SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE


(In Thousands) Description	Number of Loans	Interest Rate				Maturity Date			Carrying Amount		Principal Amount Subject to Delinquent Principal or Interest
Residential Consumer Loans Held-for-Investment






At Sequoia (1):
ARMS loans	897	1.25	%	to	7.75%	2026-11	-	2036-03	104,369		1,903
Hybrid ARM loans	426	1.88	%	to	8.88%	2033-06	-	2063-03	379,061		621
Fixed loans	9,782	1.88	%	to	8.50%	2026-08	-	2054-10	8,336,124		16,956
At Freddie Mac SLST (2):
Fixed loans	9,760	2.00	%	to	11.00%	2024-12	-	2064-09	1,244,722		106,910
Total Residential Consumer Loans Held-for-Investment									$	10,064,276	$	126,390

Residential Consumer Loans Held-for-Sale (3):

Hybrid ARM loans	154	4.63	%	to	8.25%	2032-11	-	2055-01	$	173,913	$	—
Fixed loans	736	3.25	%	to	9.75%	2027-01	-	2055-01	839,634		—
Total Residential Consumer Loans Held-for-Sale									$	1,013,547	$	—

Residential Investor Term Loans Held-for-Sale (3):
Fixed loans	101	5.95	%	to	8.50%	2022-06	-	2055-01	$	158,637	$	33,065
Total Residential Investor Term Loans Held-for-Sale									$	158,637	$	33,065

Residential Investor Term Loans Held-for-Investment:


At CAFL (1):
Fixed loans	856	3.81	%	to	8.24%	2022-10	-	2033-08	$	2,485,069	$	194,143
Total Residential Investor Term Loans Held-for-Investment									$	2,485,069	$	194,143

Residential Investor Bridge Loans at Redwood (4):
Fixed loans	272	6.30	%	to	12.50%	2022-01	-	2026-12	$	579,300	$	7,741
Floating ARM loans	390	8.10	%	to	11.80%	2021-10	-	2026-12	$	540,982	$	121,488
Total Residential Investor Bridge Loans at Redwood									$	1,120,282	$	129,229

Residential Investor Bridge Loans Held-for-Investment at CAFL (4):
Fixed loans	1,099	6.75	%	to	12.00%	2023-11	-	2026-09	$	375,792	$	8,695
Floating ARM loans	1,197	8.10	%	to	13.67%	2023-10	-	2027-03	$	447,311	$	12,269
Total Residential Investor Bridge Loans Held-for-Investment at CAFL									$	823,103	$	20,964

Consolidated Agency multifamily Loans Held-for-Investment (2):
At Freddie Mac K-Series:
Fixed loans	28	4.25	%	to	4.25%	2025-09	-	2025-09	$	424,597	$	—
Total Consolidated Agency Multifamily Loans Held-for-Investment									$	424,597	$	—

(1)For our held-for-investment loans at consolidated Sequoia and CAFL entities, the aggregate tax basis for Federal income tax purposes at December 31, 2024 was zero, as the transfers of these loans into securitizations were treated as sales for tax purposes.

(2)Our held-for-investment loans at Freddie Mac SLST and Freddie Mac K-Series entities were consolidated for GAAP purposes. For tax purposes, we acquired real estate securities issued by these entities and therefore, the tax basis in these loans was zero at December 31, 2024.

(3)The aggregate tax basis for Federal income tax purposes of our mortgage loans held at Redwood approximates the carrying values, as disclosed in the schedule.

(4)For our residential investor bridge loans, the aggregate tax basis for Federal income tax purposes at December 31, 2024 was $1.76 billion.

The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2024, 2023, and 2022.


	Years Ended December 31,
(In Thousands)	2024		2023		2022
Balance at beginning of year	$	12,696,220	$	11,370,323	$	12,856,934


Additions during year:
Originations/acquisitions	9,133,852		3,639,782		6,589,943

Deductions during year:
Sales	(2,903,954)		(827,337)		(4,325,790)
Principal repayments	(2,895,186)		(1,601,190)		(2,199,109)

Transfers to REO	(22,554)		(100,280)		(8,495)

Changes in fair value, net	81,132		214,922		(1,543,160)
Balance at end of year	$	16,089,510	$	12,696,220	$	11,370,323