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Collateralized Debt Obligations | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Collateralized Debt Obligations | Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of December 31, 2021 and 2020, respectively (dollar amounts in thousands):
| December 31, 2021
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  | Stated Maturity (2)
Consolidated SLST (3) | $ | 814,256 |  |  | $ | 839,419 |  |  | 2.75 | % |  | 2059
Residential loan securitizations | 686,122 |  |  | 682,802 |  |  | 2.43 | % |  | 2026 - 2061
Total collateralized debt obligations | $ | 1,500,378 |  |  | $ | 1,522,221 |  |  |  |  |
(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)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. (3)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) |  | Stated Maturity (2)
Consolidated SLST (3) | $ | 975,017 |  |  | $ | 1,054,335 |  |  | 2.75 | % |  | 2059
Residential loan securitizations | 557,497 |  |  | 554,067 |  |  | 3.36 | % |  | 2025 - 2060
Non-Agency RMBS re-securitization | 15,449 |  |  | 15,256 |  |  | One-month LIBOR plus 5.25% | (4) | 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)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. (3)The Company has elected the fair value option for CDOs issued by Consolidated SLST (see Note 14). (4)Represents the pass-through rate through the payment date in December 2021. During the year ended December 31, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. The Company's collateralized debt obligations as of December 31, 2021 had stated maturities as follows:
Year Ending December 31, |  | Total
2022 |  | $ | — |
2023 |  | — |
2024 |  | — |
2025 |  | — |
2026 |  | 180,000 |
Thereafter |  | 1,320,378 |
Total |  | $ | 1,500,378 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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