Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at December 31, 2022 and 2021 are summarized in the following table.

Table 13.1 – Components of Other Assets


(In Thousands)	December 31, 2022		December 31, 2021
Accrued interest receivable	$	60,893	$	47,515
Deferred tax asset	41,931		20,867
Investment receivable	36,623		82,781
Operating lease right-of-use assets	16,177		18,772
Margin receivable	13,802		7,269
Fixed assets and leasehold improvements (1)	12,616		9,019
REO	6,455		36,126
Income tax receivables	3,399		22
Other	19,346		8,746
Total Other Assets	$	211,240	$	231,117

(1)Fixed assets and leasehold improvements had a basis of $21 million and accumulated depreciation of $8 million at December 31, 2022.

Summary of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at December 31, 2022 and 2021 are summarized in the following table.

Table 13.2 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	December 31, 2022		December 31, 2021
Accrued interest payable	$	46,612	$	39,297
Accrued compensation	30,929		74,636
Payable to non-controlling interests	44,859		42,670
Operating lease liabilities	18,563		20,960
Loan and MSR repurchase reserve	7,051		9,306
Guarantee obligations	6,344		7,459
Margin payable	5,944		24,368
Accrued operating expenses	5,740		4,377
Bridge loan holdbacks	3,301		3,109
Current accounts payable	4,234		8,273
Other	6,627		11,333
Total Accrued Expenses and Other Liabilities	$	180,203	$	245,788

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 years ended December 31, 2022 and 2021.

Table 13.3 – REO Activity


	Year Ended December 31, 2022
(In Thousands)	BPL Bridge		Legacy Sequoia		Freddie Mac SLST		BPL Term at CAFL		Total
Balance at beginning of period	$	13,068	$	61	$	2,028	$	20,969	$	36,126
Transfers to REO	3,974		544		3,976		—		8,494
Liquidations (1)	(15,060)		(505)		(3,139)		(20,969)		(39,673)
Changes in fair value, net	1,030		443		34		—		1,507
Balance at End of Period	$	3,012	$	544	$	2,899	$	—	$	6,455


	Year Ended December 31, 2021
(In Thousands)	BPL Bridge		Legacy Sequoia		Freddie Mac SLST		BPL Term 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

(1)For the years ended December 31, 2022 and 2021, REO liquidations resulted in $2 million and $0.3 million of realized gains, 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, 2022 and 2021.

Table 13.4 – REO Assets


Number of REO assets	Redwood Bridge	Legacy Sequoia	Freddie Mac SLST	BPL Term at CAFL	Total
At December 31, 2022	2	2	24	—	28
At December 31, 2021	5	2	24	3	34