XML 66 R52.htm IDEA: XBRL DOCUMENT v3.25.4
Other Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Components of Other Assets
Other assets at December 31, 2025 and 2024 are summarized in the following table.
Table 15.1 – Components of Other Assets
(In Thousands)December 31, 2025December 31, 2024
Accrued interest receivable$130,955 $115,832 
Margin receivable33,439 28,313 
Investment receivable38,082 69,793 
Real estate owned124,270 91,927 
Deferred tax asset12,352 27,145 
Intangible assets10,623 19,049 
Operating lease right-of-use assets8,902 9,167 
Fixed assets and leasehold improvements (1)
6,354 4,674 
Other (2)
48,545 49,817 
Total Other Assets$413,522 $415,717 
(1)Fixed assets and leasehold improvements had a basis of $21 million and $17 million and accumulated depreciation of $14 million and $12 million at December 31, 2025 and 2024, respectively.
(2)Consists primarily of receivables related to escrow advances, prepaid assets and other receivables.
Schedule of Activity of Real Estate Owned (REO) The following table summarizes the activity and carrying values of REO assets held during the years ended December 31, 2025 and 2024.
Table 15.2 – REO Activity by Loan Type
Year Ended December 31, 2025
(In Thousands)
Bridge Loans (1)
Sequoia Securitized LoansSecuritized Re-Performing LoansCAFL Securitized Term LoansTotal
Balance at beginning of year$77,678 $— $2,987 $11,262 $91,927 
Transfers to REO128,171 1,984 2,449 12,155 144,759 
Liquidations(69,884)— (4,070)(3,514)(77,468)
Deconsolidation
— — (2,489)— (2,489)
Changes in fair value, net (2)
(33,582)— 1,123 — (32,459)
Balance at End of Year$102,383 $1,984 $— $19,903 $124,270 
Year Ended December 31, 2024
(In Thousands)
Bridge Loans (1)
Sequoia Securitized LoansSecuritized Re-Performing LoansCAFL Securitized Term LoansTotal
Balance at beginning of year$87,757 $— $3,158 $2,684 $93,599 
Transfers to REO11,085 — 2,887 8,582 22,554 
Liquidations(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 
(1)Includes REO held at Redwood and within consolidated CAFL Bridge securitization entities.
(2)REO market valuation adjustments are recorded in Investment fair value changes, net on our consolidated statements of (loss) 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, 2025 and 2024.
Table 15.3 – Intangible Assets – Activity
Intangible Assets at Acquisition
Accumulated Amortization at December 31, 2025
Carrying Value at December 31, 2025
Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(45,677)$10,623 7
Broker network18,100 (18,100)— 5
Non-compete agreements11,400 (11,400)— 3
Tradenames4,400 (4,400)— 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (2,600)— 1
Total$94,600 $(83,977)$10,623 6
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
Schedule of Future Amortization Expense of Intangible Assets Estimated future amortization expense is summarized in the table below.
Table 15.4 – Intangible Asset Amortization Expense by Year
(In Thousands)
December 31, 2025
2026$6,694 
20271,571 
20281,571 
2029787 
Total Future Intangible Asset Amortization$10,623 
Schedule of Components of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities at December 31, 2025 and 2024 are summarized in the following table.
Table 15.5 – Components of Accrued Expenses and Other Liabilities
(In Thousands)December 31, 2025December 31, 2024
Payable to non-controlling interests$120,177 $123,258 
Accrued interest payable81,851 70,988 
Margin payable47,264 20,340 
Accrued compensation39,964 34,002 
Unsettled trades32,046 5,127 
Accrued operating expenses11,617 11,074 
Operating lease liabilities10,666 11,028 
Current accounts payable9,698 6,803 
Repurchase reserve7,466 4,727 
Bridge loan holdbacks (1)
2,253 2,148 
Preferred stock dividends payable1,478 1,478 
Accrued tax payable1,437 — 
Guarantee obligations1,267 2,806 
Other31,751 19,958 
Total Accrued Expenses and Other Liabilities$398,935 $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.
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, 2025.
Table 15.6 – Activities of Cash Settled Awards by Award Type
Year Ended December 31, 2025
(In Thousands)Cash-Settled Restricted Stock UnitsCash-Settled Deferred Stock UnitsCash-Settled Performance Stock UnitsTotal
Cash-settled award liability at December 31, 2024
$168 $2,894 $2,316 $5,378 
Compensation expense (income)1,830 515 (1,436)909 
Cash-settled award vesting payout(1,761)(1,726)— (3,487)
Cash-settled award liability at December 31, 2025
$237 $1,683 $880 $2,800