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Other Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Components of Other Assets | Other assets at June 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.1 – Components of Other Assets
(In Thousands) |  | June 30, 2024 |  | December 31, 2023
Real estate owned |  | $ | 99,885 |  |  | $ | 93,599 |
Accrued interest receivable |  | 92,018 |  |  | 69,072 |
Investment receivable |  | 62,372 |  |  | 67,302 |
Deferred tax asset |  | 40,116 |  |  | 40,115 |
Intangible assets |  | 23,454 |  |  | 28,462 |
Goodwill |  | 23,373 |  |  | 23,373 |
Operating lease right-of-use assets |  | 10,621 |  |  | 12,532 |
Margin receivable |  | 9,758 |  |  | 33,414 |
Fixed assets and leasehold improvements (1) |  | 6,650 |  |  | 7,829 |
Other |  | 34,934 |  |  | 27,246 |
Total Other Assets |  | $ | 403,181 |  |  | $ | 402,944 |
(1)Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $11 million at June 30, 2024.
Schedule of Activity and Carrying Values of REO Assets | The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Sequoia, Freddie Mac SLST, and CAFL entities during the six months ended June 30, 2024. Table 14.2 – REO Activity
|  | Six Months Ended June 30, 2024
(In Thousands) |  | Bridge (1) |  | Sequoia |  | Freddie Mac SLST |  | Term at CAFL |  | Total
Balance at beginning of period |  | $ | 87,757 |  |  | $ | — |  |  | $ | 3,158 |  |  | $ | 2,684 |  | 2684 | 93,599 |
Transfers to REO |  | 3,951 |  |  | — |  |  | 1,300 |  |  | 8,582 |  |  | 13,833 |
Liquidations (2) |  | (127) |  |  | — |  |  | (2,334) |  |  | — |  |  | (2,461) |
Changes in fair value, net |  | (5,489) |  |  | — |  |  | 403 |  |  | — |  |  | (5,086) |
Balance at End of Period |  | $ | 86,092 |  |  | $ | — |  |  | $ | 2,527 |  |  | $ | 11,266 |  |  | $ | 99,885 |
(1)Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities. (2)For the six months ended June 30, 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 Sequoia, Freddie Mac SLST, and CAFL entities at June 30, 2024 and December 31, 2023. Table 14.3 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Sequoia |  | Freddie Mac SLST |  | Term at CAFL |  | Total
At June 30, 2024 |  | 22 |  |  | — |  |  | 20 |  |  | 4 |  |  | 46 |
At December 31, 2023 |  | 16 |  |  | — |  |  | 28 |  |  | 1 |  |  | 45 |
Schedule of Amortization Period and Carrying Value of Intangible Assets, Net of Accumulated Amortization | The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at June 30, 2024. Table 14.4 – Intangible Assets – Activity
|  | Intangible Assets at Acquisition |  | Accumulated Amortization at June 30, 2024 |  | Carrying Value at June 30, 2024 |  | Weighted Average Amortization Period (in years)
(Dollars in Thousands) |  |  |  |
Borrower network |  | $ | 56,300 |  |  | $ | (33,612) |  |  | $ | 22,688 |  |  | 7
Broker network |  | 18,100 |  |  | (18,100) |  |  | — |  |  | 5
Non-compete agreements |  | 11,400 |  |  | (10,767) |  |  | 633 |  |  | 3
Tradenames |  | 4,400 |  |  | (4,267) |  |  | 133 |  |  | 3
Developed technology |  | 1,800 |  |  | (1,800) |  |  | — |  |  | 2
Loan administration fees on existing loan assets |  | 2,600 |  |  | (2,600) |  |  | — |  |  | 1
Total |  | $ | 94,600 |  |  | $ | (71,146) |  |  | $ | 23,454 |  |  | 6
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense is summarized in the table below. Table 14.5 – Intangible Asset Amortization Expense by Year
(In Thousands) |  |  |  |  |  |  |  | June 30, 2024
2024 (6 months) |  |  |  |  |  |  |  | $ | 4,406 |
2025 |  |  |  |  |  |  |  | 8,426 |
2026 |  |  |  |  |  |  |  | 6,694 |
2027 |  |  |  |  |  |  |  | 1,571 |
2028 and thereafter |  |  |  |  |  |  |  | 2,357 |
Total Future Intangible Asset Amortization |  |  |  |  |  |  |  | $ | 23,454 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at June 30, 2024 and December 31, 2023 are summarized in the following table. Table 14.6 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2024 |  | December 31, 2023
Payable to noncontrolling interests |  | $ | 97,215 |  |  | $ | 81,177 |
Accrued interest payable |  | 60,060 |  |  | 52,755 |
Margin payable |  | 44,583 |  |  | 350 |
Accrued compensation |  | 21,570 |  |  | 28,140 |
Operating lease liabilities |  | 12,656 |  |  | 14,725 |
Accrued operating expenses |  | 9,321 |  |  | 5,527 |
Current accounts payable |  | 4,698 |  |  | 4,992 |
Guarantee obligations |  | 4,649 |  |  | 5,781 |
Accrued taxes payable |  | 4,078 |  |  | — |
Unsettled trades |  | 3,859 |  |  | — |
Residential consumer loan and MSR repurchase reserve |  | 3,631 |  |  | 4,700 |
Bridge loan holdbacks (1) |  | 2,148 |  |  | 2,059 |
Preferred stock dividends payable |  | 1,478 |  |  | 1,478 |
Other |  | 24,290 |  |  | 15,119 |
Total Accrued Expenses and Other Liabilities |  | $ | 294,236 |  |  | $ | 216,803 |
(1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.

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