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Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Information | Segment Information Redwood operates in three segments: Residential Lending, Business Purpose Lending, and Third-Party Investments. Beginning in the second quarter of 2020, we combined what was previously our Multifamily Investments segment and Third-Party Residential Investments segment into a new segment called Third-Party Investments. Prior periods have been conformed to the current presentation. Following is a full description of our current segments. Residential Lending – consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer into our investment portfolio, as well as the investments we retain from these activities. We typically acquire prime, jumbo mortgages and the related mortgage servicing rights on a flow basis from our network of loan sellers and distribute those loans through our Sequoia private-label securitization program or to institutions that acquire pools of whole loans. Our investments in this segment primarily consist of residential mortgage-backed securities ("RMBS") retained from our Sequoia securitizations (some of which we consolidate for GAAP purposes) and MSRs retained from jumbo whole loans we sold or securitized. This segment also includes various derivative financial instruments that we utilize to manage certain risks associated with our inventory of residential loans held-for-sale and long-term investments we hold within this segment. This segment’s main source of revenue is net interest income from its long-term investments and its inventory of loans held-for-sale, as well as income from mortgage banking activities, which includes valuation increases (or gains) on loans we acquire and subsequently sell, securitize, or transfer into our investment portfolio, and the hedges used to manage risks associated with these activities. Additionally, this segment may realize gains and losses upon the sale of securities. Funding expenses, direct operating expenses, and tax expenses associated with these activities are also included in this segment. Business Purpose Lending – consists of a platform that originates and acquires business purpose residential loans for subsequent securitization or transfer into our investment portfolio, as well as the investments we retain from these activities. We typically originate single-family rental and residential bridge loans and distribute certain single-family rental loans through our CoreVest American Finance Lender ("CAFL") private-label securitization program and retain others for investment along with our residential bridge loans. Single-family rental loans are business purpose residential mortgage loans to investors in single-family (1-4 unit) rental properties. Residential bridge loans are business purpose residential mortgage loans to investors rehabilitating and subsequently reselling or renting residential properties. Our investments in this segment primarily consist of securities retained from our CAFL securitizations (which we consolidate for GAAP purposes), and residential bridge loans. This segment also includes various derivative financial instruments that we utilize to manage certain risks associated with our inventory of single-family rental loans held-for-sale and our investments. This segment’s main source of revenue is net interest income from its investments and loans held-for-sale, as well as income from mortgage banking activities, which includes valuation increases (or gains) on loans we originate or acquire and subsequently sell, securitize or transfer into our investment portfolio, and the hedges used to manage risks associated with these activities. Additionally, this segment may realize gains and losses upon the sale of securities. Funding expenses, direct operating expenses, and tax expenses associated with these activities are also included in this segment. Third-Party Investments – consists of investments in RMBS issued by third parties, investments in Freddie Mac K-Series multifamily loan securitizations and SLST reperforming loan securitizations (which we consolidate for GAAP purposes), our servicer advance investments, and other residential and multifamily credit investments not generated through our Residential or Business Purpose Lending segments. This segment’s main sources of revenue are interest income from securities and loans held-for-investment. Additionally, this segment may realize gains and losses upon the sale of securities. Funding expenses, hedging expenses, direct operating expenses, and tax provisions associated with these activities are also included in this segment. Segment contribution represents the measure of profit that management uses to assess the performance of our business segments and make resource allocation and operating decisions. Certain corporate expenses not directly assigned or allocated to one of our three segments, as well as activity from certain consolidated Sequoia entities, are included in the Corporate/Other column as reconciling items to our consolidated financial statements. These unallocated corporate expenses primarily include indirect general and administrative expenses and other expense. The following tables present financial information by segment for the three and nine months ended September 30, 2020 and 2019. Table 23.1 – Business Segment Financial Information
|  | Three Months Ended September 30, 2020
(In Thousands) |  | Residential Lending |  | Business Purpose Lending |  |  |  | Third-Party Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 26,672 |  |  | $ | 55,930 |  |  |  |  | $ | 37,576 |  |  | $ | 1,804 |  |  | $ | 121,982 |
Interest expense |  | (22,541) |  |  | (46,027) |  |  |  |  | (27,534) |  |  | (4,309) |  |  | (100,411) |
Net interest income |  | 4,131 |  |  | 9,903 |  |  |  |  | 10,042 |  |  | (2,505) |  |  | 21,571 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 11,864 |  |  | 47,531 |  |  |  |  | — |  |  | — |  |  | 59,395 |
Investment fair value changes, net |  | 2,443 |  |  | 16,892 |  |  |  |  | 87,890 |  |  | (178) |  |  | 107,047 |
Other income, net |  | (2,011) |  |  | 623 |  |  |  |  | 340 |  |  | 934 |  |  | (114) |
Realized gains, net |  | — |  |  | — |  |  |  |  | 602 |  |  | — |  |  | 602 |
Total non-interest income, net |  | 12,296 |  |  | 65,046 |  |  |  |  | 88,832 |  |  | 756 |  |  | 166,930 |
General and administrative expenses |  | (4,602) |  |  | (9,321) |  |  |  |  | (709) |  |  | (12,998) |  |  | (27,630) |
Loan acquisition costs |  | (304) |  |  | (1,660) |  |  |  |  | (194) |  |  | — |  |  | (2,158) |
Other expenses |  | (3,309) |  |  | (3,874) |  |  |  |  | (470) |  |  | (135) |  |  | (7,788) |
(Provision for) benefit from income taxes |  | (826) |  |  | (8,544) |  |  |  |  | 257 |  |  | — |  |  | (9,113) |
Segment Contribution |  | $ | 7,386 |  |  | $ | 51,550 |  |  |  |  | $ | 97,758 |  |  | $ | (14,882) |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  | $ | 141,812 |
Non-cash amortization (expense) income, net |  | $ | 1,785 |  |  | $ | (6,719) |  |  |  |  | $ | 117 |  |  | $ | (1,516) |  |  | $ | (6,333) |
|  | Nine Months Ended September 30, 2020
(In Thousands) |  | Residential Lending |  | Business Purpose Lending |  |  |  | Third-Party Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 123,956 |  |  | $ | 162,732 |  |  |  |  | $ | 155,583 |  |  | $ | 7,738 |  |  | $ | 450,009 |
Interest expense |  | (94,112) |  |  | (119,854) |  |  |  |  | (123,160) |  |  | (12,622) |  |  | (349,748) |
Net interest income |  | 29,844 |  |  | 42,878 |  |  |  |  | 32,423 |  |  | (4,884) |  |  | 100,261 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | (19,222) |  |  | 43,733 |  |  |  |  | — |  |  | — |  |  | 24,511 |
Investment fair value changes, net |  | (159,107) |  |  | (84,837) |  |  |  |  | (366,696) |  |  | (917) |  |  | (611,557) |
Other income, net |  | (2,278) |  |  | 3,493 |  |  |  |  | 1,072 |  |  | 1,692 |  |  | 3,979 |
Realized gains, net |  | 2,001 |  |  | — |  |  |  |  | 3,236 |  |  | 25,182 |  |  | 30,419 |
Total non-interest income, net |  | (178,606) |  |  | (37,611) |  |  |  |  | (362,388) |  |  | 25,957 |  |  | (552,648) |
General and administrative expenses |  | (12,901) |  |  | (29,977) |  |  |  |  | (4,230) |  |  | (37,724) |  |  | (84,832) |
Loan acquisition costs |  | (1,512) |  |  | (5,630) |  |  |  |  | (567) |  |  | (7) |  |  | (7,716) |
Other expenses |  | (3,309) |  |  | (100,743) |  |  |  |  | 347 |  |  | (581) |  |  | (104,286) |
Benefit from income taxes |  | 7,827 |  |  | 477 |  |  |  |  | 4,775 |  |  | — |  |  | 13,079 |
Segment Contribution |  | $ | (158,657) |  |  | $ | (130,606) |  |  |  |  | $ | (329,640) |  |  | $ | (17,239) |  |  |
Net Loss |  |  |  |  |  |  |  |  |  |  |  | $ | (636,142) |
Non-cash amortization (expense) income, net |  | $ | 602 |  |  | $ | (18,050) |  |  |  |  | $ | 1,105 |  |  | $ | (3,035) |  |  | $ | (19,378) |
Other significant non-cash expense: goodwill impairment |  | $ | — |  |  | $ | (88,675) |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (88,675) |
|  | Three Months Ended September 30, 2019
(In Thousands) |  | Residential Lending |  | Business Purpose Lending |  |  |  | Third-Party Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 69,586 |  |  | $ | 5,527 |  |  |  |  | $ | 70,709 |  |  | $ | 4,295 |  |  | $ | 150,117 |
Interest expense |  | (48,798) |  |  | (2,813) |  |  |  |  | (61,541) |  |  | (3,452) |  |  | (116,604) |
Net interest income |  | 20,788 |  |  | 2,714 |  |  |  |  | 9,168 |  |  | 843 |  |  | 33,513 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 5,016 |  |  | 4,499 |  |  |  |  | — |  |  | — |  |  | 9,515 |
Investment fair value changes, net |  | (11,088) |  |  | (1,073) |  |  |  |  | 24,057 |  |  | (452) |  |  | 11,444 |
Other income, net |  | 1,878 |  |  | 1,918 |  |  |  |  | 560 |  |  | — |  |  | 4,356 |
Realized gains, net |  | — |  |  | — |  |  |  |  | 4,714 |  |  | — |  |  | 4,714 |
Total non-interest income, net |  | (4,194) |  |  | 5,344 |  |  |  |  | 29,331 |  |  | (452) |  |  | 30,029 |
General and administrative expenses |  | (5,581) |  |  | (6,028) |  |  |  |  | (676) |  |  | (12,614) |  |  | (24,899) |
Loan acquisition costs |  | (867) |  |  | (756) |  |  |  |  | (180) |  |  | (113) |  |  | (1,916) |
Other expenses |  | — |  |  | (1,900) |  |  |  |  | (395) |  |  | (236) |  |  | (2,531) |
Benefit from (provision for) income taxes |  | 228 |  |  | (8) |  |  |  |  | (106) |  |  | — |  |  | 114 |
Segment Contribution |  | $ | 10,374 |  |  | $ | (634) |  |  |  |  | $ | 37,142 |  |  | $ | (12,572) |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  | $ | 34,310 |
Non-cash amortization income (expense), net |  | $ | 2,537 |  |  | $ | (2,107) |  |  |  |  | $ | — |  |  | $ | (1,148) |  |  | $ | (718) |
|  | Nine Months Ended September 30, 2019
(In Thousands) |  | Residential Lending |  | Business Purpose Lending |  |  |  | Third-Party Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 204,036 |  |  | $ | 12,595 |  |  |  |  | $ | 199,145 |  |  | $ | 13,924 |  |  | $ | 429,700 |
Interest expense |  | (145,795) |  |  | (6,590) |  |  |  |  | (168,167) |  |  | (11,548) |  |  | (332,100) |
Net interest income |  | 58,241 |  |  | 6,005 |  |  |  |  | 30,978 |  |  | 2,376 |  |  | 97,600 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 31,202 |  |  | 9,782 |  |  |  |  | — |  |  | — |  |  | 40,984 |
Investment fair value changes, net |  | (20,910) |  |  | (1,833) |  |  |  |  | 58,492 |  |  | (1,008) |  |  | 34,741 |
Other income, net |  | 6,317 |  |  | 4,213 |  |  |  |  | 600 |  |  | 2,710 |  |  | 13,840 |
Realized gains, net |  | 7,728 |  |  | — |  |  |  |  | 10,499 |  |  | — |  |  | 18,227 |
Total non-interest income, net |  | 24,337 |  |  | 12,162 |  |  |  |  | 69,591 |  |  | 1,702 |  |  | 107,792 |
General and administrative expenses |  | (17,591) |  |  | (13,452) |  |  |  |  | (2,239) |  |  | (37,440) |  |  | (70,722) |
Loan acquisition costs |  | (2,859) |  |  | (2,017) |  |  |  |  | (503) |  |  | (128) |  |  | (5,507) |
Other expenses |  | — |  |  | (4,432) |  |  |  |  | (864) |  |  | (725) |  |  | (6,021) |
(Provision for) benefit from income taxes |  | (1,757) |  |  | 25 |  |  |  |  | (1,370) |  |  | — |  |  | (3,102) |
Segment Contribution |  | $ | 60,371 |  |  | $ | (1,709) |  |  |  |  | $ | 95,593 |  |  | $ | (34,215) |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  | $ | 120,040 |
Non-cash amortization income (expense), net |  | $ | 6,780 |  |  | $ | (4,907) |  |  |  |  | $ | (824) |  |  | $ | (1,939) |  |  | $ | (890) |
The following table presents the components of Corporate/Other for the three and nine months ended September 30, 2020 and 2019. Table 23.2 – Components of Corporate/Other
|  | Three Months Ended September 30,
|  | 2020 |  | 2019
(In Thousands) |  | Legacy Consolidated VIEs (1) |  | Other |  | Total |  | Legacy Consolidated VIEs (1) |  | Other |  | Total
Interest income |  | $ | 1,795 |  |  | $ | 9 |  |  | $ | 1,804 |  |  | $ | 4,295 |  |  | $ | — |  |  | $ | 4,295 |
Interest expense |  | (1,058) |  |  | (3,251) |  |  | (4,309) |  |  | (3,452) |  |  | — |  |  | (3,452) |
Net interest income |  | 737 |  |  | (3,242) |  |  | (2,505) |  |  | 843 |  |  | — |  |  | 843 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Investment fair value changes, net |  | (81) |  |  | (97) |  |  | (178) |  |  | (407) |  |  | (45) |  |  | (452) |
Other income |  | — |  |  | 934 |  |  | 934 |  |  | — |  |  | — |  |  | — |
Total non-interest income, net |  | (81) |  |  | 837 |  |  | 756 |  |  | (407) |  |  | (45) |  |  | (452) |
General and administrative expenses |  | — |  |  | (12,998) |  |  | (12,998) |  |  | — |  |  | (12,614) |  |  | (12,614) |
Loan acquisition costs |  | — |  |  | — |  |  | — |  |  | — |  |  | (113) |  |  | (113) |
Other expenses |  | — |  |  | (135) |  |  | (135) |  |  | — |  |  | (236) |  |  | (236) |
Total |  | $ | 656 |  |  | $ | (15,538) |  |  | $ | (14,882) |  |  | $ | 436 |  |  | $ | (13,008) |  |  | $ | (12,572) |
|  | Nine Months Ended September 30,
|  | 2020 |  | 2019
(In Thousands) |  | Legacy Consolidated VIEs (1) |  | Other |  | Total |  | Legacy Consolidated VIEs (1) |  | Other |  | Total
Interest income |  | $ | 7,675 |  |  | $ | 63 |  |  | $ | 7,738 |  |  | $ | 13,924 |  |  | $ | — |  |  | $ | 13,924 |
Interest expense |  | (5,098) |  |  | (7,524) |  |  | (12,622) |  |  | (11,548) |  |  | — |  |  | (11,548) |
Net interest income |  | 2,577 |  |  | (7,461) |  |  | (4,884) |  |  | 2,376 |  |  | — |  |  | 2,376 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Investment fair value changes, net |  | (702) |  |  | (215) |  |  | (917) |  |  | (904) |  |  | (104) |  |  | (1,008) |
Other income |  | — |  |  | 1,692 |  |  | 1,692 |  |  | — |  |  | 2,710 |  |  | 2,710 |
Realized gains, net |  | — |  |  | 25,182 |  |  | 25,182 |  |  | — |  |  | — |  |  | — |
Total non-interest income, net |  | (702) |  |  | 26,659 |  |  | 25,957 |  |  | (904) |  |  | 2,606 |  |  | 1,702 |
General and administrative expenses |  | — |  |  | (37,724) |  |  | (37,724) |  |  | — |  |  | (37,440) |  |  | (37,440) |
Loan acquisition costs |  | — |  |  | (7) |  |  | (7) |  |  | — |  |  | (128) |  |  | (128) |
Other expenses |  | — |  |  | (581) |  |  | (581) |  |  | — |  |  | (725) |  |  | (725) |
Total |  | $ | 1,875 |  |  | $ | (19,114) |  |  | $ | (17,239) |  |  | $ | 1,472 |  |  | $ | (35,687) |  |  | $ | (34,215) |
(1) Legacy consolidated VIEs represent Legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4 for further discussion on VIEs. The following table presents supplemental information by segment at September 30, 2020 and December 31, 2019. Table 23.3 – Supplemental Segment Information
(In Thousands) |  | Residential Lending |  | Business Purpose Lending |  |  |  | Third-Party Investments |  | Corporate/ Other |  | Total
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,941,489 |  |  | $ | — |  |  |  |  | $ | 2,256,682 |  |  | $ | 296,765 |  |  | $ | 4,494,936 |
Business purpose residential loans |  | — |  |  | 3,956,101 |  |  |  |  | — |  |  | — |  |  | 3,956,101 |
Multifamily loans |  | — |  |  | — |  |  |  |  | 491,415 |  |  | — |  |  | 491,415 |
Real estate securities |  | 146,608 |  |  | — |  |  |  |  | 204,727 |  |  | — |  |  | 351,335 |
Other investments |  | 14,878 |  |  | 25,713 |  |  |  |  | 344,037 |  |  | — |  |  | 384,628 |
Goodwill and intangible assets |  | — |  |  | 60,737 |  |  |  |  | — |  |  | — |  |  | 60,737 |
Total assets |  | 2,148,643 |  |  | 4,134,913 |  |  |  |  | 3,315,039 |  |  | 803,817 |  |  | 10,402,412 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 4,939,745 |  |  | $ | — |  |  |  |  | $ | 2,367,215 |  |  | $ | 407,890 |  |  | $ | 7,714,850 |
Business purpose residential loans |  | — |  |  | 3,506,743 |  |  |  |  | — |  |  | — |  |  | 3,506,743 |
Multifamily loans |  | — |  |  | — |  |  |  |  | 4,408,524 |  |  | — |  |  | 4,408,524 |
Real estate securities |  | 229,074 |  |  | — |  |  |  |  | 870,800 |  |  | — |  |  | 1,099,874 |
Other investments |  | 42,224 |  |  | 21,002 |  |  |  |  | 294,904 |  |  | — |  |  | 358,130 |
Goodwill and intangible assets |  | — |  |  | 161,464 |  |  |  |  | — |  |  | — |  |  | 161,464 |
Total assets |  | 5,410,540 |  |  | 3,786,641 |  |  |  |  | 8,028,946 |  |  | 769,313 |  |  | 17,995,440 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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