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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Debt Instrument Redemption | On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table:
Redemption Period |  | Multiple
April 30, 2023 - April 29, 2024 |  | 2.875 | %
April 30, 2024 - April 29, 2025 |  | 1.4375 | %
April 30, 2025 - April 29, 2026 |  | — |
Schedule of Subordinated Borrowing | The following table summarizes the key details of the Company’s subordinated debentures as of September 30, 2021 and December 31, 2020 (dollar amounts in thousands):
| NYM Preferred Trust I |  | NYM Preferred Trust II
Principal value of trust preferred securities | $ | 25,000 |  |  | $ | 20,000 |
Interest rate | Three month LIBOR plus 3.75%, resetting quarterly |  | Three month LIBOR plus 3.95%, resetting quarterly
Scheduled maturity | March 30, 2035 |  | October 30, 2035
Schedule of Mortgages Payable in Consolidated VIEs | The following tables present a summary of the Company's CDOs as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
| September 30, 2021
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  | Weighted Average Rate of Notes Issued (2) |  | Stated Maturity (3)
Consolidated SLST (4) | $ | 861,184 |  |  | $ | 904,976 |  |  | 2.75 | % |  | 3.53 | % |  | 2059
Residential loan securitizations | 714,058 |  |  | 710,102 |  |  | 2.42 | % |  | 3.38 | % |  | 2026 - 2061
Total collateralized debt obligations | $ | 1,575,242 |  |  | $ | 1,615,078 |  |  |  |  |  |  |
(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)Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (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 14).
| December 31, 2020
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  | Weighted Average Rate of Notes Issued (2) |  | Stated Maturity (3)
Consolidated SLST (4) | $ | 975,017 |  |  | $ | 1,054,335 |  |  | 2.75 | % |  | 3.53 | % |  | 2059
Residential loan securitizations | 557,497 |  |  | 554,067 |  |  | 3.36 | % |  | 4.83 | % |  | 2025 - 2060
Non-Agency RMBS Re-Securitization | 15,449 |  |  | 15,256 |  |  | One-month LIBOR plus 5.25% | (5) | One-month LIBOR plus 5.25% | (5) | 2025
Total collateralized debt obligations | $ | 1,547,963 |  |  | $ | 1,623,658 |  |  |  |  |  |  |
(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)Weighted average rate of notes issued is calculated using the outstanding face amount and stated interest rate of all notes issued by the securitizations, including those owned by the Company. (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 14). (5)Represents the pass-through rate through the payment date in December 2021. During the nine months ended September 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization. The following table presents detailed information for these mortgages payable on operating real estate as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
| Outstanding Mortgage Balance |  | Net Deferred Finance Cost |  | Mortgage Payable, Net |  | Stated Maturity |  | Weighted Average Interest Rate (1) |  | Unfunded Commitment
September 30, 2021 | $ | 203,786 |  |  | $ | (3,066) |  |  | $ | 200,720 |  |  | 2024 - 2031 |  | 3.25 | % |  | $ | 12,188 |
December 31, 2020 | 37,030 |  |  | (278) |  |  | 36,752 |  |  | 2028 |  | 2.54 | % |  | — |
(1)Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.
Schedule of Maturities of Long-term Debt | The Company's collateralized debt obligations as of September 30, 2021 had stated maturities as follows:
Year ending December 31, |  | Total
2021 |  | $ | — |
2022 |  | — |
2023 |  | — |
2024 |  | — |
2025 |  | — |
2026 |  | 180,000 |
Thereafter |  | 1,395,242 |
Total |  | $ | 1,575,242 |
As of September 30, 2021, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):
Year Ending December 31, |  | Total
2021 |  | $ | — |
2022 |  | 138,000 |
2023 |  | — |
2024 |  | 108,676 |
2025 |  | — |
2026 |  | 100,000 |
Thereafter |  | 140,110 |
|  | $ | 486,786 |

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