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Residential Consumer Loans (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Classifications and Carrying Value of Residential Consumer Loans | The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential consumer loans owned at March 31, 2025 and December 31, 2024. Table 7.1 – Classifications and Carrying Values of Residential Consumer Loans
March 31, 2025 |  | Unsecuritized Jumbo Loans |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |
(In Thousands) |  |  |  |  | Total
Held-for-sale at fair value |  | $ | 1,294,290 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,294,290 |
Held-for-investment at fair value |  | — |  |  | 10,176,418 |  |  | 1,281,550 |  |  | 11,457,968 |
Total Residential Consumer Loans |  | $ | 1,294,290 |  |  | $ | 10,176,418 |  |  | $ | 1,281,550 |  |  | $ | 12,752,258 |
December 31, 2024 |  | Unsecuritized Jumbo Loans |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |
(In Thousands) |  |  |  |  | Total
Held-for-sale at fair value |  | $ | 1,013,547 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,013,547 |
Held-for-investment at fair value |  | — |  |  | 8,819,554 |  |  | 1,244,722 |  |  | 10,064,276 |
Total Residential Consumer Loans |  | $ | 1,013,547 |  |  | $ | 8,819,554 |  |  | $ | 1,244,722 |  |  | $ | 11,077,823 |
The following table summarizes the classifications and carrying values of the securitized and unsecuritized residential investor loans at March 31, 2025 and December 31, 2024. Table 8.1 – Classifications and Carrying Values of Residential Investor Loans
March 31, 2025 |  | Residential Investor Term |  | Residential Investor Bridge |  |
(In Thousands) |  | Unsecuritized |  | Securitized |  | Unsecuritized |  | Securitized |  | Total
Held-for-sale at fair value |  | $ | 169,372 |  |  | $ | — |  |  | $ | 72,053 |  |  | $ | — |  |  | $ | 241,425 |
Held-for-investment at fair value |  | — |  |  | 2,389,804 |  |  | 1,039,223 |  |  | 769,382 |  |  | 4,198,409 |
Total Residential Investor Loans |  | $ | 169,372 |  |  | $ | 2,389,804 |  |  | $ | 1,111,276 |  |  | $ | 769,382 |  |  | $ | 4,439,834 |
December 31, 2024 |  | Residential Investor Term |  | Residential Investor Bridge |  |
(In Thousands) |  | Unsecuritized |  | Securitized |  | Unsecuritized |  | Securitized |  | Total
Held-for-sale at fair value |  | $ | 158,637 |  |  | $ | — |  |  | $ | 78,587 |  |  | $ | — |  |  | $ | 237,224 |
Held-for-investment at fair value |  | — |  |  | 2,485,069 |  |  | 1,041,694 |  |  | 823,103 |  |  | 4,349,866 |
Total Residential Investor Loans |  | $ | 158,637 |  |  | $ | 2,485,069 |  |  | $ | 1,120,281 |  |  | $ | 823,103 |  |  | $ | 4,587,090 |
The following table provides the activity of unsecuritized residential investor loans during the three months ended March 31, 2025 and 2024. Table 8.2 – Activity of Unsecuritized Residential Investor Loans
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
(In Thousands) |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans |  | Unsecuritized Term Loans |  | Unsecuritized Bridge Loans
Principal balance of loans originated |  | $ | 188,218 |  |  | $ | 266,144 |  |  | $ | 117,090 |  |  | $ | 194,029 |
Principal balance of loans acquired |  | 6,800 |  |  | — |  |  | — |  |  | 15,677 |
Principal balance of loans sold to third parties (1) |  | 182,415 |  |  | 156,493 |  |  | 6,032 |  |  | 53,221 |
Transfer of loans between portfolios (2) |  | — |  |  | (50,619) |  |  | — |  |  | (98,731) |
Footnotes to table 8.2 (1)For the three months ended March 31, 2025 and 2024 the principal balance of loans sold to third parties is net of $16 million and $15 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 12 for additional information on these joint ventures. (2)Transfers of unsecuritized residential investor term loans between portfolios represents the transfer of loans from held-for-sale to held-for-investment associated with consolidated term securitizations. Transfers of unsecuritized residential investor bridge loans, represents the transfer of residential investor bridge loans from "Unsecuritized Bridge" to "Securitized Bridge" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date. (3)Represents net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our Redwood Investments portfolio. See Table 5.1 for additional detail on Mortgage banking activities income. The following table provides the activity of securitized residential investor loans held-for-investment during the three months ended March 31, 2025 and 2024. Table 8.3 – Activity of Securitized Residential Investor Loans Held-for-Investment
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
(In Thousands) |  | Securitized Term |  | Securitized Bridge |  | Securitized Term |  | Securitized Bridge
Net market valuation gains (losses) recorded (1) |  | $ | (69) |  |  | $ | (3,694) |  |  | $ | 7,583 |  |  | $ | 3,690 |
Fair value of loans transferred to HFI |  | — |  |  | 50,619 |  |  | — |  |  | 98,731 |
(1)Net market valuation gains (losses) on securitized residential investor loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated Term entities and two Bridge entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to CFE guidelines. We did not elect to account for two of our Bridge securitizations under the CFE guidelines but have elected to account for the loans in these securitizations at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income. The following tables summarize the characteristics of securitized and unsecuritized residential investor loans at March 31, 2025 and December 31, 2024. Table 8.4 – Characteristics of Residential Investor Loans
March 31, 2025 |  | Unsecuritized Term |  | Securitized Term(1) |  | Unsecuritized Bridge |  | Securitized Bridge(1)
(Dollars in Thousands) |  |  |  |
Unpaid principal balance |  | $ | 187,001 |  |  | $ | 2,539,929 |  |  | $ | 1,172,533 |  |  | $ | 759,903 |
Average UPB of loans |  | 1,989 |  |  | 3,140 |  |  | 5,479 |  |  | 1,692 |
Fair value of loans |  | 169,372 |  |  | 2,389,804 |  |  | 1,111,276 |  |  | 769,382 |
Weighted average coupon |  | 6.77 | % |  | 5.35 | % |  | 9.14 | % |  | 9.55 | %
Weighted average remaining loan term (years) |  | 10 |  | 4 |  | 1 |  | 1
Market value of loans pledged as collateral under debt facilities |  | $ | 110,136 |  |  | N/A |  | $ | 1,090,743 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  | $ | 39,865 |  |  | $ | 212,275 |  |  | $ | 243,288 |  |  | $ | 29,083 |
Average UPB of 90+ days delinquent loans (2) |  | 7,973 |  |  | 4,332 |  |  | 13,516 |  |  | 1,531 |
Fair value of loans with 90+ day delinquencies (2) |  | 18,469 |  |  | N/A |  | 202,982 |  |  | N/A
Unpaid principal balance of loans in foreclosure (3) |  | — |  |  | 59,449 |  |  | 38,225 |  |  | 9,703 |
Average UPB of loans in foreclosure (3) |  | — |  |  | 4,246 |  |  | 4,247 |  |  | 1,078 |
Fair value of loans in foreclosure (3) |  | — |  |  | N/A |  | 27,257 |  |  | N/A
December 31, 2024 |  | Unsecuritized Term |  | Securitized Term(1) |  | Unsecuritized Bridge |  | Securitized Bridge(1)
(Dollars in Thousands) |  |  |  |
Unpaid principal balance |  | $ | 177,618 |  |  | $ | 2,639,485 |  |  | $ | 1,166,213 |  |  | $ | 810,285 |
Average UPB of loans |  | 1,759 |  |  | 3,084 |  |  | 5,350 |  |  | 1,605 |
Fair value of loans |  | 158,637 |  |  | 2,485,069 |  |  | 1,120,281 |  |  | 823,103 |
Weighted average coupon |  | 6.84 | % |  | 5.35 | % |  | 9.11 | % |  | 9.76 | %
Weighted average remaining loan term (years) |  | 9 |  | 4 |  | 1 |  | 1
Market value of loans pledged as collateral under debt facilities |  | $ | 120,417 |  |  | N/A |  | $ | 1,070,327 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  | $ | 33,065 |  |  | $ | 194,143 |  |  | $ | 129,229 |  |  | $ | 20,964 |
Average UPB of 90+ days delinquent loans (2) |  | 8,266 |  |  | 3,734 |  |  | 8,077 |  |  | 1,233 |
Fair value of loans with 90+ day delinquencies (2) |  | 12,366 |  |  | N/A |  | 102,321 |  |  | N/A
Unpaid principal balance of loans in foreclosure (3) |  | 27,529 |  |  | 24,648 |  |  | 86,260 |  |  | 3,663 |
Average UPB of loans in foreclosure (3) |  | 27,529 |  |  | 2,465 |  |  | 6,635 |  |  | 916 |
Fair value of loans in foreclosure (3) |  | 8,500 |  |  | N/A |  | 67,858 |  |  | N/A
(1)The fair value of the Term and Bridge loans held by consolidated entities were based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2)The number of loans 90+ days delinquent includes loans in foreclosure. (3)May include loans that are less than 90 days delinquent and loans where foreclosure is being pursued as a disposition strategy. The following table presents the unpaid principal balance of residential investor loans recorded on our consolidated balance sheets at March 31, 2025 by collateral/strategy type. Table 8.5 – Residential Investor Loans Collateral/Strategy Type
March 31, 2025 |  | Unsecuritized Term |  | Securitized Term |  | Unsecuritized Bridge |  | Securitized Bridge
(Dollars in Thousands) |  |  |  |
Term |  |  |  |  |  |  |  |
Single family rental |  | $ | 117,294 |  |  | $ | 1,957,782 |  |  | $ | — |  |  | $ | — |
Multifamily |  | 69,707 |  |  | 582,147 |  |  | — |  |  | — |
Bridge |  |  |  |  |  |  |  |
Renovate / Build for Rent ("BFR") (1) |  | — |  |  | — |  |  | 439,189 |  |  | 339,864 |
Single Asset Bridge ("SAB") (2) |  | — |  |  | — |  |  | 82,258 |  |  | 274,715 |
Multifamily (3) |  | — |  |  | — |  |  | 644,838 |  |  | 144,270 |
Third-Party Originated |  | — |  |  | — |  |  | 6,248 |  |  | 1,054 |
Total Residential Investor Loans |  | $ | 187,001 |  |  | $ | 2,539,929 |  |  | $ | 1,172,533 |  |  | $ | 759,903 |
(1)Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (2)Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (3)Includes loans for predominantly light to moderate rehabilitation projects on multifamily properties.
Schedule of Characteristics of Residential Consumer Loans Held-For-Sale | The following table summarizes the characteristics of residential consumer loans held-for-sale at March 31, 2025 and December 31, 2024. Table 7.2 – Characteristics of Residential Consumer Loans Held-for-Sale
(Dollars in Thousands) |  | March 31, 2025 |  | December 31, 2024
Unpaid principal balance ("UPB") |  | $ | 1,273,940 |  |  | $ | 1,000,663 |
Fair value of loans |  | $ | 1,294,290 |  |  | $ | 1,013,547 |
Market value of loans pledged as collateral under short-term borrowing agreements |  | $ | 1,289,721 |  |  | $ | 1,005,926 |
Weighted average coupon |  | 6.69 | % |  | 6.56 | %
Schedule of Activity of Residential Consumer Loans Held-for-Sale | The following table provides the activity of residential consumer loans held-for-sale during the three months ended March 31, 2025 and 2024. Table 7.3 – Activity of Residential Consumer Loans Held-for-Sale
|  | Three Months Ended March 31, |  |
(In Thousands) |  | 2025 |  | 2024 |  |  |  |
Principal balance of loans acquired |  | $ | 2,337,185 |  |  | $ | 999,786 |  |  |  |  |
Principal balance of loans sold |  | 420,513 |  |  | 201,581 |  |  |  |  |
Principal balance of loans transferred from HFS to HFI |  | 1,623,900 |  |  | 1,187,961 |  |  |  |  |
Schedule of Characteristics of Residential Consumer Loans Held-for-Investment | We invest in residential subordinate securities issued by Securitized Jumbo and Securitized Re-Performing Loans securitization trusts and consolidate the underlying residential consumer loans owned by these entities for financial reporting purposes in accordance with GAAP. The following tables summarize the characteristics of the securitized jumbo and re-performing residential consumer loans at March 31, 2025 and December 31, 2024. Table 7.4 – Characteristics of Residential Consumer Loans Held-for-Investment
March 31, 2025 |  |  |  |  |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans
(Dollars in Thousands) |  |  |  |  |  |
UPB |  |  |  |  |  | $ | 10,590,674 |  |  | $ | 1,493,348 |
Average loan balance (UPB) |  |  |  |  |  | $ | 871 |  |  | $ | 155 |
Fair value of loans (1) |  |  |  |  |  | $ | 10,176,418 |  |  | $ | 1,281,550 |
Weighted average coupon |  |  |  |  |  | 5.19 | % |  | 4.49 | %
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  |  |  |  |  | $ | 25,541 |  |  | $ | 93,302 |
Average 90+ days delinquent balance (UPB) |  |  |  |  |  | $ | 672 |  |  | $ | 173 |
Unpaid principal balance of loans in foreclosure |  |  |  |  |  | $ | 11,329 |  |  | $ | 37,180 |
Average foreclosure balance (UPB) |  |  |  |  |  | $ | 566 |  |  | $ | 183 |
December 31, 2024 |  |  |  |  |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans
(Dollars in Thousands) |  |  |  |  |  |
UPB |  |  |  |  |  | $ | 9,350,286 |  |  | $ | 1,514,432 |
Average loan balance (UPB) |  |  |  |  |  | $ | 842 |  |  | $ | 155 |
Fair value of loans (1) |  |  |  |  |  | $ | 8,819,554 |  |  | $ | 1,244,722 |
Weighted average coupon |  |  |  |  |  | 5.35 | % |  | 4.49 | %
Delinquency information |  |  |  |  |  |  |  |
Unpaid principal balance of loans with 90+ day delinquencies (2) |  |  |  |  |  | $ | 19,480 |  |  | $ | 106,910 |
Average 90+ days delinquent balance (UPB) |  |  |  |  |  | $ | 573 |  |  | $ | 172 |
Unpaid principal balance of loans in foreclosure |  |  |  |  |  | $ | 10,493 |  |  | $ | 41,913 |
Average foreclosure balance (UPB) |  |  |  |  |  | $ | 552 |  |  | $ | 185 |
(1)The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with the accounting guidance for CFEs. (2)For loans held at consolidated entities, the number and unpaid principal balance of loans 90+ days delinquent includes loans in foreclosure.
Schedule of Activity of Residential Consumer Loans Held-for-Investment at Consolidated Entities | The following table provides the activity of securitized jumbo and re-performing residential consumer loans held-for-investment during the three months ended March 31, 2025 and 2024. Table 7.5 – Activity of Residential Consumer Loans Held-for-Investment
|  |  |  | Three Months Ended March 31, 2025 |  |  | Three Months Ended March 31, 2024
|  |  |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans |  |  | Securitized Jumbo Loans |  | Securitized Re-Performing Loans
(In Thousands) |  |  |  |  |  |  |
Principal value of loans transferred from HFS to HFI (1) |  |  |  | $ | 1,623,900 |  |  | N/A |  |  | $ | 1,187,961 |  |  | N/A
Net market valuation gains (losses) recorded |  |  |  | 81,684 |  |  | 58,594 |  |  |  | (54,808) |  |  | (4,231) |
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with jumbo securitization.

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