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Asset-Backed Securities Issued (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Asset-Backed Securities Issued | The carrying values of ABS issued by our consolidated securitization entities at September 30, 2025 and December 31, 2024, along with other selected information, are summarized in the following table. Table 17.1 – Asset-Backed Securities Issued
|  | September 30, 2025
|  | UPB |  | Carrying Value |  | Weighted Average Interest Rate |  | Stated Maturities |  | Number of Series
(Dollars in Thousands) |  |  |  |  |
Sequoia |  | $ | 13,316,632 |  |  | $ | 12,863,481 |  |  | 2.50% to 8.37% |  | 2028-2063 |  | 67
CAFL (1) |  | 2,655,244 |  |  | 2,622,847 |  |  | 2.85% to 8.72% |  | 2027-2040 |  | 20
Freddie Mac SLST (2) |  | 1,026,688 |  |  | 996,185 |  |  | 3.50% |  | 2028-2029 |  | 2
HEI |  | 127,399 |  |  | 127,568 |  |  | 6.72% |  | 2053 |  | 1
ABS Issued at Fair Value |  | $ | 17,125,963 |  |  | $ | 16,610,081 |  |  |  |  |  |  |
CAFL |  | 91,544 |  |  | 91,544 |  |  | 4.31% to 6.56% |  | 2029 |  | 2
Freddie Mac SLST (2) |  | 124,614 |  |  | 123,393 |  |  | 7.50% |  | 2059 |  | 1
ABS Issued at Amortized Cost |  | $ | 216,158 |  |  | $ | 214,937 |  |  |  |  |  |  |
Total ABS Issued |  | $ | 17,342,121 |  |  | $ | 16,825,018 |  |  |  |  |  |  |
|  | December 31, 2024
|  | Unpaid Principal Balance |  | Carrying Value |  | Weighted Average Interest Rate |  | Stated Maturities |  | Number of Series
(Dollars in Thousands) |  |  |  |  |
Sequoia |  | $ | 9,220,157 |  |  | $ | 8,585,077 |  |  | 2.66% to 8.52% |  | 2028-2063 |  | 54
CAFL (1) |  | 2,752,657 |  |  | 2,687,977 |  |  | 2.76% to 7.89% |  | 2027-2033 |  | 19
Freddie Mac SLST |  | 1,075,249 |  |  | 1,005,945 |  |  | 3.50% |  | 2028-2029 |  | 2
Freddie Mac K-Series |  | 393,762 |  |  | 389,434 |  |  | 3.41% |  | 2025 |  | 1
HEI |  | 212,484 |  |  | 211,097 |  |  | 3.96% to 6.71% |  | 2052-2053 |  | 2
ABS Issued at Fair Value |  | $ | 13,654,309 |  |  | $ | 12,879,530 |  |  |  |  |  |  |
CAFL |  | 244,772 |  |  | 244,772 |  |  | 2.31% to 4.38% |  | 2029 |  | 2
Freddie Mac SLST |  | 148,180 |  |  | 145,902 |  |  | 7.50% |  | 2059 |  | 1
ABS Issued at Amortized Cost |  | $ | 392,952 |  |  | $ | 390,674 |  |  |  |  |  |  |
Total ABS Issued |  | $ | 14,047,261 |  |  | $ | 13,270,204 |  |  |  |  |  |  |
(1)At September 30, 2025, includes ABS issued from two consolidated VIE entities formed in connection with the financing of residential investor bridge loans sponsored by one of our joint ventures. At December 31, 2024 includes ABS issued from one consolidated VIE entity formed in connection with the financing of residential investor bridge loans sponsored by one of our joint ventures. One of the ABS issued by the CAFL bridge entity during the fourth quarter of 2024 is subject to an optional redemption in May 2027 and beginning in June 2027, the interest rate on the ABS issued increases by 1.5% through final maturity in November 2031. The securitization is structured with $300 million of total funding capacity and a feature to allow reinvestment of loan payoffs for the first 24 months of the transaction (through November 2026), unless an amortization event occurs prior to the expiration of the 24-month reinvestment period. Amortization trigger events include, among other events, delinquency rates or default rates exceeding specified thresholds for three consecutive periods, or the effective advance rate exceeding a specified threshold. (2) See Note 24 for further discussion.

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