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Consolidated Agency Multifamily Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Multifamily Loans

The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at December 31, 2023 and 2022.

Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans

(Dollars in Thousands)						December 31, 2023						December 31, 2022
Number of loans						28						28
Unpaid principal balance						$	438,868					$	447,193
Fair value of loans						$	425,285					$	424,551
Weighted average coupon						4.25		%				4.25		%
Weighted average remaining loan term (years)						2						3
Delinquency information
Number of loans with 90+ day delinquencies						—						—
Number of loans in foreclosure						—						—

The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at December 31, 2023 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the years ended December 31, 2023 and 2022.

Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment

						Year Ended December 31,
(In Thousands)						2023						2022
Net market valuation gains (losses) recorded (1)						$	9,059					$	(40,987)

(1)Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income (loss). For loans held at our consolidated Freddie Mac K-Series 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.

Schedule of Geographic Concentration of Consolidated Agency Multifamily 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 Multifamily 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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