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Debt (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021, respectively (dollar amounts in thousands):

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Contractual interest expense$— $2,156 $335 $6,469 
Amortization of underwriter's discount and deferred charges— 654 103 1,913 
Total$— $2,810 $438 $8,382 
The following table details the components of the Company's interest income and interest expense for the three and nine months ended September 30, 2022 and 2021, respectively (dollar amounts in thousands):

For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2022202120222021
Interest income
Residential loans
Residential loans$32,374 $20,480 $89,875 $60,295 
Consolidated SLST9,013 10,245 27,648 31,042 
Residential loans held in securitization trusts20,437 11,008 55,923 28,909 
Total residential loans61,824 41,733 173,446 120,246 
Multi-family loans2,862 3,449 8,646 11,980 
Investment securities available for sale3,916 7,129 12,922 22,279 
Other318 12 427 43 
Total interest income68,920 52,323 195,441 154,548 
Interest expense.
Repurchase agreements18,448 3,110 35,625 10,884 
Collateralized debt obligations
Consolidated SLST6,611 7,116 18,796 21,371 
Residential loan securitizations11,192 5,053 27,377 14,788 
Non-Agency RMBS re-securitization— — — 283 
Total collateralized debt obligations17,803 12,169 46,173 36,442 
Convertible notes— 2,810 438 8,382 
Senior unsecured notes1,608 1,598 4,818 2,734 
Subordinated debentures704 458 1,713 1,374 
Mortgages payable on real estate16,136 1,147 36,445 1,886 
Total interest expense54,699 21,292 125,212 61,702 
Net interest income$14,221 $31,031 $70,229 $92,846 
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 September 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 September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
September 30, 2022
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1)
Stated Maturity (2)
Consolidated SLST (3)
$716,652 $660,069 2.75 %2059
Residential loan securitizations1,321,740 1,309,735 3.25 %2026 - 2062
Total collateralized debt obligations$2,038,392 $1,969,804 

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 15).
The following table presents detailed information for these mortgages payable on real estate as of September 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands):
Maximum Committed Mortgage Principal AmountOutstanding Mortgage BalanceNet Deferred Finance Cost
Mortgage Payable, Net (1)
Stated Maturity
Weighted Average Interest Rate (2) (3)
September 30, 2022$391,636 $390,386 $(2,625)$387,761 2025 - 20324.04 %
December 31, 2021745,915 718,717 (9,361)709,356 2024 - 20313.56 %

(1)In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of September 30, 2022, the mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets. See Note 9 for additional information.
(2)Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.
(3)For variable-rate mortgages payable, the joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty during the nine months ended September 30, 2022 that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $1.0 million is included in other assets in the condensed consolidated balance sheets as of September 30, 2022. The consolidated multi-family apartment communities recorded realized gains of $0.9 million on interest rate cap contracts for the three and nine months ended September 30, 2022 and unrealized gains of $0.7 million for the three and nine months ended September 30, 2022, both of which are included in non-interest (loss) income in the condensed consolidated statements of operations.
Schedule of Maturities of Long-term Debt
The Company's collateralized debt obligations as of September 30, 2022 had stated maturities as follows:

Year ending December 31, Total
2022$— 
2023— 
2024— 
2025— 
2026180,000 
2027225,000 
Thereafter1,633,392 
Total$2,038,392 
As of September 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— 
2024— 
202527,750 
2026127,503 
2027— 
Thereafter380,133 
$535,386