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Residential Loans, at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Distressed and Other Residential Mortgage Loans at Fair Value
The following table presents the Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
December 31, 2023December 31, 2022
Residential loans (1)
Consolidated SLST (2)
Residential loans held in securitization trusts (3)
Total
Residential loans (1)
Consolidated SLST (2)
Residential loans held in securitization trusts (3)
Total
Principal$891,283 $892,546 $1,609,006 $3,392,835 $1,152,502 $955,579 $1,790,179 $3,898,260 
Discount(22,667)(7,418)(55,709)(85,794)(22,179)(5,815)(60,745)(88,739)
Unrealized losses
(41,081)(130,268)(51,389)(222,738)(48,939)(122,182)(113,320)(284,441)
Carrying value$827,535 $754,860 $1,501,908 $3,084,303 $1,081,384 $827,582 $1,616,114 $3,525,080 

(1)Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of December 31, 2023 and 2022 (see Note 12).
(2)The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's consolidated balance sheets (see Note 13).
(3)The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's consolidated balance sheets (see Note 13).
Schedule of Components Of Net Realized Gains (Losses)
The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2023, 2022 and 2021, respectively (dollar amounts in thousands):
For the Years Ended December 31,
202320222021
Residential loans
Consolidated SLST (1)
Residential loans held in securitization trustsResidential loans
Consolidated SLST (1)
Residential loans held in securitization trustsResidential loans
Consolidated SLST (1)
Residential loans held in securitization trusts
Unrealized gains (losses), net
$6,786 $(8,086)$63,005 $(115,269)$(124,834)$(174,401)$20,403 $(31,128)$34,932 

(1)In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable (see Note 16). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST.
Schedule of Geographic Concentration Risk Exceeding 5%
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of December 31, 2023 and 2022, respectively, are as follows:
December 31, 2023December 31, 2022
Residential loansConsolidated SLSTResidential loans held in securitization trustsResidential loansConsolidated SLSTResidential loans held in securitization trusts
California22.4 %10.7 %18.4 %24.3 %10.6 %19.2 %
Florida15.5 %10.3 %11.0 %13.2 %10.3 %10.2 %
Texas
8.1 %3.9 %7.1 %7.0 %4.0 %7.3 %
New York
7.0 %10.0 %8.5 %8.0 %9.8 %8.6 %
New Jersey4.9 %7.6 %6.0 %6.3 %7.4 %5.6 %
Illinois3.0 %7.2 %3.5 %2.6 %7.2 %3.2 %
Washington4.3 %1.8 %2.7 %5.7 %1.8 %2.9 %
Schedule of Fair Value Compared to Unpaid Principal
The following table presents the fair value and aggregate unpaid principal balance of the Company’s residential loans and residential loans held in securitization trusts in non-accrual status as of December 31, 2023 and 2022, respectively (dollar amounts in thousands):
Greater than 90 days past dueLess than 90 days past due
Fair ValueUnpaid Principal BalanceFair ValueUnpaid Principal Balance
December 31, 2023$199,485 $220,577 $9,362 $9,948 
December 31, 2022149,076 159,981 8,382 9,132