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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Interest Expense from Convertible Debt

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

												For the Years Ended December 31,
																		2022						2021						2020
Contractual interest expense																		$	335					$	8,625					$	8,625
Amortization of underwriter's discount and deferred charges																		103						2,571						2,372
Total																		$	438					$	11,196					$	10,997

The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands):

			For the Years Ended December 31,
			2022						2021						2020
Interest income
Residential loans
Residential loans			$	113,131					$	83,852					$	69,170
Consolidated SLST			36,448						40,944						45,194
Residential loans held in securitization trusts			80,119						38,941						12,612
Total residential loans			229,698						163,737						126,976
Multi-family loans
Preferred equity and mezzanine loan investments			11,185						15,321						20,899
Consolidated K-Series			—						—						151,841
Total multi-family loans			11,185						15,321						172,740
Investment securities available for sale			15,825						27,750						49,925
Other			1,680						58						520
Total interest income			258,388						206,866						350,161
Interest expense
Repurchase agreements			51,432						13,844						37,334
Collateralized debt obligations
Consolidated SLST			25,145						28,135						31,663
Consolidated K-Series			—						—						129,762
Residential loan securitizations			43,384						19,660						6,967
Non-Agency RMBS re-securitization			—						283						3,290
Total collateralized debt obligations			68,529						48,078						171,682
Convertible notes			438						11,196						10,997
Senior unsecured notes			6,430						4,335						—
Subordinated debentures			2,590						1,831						2,187
Derivatives			—						—						868
Total interest expense			129,419						79,284						223,068
Net interest income			$	128,969					$	127,582					$	127,093

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 December 31, 2022 and 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 Mortgage Payable in Consolidated VIE

			Maximum Committed Mortgage Principal Amount						Outstanding Mortgage Balance						Net Deferred Finance Cost						Mortgage Payable, Net (1)						Stated Maturity						Weighted Average Interest Rate (2) (3)
December 31, 2022			$	398,703					$	397,453					$	(2,746)					$	394,707					2025 - 2032						4.21		%
December 31, 2021			745,915						718,717						(9,361)						709,356						2024 - 2031						3.56		%

(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 December 31, 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 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 year ended December 31, 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 consolidated balance sheets as of December 31, 2022. The consolidated multi-family apartment communities recorded realized gains and unrealized gains on interest rate cap contracts of $0.9 million and $0.7 million for the year ended December 31, 2022, respectively, both of which are included in non-interest (loss) income in the accompanying consolidated statements of operations.

Schedule of Maturities of Long-term Debt

The Company's CDOs as of December 31, 2022 had stated maturities as follows:

Year Ending December 31,						Total
2023						$	—
2024						—
2025						—
2026						130,000
2027						225,000
Thereafter						1,842,606
Total						$	2,197,606

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

Year Ending December 31,						Total
2023						$	—
2024						—
2025						27,750
2026						127,357
2027						—
Thereafter						387,346
Total						$	542,453

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