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Debt (Tables) | 9 Months Ended
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Sep. 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 tables summarize the key details of the Company’s subordinated debentures as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands):
September 30, 2023 |  | NYM Preferred Trust I |  | NYM Preferred Trust II
Principal value of trust preferred securities |  | $ | 25,000 |  |  | $ | 20,000 |
Interest rate |  | Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.75%, resetting quarterly |  | Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.95%, resetting quarterly
Scheduled maturity |  | March 30, 2035 |  | October 30, 2035
December 31, 2022 |  | 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 nine months ended September 30, 2022 (dollar amounts in thousands):
|  | For the Nine Months Ended September 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 nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest income |  |  |  |  |  |  |
Residential loans |  |  |  |  |  |  |
Residential loans | $ | 11,574 |  |  | $ | 32,374 |  |  | $ | 40,817 |  |  | $ | 89,875 |
Consolidated SLST | 8,370 |  |  | 9,013 |  |  | 25,543 |  |  | 27,648 |
Residential loans held in securitization trusts | 24,183 |  |  | 20,437 |  |  | 74,041 |  |  | 55,923 |
Total residential loans | 44,127 |  |  | 61,824 |  |  | 140,401 |  |  | 173,446 |
Multi-family loans | 2,712 |  |  | 2,862 |  |  | 7,890 |  |  | 8,646 |
Investment securities available for sale | 17,203 |  |  | 3,916 |  |  | 27,862 |  |  | 12,922 |
Other | 1,153 |  |  | 318 |  |  | 3,718 |  |  | 427 |
Total interest income | 65,195 |  |  | 68,920 |  |  | 179,871 |  |  | 195,441 |
Interest expense |  |  |  |  |  |  |
Repurchase agreements | 24,169 |  |  | 18,448 |  |  | 54,084 |  |  | 35,625 |
Collateralized debt obligations |  |  |  |  |  |  |
Consolidated SLST | 5,957 |  |  | 6,611 |  |  | 18,238 |  |  | 18,796 |
Residential loan securitizations | 15,582 |  |  | 11,192 |  |  | 49,908 |  |  | 27,377 |
Total collateralized debt obligations | 21,539 |  |  | 17,803 |  |  | 68,146 |  |  | 46,173 |
Convertible notes | — |  |  | — |  |  | — |  |  | 438 |
Senior unsecured notes | 1,620 |  |  | 1,608 |  |  | 4,852 |  |  | 4,818 |
Subordinated debentures | 1,078 |  |  | 704 |  |  | 3,063 |  |  | 1,713 |
Total interest expense | 48,406 |  |  | 38,563 |  |  | 130,145 |  |  | 88,767 |
Net interest income | $ | 16,789 |  |  | $ | 30,357 |  |  | $ | 49,726 |  |  | $ | 106,674 |
Schedule of Mortgage Payable in Consolidated VIE | The following table presents detailed information for these mortgages payable on real estate as of September 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) |  |
September 30, 2023 | $ | 400,601 |  |  | $ | 399,351 |  |  | $ | (2,541) |  |  | $ | 396,810 |  |  | 2025 - 2032 |  | 4.34 | % |  |
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 a variable-rate mortgage payable, the applicable 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 fixed rate. See Note 10 for additional information.
Schedule of Maturities of Long-term Debt | The Company's CDOs as of September 30, 2023 had stated maturities as follows:
Year ending December 31, |  | Total
2023 |  | $ | — |
2024 |  | — |
2025 |  | — |
2026 |  | 84,659 |
2027 |  | 225,000 |
Thereafter |  | 1,691,909 |
Total |  | $ | 2,001,568 |
As of September 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 |  | 126,901 |
2027 |  | — |
2028 |  | — |
Thereafter |  | 389,700 |
|  | $ | 544,351 |

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