SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2025

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	773	1.63	%	to	7.25%	2026-11	-	2055-05	76,807		1,823
Hybrid ARM loans	590	2.25	%	to	8.50%	2033-06	-	2063-03	585,260		3,291
Fixed loans	15,086	2.13	%	to	8.75%	2026-08	-	2055-12	14,181,680		37,758
Total Residential Consumer Loans Held-for-Investment									$	14,843,747	$	42,872
Residential Consumer Loans Held-for-Sale (2):
Hybrid ARM loans	193	2.88	%	to	8.63%	2032-11	-	2056-01	$	168,685	$	721
Fixed loans	6,077	2.38	%	to	13.00%	2031-06	-	2066-01	2,923,329		—
Total Residential Consumer Loans Held-for-Sale									$	3,092,014	$	721
Residential Investor Term Loans Held-for-Sale (2):
Fixed loans	155	5.80	%	to	8.37%	2022-08	-	2056-01	$	202,422	$	52,380
Total Residential Investor Term Loans Held-for-Sale									$	202,422	$	52,380
Residential Investor Term Loans Held-for-Investment:
At CAFL (1):
Fixed loans	734	3.81	%	to	8.24%	2023-09	-	2033-08	$	1,985,910	$	171,284
Total Residential Investor Term Loans Held-for-Investment									$	1,985,910	$	171,284
Residential Investor Bridge Loans at Redwood (3):
Fixed loans	92	6.30	%	to	16.00%	2022-01	-	2027-12	$	227,158	$	48,889
Floating ARM loans	20	6.87	%	to	10.87%	2024-03	-	2028-12	$	83,773	$	40,615
Total Residential Investor Bridge Loans at Redwood									$	310,931	$	89,504
Residential Investor Bridge Loans Held-for-Investment at CAFL (3):
Fixed loans	764	6.75	%	to	12.50%	2023-11	-	2027-07	$	632,333	$	38,759
Floating ARM loans	67	6.72	%	to	12.34%	2023-10	-	2028-07	$	485,068	$	9,680
Total Residential Investor Bridge Loans Held-for-Investment at CAFL									$	1,117,401	$	48,439

(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, 2025 was zero, as the transfers of these loans into securitizations were treated as sales for tax purposes.

(2)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.

(3)For our residential investor bridge loans, the aggregate tax basis for Federal income tax purposes at December 31, 2025 was $948 million.

The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2025, 2024, and 2023.

	Years Ended December 31,
(In Thousands)	2025		2024		2023
Balance at beginning of year	$	16,089,510	$	12,696,220	$	11,370,323
Additions during year:
Originations/acquisitions	16,741,478		8,835,301		3,639,782
VIE Consolidations	805,008		298,553		—
Deductions during year:
Sales	(6,140,953)		(2,903,954)		(827,337)
Principal repayments	(4,927,972)		(2,895,188)		(1,601,190)
Transfers to REO	(141,202)		(22,554)		(100,280)
Deconsolidation adjustments	(1,239,652)		—		—
Changes in fair value, net	366,208		81,132		214,922
Balance at end of year	$	21,552,425	$	16,089,510	$	12,696,220