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Business Purpose Residential Loans (Tables)
 9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Classifications and Carrying Value of Loans 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 September 30, 2020 and December 31, 2019.
Table 6.1 – Classifications and Carrying Values of Residential Loans
September 30, 2020LegacySequoiaFreddie Mac
(In Thousands)RedwoodSequoiaChoiceSLSTTotal
Held-for-sale at fair value$105,128 $— $— $— $105,128 
Held-for-investment at fair value— 296,765 1,836,361 2,256,682 4,389,808 
Total Residential Loans$105,128 $296,765 $1,836,361 $2,256,682 $4,494,936 
December 31, 2019LegacySequoiaFreddie Mac
(In Thousands)RedwoodSequoiaChoiceSLSTTotal
Held-for-sale at fair value$536,385 $— $— $— $536,385 
Held-for-investment at fair value2,111,897 407,890 2,291,463 2,367,215 7,178,465 
Total Residential Loans$2,648,282 $407,890 $2,291,463 $2,367,215 $7,714,850 
The following table summarizes the classifications and carrying values of the business purpose residential loans owned at Redwood at September 30, 2020 and December 31, 2019.
Table 7.1 – Classifications and Carrying Values of Business Purpose Residential Loans
September 30, 2020Single-Family RentalResidential
(In Thousands)RedwoodCAFLBridgeTotal
Held-for-sale at fair value$285,549 — $— $285,549 
Held-for-investment at fair value— 2,969,692 700,860 3,670,552 
Total Business Purpose Residential Loans$285,549 $2,969,692 $700,860 $3,956,101 
December 31, 2019Single-Family RentalResidential
(In Thousands)RedwoodCAFLBridgeTotal
Held-for-sale at fair value$331,565 $— $— $331,565 
Held-for-investment at fair value237,620 2,192,552 745,006 3,175,178 
Total Business Purpose Residential Loans$569,185 $2,192,552 $745,006 $3,506,743 
The following tables summarize the characteristics of the business purpose residential loans owned at Redwood at September 30, 2020 and December 31, 2019.
Table 7.2 – Characteristics of Business Purpose Residential Loans
September 30, 2020Single-Family Rental at RedwoodSingle-Family Rental at CAFLResidential Bridge
(Dollars in Thousands)
Number of loans140 1,027 2,262 
Unpaid principal balance$272,492 $2,815,045 $708,555 
Fair value of loans$285,549 $2,969,692 $700,860 
Weighted average coupon5.26 %5.50 %8.02 %
Weighted average remaining loan term (years)761
Number of loans with 90+ day delinquencies (1)
6 26 24 
Unpaid principal balance of loans with 90+ day delinquencies $3,018 $70,949 $38,437 
Fair value of loans with 90+ day delinquencies (2)
$2,954 N/A$33,464 
Number of loans in foreclosure— 9 24 
Unpaid principal balance of loans in foreclosure$— $14,032 $39,755 
Fair value of loans in foreclosure (2)
$— N/A$34,489 
December 31, 2019Single-Family Rental at RedwoodSingle-Family Rental at CAFLResidential Bridge
(Dollars in Thousands)
Number of loans308 783 2,653 
Unpaid principal balance$552,848 $2,078,214 $742,528 
Fair value of loans$569,185 $2,192,552 $745,006 
Weighted average coupon4.96 %5.70 %8.11 %
Weighted average remaining loan term (years)972
Number of loans with 90+ day delinquencies (1)
2 18 31 
Unpaid principal balance of loans with 90+ day delinquencies$1,688 $29,039 $14,186 
Fair value of loans with 90+ day delinquencies (2)
$1,818 N/A$12,111 
Number of loans in foreclosure1 5 15 
Unpaid principal balance of loans in foreclosure$130 $9,169 $8,987 
Fair value of loans in foreclosure (2)
$130 N/A$6,917 
(1)The number of loans greater than 90 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.