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Debt (Tables)

9 Months Ended

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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