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Schedule IV - Mortgage Loans On Real Estate
 12 Months Ended
Dec. 31, 2022
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 Loans Held-for-Investment
At Legacy Sequoia (1):
ARM loans1,297 1.25 %to6.13%2022-06-2036-03$183,204 $6,824 
Hybrid ARM loans7 2.88 %to4.63%2033-07-2034-031,729 — 
At Sequoia (1):
Hybrid ARM loans17 3.38 %to5.63%2044-04-2049-0810,959 637 
Fixed loans4,607 1.88 %to6.75%2029-04-2052-013,179,457 7,162 
At Freddie Mac SLST (2):
Fixed loans10,882 2.00 %to11.00%2022-12-2062-111,457,058 209,397 
Total Residential Loans Held-for-Investment$4,832,407 $224,020 
Residential Loans Held-for-Sale (3):
Hybrid ARM loans8 3.63 %to6.50%2032-11-2052-12$4,130 $— 
Fixed loans986 2.75 %to9.25%2026-04-2053-01776,651 208 
Total Residential Loans Held-for-Sale$780,781 

$208 
BPL Term Loans Held-for-Sale (3):
Fixed loans91 3.75 %to8.47%2021-08-2052-07$358,791 $536 
Total BPL Term Loans Held-for-Sale$358,791 $536 
BPL Term Loans Held-for-Investment:
At CAFL (1):
Fixed loans1,131 3.81 %to7.57%2022-06-2032-08$2,944,984 $39,483 
Total BPL Term Loans Held-for-Investment$2,944,984 $39,483 
BPL Bridge Loans at Redwood (4):
Fixed loans261 6.00 %to11.50%2020-05-2024-06$99,974 $33,392 
Floating ARM loans1,340 8.27 %to11.87%2021-10-2025-09$1,412,453 $872 
Total BPL Bridge Loans at Redwood$1,512,427 $34,264 
BPL Bridge Loans Held-for-Investment at CAFL (4):
Fixed loans605 6.30 %to11.24%2022-05-2024-03$110,869 $3,953 
Floating ARM loans1,270 6.12 %to12.62%2021-10-2025-03$405,514 $3,375 
Total BPL Bridge Loans Held-for-Investment at CAFL$516,383 $7,328 
Consolidated Agency multifamily Loans Held-for-Investment (2):
At Freddie Mac K-Series:
Fixed loans28 4.25 %to4.25%2025-09-2025-09$424,552 $— 
Total Consolidated Agency Multifamily Loans Held-for-Investment$424,552 $— 
(1)For our held-for-investment loans at consolidated Legacy Sequoia, Sequoia, and CAFL entities, the aggregate tax basis for Federal income tax purposes at December 31, 2022 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, 2022.
(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 BPL bridge loans, the aggregate tax basis for Federal income tax purposes at December 31, 2022 was $2.03 billion.
The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2022, 2021, and 2020.
Years Ended December 31,
(In Thousands)202220212020
Balance at beginning of period$12,856,934 $8,877,626 $15,630,117 
Additions during period:
Originations/acquisitions6,589,943 15,427,382 5,914,728 
Deductions during period:
Sales(4,325,790)(8,660,440)(6,398,690)
Principal repayments(2,199,109)(2,675,859)(2,313,143)
Transfers to REO(8,495)(40,038)(14,104)
Deconsolidation adjustments— — (3,849,779)
Changes in fair value, net(1,543,160)(71,737)(91,503)
Balance at end of period$11,370,323 $12,856,934 $8,877,626