XML 116 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Schedule IV - Mortgage Loans On Real Estate
 12 Months Ended
Dec. 31, 2019
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 Loans Held-for-Investment
 
 
 
 
 
 
 
 
At Redwood (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hybrid ARM loans
 
299

 
2.875
%
to
6.00%
 
2041-01
-
2048-09
 
$
232,581

 
$
971

Fixed loans
 
2,641

 
2.75
%
to
6.75%
 
2026-01
-
2049-05
 
1,879,316

 
614

At Legacy Sequoia (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARM loans
 
2,186

 
1.25
%
to
6.00%
 
2020-01
-
2036-05
 
402,837

 
9,803

Hybrid ARM loans
 
12

 
3.63
%
to
5.13%
 
2033-07
-
2034-06
 
5,053

 
—

At Sequoia Choice (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
3,156

 
2.75
%
to
6.75%
 
2035-04
-
2049-09
 
2,291,463

 
6,756

At Freddie Mac SLST (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
14,502

 
2.00
%
to
11.00%
 
2019-11
-
2059-10
 
2,367,215

 
135,175

Total Residential Loans Held-for-Investment
 
 
 
 
 
 
$
7,178,465

 
$
153,319

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Loans Held-for-Sale (4):
 
 
 
 
 
 
 
 
 
 
 
 
ARM loans
 
2

 
3.38
%
to
3.50%
 
2032-11
-
2032-11
 
$
105

 
$
—

Hybrid ARM loans
 
115

 
3.00
%
to
7.00%
 
2047-04
-
2049-12
 
93,755

 
—

Fixed loans
 
554

 
3.20
%
to
7.13%
 
2034-05
-
2050-01
 
442,525

 
747

Total Residential Loans Held-for-Sale
 
 
 
 
 
 
 
$
536,385


$
747

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Family Rental Loans Held-for-Sale (4):
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
201

 
4.35
%
to
7.63%
 
2024-01
-
2050-01
 
$
331,565

 
$
1,818

Total Single-Family Rental Loans Held-for-Sale
 
 
 
 
 
 
 
$
331,565

 
$
1,818

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Family Rental Loans Held-for-Investment:
 
 
 
 
 
 
 
 
 
 
 
 
At Redwood (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
107

 
3.93
%
to
7.47%
 
2023-09
-
2030-01
 
$
237,620

 
$
—

At CAFL (2):
 
 
 
 
 
 
 
 
 
 
Fixed loans
783

 
4.31
%
to
7.57%
 
2019-11
-
2029-11
 
2,192,552

 
29,039

Total Single-Family Rental Loans Held-for-Investment
 
 
 
 
 
 
 
$
2,430,172

 
$
29,039

 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Bridge Loans Held-for-Investment (1):
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
2,653

 
5.79
%
to
13.00%
 
2018-10
-
2022-01
 
$
745,006

 
$
8,989

Total Residential Bridge Loans Held-for-Investment
 
 
 
 
 
 
 
$
745,006

 
$
8,989

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily Loans Held-for-Investment (3):
 
 
 
 
 
 
 
 
 
 
 
 
At Freddie Mac K-Series:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
279

 
3.29
%
to
4.94%
 
2023-02
-
2029-10
 
$
4,408,524

 
$
—

Total Multifamily Loans Held-for-Investment
 
 
 
 
 
 
 
$
4,408,524

 
$
—

(1)
For our held-for-investment residential, single-family rental, and residential bridge loans at Redwood, the aggregate tax basis for Federal income tax purposes at December 31, 2019 was $2.07 billion, $238 million, and $746 million, respectively.
(2)
For our held-for-investment loans at consolidated Legacy Sequoia, Sequoia Choice, and CAFL entities, the aggregate tax basis for Federal income tax purposes at December 31, 2019 was zero, as the transfers of these loans into securitizations were treated as sales for tax purposes.
(3)
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 was zero at December 31, 2019.
(4)
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.
The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2019, 2018, and 2017.
 
 
Years Ended December 31,
(In Thousands)
 
2019
 
2018
 
2017
Balance at beginning of period
 
$
9,540,598

 
$
5,115,210

 
$
3,890,751

Additions during period:
 
 
 
 
 
 
Originations/acquisitions
 
12,911,261

 
10,607,896

 
5,741,427

Deductions during period:
 
 
 
 
 
 
Sales
 
(5,218,797
)
 
(5,426,304
)
 
(3,982,683
)
Principal repayments
 
(1,851,278
)
 
(843,984
)
 
(576,620
)
Transfers to REO
 
(7,552
)
 
(4,104
)
 
(4,219
)
Changes in fair value, net
 
255,885

 
91,884

 
46,554

Balance at end of period
 
$
15,630,117

 
$
9,540,598

 
$
5,115,210