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Other Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Components of Other Assets | Other assets at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.1 – Components of Other Assets
(In Thousands) |  | March 31, 2024 |  | December 31, 2023
REO |  | $ | 91,313 |  |  | $ | 93,599 |
Accrued interest receivable |  | 79,491 |  |  | 69,072 |
Investment receivable |  | 50,917 |  |  | 67,302 |
Deferred tax asset |  | 40,116 |  |  | 40,115 |
Margin receivable |  | 19,409 |  |  | 33,414 |
Operating lease right-of-use assets |  | 11,539 |  |  | 12,532 |
Fixed assets and leasehold improvements (1) |  | 7,225 |  |  | 7,829 |
Income tax receivables |  | 1,134 |  |  | 2,082 |
Other |  | 32,487 |  |  | 25,164 |
Total Other Assets |  | $ | 333,631 |  |  | $ | 351,109 |
(1)Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $10 million at March 31, 2024.
Schedule of Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at March 31, 2024 and December 31, 2023 are summarized in the following table. Table 13.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | March 31, 2024 |  | December 31, 2023
Payable to noncontrolling interests |  | $ | 86,860 |  |  | $ | 81,177 |
Accrued interest payable |  | 60,925 |  |  | 52,755 |
Accrued compensation |  | 18,529 |  |  | 28,140 |
Operating lease liabilities |  | 13,659 |  |  | 14,725 |
Unsettled trades |  | 13,404 |  |  | — |
Accrued operating expenses |  | 9,265 |  |  | 5,527 |
Guarantee obligations |  | 5,650 |  |  | 5,781 |
Residential consumer loan and MSR repurchase reserve |  | 4,878 |  |  | 4,700 |
Current accounts payable |  | 4,481 |  |  | 4,992 |
Bridge loan holdbacks |  | 2,185 |  |  | 2,059 |
Preferred stock dividends payable |  | 1,478 |  |  | 1,478 |
Margin payable |  | — |  |  | 350 |
Other |  | 19,877 |  |  | 15,119 |
Total Accrued Expenses and Other Liabilities |  | $ | 241,191 |  |  | $ | 216,803 |
Schedule of Other Real Estate | 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 three months ended March 31, 2024. Table 13.3 – REO Activity
|  | Three Months Ended March 31, 2024
(In Thousands) |  | Bridge (1) |  | Legacy Sequoia |  | Freddie Mac SLST |  | Term at CAFL |  | Total
Balance at beginning of period |  | $ | 87,757 |  |  | $ | — |  |  | $ | 3,158 |  |  | $ | 2,684 |  |  | $ | 93,599 |
Transfers to REO |  | 803 |  |  | — |  |  | 1,043 |  |  | — |  |  | 1,846 |
Liquidations (2) |  | (126) |  |  | — |  |  | (1,386) |  |  | — |  |  | (1,512) |
Changes in fair value, net |  | (2,983) |  |  | — |  |  | 363 |  |  | — |  |  | (2,620) |
Balance at End of Period |  | $ | 85,451 |  |  | $ | — |  |  | $ | 3,178 |  |  | $ | 2,684 |  |  | $ | 91,313 |
(1)Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2)For the three months ended March 31, 2024, REO market valuation adjustments and liquidations resulted in net valuation losses of $3 million, which were recorded in Investment fair value changes, net on our consolidated statements of income. 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 March 31, 2024 and December 31, 2023. Table 13.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | Term at CAFL |  | Total
At March 31, 2024 |  | 17 |  |  | — |  |  | 24 |  |  | 1 |  |  | 42 |
At December 31, 2023 |  | 16 |  |  | — |  |  | 28 |  |  | 1 |  |  | 45 |

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