Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets at March 31, 2022 and December 31, 2021 are summarized in the following table.

Table 12.1 – Components of Other Assets


(In Thousands)	March 31, 2022		December 31, 2021
Investment receivable	$	49,313	$	82,781
Accrued interest receivable	48,717		47,515
REO	27,179		36,126
Deferred tax asset	20,867		20,867
Operating lease right-of-use assets	17,917		18,772
Margin receivable	17,165		7,269
Fixed assets and leasehold improvements (1)	10,105		9,019






Other	10,939		8,768
Total Other Assets	$	202,202	$	231,117

(1)Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $8 million at March 31, 2022.

Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at March 31, 2022 and December 31, 2021 are summarized in the following table.

Table 12.2 – Components of Accrued Expenses and Other Liabilities


(In Thousands)	March 31, 2022		December 31, 2021
Payable to non-controlling interests	$	47,939	$	42,670
Margin payable	41,966		24,368
Accrued interest payable	38,647		39,297
Accrued operating expenses	30,581		4,377
Current accounts payable	21,734		8,273
Operating lease liabilities	20,218		20,960
Accrued compensation	16,990		74,636
Residential loan and MSR repurchase reserve	9,529		9,306
Guarantee obligations	7,046		7,459


Bridge loan holdbacks	2,536		3,109





Other	7,264		11,333
Total Accrued Expenses and Other Liabilities	$	244,450	$	245,788

Other Real Estate

The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL SFR entities during the three months ended March 31, 2022.

Table 12.3 – REO Activity


	Three Months Ended March 31, 2022
(In Thousands)	Bridge		Legacy Sequoia		Freddie Mac SLST		SFR at CAFL		Total
Balance at beginning of period	$	13,068	$	61	$	2,028	$	20,969	$	36,126
Transfers to REO	272		—		1,047		—		1,319
Liquidations (1)	(382)		(504)		(750)		(9,250)		(10,886)
Changes in fair value, net	82		443		95		—		620
Balance at End of Period	$	13,040	$	—	$	2,420	$	11,719	$	27,179

(1)For the three months ended March 31, 2022, REO liquidations resulted in $0.6 million of realized gains, which were recorded in Investment fair value changes, net on our consolidated statements of income.

The following table provides the detail of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL SFR entities at March 31, 2022 and December 31, 2021.

Table 12.4 – REO Assets


Number of REO assets	Bridge	Legacy Sequoia	Freddie Mac SLST	SFR at CAFL	Total
At March 31, 2022	4	—	25	2	31
At December 31, 2021	5	2	24	3	34