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Other Assets and Liabilities (Tables)
 6 Months Ended
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, 2024December 31, 2023
Real estate owned$99,885 $93,599 
Accrued interest receivable92,018 69,072 
Investment receivable62,372 67,302 
Deferred tax asset40,116 40,115 
Intangible assets23,454 28,462 
Goodwill23,373 23,373 
Operating lease right-of-use assets10,621 12,532 
Margin receivable9,758 33,414 
Fixed assets and leasehold improvements (1)
6,650 7,829 
Other34,934 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)
SequoiaFreddie Mac SLSTTerm at CAFLTotal
Balance at beginning of period $87,757 $— $3,158 $2,684 268493,599 
Transfers to REO3,951 — 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 assetsRedwood Bridge SequoiaFreddie Mac SLSTTerm at CAFLTotal
At June 30, 202422 — 20 4 46 
At December 31, 202316 — 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 AcquisitionAccumulated Amortization at June 30, 2024Carrying Value at June 30, 2024Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(33,612)$22,688 7
Broker network18,100 (18,100)— 5
Non-compete agreements11,400 (10,767)633 3
Tradenames4,400 (4,267)133 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (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 
20258,426 
20266,694 
20271,571 
2028 and thereafter2,357 
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, 2024December 31, 2023
Payable to noncontrolling interests$97,215 $81,177 
Accrued interest payable60,060 52,755 
Margin payable44,583 350 
Accrued compensation21,570 28,140 
Operating lease liabilities12,656 14,725 
Accrued operating expenses9,321 5,527 
Current accounts payable4,698 4,992 
Guarantee obligations4,649 5,781 
Accrued taxes payable4,078 — 
Unsettled trades3,859 — 
Residential consumer loan and MSR repurchase reserve3,631 4,700 
Bridge loan holdbacks (1)
2,148 2,059 
Preferred stock dividends payable1,478 1,478 
Other24,290 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.