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Business Purpose Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Classifications and Carrying Values of Business Purpose Loans

The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at December 31, 2023 and 2022.

Table 6.1 – Classifications and Carrying Values of Residential Loans

December 31, 2023												Legacy						Sequoia						Freddie Mac
(In Thousands)						Redwood						Sequoia												SLST						Total
Held-for-sale at fair value						$	911,192					$	—					$	—					$	—					$	911,192
Held-for-investment at fair value						—						139,739						4,640,464						1,359,242						6,139,445
Total Residential Loans						$	911,192					$	139,739					$	4,640,464					$	1,359,242					$	7,050,637

December 31, 2022												Legacy						Sequoia						Freddie Mac
(In Thousands)						Redwood						Sequoia												SLST						Total
Held-for-sale at fair value						$	780,781					$	—					$	—					$	—					$	780,781
Held-for-investment at fair value						—						184,932						3,190,417						1,457,058						4,832,407
Total Residential Loans						$	780,781					$	184,932					$	3,190,417					$	1,457,058					$	5,613,188

The following table summarizes the classifications and carrying values of the business purpose loans owned at Redwood and at consolidated CAFL entities at December 31, 2023 and 2022.

Table 7.1 – Classifications and Carrying Values of Business Purpose Loans

December 31, 2023						BPL Term												BPL Bridge
(In Thousands)						Redwood						CAFL						Redwood						CAFL						Total
Held-for-sale at fair value						$	144,359					$	—					$	35,891					$	—					$	180,250
Held-for-investment at fair value						—						2,971,725						1,305,727						762,596						5,040,048
Total Business Purpose Loans						$	144,359					$	2,971,725					$	1,341,618					$	762,596					$	5,220,298

December 31, 2022						BPL Term												BPL Bridge
(In Thousands)						Redwood						CAFL						Redwood						CAFL						Total
Held-for-sale at fair value						$	358,791					$	—					$	5,282					$	—					$	364,073
Held-for-investment at fair value						—						2,944,984						1,507,146						516,383						4,968,513
Total Business Purpose Loans						$	358,791					$	2,944,984					$	1,512,428					$	516,383					$	5,332,586

The following table provides the activity of business purpose loans during the years ended December 31, 2023 and 2022.

Table 7.2 – Activity of Business Purpose Loans at Redwood

						Year Ended December 31, 2023												Year Ended December 31, 2022
(In Thousands)						BPL Term at Redwood						BPL Bridge at Redwood						BPL Term at Redwood						BPL Bridge at Redwood
Principal balance of loans originated						$	525,130					$	1,153,568					$	1,000,109					$	1,698,227
Principal balance of loans acquired						—						19,500						100,349						97,787
Principal balance of loans sold to third parties						473,677						128,664						429,873						79,608
Fair value of loans transferred (1)						(278,751)						(641,194)						561,218						584,233
Mortgage banking activities income (loss) recorded (2)						16,500						5,704						(91,024)						1,881
Investment fair value changes recorded (3)						(14,430)						(39,361)						—						(5,805)

(1)For BPL term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For BPL bridge at Redwood, represents the transfer of BPL bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which each have replenishment features.

(2)Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss).

(3)For BPL Bridge at Redwood, represents net market valuation changes for loans classified as held-for-investment and associated interest-only strip liabilities. During the year ended December 31, 2023, we substituted a pool of held-for-sale term loans at Redwood for a non-performing held-for-investment term loan at a consolidated CAFL securitization, each with unpaid principal balances of approximately $28 million. The negative investment fair value changes recorded for BPL Term at Redwood during the year ended December 31, 2023 were attributable to this substitution, with an equal and offsetting positive fair value change recorded for BPL Term at CAFL (related to the retained bond we own in the associated consolidated CAFL securitization).

Table 7.3 – Activity of Business Purpose Loans Held-for-Investment at CAFL

						Year Ended   December 31, 2023												Year Ended   December 31, 2022
(In Thousands)						BPL Term at CAFL						BPL Bridge at CAFL						BPL Term at CAFL						BPL Bridge at CAFL
Net market valuation gains (losses) recorded(1)						$	89,013					$	(1,775)					$	(441,318)					$	(435)
Fair value of loans transferred to HFI						278,751						641,779						—						—

(1)Net market valuation gains (losses) on business purpose loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge entity, 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 4.2.

The following tables summarize the characteristics of the business purpose loans owned at Redwood at December 31, 2023 and 2022.

Table 7.4 – Characteristics of Business Purpose Loans

December 31, 2023						BPL Term at Redwood						BPL Term at CAFL(1)						BPL Bridge at Redwood						BPL Bridge at CAFL
(Dollars in Thousands)
Number of loans						38						1,055						925						1,912
Unpaid principal balance						$	152,213					$	3,194,131					$	1,360,957					$	756,574
Fair value of loans						$	144,359					$	2,971,725					$	1,341,618					$	762,596
Weighted average coupon						6.92		%				5.34		%				10.41		%				10.82		%
Weighted average remaining loan term (years)						7						5						1						1
Market value of loans pledged as collateral under short-term debt facilities						$	2,393					N/A						$	92,832					N/A
Market value of loans pledged as collateral under long-term debt facilities						$	122,541					N/A						$	1,205,366					N/A
Delinquency information
Number of loans with 90+ day delinquencies (2)						2						45						54						52
Unpaid principal balance of loans with 90+ day delinquencies						$	28,263					$	143,623					$	96,934					$	10,646
Fair value of loans with 90+ day delinquencies (2)						$	16,822					N/A						$	86,137					N/A
Number of loans in foreclosure						2						7						36						47
Unpaid principal balance of loans in foreclosure						$	28,263					$	15,708					$	79,841					$	3,931
Fair value of loans in foreclosure (3)						$	16,822					N/A						$	69,046					N/A

December 31, 2022						BPL Term at Redwood						BPL Term at CAFL(1)						BPL Bridge at Redwood						BPL Bridge at CAFL
(Dollars in Thousands)
Number of loans						91						1,131						1,601						1,875
Unpaid principal balance						$	389,846					$	3,263,421					$	1,518,427					$	514,666
Fair value of loans						$	358,791					$	2,944,984					$	1,512,428					$	516,383
Weighted average coupon						5.98		%				5.22		%				9.61		%				9.67		%
Weighted average remaining loan term (years)						10						6						2						1
Market value of loans pledged as collateral under short-term debt facilities						$	291,406					N/A						$	579,666					N/A
Market value of loans pledged as collateral under long-term debt facilities						$	66,567					N/A						$	897,782					N/A
Delinquency information
Number of loans with 90+ day delinquencies (2)						1						16						49						48
Unpaid principal balance of loans with 90+ day delinquencies						$	536					$	37,072					$	34,264					$	7,328
Fair value of loans with 90+ day delinquencies (2)						$	536					N/A						$	29,663					N/A
Number of loans in foreclosure						1						9						48						48
Unpaid principal balance of loans in foreclosure						$	536					$	13,686					$	34,039					$	7,328
Fair value of loans in foreclosure (3)						$	536					N/A						$	29,438					N/A

Footnotes to Table 7.4

(1)The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.

(2)The number of loans 90-or-more days delinquent includes loans in foreclosure.

(3)May include loans that are less than 90 days delinquent.

The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at December 31, 2023 by collateral/strategy type.

Table 7.5 – Business Purpose Loans Collateral/Strategy Type

December 31, 2023						BPL Term at Redwood						BPL Term at CAFL(1)						BPL Bridge at Redwood						BPL Bridge at CAFL(1)
(Dollars in Thousands)
Term
Single family rental						93,863						2,497,851						—						—
Multifamily						58,350						696,280						—						—
Bridge
Renovate / Build for Rent ("BFR")(2)						—						—						609,450						432,438
Single Asset Bridge ("SAB")(3)						—						—						34,959						119,130
Multifamily(4)						—						—						690,157						199,994
Third-Party Originated						—						—						26,391						5,012
Total Business Purpose Loans						$	152,213					$	3,194,131					$	1,360,957					$	756,574

(1)The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.

(2)    Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent.

(3)    Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units).

(4)    Includes loans for predominantly light to moderate rehab projects on multifamily properties.

Schedule of Geographic Concentration of Business Purpose Loans

The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2023 and 2022.

Table 6.6 – Geographic Concentration of Residential Loans

						December 31, 2023
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						25		%				18		%				33		%				14		%
Washington						16		%				2		%				7		%				2		%
Texas						8		%				5		%				11		%				3		%
Florida						7		%				12		%				5		%				10		%
Colorado						4		%				3		%				7		%				1		%
New Jersey						2		%				5		%				1		%				7		%
Illinois						2		%				3		%				3		%				5		%
New York						1		%				12		%				2		%				11		%
Maryland						1		%				1		%				2		%				5		%
Ohio						1		%				5		%				—		%				2		%
Other states (none greater than 5%)						33		%				34		%				29		%				40		%
Total						100		%				100		%				100		%				100		%

						December 31, 2022
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						26		%				18		%				35		%				14		%
Texas						12		%				6		%				12		%				3		%
Washington						11		%				1		%				5		%				2		%
Colorado						9		%				2		%				6		%				1		%
Florida						9		%				13		%				4		%				10		%
New York						3		%				11		%				2		%				11		%
New Jersey						1		%				5		%				1		%				7		%
Illinois						1		%				3		%				3		%				5		%
Maryland						1		%				2		%				2		%				5		%
Ohio						—		%				5		%				—		%				2		%
Other states (none greater than 5%)						27		%				34		%				30		%				40		%
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, 2023 and December 31, 2022.

Table 7.6 – Geographic Concentration of Business Purpose Loans

						December 31, 2023
Geographic Concentration (by Principal)						BPL Term at Redwood						BPL Term at CAFL						BPL Bridge at Redwood						BPL Bridge at CAFL
Florida						10		%				7		%				10		%				7		%
California						8		%				4		%				5		%				8		%
Texas						8		%				16		%				13		%				22		%
Georgia						5		%				5		%				18		%				13		%
New Jersey						4		%				7		%				6		%				4		%
Tennessee						2		%				2		%				3		%				7		%
Alabama						1		%				3		%				6		%				3		%
Connecticut						—		%				8		%				2		%				2		%
New York						—		%				7		%				2		%				3		%
Illinois						—		%				5		%				13		%				6		%
Other states (none greater than 5%)						62		%				36		%				22		%				25		%
Total						100		%				100		%				100		%				100		%

						December 31, 2022
Geographic Concentration (by Principal)						BPL Term at Redwood						BPL Term at CAFL						BPL Bridge at Redwood						BPL Bridge at CAFL
California						34		%				4		%				2		%				3		%
Connecticut						10		%				8		%				4		%				1		%
Illinois						6		%				5		%				8		%				3		%
New York						5		%				5		%				2		%				3		%
Florida						4		%				7		%				6		%				5		%
Texas						3		%				16		%				13		%				1		%
Alabama						2		%				3		%				6		%				33		%
New Jersey						2		%				8		%				7		%				6		%
Georgia						2		%				5		%				21		%				14		%
Tennessee						1		%				2		%				6		%				2		%
Other states (none greater than 5%)						31		%				37		%				25		%				29		%
Total						100		%				100		%				100		%				100		%

The following table presents the geographic concentration of multifamily loans recorded on our consolidated balance sheets at December 31, 2023.

Table 8.3 – Geographic Concentration of Consolidated Agency Multifamily Loans

Geographic Concentration (by Principal)						December 31, 2023						December 31, 2022
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		%

Schedule of Product Types and Characteristics of Business Purpose 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, 2023 and 2022.

Table 6.7 – Product Types and Characteristics of Residential Loans

December 31, 2023
(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						7.63		%	to			7.63%						2032-11			-			2032-11						$	38					$	—					$	—
			$	501		to			$750									1						6.25		%	to			6.25%						2042-06			-			2042-06						749						—						—
																		2																														787						—						—
Fixed loans
			$	—		to			$250									4						3.50		%	to			4.38%						2027-01			-			2051-11						699						—						—
			$	251		to			$500									13						3.00		%	to			8.25%						2042-01			-			2053-12						5,092						—						—
			$	501		to			$750									87						2.50		%	to			7.75%						2036-12			-			2054-01						58,011						2,472						—
			$	751		to			$1,000									367						2.50		%	to			8.50%						2037-01			-			2054-01						325,880						4,045						—
						over			$1,000									401						2.75		%	to			8.50%						2043-12			-			2054-01						526,408						1,434						—
																		872																														916,090						7,951						—
Total Held-for-Sale																		874																														$	916,877					$	7,951					$	—
Held-for-Investment at Legacy Sequoia:
ARM loans:
			$	—		to			$250									886						1.25		%	to			7.88%						2024-04			-			2035-11						$	74,241					$	3,085					$	1,581
			$	251		to			$500									116						1.25		%	to			7.75%						2027-04			-			2035-02						39,469						973						434
			$	501		to			$750									35						1.63		%	to			7.63%						2027-05			-			2034-12						21,126						1,206						579
			$	751		to			$1,000									11						1.63		%	to			7.75%						2028-03			-			2036-03						9,412						914						1,547
						over			$1,000									6						1.63		%	to			7.25%						2029-11			-			2035-04						10,402						—						—
																		1,054																														154,650						6,178						4,141
Hybrid ARM loans:
			$	—		to			$250									2						6.63		%	to			6.63%						2033-09			-			2033-09						380						—						—
			$	251		to			$500									3						4.88		%	to			6.50%						2033-07			-			2034-03						1,023						—						—
																		5																														1,403						—						—
Total HFI at Legacy Sequoia:																		1,059																														$	156,053					$	6,178					$	4,141

Table 6.7 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2023
(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
			$	251		to			$500									1						3.50		%	to			3.50%						2049-06			-			2049-06						459						—						—
			$	501		to			$750									10						3.38		%	to			7.13%						2042-06			-			2049-08						6,570						624						—
			$	751		to			$1,000									3						4.25		%	to			7.63%						2047-07			-			2048-01						2,512						—						—
						over			$1,000									3						4.00		%	to			6.88%						2045-07			-			2049-04						3,751						—						—
																		17																														13,292						624						—
Fixed loans:
			$	—		to			$250									68						2.50		%	to			7.00%						2026-08			-			2053-10						$	11,708					$	—					$	—
			$	251		to			$500									195						2.38		%	to			7.50%						2026-12			-			2053-09						81,978						1,294						454
			$	501		to			$750									2,187						2.13		%	to			8.00%						2031-04			-			2053-10						1,404,672						6,356						3,272
			$	751		to			$1,000									2,118						2.13		%	to			8.38%						2036-12			-			2053-11						1,844,914						6,239						2,476
						over			$1,000									1,485						1.88		%	to			8.50%						2036-07			-			2053-11						1,886,296						9,986						2,680
																		6,053																														5,229,568						23,875						8,882
																		6,070																														$	5,242,860					$	24,499					$	8,882
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
			$	—		to			$250									8,545						2.00		%	to			11.00%						2023-12						2063-11						$	1,048,487					$	200,761					$	77,435
			$	251		to			$500									1,721						2.00		%	to			7.75%						2036-03						2063-08						546,236						106,309						49,530
			$	501		to			$750									35						2.00		%	to			5.50%						2045-02						2059-01						19,241						2,182						4,332
						over			$1,000									1						4.00		%	to			4.00%						2056-03						2056-03						1,010						—						1,010
Total Held-for-Investment																		10,302																														$	1,614,974					$	309,252					$	132,307

Table 6.7 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2022
(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						6.00		%	to			6.00%						2032-11			-			2032-11						$	41					$	—					$	—
			$	501		to			$750									6						3.63		%	to			6.50%						2042-04			-			2052-12						3,590						—						—
			$	751		to			$1,000									1						4.25		%	to			4.25%						2042-06			-			2042-06						772						—						—
																		8																														4,403						—						—
Fixed loans
			$	—		to			$250									25						3.13		%	to			5.63%						2026-04			-			2052-06						4,088						—						208
			$	251		to			$500									138						3.38		%	to			8.25%						2026-12			-			2052-12						57,202						444						—
			$	501		to			$750									283						2.88		%	to			8.25%						2038-09			-			2052-12						186,202						537						—
			$	751		to			$1,000									286						2.75		%	to			9.25%						2042-04			-			2053-01						248,246						1,726						—
						over			$1,000									254						2.88		%	to			9.13%						2042-03			-			2053-01						321,922						2,575						—
																		986																														817,660						5,282						208
Total Held-for-Sale																		994																														$	822,063					$	5,282					$	208
Held-for-Investment at Legacy Sequoia:
ARM loans:
			$	—		to			$250									1,070						1.25		%	to			6.13%						2022-06			-			2035-11						$	93,286					$	3,792					$	2,607
			$	251		to			$500									158						1.25		%	to			6.13%						2027-04			-			2035-11						54,904						1,232						1,649
			$	501		to			$750									47						1.63		%	to			5.38%						2027-05			-			2035-07						28,796						—						1,796
			$	751		to			$1,000									13						1.63		%	to			6.00%						2028-03			-			2036-03						11,047						929						772
						over			$1,000									9						1.63		%	to			5.63%						2028-06			-			2035-04						14,340						1,048						—
																		1,297																														202,373						7,001						6,824
Hybrid ARM loans:
			$	—		to			$250									3						4.63		%	to			4.63%						2033-09			-			2033-09						610						—						—
			$	251		to			$500									4						2.88		%	to			4.63%						2033-07			-			2034-03						1,421						—						—
																		7																														2,031						—						—
Total HFI at Legacy Sequoia:																		1,304																														$	204,404					$	7,001					$	6,824

Table 6.7 – Product Types and Characteristics of Residential Loans (continued)

December 31, 2022
(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
			$	251		to			$500									2						3.50		%	to			3.63%						2047-04			-			2049-06						798						—						—
			$	501		to			$750									8						3.38		%	to			4.38%						2044-04			-			2049-08						5,370						—						637
			$	751		to			$1,000									4						4.00		%	to			5.63%						2047-07			-			2048-01						3,294						—						—
						over			$1,000									3						4.00		%	to			5.00%						2045-07			-			2049-04						3,833						—						—
																		17																														13,295						—						637
Fixed loans:
			$	—		to			$250									52						2.63		%	to			5.25%						2029-04			-			2051-12						$	9,145					$	—					$	—
			$	251		to			$500									146						2.38		%	to			6.75%						2038-04			-			2051-12						61,208						2,348						877
			$	501		to			$750									1,884						2.13		%	to			6.38%						2031-04			-			2052-01						1,211,531						7,064						1,840
			$	751		to			$1,000									1,600						2.13		%	to			6.00%						2036-12			-			2052-01						1,396,210						2,425						1,849
						over			$1,000									925						1.88		%	to			5.88%						2036-07			-			2052-01						1,155,702						3,685						2,596
																		4,607																														3,833,796						15,522						7,162
																		4,624																														$	3,847,091					$	15,522					$	7,799
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
			$	—		to			$250									8,979						2.00		%	to			11.00%						2022-12						2062-11						$	1,105,116					$	197,718					$	120,210
			$	251		to			$500									1,867						2.00		%	to			7.75%						2036-03						2062-09						593,781						103,339						80,993
			$	501		to			$750									35						2.00		%	to			5.50%						2045-02						2059-01						19,328						1,038						7,184
						over			$1,000									1						4.00		%	to			4.00%						2056-03						2056-03						1,010						—						1,010
Total Held-for-Investment																		10,882																														$	1,719,236					$	302,095					$	209,397

(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 multifamily loans recorded on our consolidated balance sheets at December 31, 2023.

Table 8.4 – Product Types and Characteristics of Multifamily Loans

December 31, 2023
(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									26						4.25		%	to			4.25%						2025-09			-			2025-09						$	391,383					$	—					$	—
			$	20,001		to			$30,000									2						4.25		%	to			4.25%						2025-09			-			2025-09						47,485						—						—
Total:																		28																														$	438,868					$	—					$	—

December 31, 2022
(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						$	358,419					$	—					$	—
			$	20,001		to			$30,000									4						4.25		%	to			4.25%						2025-09			-			2025-09						88,774						—						—
Total:																		28																														$	447,193					$	—					$	—

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