XML 64 R50.htm IDEA: XBRL DOCUMENT v3.19.1
Investment Fair Value Changes, Net (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Fair Value Changes
The following table presents the components of Investment fair value changes, net, recorded in our consolidated statements of income for the three months ended March 31, 2019 and 2018.
Table 20.1 – Investment Fair Value Changes
 
 
Three Months Ended March 31,
(In Thousands)
 
2019
 
2018
Investment Fair Value Changes, Net
 
 
 
 
Changes in fair value of:
 
 
 
 
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 (1)
 
(374
)
 
(8
)
Net investments in Sequoia Choice entities (1)
 
3,265

 
(86
)
Net investment in Freddie Mac SLST entity (1)
 
6,365

 
—

Net investments in Freddie Mac K-Series entities (1)
 
3,119

 
—

Risk-sharing investments
 
(77
)
 
(139
)
Risk management derivatives, net
 
(42,375
)
 
43,782

Investment Fair Value Changes, Net
 
$
20,159

 
$
1,609


(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 investments at the consolidated VIEs.