Multifamily Loans (Tables)

6 Months Ended

Jun. 30, 2021

The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at June 30, 2021 and December 31, 2020.

Table 8.1 – Characteristics of Multifamily Loans


(Dollars in Thousands)	June 30, 2021			December 31, 2020
Number of loans	28			28
Unpaid principal balance	$	459,002		$	462,808
Fair value of loans	$	485,157		$	492,221
Weighted average coupon	4.25		%	4.25		%
Weighted average remaining loan term (years)	4			5

Delinquency information
Number of loans with 90+ day delinquencies	—			—


Number of loans in foreclosure	—			—

The outstanding multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at June 30, 2021 were first-lien, fixed-rate loans that were originated in 2015. The following table provides the activity of multifamily loans held-for-investment during the three and six months ended June 30, 2021 and 2020.

Table 8.2 – Activity of Multifamily Loans Held-for-Investment


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2021		2020		2021		2020
Net market valuation gains (losses) recorded (1)	$	(2,528)	$	18,591	$	(3,258)	$	(63,840)

(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 entity, 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 Table 4.2.