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Consolidated Agency Multifamily Loans (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Multifamily Loans The following table summarizes the characteristics of the multifamily loans consolidated at Redwood at June 30, 2024 and December 31, 2023.
Table 9.1 – Characteristics of Consolidated Agency Multifamily Loans
(Dollars in Thousands)June 30, 2024December 31, 2023
Unpaid principal balance$434,595 $438,868 
Fair value of loans$421,794 $425,285 
Weighted average coupon4.25 %4.25 %
Weighted average remaining loan term (years)12
The outstanding Consolidated Agency multifamily loans held-for-investment at the consolidated Freddie Mac K-Series entity at June 30, 2024 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, 2024 and 2023.
Table 9.2 – Activity of Consolidated Agency Multifamily Loans Held-for-Investment
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2024202320242023
Net market valuation gains (losses) recorded (1)
$1,128 $(4,471)$781 $(311)
(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 15.2.