XML 44 R35.htm IDEA: XBRL DOCUMENT v3.22.1

Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets and Liabilities of Consolidated VIE's

The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three months ended March 31, 2022 (dollar amounts in thousands):

Cash						$	7,102
Operating real estate (1)						528,768
Lease intangibles (2)						27,461
Other assets						6,130
Total assets						569,461
Mortgages payable on real estate, net						409,756
Other liabilities						3,180
Total liabilities						412,936
Non-controlling interest (3)						10,488
Net assets consolidated						$	146,037

(1)Included in real estate, net in the accompanying condensed consolidated balance sheets.

(2)Included in other assets in the accompanying condensed consolidated balance sheets.

(3)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of March 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

			Financing VIEs						Other VIEs
			Residential Loan Securitizations												Consolidated SLST						Consolidated Real Estate						Total
Cash and cash equivalents			$	—											$	—					$	33,340					$	33,340
Residential loans, at fair value			1,262,356												969,853						—						2,232,209
Real estate, net held in Consolidated VIEs (1)			—												—						1,451,053						1,451,053
Other assets			87,833												3,437						64,912						156,182
Total assets			$	1,350,189											$	973,290					$	1,549,305					$	3,872,784
Collateralized debt obligations ($1,143,855 at amortized cost, net and $754,264 at fair value)			$	1,143,855											$	754,264					$	—					$	1,898,119
Mortgages payable on real estate, net in Consolidated VIEs (2)			—												—						1,083,371						1,083,371
Other liabilities			32,432												3,482						13,135						49,049
Total liabilities			$	1,176,287											$	757,746					$	1,096,506					$	3,030,539
Redeemable non-controlling interest in Consolidated VIEs (3)			$	—											$	—					$	53,361					$	53,361
Non-controlling interest in Consolidated VIEs (4)			$	—											$	—					$	32,383					$	32,383
Net investment (5)			$	173,902											$	215,544					$	367,055					$	756,501

(1)Included in real estate, net in the accompanying condensed consolidated balance sheets.

(2)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.

(3)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.

(4)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.

(5)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any.

The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

			Financing VIEs						Other VIEs
			Residential Loan Securitizations						Consolidated SLST						Consolidated Real Estate						Total
Cash and cash equivalents			$	—					$	—					$	29,606					$	29,606
Residential loans, at fair value			801,429						1,070,882						—						1,872,311
Real estate, net held in Consolidated VIEs (1)			—						—						927,725						927,725
Other assets			36,767						3,547						70,557						110,871
Total assets			$	838,196					$	1,074,429					$	1,027,888					$	2,940,513
Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value)			$	682,802					$	839,419					$	—					$	1,522,221
Mortgages payable on real estate, net in Consolidated VIEs (2)			—						—						672,568						672,568
Other liabilities			20,156						3,193						17,527						40,876
Total liabilities			$	702,958					$	842,612					$	690,095					$	2,235,665
Redeemable non-controlling interest in Consolidated VIEs (3)			$	—					$	—					$	66,392					$	66,392
Non-controlling interest in Consolidated VIEs (4)			$	—					$	—					$	24,359					$	24,359
Net investment (5)			$	135,238					$	231,817					$	247,042					$	614,097

(1)Included in real estate, net in the accompanying condensed consolidated balance sheets.

(2)Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets.

(3)Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below.

(4)Represents third-party ownership of membership interests in Consolidated Real Estate VIEs.

(5)The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any.

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

									March 31, 2022												December 31, 2021
			Fair Value Hierarchy Level						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Financial Assets:
Cash and cash equivalents			Level 1						$	303,762					$	303,762					$	289,602					$	289,602
Residential loans			Level 3						3,953,427						3,953,427						3,575,601						3,575,601
Multi-family loans			Level 3						110,208						110,208						120,021						120,021
Investment securities available for sale			Level 2						145,780						145,780						200,844						200,844
Equity investments			Level 3						225,300						225,300						239,631						239,631
Financial Liabilities:
Repurchase agreements			Level 2						927,049						927,049						554,259						554,259
Collateralized debt obligations:
Residential loan securitizations at amortized cost, net			Level 3						1,143,855						1,110,428						682,802						686,027
Consolidated SLST			Level 3						754,264						754,264						839,419						839,419
Subordinated debentures			Level 3						45,000						44,448						45,000						44,388
Convertible notes			Level 2						—						—						137,898						138,011
Senior unsecured notes			Level 2						96,870						97,246						96,704						102,215
Mortgages payable on real estate			Level 3						1,083,371						1,079,742						709,356						712,112

Schedule of Statement of Operations of Variable Interest Entities

The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation.

						Three Months Ended March 31,
						2022																		2021
						Consolidated SLST						Consolidated Real Estate						Total						Consolidated SLST						Consolidated Real Estate						Total
Interest income						$	9,380					$	—					$	9,380					$	10,318					$	—					$	10,318
Interest expense						5,978						6,835						12,813						7,104						310						7,414
Total net interest income (expense)						3,402						(6,835)						(3,433)						3,214						(310)						2,904
Unrealized (losses) gains, net						(15,279)						—						(15,279)						9,225						—						9,225
Income from real estate						—						23,637						23,637						—						1,495						1,495
Total non-interest (loss) income						(15,279)						23,637						8,358						9,225						1,495						10,720
Expenses related to real estate (1)						—						46,446						46,446						—						2,924						2,924
Net (loss) income						(11,877)						(29,644)						(41,521)						12,439						(1,739)						10,700
Net loss attributable to non-controlling interest in Consolidated VIEs						—						14,869						14,869						—						1,409						1,409
Net (loss) income attributable to Company						$	(11,877)					$	(14,775)					$	(26,652)					$	12,439					$	(330)					$	12,109

(1)See Note 8 for depreciation and amortization expenses related to operating real estate.

Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs

The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three months ended March 31, 2022 (dollar amounts in thousands):

Beginning balance			$	66,392
Contributions			274
Distributions			(677)
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs			(12,628)
Ending balance			$	53,361

Schedule of Classification and Carrying Value of Unconsolidated VIEs

The following tables present the classification and carrying value of unconsolidated VIEs as of March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

			March 31, 2022
			Multi-family loans						Investment securities available for sale, at fair value						Equity investments						Total
ABS			$	—					$	38,705					$	—					$	38,705
Non-Agency RMBS			—						28,617						—						28,617
Preferred equity investments in multi-family properties			110,208						—						182,504						292,712
Joint venture equity investments in multi-family properties			—						—						10,690						10,690
Equity investments in entities that invest in residential properties			—						—						2,856						2,856
Maximum exposure			$	110,208					$	67,322					$	196,050					$	373,580

			December 31, 2021
			Multi-family loans						Investment securities available for sale, at fair value																					Equity investments						Total
ABS			$	—					$	39,679																				$	—					$	39,679
Non-Agency RMBS			—						30,924																					—						30,924
Preferred equity investments in multi-family properties			120,021						—																					180,798						300,819
Joint venture equity investments in multi-family properties			—						—																					10,440						10,440
Equity investments in entities that invest in residential properties			—						—																					19,143						19,143
Maximum exposure			$	120,021					$	70,603																				$	210,381					$	401,005

X

- Definition

Table disclosure of classification and carrying value of unconsolidated VIEs.

+ References

No definition available.

+ Details

Name:	nymt_ScheduleOfClassificationAndCarryingValueOfUnconsolidatedVIEsTableTextBlock
Namespace Prefix:	nymt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

+ References

No definition available.

+ Details

Name:	us-gaap_RedeemableNoncontrollingInterestTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685

+ Details

Name:	us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration