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Other Assets and Liabilities | 3 Months Ended
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Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets and Liabilities | Other Assets and Liabilities Other Assets Other assets at March 31, 2025 and December 31, 2024 are summarized in the following table. Table 15.1 – Components of Other Assets
(In Thousands) |  | March 31, 2025 |  | December 31, 2024
Accrued interest receivable |  | $ | 127,071 |  |  | $ | 115,832 |
Real estate owned |  | 78,544 |  |  | 91,927 |
Investment receivable |  | 40,862 |  |  | 69,793 |
Deferred tax asset |  | 27,145 |  |  | 27,145 |
Margin receivable |  | 23,805 |  |  | 28,313 |
Intangible assets |  | 16,847 |  |  | 19,049 |
Operating lease right-of-use assets |  | 11,183 |  |  | 9,167 |
Fixed assets and leasehold improvements (1) |  | 4,251 |  |  | 4,674 |
Other (2) |  | 38,035 |  |  | 49,817 |
Total Other Assets |  | $ | 367,743 |  |  | $ | 415,717 |
(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $13 million at March 31, 2025. (2)Consists primarily of receivables related to escrow advances and joint ventures. Real Estate Owned (REO) The Company holds REO at the lower of the current carrying amount or fair value less estimated selling costs. The following table summarizes the activity and carrying values of REO assets held at consolidated securitization entities during the three months ended March 31, 2025. Table 15.2 – REO Activity
|  | Three Months Ended March 31, 2025
(In Thousands) |  | Bridge (1) |  |  |  | Securitized Re-Performing Loans |  | Securitized Term |  | Total
Balance at beginning of period |  | $ | 77,678 |  |  |  |  | $ | 2,987 |  |  | $ | 11,262 |  |  | $ | 91,927 |
Transfers to REO |  | 2,212 |  |  |  |  | 846 |  |  | — |  |  | 3,058 |
Liquidations (2) |  | (225) |  |  |  |  | (2,111) |  |  | (2,684) |  |  | (5,020) |
Changes in fair value, net |  | (13,587) |  |  |  |  | 634 |  |  | — |  |  | (12,953) |
Other (3) |  | 1,532 |  |  |  |  | — |  |  | — |  |  | 1,532 |
Balance at End of Period |  | $ | 67,610 |  |  |  |  | $ | 2,356 |  |  | $ | 8,578 |  |  | $ | 78,544 |
(1)Includes REO that were previously either unsecuritized Bridge loans or Bridge loans within consolidated securitization entities. (2)For the three months ended March 31, 2025, REO market valuation adjustments and liquidations resulted in net valuation losses of $13 million, which were recorded in Investment fair value changes, net on our consolidated statements of income. (3)Represents construction draws that were capitalized to the REO balance. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at March 31, 2025 and December 31, 2024 are summarized in the following table. Table 15.3 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | March 31, 2025 |  | December 31, 2024
Payable to non-controlling interests |  | $ | 130,255 |  |  | $ | 123,258 |
Margin payable |  | 120,187 |  |  | 20,340 |
Accrued interest payable |  | 81,796 |  |  | 70,988 |
Accrued compensation |  | 19,552 |  |  | 34,002 |
Operating lease liabilities |  | 13,069 |  |  | 11,028 |
Accrued operating expenses |  | 13,398 |  |  | 11,074 |
Accrued taxes payable |  | 5,544 |  |  | — |
Current accounts payable |  | 10,098 |  |  | 6,803 |
Unsettled trades |  | 34,921 |  |  | 5,127 |
Guarantee obligations |  | 2,447 |  |  | 2,806 |
Repurchase reserve |  | 4,430 |  |  | 4,727 |
Bridge loan holdbacks (1) |  | 2,148 |  |  | 2,148 |
Preferred stock dividends payable |  | 1,478 |  |  | 1,478 |
Other |  | 17,195 |  |  | 19,958 |
Total Accrued Expenses and Other Liabilities |  | $ | 456,518 |  |  | $ | 313,737 |
(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. Legal and Repurchase Reserves See Note 19 for additional information on legal and repurchase reserves. Payable to Non-Controlling Interests Redwood and a third-party co-investor, through two partnership entities consolidated by Redwood, purchased servicer advances and excess MSRs related to a portfolio of residential mortgage loans serviced by the co-investor (see Note 11 and Note 16 for additional information on the partnership entities and associated investments). We account for the co-investor’s interests in the entities as liabilities, and at March 31, 2025, the carrying value of their interests was $24 million, representing their current economic interest in the entities. Earnings from the partnership entities are allocated to the co-investors on a proportional basis and during the three months ended March 31, 2025, we allocated $2 million of income to the co-investors, respectively, recorded in Other expenses on our consolidated statements of income. Additionally, Redwood and a third-party investor co-sponsored the transfer and securitization of HEI through two HEI securitization entities. Other third-party investors contributed HEI into these securitizations through Redwood and retained subordinate beneficial interests issued by the securitization entities alongside Redwood. See Note 10 for a further discussion of the HEI securitizations. We account for the co-investors' interests in the HEI securitization entities as liabilities, and at March 31, 2025, the carrying value of their interests was $88 million, representing the fair value of their economic interests in the beneficial interests issued by the HEI entities. During the three months ended March 31, 2025, the third-party investors' share of earnings, net from their retained interests was $5 million, recorded through HEI income, net on our consolidated statements of income.

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