Schedule IV - Mortgage Loans On Real Estate

12 Months Ended

Dec. 31, 2020

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 Legacy Sequoia (1):
ARM loans	1,899	0.25	%	to	5.63%	2020-10	-	2036-05	$	282,551	$	17,285
Hybrid ARM loans	9	2.63	%	to	4.00%	2033-07	-	2034-03	3,384		—
At Sequoia Choice (1):
Hybrid ARM loans	54	3.13	%	to	6.75%	2043-12	-	2050-02	43,003		2,415
Fixed loans	2,123	2.75	%	to	6.75%	2029-04	-	2050-04	1,522,319		72,327
At Freddie Mac SLST (2):
Fixed loans	13,605	2.00	%	to	11.00%	2020-12	-	2059-10	2,221,153		389,245
Total Residential Loans Held-for-Investment									$	4,072,410	$	481,272
Residential Loans Held-for-Sale (3):
Hybrid ARM loans	2	2.00	%	to	4.38%	2032-11	-	2047-10	$	1,014	$	—
Fixed loans	196	2.38	%	to	5.50%	2040-11	-	2051-01	175,627		1,882
Total Residential Loans Held-for-Sale									$	176,641	$	1,882
Single-Family Rental Loans Held-for-Sale (3):
Fixed loans	65	3.82	%	to	7.75%	2020-05	-	2050-03	$	245,394	$	7,127
Total Single-Family Rental Loans Held-for-Sale									$	245,394	$	7,127
Single-Family Rental Loans Held-for-Investment:
At CAFL (1):
Fixed loans	1,094	3.93	%	to	7.57%	2020-11	-	2031-01	$	3,249,194	$	61,440
Total Single-Family Rental Loans Held-for-Investment									$	3,249,194	$	61,440
Bridge Loans Held-for-Investment (4):
Fixed loans	1,725	6.04	%	to	13.00%	2019-10	-	2022-12	$	641,765	$	39,415
Total Bridge Loans Held-for-Investment									$	641,765	$	39,415
Multifamily Loans Held-for-Investment (2):
At Freddie Mac K-Series:
Fixed loans	28	4.25	%	to	4.25%	2025-09	-	2025-09	$	492,221	$	—
Total Multifamily Loans Held-for-Investment									$	492,221	$	—

(1)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, 2020 was zero, 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 was zero at December 31, 2020.

(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 held-for-investment bridge loans at Redwood, the aggregate tax basis for Federal income tax purposes at December 31, 2020 was $654 million.

The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2020, 2019, and 2018.

	Years Ended December 31,
(In Thousands)	2020		2019		2018
Balance at beginning of period	$	15,630,117	$	9,540,598	$	5,115,210
Additions during period:
Originations/acquisitions	5,914,728		12,911,261		10,607,896
Deductions during period:
Sales	(6,398,690)		(5,218,797)		(5,426,304)
Principal repayments	(2,313,143)		(1,851,278)		(843,984)
Transfers to REO	(14,104)		(7,552)		(4,104)
Deconsolidation adjustments	(3,849,779)		—		—
Changes in fair value, net	(91,503)		255,885		91,884
Balance at end of period	$	8,877,626	$	15,630,117	$	9,540,598