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Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Interest Expense from Convertible Debt

The following table presents interest expense from the Convertible Notes for the three months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands):

						For the Three Months Ended March 31,
						2022						2021
Contractual interest expense						$	335					$	2,156
Amortization of underwriter's discount and deferred charges						103						628
Total						$	438					$	2,784

The following table details the components of the Company's interest income and interest expense for the three months ended March 31, 2022 and 2021, respectively (dollar amounts in thousands):

			For the Three Months Ended March 31,
			2022						2021
Interest income
Residential loans
Residential loans			$	24,834					$	19,662
Consolidated SLST			9,380						10,318
Residential loans held in securitization trusts			16,633						7,968
Total residential loans			50,847						37,948
Multi-family loans			2,951						4,401
Investment securities available for sale			4,675						7,675
Other			28						15
Total interest income			58,501						50,039
Interest expense
Repurchase agreements			5,531						4,040
Collateralized debt obligations
Consolidated SLST			5,978						7,104
Residential loan securitizations			7,456						4,720
Non-Agency RMBS re-securitization			—						283
Total collateralized debt obligations			13,434						12,107
Convertible notes			438						2,784
Senior unsecured notes			1,603						—
Subordinated debentures			459						457
Mortgages payable on real estate			7,157						311
Total interest expense			28,622						19,699
Net interest income			$	29,879					$	30,340

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 March 31, 2022 and December 31, 2021 (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 March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

			March 31, 2022
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1)												Stated Maturity (2)
Consolidated SLST (3)			$	780,539					$	754,264					2.75		%										2059
Residential loan securitizations			1,150,186						1,143,855						2.73		%										2026 - 2061
Total collateralized debt obligations			$	1,930,725					$	1,898,119

			December 31, 2021
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1)												Stated Maturity (2)
Consolidated SLST (3)			$	814,256					$	839,419					2.75		%										2059
Residential loan securitizations			686,122						682,802						2.43		%										2026 - 2061
Total collateralized debt obligations			$	1,500,378					$	1,522,221

(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)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.

(3)The Company has elected the fair value option for CDOs issued by Consolidated SLST (see Note 14).

The following table presents detailed information for these mortgages payable on real estate as of March 31, 2022 and December 31, 2021, respectively (dollar amounts in thousands):

			Maximum Committed Mortgage Principal Amount						Outstanding Mortgage Balance						Net Deferred Finance Cost						Mortgage Payable, Net						Stated Maturity						Weighted Average Interest Rate (1)
March 31, 2022			$	1,177,108					$	1,102,179					$	(18,808)					$	1,083,371					2024 - 2032						3.63		%
December 31, 2021			745,915						718,717						(9,361)						709,356						2024 - 2031						3.56		%

(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 March 31, 2022 had stated maturities as follows:

Year ending December 31,						Total
2022						$	—
2023						—
2024						—
2025						—
2026						180,000
2027						225,000
Thereafter						1,525,725
Total						$	1,930,725

As of March 31, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,						Total
2022						$	—
2023						—
2024						291,970
2025						367,595
2026						133,925
2027						—
Thereafter						453,689
						$	1,247,179

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