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Collateralized Debt Obligations (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Mortgages Payable in Consolidated VIEs | The following tables present a summary of the Company's CDOs as of March 31, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
| March 31, 2021
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  | Weighted Average Rate of Notes Issued (2) |  | Stated Maturity (3)
Consolidated SLST (4) | $ | 947,719 |  |  | $ | 992,288 |  |  | 2.75 | % |  | 3.53 | % |  | 2059
Residential loan securitizations | 537,112 |  |  | 533,822 |  |  | 3.36 | % |  | 4.84 | % |  | 2025 - 2060
Total collateralized debt obligations | $ | 1,484,831 |  |  | $ | 1,526,110 |  |  |  |  |  |  |
(1)Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2)Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3)The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4)The Company has elected the fair value option for CDOs issued by Consolidated SLST (see Note 14).
| December 31, 2020
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  | Weighted Average Rate of Notes Issued (2) |  | Stated Maturity (3)
Consolidated SLST (4) | $ | 975,017 |  |  | $ | 1,054,335 |  |  | 2.75 | % |  | 3.53 | % |  | 2059
Residential loan securitizations | 557,497 |  |  | 554,067 |  |  | 3.36 | % |  | 4.83 | % |  | 2025 - 2060
Non-Agency RMBS Re-Securitization | 15,449 |  |  | 15,256 |  |  | One-month LIBOR plus 5.25% | (5) | One-month LIBOR plus 5.25% | (5) | 2025
Total collateralized debt obligations | $ | 1,547,963 |  |  | $ | 1,623,658 |  |  |  |  |  |  |
(1)Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2)Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (3)The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4)The Company has elected the fair value option for CDOs issued by Consolidated SLST (see Note 14). (5)Represents the pass-through rate through the payment date in December 2021. Pass-through rate increases to one-month LIBOR plus 7.75% for payment dates in or after January 2022. The following table presents detailed information for these mortgages payable in Consolidated VIEs as of March 31, 2021 (dollar amounts in thousands):
| Mortgage Note Amount |  | Net Deferred Finance Cost |  | Mortgage Payable, Net |  | Origination Date |  | Maturity Date |  | Interest Rate
Joint venture investment | $ | 26,040 |  |  | $ | (262) |  |  | $ | 25,778 |  |  | January 27, 2021 |  | February 1, 2031 |  | SOFR plus 2.62%
Preferred equity investment | 37,030 |  |  | (271) |  |  | 36,759 |  |  | February 14, 2018 |  | March 1, 2028 |  | One-month LIBOR plus 2.40%
Total | $ | 63,070 |  |  | $ | (533) |  |  | $ | 62,537 |  |  |  |  |  |  |
Schedule of Maturities of Collateralized Debt Obligations | The Company's collateralized debt obligations as of March 31, 2021 had stated maturities as follows:
Year ending December 31, |  | March 31, 2021
2021 |  | $ | — |
2022 |  | — |
2023 |  | — |
2024 |  | — |
2025 |  | 220,648 |
2026 |  | — |
Thereafter |  | 1,264,183 |
Total |  | $ | 1,484,831 |
As of March 31, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):
Year Ending December 31, | Total
2021 | $ | — |
2022 | 138,000 |
2023 | — |
2024 | — |
2025 | — |
2026 | — |
Thereafter | 108,070 |
| $ | 246,070 |

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