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Multifamily Loans | 12 Months Ended
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Dec. 31, 2020
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, 2020 and December 31, 2019. Table 6.1 – Classifications and Carrying Values of Residential Loans
December 31, 2020 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 176,641 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 176,641 |
Held-for-investment at fair value |  | — |  |  | 285,935 |  |  | 1,565,322 |  |  | 2,221,153 |  |  | 4,072,410 |
Total Residential Loans |  | $ | 176,641 |  |  | $ | 285,935 |  |  | $ | 1,565,322 |  |  | $ | 2,221,153 |  |  | $ | 4,249,051 |
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 |
At December 31, 2020, we owned mortgage servicing rights associated with $172 million (principal balance) of residential loans owned at Redwood that were 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 The following table summarizes the characteristics of residential loans held-for-sale at December 31, 2020 and December 31, 2019. Table 6.2 – Characteristics of Residential Loans Held-for-Sale
(Dollars in Thousands) |  | December 31, 2020 |  | December 31, 2019
Number of loans |  | 198 |  |  | 669 |
Unpaid principal balance |  | $ | 172,748 |  |  | $ | 525,069 |
Fair value of loans |  | $ | 176,641 |  |  | $ | 536,385 |
Market value of loans pledged as collateral under short-term borrowing agreements |  | $ | 156,355 |  |  | $ | 201,949 |
Delinquency information |  |  |  |
Number of loans with 90+ day delinquencies |  | 1 |  |  | 1 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 1,882 |  |  | $ | 747 |
Fair value of loans with 90+ day delinquencies |  | $ | 1,223 |  |  | $ | 616 |
Number of loans in foreclosure |  | — |  |  | — |
The following table provides the activity of residential loans held-for-sale during the years ended December 31, 2020 and 2019. Table 6.3 – Activity of Residential Loans Held-for-Sale
|  | Year Ended December 31,
(In Thousands) |  | 2020 |  | 2019
Principal balance of loans acquired |  | $ | 4,374,201 |  |  | $ | 5,732,699 |
Principal balance of loans sold |  | 6,463,741 |  |  | 6,069,518 |
Net market valuation gains (losses) recorded (1) |  | (15,477) |  |  | 3,267 |
(1)Net market valuation gains (losses) on residential loans held-for-sale are recorded through Mortgage banking activities, net on our consolidated statements of income (loss). Residential Loans Held-for-Investment at Fair Value The following tables summarize the characteristics of the residential loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at December 31, 2020 and December 31, 2019. Table 6.4 – Characteristics of Residential Loans Held-for-Investment
December 31, 2020 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac
(Dollars in Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST
Number of loans |  | — |  |  | 1,908 |  |  | 2,177 |  |  | 13,605 |
Unpaid principal balance |  | $ | — |  |  | $ | 333,474 |  |  | $ | 1,550,454 |  |  | $ | 2,247,771 |
Fair value of loans |  | $ | — |  |  | $ | 285,935 |  |  | $ | 1,565,322 |  |  | $ | 2,221,153 |
Delinquency information |  |  |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | — |  |  | 52 |  |  | 94 |  |  | 2,110 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | — |  |  | $ | 17,285 |  |  | $ | 74,742 |  |  | $ | 389,245 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | — |  |  | N/A |  | N/A |  | N/A
Number of loans in foreclosure |  | — |  |  | 21 |  |  | 3 |  |  | 245 |
Unpaid principal balance of loans in foreclosure |  | $ | — |  |  | $ | 4,939 |  |  | $ | 2,251 |  |  | $ | 38,610 |
December 31, 2019 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac
(Dollars in Thousands) |  | Redwood |  | Sequoia |  | Choice |  | SLST
Number of loans |  | 2,940 |  |  | 2,198 |  |  | 3,156 |  |  | 14,502 |
Unpaid principal balance |  | $ | 2,052,778 |  |  | $ | 424,829 |  |  | $ | 2,240,679 |  |  | $ | 2,428,035 |
Fair value of loans |  | $ | 2,111,897 |  |  | $ | 407,890 |  |  | $ | 2,291,463 |  |  | $ | 2,367,215 |
Delinquency information |  |  |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | 2 |  |  | 39 |  |  | 9 |  |  | 587 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 1,585 |  |  | $ | 9,803 |  |  | $ | 6,755 |  |  | $ | 134,680 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 1,424 |  |  | N/A |  | N/A |  | N/A
Number of loans in foreclosure |  | — |  |  | 16 |  |  | 3 |  |  | 208 |
Unpaid principal balance of loans in foreclosure |  | $ | — |  |  | $ | 3,673 |  |  | $ | 2,290 |  |  | $ | 33,042 |
(1)For loans held at consolidated entities, 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. The following table provides the activity of residential loans held-for-investment at Redwood during the years ended December 31, 2020 and 2019. Table 6.5 – Activity of Residential Loans Held-for-Investment at Redwood
|  | Year Ended December 31,
(In Thousands) |  | 2020 |  | 2019
Principal balance of loans acquired |  | $ | — |  |  | $ | 39,194 |
Principal balance of loans sold |  | — |  |  | — |
Fair value of loans transferred from HFS to HFI |  | 13,258 |  |  | 68,703 |
Fair value of loans transferred from HFI to HFS |  | 1,870,986 |  |  | 22,814 |
Net market valuation gains (losses) recorded (1) |  | (93,314) |  |  | 58,891 |
(1)Subsequent to the transfer of these loans to our investment portfolio, net market valuation gains (losses) on residential loans held-for-investment at Redwood are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of residential loans held-for-investment at consolidated entities during the years ended December 31, 2020 and 2019. Table 6.6 – Activity of Residential Loans Held-for-Investment at Consolidated Entities
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
|  | Legacy |  | Sequoia |  | Freddie Mac |  | Legacy |  | Sequoia |  | Freddie Mac
(In Thousands) |  | Sequoia |  | Choice |  | SLST |  | Sequoia |  | Choice |  | SLST
Fair value of loans transferred from HFS to HFI (1) |  | N/A |  | $ | 270,506 |  |  | N/A |  | N/A |  | $ | 1,076,671 |  |  | N/A
Net market valuation gains (losses) recorded (2) |  | $ | (30,900) |  |  | $ | (30,356) |  |  | $ | 35,131 |  |  | $ | 5,170 |  |  | $ | (15,232) |  |  | $ | 63,583 |
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia Choice securitizations. (2)For loans held at our consolidated Legacy Sequoia, Sequoia Choice, and Freddie Mac SLST entities, market value changes are based on the estimated fair value of the associated ABS issued, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investments in these 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, 2020 and December 31, 2019. Table 6.7 – Geographic Concentration of Residential Loans
|  | December 31, 2020
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 |  | 43 | % |  | 17 | % |  | 34 | % |  | 14 | % |  | — | %
Texas |  | 10 | % |  | 5 | % |  | 10 | % |  | 3 | % |  | — | %
Washington |  | 7 | % |  | 1 | % |  | 5 | % |  | 2 | % |  | — | %
Colorado |  | 5 | % |  | 3 | % |  | 3 | % |  | 1 | % |  | — | %
Florida |  | 3 | % |  | 14 | % |  | 6 | % |  | 10 | % |  | — | %
Illinois |  | 3 | % |  | 3 | % |  | 2 | % |  | 5 | % |  | — | %
Maryland |  | 2 | % |  | 2 | % |  | 1 | % |  | 5 | % |  | — | %
New Jersey |  | 1 | % |  | 5 | % |  | 2 | % |  | 7 | % |  | — | %
New York |  | 1 | % |  | 10 | % |  | 5 | % |  | 10 | % |  | — | %
Ohio |  | — | % |  | 5 | % |  | — | % |  | 2 | % |  | — | %
Other states (none greater than 5%) |  | 25 | % |  | 35 | % |  | 32 | % |  | 41 | % |  | — | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | — | %
|  | 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 | %
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, 2020 and December 31, 2019. Table 6.8 – Product Types and Characteristics of Residential Loans
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1,524 |  |  | 0.25 | % | to | 5.63% |  | 2020-10 | - | 2036-05 |  | $ | 146,100 |  |  | $ | 4,208 |  |  | $ | 3,966 |
| $ | 251 |  | to | $500 |  |  | 251 |  |  | 0.50 | % | to | 4.13% |  | 2024-05 | - | 2035-11 |  | 86,676 |  |  | 1,908 |  |  | 4,392 |
| $ | 501 |  | to | $750 |  |  | 79 |  |  | 0.25 | % | to | 4.13% |  | 2027-05 | - | 2035-01 |  | 48,437 |  |  | 714 |  |  | 1,192 |
| $ | 751 |  | to | $1,000 |  |  | 27 |  |  | 0.75 | % | to | 3.75% |  | 2028-03 | - | 2036-03 |  | 21,875 |  |  | — |  |  | 3,175 |
|  | over | $1,000 |  |  | 18 |  |  | 1.00 | % | to | 2.38% |  | 2028-05 | - | 2035-04 |  | 26,422 |  |  | — |  |  | 4,560 |
|  |  |  |  |  | 1,899 |  |  |  |  |  |  |  |  |  |  | 329,510 |  |  | 6,830 |  |  | 17,285 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2 |  |  | 2.63 | % | to | 2.63% |  | 2033-09 | - | 2033-10 |  | 439 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 5 |  |  | 2.63 | % | to | 4.00% |  | 2033-07 | - | 2034-03 |  | 1,748 |  |  | 410 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1 |  |  | 2.75 | % | to | 2.75% |  | 2033-08 | - | 2033-08 |  | 556 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 1 |  |  | 2.63 | % | to | 2.63% |  | 2033-09 | - | 2033-09 |  | 1,221 |  |  | — |  |  | — |
|  |  |  |  |  | 9 |  |  |  |  |  |  |  |  |  |  | 3,964 |  |  | 410 |  |  | — |
Total HFI at Legacy Sequoia: |  | 1,908 |  |  |  |  |  |  |  |  |  |  | $ | 333,474 |  |  | $ | 7,240 |  |  | $ | 17,285 |
Held-for-Investment at Sequoia Choice: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 3 |  |  | 5.50 | % | to | 6.75% |  | 2048-03 | - | 2048-10 |  | $ | 607 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 5 |  |  | 3.50 | % | to | 3.63% |  | 2046-11 | - | 2049-06 |  | 2,196 |  |  | 440 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 19 |  |  | 3.25 | % | to | 4.75% |  | 2044-04 | - | 2049-09 |  | 12,214 |  |  | 682 |  |  | 671 |
| $ | 751 |  | to | $1,000 |  |  | 15 |  |  | 3.13 | % | to | 5.00% |  | 2043-12 | - | 2049-08 |  | 12,911 |  |  | 960 |  |  | 1,744 |
|  | over | $1,000 |  |  | 12 |  |  | 3.50 | % | to | 5.00% |  | 2044-11 | - | 2050-02 |  | 15,716 |  |  | — |  |  | — |
|  | 54 |  |  |  |  |  |  |  |  |  |  | 43,644 |  |  | 2,082 |  |  | 2,415 |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 48 |  |  | 2.75 | % | to | 5.50% |  | 2029-04 | - | 2049-09 |  | $ | 9,508 |  |  | $ | — |  |  | $ | 191 |
| $ | 251 |  | to | $500 |  |  | 285 |  |  | 3.13 | % | to | 6.13% |  | 2033-06 | - | 2050-03 |  | 122,327 |  |  | 4,728 |  |  | 2,225 |
| $ | 501 |  | to | $750 |  |  | 1,004 |  |  | 3.00 | % | to | 6.75% |  | 2031-04 | - | 2050-04 |  | 617,488 |  |  | 15,214 |  |  | 24,842 |
| $ | 751 |  | to | $1,000 |  |  | 556 |  |  | 3.25 | % | to | 6.50% |  | 2036-12 | - | 2050-04 |  | 478,938 |  |  | 10,482 |  |  | 21,155 |
|  | over | $1,000 |  |  | 230 |  |  | 3.15 | % | to | 5.88% |  | 2036-07 | - | 2050-04 |  | 278,549 |  |  | 4,868 |  |  | 23,914 |
|  |  |  |  |  | 2,123 |  |  |  |  |  |  |  |  |  |  | 1,506,810 |  |  | 35,292 |  |  | 72,327 |
Total HFI at Sequoia Choice: |  | 2,177 |  |  |  |  |  |  |  |  |  |  | $ | 1,550,454 |  |  | $ | 37,374 |  |  | $ | 74,742 |
Table 6.8 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  |  | 11,007 |  |  | 2.00 | % | to | 11.00% |  | 2020-12 | - | 2059-10 |  | $ | 1,407,107 |  |  | $ | 283,745 |  |  | $ | 206,724 |
| $ | 251 |  | to | $500 |  |  | 2,545 |  |  | 2.00 | % | to | 7.75% |  | 2035-05 | - | 2059-01 |  | 811,191 |  |  | 143,195 |  |  | 172,995 |
| $ | 501 |  | to | $750 |  |  | 52 |  |  | 2.00 | % | to | 6.75% |  | 2043-08 | - | 2058-07 |  | 28,461 |  |  | 6,863 |  |  | 9,526 |
|  | over | $1,000 |  |  | 1 |  |  | 4.00 | % | to | 4.00% |  | 2056-03 | - | 2056-03 |  | 1,012 |  |  | 1,012 |  |  | — |
Total HFI at Freddie Mac SLST: |  | 13,605 |  |  |  |  |  |  |  |  |  |  | $ | 2,247,771 |  |  | $ | 434,815 |  |  | $ | 389,245 |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1 |  |  | 2.00 | % | to | 2.00% |  | 2032-11 | - | 2032-11 |  | $ | 49 |  |  | $ | — |  |  | $ | — |
| $ | 751 |  | to | $1,000 |  |  | 1 |  |  | 4.38 | % | to | 4.38% |  | 2047-10 | - | 2047-10 |  | 970 |  |  | 970 |  |  | — |
|  |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  | 1,019 |  |  | 970 |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1 |  |  | 4.69 | % | to | 4.69% |  | 2044-03 | - | 2044-03 |  | 219 |  |  | 219 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 75 |  |  | 2.50 | % | to | 5.50% |  | 2045-12 | - | 2051-01 |  | 48,933 |  |  | 1,127 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 80 |  |  | 2.38 | % | to | 4.63% |  | 2050-04 | - | 2051-01 |  | 71,137 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 40 |  |  | 2.38 | % | to | 5.00% |  | 2040-11 | - | 2051-01 |  | 51,440 |  |  | 1,046 |  |  | 1,882 |
|  |  |  |  |  | 196 |  |  |  |  |  |  |  |  |  |  | 171,729 |  |  | 2,392 |  |  | 1,882 |
Total Held-for-Sale |  | 198 |  |  |  |  |  |  |  |  |  |  | $ | 172,748 |  |  | $ | 3,362 |  |  | $ | 1,882 |
Table 6.8 – 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 Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 12 |  |  | 3.50 | % | to | 4.5% |  | 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 |  | 120,260 |  |  | 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 |  |  |  |  |  |  |  |  |  |  | 419,398 |  |  | 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 |  |  |  |  |  |  |  |  |  |  | $ | 424,829 |  |  | $ | 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 |  |  | 3.5 | % | to | 5.88 | % |  | 2038-01 | - | 2049-09 |  | 384,958 |  |  | 1,108 |  |  | 1,092 |
Total HFI at Sequoia Choice: |  | 3,156 |  |  |  |  |  |  |  |  |  |  | $ | 2,240,679 |  |  | $ | 24,266 |  |  | $ | 6,755 |
Table 6.8 – 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 |  | 894,126 |  |  | 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 |  |  |  |  |  |  |  |  |  |  | 2,428,035 |  |  | 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 |
(1)Rate is net of servicing fee for consolidated loans for which we do not own the MSR.Business Purpose Loans We originate and invest in business purpose loans, including single-family rental ("SFR") loans and bridge loans. This origination activity commenced in connection with our acquisition of 5 Arches and CoreVest in 2019. The following table summarizes the classifications and carrying values of the business purpose loans owned at Redwood at December 31, 2020 and December 31, 2019. Table 7.1 – Classifications and Carrying Values of Business Purpose Loans
December 31, 2020 |  | Single-Family Rental |  | Residential |  |
(In Thousands) |  | Redwood |  | CAFL |  | Bridge |  | Total
Held-for-sale at fair value |  | $ | 245,394 |  |  | — |  |  | $ | — |  |  | $ | 245,394 |
Held-for-investment at fair value |  | — |  |  | 3,249,194 |  |  | 641,765 |  |  | 3,890,959 |
Total Business Purpose Loans |  | $ | 245,394 |  |  | $ | 3,249,194 |  |  | $ | 641,765 |  |  | $ | 4,136,353 |
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 Loans |  | $ | 569,185 |  |  | $ | 2,192,552 |  |  | $ | 745,006 |  |  | $ | 3,506,743 |
The following table provides the activity of business purpose loans during the years ended December 31, 2020 and 2019. Table 7.2 – Activity of Business Purpose Loans
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(Dollars in Thousands) |  | SFR at Redwood |  | Bridge |  | SFR at Redwood |  | Bridge
Principal balance of loans originated |  | $ | 979,696 |  |  | $ | 451,554 |  |  | $ | 513,725 |  |  | $ | 501,355 |
Principal balance of loans sold to third parties (1) |  | (110,836) |  |  | (25,151) |  |  | 20,426 |  |  | 56,484 |
Fair value of loans transferred from HFS to HFI (2) |  | 1,292,633 |  |  | N/A |  | 717,934 |  |  | N/A
Mortgage banking activities income recorded (3) |  | 81,032 |  |  | (2,916) |  |  | 13,363 |  |  | 3,342 |
Investment fair value changes recorded (4) |  | (20,806) |  |  | (10,629) |  |  | 272 |  |  | (2,139) |
(1)The remaining business purpose loans were transferred to our investment portfolio (bridge loans) or retained in our mortgage banking business (single-family rental loans) for future securitizations. (2)During the years ended December 31, 2020 and 2019, we transferred $1.29 billion and $394 million of single-family rental loans, respectively, from held-for-sale to held-for-investment associated with five and one CAFL securitizations, respectively. (3)Represents net market valuation changes from the time a loan is originated to when it is sold or transferred to or from our investment portfolio. Additionally, for the years ended December 31, 2020 and 2019, we recorded loan origination fee income of $19 million and $16 million, respectively, through Mortgage banking activities, net on our consolidated statements of income (loss). (4)Represents net market valuation changes while a loan is held for investment. Bridge Loans Held-for-Investment The outstanding bridge loans held-for-investment at December 31, 2020 were first lien, fixed-rate, interest-only loans with original maturities of six to 24 months. During the year ended December 31, 2020, we transferred five loans with a fair value of $6 million to REO, which is included in Other assets on our consolidated balance sheets. At December 31, 2020, we had a $216 million commitment to fund bridge loans. See Note 16 for additional information on this commitment. Single-Family Rental Loans Held-for-Investment 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. The outstanding single-family rental loans held-for-investment at CAFL at December 31, 2020 were first-lien, fixed-rate loans with original maturities of five, seven, or ten years. The following table provides the activity of single-family rental loans held-for-investment at CAFL during the years ended December 31, 2020 and 2019. Table 7.3 – Activity of Single-Family Rental Loans Held-for-Investment at CAFL
|  | Year Ended December 31,
(In Thousands) |  | 2020 |  | 2019
Net market valuation gains (losses) recorded (1) |  | $ | 32,331 |  |  | $ | (14,681) |
(1)For loans held at our consolidated CAFL entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investments in these securitization entities is presented in Note 5. Business Purpose Loan Characteristics The following tables summarize the characteristics of the business purpose loans owned at Redwood at December 31, 2020 and December 31, 2019. Table 7.4 – Characteristics of Business Purpose Loans
December 31, 2020 |  | Single-Family Rental at Redwood |  | Single-Family Rental at CAFL |  | Bridge
(Dollars in Thousands) |  |  |
Number of loans |  | 65 |  |  | 1,094 |  |  | 1,725 |
Unpaid principal balance |  | $ | 234,475 |  |  | $ | 3,017,137 |  |  | $ | 649,532 |
Fair value of loans |  | $ | 245,394 |  |  | $ | 3,249,194 |  |  | $ | 641,765 |
Weighted average coupon |  | 4.84 | % |  | 5.44 | % |  | 8.09 | %
Weighted average remaining loan term (years) |  | 8 |  | 5 |  | 1
Market value of loans pledged as collateral under short-term debt facilities |  | $ | 34,098 |  |  | N/A |  | $ | 92,931 |
Market value of loans pledged as collateral under long-term debt facilities |  | $ | 154,774 |  |  | N/A |  | $ | 544,151 |
Delinquency information |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | 10 |  |  | 22 |  |  | 31 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 7,127 |  |  | $ | 61,440 |  |  | $ | 39,415 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 6,143 |  |  | N/A |  | $ | 33,605 |
Number of loans in foreclosure |  | — |  |  | 10 |  |  | 25 |
Unpaid principal balance of loans in foreclosure |  | $ | — |  |  | $ | 24,745 |  |  | $ | 38,552 |
Fair value of loans in foreclosure (2) |  | $ | — |  |  | N/A |  | $ | 33,066 |
December 31, 2019 |  | Single-Family Rental at Redwood |  | Single-Family Rental at CAFL |  | 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
Market value of loans pledged as collateral under short-term debt facilities |  | $ | 504,237 |  |  | N/A |  | $ | 694,964 |
Delinquency information |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | 2 |  |  | 18 |  |  | 15 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 1,818 |  |  | $ | 29,039 |  |  | $ | 8,987 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 1,818 |  |  | N/A |  | $ | 6,917 |
Number of loans in foreclosure |  | 1 |  |  | 5 |  |  | 31 |
Unpaid principal balance of loans in foreclosure |  | $ | 130 |  |  | $ | 9,169 |  |  | $ | 14,186 |
Fair value of loans in foreclosure (2) |  | $ | 130 |  |  | N/A |  | $ | 12,111 |
(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. The following table presents the geographic concentration of business purpose loans recorded on our consolidated balance sheets at December 31, 2020. Table 7.5 – Geographic Concentration of Business Purpose Loans
|  | December 31, 2020
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
Texas |  | 24 | % |  | — | % |  | 15 | % |  | 4 | %
New Jersey |  | 17 | % |  | — | % |  | 11 | % |  | 9 | %
Georgia |  | 12 | % |  | — | % |  | 5 | % |  | 8 | %
Florida |  | 10 | % |  | — | % |  | 8 | % |  | 11 | %
Connecticut |  | 8 | % |  | — | % |  | 4 | % |  | 1 | %
New York |  | 5 | % |  | — | % |  | 1 | % |  | 8 | %
Arizona |  | 5 | % |  | — | % |  | 2 | % |  | 1 | %
California |  | 5 | % |  | — | % |  | 5 | % |  | 13 | %
Illinois |  | 5 | % |  | — | % |  | 4 | % |  | 7 | %
Alabama |  | 2 | % |  | — | % |  | 3 | % |  | 6 | %
Indiana |  | 2 | % |  | — | % |  | 3 | % |  | 5 | %
Tennessee |  | — | % |  | — | % |  | 3 | % |  | 6 | %
Other states (none greater than 5%) |  | 5 | % |  | — | % |  | 36 | % |  | 21 | %
Total |  | 100 | % |  | — | % |  | 100 | % |  | 100 | %
|  | 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
Texas |  | 19 | % |  | 12 | % |  | 15 | % |  | 3 | %
New Jersey |  | 12 | % |  | 5 | % |  | 11 | % |  | 8 | %
Georgia |  | 8 | % |  | — | % |  | 5 | % |  | 7 | %
Arkansas |  | 6 | % |  | — | % |  | 2 | % |  | — | %
Maryland |  | 6 | % |  | — | % |  | 2 | % |  | — | %
Florida |  | 5 | % |  | — | % |  | 8 | % |  | 9 | %
New York |  | 5 | % |  | 1 | % |  | 1 | % |  | 6 | %
Alabama |  | 5 | % |  | — | % |  | 4 | % |  | 4 | %
Illinois |  | 1 | % |  | — | % |  | 5 | % |  | 3 | %
California |  | 2 | % |  | 1 | % |  | 7 | % |  | 21 | %
Utah |  | — | % |  | — | % |  | — | % |  | 5 | %
Other states (none greater than 5%) |  | 31 | % |  | 81 | % |  | 40 | % |  | 34 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
T he following table displays the loan product type and accompanying loan characteristics of business purpose loans recorded on our consolidated balance sheets at December 31, 2020. Table 7.6 – Product Types and Characteristics of Business Purpose Loans
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 CAFL: |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 5 |  |  | 5.77 | % | to | 7.05% |  | 2022-07 | - | 2030-08 |  | $ | 1,016 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 67 |  |  | 4.64 | % | to | 6.96% |  | 2021-07 | - | 2031-01 |  | 29,977 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 212 |  |  | 4.12 | % | to | 7.06% |  | 2020-11 | - | 2030-12 |  | 130,665 |  |  | — |  |  | 1,752 |
| $ | 751 |  | to | $1,000 |  |  | 131 |  |  | 4.33 | % | to | 7.23% |  | 2021-01 | - | 2031-01 |  | 113,874 |  |  | 764 |  |  | 750 |
|  | over | $1,000 |  |  | 679 |  |  | 3.93 | % | to | 7.57% |  | 2020-11 | - | 2031-01 |  | 2,741,605 |  |  | 3,867 |  |  | 58,938 |
Total SFR HFI at CAFL: |  | 1,094 |  |  |  |  |  |  |  |  |  |  | $ | 3,017,137 |  |  | $ | 4,631 |  |  | $ | 61,440 |
Single-Family Rental Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 8 |  |  | 6.25 | % | to | 7.75% |  | 2027-03 | - | 2050-03 |  | $ | 1,060 |  |  | $ | — |  |  | $ | 635 |
| $ | 251 |  | to | $500 |  |  | 1 |  |  | 5.97 | % | to | 5.97% |  | 2021-02 | - | 2021-02 |  | 483 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 6 |  |  | 5.84 | % | to | 6.75% |  | 2026-01 | - | 2031-01 |  | 3,632 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 10 |  |  | 5.15 | % | to | 6.39% |  | 2020-05 | - | 2031-01 |  | 8,936 |  |  | — |  |  | 1,815 |
|  | over | $1,000 |  |  | 40 |  |  | 3.82 | % | to | 5.95% |  | 2020-07 | - | 2031-01 |  | 220,364 |  |  | — |  |  | 4,677 |
Total Single-Family Rental HFS: |  | 65 |  |  |  |  |  |  |  |  |  |  | $ | 234,475 |  |  | $ | — |  |  | $ | 7,127 |
Bridge: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1,440 |  |  | 5.75 | % | to | 12.00% |  | 2019-10 | - | 2022-12 |  | $ | 128,596 |  |  | $ | 6,530 |  |  | $ | 1,668 |
| $ | 251 |  | to | $500 |  |  | 110 |  |  | 6.65 | % | to | 13.00% |  | 2020-05 | - | 2022-12 |  | 37,607 |  |  | 945 |  |  | 1,423 |
| $ | 501 |  | to | $750 |  |  | 39 |  |  | 6.99 | % | to | 10.00% |  | 2020-07 | - | 2021-10 |  | 23,783 |  |  | — |  |  | 540 |
| $ | 751 |  | to | $1,000 |  |  | 21 |  |  | 6.50 | % | to | 9.50% |  | 2020-10 | - | 2022-03 |  | 18,225 |  |  | — |  |  | 943 |
|  | over | $1,000 |  |  | 115 |  |  | 6.04 | % | to | 10.25% |  | 2020-03 | - | 2022-12 |  | 441,321 |  |  | — |  |  | 34,841 |
Total Bridge: |  | 1,725 |  |  |  |  |  |  |  |  |  |  | $ | 649,532 |  |  | $ | 7,475 |  |  | $ | 39,415 |
Table 7.6 – Product Types and Characteristics of Business Purpose Loans (continued)
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 |  | 282,412 |  |  | — |  |  | 1,688 |
Total Single-Family Rental HFS: |  | 201 |  |  |  |  |  |  |  |  |  |  | $ | 321,637 |  |  | $ | — |  |  | $ | 1,818 |
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 |  |  | 4,992 |
Total Bridge: |  | 2,653 |  |  |  |  |  |  |  |  |  |  | $ | 741,232 |  |  | $ | 39,553 |  |  | $ | 8,987 |
Multifamily LoansSince 2018, we have invested in multifamily subordinate securities issued by 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. During the first quarter of 2020, we sold subordinate securities issued by four such Freddie Mac K-Series securitization trusts and deconsolidated $3.85 billion of multifamily loans. See Note 2 for further discussion. The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at December 31, 2020 and December 31, 2019. Table 8.1 – Characteristics of Multifamily Loans
(Dollars in Thousands) |  | December 31, 2020 |  | December 31, 2019
Number of loans |  | 28 |  |  | 279 |
Unpaid principal balance |  | $ | 462,808 |  |  | $ | 4,195,000 |
Fair value of loans |  | $ | 492,221 |  |  | $ | 4,408,524 |
Weighted average coupon |  | 4.25 | % |  | 4.13 | %
Weighted average remaining loan term (years) |  | 5 |  | 6
Delinquency information |  |  |  |
Number of loans with 90+ day delinquencies |  | — |  |  | — |
Number of loans in foreclosure |  | — |  |  | — |
The outstanding multifamily loans held-for-investment at the Freddie Mac K-Series entities at December 31, 2020 were first-lien, fixed-rate loans that were originated in 2015 and had original loan terms of ten years. The following table provides the activity of multifamily loans held-for-investment during the year months ended December 31, 2020 and 2019. Table 8.2 – Activity of Multifamily Loans Held-for-Investment
|  | Year Ended December 31,
(In Thousands) |  | 2020 |  | 2019
Net market valuation gains (losses) recorded (1) |  | $ | (58,821) |  |  | $ | 130,083 |
(1)Net market valuation gains (losses) on multifamily loans held-for-investment are recorded through Investment fair value changes, net on our consolidated statements of income (loss). For loans held at our consolidated Freddie Mac K-Series entities, market value changes are based on the estimated fair value of the associated ABS issued, including securities we own, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investment in these 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, 2020. Table 8.3 – Geographic Concentration of Multifamily Loans
Geographic Concentration (by Principal) |  | December 31, 2020 |  | December 31, 2019
California |  | 13 | % |  | 11 | %
Florida |  | 13 | % |  | 10 | %
North Carolina |  | 9 | % |  | — | %
Oregon |  | 7 | % |  | — | %
Hawaii |  | 5 | % |  | — | %
Tennessee |  | 5 | % |  | — | %
Texas |  | — | % |  | 13 | %
Arizona |  | — | % |  | 6 | %
Georgia |  | — | % |  | 6 | %
Washington |  | — | % |  | 5 | %
Colorado |  | — | % |  | 5 | %
Other states (none greater than 5%) |  | 48 | % |  | 44 | %
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, 2020. Table 8.4 – Product Types and Characteristics of Multifamily Loans
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 10,001 |  | to | $20,000 |  |  | 24 |  |  | 4.25 | % | to | 4.25% |  | 2025-09 | - | 2025-09 |  | $ | 370,934 |  |  | $ | — |  |  | $ | — |
| $ | 20,001 |  | to | $30,000 |  |  | 4 |  |  | 4.25 | % | to | 4.25% |  | 2025-09 | - | 2025-09 |  | 91,874 |  |  | — |  |  | — |
Total: |  | 28 |  |  |  |  |  |  |  |  |  |  | $ | 462,808 |  |  | $ | — |  |  | $ | — |
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 |  |  | $ | — |  |  | $ | — |

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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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