REDWOOD TRUST INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Schedule IV - Mortgage Loans on Real Estate
| (In Thousands)Description · Number ofLoans · Interest Rate · Maturity Date · Carrying Amount · Principal Amount Subject to Delinquent Principal or Interest | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Loans Held-for-Investment | ||||||||||||||
| At Legacy Sequoia (1): | ||||||||||||||
| ARM loans | 1,054 | 1.25% | to | 7.88% | 2024-04 | - | 2036-03 | $138,562 | $4,141 | |||||
| Hybrid ARM loans | 5 | 4.88% | to | 6.63% | 2033-07 | - | 2034-03 | 1,177 | — | |||||
| At Sequoia (1): | ||||||||||||||
| Hybrid ARM loans | 17 | 3.38% | to | 7.63% | 2042-06 | - | 2049-08 | 10,581 | — | |||||
| Fixed loans | 6,053 | 1.88% | to | 8.50% | 2026-08 | - | 2053-11 | 4,629,883 | 8,882 | |||||
| At Freddie Mac SLST (2): | ||||||||||||||
| Fixed loans | 10,302 | 2.00% | to | 11.00% | 2023-12 | - | 2063-11 | 1,359,242 | 132,307 | |||||
| Total Residential Loans Held-for-Investment | $6,139,445 | $145,330 | ||||||||||||
| Residential Loans Held-for-Sale (3): | ||||||||||||||
| Hybrid ARM loans | 2 | 6.25% | to | 7.63% | 2032-11 | - | 2042-06 | $710 | $— | |||||
| Fixed loans | 872 | 2.50% | to | 8.50% | 2027-01 | - | 2054-01 | 910,482 | — | |||||
| Total Residential Loans Held-for-Sale | $911,192 | $— | ||||||||||||
| BPL Term Loans Held-for-Sale (3): | ||||||||||||||
| Fixed loans | 38 | 5.95% | to | 8.88% | 2021-07 | - | 2054-01 | $144,359 | $28,263 | |||||
| Total BPL Term Loans Held-for-Sale | $144,359 | $28,263 | ||||||||||||
| BPL Term Loans Held-for-Investment: | ||||||||||||||
| At CAFL (1): | ||||||||||||||
| Fixed loans | 1,055 | 3.81% | to | 8.24% | 2022-06 | - | 2033-08 | $2,971,725 | $143,623 | |||||
| Total BPL Term Loans Held-for-Investment | $2,971,725 | $143,623 | ||||||||||||
| BPL Bridge Loans at Redwood (4): | ||||||||||||||
| Fixed loans | 163 | 6.30% | to | 11.75% | 2022-01 | - | 2025-11 | $329,768 | $14,552 | |||||
| Floating ARM loans | 762 | 8.94% | to | 13.21% | 2021-10 | - | 2025-12 | $1,011,850 | $82,382 | |||||
| Total BPL Bridge Loans at Redwood | $1,341,618 | $96,934 | ||||||||||||
| BPL Bridge Loans Held-for-Investment at CAFL (4): | ||||||||||||||
| Fixed loans | 627 | 6.25% | to | 11.50% | 2023-04 | - | 2025-11 | $187,725 | $4,806 | |||||
| Floating ARM loans | 1,285 | 9.29% | to | 14.46% | 2021-10 | - | 2026-11 | $574,871 | $5,841 | |||||
| Total BPL Bridge Loans Held-for-Investment at CAFL | $762,596 | $10,647 | ||||||||||||
| Consolidated Agency multifamily Loans Held-for-Investment (2): | ||||||||||||||
| At Freddie Mac K-Series: | ||||||||||||||
| Fixed loans | 28 | 4.25% | to | 4.25% | 2025-09 | - | 2025-09 | $425,285 | $— | |||||
| Total Consolidated Agency Multifamily Loans Held-for-Investment | $425,285 | $— | ||||||||||||
(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, 2023 waszero, 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 waszero at December 31, 2023.
(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, 2023 was $2.13 billion.
F- 123
NOTE TO SCHEDULE IV - RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE
The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2023, 2022, and 2021.
| Years Ended December 31, | |||
|---|---|---|---|
| (In Thousands) | 2023 | 2022 | 2021 |
| Balance at beginning of period | $11,370,323 | $12,856,934 | $8,877,626 |
| Additions during period: | |||
| Originations/acquisitions | 3,639,782 | 6,589,943 | 15,427,382 |
| Deductions during period: | |||
| Sales | (827,337) | (4,325,790) | (8,660,440) |
| Principal repayments | (1,601,190) | (2,199,109) | (2,675,859) |
| Transfers to REO | (100,280) | (8,495) | (40,038) |
| Changes in fair value, net | 214,922 | (1,543,160) | (71,737) |
| Balance at end of period | $12,696,220 | $11,370,323 | $12,856,934 |
F- 124
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