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Collateralized Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Mortgages Payable in Consolidated VIEs

The following tables present a summary of the Company's CDOs as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):

			September 30, 2023
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1) (2)												Stated Maturity (3)
Consolidated SLST (4)			$	665,970					$	584,741					2.75		%										2059
Residential loan securitizations			1,335,598						1,318,131						3.63		%										2026 - 2062
Total collateralized debt obligations			$	2,001,568					$	1,902,872

			December 31, 2022
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1) (2)												Stated Maturity (3)
Consolidated SLST (4)			$	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)As of September 30, 2023 and December 31, 2022, $560.8 million and $647.1 million, respectively, of the Company's CDOs contained an initial interest rate step-up feature whereby the interest rate increases by 3.00% if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents, ranging from October 2023 to July 2025, with potential additional interest rate step-ups of 1.00% if the outstanding notes are not redeemed by expected redemption dates ranging from October 2024 to July 2026. As of September 30, 2023 and December 31, 2022, $548.4 million and $603.8 million, respectively, of the Company's CDOs contained a contractual interest rate step-up feature whereby the interest rate increases by either 1.00% or 2.00% at step-up dates, as defined in the respective governing documents, ranging from May 2024 to December 2026.

(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 16).

Schedule of Maturities of Collateralized Debt Obligations

The Company's CDOs as of September 30, 2023 had stated maturities as follows:

Year ending December 31,						Total
2023						$	—
2024						—
2025						—
2026						84,659
2027						225,000
Thereafter						1,691,909
Total						$	2,001,568

As of September 30, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,						Outstanding Balance
2023						$	—
2024						—
2025						27,750
2026						126,901
2027						—
2028						—
Thereafter						389,700
						$	544,351

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