XML 68 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment Fair Value Changes (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments Fair Value Changes
The following table presents the components of Investment fair value changes, net, recorded in our consolidated statements of income for the years ended December 31, 2018, 2017 and 2016.
Table 20.1 – Investment Fair Value Changes
 
 
Years Ended December 31,
(In Thousands)
 
2018
 
2017
 
2016
Investment Fair Value Changes, Net
 
 
 
 
 
 
     Changes in fair value of:
 
 
 
 
 
 
Residential loans held-for-investment, at Redwood
 
$
(29,573
)
 
$
(5,765
)
 
$
(23,102
)
Residential bridge loans held-for-investment
 
(29
)
 
—

 
—

Trading securities
 
(8,055
)
 
39,526

 
9,666

Servicer advance investments
 
(701
)
 
—

 
—

Excess MSRs
 
1,823

 
—

 
—

Net investments in Legacy Sequoia entities (1)
 
(1,016
)
 
(8,027
)
 
(4,200
)
Net investments in Sequoia Choice entities (1)
 
443

 
(323
)
 
—

Net investment in Freddie Mac SLST entity (1)
 
1,271

 
—

 
—

Net investments in Freddie Mac K-Series entities (1)
 
931

 
—

 
—

Risk-sharing investments
 
(434
)
 
(1,484
)
 
(1,151
)
Risk management derivatives, net
 
9,740

 
(12,842
)
 
(9,112
)
Valuation adjustments on commercial loans held-for-sale
 
—

 
300

 
(307
)
Impairments on AFS securities
 
(89
)
 
(1,011
)
 
(368
)
Investment Fair Value Changes, Net
 
$
(25,689
)
 
$
10,374

 
$
(28,574
)

(1)
Includes changes in fair value of the loans held-for-investment, REO and the ABS issued at the entities, which netted together represent the change in value of our retained investments at the consolidated VIEs.