XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.23.1

Collateralized Debt Obligations | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Collateralized Debt Obligations | 13. 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 March 31, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
| March 31, 2023
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  |  |  | Stated Maturity (2)
Consolidated SLST (3) | $ | 688,916 |  |  | $ | 638,513 |  |  | 2.75 | % |  |  |  | 2059
Residential loan securitizations | 1,416,155 |  |  | 1,390,991 |  |  | 3.58 | % |  |  |  | 2026 - 2062
Total collateralized debt obligations | $ | 2,105,071 |  |  | $ | 2,029,504 |  |  |  |  |  |  |
| 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 |  |  |  |  |  |  |
(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 16). The Company's CDOs as of March 31, 2023 had stated maturities as follows:
Year ending December 31, |  | Total
2023 |  | $ | — |
2024 |  | — |
2025 |  | — |
2026 |  | 113,000 |
2027 |  | 225,000 |
Thereafter |  | 1,767,071 |
Total |  | $ | 2,105,071 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration