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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated 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 December 31, 2023 and 2022.

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

						December 31, 2023												December 31, 2022
						Carrying Value						Fair Value						Carrying Value						Fair Value
(In Thousands)
Assets
Residential loans, held-for-sale at fair value						$	911,192					$	911,192					$	780,781					$	780,781
Residential loans, held-for-investment, at fair value						6,139,445						6,139,445						4,832,407						4,832,407
Business purpose loans, held-for-sale, at fair value						180,249						180,249						364,073						364,073
Business purpose loans, held-for-investment, at fair value						5,040,048						5,040,048						4,968,513						4,968,513
Consolidated Agency multifamily loans, at fair value						425,285						425,285						424,551						424,551
Real estate securities, at fair value						127,797						127,797						240,475						240,475
Servicer advance investments (1)						225,345						225,345						269,259						269,259
MSRs (1)						24,877						24,877						25,421						25,421
Excess MSRs (1)						37,367						37,367						39,035						39,035
HEI						550,436						550,436						403,462						403,462
Other investments (1)						3,193						3,193						6,155						6,155
Cash and cash equivalents						293,104						293,104						258,894						258,894
Restricted cash						75,684						75,684						70,470						70,470
Derivative assets						14,212						14,212						20,830						20,830
Margin receivable (2)						33,414						33,414						13,802						13,802
Liabilities
Short-term debt (3)						$	1,415,664					$	1,414,644					$	1,853,664					$	1,853,664
Margin payable (4)						350						350						5,944						5,944
Guarantee obligations (4)						5,781						3,772						6,344						4,738
HEI securitization non-controlling interest						59,752						59,752						22,329						22,329
Derivative liabilities						33,828						33,828						16,855						16,855
ABS issued net
at fair value						9,151,263						9,151,263						7,424,132						7,424,132
at amortized cost						660,617						637,816						562,620						524,768
Other long-term debt, net (5)						1,180,918						1,177,287						1,077,200						1,069,946
Convertible notes, net (5)						503,728						488,341						693,473						638,049
Trust preferred securities and subordinated notes, net (5)						138,813						92,070						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 above 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 December 31, 2023 and 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

December 31, 2023						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential loans						$	7,050,637					$	—					$	—					$	7,050,637
Business purpose loans						5,220,297						—						—						5,220,297
Consolidated Agency multifamily loans						425,285						—						—						425,285
Real estate securities						127,797						—						—						127,797
Servicer advance investments						225,345						—						—						225,345
MSRs						24,877						—						—						24,877
Excess MSRs						37,367						—						—						37,367
HEI						550,436						—						—						550,436
Other investments						3,193						—						—						3,193
Derivative assets						14,212						952						1,742						11,518
Liabilities
HEI securitization non-controlling interest						$	59,752					$	—					$	—					$	59,752
Derivative liabilities						33,828						30,414						—						3,414
ABS issued						9,151,263						—						—						9,151,263

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

December 31, 2022						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential loans						$	5,613,188					$	—					$	—					$	5,613,188
Business purpose loans						5,332,586						—						—						5,332,586
Consolidated Agency multifamily loans						424,551						—						—						424,551
Real estate securities						240,475						—						—						240,475
Servicer advance investments						269,259						—						—						269,259
MSRs						25,421						—						—						25,421
Excess MSRs						39,035						—						—						39,035
HEI						403,462						—						—						403,462
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 years ended December 31, 2023 and 2022.

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						HEI						Servicer Advance Investments						Excess MSRs						MSRs and Other Investments
(In Thousands)
Beginning balance - December 31, 2022						$	5,613,188					$	5,332,586					$	424,552					$	108,329					$	132,146					$	403,462					$	269,259					$	39,035					$	31,576
Acquisitions						2,053,957						—						—						7,883						1,979						136,445						—						—						500
Originations						—						1,581,545						—						—						—						—						—						—						—
Sales						(261,980)						(565,357)						—						(88,073)						(54,339)						—						—						—						(1,522)
Principal paydowns						(494,104)						(1,098,760)						(8,326)						(409)						(719)						(43,398)						(55,777)						—						(804)
Gains (losses) in net income (loss), net						143,148						62,715						9,059						12,694						1,170						53,927						11,863						(1,668)						(980)
Unrealized gains in OCI, net						—						—						—						—						7,136						—						—						—						—
Other settlements, net (1)						(3,572)						(92,432)						—						—						—						—						—						—						(700)
Ending balance - December 31, 2023						$	7,050,637					$	5,220,297					$	425,285					$	40,424					$	87,373					$	550,436					$	225,345					$	37,367					$	28,070

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

																																																						Liabilities
																																																Derivatives (2)						HEI Securitization Non-Controlling Interest						ABS Issued
(In Thousands)
Beginning balance - December 31, 2022																																																$	322					$	22,329					$	7,424,132
Acquisitions																																																—						29,633						2,284,790
Principal paydowns																																																—						—						(784,501)
Gains (losses) in net income (loss), net																																																28,847						7,790						226,842
Other settlements, net (1)																																																(21,065)						—						—
Ending balance - December 31, 2023																																																$	8,104					$	59,752					$	9,151,263

						Assets
(In Thousands)						Residential Loans						Business Purpose Loans						Consolidated Agency Multifamily Loans						Trading Securities						AFS Securities						HEI						Servicer Advance Investments						Excess MSRs						MSRs and Other Investments
Beginning balance - December 31, 2021						$	7,592,432					$	4,790,989					$	473,514					$	170,619					$	206,792					$	192,740					$	350,923					$	44,231					$	25,101
Acquisitions						3,692,104						181,814						—						5,006						10,000						248,218						—						—						8,638
Originations						—						2,715,817						—						—						—						—						—						—						—
Sales						(3,830,318)						(495,472)						—						(31,729)						—						—						—						—						(3,299)
Principal paydowns						(866,477)						(1,324,640)						(7,975)						(1,347)						(31,390)						(42,744)						(70,589)						—						(158)
Gains (losses) in net income, net						(970,241)						(531,947)						(40,987)						(34,220)						13,660						5,248						(11,075)						(5,196)						9,873
Unrealized losses in OCI, net						—						—						—						—						(66,916)						—						—						—						—
Other settlements, net (1)						(4,312)						(3,975)						—						—						—						—						—						—						(8,579)
Ending balance - December 31, 2022						$	5,613,188					$	5,332,586					$	424,552					$	108,329					$	132,146					$	403,462					$	269,259					$	39,035					$	31,576

																																										Liabilities
(In Thousands)																																				Derivatives (2)						HEI Securitization Non-Controlling Interest						ABS  Issued
Beginning balance - December 31, 2021																																				$	4,130					$	17,035					$	8,843,147
Acquisitions																																				—						—						1,205,289
Principal paydowns																																				—						—						(1,394,000)
Gains (losses) in net income, net																																				(55,209)						5,294						(1,230,304)
Other settlements, net (1)																																				51,401						—						—
Ending balance - December 31, 2022																																				$	322					$	22,329					$	7,424,132

(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 (loss) that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at December 31, 2023, 2022, and 2021. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the years ended December 31, 2023, 2022, and 2021 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 December 31, 2023, 2022, and 2021 Included in Net Income

						Included in Net Income (Loss)
						Years Ended December 31,
(In Thousands)						2023						2022						2021
Assets
Residential loans at Redwood						$	34,730					$	(43,019)					$	5,886
Business purpose loans						(20,251)						(31,927)						9,444
Net investments in consolidated Sequoia entities (1)						1,659						(25,563)						12,455
Net investments in consolidated Freddie Mac SLST entities (1)						(13,726)						(76,811)						62,124
Net investments in consolidated Freddie Mac K-Series entities (1)						1,541						110						11,599
Net investments in consolidated CAFL Term entities (1)						5,504						(34,899)						8,198
Net investment in consolidated HEI securitization entities (1)						4,368						2,916						218
Trading securities						3,155						(34,027)						738
Available-for-sale securities						59						(2,540)						—
Servicer advance investments						11,863						(11,076)						(926)
MSRs						498						9,804						629
Excess MSRs						(1,668)						(5,196)						(8,017)
HEI at Redwood						24,194						(670)						212
Other investments						(94)						(901)						(6)
Loan purchase and interest rate lock commitments						11,518						336						4,633
Liabilities
Loan purchase commitments						$	(3,414)					$	(14)					$	(503)

(1)    Represents the portion of net fair value gains or losses included in our consolidated statements of income (loss) related to securitized loans, securitized HEI, and the associated ABS issued at our consolidated securitization entities held at December 31, 2023, 2022, and 2021, which, netted together represent the change in value of our investments at the consolidated VIEs, 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 December 31, 2023 and 2022. 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 December 31, 2023 and 2022.

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

																														Gain (Loss) for Year Ended
December 31, 2023						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3						December 31, 2023
Assets
Strategic Investments						$	22,300					$	—					$	—					$	22,300					$	(2,550)
REO						6,453						—						—						6,453						(937)
																														Gain (Loss) for Year Ended
December 31, 2022						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3						December 31, 2022
Assets
Strategic Investments						17,600						—						—						17,600						9,965

Schedule of Market Valuation Adjustments

The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income (loss) for the years ended December 31, 2023, 2022, and 2021.

Table 5.6 – Market Valuation Gains and Losses, Net

						Years Ended December 31,
(In Thousands)						2023						2022						2021
Mortgage Banking Activities, Net
Residential loans held-for-sale						$	20,376					$	(77,192)					$	73,332
Residential loan purchase and commitments						22,600						(54,484)						10,401
BPL term loans held-for-sale						16,500						(91,025)						63,206
BPL term loan interest rate lock commitments						—						(666)						666
BPL bridge loans						5,704						3,026						8,253
Trading securities (1)						(159)						4,249						(352)
Risk management derivatives, net						(18,824)						157,444						41,060
Total mortgage banking activities, net (2)						$	46,197					$	(58,648)					$	196,566
Investment Fair Value Changes, Net
Residential loans held-for-investment at Redwood (called Sequoia loans)						$	183					$	(16,651)					$	2,812
BPL term loans held-for-sale						(14,430)						—						—
BPL bridge loans held-for-investment						(39,361)						(7,271)						(65)
Trading securities						11,251						(38,471)						23,935
Servicer advance investments						11,863						(11,075)						(925)
Excess MSRs						(1,668)						(5,196)						(8,017)
Net investments in Legacy Sequoia entities (3)						(160)						(1,302)						(1,558)
Net investments in Sequoia entities (3)						2,567						(23,818)						14,176
Net investments in Freddie Mac SLST entities (3)						(13,446)						(76,778)						62,374
Net investment in Freddie Mac K-Series entity (3)						1,541						110						11,599
Net investments in CAFL Term entities (3)						5,504						(34,899)						10,271
Other investments						(6,077)						13,468						(366)
Risk management derivatives, net						(1,479)						26,152						—
Credit recoveries (losses) on AFS securities						58						(2,540)						388
Other						(746)						—						—
Total investment fair value changes, net						$	(44,400)					$	(178,271)					$	114,624
HEI income, Net
HEI at Redwood						$	30,749					$	(201)					$	13,207
Net investments in HEI securitization entities (3)						4,368						2,915						218
Total HEI income, net						$	35,117					$	2,714					$	13,425
Other Income
MSRs						$	(544)					$	8,560					$	(3,182)
Other						(556)						(1,541)						—
Total other income (4)						$	(1,100)					$	7,019					$	(3,182)
Total Market Valuation Gains (Losses), Net						$	35,814					$	(227,186)					$	321,433

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 Consumer 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 (loss), as these amounts do not represent market valuation changes.

(3)Includes changes in fair value of the residential loans held-for-investment, securitized HEI, REO and the 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 Fair Value Methodology for Level 3 Financial Instruments

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

December 31, 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						$	726,475					Senior credit spread to TBA price(2)						$	1.56					$	3.00								$	1.70
												Subordinate credit spread(2)						225						900			bps						365			bps
												Senior credit support(2)						7						7			%						7			%
												IO discount rate(2)						20						20			%						20			%
												Prepayment rate (annual CPR)(2)						15						15			%						15			%
Jumbo loans committed to sell						184,717						Whole loan committed sales price						$	99		-			$	101								$	99
Loans held by Legacy Sequoia (3)						139,739						Liability price												N/A									N/A
Loans held by Sequoia (3)						4,640,464						Liability price												N/A									N/A
Loans held by Freddie Mac SLST (3)						1,359,242						Liability price												N/A									N/A
Business purpose loans:
BPL term loans						144,359						Senior credit spread(2)						150			-			150			bps						150			bps
												Subordinate credit spread(2)						230			-			887			bps						476			bps
												Senior credit support(2)						33			-			33			%						33			%
												IO discount rate(2)						7			-			7			%						7			%
												Prepayment rate (annual CPR)(2)						—			-			3			%						3			%
												Dollar price of non-performing loans						$	60		-			$	100								$	61
BPL term loans held by CAFL (3)						2,971,725						Liability price												N/A									N/A
BPL bridge loans held by CAFL (3)						249,689						Liability price												N/A									N/A
BPL bridge loans						1,854,524						Whole loan discount rate						6			-			12			%						9			%
												Whole loan spread						500			-			500			bps						500			bps
												Dollar price of non-performing loans						$50			-			$	100								$	92
Multifamily loans held by Freddie Mac K-Series (3)						425,285						Liability price												N/A									N/A
Trading and AFS securities						127,797						Discount rate						6			-			25			%						11			%
												Prepayment rate (annual CPR)						4			-			65			%						8			%
												Default rate						—			-			15			%						0.1			%
												Loss severity						—			-			50			%						23			%
HEI						244,719						Discount rate						10			-			10			%						10			%
												Prepayment rate (annual CPR)						1			-			20			%						14			%
												Home price appreciation (depreciation)						1			-			3			%						3			%
HEI held by HEI securitization entities(3)						305,717						Liability price												N/A									N/A
Servicer advance investments						225,345						Discount rate						3			-			5			%						4			%
												Prepayment rate (annual CPR)						11			-			30			%						14			%
												Expected remaining life (4)						6			-			6			yrs						6			yrs
												Mortgage servicing income						3			-			18			bps						10			bps

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

December 31, 2023						Fair Value												Input Values
(Dollars in Thousands, except Input Values)												Unobservable Input						Range															Weighted Average (1)
Assets (continued)
MSRs						$	24,877					Discount rate						12			-			63			%						12			%
												Prepayment rate (annual CPR)						4			-			21			%						6			%
												Per loan annual cost to service						$	93		-			$	93								$	93
Excess MSRs						37,367						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						8,104						Senior credit spread to TBA price(2)						$	1.56					$	3.00								$	1.70
												Subordinate credit spread(2)						225			-			900			bps						365			bps
												Senior credit support(2)						7			-			7			%						7			%
												IO discount rate(2)						20			-			20			%						20			%
												Prepayment rate (annual CPR)(2)						15			-			15			%						15			%
												Pull-through rate						11			-			100			%						70			%
												Committed sales price						$	103		-			$	103								$	103
Liabilities
ABS issued (3):
At consolidated Sequoia entities						4,568,660						Discount rate						4			-			40			%						7			%
												Prepayment rate (annual CPR)						4			-			20			%						8			%
												Default rate						—			-			17			%						1			%
												Loss severity						25			-			50			%						31			%
At consolidated CAFL Term entities						2,648,328						Discount rate						5			-			12			%						6			%
												Prepayment rate (annual CPR)						—			-			3			%						0.5			%
												Default rate						3			-			13			%						7			%
												Loss severity						30			-			40			%						30			%
At consolidated Freddie Mac SLST entities						1,088,225						Discount rate						5			-			10			%						6			%
												Prepayment rate (annual CPR)						6			-			6			%						6			%
												Default rate						15			-			17			%						16			%
												Loss severity						25			-			25			%						25			%
At consolidated Freddie Mac K-Series entities (3)						391,977						Discount rate						3			-			10			%						5			%
At consolidated HEI entities(5)						222,488						Discount rate						9			-			16			%						10			%
												Prepayment rate (annual CPR)						15			-			20			%						17			%
												Home price appreciation (depreciation)						1			-			3			%						3			%
At consolidated CAFL Bridge entities						231,585						Discount rate						8			-			15			%						8			%
												Prepayment rate (annual CPR)						40			-			40			%						40			%
												Default rate						—						5			%						3			%
												Loss severity						25			-			25			%						25			%

Footnotes to Table 5.7

(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)Values represent pricing inputs used in securitization pricing model. Credit spreads represent spreads to applicable swap rates unless specified otherwise.

(3)The fair value of the loans and HEI 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 December 31, 2023, the fair value of securities we owned at the consolidated Sequoia, CAFL Term, CAFL Bridge (under CFE), Freddie Mac SLST, Freddie Mac K-Series, and HEI securitization entities was $212 million, $323 million, $22 million, $274 million, $33 million, and $34 million, respectively. CAFL Bridge only includes the one securitization that we made the CFE election for.

(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).

(5)Fair value presented in this line item for ABS issued at consolidated HEI entities does not include non-controlling interests in our HEI entities, which we account for separately as liabilities in our Consolidated Balance Sheets and carry at fair value. However, given the HEI non-controlling interests are priced using the same model and inputs, the unobservable inputs and input values provided in this section include those for the HEI non-controlling interests.

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