Business Purpose Loans (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Classifications and Carrying Value of Loans

The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at September 30, 2018 and December 31, 2017.

Table 6.1 – Classifications and Carrying Values of Residential Loans

September 30, 2018			Legacy		Sequoia
(In Thousands)	Redwood		Sequoia		Choice		Total
Held-for-sale
At fair value	$	866,331	$	—	$	—	$	866,331
At lower of cost or fair value	113		—		—		113
Total held-for-sale	866,444		—		—		866,444
Held-for-investment at fair value	2,320,662		553,958		2,181,195		5,055,815
Total Residential Loans	$	3,187,106	$	553,958	$	2,181,195	$	5,922,259

December 31, 2017			Legacy		Sequoia
(In Thousands)	Redwood		Sequoia		Choice		Total
Held-for-sale
At fair value	$	1,427,052	$	—	$	—	$	1,427,052
At lower of cost or fair value	893		—		—		893
Total held-for-sale	1,427,945		—		—		1,427,945
Held-for-investment at fair value	2,434,386		632,817		620,062		3,687,265
Total Residential Loans	$	3,862,331	$	632,817	$	620,062	$	5,115,210

Classifications and Carrying Values of Business Purpose Loans

(In Thousands)	September 30, 2018		December 31, 2017
Single-family rental loans, held-for-sale at fair value	$	20,105	$	—
Fix-and-flip loans, held-for-investment at fair value	95,515		—
Total Business Purpose Loans	$	115,620	$	—