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Multifamily Loans | 12 Months Ended
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Dec. 31, 2019
Receivables [Abstract] |
Multifamily Loans | Residential Loans We acquire residential loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at December 31, 2019 and December 31, 2018. Table 6.1 – Classifications and Carrying Values of Residential Loans
December 31, 2019 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 536,385 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 536,385 |
Held-for-investment at fair value |  | 2,111,897 |  |  | 407,890 |  |  | 2,291,463 |  |  | 2,367,215 |  |  | 7,178,465 |
Total Residential Loans |  | $ | 2,648,282 |  |  | $ | 407,890 |  |  | $ | 2,291,463 |  |  | $ | 2,367,215 |  |  | $ | 7,714,850 |
December 31, 2018 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 1,048,801 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,048,801 |
Held-for-investment at fair value |  | 2,383,932 |  |  | 519,958 |  |  | 2,079,382 |  |  | 1,222,669 |  |  | 6,205,941 |
Total Residential Loans |  | $ | 3,432,733 |  |  | $ | 519,958 |  |  | $ | 2,079,382 |  |  | $ | 1,222,669 |  |  | $ | 7,254,742 |
At December 31, 2019, we owned mortgage servicing rights associated with $2.03 billion (principal balance) of consolidated residential loans purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Loans Held-for-Sale At Fair Value At December 31, 2019, we owned 669 loans held-for-sale at fair value with an aggregate unpaid principal balance of $525 million and a fair value of $536 million, compared to 1,484 loans with an aggregate unpaid principal balance of $1.03 billion and a fair value of $1.05 billion at December 31, 2018. At December 31, 2019, one of these loans with a fair value of $0.6 million and an unpaid principal balance of $0.7 million was greater than 90 days delinquent and no ne of these loans were in foreclosure. At December 31, 2018, one of these loans with a fair value of $0.6 million and an unpaid principal balance of $0.7 million was greater than 90 days delinquent and no ne of these loans were in foreclosure. During the years ended December 31, 2019 and 2018, we purchased $5.73 billion and $7.07 billion (principal balance) of loans, respectively, for which we elected the fair value option, and we sold $6.07 billion and $7.11 billion (principal balance) of loans, respectively, for which we recorded net market valuation gain s of $3 million and $23 million, respectively, through Mortgage banking activities, net on our consolidated statements of income. Residential Loans Held-for-Investment at Fair Value At Redwood At December 31, 2019, we owned 2,940 held-for-investment loans at Redwood with an aggregate unpaid principal balance of $2.05 billion and a fair value of $2.11 billion, compared to 3,296 loans with an aggregate unpaid principal balance of $2.39 billion and a fair value of $2.38 billion at December 31, 2018. At December 31, 2019, two of these loans with a total fair value of $1 million and an unpaid principal balance of $2 million were greater than 90 days delinquent and no ne of these loans were in foreclosure. At December 31, 2018, two of these loans with an aggregate fair value and unpaid principal balance of $1 million were greater than 90 days delinquent and no ne of these loans were in foreclosure. During the years ended December 31, 2019 and 2018, we transferred loans with a fair value of $69 million and $286 million, respectively, from held-for-sale to held-for-investment. During the years ended December 31, 2019 and 2018, we transferred loans with a fair value of $23 million and $16 million, respectively, from held-for-investment to held-for-sale. During the year s ended December 31, 2019 and 2018, we recorded a net market valuation gain of $59 million and a net market valuation loss of $30 million, respectively, on residential loans held-for-investment at fair value through Investment fair value changes, net on our consolidated statements of income. The outstanding loans held-for-investment at Redwood at December 31, 2019 were prime-quality, first-lien loans, of which 96% were originated between 2013 and 2019, and 4% were originated in 2012 and prior years. The weighted average Fair Isaac Corporation ("FICO") score of borrowers backing these loans was 768 (at origination) and the weighted average loan-to-value ("LTV") ratio of these loans was 66% (at origination). At December 31, 2019, these loans were comprised of 89% fixed-rate loans with a weighted average coupon of 4.14%, and the remainder were hybrid or ARM loans with a weighted average coupon of 4.16%. At Consolidated Legacy Sequoia Entities At December 31, 2019, we consolidated 2,198 held-for-investment loans at consolidated Legacy Sequoia entities, with an aggregate unpaid principal balance of $425 million and a fair value of $408 million, as compared to 2,641 loans at December 31, 2018, with an aggregate unpaid principal balance of $545 million and a fair value of $520 million. At origination, the weighted average FICO score of borrowers backing these loans was 727, the weighted average LTV ratio of these loans was 65%, and the loans were nearly all first lien and prime-quality. At December 31, 2019 and December 31, 2018, the unpaid principal balance of loans at consolidated Sequoia entities delinquent greater than 90 days was $10 million and $14 million, respectively, of which the unpaid principal balance of loans in foreclosure was $4 million and $5 million, respectively. During the years ended December 31, 2019 and 2018, we recorded net market valuation gain s of $5 million and $37 million, respectively, on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the associated ABS issued. The net impact to our income statement associated with our retained economic investment in the Legacy Sequoia securitization entities is presented in Note 5. At Consolidated Sequoia Choice Entities At December 31, 2019, we consolidated 3,156 held-for-investment loans at consolidated Sequoia Choice entities, with an aggregate unpaid balance of $2.24 billion and a fair value of $2.29 billion, as compared to 2,800 loans a t December 31, 2018, with an aggregate unpaid principal balance of $2.04 billion and a fair value of $2.08 billion. At origination, the weighted average FICO score of borrowers backing these loans was 744, the weighted average LTV ratio of these loans was 75%, and the loans were all first lien and prime-quality. At December 31, 2019, nine of these loans with an aggregate unpaid principal balance of $7 million were greater than 90 days delinquent and three of these loans with an aggregate unpaid principal balance of $2 million were in foreclosure. At December 31, 2018, three of these loans with an aggregate unpaid principal balance of $2 million were greater than 90 days delinquent and none of these loans were in foreclosure. During the years ended December 31, 2019 and 2018, we transferred loans with a fair value of $1.08 billion and $1.78 billion, respectively, from held-for-sale to held-for-investment associated with Choice securitizations. During the years ended December 31, 2019 and 2018, we recorded net market valuation loss es of $15 million and $13 million, respectively, on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the ABS issued associated with Choice securitizations. The net impact to our income statement associated with our retained economic investment in the Sequoia Choice securitization entities is presented in Note 5. At Consolidated Freddie Mac SLST Entities Beginning in the fourth quarter of 2018, we invested in subordinate securities issued by certain Freddie Mac SLST securitization trusts and were required to consolidate the underlying seasoned re-performing and non-performing residential loans owned at these entities for financial reporting purposes in accordance with GAAP. At securitization, each of these mortgage loans was a fully amortizing, fixed- or step-rate, first-lien loan that had been modified. At December 31, 2019, we consolidated 14,502 held-for-investment loans at the consolidated Freddie Mac SLST entities, with an aggregate unpaid principal balance of $2.43 billion and a fair value of $2.37 billion, as compared to 7,900 loans a t December 31, 2018, with an aggregate unpaid principal balance of $1.31 billion and a fair value of $1.22 billion. At securitization, the weighted average FICO score of borrowers backing these loans was 600 and the weighted average LTV ratio of these loans was 73%. At December 31, 2019, 587 of these loans with an aggregate unpaid principal balance of $135 million were greater than 90 days delinquent and 208 of these loans with an aggregate unpaid principal balance of $33 million were in foreclosure. At December 31, 2018, 306 of these loans with aggregate unpaid principal balance of $51 million were greater than 90 days delinquent and none of these loans were in foreclosure. During the years ended December 31, 2019 and 2018, we recorded net market valuation gain s of $64 million and $21 million, respectively, on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the ABS issued associated with the Freddie Mac SLST securitizations. The net impact to our income statement associated with our economic investment in the Freddie Mac SLST securitization entities is presented in Note 5. Residential Loan Characteristics The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2019 and December 31, 2018. Table 6.2 – Geographic Concentration of Residential Loans
|  | December 31, 2019
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia Choice |  | Held-for-Investment at Freddie Mac SLST |  | Held-for- Investment at FVO
California |  | 36 | % |  | 18 | % |  | 35 | % |  | 14 | % |  | 45 | %
Washington |  | 7 | % |  | 1 | % |  | 7 | % |  | 2 | % |  | 5 | %
Texas |  | 6 | % |  | 6 | % |  | 9 | % |  | 3 | % |  | 8 | %
Colorado |  | 6 | % |  | 3 | % |  | 4 | % |  | — | % |  | 4 | %
Florida |  | 4 | % |  | 14 | % |  | 5 | % |  | 10 | % |  | 5 | %
New Jersey |  | 2 | % |  | 4 | % |  | 2 | % |  | 7 | % |  | 2 | %
New York |  | 1 | % |  | 10 | % |  | 4 | % |  | 10 | % |  | 4 | %
Other states (none greater than 5%) |  | 38 | % |  | 44 | % |  | 34 | % |  | 54 | % |  | 27 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
|  | December 31, 2018
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia Choice |  | Held-for-Investment at Freddie Mac SLST |  | Held-for- Investment at FVO
California |  | 40 | % |  | 19 | % |  | 39 | % |  | 12 | % |  | 47 | %
Washington |  | 10 | % |  | 1 | % |  | 7 | % |  | 2 | % |  | 5 | %
Texas |  | 6 | % |  | 6 | % |  | 8 | % |  | 3 | % |  | 8 | %
Florida |  | 4 | % |  | 13 | % |  | 4 | % |  | 10 | % |  | 5 | %
New Jersey |  | 2 | % |  | 4 | % |  | 1 | % |  | 7 | % |  | 1 | %
New York |  | 3 | % |  | 10 | % |  | 5 | % |  | 10 | % |  | 3 | %
Other states (none greater than 5%) |  | 35 | % |  | 47 | % |  | 36 | % |  | 56 | % |  | 31 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
T he following table displays the loan product type and accompanying loan characteristics of residential loans recorded on our consolidated balance sheets at December 31, 2019 and December 31, 2018. Table 6.3 – Product Types and Characteristics of Residential Loans
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 12 |  |  | 3.50 | % | to | 4.50% |  | 2043-09 | - | 2046-01 |  | $ | 2,423 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 51 |  |  | 3.25 | % | to | 5.63% |  | 2041-01 | - | 2048-08 |  | 20,781 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 97 |  |  | 2.88 | % | to | 5.13% |  | 2041-09 | - | 2048-08 |  | 61,708 |  |  | 1,364 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 90 |  |  | 2.88 | % | to | 6.00% |  | 2043-12 | - | 2048-08 |  | 77,550 |  |  | 1,784 |  |  | 971 |
|  | over | $1,000 |  |  | 49 |  |  | 3.00 | % | to | 5.50% |  | 2040-10 | - | 2048-09 |  | 64,937 |  |  | 1,428 |  |  | — |
|  |  |  |  |  | 299 |  |  |  |  |  |  |  |  |  |  | 227,399 |  |  | 4,576 |  |  | 971 |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 38 |  |  | 2.90 | % | to | 4.80% |  | 2026-02 | - | 2047-12 |  | 6,549 |  |  | 223 |  |  | — |
| $ | 251 |  | to | $500 |  |  | 676 |  |  | 2.75 | % | to | 6.00% |  | 2026-01 | - | 2049-04 |  | 287,984 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1,091 |  |  | 2.80 | % | to | 6.75% |  | 2026-04 | - | 2049-05 |  | 669,159 |  |  | 2,325 |  |  | 614 |
| $ | 751 |  | to | $1,000 |  |  | 519 |  |  | 2.75 | % | to | 6.63% |  | 2026-01 | - | 2049-04 |  | 447,499 |  |  | 1,895 |  |  | — |
|  |  | over | $1,000 |  |  | 317 |  |  | 3.00 | % | to | 5.88% |  | 2031-04 | - | 2049-05 |  | 414,188 |  |  | 3,202 |  |  | — |
|  |  |  |  |  | 2,641 |  |  |  |  |  |  |  |  |  |  | 1,825,379 |  |  | 7,645 |  |  | 614 |
Total HFI at Redwood: |  | 2,940 |  |  |  |  |  |  |  |  |  |  | $ | 2,052,778 |  |  | $ | 12,221 |  |  | $ | 1,585 |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1,685 |  |  | 1.38 | % | to | 6.00% |  | 2020-01 | - | 2035-11 |  | $ | 169,230 |  |  | $ | 5,135 |  |  | $ | 3,109 |
| $ | 251 |  | to | $500 |  |  | 345 |  |  | 1.25 | % | to | 5.63% |  | 2022-01 | - | 2036-05 |  | 120,261 |  |  | 6,149 |  |  | 3,835 |
| $ | 501 |  | to | $750 |  |  | 87 |  |  | 1.63 | % | to | 4.38% |  | 2027-04 | - | 2035-02 |  | 53,811 |  |  | 3,628 |  |  | 1,211 |
| $ | 751 |  | to | $1,000 |  |  | 45 |  |  | 1.63 | % | to | 4.38% |  | 2027-11 | - | 2036-03 |  | 37,756 |  |  | 827 |  |  | 1,648 |
|  |  | over | $1,000 |  |  | 24 |  |  | 1.63 | % | to | 4.00% |  | 2027-12 | - | 2035-04 |  | 38,341 |  |  | — |  |  | — |
|  |  |  |  |  | 2,186 |  |  |  |  |  |  |  |  |  |  | 419,399 |  |  | 15,739 |  |  | 9,803 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2 |  |  | 4.25 | % | to | 4.50% |  | 2033-09 | - | 2033-10 |  | 465 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 7 |  |  | 3.63 | % | to | 5.13% |  | 2033-07 | - | 2034-06 |  | 2,494 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 2 |  |  | 4.50 | % | to | 4.50% |  | 2033-08 | - | 2033-08 |  | 1,181 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 1 |  |  | 4.50 | % | to | 4.50% |  | 2033-09 | - | 2033-09 |  | 1,291 |  |  | — |  |  | — |
|  |  |  |  |  | 12 |  |  |  |  |  |  |  |  |  |  | 5,431 |  |  | — |  |  | — |
Total HFI at Legacy Sequoia: |  | 2,198 |  |  |  |  |  |  |  |  |  |  | $ | 424,830 |  |  | $ | 15,739 |  |  | $ | 9,803 |
Held-for-Investment at Sequoia Choice: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 56 |  |  | 2.75 | % | to | 5.50% |  | 2038-02 | - | 2049-07 |  | $ | 10,743 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 420 |  |  | 3.13 | % | to | 6.13% |  | 2037-12 | - | 2049-09 |  | 184,455 |  |  | 2,282 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1,528 |  |  | 3.13 | % | to | 6.75% |  | 2037-02 | - | 2049-09 |  | 940,914 |  |  | 13,020 |  |  | 2,366 |
| $ | 751 |  | to | $1,000 |  |  | 835 |  |  | 3.25 | % | to | 6.50% |  | 2035-04 | - | 2049-09 |  | 719,609 |  |  | 7,856 |  |  | 3,297 |
|  |  | over | $1,000 |  |  | 317 |  |  | 3.50 | % | to | 5.88% |  | 2038-01 | - | 2049-09 |  | 384,959 |  |  | 1,108 |  |  | 1,093 |
Total HFI at Sequoia Choice: |  | 3,156 |  |  |  |  |  |  |  |  |  |  | $ | 2,240,680 |  |  | $ | 24,266 |  |  | $ | 6,756 |
Table 6.3 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Freddie Mac SLST: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 11,639 |  |  | 2.00 | % | to | 11.00% |  | 2019-11 | - | 2059-10 |  | $ | 1,501,538 |  |  | $ | 477,592 |  |  | $ | 79,632 |
| $ | 251 |  | to | $500 |  |  | 2,805 |  |  | 2.00 | % | to | 7.75% |  | 2033-08 | - | 2058-11 |  | 894,125 |  |  | 297,732 |  |  | 52,920 |
| $ | 501 |  | to | $750 |  |  | 57 |  |  | 2.00 | % | to | 6.75% |  | 2043-08 | - | 2058-07 |  | 31,350 |  |  | 8,787 |  |  | 2,623 |
|  | over | $1,000 |  |  | 1 |  |  | 4.00 | % | to | 4.00% |  | 2056-03 | - | 2056-03 |  | 1,021 |  |  | 1,021 |  |  | — |
Total HFI at Freddie Mac SLST: |  | 14,502 |  |  |  |  |  |  |  |  |  |  | $ | 2,428,034 |  |  | $ | 785,132 |  |  | $ | 135,175 |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 7 |  |  | 5.20 | % | to | 7.00% |  | 2047-08 |  | 2048-12 |  | $ | 1,254 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 1 |  |  | 4.25 | % | to | 4.25% |  | 2049-08 | - | 2049-08 |  | 432 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 52 |  |  | 3.00 | % | to | 5.50% |  | 2047-04 | - | 2049-12 |  | 33,611 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 33 |  |  | 3.25 | % | to | 4.88% |  | 2047-04 | - | 2049-11 |  | 28,573 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 22 |  |  | 3.25 | % | to | 5.25% |  | 2048-06 | - | 2049-11 |  | 28,013 |  |  | — |  |  | — |
|  |  |  |  |  | 115 |  |  |  |  |  |  |  |  |  |  | 91,883 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2 |  |  | 3.88 | % | to | 7.13% |  | 2034-08 | - | 2049-07 |  | 481 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 13 |  |  | 3.63 | % | to | 6.50% |  | 2048-01 | - | 2050-01 |  | 6,234 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 301 |  |  | 3.20 | % | to | 5.88% |  | 2034-05 | - | 2050-01 |  | 186,251 |  |  | — |  |  | 747 |
| $ | 751 |  | to | $1,000 |  |  | 161 |  |  | 3.50 | % | to | 6.50% |  | 2034-07 | - | 2050-01 |  | 139,786 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 77 |  |  | 3.20 | % | to | 5.00% |  | 2034-08 | - | 2050-01 |  | 100,293 |  |  | 1,650 |  |  | — |
|  |  |  |  |  | 554 |  |  |  |  |  |  |  |  |  |  | 433,045 |  |  | 1,650 |  |  | 747 |
Total Held-for-Sale |  | 669 |  |  |  |  |  |  |  |  |  |  | $ | 524,928 |  |  | $ | 1,650 |  |  | $ | 747 |
Table 6.3 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 12 |  |  | 2.88 | % | to | 4.88% |  | 2043-09 | - | 2046-01 |  | $ | 2,190 |  |  | $ | 59 |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 59 |  |  | 2.63 | % | to | 5.75% |  | 2043-08 | - | 2048-08 |  | 23,986 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 116 |  |  | 2.88 | % | to | 5.75% |  | 2043-03 | - | 2048-08 |  | 73,360 |  |  | 692 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 129 |  |  | 2.88 | % | to | 6.38% |  | 2043-09 | - | 2048-09 |  | 111,879 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 69 |  |  | 3.00 | % | to | 5.50% |  | 2040-10 | - | 2048-10 |  | 92,151 |  |  | 1,112 |  |  | — |
|  |  |  |  |  | 385 |  |  |  |  |  |  |  |  |  |  | 303,566 |  |  | 1,863 |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 36 |  |  | 3.30 | % | to | 5.08% |  | 2028-11 | - | 2047-12 |  | 6,737 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 679 |  |  | 2.75 | % | to | 5.75% |  | 2027-09 | - | 2048-11 |  | 292,730 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1,213 |  |  | 2.75 | % | to | 6.75% |  | 2027-10 | - | 2048-11 |  | 746,503 |  |  | 1,320 |  |  | 1,224 |
| $ | 751 |  | to | $1,000 |  |  | 599 |  |  | 2.75 | % | to | 6.13% |  | 2027-07 | - | 2048-11 |  | 517,075 |  |  | 903 |  |  | — |
|  |  | over | $1,000 |  |  | 384 |  |  | 2.80 | % | to | 5.88% |  | 2031-04 | - | 2048-11 |  | 518,719 |  |  | 2,000 |  |  | — |
|  |  |  |  |  | 2,911 |  |  |  |  |  |  |  |  |  |  | 2,081,764 |  |  | 4,223 |  |  | 1,224 |
Total HFI at Redwood: |  | 3,296 |  |  |  |  |  |  |  |  |  |  | $ | 2,385,330 |  |  | $ | 6,086 |  |  | $ | 1,224 |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1,988 |  |  | 1.25 | % | to | 5.50% |  | 2019-02 | - | 2035-11 |  | $ | 206,490 |  |  | $ | 7,179 |  |  | $ | 3,952 |
| $ | 251 |  | to | $500 |  |  | 424 |  |  | 1.25 | % | to | 5.63% |  | 2023-05 | - | 2036-05 |  | 148,154 |  |  | 5,989 |  |  | 4,368 |
| $ | 501 |  | to | $750 |  |  | 110 |  |  | 1.63 | % | to | 4.50% |  | 2022-01 | - | 2035-02 |  | 67,471 |  |  | 1,309 |  |  | 1,880 |
| $ | 751 |  | to | $1,000 |  |  | 61 |  |  | 1.63 | % | to | 4.38% |  | 2027-11 | - | 2036-03 |  | 51,918 |  |  | 791 |  |  | 2,561 |
|  |  | over | $1,000 |  |  | 37 |  |  | 1.63 | % | to | 4.38% |  | 2027-12 | - | 2036-05 |  | 61,710 |  |  | 1,023 |  |  | 1,194 |
|  |  |  |  |  | 2,620 |  |  |  |  |  |  |  |  |  |  | 535,743 |  |  | 16,291 |  |  | 13,955 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 4 |  |  | 4.63 | % | to | 5.00% |  | 2033-08 | - | 2034-06 |  | 769 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 10 |  |  | 2.63 | % | to | 4.88% |  | 2033-07 | - | 2034-06 |  | 3,675 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 6 |  |  | 4.38 | % | to | 5.00% |  | 2033-08 | - | 2034-11 |  | 3,667 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 1 |  |  | 4.88 | % | to | 4.88% |  | 2033-09 | - | 2033-09 |  | 1,355 |  |  | — |  |  | — |
|  |  |  |  |  | 21 |  |  |  |  |  |  |  |  |  |  | 9,466 |  |  | — |  |  | — |
Total HFI at Legacy Sequoia: |  | 2,641 |  |  |  |  |  |  |  |  |  |  | $ | 545,209 |  |  | $ | 16,291 |  |  | $ | 13,955 |
Held-for-Investment at Sequoia Choice: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 29 |  |  | 2.75 | % | to | 5.63 | % |  | 2038-03 | - | 2048-09 |  | $ | 5,484 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 336 |  |  | 3.13 | % | to | 6.13 | % |  | 2037-12 | - | 2048-09 |  | 149,917 |  |  | 1,419 |  |  | 925 |
| $ | 501 |  | to | $750 |  |  | 1,363 |  |  | 3.13 | % | to | 6.38 | % |  | 2037-02 | - | 2048-09 |  | 841,692 |  |  | 3,633 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 761 |  |  | 3.25 | % | to | 6.50 | % |  | 2035-04 | - | 2048-09 |  | 659,845 |  |  | 3,549 |  |  | 980 |
|  | over | $1,000 |  |  | 311 |  |  | 3.13 | % | to | 5.88 | % |  | 2038-01 | - | 2048-09 |  | 384,072 |  |  | 2,188 |  |  | — |
Total HFI at Sequoia Choice: |  | 2,800 |  |  |  |  |  |  |  |  |  |  | $ | 2,041,010 |  |  | $ | 10,789 |  |  | $ | 1,905 |
Table 6.3 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Freddie Mac SLST: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 6,404 |  |  | 2.00 | % | to | 10.50% |  | 2018-12 | - | 2058-10 |  | $ | 830,118 |  |  | $ | 130,608 |  |  | $ | 30,686 |
| $ | 251 |  | to | $500 |  |  | 1,469 |  |  | 2.00 | % | to | 7.38% |  | 2033-08 | - | 2058-11 |  | 466,222 |  |  | 66,706 |  |  | 19,319 |
| $ | 501 |  | to | $750 |  |  | 27 |  |  | 2.00 | % | to | 5.88% |  | 2050-02 | - | 2057-12 |  | 14,634 |  |  | 1,631 |  |  | 523 |
|  |  | 7,900 |  |  |  |  |  |  |  |  |  |  | 1,310,974 |  |  | 198,945 |  |  | 50,528 |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 8 |  |  | 3.88 | % | to | 5.38% |  | 2048-05 | - | 2048-12 |  | $ | 3,795 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 50 |  |  | 3.63 | % | to | 7.38% |  | 2048-01 | - | 2049-01 |  | 31,759 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 27 |  |  | 3.88 | % | to | 5.25% |  | 2048-02 | - | 2049-01 |  | 23,478 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 23 |  |  | 3.50 | % | to | 5.50% |  | 2047-04 | - | 2048-12 |  | 28,112 |  |  | — |  |  | — |
|  |  |  |  |  | 108 |  |  |  |  |  |  |  |  |  |  | 87,144 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 6 |  |  | 4.38 | % | to | 5.75% |  | 2048-08 | - | 2048-11 |  | 1,180 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 188 |  |  | 3.13 | % | to | 6.38% |  | 2029-04 | - | 2049-01 |  | 88,204 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 788 |  |  | 3.75 | % | to | 7.00% |  | 2033-11 | - | 2049-01 |  | 475,935 |  |  | 559 |  |  | 747 |
| $ | 751 |  | to | $1,000 |  |  | 295 |  |  | 3.25 | % | to | 6.63% |  | 2033-12 | - | 2049-01 |  | 255,429 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 99 |  |  | 3.75 | % | to | 6.13% |  | 2032-10 | - | 2049-01 |  | 126,392 |  |  | — |  |  | — |
|  |  |  |  |  | 1,376 |  |  |  |  |  |  |  |  |  |  | 947,140 |  |  | 559 |  |  | 747 |
Total Held-for-Sale |  | 1,484 |  |  |  |  |  |  |  |  |  |  | $ | 1,034,284 |  |  | $ | 559 |  |  | $ | 747 |
(1) Rate is net of servicing fee for consolidated loans for which we do not own the MSR.Business Purpose Residential Loans We originate business purpose residential loans, including single-family rental loans and residential bridge loans. This origination activity commenced in connection with our acquisition of 5 Arches in March 2019. Business Purpose Residential Loan Originations During the period from March 1, 2019 to December 31, 2019, we funded $1.02 billion of business purpose residential loans, of which $56 million of residential bridge loans and $20 million of single-family rental loans were sold to third parties. The remaining business purpose residential loans were transferred to our investment portfolio (residential bridge loans and certain single-family rental loans), or retained in our mortgage banking business (single-family rental loans) for future securitizations. Prior to the transfer of residential bridge loans to our investment portfolio, we recorded a net market valuation gain of $5 million on these loans through Mortgage banking activities, net on our consolidated statements of income for the period from March 1, 2019 to December 31, 2019, respectively. Market valuation adjustments on our single-family rental loans are also recorded in Mortgage banking activities, net on our consolidated statements of income prior to their sale or transfer to our investment portfolio. Additionally, during the period from March 1, 2019 to December 31, 2019, we recorded loan origination fee income associated with business purpose loans of $16 million through Mortgage banking activities, net on our consolidated statements of income. The following table summarizes the classifications and carrying values of the business purpose residential loans owned at Redwood at December 31, 2019 and December 31, 2018. Table 7.1 – Classifications and Carrying Values of Business Purpose Residential Loans
December 31, 2019 |  | Single-Family Rental |  | Residential |  |
(In Thousands) |  | Redwood |  | CAFL |  | Bridge |  | Total
Held-for-sale at fair value |  | $ | 331,565 |  |  | — |  |  | $ | — |  |  | $ | 331,565 |
Held-for-investment at fair value |  | 237,620 |  |  | 2,192,552 |  |  | 745,006 |  |  | 3,175,178 |
Total Business Purpose Residential Loans |  | $ | 569,185 |  |  | $ | 2,192,552 |  |  | $ | 745,006 |  |  | $ | 3,506,743 |
December 31, 2018 |  | Single-Family Rental |  | Residential |  |
(In Thousands) |  | Redwood |  | CAFL |  | Bridge |  | Total
Held-for-sale at fair value |  | $ | 28,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,460 |
Held-for-investment at fair value |  | — |  |  | — |  |  | 112,798 |  |  | 112,798 |
Total Business Purpose Residential Loans |  | $ | 28,460 |  |  | $ | — |  |  | $ | 112,798 |  |  | $ | 141,258 |
Business Purpose Residential Loans Held-for-Sale at Fair Value Single-Family Rental Loans At December 31, 2019, we owned 201 single-family rental loans with an aggregate unpaid principal balance of $322 million and a fair value of $332 million, as compared to 11 loans at December 31, 2018 with an aggregate unpaid principal balance of $28 million and a fair value of $28 million. At December 31, 2019, two of these loans with an aggregate unpaid principal balance and fair value of $2 million were greater than 90 days delinquent, of which one of these loans with an unpaid principal balance of $0.1 million was in foreclosure. At December 31, 2018, none of these loans were greater than 90 days delinquent or in foreclosure. During the period from March 1, 2019 to December 31, 2019, we originated $514 million of single-family rental loans. Additionally, we acquired $407 million of single-family rental loans as part of our acquisition of CoreVest in the fourth quarter of 2019. During the period from March 1, 2019 to December 31, 2019, $238 million of single-family rental loans were transferred to our investment portfolio and financed with FHLB borrowings, and the remaining loans were retained in our mortgage banking business. During this same period, we transferred $394 million of single-family rental loans from held-for-sale to held-for-investment associated with a CAFL securitization and sold $20 million to third parties. During the first two months of 2019, prior to our acquisition of 5 Arches on March 1, 2019, we purchased $19 million of single-family rental loans from 5 Arches. During the year ended December 31, 2019, we recorded a net market valuation gain of $13 million on single-family rental loans held-for-sale at fair value through Mortgage banking activities, net on our consolidated statements of income. The outstanding single-family rental loans held-for-sale at December 31, 2019 were first-lien, fixed-rate loans with original maturities of five, seven, or ten years. At December 31, 2019, the weighted average coupon of our single-family rental loans was 4.96% and the weighted average remaining loan term was nine years. At origination, the weighted average LTV ratio of these loans was 69% and the weighted average debt service coverage ratio ("DSCR") was 1.43 times. Business Purpose Residential Loans Held-for-Investment at Fair Value Single-Family Rental Loans at Redwood At December 31, 2019, we owned 107 single-family rental loans held-for-investment with an aggregate unpaid principal balance of $231 million and a fair value of $238 million. At December 31, 2019, no ne of these loans were greater than 90 days delinquent or in foreclosure. During the year ended December 31, 2019, we transferred loans with a fair value of $238 million from held-for-sale to held-for-investment. During the year ended December 31, 2019, we recorded a net market valuation gain of $0.3 million on single-family rental loans held-for-investment at fair value through Investment fair value changes, net on our consolidated statements of income. The outstanding single-family rental loans held-for-investment at Redwood at December 31, 2019 were first-lien, fixed-rate loans with original maturities of five, seven, or ten years. At December 31, 2019, the weighted average coupon of our single-family rental loans was 4.89% and the weighted average remaining loan term was seven years. At origination, the weighted average LTV ratio of these loans was 68% and the weighted average DSCR was 1.36 times. Single-Family Rental Loans at CAFL In conjunction with our acquisition of CoreVest in the fourth quarter of 2019, we consolidated the single-family rental loans owned at certain CAFL securitization entities. At December 31, 2019, we consolidated 783 held-for-investment single-family rental loans at the consolidated CAFL entities, with an aggregate unpaid principal balance of $2.08 billion and a fair value of $2.19 billion. The outstanding single-family rental loans held-for-investment at CAFL at December 31, 2019 were first-lien, fixed-rate loans with original maturities of five, seven, or ten years. At December 31, 2019, the weighted average coupon of our single-family rental loans was 5.70% and the weighted average remaining loan term was seven years. At origination, the weighted average LTV ratio of these loans was 68% and the weighted average DSCR was 1.35 times. At December 31, 2019, 18 of these loans with an aggregate unpaid principal balance of $29 million were greater than 90 days delinquent and five of these loans with an aggregate unpaid principal balance of $9 million were in foreclosure. During the year ended December 31, 2019, we recorded a net market valuation loss of $15 million on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the ABS issued associated with CAFL securitizations. The net impact to our income statement associated with our retained economic investment in the CAFL securitization entities is presented in Note 5. Additionally, as part of our acquisition of CoreVest during the year ended December 31, 2019, we acquired REO with a fair value of $2 million related to loans at CAFL entities, which is included in Other assets on our consolidated balance sheets. Residential Bridge Loans At December 31, 2019, we owned 2,653 residential bridge loans held-for-investment with an aggregate unpaid principal balance of $741 million and a fair value of $745 million as compared to 157 loans at December 31, 2018 with an aggregate unpaid principal balance of $112 million and a fair value of $113 million. As part of our credit risk management practices, our residential bridge loans are subject to individual risk assessment using an internal borrower and collateral quality evaluation framework. At December 31, 2019, 31 loans with an aggregate fair value of $12 million and an unpaid principal balance of $14 million were in foreclosure, of which 15 of these loans with an aggregate fair value of $7 million and an unpaid principal balance of $9 million were greater than 90 days delinquent. At December 31, 2018, seven loans with an aggregate fair value of $12 million were greater than 90 days delinquent and four of these loans with an aggregate fair value of $11 million were in foreclosure. During the year ended December 31, 2019, we transferred three loans with a fair value of $8 million to REO, which is included in Other assets on our consolidated balance sheets. During the period from March 1, 2019 to December 31, 2019, $448 million of newly originated residential bridge loans were transferred to our investment portfolio. Additionally, we acquired $375 million of residential bridge loans as part of our acquisition of CoreVest during the fourth quarter of 2019. During the first two months of 2019, prior to our acquisition of 5 Arches on March 1, 2019, we purchased $10 million of residential bridge loans from 5 Arches. During the year ended December 31, 2019, we recorded a net market valuation loss of $2 million on residential bridge loans held-for-investment at fair value through Investment fair value changes, net on our consolidated statements of income. The outstanding residential bridge loans held-for-investment at December 31, 2019 were first lien, fixed-rate, interest-only loans with a weighted average coupon of 8.11% and original maturities of six to 24 months. At origination, the weighted average FICO score of borrowers backing these loans was 732 and the weighted average LTV ratio of these loans was 70%. At December 31, 2019, we had a $173 million commitment to fund residential bridge loans. See Note 16 for additional information on this commitment. Business Purpose Residential Loan Characteristics The following table presents the geographic concentration of business purpose residential loans recorded on our consolidated balance sheets at December 31, 2019. Table 7.2 – Geographic Concentration of Business Purpose Residential Loans
|  | December 31, 2019
Geographic Concentration (by Principal) |  | Single-Family Rental Held-for-Sale |  | Single-Family Rental Held-for-Investment at Redwood |  | Single-Family Rental Held-for-Investment at CAFL |  | Residential Bridge
Florida |  | 5 | % |  | — | % |  | 8 | % |  | 9 | %
Texas |  | 19 | % |  | 12 | % |  | 15 | % |  | 3 | %
New Jersey |  | 12 | % |  | 5 | % |  | 11 | % |  | 8 | %
New York |  | 5 | % |  | 1 | % |  | 1 | % |  | 6 | %
California |  | 2 | % |  | 1 | % |  | 7 | % |  | 21 | %
Utah |  | — | % |  | — | % |  | — | % |  | 5 | %
Georgia |  | 8 | % |  | — | % |  | 5 | % |  | 7 | %
Alabama |  | 5 | % |  | — | % |  | 4 | % |  | 4 | %
Arkansas |  | 6 | % |  | — | % |  | 2 | % |  | — | %
Maryland |  | 6 | % |  | — | % |  | 2 | % |  | — | %
Illinois |  | 1 | % |  | — | % |  | 5 | % |  | 3 | %
Other states (none greater than 5%) |  | 31 | % |  | 81 | % |  | 40 | % |  | 34 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
|  | December 31, 2018
Geographic Concentration (by Principal) |  | Single-Family Rental Held-for-Sale |  | Single-Family Rental Held-for-Investment at Redwood |  | Single-Family Rental Held-for-Investment at CAFL |  | Residential Bridge
Florida |  | 69 | % |  | — | % |  | — | % |  | 7 | %
Texas |  | 14 | % |  | — | % |  | — | % |  | — | %
California |  | — | % |  | — | % |  | — | % |  | 79 | %
Utah |  | — | % |  | — | % |  | — | % |  | 5 | %
Other states (none greater than 5%) |  | 17 | % |  | — | % |  | — | % |  | 9 | %
Total |  | 100 | % |  | — | % |  | — | % |  | 100 | %
T he following table displays the loan product type and accompanying loan characteristics of business purpose residential loans recorded on our consolidated balance sheets at December 31, 2019. Table 7.3 – Product Types and Characteristics of Business Purpose Residential Loans
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Single-Family Rental Held-for-Investment at Redwood: |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 20 |  |  | 4.88 | % | to | 7.47% |  | 2024-02 | - | 2030-01 |  | $ | 7,925 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 26 |  |  | 4.45 | % | to | 7.25% |  | 2023-09 | - | 2030-01 |  | 15,620 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 16 |  |  | 4.91 | % | to | 6.58% |  | 2023-11 | - | 2029-09 |  | 13,616 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 45 |  |  | 3.93 | % | to | 6.94% |  | 2023-10 | - | 2030-01 |  | 194,050 |  |  | — |  |  | — |
Total SFR HFI at Redwood: |  | 107 |  |  |  |  |  |  |  |  |  |  | $ | 231,211 |  |  | $ | — |  |  | $ | — |
Single-Family Rental Held-for-Investment at CAFL: |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2 |  |  | 5.46 | % | to | 5.80% |  | 2019-11 | - | 2021-09 |  | $ | 398 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 56 |  |  | 4.92 | % | to | 7.05% |  | 2020-03 | - | 2029-10 |  | $ | 25,643 |  |  | $ | 1,306 |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 148 |  |  | 4.75 | % | to | 7.31% |  | 2020-03 | - | 2029-10 |  | 91,414 |  |  | 1,259 |  |  | 1,990 |
| $ | 751 |  | to | $1,000 |  |  | 98 |  |  | 4.62 | % | to | 7.23% |  | 2020-03 | - | 2029-10 |  | 85,472 |  |  | 1,639 |  |  | 879 |
|  | over | $1,000 |  |  | 479 |  |  | 4.31 | % | to | 7.57% |  | 2019-12 | - | 2029-11 |  | 1,875,287 |  |  | 18,567 |  |  | 26,170 |
Total SFR HFI at CAFL: |  | 783 |  |  |  |  |  |  |  |  |  |  | $ | 2,078,214 |  |  | $ | 22,771 |  |  | $ | 29,039 |
Single-Family Rental Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 85 |  |  | 5.50 | % | to | 7.63% |  | 2027-03 | - | 2050-01 |  | $ | 10,506 |  |  | $ | — |  |  | $ | 130 |
| $ | 251 |  | to | $500 |  |  | 9 |  |  | 4.94 | % | to | 6.00% |  | 2024-11 | - | 2050-01 |  | 3,708 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 21 |  |  | 4.55 | % | to | 5.96% |  | 2024-01 | - | 2030-01 |  | 13,335 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 13 |  |  | 5.00 | % | to | 5.93% |  | 2024-01 | - | 2030-01 |  | 11,676 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 73 |  |  | 4.35 | % | to | 6.28% |  | 2024-01 | - | 2030-01 |  | 282,411 |  |  | — |  |  | 1,688 |
Total Single-Family Rental HFS: |  | 201 |  |  |  |  |  |  |  |  |  |  | $ | 321,636 |  |  | $ | — |  |  | $ | 1,818 |
Residential Bridge: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2,207 |  |  | 6.53 | % | to | 12.00% |  | 2019-07 | - | 2022-01 |  | $ | 197,449 |  |  | $ | 1,447 |  |  | $ | 369 |
| $ | 251 |  | to | $500 |  |  | 198 |  |  | 6.99 | % | to | 13.00% |  | 2019-10 | - | 2022-01 |  | 71,361 |  |  | 2,811 |  |  | 675 |
| $ | 501 |  | to | $750 |  |  | 71 |  |  | 6.99 | % | to | 9.99% |  | 2019-11 | - | 2021-10 |  | 42,862 |  |  | 2,072 |  |  | 508 |
| $ | 751 |  | to | $1,000 |  |  | 40 |  |  | 7.28 | % | to | 10.00% |  | 2018-10 | - | 2022-01 |  | 34,646 |  |  | 1,771 |  |  | 2,443 |
|  | over | $1,000 |  |  | 137 |  |  | 5.79 | % | to | 10.25% |  | 2019-11 | - | 2022-01 |  | 394,914 |  |  | 31,452 |  |  | 4,994 |
Total Residential Bridge: |  | 2,653 |  |  |  |  |  |  |  |  |  |  | $ | 741,232 |  |  | $ | 39,553 |  |  | $ | 8,989 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Single-Family Rental Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 2 |  |  | 6.79 | % | to | 7.47% |  | 2028-08 | - | 2028-12 |  | $ | 787 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 2 |  |  | 6.12 | % | to | 7.25% |  | 2023-09 | - | 2028-11 |  | 1,252 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 3 |  |  | 5.91 | % | to | 6.58% |  | 2023-11 | - | 2028-12 |  | 2,488 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 4 |  |  | 5.62 | % | to | 6.94% |  | 2023-10 | - | 2025-12 |  | 23,039 |  |  | — |  |  | — |
Total Single-Family Rental HFS: |  | 11 |  |  |  |  |  |  |  |  |  |  | $ | 27,566 |  |  | $ | — |  |  | $ | — |
Residential Bridge: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 50 |  |  | 8.00 | % | to | 12.00% |  | 2018-07 | - | 2020-05 |  | $ | 7,941 |  |  | $ | 262 |  |  | $ | 695 |
| $ | 251 |  | to | $500 |  |  | 38 |  |  | 8.00 | % | to | 10.00% |  | 2018-09 | - | 2019-12 |  | 13,297 |  |  | 636 |  |  | 469 |
| $ | 501 |  | to | $750 |  |  | 21 |  |  | 7.50 | % | to | 10.00% |  | 2019-01 | - | 2019-12 |  | 12,410 |  |  | 1,769 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 19 |  |  | 7.50 | % | to | 10.00% |  | 2019-04 | - | 2019-12 |  | 16,937 |  |  | 840 |  |  | — |
|  | over | $1,000 |  |  | 29 |  |  | 8.00 | % | to | 10.00% |  | 2018-09 | - | 2019-12 |  | 61,775 |  |  | 1,484 |  |  | 10,970 |
Total Residential Bridge: |  | 157 |  |  |  |  |  |  |  |  |  |  | $ | 112,360 |  |  | $ | 4,991 |  |  | $ | 12,134 |
Multifamily Loans Since 2018, we have invested in multifamily subordinate securities issued by three Freddie Mac K-Series securitization trusts and were required to consolidate the underlying multifamily loans owned at these entities for financial reporting purposes in accordance with GAAP. At December 31, 2019, we consolidated 279 held-for-investment multifamily loans, with an aggregate unpaid principal balance of $4.20 billion and a fair value of $4.41 billion, as compared to 162 loans at December 31, 2018 with an aggregate unpaid principal balance of $2.13 billion and a fair value of $2.14 billion. The outstanding multifamily loans held-for-investment at the Freddie Mac K-Series entities at December 31, 2019 were first-lien, fixed-rate loans that were originated between 2015 and 2017 and had original loan terms of seven to ten years and an original weighted average LTV ratio of 69%. At December 31, 2019, the weighted average coupon of these multifamily loans was 4.13% and the weighted average remaining loan term was six years. At December 31, 2019 and December 31, 2018, none of these loans were greater than 90 days delinquent or in foreclosure. During the years ended December 31, 2019 and 2018, we recorded net market valuation gain s of $130 million and $47 million, respectively, on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the ABS issued associated with the securitizations. The net impact to our income statement associated with our economic investment in the securities of the Freddie Mac K-Series securitization entities is presented in Note 5. Multifamily Loan Characteristics The following table presents the geographic concentration of multifamily loans recorded on our consolidated balance sheets at December 31, 2019. Table 8.1 – Geographic Concentration of Multifamily Loans
Geographic Concentration (by Principal) |  | December 31, 2019 |  | December 31, 2018
Texas |  | 13 | % |  | 9 | %
California |  | 11 | % |  | 11 | %
Florida |  | 10 | % |  | — | %
Arizona |  | 6 | % |  | 8 | %
Georgia |  | 6 | % |  | 6 | %
Washington |  | 5 | % |  | — | %
Colorado |  | 5 | % |  | — | %
Other states (none greater than 5%) |  | 44 | % |  | 66 | %
Total |  | 100 | % |  | 100 | %
T he following table displays the loan product type and accompanying loan characteristics of multifamily loans recorded on our consolidated balance sheets at December 31, 2019. Table 8.2 – Product Types and Characteristics of Multifamily Loans
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 1,000 |  | to | $10,000 |  |  | 114 |  |  | 3.29 | % | to | 4.73% |  | 2023-02 | - | 2029-10 |  | $ | 674,666 |  |  | $ | — |  |  | $ | — |
| $ | 10,001 |  | to | $20,000 |  |  | 102 |  |  | 3.54 | % | to | 4.94% |  | 2023-09 | - | 2029-08 |  | 1,489,118 |  |  | — |  |  | — |
| $ | 20,001 |  | to | $30,000 |  |  | 32 |  |  | 3.54 | % | to | 4.69% |  | 2024-01 | - | 2026-12 |  | 750,712 |  |  | — |  |  | — |
| $ | 30,001 |  | to | $40,000 |  |  | 19 |  |  | 3.52 | % | to | 4.79% |  | 2025-05 | - | 2029-10 |  | 654,729 |  |  | — |  |  | — |
|  | over | $40,000 |  |  | 12 |  |  | 3.55 | % | to | 4.65% |  | 2024-10 | - | 2026-09 |  | 625,775 |  |  | — |  |  | — |
Total: |  | 279 |  |  |  |  |  |  |  |  |  |  | $ | 4,195,000 |  |  | $ | — |  |  | $ | — |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 1,000 |  | to | $10,000 |  |  | 70 |  |  | 3.29 | % | to | 4.73% |  | 2023-02 | - | 2027-01 |  | $ | 394,373 |  |  | $ | — |  |  | $ | — |
| $ | 10,001 |  | to | $20,000 |  |  | 66 |  |  | 3.54 | % | to | 4.61% |  | 2023-09 | - | 2027-01 |  | 960,992 |  |  | — |  |  | — |
| $ | 20,001 |  | to | $30,000 |  |  | 16 |  |  | 3.65 | % | to | 4.72% |  | 2024-01 | - | 2026-12 |  | 373,036 |  |  | — |  |  | — |
| $ | 30,001 |  | to | $40,000 |  |  | 7 |  |  | 3.62 | % | to | 4.71% |  | 2025-11 | - | 2026-06 |  | 244,074 |  |  | — |  |  | — |
|  | over | $40,000 |  |  | 3 |  |  | 3.74 | % | to | 4.18% |  | 2024-10 | - | 2026-06 |  | 154,223 |  |  | — |  |  | — |
Total: |  | 162 |  |  |  |  |  |  |  |  |  |  | $ | 2,126,698 |  |  | $ | — |  |  | $ | — |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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