XML 52 R43.htm IDEA: XBRL DOCUMENT v3.23.2

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

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 June 30, 2023 and December 31, 2022 (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 Interest Expense from Convertible Debt

The following table presents interest expense from the Convertible Notes for the six months ended June 30, 2022 (dollar amounts in thousands):

						For the Six Months Ended June 30, 2022
Contractual interest expense						$	335
Amortization of underwriter's discount and deferred charges						103
Total						$	438

The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2023 and 2022, respectively (dollar amounts in thousands):

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2023						2022						2023						2022
Interest income
Residential loans
Residential loans			$	12,290					$	32,669					$	29,244					$	57,502
Consolidated SLST			8,440						9,254						17,173						18,635
Residential loans held in securitization trusts			25,136						18,853						49,857						35,486
Total residential loans			45,866						60,776						96,274						111,623
Multi-family loans			2,742						2,834						5,179						5,785
Investment securities available for sale			7,491						4,331						10,659						9,006
Other			1,441						79						2,564						107
Total interest income			57,540						68,020						114,676						126,521
Interest expense
Repurchase agreements			16,847						11,647						29,915						17,178
Collateralized debt obligations
Consolidated SLST			5,966						6,208						12,280						12,186
Residential loan securitizations			16,950						8,728						34,327						16,185
Total collateralized debt obligations			22,916						14,936						46,607						28,371
Convertible notes			—						—						—						438
Senior unsecured notes			1,618						1,607						3,232						3,210
Subordinated debentures			1,023						550						1,985						1,008
Total interest expense			42,404						28,740						81,739						50,205
Net interest income			$	15,136					$	39,280					$	32,937					$	76,316

Schedule of Mortgage Payable in Consolidated VIE

The following table presents detailed information for these mortgages payable on real estate as of June 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):

			Maximum Committed Mortgage Principal Amount						Outstanding Mortgage Balance						Net Deferred Finance Cost						Mortgage Payable, Net (1)						Stated Maturity						Weighted Average Interest Rate (2) (3)
June 30, 2023			$	400,993					$	399,743					$	(2,668)					$	397,075					2025 - 2032						4.32		%
December 31, 2022			398,703						397,453						(2,746)						394,707						2025 - 2032						4.21		%

(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, 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 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 $0.7 million and $1.0 million is included in other assets in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively. The consolidated multi-family apartment communities recognized unrealized gains on interest rate cap contracts of $0.1 million for the three and six months ended June 30, 2023, which is included in non-interest income (loss) in the condensed consolidated statements of operations.

Schedule of Maturities of Long-term Debt

The Company's CDOs as of June 30, 2023 had stated maturities as follows:

Year ending December 31,						Total
2023						$	—
2024						—
2025						—
2026						112,406
2027						225,000
Thereafter						1,730,812
Total						$	2,068,218

As of June 30, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,						Outstanding Balance
2023						$	—
2024						—
2025						27,750
2026						127,051
2027						—
2028						—
Thereafter						389,942
						$	544,743

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption.

+ References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

+ References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

+ Details

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

X

- Definition

Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

+ Details

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