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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Carrying Values and Fair Values of Assets and Liabilities

The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at March 31, 2019 and December 31, 2018.

Table 5.1 – Carrying Values and Fair Values of Assets and Liabilities

		March 31, 2019								December 31, 2018
		Carrying Value				Fair Value				Carrying Value				Fair Value
(In Thousands)
Assets
Residential loans, held-for-sale
At fair value		$	819,111			$	819,111			$	1,048,690			$	1,048,690
At lower of cost or fair value		110				130				111				131
Residential loans, held-for-investment		6,455,080				6,455,080				6,205,941				6,205,941
Business purpose residential loans		160,612				160,612				141,258				141,258
Multifamily loans		2,175,899				2,175,899				2,144,598				2,144,598
Trading securities		1,255,224				1,255,224				1,118,612				1,118,612
Available-for-sale securities		287,928				287,928				333,882				333,882
Servicer advance investments (1)		303,920				303,920				300,468				300,468
MSRs (1)		55,284				55,284				60,281				60,281
Participation in loan warehouse facility (1)		—				—				39,703				39,703
Excess MSRs (1)		28,992				28,992				27,312				27,312
Cash and cash equivalents		200,837				200,837				175,764				175,764
Restricted cash		14,614				14,614				29,313				29,313
Accrued interest receivable		48,972				48,972				47,105				47,105
Derivative assets		22,283				22,283				35,789				35,789
REO (2)		7,275				7,531				3,943				4,396
Margin receivable (2)		154,549				154,549				100,773				100,773
FHLBC stock (2)		43,393				43,393				43,393				43,393
Guarantee asset (2)		2,342				2,342				2,618				2,618
Pledged collateral (2)		42,631				42,631				42,433				42,433
Liabilities
Short-term debt facilities		$	1,713,749			$	1,713,749			$	1,937,920			$	1,937,920
Short-term debt - servicer advance financing		249,557				249,557				262,740				262,740
Accrued interest payable		39,526				39,526				42,528				42,528
Margin payable (3)		19				19				835				835
Guarantee obligation (3)		16,359				16,210				16,711				16,774
Contingent consideration (3)		24,621				24,621				—				—
Derivative liabilities		110,942				110,942				84,855				84,855
ABS issued at fair value		5,637,644				5,637,644				5,410,073				5,410,073
FHLBC long-term borrowings		1,999,999				1,999,999				1,999,999				1,999,999
Convertible notes, net		633,994				632,470				633,196				618,271
Trust preferred securities and subordinated notes, net		138,593				100,440				138,582				102,533

(1) These investments are included in Other investments on our consolidated balance sheets.

(2) These assets are included in Other assets on our consolidated balance sheets.

(3) These liabilities are included in Accrued expenses and other liabilities on our consolidated balance sheets.

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at March 31, 2019 and December 31, 2018, as well as the fair value hierarchy of the valuation inputs used to measure fair value.

Table 5.2 – Assets and Liabilities Measured at Fair Value on a Recurring Basis

March 31, 2019		Carrying Value				Fair Value Measurements Using
(In Thousands)						Level 1				Level 2				Level 3
Assets
Residential loans		$	7,274,191			$	—			$	—			$	7,274,191
Business purpose residential loans		160,612				—				—				160,612
Multifamily loans		2,175,899				—				—				2,175,899
Trading securities		1,255,224				—				—				1,255,224
Available-for-sale securities		287,928				—				—				287,928
Servicer advance investments		303,920				—				—				303,920
MSRs		55,284				—				—				55,284
Excess MSRs		28,992				—				—				28,992
Derivative assets		22,283				5,826				11,490				4,967
Pledged collateral		42,631				42,631				—				—
FHLBC stock		43,393				—				43,393				—
Guarantee asset		2,342				—				—				2,342
Liabilities
Contingent consideration		$	24,621			$	—			$	—			$	24,621
Derivative liabilities		110,942				9,609				100,561				772
ABS issued		5,637,644				—				—				5,637,644

December 31, 2018		Carrying Value				Fair Value Measurements Using
(In Thousands)						Level 1				Level 2				Level 3
Assets
Residential loans		$	7,254,631			$	—			$	—			$	7,254,631
Business purpose residential loans		141,258				—				—				141,258
Multifamily loans		2,144,598				—				—				2,144,598
Trading securities		1,118,612				—				—				1,118,612
Available-for-sale securities		333,882				—				—				333,882
Servicer advance investments		300,468				—				—				300,468
MSRs		60,281				—				—				60,281
Excess MSRs		27,312				—				—				27,312
Derivative assets		35,789				4,665				28,211				2,913
Pledged collateral		42,433				42,433				—				—
FHLBC stock		43,393				—				43,393				—
Guarantee asset		2,618				—				—				2,618
Liabilities
Derivative liabilities		$	84,855			$	13,215			$	70,908			$	732
ABS issued		5,410,073				—				—				5,410,073

Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2019.

Table 5.3 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

		Assets
		Residential Loans				Business Purpose Residential Loans				Multifamily Loans				Trading Securities				AFS Securities				Servicer Advance Investments				MSRs				Excess MSRs				Guarantee Asset
(In Thousands)
Beginning balance -    December 31, 2018		$	7,254,631			$	141,258			$	2,144,598			$	1,118,612			$	333,882			$	300,468			$	60,281			$	27,312			$	2,618
Acquisitions		1,022,198				29,093				—				152,587				4,885				68,976				104				2,117				—
Originations		—				35,968				—				—				—				—				—				—				—
Sales		(833,078		)		(20,590		)		—				(32,002		)		(42,016		)		—				—				—				—
Principal paydowns		(240,406		)		(20,992		)		(3,071		)		(5,832		)		(18,666		)		(66,532		)		—				—				—
Gains (losses) in net income, net		70,833				871				34,372				21,859				12,616				1,008				(5,101		)		(437		)		(276		)
Unrealized losses in OCI, net		—				—				—				—				(2,773		)		—				—				—				—
Other settlements, net (2)		13				(4,996		)		—				—				—				—				—				—				—
Ending Balance -    March 31, 2019		$	7,274,191			$	160,612			$	2,175,899			$	1,255,224			$	287,928			$	303,920			$	55,284			$	28,992			$	2,342

Table 5.3 – Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (continued)

						Liabilities
		Derivatives(1)				Contingent Consideration				ABS Issued
(In Thousands)
Beginning balance - December 31, 2018		$	2,181			$	—			$	5,410,073
Acquisitions		—				24,621				330,535
Principal paydowns		—				—				(163,146		)
Gains (losses) in net income, net		11,452				—				60,182
Other settlements, net (2)		(9,438		)		—				—
Ending Balance - March 31, 2019		$	4,195			$	24,621			$	5,637,644

(1) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase and forward sale commitments, are presented on a net basis.

(2) Other settlements, net for residential and business purpose residential loans represents the transfer of loans to REO, and for derivatives, the settlement of forward sale commitments and the transfer of the fair value of loan purchase commitments at the time loans are acquired to the basis of residential loans.

Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held and Included in Net Income

The following table presents the portion of gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at March 31, 2019 and 2018. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three months ended March 31, 2019 and 2018 are not included in this presentation.

Table 5.4 – Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at March 31, 2019 and 2018 Included in Net Income

		Included in Net Income
		Three Months Ended March 31,
(In Thousands)		2019				2018
Assets
Residential loans at Redwood		$	35,801			$	(42,195	)
Residential loans at consolidated Sequoia entities		14,472				20,548
Residential loans at consolidated Freddie Mac SLST entity		23,527				—
Business purpose residential loans		1,050				—
Multifamily loans at consolidated Freddie Mac K-Series entities		34,372				—
Trading securities		21,543				(3,951		)
Servicer advance investments		1,008				—
MSRs		(4,295		)		3,933
Excess MSRs		(437		)		—
Loan purchase commitments		4,962				3,919
Other assets - Guarantee asset		(277		)		186
Liabilities
Loan purchase commitments		$	(753	)		$	(2,554	)
Loan forward sale commitments		—				(1,269		)
ABS issued		(60,182		)		(20,735		)

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following table presents information on assets recorded at fair value on a non-recurring basis at March 31, 2019. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our consolidated balance sheets at March 31, 2019.

Table 5.5 – Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at March 31, 2019

																		Gain (Loss) for
March 31, 2019		Carrying Value				Fair Value Measurements Using												Three Months Ended
(In Thousands)						Level 1				Level 2				Level 3				March 31, 2019
Assets
REO		$	5,821			$	—			$	—			$	5,821			$	(272	)

Market Valuation Gains and Losses, Net

The following table presents the net market valuation gains and losses recorded in each line item of our consolidated statements of income for the three months ended March 31, 2019 and 2018.

Table 5.6 – Market Valuation Gains and Losses, Net

		Three Months Ended March 31,
(In Thousands)		2019				2018
Mortgage Banking Activities, Net
Residential loans held-for-sale, at fair value		$	3,533			$	4,774
Residential loan purchase and forward sale commitments		11,311				(6,968		)
Single-family rental loans held-for-sale, at fair value		1,603				—
Single-family rental loan purchase commitments		141				—
Residential bridge loans		86				—
Risk management derivatives, net		(4,984		)		28,432
Total mortgage banking activities, net (1)		$	11,690			$	26,238
Investment Fair Value Changes, Net
Residential loans held-for-investment, at Redwood		$	28,108			$	(38,985	)
Residential bridge loans held-for-investment		(303		)		—
Trading securities		21,860				(2,955		)
Servicer advance investments		1,008				—
Excess MSRs		(437		)		—
Net investments in Legacy Sequoia entities (2)		(374		)		(8		)
Net investments in Sequoia Choice entities (2)		3,265				(86		)
Net investment in Freddie Mac SLST entity (2)		6,365				—
Net investments in Freddie Mac K-Series entities (2)		3,119				—
Risk-sharing investments		(77		)		(139		)
Risk management derivatives, net		(42,375		)		43,782
Total investment fair value changes, net		$	20,159			$	1,609
Other Income (Expense), Net
MSRs		$	(5,102	)		$	2,892
Risk management derivatives, net		2,251				(5,139		)
Gain on re-measurement of 5 Arches investment		2,441				—
Total other expense, net (3)		$	(410	)		$	(2,247	)
Total Market Valuation Gains, Net		$	31,439			$	25,600

(1) Mortgage banking activities, net presented above does not include fee income or provisions for repurchases that are components of Mortgage banking activities, net presented on our consolidated statements of income, as these amounts do not represent market valuation changes.

(2) Includes changes in fair value of the residential 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.

(3) Other income, net presented above does not include net MSR fee income or provisions for repurchases for MSRs, as these amounts do not represent market valuation adjustments.

Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value

The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value.

Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments

March 31, 2019		Fair Value						Input Values
(Dollars in Thousands, except Input Values)						Unobservable Input		Range									Weighted Average
Assets
Residential loans, at fair value:
Jumbo fixed-rate loans		$	2,436,401			Whole loan spread to TBA price		$	2.25		-	$	2.25				$	2.25
						Whole loan spread to swap rate		80			-	215			bps		158			bps
Jumbo hybrid loans		400,412				Prepayment rate (annual CPR)		15			-	15			%		15			%
						Whole loan spread to swap rate		40			-	155			bps		107			bps
Jumbo loans committed to sell		387,168				Whole loan committed sales price		$	101.30		-	$	103.13				$	101.83
Loans held by Legacy Sequoia (1)		488,645				Liability price						N/A					N/A
Loans held by Sequoia Choice (1)		2,333,248				Liability price						N/A					N/A
Loans held by Freddie Mac SLST		1,228,317				Liability price						N/A					N/A
Business purpose residential loans:
Single-family rental loans		56,696				IO discount rate		12			-	12			%		12			%
						Prepayment rate (annual CPR)		2			-	10			%		5			%
						Senior credit spread		95			-	95			bps		95			bps
						Subordinate credit spread		140			-	1,200			bps		296			bps
						Senior credit support		35			-	35			%		35			%
Residential bridge loans		103,915				Discount rate		7			-	7			%		7			%
Multifamily loans held by Freddie Mac K-Series (1)		2,175,899				Liability price						N/A					N/A
Trading and AFS securities		1,543,152				Discount rate		2			-	14			%		5			%
						Prepayment rate (annual CPR)		—			-	60			%		9			%
						Default rate		—			-	20			%		2			%
						Loss severity		—			-	40			%		21			%
Servicer advance investments		303,920				Discount rate		5			-	5			%		5			%
						Prepayment rate (annual CPR)		8			-	16			%		14			%
						Expected remaining life (2)		2			-	2			years		2			years
						Mortgage servicing income		6			-	14			bps		10			bps
MSRs		55,284				Discount rate		11			-	30			%		11			%
						Prepayment rate (annual CPR)		5			-	64			%		9			%
						Per loan annual cost to service		$	82		-	$	82				$	82
Excess MSRs		28,992				Discount rate		12			-	18			%		15			%
						Prepayment rate (annual CPR)		8			-	14			%		11			%
						Excess mortgage servicing income		7			-	18			bps		12			bps
Guarantee asset		2,342				Discount rate		11			-	11			%		11			%
						Prepayment rate (annual CPR)		11			-	11			%		11			%
REO		5,821				Loss severity		7			-	51			%		10			%
Loan purchase commitments, net		4,195				MSR multiple		0.9			-	4.9			x		2.6			x
						Pull-through rate		8			-	100			%		69			%
						Whole loan spread to TBA price		$	2.25		-	$	2.25				$	2.25
						Whole loan spread to swap rate - fixed rate		95			-	215			bps		187			bps
						Prepayment rate (annual CPR)		15			-	15			%		15			%
						Whole loan spread to swap rate - hybrid		85			-	155			bps		109			bps

Table 5.7 – Fair Value Methodology for Level 3 Financial Instruments (continued)

March 31, 2019		Fair Value					Input Values
(Dollars in Thousands, except Input Values)					Unobservable Input		Range							Weighted Average
Liabilities
ABS issued (1):
At consolidated Sequoia entities		2,597,355			Discount rate		4		-	15		%		4		%
					Prepayment rate (annual CPR)		8		-	65		%		18		%
					Default rate		—		-	9		%		2		%
					Loss severity		20		-	22		%		22		%
At consolidated Freddie Mac SLST entity		993,032			Discount rate		3		-	3		%		3		%
					Prepayment rate (annual CPR)		6		-	6		%		6		%
					Default rate		2		-	2		%		2		%
					Loss severity		30		-	30		%		30		%
At consolidated Freddie Mac K-Series entities		2,047,257			Discount rate		3		-	9		%		3		%
					Prepayment rate (annual CPR)		—		-	—		%		—		%
					Default rate		1		-	1		%		1		%
					Loss severity		20		-	20		%		20		%
Contingent consideration		24,621			Discount rate		23		-	23		%		23		%
					Probability of outcomes (3)		—		-	100		%		90		%

(1) The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.

(2) Represents the estimated average duration of outstanding servicer advances at a given point in time (not taking into account new advances made with respect to the pool).

(3) Represents the probability of a full payout of contingent purchase consideration.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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No definition available.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
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