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Other Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Components of Other Assets
Other assets at December 31, 2024 and 2023 are summarized in the following table.
Table 14.1 – Components of Other Assets
(In Thousands)December 31, 2024December 31, 2023
Accrued interest receivable$115,832 $69,072 
Real estate owned91,927 93,599 
Investment receivable69,793 67,302 
Deferred tax asset27,145 40,115 
Margin receivable28,313 33,414 
Intangible assets19,049 28,462 
Operating lease right-of-use assets9,167 12,532 
Fixed assets and leasehold improvements (1)
4,674 7,829 
Other49,817 27,246 
Total Other Assets$415,717 $379,571 
(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $12 million and $10 million at December 31, 2024 and 2023, respectively.
Schedule of Activity of Real Estate Owned (REO) 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 years ended December 31, 2024 and 2023.
Table 14.2 – REO Activity
Year Ended December 31, 2024
(In Thousands)
Bridge (1)
SequoiaFreddie Mac SLSTTerm at CAFLTotal
Balance at beginning of year$87,757 $— $3,158 $2,684 $93,599 
Transfers to REO11,085 — 2,887 8,582 22,554 
Liquidations (2)
(4,953)— (3,557)(4)(8,514)
Changes in fair value, net (2)
(16,211)— 499 — (15,712)
Balance at End of Year$77,678 $— $2,987 $11,262 $91,927 
Year Ended December 31, 2023
(In Thousands)
Bridge (1)
SequoiaFreddie Mac SLSTTerm at CAFLTotal
Balance at beginning of year$3,012 $544 $2,899 $— $6,455 
Transfers to REO94,022 18 3,556 2,684 100,280 
Liquidations (2)
(6,752)(562)(3,577)— (10,891)
Changes in fair value, net (2)
(2,525)— 280 — (2,245)
Balance at End of Year$87,757 $— $3,158 $2,684 $93,599 
(1)Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities.
(2)For the years ended December 31, 2024 and 2023, REO market valuation adjustments and liquidations resulted in net valuation losses of $16 million and $2 million, respectively, which were recorded in Investment fair value changes, net on our consolidated statements of income.
Schedule of Amortization Period and Carrying Value of Intangible Assets
The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at December 31, 2024 and 2023.
Table 14.3 – Intangible Assets – Activity
Intangible Assets at Acquisition
Accumulated Amortization at December 31, 2024
Carrying Value at December 31, 2024
Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(37,635)$18,665 7
Broker network18,100 (18,100)— 5
Non-compete agreements11,400 (11,083)317 3
Tradenames4,400 (4,333)67 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (2,600)— 1
Total$94,600 $(75,551)$19,049 6
Intangible Assets at AcquisitionAccumulated Amortization at December 31, 2023Carrying Value at December 31, 2023Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(29,591)$26,709 7
Broker network18,100 (17,497)603 5
Non-compete agreements11,400 (10,450)950 3
Tradenames4,400 (4,200)200 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (2,600)— 1
Total$94,600 $(66,138)$28,462 6
Schedule of Future Amortization Expense of Intangible Assets Estimated future amortization expense is summarized in the table below.
Table 14.4 – Intangible Asset Amortization Expense by Year
(In Thousands)
December 31, 2024
2025$8,426 
20266,694 
20271,571 
20281,571 
2029787 
Total Future Intangible Asset Amortization$19,049 
Schedule of Components of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities at December 31, 2024 and 2023 are summarized in the following table.
Table 14.5 – Components of Accrued Expenses and Other Liabilities
(In Thousands)December 31, 2024December 31, 2023
Payable to non-controlling interests$123,258 $81,177 
Margin payable20,340 350 
Accrued interest payable70,988 52,755 
Accrued compensation34,002 28,140 
Operating lease liabilities11,028 14,725 
Accrued operating expenses11,074 5,527 
Current accounts payable6,803 4,992 
Unsettled trades5,127 — 
Guarantee obligations2,806 5,781 
Repurchase reserve4,727 4,700 
Bridge loan holdbacks (1)
2,148 2,059 
Preferred stock dividends payable1,478 1,478 
Other19,958 15,119 
Total Accrued Expenses and Other Liabilities$313,737 $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.
Schedule of Activities of Cash Settled Awards by Award Type
The following table presents our cash-settled awards by type of award at December 31, 2024.
Table 14.6 – Activities of Cash Settled Awards by Award Type
Year Ended December 31, 2024
(In Thousands)Cash-Settled Restricted Stock UnitsCash-Settled Deferred Stock UnitsCash-Settled Performance Stock UnitsTotal
Cash-settled award liability at December 31, 2023
$83 $3,590 $1,550 $5,223 
Compensation expense1,040 1,282 766 3,088 
Cash-settled award vesting payout(955)(1,978)— (2,933)
Cash-settled award liability at December 31, 2024
$168 $2,894 $2,316 $5,378