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Residential Loans (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Summary of 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 December 31, 2020 and December 31, 2019.
Table 6.1 – Classifications and Carrying Values of Residential Loans
December 31, 2020LegacySequoiaFreddie Mac
(In Thousands)RedwoodSequoiaChoiceSLSTTotal
Held-for-sale at fair value$176,641 $— $— $— $176,641 
Held-for-investment at fair value— 285,935 1,565,322 2,221,153 4,072,410 
Total Residential Loans$176,641 $285,935 $1,565,322 $2,221,153 $4,249,051 
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 loans owned at Redwood at December 31, 2020 and December 31, 2019.
Table 7.1 – Classifications and Carrying Values of Business Purpose Loans
December 31, 2020Single-Family RentalResidential
(In Thousands)RedwoodCAFLBridgeTotal
Held-for-sale at fair value$245,394 — $— $245,394 
Held-for-investment at fair value— 3,249,194 641,765 3,890,959 
Total Business Purpose Loans$245,394 $3,249,194 $641,765 $4,136,353 
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 Loans$569,185 $2,192,552 $745,006 $3,506,743 
The following table provides the activity of business purpose loans during the years ended December 31, 2020 and 2019.
Table 7.2 – Activity of Business Purpose Loans
Year Ended December 31, 2020Year Ended December 31, 2019
(Dollars in Thousands)SFR at RedwoodBridgeSFR at RedwoodBridge
Principal balance of loans originated$979,696 $451,554 $513,725 $501,355 
Principal balance of loans sold to third parties (1)
(110,836)(25,151)20,426 56,484 
Fair value of loans transferred from HFS to HFI (2)
1,292,633 N/A717,934 N/A
Mortgage banking activities income recorded (3)
81,032 (2,916)13,363 3,342 
Investment fair value changes recorded (4)
(20,806)(10,629)272 (2,139)
(1)The remaining business purpose loans were transferred to our investment portfolio (bridge loans) or retained in our mortgage banking business (single-family rental loans) for future securitizations.
(2)During the years ended December 31, 2020 and 2019, we transferred $1.29 billion and $394 million of single-family rental loans, respectively, from held-for-sale to held-for-investment associated with five and one CAFL securitizations, respectively.
(3)Represents net market valuation changes from the time a loan is originated to when it is sold or transferred to or from our investment portfolio. Additionally, for the years ended December 31, 2020 and 2019, we recorded loan origination fee income of $19 million and $16 million, respectively, through Mortgage banking activities, net on our consolidated statements of income (loss).
(4)Represents net market valuation changes while a loan is held for investment.
The following table provides the activity of single-family rental loans held-for-investment at CAFL during the years ended December 31, 2020 and 2019.
Table 7.3 – Activity of Single-Family Rental Loans Held-for-Investment at CAFL
Year Ended December 31,
(In Thousands)20202019
Net market valuation gains (losses) recorded (1)
$32,331 $(14,681)
(1)For loans held at our consolidated CAFL 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. The net impact to our income statement associated with our economic investments in these securitization entities is presented in Note 5.
The following tables summarize the characteristics of the business purpose loans owned at Redwood at December 31, 2020 and December 31, 2019.
Table 7.4 – Characteristics of Business Purpose Loans
December 31, 2020Single-Family Rental at RedwoodSingle-Family Rental at CAFL Bridge
(Dollars in Thousands)
Number of loans65 1,094 1,725 
Unpaid principal balance$234,475 $3,017,137 $649,532 
Fair value of loans$245,394 $3,249,194 $641,765 
Weighted average coupon4.84 %5.44 %8.09 %
Weighted average remaining loan term (years)851
Market value of loans pledged as collateral under short-term debt facilities$34,098 N/A$92,931 
Market value of loans pledged as collateral under long-term debt facilities$154,774 N/A$544,151 
Delinquency information
Number of loans with 90+ day delinquencies (1)
10 22 31 
Unpaid principal balance of loans with 90+ day delinquencies $7,127 $61,440 $39,415 
Fair value of loans with 90+ day delinquencies (2)
$6,143 N/A$33,605 
Number of loans in foreclosure— 10 25 
Unpaid principal balance of loans in foreclosure$— $24,745 $38,552 
Fair value of loans in foreclosure (2)
$— N/A$33,066 
December 31, 2019Single-Family Rental at RedwoodSingle-Family Rental at CAFLBridge
(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
Market value of loans pledged as collateral under short-term debt facilities$504,237 N/A$694,964 
Delinquency information
Number of loans with 90+ day delinquencies (1)
2 18 15 
Unpaid principal balance of loans with 90+ day delinquencies$1,818 $29,039 $8,987 
Fair value of loans with 90+ day delinquencies (2)
$1,818 N/A$6,917 
Number of loans in foreclosure1 5 31 
Unpaid principal balance of loans in foreclosure$130 $9,169 $14,186 
Fair value of loans in foreclosure (2)
$130 N/A$12,111 
(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.
Characteristics of Residential Loans Held-For-Sale
The following table summarizes the characteristics of residential loans held-for-sale at December 31, 2020 and December 31, 2019.
Table 6.2 – Characteristics of Residential Loans Held-for-Sale
(Dollars in Thousands)December 31, 2020December 31, 2019
Number of loans198 669 
Unpaid principal balance$172,748 $525,069 
Fair value of loans$176,641 $536,385 
Market value of loans pledged as collateral under short-term borrowing agreements$156,355 $201,949 
Delinquency information
Number of loans with 90+ day delinquencies1 1 
Unpaid principal balance of loans with 90+ day delinquencies$1,882 $747 
Fair value of loans with 90+ day delinquencies$1,223 $616 
Number of loans in foreclosure— — 
Activity of Residential Loans Held-for-Sale
The following table provides the activity of residential loans held-for-sale during the years ended December 31, 2020 and 2019.
Table 6.3 – Activity of Residential Loans Held-for-Sale
Year Ended December 31,
(In Thousands)20202019
Principal balance of loans acquired$4,374,201 $5,732,699 
Principal balance of loans sold6,463,741 6,069,518 
Net market valuation gains (losses) recorded (1)
(15,477)3,267 
(1)Net market valuation gains (losses) on residential loans held-for-sale are recorded through Mortgage banking activities, net on our consolidated statements of income (loss).
Characteristics of Residential Loans Held-for-Investment
The following tables summarize the characteristics of the residential loans owned at Redwood and at consolidated Sequoia and Freddie Mac SLST entities at December 31, 2020 and December 31, 2019.
Table 6.4 – Characteristics of Residential Loans Held-for-Investment
December 31, 2020LegacySequoiaFreddie Mac
(Dollars in Thousands)RedwoodSequoiaChoiceSLST
Number of loans— 1,908 2,177 13,605 
Unpaid principal balance$— $333,474 $1,550,454 $2,247,771 
Fair value of loans$— $285,935 $1,565,322 $2,221,153 
Delinquency information
Number of loans with 90+ day delinquencies (1)
— 52 94 2,110 
Unpaid principal balance of loans with 90+ day delinquencies$— $17,285 $74,742 $389,245 
Fair value of loans with 90+ day delinquencies (2)
$— N/AN/AN/A
Number of loans in foreclosure— 21 3 245 
Unpaid principal balance of loans in foreclosure$— $4,939 $2,251 $38,610 
December 31, 2019LegacySequoiaFreddie Mac
(Dollars in Thousands)RedwoodSequoiaChoiceSLST
Number of loans2,940 2,198 3,156 14,502 
Unpaid principal balance$2,052,778 $424,829 $2,240,679 $2,428,035 
Fair value of loans$2,111,897 $407,890 $2,291,463 $2,367,215 
Delinquency information
Number of loans with 90+ day delinquencies (1)
2 39 9 587 
Unpaid principal balance of loans with 90+ day delinquencies$1,585 $9,803 $6,755 $134,680 
Fair value of loans with 90+ day delinquencies (2)
$1,424 N/AN/AN/A
Number of loans in foreclosure— 16 3 208 
Unpaid principal balance of loans in foreclosure$— $3,673 $2,290 $33,042 
(1)For loans held at consolidated entities, the number of loans greater than 90 days delinquent includes loans in foreclosure.
(2)The fair value of the loans held by consolidated entities was based on the fair value of the ABS issued by these entities, including securities we own, which we determined were more readily observable, in accordance with accounting guidance for collateralized financing entities.
Quarterly Activity of Residential Loans Held-for-Investment
The following table provides the activity of residential loans held-for-investment at Redwood during the years ended December 31, 2020 and 2019.
Table 6.5 – Activity of Residential Loans Held-for-Investment at Redwood
Year Ended December 31,
(In Thousands)20202019
Principal balance of loans acquired$— $39,194 
Principal balance of loans sold— — 
Fair value of loans transferred from HFS to HFI13,258 68,703 
Fair value of loans transferred from HFI to HFS1,870,986 22,814 
Net market valuation gains (losses) recorded (1)
(93,314)58,891 
(1)Subsequent to the transfer of these loans to our investment portfolio, net market valuation gains (losses) on residential loans held-for-investment at Redwood are recorded through 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, 2020 and 2019.
Table 6.6 – Activity of Residential Loans Held-for-Investment at Consolidated Entities
Year Ended December 31, 2020Year Ended December 31, 2019
LegacySequoiaFreddie MacLegacySequoiaFreddie Mac
(In Thousands)SequoiaChoiceSLSTSequoiaChoiceSLST
Fair value of loans transferred from HFS to HFI (1)
N/A$270,506 N/AN/A$1,076,671 N/A
Net market valuation gains (losses) recorded (2)
$(30,900)$(30,356)$35,131 $5,170 $(15,232)$63,583 
(1)Represents the transfer of loans from held-for-sale to held-for-investment associated with Sequoia Choice securitizations.
(2)For loans held at our consolidated Legacy Sequoia, Sequoia Choice, and Freddie Mac SLST entities, market value changes are based on the estimated fair value of the associated ABS issued, pursuant to collateralized financing entity guidelines. The net impact to our income statement associated with our economic investments in these securitization entities is presented in Note 5.
Geographic Concentration of Loans Recorded on Consolidated Balance Sheet
The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2020 and December 31, 2019.
Table 6.7 – Geographic Concentration of Residential Loans
 December 31, 2020
Geographic Concentration
(by Principal) 		Held-for-SaleHeld-for-
Investment at Legacy Sequoia		Held-for-
Investment at Sequoia Choice		Held-for-Investment at Freddie Mac SLSTHeld-for-
Investment at
FVO
California43 %17 %34 %14 %— %
Texas10 %5 %10 %3 %— %
Washington7 %1 %5 %2 %— %
Colorado5 %3 %3 %1 %— %
Florida3 %14 %6 %10 %— %
Illinois3 %3 %2 %5 %— %
Maryland2 %2 %1 %5 %— %
New Jersey1 %5 %2 %7 %— %
New York1 %10 %5 %10 %— %
Ohio— %5 %— %2 %— %
Other states (none greater than 5%)25 %35 %32 %41 %— %
Total100 %100 %100 %100 %— %
 December 31, 2019
Geographic Concentration
(by Principal) 		Held-for-SaleHeld-for-
Investment at Legacy Sequoia		Held-for-
Investment at Sequoia Choice		Held-for-Investment at Freddie Mac SLSTHeld-for-
Investment at
FVO
California36 %18 %35 %14 %45 %
Washington7 %1 %7 %2 %5 %
Texas6 %6 %9 %3 %8 %
Colorado6 %3 %4 %— %4 %
Florida4 %14 %5 %10 %5 %
New Jersey2 %4 %2 %7 %2 %
New York1 %10 %4 %10 %4 %
Other states (none greater than 5%)38 %44 %34 %54 %27 %
Total100 %100 %100 %100 %100 %
The following table presents the geographic concentration of business purpose loans recorded on our consolidated balance sheets at December 31, 2020.
Table 7.5 – Geographic Concentration of Business Purpose Loans
 December 31, 2020
Geographic Concentration
(by Principal) 		Single-Family Rental Held-for-SaleSingle-Family Rental Held-for-Investment at RedwoodSingle-Family Rental Held-for-Investment at CAFLResidential Bridge
Texas24 %— %15 %4 %
New Jersey17 %— %11 %9 %
Georgia12 %— %5 %8 %
Florida10 %— %8 %11 %
Connecticut8 %— %4 %1 %
New York5 %— %1 %8 %
Arizona5 %— %2 %1 %
California5 %— %5 %13 %
Illinois5 %— %4 %7 %
Alabama2 %— %3 %6 %
Indiana2 %— %3 %5 %
Tennessee— %— %3 %6 %
Other states (none greater than 5%)5 %— %36 %21 %
Total100 %— %100 %100 %
 December 31, 2019
Geographic Concentration
(by Principal) 		Single-Family Rental Held-for-SaleSingle-Family Rental Held-for-Investment at RedwoodSingle-Family Rental Held-for-Investment at CAFLResidential Bridge
Texas19 %12 %15 %3 %
New Jersey12 %5 %11 %8 %
Georgia8 %— %5 %7 %
Arkansas6 %— %2 %— %
Maryland6 %— %2 %— %
Florida5 %— %8 %9 %
New York5 %1 %1 %6 %
Alabama5 %— %4 %4 %
Illinois1 %— %5 %3 %
California2 %1 %7 %21 %
Utah— %— %— %5 %
Other states (none greater than 5%)31 %81 %40 %34 %
Total100 %100 %100 %100 %
The following table presents the geographic concentration of multifamily loans recorded on our consolidated balance sheets at December 31, 2020.
Table 8.3 – Geographic Concentration of Multifamily Loans
Geographic Concentration
(by Principal) 		December 31, 2020December 31, 2019
California13 %11 %
Florida13 %10 %
North Carolina9 %— %
Oregon7 %— %
Hawaii5 %— %
Tennessee5 %— %
Texas— %13 %
Arizona— %6 %
Georgia— %6 %
Washington— %5 %
Colorado— %5 %
Other states (none greater than 5%)48 %44 %
Total100 %100 %
Loan Product Type and Accompanying Loan Characteristics of Loans
The following table displays the loan product type and accompanying loan characteristics of residential loans recorded on our consolidated balance sheets at December 31, 2020 and December 31, 2019.
Table 6.8 – Product Types and Characteristics of Residential Loans
December 31, 2020
(In Thousands)
Loan BalanceNumber of
Loans
Interest
 Rate(1)
Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Held-for-Investment at Legacy Sequoia:
ARM loans:
$— to$2501,524 0.25 %to5.63%2020-10-2036-05$146,100 $4,208 $3,966 
$251 to$500251 0.50 %to4.13%2024-05-2035-1186,676 1,908 4,392 
$501 to$75079 0.25 %to4.13%2027-05-2035-0148,437 714 1,192 
$751 to$1,00027 0.75 %to3.75%2028-03-2036-0321,875 — 3,175 
over$1,00018 1.00 %to2.38%2028-05-2035-0426,422 — 4,560 
1,899 329,510 6,830 17,285 
Hybrid ARM loans:
$— to$2502 2.63 %to2.63%2033-09-2033-10439 — — 
$251 to$5005 2.63 %to4.00%2033-07-2034-031,748 410 — 
$501 to$7501 2.75 %to2.75%2033-08-2033-08556 — — 
over$1,0001 2.63 %to2.63%2033-09-2033-091,221 — — 
9 3,964 410 — 
Total HFI at Legacy Sequoia:1,908 $333,474 $7,240 $17,285 
Held-for-Investment at Sequoia Choice:
Hybrid ARM loans
$— to$2503 5.50 %to6.75%2048-03-2048-10$607 $— $— 
$251 to$5005 3.50 %to3.63%2046-11-2049-062,196 440 — 
$501 to$75019 3.25 %to4.75%2044-04-2049-0912,214 682 671 
$751 to$1,00015 3.13 %to5.00%2043-12-2049-0812,911 960 1,744 
over$1,00012 3.50 %to5.00%2044-11-2050-0215,716 — — 
54 43,644 2,082 2,415 
Fixed loans:
$— to$25048 2.75 %to5.50%2029-04-2049-09$9,508 $— $191 
$251 to$500285 3.13 %to6.13%2033-06-2050-03122,327 4,728 2,225 
$501 to$7501,004 3.00 %to6.75%2031-04-2050-04617,488 15,214 24,842 
$751 to$1,000556 3.25 %to6.50%2036-12-2050-04478,938 10,482 21,155 
over$1,000230 3.15 %to5.88%2036-07-2050-04278,549 4,868 23,914 
2,123 1,506,810 35,292 72,327 
Total HFI at Sequoia Choice:2,177 $1,550,454 $37,374 $74,742 
Table 6.8 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2020
(In Thousands)
Loan BalanceNumber of
Loans
Interest
 Rate(1)
Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
$— to$25011,007 2.00 %to11.00%2020-12-2059-10$1,407,107 $283,745 $206,724 
$251 to$5002,545 2.00 %to7.75%2035-05-2059-01811,191 143,195 172,995 
$501 to$75052 2.00 %to6.75%2043-08-2058-0728,461 6,863 9,526 
over$1,0001 4.00 %to4.00%2056-03-2056-031,012 1,012 — 
Total HFI at Freddie Mac SLST:13,605 $2,247,771 $434,815 $389,245 
Held-for-Sale:
Hybrid ARM loans
$— to$2501 2.00 %to2.00%2032-11-2032-11$49 $— $— 
$751 to$1,0001 4.38 %to4.38%2047-10-2047-10970 970 — 
2 1,019 970 — 
Fixed loans
$— to$2501 4.69 %to4.69%2044-03-2044-03219 219 — 
$501 to$75075 2.50 %to5.50%2045-12-2051-0148,933 1,127 — 
$751 to$1,00080 2.38 %to4.63%2050-04-2051-0171,137 — — 
over$1,00040 2.38 %to5.00%2040-11-2051-0151,440 1,046 1,882 
196 171,729 2,392 1,882 
Total Held-for-Sale198 $172,748 $3,362 $1,882 
Table 6.8 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2019
(In Thousands)
Loan BalanceNumber of
Loans
Interest
 Rate(1)
Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Held-for-Investment at Redwood:
Hybrid ARM loans
$— to$25012 3.50 %to4.5%2043-09-2046-01$2,423 $— $— 
$251 to$50051 3.25 %to5.63%2041-01-2048-0820,781 — — 
$501 to$75097 2.88 %to5.13%2041-09-2048-0861,708 1,364 — 
$751 to$1,00090 2.88 %to6.00%2043-12-2048-0877,550 1,784 971 
over$1,00049 3.00 %to5.50%2040-10-2048-0964,937 1,428 — 
299 227,399 4,576 971 
Fixed loans
$— to$25038 2.90 %to4.80%2026-02-2047-126,549 223 — 
$251 to$500676 2.75 %to6.00%2026-01-2049-04287,984 — — 
$501 to$7501,091 2.80 %to6.75%2026-04-2049-05669,159 2,325 614 
$751 to$1,000519 2.75 %to6.63%2026-01-2049-04447,499 1,895 — 
over$1,000317 3.00 %to5.88%2031-04-2049-05414,188 3,202 — 
2,641 1,825,379 7,645 614 
Total HFI at Redwood:2,940 $2,052,778 $12,221 $1,585 
Held-for-Investment at Legacy Sequoia:
ARM loans:
$— to$2501,685 1.38 %to6.00%2020-01-2035-11$169,230 $5,135 $3,109 
$251 to$500345 1.25 %to5.63%2022-01-2036-05120,260 6,149 3,835 
$501 to$75087 1.63 %to4.38%2027-04-2035-0253,811 3,628 1,211 
$751 to$1,00045 1.63 %to4.38%2027-11-2036-0337,756 827 1,648 
over$1,00024 1.63 %to4.00%2027-12-2035-0438,341 — — 
2,186 419,398 15,739 9,803 
Hybrid ARM loans:
$— to$2502 4.25 %to4.50%2033-09-2033-10465 — — 
$251 to$5007 3.63 %to5.13%2033-07-2034-062,494 — — 
$501 to$7502 4.50 %to4.50%2033-08-2033-081,181 — — 
over$1,0001 4.50 %to4.50%2033-09-2033-091,291 — — 
12 5,431 — — 
Total HFI at Legacy Sequoia:2,198 $424,829 $15,739 $9,803 
Held-for-Investment at Sequoia Choice:
Fixed loans:
$— to$25056 2.75 %to5.50 %2038-02-2049-07$10,743 $— $— 
$251 to$500420 3.13 %to6.13 %2037-12-2049-09184,455 2,282 — 
$501 to$7501,528 3.13 %to6.75 %2037-02-2049-09940,914 13,020 2,366 
$751 to$1,000835 3.25 %to6.50 %2035-04-2049-09719,609 7,856 3,297 
over$1,000317 3.5 %to5.88 %2038-01-2049-09384,958 1,108 1,092 
Total HFI at Sequoia Choice:3,156 $2,240,679 $24,266 $6,755 
Table 6.8 – Product Types and Characteristics of Residential Loans (continued)
December 31, 2019
(In Thousands)
Loan BalanceNumber of
Loans
Interest
 Rate(1)
Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Held-for-Investment at Freddie Mac SLST:
Fixed loans:
$— to$25011,639 2.00 %to11.00%2019-11-2059-10$1,501,538 $477,592 $79,632 
$251 to$5002,805 2.00 %to7.75%2033-08-2058-11894,126 297,732 52,920 
$501 to$75057 2.00 %to6.75%2043-08-2058-0731,350 8,787 2,623 
over$1,0001 4.00 %to4.00%2056-03-2056-031,021 1,021 — 
Total HFI at Freddie Mac SLST:14,502 2,428,035 785,132 135,175 
Held-for-Sale:
Hybrid ARM loans
$— to$2507 5.20 %to7.00%2047-08-2048-12$1,254 $— $— 
$251 to$5001 4.25 %to4.25%2049-08-2049-08432 — — 
$501 to$75052 3.00 %to5.50%2047-04-2049-1233,611 — — 
$751 to$1,00033 3.25 %to4.88%2047-04-2049-1128,573 — — 
over$1,00022 3.25 %to5.25%2048-06-2049-1128,013 — — 
115 91,883 — — 
Fixed loans
$— to$2502 3.88 %to7.13%2034-08-2049-07481 — — 
$251 to$50013 3.63 %to6.50%2048-01-2050-016,234 — — 
$501 to$750301 3.20 %to5.88%2034-05-2050-01186,251 — 747 
$751 to$1,000161 3.50 %to6.50%2034-07-2050-01139,786 — — 
over$1,00077 3.20 %to5.00%2034-08-2050-01100,293 1,650 — 
554 433,045 1,650 747 
Total Held-for-Sale669 $524,928 $1,650 $747 
(1)Rate is net of servicing fee for consolidated loans for which we do not own the MSR.
The following table displays the loan product type and accompanying loan characteristics of business purpose loans recorded on our consolidated balance sheets at December 31, 2020.
Table 7.6 – Product Types and Characteristics of Business Purpose Loans
December 31, 2020
(In Thousands)
Loan BalanceNumber of
Loans		Interest
Rate		Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Single-Family Rental Held-for-Investment at CAFL:
Fixed loans:
$— to$2505 5.77 %to7.05%2022-07-2030-08$1,016 $— $— 
$251 to$50067 4.64 %to6.96%2021-07-2031-0129,977 — — 
$501 to$750212 4.12 %to7.06%2020-11-2030-12130,665 — 1,752 
$751 to$1,000131 4.33 %to7.23%2021-01-2031-01113,874 764 750 
over$1,000679 3.93 %to7.57%2020-11-2031-012,741,605 3,867 58,938 
Total SFR HFI at CAFL:1,094 $3,017,137 $4,631 $61,440 
Single-Family Rental Held-for-Sale:
Fixed loans:
$— to$2508 6.25 %to7.75%2027-03-2050-03$1,060 $— $635 
$251 to$5001 5.97 %to5.97%2021-02-2021-02483 — — 
$501 to$7506 5.84 %to6.75%2026-01-2031-013,632 — — 
$751 to$1,00010 5.15 %to6.39%2020-05-2031-018,936 — 1,815 
over$1,00040 3.82 %to5.95%2020-07-2031-01220,364 — 4,677 
Total Single-Family Rental HFS:65 $234,475 $— $7,127 
Bridge:
Fixed loans:
$— to$2501,440 5.75 %to12.00%2019-10-2022-12$128,596 $6,530 $1,668 
$251 to$500110 6.65 %to13.00%2020-05-2022-1237,607 945 1,423 
$501 to$75039 6.99 %to10.00%2020-07-2021-1023,783 — 540 
$751 to$1,00021 6.50 %to9.50%2020-10-2022-0318,225 — 943 
over$1,000115 6.04 %to10.25%2020-03-2022-12441,321 — 34,841 
Total Bridge:1,725 $649,532 $7,475 $39,415 
Table 7.6 – Product Types and Characteristics of Business Purpose Loans (continued)
December 31, 2019
(In Thousands)
Loan BalanceNumber of
Loans		Interest
Rate		Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Single-Family Rental Held-for-Investment at Redwood:
Fixed loans:
$251 to$50020 4.88 %to7.47%2024-02-2030-01$7,925 $— $— 
$501 to$75026 4.45 %to7.25%2023-09-2030-0115,620 — — 
$751 to$1,00016 4.91 %to6.58%2023-11-2029-0913,616 — — 
over$1,00045 3.93 %to6.94%2023-10-2030-01194,050 — — 
Total SFR HFI at Redwood:107 $231,211 $— $— 
Single-Family Rental Held-for-Investment at CAFL:
Fixed loans:
$— to$2502 5.46 %to5.80%2019-11-2021-09$398 $— $— 
$251 to$50056 4.92 %to7.05%2020-03-2029-1025,643 1,306 — 
$501 to$750148 4.75 %to7.31%2020-03-2029-1091,414 1,259 1,990 
$751 to$1,00098 4.62 %to7.23%2020-03-2029-1085,472 1,639 879 
over$1,000479 4.31 %to7.57%2019-12-2029-111,875,287 18,567 26,170 
Total SFR HFI at CAFL:783 $2,078,214 $22,771 $29,039 
Single-Family Rental Held-for-Sale:
Fixed loans:
$— to$25085 5.50 %to7.63%2027-03-2050-01$10,506 $— $130 
$251 to$5009 4.94 %to6.00%2024-11-2050-013,708 — — 
$501 to$75021 4.55 %to5.96%2024-01-2030-0113,335 — — 
$751 to$1,00013 5.00 %to5.93%2024-01-2030-0111,676 — — 
over$1,00073 4.35 %to6.28%2024-01-2030-01282,412 — 1,688 
Total Single-Family Rental HFS:201 $321,637 $— $1,818 
Bridge:
Fixed loans:
$— to$2502,207 6.53 %to12.00%2019-07-2022-01$197,449 $1,447 $369 
$251 to$500198 6.99 %to13.00%2019-10-2022-0171,361 2,811 675 
$501 to$75071 6.99 %to9.99%2019-11-2021-1042,862 2,072 508 
$751 to$1,00040 7.28 %to10.00%2018-10-2022-0134,646 1,771 2,443 
over$1,000137 5.79 %to10.25%2019-11-2022-01394,914 31,452 4,992 
Total Bridge:2,653 $741,232 $39,553 $8,987 
The following table displays the loan product type and accompanying loan characteristics of multifamily loans recorded on our consolidated balance sheets at December 31, 2020.
Table 8.4 – Product Types and Characteristics of Multifamily Loans
December 31, 2020
(In Thousands)
Loan BalanceNumber of
Loans		Interest
Rate		Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Fixed loans:
$10,001 to$20,00024 4.25 %to4.25%2025-09-2025-09$370,934 $— $— 
$20,001 to$30,0004 4.25 %to4.25%2025-09-2025-0991,874 — — 
Total:28 $462,808 $— $— 
December 31, 2019
(In Thousands)
Loan BalanceNumber of
Loans		Interest
Rate		Maturity
Date		Total
Principal		30-89
Days
DQ		90+
Days
DQ
Fixed loans:
$1,000 to$10,000114 3.29 %to4.73%2023-02-2029-10$674,666 $— $— 
$10,001 to$20,000102 3.54 %to4.94%2023-09-2029-081,489,118 — — 
$20,001 to$30,00032 3.54 %to4.69%2024-01-2026-12750,712 — — 
$30,001 to$40,00019 3.52 %to4.79%2025-05-2029-10654,729 — — 
over$40,00012 3.55 %to4.65%2024-10-2026-09625,775 — — 
Total:279 $4,195,000 $— $—