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Business Purpose Residential Loans (Tables) | 9 Months Ended
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Sep. 30, 2020
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 and Freddie Mac SLST entities at September 30, 2020 and December 31, 2019. Table 6.1 – Classifications and Carrying Values of Residential Loans
September 30, 2020 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 105,128 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105,128 |
Held-for-investment at fair value |  | — |  |  | 296,765 |  |  | 1,836,361 |  |  | 2,256,682 |  |  | 4,389,808 |
Total Residential Loans |  | $ | 105,128 |  |  | $ | 296,765 |  |  | $ | 1,836,361 |  |  | $ | 2,256,682 |  |  | $ | 4,494,936 |
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 |
The following table summarizes the classifications and carrying values of the business purpose residential loans owned at Redwood at September 30, 2020 and December 31, 2019. Table 7.1 – Classifications and Carrying Values of Business Purpose Residential Loans
September 30, 2020 |  | Single-Family Rental |  | Residential |  |
(In Thousands) |  | Redwood |  | CAFL |  | Bridge |  | Total
Held-for-sale at fair value |  | $ | 285,549 |  |  | — |  |  | $ | — |  |  | $ | 285,549 |
Held-for-investment at fair value |  | — |  |  | 2,969,692 |  |  | 700,860 |  |  | 3,670,552 |
Total Business Purpose Residential Loans |  | $ | 285,549 |  |  | $ | 2,969,692 |  |  | $ | 700,860 |  |  | $ | 3,956,101 |
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 |
The following tables summarize the characteristics of the business purpose residential loans owned at Redwood at September 30, 2020 and December 31, 2019. Table 7.2 – Characteristics of Business Purpose Residential Loans
September 30, 2020 |  | Single-Family Rental at Redwood |  | Single-Family Rental at CAFL |  | Residential Bridge
(Dollars in Thousands) |  |  |
Number of loans |  | 140 |  |  | 1,027 |  |  | 2,262 |
Unpaid principal balance |  | $ | 272,492 |  |  | $ | 2,815,045 |  |  | $ | 708,555 |
Fair value of loans |  | $ | 285,549 |  |  | $ | 2,969,692 |  |  | $ | 700,860 |
Weighted average coupon |  | 5.26 | % |  | 5.50 | % |  | 8.02 | %
Weighted average remaining loan term (years) |  | 7 |  | 6 |  | 1
Number of loans with 90+ day delinquencies (1) |  | 6 |  |  | 26 |  |  | 24 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 3,018 |  |  | $ | 70,949 |  |  | $ | 38,437 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 2,954 |  |  | N/A |  | $ | 33,464 |
Number of loans in foreclosure |  | — |  |  | 9 |  |  | 24 |
Unpaid principal balance of loans in foreclosure |  | $ | — |  |  | $ | 14,032 |  |  | $ | 39,755 |
Fair value of loans in foreclosure (2) |  | $ | — |  |  | N/A |  | $ | 34,489 |
December 31, 2019 |  | Single-Family Rental at Redwood |  | Single-Family Rental at CAFL |  | Residential Bridge
(Dollars in Thousands) |  |  |
Number of loans |  | 308 |  |  | 783 |  |  | 2,653 |
Unpaid principal balance |  | $ | 552,848 |  |  | $ | 2,078,214 |  |  | $ | 742,528 |
Fair value of loans |  | $ | 569,185 |  |  | $ | 2,192,552 |  |  | $ | 745,006 |
Weighted average coupon |  | 4.96 | % |  | 5.70 | % |  | 8.11 | %
Weighted average remaining loan term (years) |  | 9 |  | 7 |  | 2
Number of loans with 90+ day delinquencies (1) |  | 2 |  |  | 18 |  |  | 31 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 1,688 |  |  | $ | 29,039 |  |  | $ | 14,186 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 1,818 |  |  | N/A |  | $ | 12,111 |
Number of loans in foreclosure |  | 1 |  |  | 5 |  |  | 15 |
Unpaid principal balance of loans in foreclosure |  | $ | 130 |  |  | $ | 9,169 |  |  | $ | 8,987 |
Fair value of loans in foreclosure (2) |  | $ | 130 |  |  | N/A |  | $ | 6,917 |
(1)The number of loans greater than 90 days delinquent includes loans in foreclosure. (2)The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.

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