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Schedule IV - Mortgage Loans On Real Estate
 12 Months Ended
Dec. 31, 2018
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
 
385

 
2.63
%
to
6.38%
 
2043-03
-
2048-10
 
$
309,747

 
$
—

Fixed loans
 
2,911

 
2.75
%
to
6.75%
 
2027-07
-
2048-11
 
2,074,185

 
1,224

At Legacy Sequoia (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARM loans
 
2,620

 
1.25
%
to
5.63%
 
2019-02
-
2036-05
 
511,447

 
13,955

Hybrid ARM loans
 
21

 
2.63
%
to
5.00%
 
2033-07
-
2034-11
 
8,511

 
—

At Sequoia Choice (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
2,800

 
2.75
%
to
6.50%
 
2035-04
-
2048-09
 
2,079,382

 
1,905

At Freddie Mac SLST (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
7,900

 
2.00
%
to
10.50%
 
2018-12
-
2058-11
 
1,222,669

 
50,528

Total Residential Loans Held-for-Investment
 
 
 
 
 
 
$
6,205,941

 
$
67,612

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

 
4.00
%
to
4.13%
 
2032-11
-
2032-11
 
$
111

 
$
—

Hybrid ARM loans
 
108

 
3.50
%
to
7.38%
 
2047-04
-
2049-01
 
89,406

 
—

Fixed loans
 
1,376

 
3.13
%
to
7.00%
 
2029-04
-
2049-01
 
959,284

 
747

Total Residential Loans Held-for-Sale
 
 
 
 
 
 
 
$
1,048,801


$
747

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Family Rental Loans Held-for-Sale (4):
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
11

 
5.62
%
to
7.47%
 
2023-09
-
2028-12
 
$
28,460

 
$
—

Total Single-Family Rental Loans Held-for-Sale
 
 
 
 
 
 
 
$
28,460

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Bridge Loans Held-for-Investment (4):
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
157

 
7.50
%
to
12.00%
 
2018-07
-
2020-05
 
$
112,798

 
$
12,134

Total Residential Bridge Loans Held-for-Investment
 
 
 
 
 
 
 
$
112,798

 
$
12,134

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily Loans Held-for-Investment (3):
 
 
 
 
 
 
 
 
 
 
 
 
At Freddie Mac K-Series:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
162

 
3.29
%
to
4.73%
 
2023-01
-
2027-01
 
$
2,144,598

 
$
—

Total Multifamily Loans Held-for-Investment
 
 
 
 
 
 
 
$
2,144,598

 
$
—

(1)
For our held-for-investment residential loans at Redwood, the aggregate tax basis for Federal income tax purposes at December 31, 2018 was $2.42 billion.
(2)
For our held-for-investment loans at consolidated Legacy Sequoia and Sequoia Choice entities, the aggregate tax basis for Federal income tax purposes at December 31, 2018 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 the underlying real estate securities and therefore, the tax basis in these loans is zero at December 31, 2018.
(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, 2018, 2017, and 2016.
 
 
Years Ended December 31,
(In Thousands)
 
2018
 
2017
 
2016
Balance at beginning of period
 
$
5,115,210

 
$
3,890,751

 
$
4,331,450

Additions during period:
 
 
 
 
 
 
Originations/acquisitions
 
10,607,896

 
5,741,427

 
4,983,049

Net discount accretion
 
—

 
—

 
330

Deductions during period:
 
 
 
 
 
 
Sales
 
(5,426,304
)
 
(3,982,683
)
 
(4,509,644
)
Principal repayments
 
(843,984
)
 
(576,620
)
 
(879,188
)
Reversal of provision for loan losses
 
—

 
—

 
7,102

Transfers to REO
 
(4,104
)
 
(4,219
)
 
(11,566
)
Deconsolidation adjustments
 
—

 
—

 
(6,871
)
Changes in fair value, net
 
91,884

 
46,554

 
(23,911
)
Balance at end of period
 
$
9,540,598

 
$
5,115,210

 
$
3,890,751