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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and 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 March 31, 2024 and December 31, 2023.

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

						March 31, 2024												December 31, 2023
						Carrying Value						Fair Value						Carrying Value						Fair Value
(In Thousands)
Assets
Residential consumer loans, held-for-sale, at fair value						$	511,706					$	511,706					$	911,192					$	911,192
Residential consumer loans, held-for-investment, at fair value						7,104,886						7,104,886						6,139,445						6,139,445
Residential investor loans, held-for-sale, at fair value						280,551						280,551						180,249						180,250
Residential investor loans, held-for-investment, at fair value						4,901,443						4,901,443						5,040,048						5,040,048
Consolidated Agency multifamily loans, at fair value						422,788						422,788						425,285						425,285
Real estate securities, at fair value						212,307						212,307						127,797						127,797
HEI (1)						560,745						560,745						550,436						550,436
Servicer advance investments (2)						216,033						216,033						225,345						225,345
MSRs (2)						27,417						27,417						24,877						24,877
Excess MSRs (2)						36,122						36,122						37,367						37,367
Other investments (2)						3,224						3,224						3,193						3,193
Cash and cash equivalents						275,394						275,394						293,104						293,104
Restricted cash						64,993						64,993						75,684						75,684
Derivative assets						3,155						3,155						14,212						14,212
Margin receivable (3)						19,409						19,409						33,414						33,414
Liabilities
Short-term debt (4)						$	1,135,653					$	1,132,812					$	1,415,664					$	1,414,644
Margin payable (5)						—						—						350						350
Guarantee obligations (5)						5,650						3,516						5,781						3,772
HEI securitization non-controlling interest						64,878						64,878						59,752						59,752
Derivative liabilities						5,849						5,849						33,828						33,828
ABS issued, net
at fair value						9,979,891						9,979,891						9,151,263						9,151,263
at amortized cost						648,298						643,417						660,617						637,816
Other long-term debt, net (6)						1,152,475						1,151,248						1,180,918						1,177,287
Convertible notes, net (6)						474,049						465,835						503,728						488,341
Trust preferred securities and subordinated notes, net (6)						138,825						96,255						138,813						92,070
Senior Notes (6)						57,581						61,200						—						—

(1)Includes HEI held at Redwood and HEI held at consolidated HEI securitization entities. See further discussion in Note 10.

(2)These investments are included in Other investments on our consolidated balance sheets.

(3)These assets are included in Other assets on our consolidated balance sheets.

(4)Short-term debt excludes short-term convertible notes, which are included under "Convertible notes, net."

(5)These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.

(6)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 March 31, 2024 and December 31, 2023, 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

March 31, 2024						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential consumer loans						$	7,616,592					$	—					$	—					$	7,616,592
Residential investor loans						5,181,994						—						—						5,181,994
Consolidated Agency multifamily loans						422,788						—						—						422,788
Real estate securities						212,307						—						—						212,307
HEI						560,745						—						—						560,745
Servicer advance investments						216,033						—						—						216,033
MSRs						27,417						—						—						27,417
Excess MSRs						36,122						—						—						36,122
Other investments						3,224						—						—						3,224
Derivative assets						3,155						1,840						—						1,315
Liabilities
HEI securitization non-controlling interest						$	64,878					$	—					$	—					$	64,878
Derivative liabilities						5,849						2,427						—						3,422
ABS issued						9,979,891						—						—						9,979,891

December 31, 2023						Carrying Value						Fair Value Measurements Using
(In Thousands)												Level 1						Level 2						Level 3
Assets
Residential consumer loans						$	7,050,637					$	—					$	—					$	7,050,637
Residential investor loans						5,220,297						—						—						5,220,297
Consolidated Agency multifamily loans						425,285						—						—						425,285
Real estate securities						127,797						—						—						127,797
HEI						550,436						—						—						550,436
Servicer advance investments						225,345						—						—						225,345
MSRs						24,877						—						—						24,877
Excess MSRs						37,367						—						—						37,367
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

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 three months ended March 31, 2024.

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

						Assets
						Residential Consumer Loans						Residential Investor 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, 2023						$	7,050,637					$	5,220,297					$	425,285					$	40,424					$	87,373					$	550,436					$	225,345					$	37,367					$	28,070
Acquisitions						1,005,659						15,677						—						47,526						14,056						307						—						—						176
Originations						—						311,119						—																		—						—						—						—
Sales						(199,338)						(59,377)						—						—						—						—						—						—						—
Principal paydowns						(185,131)						(310,047)						(2,150)						(205)						(90)						(11,565)						(8,678)						—						(69)
Gains (losses) in net income, net						(54,192)						5,070						(347)						14,475						92						21,567						(634)						(1,245)						2,464
Unrealized gains in OCI, net						—						—						—						—						8,656						—						—						—						—
Other settlements, net (1)						(1,043)						(745)						—						—						—						—						—						—						—
Ending balance -   March 31, 2024						$	7,616,592					$	5,181,994					$	422,788					$	102,220					$	110,087					$	560,745					$	216,033					$	36,122					$	30,641

									Liabilities
						Derivatives (2)						HEI Securitization Non-Controlling Interest						ABS Issued
(In Thousands)
Beginning balance - December 31, 2023						$	8,104					$	59,752					$	9,151,263
Acquisitions						—						—						1,190,500
Principal paydowns						—						—						(294,043)
Gains (losses) in net income, net						(6,744)						5,126						(67,829)
Other settlements, net (1)						(3,467)						—						—
Ending balance - March 31, 2024						$	(2,107)					$	64,878					$	9,979,891

(1)     Other settlements, net: for residential consumer and residential investor 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 consumer and residential investor 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, 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 that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2024 and 2023. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2024 and 2023 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 March 31, 2024 and March 31, 2023 Included in Net Income

						Included in Net Income (loss)
						Three Months Ended March 31,
(In Thousands)						2024						2023
Assets
Residential consumer loans at Redwood						$	(1,497)					$	156
Residential investor loans						(1,397)						12,239
Net investments in consolidated Sequoia entities (1)						6,910						2,349
Net investments in consolidated Freddie Mac SLST entities (1)						3,367						8,759
Net investments in consolidated Freddie Mac K-Series entities (1)						243						363
Net investments in consolidated CAFL entities (1)						10,251						(8,810)
Net investment in consolidated HEI securitization entities (1)						2,888						1,194
Trading securities						14,506						1,793
Available-for-sale securities						629						(28)
HEI at Redwood						6,075						3,433
Servicer advance investments						(634)						(1,352)
MSRs						2,723						(424)
Excess MSRs						(1,245)						(229)
Other investments						—						(94)
Loan purchase commitments						1,315						353
Liabilities
Loan purchase commitments						$	(3,420)					$	(6)

(1)    Represents the portion of net fair value gains or losses included in our consolidated statements of income related to securitized loans, securitized HEI, and the associated ABS issued at our consolidated securitization entities held at March 31, 2024 and March 31, 2023, 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 March 31, 2024. 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 March 31, 2024.

Table 5.5 – Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2024

																														Gain (Loss) for
March 31, 2024						Carrying Value						Fair Value Measurements Using																		Three Months Ended
(In Thousands)												Level 1						Level 2						Level 3						March 31, 2024
Assets
Strategic Investments (1)						$	1,600					$	—					$	—					$	1,600					$	650
REO						66,978						—						—						66,978						(3,000)

(1)    Strategic investments represent investments we made in companies either through our RWT Horizons venture investment platform or separately at a corporate level. See Note 11 for further detail regarding Strategic Investments

Schedule of Market Valuation Gains and Losses, Net

The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income for the three months ended March 31, 2024 and 2023.

Table 5.6 – Market Valuation Gains and Losses, Net

						Three Months Ended March 31,
(In Thousands)						2024						2023
Mortgage Banking Activities, Net
Residential consumer loans held-for-sale						$	2,497					$	6,994
Residential consumer loan purchase commitments						(6,351)						(239)
Residential investor term loans held-for-sale						(296)						12,700
Residential investor bridge loans						946						1,119
Trading securities (1)						8,511						—
Risk management derivatives, net						5,598						(8,467)
Total mortgage banking activities, net (2)						$	10,905					$	12,107
Investment Fair Value Changes, Net
Residential consumer loans held-for-investment, at Redwood (called Sequoia loans)						$	—					$	183
Residential investor term loans held-for-sale						(1,000)						—
Residential investor bridge loans held-for-investment						(3,218)						1,376
Trading securities						4,181						1,961
Servicer advance investments						(634)						(1,352)
Excess MSRs						(1,245)						(228)
Net investments in Legacy Sequoia entities (3)						(218)						(94)
Net investments in Sequoia entities (3)						7,128						2,442
Net investments in Freddie Mac SLST entities (3)						3,730						8,934
Net investment in Freddie Mac K-Series entity (3)						243						363
Net investments in CAFL entities (3)						10,251						(8,810)
Other investments						(2,391)						(435)
Risk management derivatives, net						4,381						(8,704)
Credit recoveries (losses) on AFS securities						629						(28)
Total investment fair value changes, net						$	21,837					$	(4,392)
HEI income, Net
HEI at Redwood						$	6,143					$	3,840
Net investments in HEI securitization entities (3)						2,888						425
Total HEI income, net						$	9,031					$	4,265
Other Income
MSRs						$	2,464					$	(590)
Other						(217)						(120)
Total other income (4)						$	2,247					$	(710)
Total Market Valuation Gains (Losses), Net						$	44,020					$	11,270

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, or other expenses that are components of Mortgage banking activities, net presented on our consolidated statements of income, as these amounts do not represent market valuation changes.

(3)Includes changes in fair value of the residential consumer 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 Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value

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

March 31, 2024						Fair Value												Input Values
(Dollars in Thousands, except Input Values)												Unobservable Input						Range															Weighted Average(1)
Assets
Residential consumer loans:
Jumbo loans						$	506,500					Senior credit spread to TBA price(2)						$	1.13		-			$	2.25								$	1.23
												Subordinate credit spread(2)						215			-			700			bps						305			bps
												Senior credit support(2)						7			-			7			%						7			%
												IO discount rate(2)						24			-			24			%						24			%
												Prepayment rate (annual CPR)(2)						15			-			15			%						15			%
Jumbo loans committed to sell						5,205						Whole loan committed sales price						$	103		-			$	103								$	103
Loans held by Legacy Sequoia (3)						131,859						Liability price												N/A									N/A
Loans held by Sequoia (3)						5,640,341						Liability price												N/A									N/A
Loans held by Freddie Mac SLST (3)						1,332,686						Liability price												N/A									N/A
Residential investor loans:
Residential investor term loans						253,774						Senior credit spread(2)						120			-			120			bps						120			bps
												Subordinate credit spread(2)						180			-			780			bps						383			bps
												Senior credit support(2)						34			-			34			%						34			%
												Prepayment rate (annual CPR)(2)						—			-			3			%						3			%
												Dollar price of non-performing loans						$	59		-			$	100								$	60
Residential investor term loans held by CAFL (3)						2,853,052						Liability price												N/A									N/A
Residential investor bridge loans held by CAFL (3)						762,158						Liability price												N/A									N/A
Residential investor bridge loans						1,313,010						Whole loan discount rate						9			-			13			%						10			%
												Whole loan spread						485			-			485			bps						485			bps
												Dollar price of non-performing loans						$41			-			$	100								$	84
Multifamily loans held by Freddie Mac K-Series (3)						422,788						Liability price												N/A									N/A
Trading and AFS securities						212,307						Discount rate						6			-			27			%						13			%
												Prepayment rate (annual CPR)						2			-			65			%						10			%
												Default rate						—			-			9			%						0.2			%
												Loss severity						—			-			50			%						22			%
HEI						246,561						Discount rate						10			-			10			%						10			%
												Prepayment rate (annual CPR)						1			-			20			%						14			%
												Home price appreciation (depreciation)						3			-			3			%						3			%
HEI held by HEI securitization entities(3)						314,184						Liability price												N/A									N/A

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

March 31, 2024						Fair Value												Input Values
(Dollars in Thousands, except Input Values)												Unobservable Input						Range															Weighted Average (1)
Assets (continued)
Servicer advance investments						$	216,033					Discount rate						2			-			4			%						3			%
												Prepayment rate (annual CPR)						11			-			30			%						14			%
												Expected remaining life (4)						5			-			5			yrs						5			yrs
												Mortgage servicing income						3			-			18			bps						10			bps
MSRs						27,417						Discount rate						12			-			73			%						12			%
												Prepayment rate (annual CPR)						2			-			14			%						4			%
												Per loan annual cost to service						$	93		-			$	93								$	93
Excess MSRs						36,122						Discount rate						12			-			19			%						18			%
												Prepayment rate (annual CPR)						10			-			100			%						17			%
												Excess mortgage servicing amount						8			-			20			bps						11			bps
Liabilities
Residential consumer loan purchase commitments, net						2,107						Senior credit spread to TBA price(2)						$	1.13		-			$	2.25								$	1.23
												Subordinate credit spread(2)						215			-			700			bps						305			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						18			-			100			%						69			%
												Committed sales price						$	102		-			$	103								$	103
ABS issued (3):
At consolidated Sequoia entities						5,554,012						Discount rate						4			-			40			%						8			%
												Prepayment rate (annual CPR)						4			-			23			%						8			%
												Default rate						—			-			18			%						1			%
												Loss severity						25			-			50			%						30			%
At consolidated CAFL Term entities						2,519,547						Discount rate						5			-			12			%						7			%
												Prepayment rate (annual CPR)						—			-			3			%						0.1			%
												Default rate						3			-			13			%						7			%
												Loss severity						25			-			35			%						25			%
At consolidated Freddie Mac SLST entities						1,064,788						Discount rate						5			-			9			%						6			%
												Prepayment rate (annual CPR)						6			-			6			%						6			%
												Default rate						14			-			16			%						15			%
												Loss severity						25			-			25			%						25			%
At consolidated Freddie Mac K-Series entities (3)						389,238						Discount rate						5			-			10			%						6			%
At consolidated HEI entities (5)						220,325						Discount rate						8			-			12			%						9			%
												Prepayment rate (annual CPR)						15			-			15			%						15			%
												Home price appreciation (depreciation)						3			-			3			%						3			%
At consolidated CAFL Bridge entities						231,982						Discount rate						7			-			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 March 31, 2024, 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 $218 million, $333 million, $21 million, $271 million, $34 million, and $37 million, respectively. CAFL Bridge only includes the one securitization entity for which we made the CFE election.

(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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Tabular disclosure for the total amount of market valuation adjustments for the period which are included in earnings.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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