Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at December 31, 2023 and 2022 are summarized in the following table.

Table 13.1 – Components of Other Assets


(In Thousands)	December 31, 2023		December 31, 2022
REO	$	93,599	$	6,455
Accrued interest receivable	69,072		60,893
Investment receivable	67,302		36,623
Deferred tax asset	40,115		41,931
Margin receivable	33,414		13,802
Operating lease right-of-use assets	12,532		16,177
Fixed assets and leasehold improvements (1)	7,829		12,616
Income tax receivables	2,082		3,399
Other	25,166		19,344
Total Other Assets	$	351,109	$	211,240

(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $10 million at December 31, 2023.

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at December 31, 2023 and 2022 are summarized in the following table.

Table 13.2 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	December 31, 2023		December 31, 2022
Payable to non-controlling interests	$	81,177	$	44,859
Accrued interest payable	52,755		46,612
Accrued compensation	28,140		30,929
Operating lease liabilities	14,725		18,563
Guarantee obligations	5,781		6,344
Accrued operating expenses	5,527		5,740
Current accounts payable	4,992		4,234
Loan repurchase reserves	4,700		7,051
Bridge loan holdbacks	2,059		3,301
Preferred stock dividends payable	1,478		—
Margin payable	350		5,944
Other	15,119		6,627
Total Accrued Expenses and Other Liabilities	$	216,803	$	180,203

Schedule of Other Real Estate, Roll Forward

The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities during the years ended December 31, 2023 and 2022.

Table 13.3 – REO Activity


	Year Ended December 31, 2023
(In Thousands)	BPL Bridge(1)		Legacy Sequoia		Freddie Mac SLST		BPL Term at CAFL		Total
Balance at beginning of period	$	3,012	$	544	$	2,899	$	—	$	6,455
Transfers to REO	94,022		18		3,556		2,684		100,280
Liquidations(2)	(6,752)		(562)		(3,577)		—		(10,891)
Changes in fair value, net	(2,525)		—		280		—		(2,245)
Balance at End of Period	$	87,757	$	—	$	3,158	$	2,684	$	93,599


	Year Ended December 31, 2022
(In Thousands)	BPL Bridge(1)		Legacy Sequoia		Freddie Mac SLST		BPL Term at CAFL		Total
Balance at beginning of period	$	13,068	$	61	$	2,028	$	20,969	$	36,126
Transfers to REO	3,974		544		3,976		—		8,494
Liquidations(2)	(15,060)		(505)		(3,139)		(20,969)		(39,673)
Changes in fair value, net	1,030		443		34		—		1,507
Balance at End of Period	$	3,012	$	544	$	2,899	$	—	$	6,455

(1)Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities.

(2)For the years ended December 31, 2023 and 2022, REO liquidations resulted in $2 million of realized losses and $2 million of realized gains, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income (loss).

The following table provides detail on the numbers of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at December 31, 2023 and 2022.

Table 13.4 – REO Assets


Number of REO assets	Redwood Bridge	Legacy Sequoia	Freddie Mac SLST	BPL Term at CAFL	Total
At December 31, 2023	16	—	28	1	45
At December 31, 2022	2	2	24	—	28