The following table summarizes the classifications and carrying values of the residential consumer loans owned at Redwood and at the consolidated Sequoia and Freddie Mac SLST entities at September 30, 2024 and December 31, 2023.


September 30, 2024					Freddie Mac
(In Thousands)	Redwood		Sequoia		SLST		Total
Held-for-sale at fair value	$	1,362,349	$	—	$	—	$	1,362,349
Held-for-investment at fair value	—		8,476,004		1,318,806		9,794,810
Total Residential Consumer Loans	$	1,362,349	$	8,476,004	$	1,318,806	$	11,157,159


December 31, 2023					Freddie Mac
(In Thousands)	Redwood		Sequoia		SLST		Total
Held-for-sale at fair value	$	911,192	$	—	$	—	$	911,192
Held-for-investment at fair value	—		4,780,203		1,359,242		6,139,445
Total Residential Consumer Loans	$	911,192	$	4,780,203	$	1,359,242	$	7,050,637


September 30, 2024	Residential Investor Term				Residential Investor Bridge
(In Thousands)	Redwood		CAFL		Redwood		CAFL		Total
Held-for-sale at fair value	$	174,485	$	—	$	91,393	$	—	$	265,878
Held-for-investment at fair value	—		2,661,885		1,211,081		607,330		4,480,296
Total Residential Investor Loans	$	174,485	$	2,661,885	$	1,302,474	$	607,330	$	4,746,174


December 31, 2023	Residential Investor Term				Residential Investor 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 Residential Investor Loans	$	144,359	$	2,971,725	$	1,341,618	$	762,596	$	5,220,298


	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
(In Thousands)	Term at Redwood		Bridge at Redwood		Term at Redwood		Bridge at Redwood
Principal balance of loans originated	$	158,584	$	286,833	$	105,777	$	303,284
Principal balance of loans acquired	3,145		—		—		1,820
Principal balance of loans sold to third parties (1)	206,380		67,655		27,436		34,061
Fair value of loans transferred (2)	—		(62,386)		(278,751)		(116,679)

Mortgage banking activities income (loss) recorded (3)	6,061		694		1,600		1,438
Investment fair value changes recorded	(1,500)		(10,293)		—		(16,899)


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(In Thousands)	Term at Redwood		Bridge at Redwood		Term at Redwood		Bridge at Redwood
Principal balance of loans originated	$	493,212	$	714,977	$	408,477	$	828,149
Principal balance of loans acquired	3,793		15,677		—		19,054
Principal balance of loans sold to third parties (1)	464,836		277,170		425,542		65,868
Fair value of loans transferred (2)	—		(250,319)		(278,751)		(337,657)

Mortgage banking activities income recorded (3)	11,833		2,748		13,214		4,808
Investment fair value changes recorded	(2,837)		(27,503)		(14,430)		(22,867)

(1)For the three and nine months ended September 30, 2024 the principal balance of loans sold to third parties is net of $13 million and $34 million, respectively, related to construction draws on residential investor bridge loans sold to our joint ventures. See Note 11 for additional information on these joint ventures.

(2)For residential investor term at Redwood, represents the transfer of loans from held-for-sale to held-for-investment associated with CAFL term securitizations. For residential investor bridge at Redwood, represents the transfer of residential investor bridge loans from "Bridge at Redwood" to "Bridge at CAFL" resulting from their inclusion in one of our bridge loan securitizations, which generally have replenishment features for a set period of time from the closing date.

(3)Represents 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 5.1 for additional detail on Mortgage banking activities income.


	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
(In Thousands)	Term at CAFL		Bridge at CAFL		Term at CAFL		Bridge at CAFL
Net market valuation gains (losses) recorded (1)	$	78,275	$	1,623	$	(1,360)	$	(2,560)
Fair value of loans transferred to HFI	—		62,386		278,751		116,679


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(In Thousands)	Term at CAFL		Bridge at CAFL		Term at CAFL		Bridge at CAFL
Net market valuation gains (losses) recorded (1)	$	89,388	$	443	$	(1,961)	$	(1,960)
Fair value of loans transferred to HFI	—		250,319		278,751		337,657

(1)Net market valuation gains (losses) on residential investor 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 CFE guidelines. We did not elect to account for two of our CAFL Bridge securitizations under the CFE guidelines but have elected to account for the loans in these securitizations 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.


September 30, 2024	Term at Redwood			Term at CAFL(1)			Bridge at Redwood			Bridge at CAFL
(Dollars in Thousands)


Unpaid principal balance	$	183,358		$	2,790,755		$	1,336,767		$	600,267
Average UPB of loans	$	2,108		$	3,037		$	5,161		$	2,035
Fair value of loans	$	174,485		$	2,661,885		$	1,302,474		$	607,330
Weighted average coupon	6.88		%	5.36		%	9.14		%	10.16		%
Weighted average remaining loan term (years)	7			4			1			1
Market value of loans pledged as collateral under debt facilities	$	133,022		N/A			$	1,250,392		N/A
Delinquency information


Unpaid principal balance of loans with 90+ day delinquencies (2)	$	34,083		$	161,874		$	132,286		$	24,993
Average UPB of 90+ days delinquent loans (2)	$	11,361		$	3,948		$	7,782		$	1,785
Fair value of loans with 90+ day delinquencies (2)	$	19,320		N/A			$	113,904		N/A


Unpaid principal balance of loans in foreclosure (3)	$	27,529		$	18,646		$	86,019		$	13,426
Average UPB of loans in foreclosure (3)	$	27,529		$	2,936		$	7,820		$	1,918
Fair value of loans in foreclosure (3)	$	13,250		N/A			$	72,212		N/A


December 31, 2023	Term at Redwood			Term at CAFL(1)			Bridge at Redwood			Bridge at CAFL
(Dollars in Thousands)


Unpaid principal balance	$	152,213		$	3,194,131		$	1,360,957		$	756,574
Average UPB of loans	$	4,006		$	3,028		$	8,453		$	2,162
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 debt facilities	$	124,934		N/A			$	1,298,198		N/A
Delinquency information


Unpaid principal balance of loans with 90+ day delinquencies (2)	$	28,263		$	143,623		$	96,934		$	10,646
Average UPB of 90+ days delinquent loans (2)	$	14,132		$	3,192		$	5,702		$	1,774
Fair value of loans with 90+ day delinquencies (2)	$	16,822		N/A			$	86,137		N/A


Unpaid principal balance of loans in foreclosure (3)	$	28,263		$	15,708		$	79,841		$	3,931
Average UPB of loans in foreclosure (3)	$	14,132		$	2,244		$	5,323		$	1,310
Fair value of loans in foreclosure (3)	$	16,822		N/A			$	69,046		N/A

(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 the accounting guidance for CFEs.


September 30, 2024	Term at Redwood		Term at CAFL(1)		Bridge at Redwood		Bridge at CAFL(1)
(Dollars in Thousands)
Term
Single family rental	$	85,307	$	2,163,862	$	—	$	—
Multifamily	98,051		626,893		—		—
Bridge
Renovate / Build for Rent ("BFR")(2)	—		—		575,782		279,820
Single Asset Bridge ("SAB")(3)	—		—		90,678		171,489
Multifamily(4)	—		—		664,060		147,903
Third-Party Originated	—		—		6,247		1,055
Total Residential Investor Loans	$	183,358	$	2,790,755	$	1,336,767	$	600,267