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Residential Loans | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Residential 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, 2023 and 2022. Table 6.1 – Classifications and Carrying Values of Residential Loans
December 31, 2023 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 911,192 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 911,192 |
Held-for-investment at fair value |  | — |  |  | 139,739 |  |  | 4,640,464 |  |  | 1,359,242 |  |  | 6,139,445 |
Total Residential Loans |  | $ | 911,192 |  |  | $ | 139,739 |  |  | $ | 4,640,464 |  |  | $ | 1,359,242 |  |  | $ | 7,050,637 |
December 31, 2022 |  |  |  | Legacy |  | Sequoia |  | Freddie Mac |  |
(In Thousands) |  | Redwood |  | Sequoia |  |  | SLST |  | Total
Held-for-sale at fair value |  | $ | 780,781 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 780,781 |
Held-for-investment at fair value |  | — |  |  | 184,932 |  |  | 3,190,417 |  |  | 1,457,058 |  |  | 4,832,407 |
Total Residential Loans |  | $ | 780,781 |  |  | $ | 184,932 |  |  | $ | 3,190,417 |  |  | $ | 1,457,058 |  |  | $ | 5,613,188 |
At December 31, 2023, we owned mortgage servicing rights associated with $912 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, 2023 and 2022. Table 6.2 – Characteristics of Residential Loans Held-for-Sale
(Dollars in Thousands) |  | December 31, 2023 |  | December 31, 2022
Number of loans |  | 874 |  |  | 994 |
Unpaid principal balance |  | $ | 916,877 |  |  | $ | 822,063 |
Fair value of loans |  | $ | 911,192 |  |  | $ | 780,781 |
Market value of loans pledged as collateral under short-term borrowing agreements |  | $ | 907,742 |  |  | $ | 775,545 |
Weighted average coupon |  | 6.25 | % |  | 5.12 | %
Delinquency information |  |  |  |
Number of loans with 90+ day delinquencies |  | — |  |  | 1 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | — |  |  | $ | 208 |
Fair value of loans with 90+ day delinquencies |  | $ | — |  |  | $ | 170 |
Number of loans in foreclosure |  | — |  |  | — |
The following table provides the activity of residential loans held-for-sale during the years ended December 31, 2023 and 2022. Table 6.3 – Activity of Residential Loans Held-for-Sale
|  | Year Ended December 31,
(In Thousands) |  | 2023 |  | 2022
Principal balance of loans acquired (1) |  | $ | 2,101,161 |  |  | $ | 3,704,196 |
Principal balance of loans sold |  | 270,482 |  |  | 3,858,647 |
Principal balance of loans transferred from HFS to HFI |  | 1,703,442 |  |  | 687,192 |
Net market valuation gains (losses) recorded (2) |  | 20,560 |  |  | (93,843) |
(1)For the year ended December 31, 2022, includes $102 million of loans acquired through calls of three seasoned Sequoia securitizations. (2)Net market valuation gains (losses) on residential loans held-for-sale are recorded primarily through Mortgage banking activities, net on our consolidated statements of income (loss). Residential Loans Held-for-Investment at Fair Value We invest in residential subordinate securities issued by Legacy Sequoia, Sequoia and Freddie Mac SLST securitization trusts and consolidate the underlying residential loans owned by these entities for financial reporting purposed in accordance with GAAP. 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, 2023 and 2022. Table 6.4 – Characteristics of Residential Loans Held-for-Investment
December 31, 2023 |  | Legacy |  | Sequoia |  | Freddie Mac
(Dollars in Thousands) |  | Sequoia |  |  | SLST
Number of loans |  | 1,059 |  |  | 6,070 |  |  | 10,302 |
Unpaid principal balance |  | $ | 156,053 |  |  | $ | 5,242,860 |  |  | $ | 1,614,974 |
Fair value of loans (2) |  | $ | 139,739 |  |  | $ | 4,640,464 |  |  | $ | 1,359,242 |
Weighted average coupon |  | 6.54 | % |  | 4.08 | % |  | 4.50 | %
Delinquency information |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | 16 |  |  | 11 |  |  | 796 |
Unpaid principal balance of loans with 90+ day delinquencies (1) |  | $ | 4,141 |  |  | $ | 8,882 |  |  | $ | 132,307 |
Fair value of loans with 90+ day delinquencies |  | N/A |  | N/A |  | N/A
Number of loans in foreclosure |  | 7 |  |  | 5 |  |  | 292 |
Unpaid principal balance of loans in foreclosure |  | $ | 1,848 |  |  | $ | 3,386 |  |  | $ | 47,654 |
Table 6.4 – Characteristics of Residential Loans Held-for-Investment (continued)
December 31, 2022 |  | Legacy |  | Sequoia |  | Freddie Mac
(Dollars in Thousands) |  | Sequoia |  |  | SLST
Number of loans |  | 1,304 |  |  | 4,624 |  |  | 10,882 |
Unpaid principal balance |  | $ | 204,404 |  |  | $ | 3,847,091 |  |  | $ | 1,719,236 |
Fair value of loans (2) |  | $ | 184,932 |  |  | $ | 3,190,417 |  |  | $ | 1,457,058 |
Weighted average coupon |  | 4.51 | % |  | 3.25 | % |  | 4.50 | %
Delinquency information |  |  |  |  |  |
Number of loans with 90+ day delinquencies (1) |  | 30 |  |  | 10 |  |  | 1,211 |
Unpaid principal balance of loans with 90+ day delinquencies (1) |  | $ | 6,824 |  |  | $ | 7,799 |  |  | $ | 209,397 |
Fair value of loans with 90+ day delinquencies |  | N/A |  | N/A |  | N/A
Number of loans in foreclosure |  | 11 |  |  | 5 |  |  | 427 |
Unpaid principal balance of loans in foreclosure |  | $ | 1,166 |  |  | $ | 4,654 |  |  | $ | 72,440 |
(1)For loans held at consolidated entities, the number and unpaid principal balance of loans 90-or-more 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 net impact to our income statement associated with our economic investment in these securitization entities is presented in Table 4.2. For loans held at our consolidated Legacy Sequoia, Sequoia, and Freddie Mac SLST 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, and are recorded in 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, 2023 and 2022. Table 6.5 – Activity of Residential Loans Held-for-Investment at Consolidated Entities
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
|  | Legacy |  |  |  | Freddie Mac |  | Legacy |  |  |  | Freddie Mac
(In Thousands) |  | Sequoia |  | Sequoia |  | SLST |  | Sequoia |  | Sequoia |  | SLST
Principal of loans transferred from HFS to HFI (1) |  | N/A |  | $ | 1,703,442 |  |  | N/A |  | N/A |  | $ | 687,192 |  |  | N/A
Net market valuation gains (losses) recorded |  | 2,259 |  |  | 104,121 |  |  | 11,132 |  |  | 12,956 |  |  | (675,659) |  |  | (215,687) |
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia securitizations. REO See Note 13 for detail on residential loans transferred to REO during 2023 and 2022. Residential Loan Characteristics The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2023 and 2022. Table 6.6 – Geographic Concentration of Residential Loans
|  | December 31, 2023
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia |  | Held-for-Investment at Freddie Mac SLST |
California |  | 25 | % |  | 18 | % |  | 33 | % |  | 14 | % |
Washington |  | 16 | % |  | 2 | % |  | 7 | % |  | 2 | % |
Texas |  | 8 | % |  | 5 | % |  | 11 | % |  | 3 | % |
Florida |  | 7 | % |  | 12 | % |  | 5 | % |  | 10 | % |
Colorado |  | 4 | % |  | 3 | % |  | 7 | % |  | 1 | % |
New Jersey |  | 2 | % |  | 5 | % |  | 1 | % |  | 7 | % |
Illinois |  | 2 | % |  | 3 | % |  | 3 | % |  | 5 | % |
New York |  | 1 | % |  | 12 | % |  | 2 | % |  | 11 | % |
Maryland |  | 1 | % |  | 1 | % |  | 2 | % |  | 5 | % |
Ohio |  | 1 | % |  | 5 | % |  | — | % |  | 2 | % |
Other states (none greater than 5%) |  | 33 | % |  | 34 | % |  | 29 | % |  | 40 | % |
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |
|  | December 31, 2022
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia |  | Held-for-Investment at Freddie Mac SLST |
California |  | 26 | % |  | 18 | % |  | 35 | % |  | 14 | % |
Texas |  | 12 | % |  | 6 | % |  | 12 | % |  | 3 | % |
Washington |  | 11 | % |  | 1 | % |  | 5 | % |  | 2 | % |
Colorado |  | 9 | % |  | 2 | % |  | 6 | % |  | 1 | % |
Florida |  | 9 | % |  | 13 | % |  | 4 | % |  | 10 | % |
New York |  | 3 | % |  | 11 | % |  | 2 | % |  | 11 | % |
New Jersey |  | 1 | % |  | 5 | % |  | 1 | % |  | 7 | % |
Illinois |  | 1 | % |  | 3 | % |  | 3 | % |  | 5 | % |
Maryland |  | 1 | % |  | 2 | % |  | 2 | % |  | 5 | % |
Ohio |  | — | % |  | 5 | % |  | — | % |  | 2 | % |
Other states (none greater than 5%) |  | 27 | % |  | 34 | % |  | 30 | % |  | 40 | % |
Total |  | 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, 2023 and 2022. Table 6.7 – Product Types and Characteristics of Residential Loans
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1 |  |  | 7.63 | % | to | 7.63% |  | 2032-11 | - | 2032-11 |  | $ | 38 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 1 |  |  | 6.25 | % | to | 6.25% |  | 2042-06 | - | 2042-06 |  | 749 |  |  | — |  |  | — |
|  |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  | 787 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 4 |  |  | 3.50 | % | to | 4.38% |  | 2027-01 | - | 2051-11 |  | 699 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 13 |  |  | 3.00 | % | to | 8.25% |  | 2042-01 | - | 2053-12 |  | 5,092 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 87 |  |  | 2.50 | % | to | 7.75% |  | 2036-12 | - | 2054-01 |  | 58,011 |  |  | 2,472 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 367 |  |  | 2.50 | % | to | 8.50% |  | 2037-01 | - | 2054-01 |  | 325,880 |  |  | 4,045 |  |  | — |
|  | over | $1,000 |  |  | 401 |  |  | 2.75 | % | to | 8.50% |  | 2043-12 | - | 2054-01 |  | 526,408 |  |  | 1,434 |  |  | — |
|  |  |  |  |  | 872 |  |  |  |  |  |  |  |  |  |  | 916,090 |  |  | 7,951 |  |  | — |
Total Held-for-Sale |  | 874 |  |  |  |  |  |  |  |  |  |  | $ | 916,877 |  |  | $ | 7,951 |  |  | $ | — |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 886 |  |  | 1.25 | % | to | 7.88% |  | 2024-04 | - | 2035-11 |  | $ | 74,241 |  |  | $ | 3,085 |  |  | $ | 1,581 |
| $ | 251 |  | to | $500 |  |  | 116 |  |  | 1.25 | % | to | 7.75% |  | 2027-04 | - | 2035-02 |  | 39,469 |  |  | 973 |  |  | 434 |
| $ | 501 |  | to | $750 |  |  | 35 |  |  | 1.63 | % | to | 7.63% |  | 2027-05 | - | 2034-12 |  | 21,126 |  |  | 1,206 |  |  | 579 |
| $ | 751 |  | to | $1,000 |  |  | 11 |  |  | 1.63 | % | to | 7.75% |  | 2028-03 | - | 2036-03 |  | 9,412 |  |  | 914 |  |  | 1,547 |
|  | over | $1,000 |  |  | 6 |  |  | 1.63 | % | to | 7.25% |  | 2029-11 | - | 2035-04 |  | 10,402 |  |  | — |  |  | — |
|  |  |  |  |  | 1,054 |  |  |  |  |  |  |  |  |  |  | 154,650 |  |  | 6,178 |  |  | 4,141 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2 |  |  | 6.63 | % | to | 6.63% |  | 2033-09 | - | 2033-09 |  | 380 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 3 |  |  | 4.88 | % | to | 6.50% |  | 2033-07 | - | 2034-03 |  | 1,023 |  |  | — |  |  | — |
|  |  |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  | 1,403 |  |  | — |  |  | — |
Total HFI at Legacy Sequoia: |  | 1,059 |  |  |  |  |  |  |  |  |  |  | $ | 156,053 |  |  | $ | 6,178 |  |  | $ | 4,141 |
Table 6.7 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 1 |  |  | 3.50 | % | to | 3.50% |  | 2049-06 | - | 2049-06 |  | 459 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 10 |  |  | 3.38 | % | to | 7.13% |  | 2042-06 | - | 2049-08 |  | 6,570 |  |  | 624 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 3 |  |  | 4.25 | % | to | 7.63% |  | 2047-07 | - | 2048-01 |  | 2,512 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 3 |  |  | 4.00 | % | to | 6.88% |  | 2045-07 | - | 2049-04 |  | 3,751 |  |  | — |  |  | — |
|  |  |  |  |  | 17 |  |  |  |  |  |  |  |  |  |  | 13,292 |  |  | 624 |  |  | — |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 68 |  |  | 2.50 | % | to | 7.00% |  | 2026-08 | - | 2053-10 |  | $ | 11,708 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 195 |  |  | 2.38 | % | to | 7.50% |  | 2026-12 | - | 2053-09 |  | 81,978 |  |  | 1,294 |  |  | 454 |
| $ | 501 |  | to | $750 |  |  | 2,187 |  |  | 2.13 | % | to | 8.00% |  | 2031-04 | - | 2053-10 |  | 1,404,672 |  |  | 6,356 |  |  | 3,272 |
| $ | 751 |  | to | $1,000 |  |  | 2,118 |  |  | 2.13 | % | to | 8.38% |  | 2036-12 | - | 2053-11 |  | 1,844,914 |  |  | 6,239 |  |  | 2,476 |
|  | over | $1,000 |  |  | 1,485 |  |  | 1.88 | % | to | 8.50% |  | 2036-07 | - | 2053-11 |  | 1,886,296 |  |  | 9,986 |  |  | 2,680 |
|  |  |  |  |  | 6,053 |  |  |  |  |  |  |  |  |  |  | 5,229,568 |  |  | 23,875 |  |  | 8,882 |
|  |  |  |  |  | 6,070 |  |  |  |  |  |  |  |  |  |  | $ | 5,242,860 |  |  | $ | 24,499 |  |  | $ | 8,882 |
Held-for-Investment at Freddie Mac SLST: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 8,545 |  |  | 2.00 | % | to | 11.00% |  | 2023-12 |  | 2063-11 |  | $ | 1,048,487 |  |  | $ | 200,761 |  |  | $ | 77,435 |
| $ | 251 |  | to | $500 |  |  | 1,721 |  |  | 2.00 | % | to | 7.75% |  | 2036-03 |  | 2063-08 |  | 546,236 |  |  | 106,309 |  |  | 49,530 |
| $ | 501 |  | to | $750 |  |  | 35 |  |  | 2.00 | % | to | 5.50% |  | 2045-02 |  | 2059-01 |  | 19,241 |  |  | 2,182 |  |  | 4,332 |
|  | over | $1,000 |  |  | 1 |  |  | 4.00 | % | to | 4.00% |  | 2056-03 |  | 2056-03 |  | 1,010 |  |  | — |  |  | 1,010 |
Total Held-for-Investment |  | 10,302 |  |  |  |  |  |  |  |  |  |  | $ | 1,614,974 |  |  | $ | 309,252 |  |  | $ | 132,307 |
Table 6.7 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1 |  |  | 6.00 | % | to | 6.00% |  | 2032-11 | - | 2032-11 |  | $ | 41 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 6 |  |  | 3.63 | % | to | 6.50% |  | 2042-04 | - | 2052-12 |  | 3,590 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 1 |  |  | 4.25 | % | to | 4.25% |  | 2042-06 | - | 2042-06 |  | 772 |  |  | — |  |  | — |
|  |  |  |  |  | 8 |  |  |  |  |  |  |  |  |  |  | 4,403 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 25 |  |  | 3.13 | % | to | 5.63% |  | 2026-04 | - | 2052-06 |  | 4,088 |  |  | — |  |  | 208 |
| $ | 251 |  | to | $500 |  |  | 138 |  |  | 3.38 | % | to | 8.25% |  | 2026-12 | - | 2052-12 |  | 57,202 |  |  | 444 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 283 |  |  | 2.88 | % | to | 8.25% |  | 2038-09 | - | 2052-12 |  | 186,202 |  |  | 537 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 286 |  |  | 2.75 | % | to | 9.25% |  | 2042-04 | - | 2053-01 |  | 248,246 |  |  | 1,726 |  |  | — |
|  | over | $1,000 |  |  | 254 |  |  | 2.88 | % | to | 9.13% |  | 2042-03 | - | 2053-01 |  | 321,922 |  |  | 2,575 |  |  | — |
|  |  |  |  |  | 986 |  |  |  |  |  |  |  |  |  |  | 817,660 |  |  | 5,282 |  |  | 208 |
Total Held-for-Sale |  | 994 |  |  |  |  |  |  |  |  |  |  | $ | 822,063 |  |  | $ | 5,282 |  |  | $ | 208 |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 1,070 |  |  | 1.25 | % | to | 6.13% |  | 2022-06 | - | 2035-11 |  | $ | 93,286 |  |  | $ | 3,792 |  |  | $ | 2,607 |
| $ | 251 |  | to | $500 |  |  | 158 |  |  | 1.25 | % | to | 6.13% |  | 2027-04 | - | 2035-11 |  | 54,904 |  |  | 1,232 |  |  | 1,649 |
| $ | 501 |  | to | $750 |  |  | 47 |  |  | 1.63 | % | to | 5.38% |  | 2027-05 | - | 2035-07 |  | 28,796 |  |  | — |  |  | 1,796 |
| $ | 751 |  | to | $1,000 |  |  | 13 |  |  | 1.63 | % | to | 6.00% |  | 2028-03 | - | 2036-03 |  | 11,047 |  |  | 929 |  |  | 772 |
|  | over | $1,000 |  |  | 9 |  |  | 1.63 | % | to | 5.63% |  | 2028-06 | - | 2035-04 |  | 14,340 |  |  | 1,048 |  |  | — |
|  |  |  |  |  | 1,297 |  |  |  |  |  |  |  |  |  |  | 202,373 |  |  | 7,001 |  |  | 6,824 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 3 |  |  | 4.63 | % | to | 4.63% |  | 2033-09 | - | 2033-09 |  | 610 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 4 |  |  | 2.88 | % | to | 4.63% |  | 2033-07 | - | 2034-03 |  | 1,421 |  |  | — |  |  | — |
|  |  |  |  |  | 7 |  |  |  |  |  |  |  |  |  |  | 2,031 |  |  | — |  |  | — |
Total HFI at Legacy Sequoia: |  | 1,304 |  |  |  |  |  |  |  |  |  |  | $ | 204,404 |  |  | $ | 7,001 |  |  | $ | 6,824 |
Table 6.7 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 2 |  |  | 3.50 | % | to | 3.63% |  | 2047-04 | - | 2049-06 |  | 798 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 8 |  |  | 3.38 | % | to | 4.38% |  | 2044-04 | - | 2049-08 |  | 5,370 |  |  | — |  |  | 637 |
| $ | 751 |  | to | $1,000 |  |  | 4 |  |  | 4.00 | % | to | 5.63% |  | 2047-07 | - | 2048-01 |  | 3,294 |  |  | — |  |  | — |
|  | over | $1,000 |  |  | 3 |  |  | 4.00 | % | to | 5.00% |  | 2045-07 | - | 2049-04 |  | 3,833 |  |  | — |  |  | — |
|  |  |  |  |  | 17 |  |  |  |  |  |  |  |  |  |  | 13,295 |  |  | — |  |  | 637 |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 52 |  |  | 2.63 | % | to | 5.25% |  | 2029-04 | - | 2051-12 |  | $ | 9,145 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 146 |  |  | 2.38 | % | to | 6.75% |  | 2038-04 | - | 2051-12 |  | 61,208 |  |  | 2,348 |  |  | 877 |
| $ | 501 |  | to | $750 |  |  | 1,884 |  |  | 2.13 | % | to | 6.38% |  | 2031-04 | - | 2052-01 |  | 1,211,531 |  |  | 7,064 |  |  | 1,840 |
| $ | 751 |  | to | $1,000 |  |  | 1,600 |  |  | 2.13 | % | to | 6.00% |  | 2036-12 | - | 2052-01 |  | 1,396,210 |  |  | 2,425 |  |  | 1,849 |
|  | over | $1,000 |  |  | 925 |  |  | 1.88 | % | to | 5.88% |  | 2036-07 | - | 2052-01 |  | 1,155,702 |  |  | 3,685 |  |  | 2,596 |
|  |  |  |  |  | 4,607 |  |  |  |  |  |  |  |  |  |  | 3,833,796 |  |  | 15,522 |  |  | 7,162 |
|  |  |  |  |  | 4,624 |  |  |  |  |  |  |  |  |  |  | $ | 3,847,091 |  |  | $ | 15,522 |  |  | $ | 7,799 |
Held-for-Investment at Freddie Mac SLST: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 8,979 |  |  | 2.00 | % | to | 11.00% |  | 2022-12 |  | 2062-11 |  | $ | 1,105,116 |  |  | $ | 197,718 |  |  | $ | 120,210 |
| $ | 251 |  | to | $500 |  |  | 1,867 |  |  | 2.00 | % | to | 7.75% |  | 2036-03 |  | 2062-09 |  | 593,781 |  |  | 103,339 |  |  | 80,993 |
| $ | 501 |  | to | $750 |  |  | 35 |  |  | 2.00 | % | to | 5.50% |  | 2045-02 |  | 2059-01 |  | 19,328 |  |  | 1,038 |  |  | 7,184 |
|  | over | $1,000 |  |  | 1 |  |  | 4.00 | % | to | 4.00% |  | 2056-03 |  | 2056-03 |  | 1,010 |  |  | — |  |  | 1,010 |
Total Held-for-Investment |  | 10,882 |  |  |  |  |  |  |  |  |  |  | $ | 1,719,236 |  |  | $ | 302,095 |  |  | $ | 209,397 |
(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 term and bridge loans (see Note 3 for a full description of these loans). The following table summarizes the classifications and carrying values of the business purpose loans owned at Redwood and at consolidated CAFL entities at December 31, 2023 and 2022. Table 7.1 – Classifications and Carrying Values of Business Purpose Loans
December 31, 2023 |  | BPL Term |  | BPL Bridge |  |
(In Thousands) |  | Redwood |  | CAFL |  | Redwood |  | CAFL |  | Total
Held-for-sale at fair value |  | $ | 144,359 |  |  | $ | — |  |  | $ | 35,891 |  |  | $ | — |  |  | $ | 180,250 |
Held-for-investment at fair value |  | — |  |  | 2,971,725 |  |  | 1,305,727 |  |  | 762,596 |  |  | 5,040,048 |
Total Business Purpose Loans |  | $ | 144,359 |  |  | $ | 2,971,725 |  |  | $ | 1,341,618 |  |  | $ | 762,596 |  |  | $ | 5,220,298 |
December 31, 2022 |  | BPL Term |  | BPL Bridge |  |
(In Thousands) |  | Redwood |  | CAFL |  | Redwood |  | CAFL |  | Total
Held-for-sale at fair value |  | $ | 358,791 |  |  | $ | — |  |  | $ | 5,282 |  |  | $ | — |  |  | $ | 364,073 |
Held-for-investment at fair value |  | — |  |  | 2,944,984 |  |  | 1,507,146 |  |  | 516,383 |  |  | 4,968,513 |
Total Business Purpose Loans |  | $ | 358,791 |  |  | $ | 2,944,984 |  |  | $ | 1,512,428 |  |  | $ | 516,383 |  |  | $ | 5,332,586 |
Nearly all of the outstanding BPL term loans at December 31, 2023 were first-lien, fixed-rate loans with original maturities of three, five, seven, or ten years. The outstanding BPL bridge loans held-for-investment at December 31, 2023 were first-lien, interest-only loans with original maturities of six to 36 months and were comprised of 76% one-month SOFR-indexed adjustable-rate loans, and 24% fixed-rate loans. At December 31, 2023, we had a $542 million commitment to fund BPL bridge loans. See Note 17 for additional information on this commitment. The following table provides the activity of business purpose loans during the years ended December 31, 2023 and 2022. Table 7.2 – Activity of Business Purpose Loans at Redwood
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
(In Thousands) |  | BPL Term at Redwood |  | BPL Bridge at Redwood |  | BPL Term at Redwood |  | BPL Bridge at Redwood
Principal balance of loans originated |  | $ | 525,130 |  |  | $ | 1,153,568 |  |  | $ | 1,000,109 |  |  | $ | 1,698,227 |
Principal balance of loans acquired |  | — |  |  | 19,500 |  |  | 100,349 |  |  | 97,787 |
Principal balance of loans sold to third parties |  | 473,677 |  |  | 128,664 |  |  | 429,873 |  |  | 79,608 |
Fair value of loans transferred (1) |  | (278,751) |  |  | (641,194) |  |  | 561,218 |  |  | 584,233 |
Mortgage banking activities income (loss) recorded (2) |  | 16,500 |  |  | 5,704 |  |  | (91,024) |  |  | 1,881 |
Investment fair value changes recorded (3) |  | (14,430) |  |  | (39,361) |  |  | — |  |  | (5,805) |
(1)For BPL term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For BPL bridge at Redwood, represents the transfer of BPL bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which each have replenishment features. (2)Represents loan origination fee income and net market valuation changes from the time a loan is originated to when it is sold, securitized or transferred to our investment portfolio. See Table 20.1 for additional detail on Mortgage banking activities income (loss). (3)For BPL Bridge at Redwood, represents net market valuation changes for loans classified as held-for-investment and associated interest-only strip liabilities. During the year ended December 31, 2023, we substituted a pool of held-for-sale term loans at Redwood for a non-performing held-for-investment term loan at a consolidated CAFL securitization, each with unpaid principal balances of approximately $28 million. The negative investment fair value changes recorded for BPL Term at Redwood during the year ended December 31, 2023 were attributable to this substitution, with an equal and offsetting positive fair value change recorded for BPL Term at CAFL (related to the retained bond we own in the associated consolidated CAFL securitization). Business Purpose Loans Held-for-Investment at CAFL We invest in securities issued by CAFL securitizations sponsored by CoreVest and consolidate the underlying BPL term and bridge loans owned by these entities. For loans held at our consolidated CAFL Term entities and one CAFL Bridge 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, and are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The net impact to our income statement associated with our economic investments in the CAFL Term entities is presented in Table 4.2. We did not elect to account for two of our CAFL Bridge securitizations under the collateralized financing entity guidelines but have elected to account for the loans in these securitization at fair value, and changes in fair value for these loans are recorded through Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the activity of business purpose loans held-for-investment at CAFL during the years ended December 31, 2023 and 2022. Table 7.3 – Activity of Business Purpose Loans Held-for-Investment at CAFL
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
(In Thousands) |  | BPL Term at CAFL |  | BPL Bridge at CAFL |  | BPL Term at CAFL |  | BPL Bridge at CAFL
Net market valuation gains (losses) recorded(1) |  | $ | 89,013 |  |  | $ | (1,775) |  |  | $ | (441,318) |  |  | $ | (435) |
Fair value of loans transferred to HFI |  | 278,751 |  |  | 641,779 |  |  | — |  |  | — |
(1)Net market valuation gains (losses) on business purpose loans held-for-investment at CAFL are recorded through Investment fair value changes, net on our consolidated statements of income. For loans held at our consolidated CAFL Term entities and one CAFL Bridge 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. Business Purpose Loan Characteristics The following tables summarize the characteristics of the business purpose loans owned at Redwood at December 31, 2023 and 2022. Table 7.4 – Characteristics of Business Purpose Loans
December 31, 2023 |  | BPL Term at Redwood |  | BPL Term at CAFL(1) |  | BPL Bridge at Redwood |  | BPL Bridge at CAFL
(Dollars in Thousands) |  |  |  |
Number of loans |  | 38 |  |  | 1,055 |  |  | 925 |  |  | 1,912 |
Unpaid principal balance |  | $ | 152,213 |  |  | $ | 3,194,131 |  |  | $ | 1,360,957 |  |  | $ | 756,574 |
Fair value of loans |  | $ | 144,359 |  |  | $ | 2,971,725 |  |  | $ | 1,341,618 |  |  | $ | 762,596 |
Weighted average coupon |  | 6.92 | % |  | 5.34 | % |  | 10.41 | % |  | 10.82 | %
Weighted average remaining loan term (years) |  | 7 |  | 5 |  | 1 |  | 1
Market value of loans pledged as collateral under short-term debt facilities |  | $ | 2,393 |  |  | N/A |  | $ | 92,832 |  |  | N/A
Market value of loans pledged as collateral under long-term debt facilities |  | $ | 122,541 |  |  | N/A |  | $ | 1,205,366 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Number of loans with 90+ day delinquencies (2) |  | 2 |  |  | 45 |  |  | 54 |  |  | 52 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 28,263 |  |  | $ | 143,623 |  |  | $ | 96,934 |  |  | $ | 10,646 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 16,822 |  |  | N/A |  | $ | 86,137 |  |  | N/A
Number of loans in foreclosure |  | 2 |  |  | 7 |  |  | 36 |  |  | 47 |
Unpaid principal balance of loans in foreclosure |  | $ | 28,263 |  |  | $ | 15,708 |  |  | $ | 79,841 |  |  | $ | 3,931 |
Fair value of loans in foreclosure (3) |  | $ | 16,822 |  |  | N/A |  | $ | 69,046 |  |  | N/A
December 31, 2022 |  | BPL Term at Redwood |  | BPL Term at CAFL(1) |  | BPL Bridge at Redwood |  | BPL Bridge at CAFL
(Dollars in Thousands) |  |  |  |
Number of loans |  | 91 |  |  | 1,131 |  |  | 1,601 |  |  | 1,875 |
Unpaid principal balance |  | $ | 389,846 |  |  | $ | 3,263,421 |  |  | $ | 1,518,427 |  |  | $ | 514,666 |
Fair value of loans |  | $ | 358,791 |  |  | $ | 2,944,984 |  |  | $ | 1,512,428 |  |  | $ | 516,383 |
Weighted average coupon |  | 5.98 | % |  | 5.22 | % |  | 9.61 | % |  | 9.67 | %
Weighted average remaining loan term (years) |  | 10 |  | 6 |  | 2 |  | 1
Market value of loans pledged as collateral under short-term debt facilities |  | $ | 291,406 |  |  | N/A |  | $ | 579,666 |  |  | N/A
Market value of loans pledged as collateral under long-term debt facilities |  | $ | 66,567 |  |  | N/A |  | $ | 897,782 |  |  | N/A
Delinquency information |  |  |  |  |  |  |  |
Number of loans with 90+ day delinquencies (2) |  | 1 |  |  | 16 |  |  | 49 |  |  | 48 |
Unpaid principal balance of loans with 90+ day delinquencies |  | $ | 536 |  |  | $ | 37,072 |  |  | $ | 34,264 |  |  | $ | 7,328 |
Fair value of loans with 90+ day delinquencies (2) |  | $ | 536 |  |  | N/A |  | $ | 29,663 |  |  | N/A
Number of loans in foreclosure |  | 1 |  |  | 9 |  |  | 48 |  |  | 48 |
Unpaid principal balance of loans in foreclosure |  | $ | 536 |  |  | $ | 13,686 |  |  | $ | 34,039 |  |  | $ | 7,328 |
Fair value of loans in foreclosure (3) |  | $ | 536 |  |  | N/A |  | $ | 29,438 |  |  | N/A
Footnotes to Table 7.4 (1)The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were 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. (2)The number of loans 90-or-more days delinquent includes loans in foreclosure. (3)May include loans that are less than 90 days delinquent. At December 31, 2023, in addition to BPL bridge loans that were 90 or more days delinquent, BPL bridge loans with an unpaid principal balance of $207 million and a fair value of $201 million, were on non-accrual status. At December 31, 2022, there were no BPL bridge loans, other than those that were 90 or more days delinquent, that were on non-accrual status. The following table presents the unpaid principal balance of business purpose loans recorded on our consolidated balance sheets at December 31, 2023 by collateral/strategy type. Table 7.5 – Business Purpose Loans Collateral/Strategy Type
December 31, 2023 |  | BPL Term at Redwood |  | BPL Term at CAFL(1) |  | BPL Bridge at Redwood |  | BPL Bridge at CAFL(1)
(Dollars in Thousands) |  |  |  |
Term |  |  |  |  |  |  |  |
Single family rental |  | 93,863 |  |  | 2,497,851 |  |  | — |  |  | — |
Multifamily |  | 58,350 |  |  | 696,280 |  |  | — |  |  | — |
Bridge |  |  |  |  |  |  |  |
Renovate / Build for Rent ("BFR")(2) |  | — |  |  | — |  |  | 609,450 |  |  | 432,438 |
Single Asset Bridge ("SAB")(3) |  | — |  |  | — |  |  | 34,959 |  |  | 119,130 |
Multifamily(4) |  | — |  |  | — |  |  | 690,157 |  |  | 199,994 |
Third-Party Originated |  | — |  |  | — |  |  | 26,391 |  |  | 5,012 |
Total Business Purpose Loans |  | $ | 152,213 |  |  | $ | 3,194,131 |  |  | $ | 1,360,957 |  |  | $ | 756,574 |
(1)The fair value of the loans held by consolidated CAFL Term entities and one CAFL Bridge entity were 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. (2) Includes loans to finance acquisition and/or stabilization of existing housing stock or to finance new construction of residential properties for rent. (3) Includes loans for light to moderate renovation of residential and small multifamily properties (generally less than 20 units). (4) Includes loans for predominantly light to moderate rehab projects on multifamily properties. REO See Note 13 for detail on business purpose loans transferred to REO during 2023 and 2022. The following table presents the geographic concentration of business purpose loans recorded on our consolidated balance sheets at December 31, 2023 and December 31, 2022. Table 7.6 – Geographic Concentration of Business Purpose Loans
|  | December 31, 2023
Geographic Concentration (by Principal) |  | BPL Term at Redwood |  | BPL Term at CAFL |  | BPL Bridge at Redwood |  | BPL Bridge at CAFL
Florida |  | 10 | % |  | 7 | % |  | 10 | % |  | 7 | %
California |  | 8 | % |  | 4 | % |  | 5 | % |  | 8 | %
Texas |  | 8 | % |  | 16 | % |  | 13 | % |  | 22 | %
Georgia |  | 5 | % |  | 5 | % |  | 18 | % |  | 13 | %
New Jersey |  | 4 | % |  | 7 | % |  | 6 | % |  | 4 | %
Tennessee |  | 2 | % |  | 2 | % |  | 3 | % |  | 7 | %
Alabama |  | 1 | % |  | 3 | % |  | 6 | % |  | 3 | %
Connecticut |  | — | % |  | 8 | % |  | 2 | % |  | 2 | %
New York |  | — | % |  | 7 | % |  | 2 | % |  | 3 | %
Illinois |  | — | % |  | 5 | % |  | 13 | % |  | 6 | %
Other states (none greater than 5%) |  | 62 | % |  | 36 | % |  | 22 | % |  | 25 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
|  | December 31, 2022
Geographic Concentration (by Principal) |  | BPL Term at Redwood |  | BPL Term at CAFL |  | BPL Bridge at Redwood |  | BPL Bridge at CAFL
California |  | 34 | % |  | 4 | % |  | 2 | % |  | 3 | %
Connecticut |  | 10 | % |  | 8 | % |  | 4 | % |  | 1 | %
Illinois |  | 6 | % |  | 5 | % |  | 8 | % |  | 3 | %
New York |  | 5 | % |  | 5 | % |  | 2 | % |  | 3 | %
Florida |  | 4 | % |  | 7 | % |  | 6 | % |  | 5 | %
Texas |  | 3 | % |  | 16 | % |  | 13 | % |  | 1 | %
Alabama |  | 2 | % |  | 3 | % |  | 6 | % |  | 33 | %
New Jersey |  | 2 | % |  | 8 | % |  | 7 | % |  | 6 | %
Georgia |  | 2 | % |  | 5 | % |  | 21 | % |  | 14 | %
Tennessee |  | 1 | % |  | 2 | % |  | 6 | % |  | 2 | %
Other states (none greater than 5%) |  | 31 | % |  | 37 | % |  | 25 | % |  | 29 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Consolidated Agency Multifamily Loans We invest in multifamily subordinate securities issued by a Freddie Mac K-Series securitization trust and consolidate the underlying multifamily loans owned by this entity for financial reporting purposes in accordance with GAAP. The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at December 31, 2023 and 2022. Table 8.1 – Characteristics of Consolidated Agency Multifamily Loans
(Dollars in Thousands) |  | December 31, 2023 |  | December 31, 2022
Number of loans |  | 28 |  |  | 28 |
Unpaid principal balance |  | $ | 438,868 |  |  | $ | 447,193 |
Fair value of loans |  | $ | 425,285 |  |  | $ | 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 December 31, 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 years ended December 31, 2023 and 2022. Table 8.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment
|  | Year Ended December 31,
(In Thousands) |  | 2023 |  | 2022
Net market valuation gains (losses) recorded (1) |  | $ | 9,059 |  |  | $ | (40,987) |
(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. Multifamily Loan Characteristics The following table presents the geographic concentration of multifamily loans recorded on our consolidated balance sheets at December 31, 2023. Table 8.3 – Geographic Concentration of Consolidated Agency Multifamily Loans
Geographic Concentration (by Principal) |  | December 31, 2023 |  | December 31, 2022
California |  | 13 | % |  | 13 | %
Florida |  | 13 | % |  | 13 | %
North Carolina |  | 9 | % |  | 9 | %
Oregon |  | 7 | % |  | 7 | %
Hawaii |  | 5 | % |  | 5 | %
Tennessee |  | 5 | % |  | 5 | %
Other states (none greater than 5%) |  | 48 | % |  | 48 | %
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, 2023. Table 8.4 – Product Types and Characteristics of Multifamily Loans
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  |  | 26 |  |  | 4.25 | % | to | 4.25% |  | 2025-09 | - | 2025-09 |  | $ | 391,383 |  |  | $ | — |  |  | $ | — |
| $ | 20,001 |  | to | $30,000 |  |  | 2 |  |  | 4.25 | % | to | 4.25% |  | 2025-09 | - | 2025-09 |  | 47,485 |  |  | — |  |  | — |
Total: |  | 28 |  |  |  |  |  |  |  |  |  |  | $ | 438,868 |  |  | $ | — |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | $ | 358,419 |  |  | $ | — |  |  | $ | — |
| $ | 20,001 |  | to | $30,000 |  |  | 4 |  |  | 4.25 | % | to | 4.25% |  | 2025-09 | - | 2025-09 |  | 88,774 |  |  | — |  |  | — |
Total: |  | 28 |  |  |  |  |  |  |  |  |  |  | $ | 447,193 |  |  | $ | — |  |  | $ | — |

X
- 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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- References No definition available. + Details
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