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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Assets and Liabilities

The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at June 30, 2023 and December 31, 2022.

Table 5.1 – Carrying Values and Fair Values of Assets and Liabilities

						June 30, 2023												December 31, 2022
						Carrying Value						Fair Value						Carrying Value						Fair Value
(In Thousands)
Assets
Residential loans, held-for-sale, at fair value						$	196,737					$	196,737					$	780,781					$	780,781
Residential loans, held-for-investment, at fair value						5,259,162						5,259,162						4,832,407						4,832,407
Business purpose loans, held-for-sale, at fair value						282,836						282,836						364,073						364,073
Business purpose loans, held-for-investment, at fair value						4,943,887						4,943,887						4,968,513						4,968,513
Consolidated Agency multifamily loans, at fair value						420,096						420,096						424,551						424,551
Real estate securities, at fair value						166,819						166,819						240,475						240,475
HEIs						427,307						427,307						403,462						403,462
Servicer advance investments (1)						234,304						234,304						269,259						269,259
MSRs (1)						26,242						26,242						25,421						25,421
Excess MSRs (1)						39,877						39,877						39,035						39,035
Other investments (1)						5,847						5,847						6,155						6,155
Cash and cash equivalents						357,308						357,308						258,894						258,894
Restricted cash						89,534						89,534						70,470						70,470
Derivative assets						20,436						20,436						20,830						20,830
Margin receivable (2)						2,043						2,043						13,802						13,802
Liabilities
Short-term debt (3)						$	1,344,624					$	1,344,624					$	1,853,664					$	1,853,664
Margin payable (4)						7,512						7,512						5,944						5,944
Guarantee obligations (4)						6,079						4,378						6,344						4,738
HEI securitization non-controlling interest						23,895						23,895						22,329						22,329
Derivative liabilities						2,316						2,316						16,855						16,855
ABS issued, net
at fair value						7,702,826						7,702,826						7,424,132						7,424,132
at amortized cost						480,344						447,171						562,620						524,768
Other long-term debt, net (5)						1,144,232						1,087,998						1,077,200						1,069,946
Convertible notes, net (5)						631,349						580,543						693,473						638,049
Trust preferred securities and subordinated notes, net (5)						138,790						90,675						138,767						83,700

(1)These investments are included in Other investments on our consolidated balance sheets.

(2)These assets are included in Other assets on our consolidated balance sheets.

(3)Short-term debt excludes short-term convertible notes, which are included below under "Convertible notes, net."

(4)These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.

(5)These liabilities are primarily included in Long-term debt, net on our consolidated balance sheets. Convertible notes, net also includes convertible notes classified as Short-term debt. See Note 14 for more information on Short-term debt.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at June 30, 2023 and December 31, 2022, as well as the fair value hierarchy of the valuation inputs used to measure fair value.

Table 5.2 – Assets and Liabilities Measured at Fair Value on a Recurring Basis

June 30, 2023						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential loans						$	5,455,869					$	—					$	—					$	5,455,869
Business purpose loans						5,226,723						—						—						5,226,723
Consolidated Agency multifamily loans						420,096						—						—						420,096
Real estate securities						166,819						—						—						166,819
HEIs						427,307						—						—						427,307
Servicer advance investments						234,304						—						—						234,304
MSRs						26,242						—						—						26,242
Excess MSRs						39,877						—						—						39,877
Other investments						5,847						—						—						5,847
Derivative assets						20,436						6,869						10,125						3,442
Liabilities
HEI securitization non-controlling interest						$	23,895					$	—					$	—					$	23,895
Derivative liabilities						2,316						920						—						1,396
ABS issued						7,702,826						—						—						7,702,826

December 31, 2022						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential loans						$	5,613,157					$	—					$	—					$	5,613,157
Business purpose loans						5,332,586						—						—						5,332,586
Consolidated Agency multifamily loans						424,551						—						—						424,551
Real estate securities						240,475						—						—						240,475
HEIs						403,462						—						—						403,462
Servicer advance investments						269,259						—						—						269,259
MSRs						25,421						—						—						25,421
Excess MSRs						39,035						—						—						39,035
Other investments						6,155						—						—						6,155
Derivative assets						20,830						5,869						14,625						336
Liabilities
HEI securitization non-controlling interest						$	22,329					$	—					$	—					$	22,329
Derivative liabilities						16,855						16,841						—						14
ABS issued						7,424,132						—						—						7,424,132

Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2023.

Table 5.3 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

						Assets
						Residential Loans						Business Purpose Loans						Consolidated Agency Multifamily Loans						Trading Securities						AFS Securities						HEIs						Servicer Advance Investments						Excess MSRs						MSRs and Other Investments
(In Thousands)
Beginning balance -    December 31, 2022						$	5,613,157					$	5,332,586					$	424,552					$	108,329					$	132,146					$	403,462					$	269,259					$	39,035					$	31,576
Acquisitions						235,479						—						—						7,883						1,979						25,513						—						—						500
Originations						—						844,799						—						—						—						—						—						—						—
Sales						(172,801)						(409,790)						—						(55,087)						(41,775)						—						—						—						(272)
Principal paydowns						(230,957)						(529,404)						(4,145)						(258)						(385)						(17,031)						(37,268)						—						(100)
Gains (losses) in net income, net						12,129						(4,870)						(311)						8,456						650						15,363						2,313						842						635
Unrealized losses in OCI, net						—						—						—						—						4,881						—						—						—						—
Other settlements, net (1)						(1,138)						(6,598)						—						—						—						—						—						—						(250)
Ending balance -   June 30, 2023						$	5,455,869					$	5,226,723					$	420,096					$	69,323					$	97,496					$	427,307					$	234,304					$	39,877					$	32,089

									Liabilities
						Derivatives (2)						HEI Securitization Non-Controlling Interest						ABS Issued
(In Thousands)
Beginning balance - December 31, 2022						$	322					$	22,329					$	7,424,132
Acquisitions						—						—						635,080
Principal paydowns						—						—						(360,697)
Gains (losses) in net income, net						2,505						1,566						4,311
Other settlements, net (1)						(781)						—						—
Ending balance - June 30, 2023						$	2,046					$	23,895					$	7,702,826

(1)     Other settlements, net: for residential and business purpose loans, represents the transfer of loans to REO; for derivatives, represents the transfer of the fair value of loan purchase and interest rate lock commitments at the time loans are acquired to the basis of residential and business purpose loans; and for MSRs and other investments, primarily represents an investment that was exchanged into a new instrument that is no longer measured at fair value on a recurring basis.

(2)     For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments and interest rate lock commitments, are presented on a net basis.

Schedule of Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held and Included in Net Income

The following table presents the portion of fair value gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at June 30, 2023 and 2022. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three and six months ended June 30, 2023 and 2022 are not included in this presentation.

Table 5.4 – Portion of Net Fair Value Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at June 30, 2023 and 2022 Included in Net Income

						Included in Net Income (loss)
						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands)						2023						2022						2023						2022
Assets
Residential loans at Redwood						$	(680)					$	(15,995)					$	(466)					$	(31,858)
Business purpose loans at Redwood and CAFL Bridge						(23,033)						(28,385)						(17,877)						(36,566)
Net investments in consolidated Sequoia entities (1)						170						(6,222)						2,519						(11,203)
Net investments in consolidated Freddie Mac SLST entities (1)						(16,760)						(36,014)						(8,001)						(33,074)
Net investments in consolidated Freddie Mac K-Series entities (1)						385						(190)						748						74
Net investments in consolidated CAFL Term entities (1)						10,707						(21,828)						1,897						(17,780)
Net investment in consolidated HEI securitization entity (1)						1,251						3,371						2,445						13,000
Trading securities						1,829						(17,501)						3,073						(19,884)
Available-for-sale securities						(71)						—						(99)						—
HEIs at Redwood						7,676						1,549						11,053						2,701
Servicer advance investments						3,665						(3,231)						2,313						(6,313)
MSRs						1,692						4,248						1,278						7,644
Excess MSRs						1,070						(2,220)						842						(3,428)
Loan purchase and interest rate lock commitments						3,442						2,056						3,442						2,007
Liabilities
Non-controlling interest in consolidated HEI entity						$	—					$	(2,170)					$	—					$	(8,388)
Loan purchase commitments						(1,396)						(488)						(1,396)						(527)

(1)    Represents the portion of net fair value gains or losses included in our consolidated statements of income related to securitized loans, securitized HEIs, and the associated ABS issued at our consolidated securitization entities held at June 30, 2023 and 2022, which, netted together, represent the change in value of our investments at the consolidated VIEs accounted for under the CFE election, excluding REO.

Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following table presents information on assets recorded at fair value on a non-recurring basis at June 30, 2023. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our consolidated balance sheets at June 30, 2023.

Table 5.5 – Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at June 30, 2023

																														Gain (Loss) for
June 30, 2023						Carrying Value						Fair Value Measurements Using																		Three Months Ended						Six Months Ended
(In Thousands)												Level 1						Level 2						Level 3						June 30, 2023						June 30, 2023
Assets
Strategic investments						$	15,550					$	—					$	—					$	15,550					$	(2,650)					$	(2,650)
REO						2,350						—						—						2,350						(470)						(653)

Schedule of Market Valuation Gains and Losses, Net

The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income for the three and six months ended June 30, 2023 and 2022.

Table 5.6 – Market Valuation Gains and Losses, Net

						Three Months Ended June 30,												Six Months Ended June 30,
(In Thousands)						2023						2022						2023						2022
Mortgage Banking Activities, Net
Residential loans held-for-sale						$	(1,085)					$	(24,517)					$	5,909					$	(51,716)
Residential loan purchase commitments						2,420						(8,897)						2,181						(50,520)
BPL term loans held-for-sale						(1,132)						(40,034)						11,534						(64,502)
BPL term loan interest rate lock commitments						—						40						—						(685)
BPL bridge loans						2,297						116						3,450						2,251
Trading securities (1)						1,923						1,315						1,923						4,101
Risk management derivatives, net						5,426						25,387						(3,041)						115,774
Total mortgage banking activities, net (2)						$	9,849					$	(46,590)					$	21,956					$	(45,297)
Investment Fair Value Changes, Net
Residential loans held-for-investment, at Redwood (called Sequoia loans)						$	—					$	(8,010)					$	183					$	(12,262)
BPL term loans held-for-sale						(13,625)						—						(13,625)						—
BPL bridge loans held-for-investment						(8,149)						(9,559)						(6,773)						(11,702)
Trading securities						4,572						(17,358)						6,533						(21,600)
Servicer advance investments						3,665						(3,231)						2,313						(6,312)
Excess MSRs						1,070						(2,220)						842						(3,428)
Net investments in Legacy Sequoia entities (3)						(10)						(336)						(104)						(1,050)
Net investments in Sequoia entities (3)						928						(5,886)						3,370						(9,708)
Net investments in Freddie Mac SLST entities (3)						(16,563)						(35,940)						(7,629)						(32,904)
Net investment in Freddie Mac K-Series entity (3)						385						(190)						748						74
Net investments in CAFL Term entities (3)						10,707						(21,828)						1,897						(17,780)
Net investments in HEI securitization entities (3)						453						1,201						878						4,612
HEIs at Redwood						8,468						1,596						12,308						2,788
Other investments						(3,359)						10,460						(3,794)						10,583
Risk management derivatives, net						7,679						4,395						(1,025)						6,368
Credit losses on AFS securities, net						(71)						(1,066)						(99)						(1,771)
Other						(746)						—						(746)						—
Total investment fair value changes, net						$	(4,596)					$	(87,972)					$	(4,723)					$	(94,092)
Other Income
MSRs						$	1,411					$	3,827					$	821					$	6,795
Other						(340)						—						(460)						—
Total other income (4)						$	1,071					$	3,827					$	361					$	6,795
Total Market Valuation Gains (Losses), Net						$	6,324					$	(130,735)					$	17,594					$	(132,594)

Footnotes to Table 5.6

(1)Represents fair value changes on trading securities that are being used along with risk management derivatives to manage the market risks associated with our residential mortgage banking operations.

(2)Mortgage banking activities, net presented above does not include fee income from loan originations or acquisitions, provisions for repurchases, and other expenses that are components of Mortgage banking activities, net presented on our consolidated statements of income, as these amounts do not represent market valuation changes.

(3)Includes changes in fair value of the residential loans held-for-investment, securitized HEIs, REO, and ABS issued at the entities, which, netted together, represent the change in value of our investments at the consolidated VIEs accounted for under the CFE election.

(4)Other income presented above does not include net MSR fee income or provisions for repurchases of MSRs, as these amounts do not represent market valuation adjustments.

Schedule of Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value

The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value.

Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments

June 30, 2023						Fair Value												Input Values
(Dollars in Thousands, except Input Values)												Unobservable Input						Range															Weighted Average(1)
Assets
Residential loans, at fair value:
Jumbo loans						$	182,383					Whole loan spread to TBA price						$	3.91		-			$	3.91								$	3.91
Jumbo loans committed to sell						14,318						Whole loan committed sales price						$	100		-			$	102								$	101
Loans held by Legacy Sequoia (2)						163,222						Liability price												N/A									N/A
Loans held by Sequoia (2)						3,703,754						Liability price												N/A									N/A
Loans held by Freddie Mac SLST (2)						1,392,186						Liability price												N/A									N/A
Business purpose loans:
BPL term loans						269,886						Senior credit spread(3)						185			-			185			bps						185			bps
												Subordinate credit spread(3)						275			-			915			bps						491			bps
												Senior credit support(3)						36			-			36			%						36			%
												IO discount rate(3)						8			-			8			%						8			%
												Prepayment rate (annual CPR)(3)						—			-			3			%						3			%
												Dollar price of NPLs						$	58		-			$	100								$	59
BPL term loans held by CAFL (2)						2,783,731						Liability price												N/A									N/A
BPL bridge loans						2,173,106						Whole loan discount rate						4			-			15			%						9			%
												Whole loan spread						545			-			545			bps						545			bps
Multifamily loans held by Freddie Mac K-Series (2)						420,096						Liability price												N/A									N/A
Trading and AFS securities						166,819						Discount rate						6			-			18			%						9			%
												Prepayment rate (annual CPR)						4			-			65			%						9			%
												Default rate						—			-			14			%						0.4			%
												Loss severity						—			-			50			%						23			%
												CRT dollar price						$	97		-			$	99								$	98
HEIs						298,043						Discount rate						10			-			10			%						10			%
												Prepayment rate (annual CPR)						1			-			23			%						16			%
												Home price appreciation (depreciation)						(3)			-			4			%						3			%
HEIs held by HEI securitization entity						129,264						Discount Rate												N/A									N/A
Servicer advance investments						234,304						Discount rate						2			-			5			%						4			%
												Prepayment rate (annual CPR)						11			-			30			%						14			%
												Expected remaining life (4)						6			-			6			yrs						6			yrs
												Mortgage servicing income						—			-			18			bps						3			bps

Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments (continued)

June 30, 2023						Fair Value												Input Values
(Dollars in Thousands, except Input Values)												Unobservable Input						Range															Weighted Average (1)
Assets (continued)
MSRs						$	26,242					Discount rate						11			-			46			%						11			%
												Prepayment rate (annual CPR)						4			-			25			%						7			%
												Per loan annual cost to service						$	93		-			$	93								$	93
Excess MSRs						39,877						Discount rate						13			-			19			%						18			%
												Prepayment rate (annual CPR)						10			-			100			%						17			%
												Excess mortgage servicing amount						8			-			20			bps						11			bps
Residential loan purchase commitments, net						2,046						Whole loan spread to TBA price						$	3.91		-			$	3.91								$	3.91
												Pull-through rate						17			-			100			%						68			%
												Committed sales price						$	100		-			$	103								$	101
Liabilities
ABS issued (2):
At consolidated Sequoia entities						3,647,439						Discount rate						4			-			18			%						7			%
												Prepayment rate (annual CPR)						4			-			35			%						10			%
												Default rate						—			-			14			%						1			%
												Loss severity						25			-			50			%						31			%
At consolidated CAFL Term entities						2,475,176						Discount rate						—			-			12			%						7			%
												Prepayment rate (annual CPR)						—			-			3			%						0.1			%
												Default rate						5			-			14			%						7			%
												Loss severity						30			-			40			%						30			%
At consolidated Freddie Mac SLST entities						1,096,972						Discount rate						5			-			16			%						6			%
												Prepayment rate (annual CPR)						6			-			6			%						6			%
												Default rate						8			-			9			%						9			%
												Loss severity						35			-			35			%						35			%
At consolidated Freddie Mac K-Series entities (4)						387,581						Discount rate						3			-			10			%						6			%
At consolidated HEI entities						95,658						Discount rate						10			-			14			%						10			%
												Prepayment rate (annual CPR)						20			-			20			%						20			%
												Home price appreciation (depreciation)						(3)			-			4			%						3			%

(1)The weighted average input values for all loan types are based on unpaid principal balance. The weighted average input values for all other assets and liabilities are based on relative fair value.

(2)The fair value of the loans and HEIs held by consolidated entities is based on the fair value of the ABS issued by these entities and the securities and other investments we own in those entities, which we determined were more readily observable in accordance with accounting guidance for collateralized financing entities. At June 30, 2023, the fair value of securities we owned at the consolidated Sequoia, CAFL SFR, Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $218 million, $306 million, $298 million, $33 million, and $14 million, respectively.

(3)Values represent pricing inputs used in securitization pricing model. Credit spreads generally represent spreads to applicable swap rates.

(4)Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool).

X

- Definition

Tabular disclosure for the total amount of market valuation adjustments for the period which are included in earnings.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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