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Collateralized Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Collateralized Debt Obligations

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

			December 31, 2023
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1) (2)						Stated Maturity (3)
Consolidated SLST (4)			$	652,933					$	593,737					2.75		%				2059
Residential loan securitizations			1,292,015						1,276,780						4.00		%				2026 - 2062
Total collateralized debt obligations			$	1,944,948					$	1,870,517

			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 December 31, 2023 and 2022, $399.3 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 August 2024 to July 2025. Also, as of December 31, 2023 and 2022, $548.6 million and $647.1 million, respectively, of the Company CDOs contained 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 December 31, 2023 and 2022, $523.2 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 Collateralized Debt Obligation Securities

The Company's CDOs as of December 31, 2023 had stated maturities as follows:

Year Ending December 31,						Total
2024						$	—
2025						—
2026						63,942
2027						225,000
2028						—
Thereafter						1,656,006
Total						$	1,944,948

As of December 31, 2023, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,						Total
2024						$	53,615
2025						319,274
2026						126,749
2027						—
2028						—
Thereafter						434,415
Total						$	934,053

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