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Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Interest Expense from Convertible Debt
The following table presents interest expense from the Convertible Notes for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands):

For the Three Months Ended June 30,For the Six Months Ended June 30,
2022202120222021
Contractual interest expense$— $2,156 $335 $4,312 
Amortization of underwriter's discount and deferred charges— 632 103 1,260 
Total$— $2,788 $438 $5,572 
The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands):

For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2022202120222021
Interest income
Residential loans
Residential loans$32,669 $20,155 $57,502 $39,816 
Consolidated SLST9,254 10,479 18,635 20,797 
Residential loans held in securitization trusts18,853 9,933 35,486 17,901 
Total residential loans60,776 40,567 111,623 78,514 
Multi-family loans2,834 4,130 5,785 8,531 
Investment securities available for sale4,331 7,475 9,006 15,150 
Other79 14 107 30 
Total interest income68,020 52,186 126,521 102,225 
Interest expense.
Repurchase agreements11,647 3,732 17,178 7,774 
Collateralized debt obligations
Consolidated SLST6,208 7,151 12,186 14,254 
Residential loan securitizations8,728 5,015 16,185 9,735 
Non-Agency RMBS re-securitization— — — 283 
Total collateralized debt obligations14,936 12,166 28,371 24,272 
Convertible notes— 2,788 438 5,572 
Senior unsecured notes1,607 1,136 3,210 1,136 
Subordinated debentures550 459 1,008 916 
Mortgages payable on real estate13,151 430 20,308 740 
Total interest expense41,891 20,711 70,513 40,410 
Net interest income$26,129 $31,475 $56,008 $61,815 
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 PeriodMultiple
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 June 30, 2022 and December 31, 2021 (dollar amounts in thousands):
NYM Preferred Trust INYM 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 maturityMarch 30, 2035October 30, 2035
Schedule of Mortgages Payable in Consolidated VIEs
The following tables present a summary of the Company's CDOs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
June 30, 2022
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1)
Stated Maturity (2)
Consolidated SLST (3)
$742,601 $710,233 2.75 %2059
Residential loan securitizations1,112,421 1,107,091 2.77 %2026 - 2061
Total collateralized debt obligations$1,855,022 $1,817,324 


December 31, 2021
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1)
Stated Maturity (2)
Consolidated SLST (3)
$814,256 $839,419 2.75 %2059
Residential loan securitizations686,122 682,802 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 June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
Maximum Committed Mortgage Principal AmountOutstanding Mortgage BalanceNet Deferred Finance CostMortgage Payable, NetStated Maturity
Weighted Average Interest Rate (1)
June 30, 2022$1,354,367 $1,272,515 $(21,456)$1,251,059 2024 - 20324.00 %
December 31, 2021745,915 718,717 (9,361)709,356 2024 - 20313.56 %

(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 June 30, 2022 had stated maturities as follows:

Year ending December 31, Total
2022$— 
2023— 
2024— 
2025— 
2026180,000 
2027225,000 
Thereafter1,450,022 
Total$1,855,022 
As of June 30, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,Outstanding Balance
2022$— 
2023— 
2024294,814 
2025535,240 
2026133,772 
2027— 
Thereafter453,689 
$1,417,515