Collateralized Debt Obligations

3 Months Ended

Mar. 31, 2023

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