Collateralized Debt Obligations

12 Months Ended

Dec. 31, 2022

12. 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, 2022 and 2021, respectively (dollar amounts in thousands):


	December 31, 2022
	Outstanding Face Amount		Carrying Value		Weighted Average Interest Rate (1)		Stated Maturity (2)
Consolidated SLST (3)	$	699,408	$	634,495	2.75	%	2059
Residential loan securitizations	1,498,198		1,468,222		3.54	%	2026 - 2062

Total collateralized debt obligations	$	2,197,606	$	2,102,717


	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 15).

The Company's CDOs as of December 31, 2022 had stated maturities as follows:


Year Ending December 31,	Total
2023	$	—
2024	—
2025	—
2026	130,000
2027	225,000
Thereafter	1,842,606
Total	$	2,197,606