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Consolidated Agency Multifamily Loans (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of Multifamily Loans | The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at September 30, 2023 and December 31, 2022. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans
(Dollars in Thousands) |  | September 30, 2023 |  | December 31, 2022
Number of loans |  | 28 |  |  | 28 |
Unpaid principal balance |  | $ | 440,996 |  |  | $ | 447,193 |
Fair value of loans |  | $ | 420,554 |  |  | $ | 424,551 |
Weighted average coupon |  | 4.25 | % |  | 4.25 | %
Weighted average remaining loan term (years) |  | 2 |  | 3
Delinquency information |  |  |  |
Number of loans with 90+ day delinquencies |  | — |  |  | — |
Number of loans in foreclosure |  | — |  |  | — |
The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at September 30, 2023 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 nine months ended September 30, 2023 and 2022. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net market valuation gains (losses) recorded (1) |  | $ | 2,512 |  |  | $ | (13,691) |  |  | $ | 2,200 |  |  | $ | (40,120) |
(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. 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.

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