25%						2025-09			-			2025-09						91,874						—						—
Total:																		28																														$	462,808					$	—					$	—

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