Schedule IV - Mortgage Loans On Real Estate

12 Months Ended

Dec. 31, 2023

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	1,054	1.25	%	to	7.88%	2024-04	-	2036-03	$	138,562	$	4,141
Hybrid ARM loans	5	4.88	%	to	6.63%	2033-07	-	2034-03	1,177		—
At Sequoia (1):
Hybrid ARM loans	17	3.38	%	to	7.63%	2042-06	-	2049-08	10,581		—
Fixed loans	6,053	1.88	%	to	8.50%	2026-08	-	2053-11	4,629,883		8,882
At Freddie Mac SLST (2):
Fixed loans	10,302	2.00	%	to	11.00%	2023-12	-	2063-11	1,359,242		132,307
Total Residential Loans Held-for-Investment									$	6,139,445	$	145,330

Residential Loans Held-for-Sale (3):

Hybrid ARM loans	2	6.25	%	to	7.63%	2032-11	-	2042-06	$	710	$	—
Fixed loans	872	2.50	%	to	8.50%	2027-01	-	2054-01	910,482		—
Total Residential Loans Held-for-Sale									$	911,192	$	—

BPL Term Loans Held-for-Sale (3):
Fixed loans	38	5.95	%	to	8.88%	2021-07	-	2054-01	$	144,359	$	28,263
Total BPL Term Loans Held-for-Sale									$	144,359	$	28,263

BPL Term Loans Held-for-Investment:


At CAFL (1):
Fixed loans	1,055	3.81	%	to	8.24%	2022-06	-	2033-08	$	2,971,725	$	143,623
Total BPL Term Loans Held-for-Investment									$	2,971,725	$	143,623

BPL Bridge Loans at Redwood (4):
Fixed loans	163	6.30	%	to	11.75%	2022-01	-	2025-11	$	329,768	$	14,552
Floating ARM loans	762	8.94	%	to	13.21%	2021-10	-	2025-12	$	1,011,850	$	82,382
Total BPL Bridge Loans at Redwood									$	1,341,618	$	96,934

BPL Bridge Loans Held-for-Investment at CAFL (4):
Fixed loans	627	6.25	%	to	11.50%	2023-04	-	2025-11	$	187,725	$	4,806
Floating ARM loans	1,285	9.29	%	to	14.46%	2021-10	-	2026-11	$	574,871	$	5,841
Total BPL Bridge Loans Held-for-Investment at CAFL									$	762,596	$	10,647

Consolidated Agency multifamily Loans Held-for-Investment (2):
At Freddie Mac K-Series:
Fixed loans	28	4.25	%	to	4.25%	2025-09	-	2025-09	$	425,285	$	—
Total Consolidated Agency Multifamily Loans Held-for-Investment									$	425,285	$	—

(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, 2023 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, 2023.

(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 BPL bridge loans, the aggregate tax basis for Federal income tax purposes at December 31, 2023 was $2.13 billion.

The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2023, 2022, and 2021.


	Years Ended December 31,
(In Thousands)	2023		2022		2021
Balance at beginning of period	$	11,370,323	$	12,856,934	$	8,877,626


Additions during period:
Originations/acquisitions	3,639,782		6,589,943		15,427,382

Deductions during period:
Sales	(827,337)		(4,325,790)		(8,660,440)
Principal repayments	(1,601,190)		(2,199,109)		(2,675,859)

Transfers to REO	(100,280)		(8,495)		(40,038)

Changes in fair value, net	214,922		(1,543,160)		(71,737)
Balance at end of period	$	12,696,220	$	11,370,323	$	12,856,934