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Asset-Backed Securities Issued (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Asset-Backed Securities Issued | The carrying values of ABS issued by our consolidated securitization entities at June 30, 2024 and December 31, 2023, along with other selected information, are summarized in the following table. Table 16.1 – Asset-Backed Securities Issued
|  | June 30, 2024
|  | Sequoia |  | CAFL (1) |  | Freddie Mac SLST (2) |  | Freddie Mac K-Series |  | HEI |  | Total
(Dollars in Thousands) |  |  |  |  |  |
Certificates with principal balance |  | $ | 7,393,323 |  |  | $ | 3,172,393 |  |  | $ | 1,280,405 |  |  | $ | 398,127 |  |  | $ | 222,301 |  |  | $ | 12,466,549 |
Interest-only certificates at fair value |  | 50,849 |  |  | 86,701 |  |  | 12,172 |  |  | 3,056 |  |  | — |  |  | 152,778 |
Market valuation adjustments |  | (757,641) |  |  | (200,903) |  |  | (84,650) |  |  | (13,392) |  |  | (4,098) |  |  | (1,060,684) |
Unamortized debt discount and deferred debt issuance costs |  | — |  |  | — |  |  | (3,093) |  |  | — |  |  | — |  |  | (3,093) |
ABS Issued, Net |  | $ | 6,686,531 |  |  | $ | 3,058,191 |  |  | $ | 1,204,834 |  |  | $ | 387,791 |  |  | $ | 218,203 |  |  | $ | 11,555,550 |
Range of weighted average interest rates, by series(3) |  | 2.67% to 6.71% |  | 2.31% to 7.89% |  | 3.50% to 7.50% |  | 3.41% |  | 3.94% to 6.77% |  |
Stated maturities(3) |  | 2024-2054 |  | 2027-2033 |  | 2028-2059 |  | 2025 |  | 2052-2053 |  |
Number of series |  | 48 |  |  | 20 |  |  | 3 |  |  | 1 |  |  | 2 |  |  |
|  | December 31, 2023
|  | Sequoia |  | CAFL(1) |  | Freddie Mac SLST (2) |  | Freddie Mac K-Series |  | HEI |  | Total
(Dollars in Thousands) |  |  |  |  |  |
Certificates with principal balance |  | $ | 5,151,646 |  |  | $ | 3,472,825 |  |  | $ | 1,328,657 |  |  | $ | 402,400 |  |  | $ | 233,131 |  |  | $ | 10,588,659 |
Interest-only certificates at fair value |  | 52,274 |  |  | 101,828 |  |  | 13,856 |  |  | 4,562 |  |  | — |  |  | 172,520 |
Market valuation adjustments |  | (635,260) |  |  | (209,740) |  |  | (72,742) |  |  | (14,985) |  |  | (10,643) |  |  | (943,370) |
Unamortized debt discount and deferred debt issuance costs |  | — |  |  | (1,935) |  |  | (3,994) |  |  | — |  |  | — |  |  | (5,929) |
ABS Issued, Net |  | $ | 4,568,660 |  |  | $ | 3,362,978 |  |  | $ | 1,265,777 |  |  | $ | 391,977 |  |  | $ | 222,488 |  |  | $ | 9,811,880 |
Range of weighted average interest rates, by series(3) |  | 2.67% to 6.66% |  | 2.34% to 7.89% |  | 3.50% to 7.50% |  | 3.55 | % |  | 3.86% to 6.70% |  |
Stated maturities(3) |  | 2024-2053 |  | 2027-2033 |  | 2028-2059 |  | 2025 |  | 2052-2053 |  |
Number of series |  | 42 |  |  | 21 |  |  | 3 |  |  | 1 |  |  | 2 |  |  |
(1)Includes $417 million and $485 million (principal balance) of ABS issued by two CAFL bridge securitization trusts sponsored by Redwood and accounted for at amortized cost at June 30, 2024 and December 31, 2023, respectively. (2)Includes $166 million and $182 million (principal balance) of ABS issued by a re-securitization trust sponsored by Redwood and accounted for at amortized cost at both June 30, 2024 and December 31, 2023, respectively. (3)Certain ABS issued by CAFL and HEI securitization entities are subject to early redemption and interest rate step-ups as described below.

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