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Schedule IV - Mortgage Loans On Real Estate | 12 Months Ended
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Dec. 31, 2017
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(1) |  | Principal Amount Subject to Delinquent Principal or Interest
Residential Loans Held-for-Investment |  |  |  |  |  |  |  |
At Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  | 259 |  |  | 2.63 | % | to | 6.00% |  | 2040-09 | - | 2047-11 |  | $ | 204,771 |  |  | $ | — |
Fixed loans |  | 3,033 |  |  | 2.75 | % | to | 6.75% |  | 2022-10 | - | 2048-01 |  | 2,229,616 |  |  | — |
At Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  | 3,145 |  |  | 1.00 | % | to | 5.63% |  | 2019-02 | - | 2036-05 |  | 619,777 |  |  | 24,816 |
Hybrid ARM loans |  | 33 |  |  | 2.63 | % | to | 3.75% |  | 2033-07 | - | 2034-12 |  | 13,039 |  |  | 641 |
At Sequoia Choice: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans |  | 806 |  |  | 2.75 | % | to | 6.50% |  | 2037-02 | - | 2047-11 |  | 620,062 |  |  | — |
Total Residential Loans Held-for-Investment |  |  |  |  |  |  | $ | 3,687,265 |  |  | $ | 25,457 |
Residential Loans Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  | 3 |  |  | 1.50 | % | to | 3.00% |  | 2032-11 | - | 2033-10 |  | $ | 298 |  |  | $ | — |
Hybrid ARM loans |  | 93 |  |  | 2.88 | % | to | 4.00% |  | 2044-08 | - | 2048-01 |  | 79,347 |  |  | — |
Fixed loans |  | 1,917 |  |  | 2.88 | % | to | 6.25% |  | 2029-05 | - | 2048-01 |  | 1,348,300 |  |  | 459 |
Total Residential Loans Held-for-Sale |  |  |  |  |  |  |  | $ | 1,427,945 |  |  | $ | 459 |
(1) | The aggregate cost for Federal income tax purposes of our mortgage loans held at Redwood approximates the carrying values, as disclosed in the schedule. For our held-for-investment loans at consolidated Legacy Sequoia and Sequoia Choice entities, the aggregate cost for Federal income tax purposes at December 31, 2017 was zero, as the transfers of these loans into Sequoia securitizations were treated as sales for tax purposes.
The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2017, 2016, and 2015.
|  | Years Ended December 31,
(In Thousands) |  | 2017 |  | 2016 |  | 2015
Balance at beginning of period |  | $ | 3,890,751 |  |  | $ | 4,331,450 |  |  | $ | 3,965,500 |
ASU 2014-13 election adjustment |  | — |  |  | — |  |  | (103,649 | )
Adjusted beginning balance |  | 3,890,751 |  |  | 4,331,450 |  |  | 3,861,851 |
Additions during period: |  |  |  |  |  |
Originations/acquisitions |  | 5,741,427 |  |  | 4,983,049 |  |  | 11,115,486 |
Net discount accretion |  | — |  |  | 330 |  |  | 747 |
Deductions during period: |  |  |  |  |  |
Sales |  | (3,982,683 | ) |  | (4,509,644 | ) |  | (10,071,061 | )
Principal repayments |  | (576,620 | ) |  | (879,188 | ) |  | (582,187 | )
Reversal of provision for loan losses |  | — |  |  | 7,102 |  |  | 355 |
Transfers to REO |  | (4,219 | ) |  | (11,566 | ) |  | (5,792 | )
Deconsolidation adjustments |  | — |  |  | (6,871 | ) |  | — |
Changes in fair value, net |  | 46,554 |  |  | (23,911 | ) |  | 12,051 |
Balance at end of period |  | $ | 5,115,210 |  |  | $ | 3,890,751 |  |  | $ | 4,331,450 |

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 + Details
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