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Debt (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2023 and 2022, respectively (dollar amounts in thousands):
December 31, 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
Components of Interest Income and Interest Expense | 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
Contractual interest expense |  |  |  |  |  | $ | 335 |  |  | $ | 8,625 |
Amortization of underwriter's discount and deferred charges |  |  |  |  |  | 103 |  |  | 2,571 |
Total |  |  |  |  |  | $ | 438 |  |  | $ | 11,196 |
The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2023, 2022 and 2021, respectively (dollar amounts in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest income |  |  |  |  |
Residential loans |  |  |  |  |
Residential loans | $ | 54,188 |  |  | $ | 113,134 |  |  | $ | 83,852 |
Consolidated SLST | 34,061 |  |  | 36,448 |  |  | 40,944 |
Residential loans held in securitization trusts | 97,492 |  |  | 80,116 |  |  | 38,941 |
Total residential loans | 185,741 |  |  | 229,698 |  |  | 163,737 |
Investment securities available for sale | 57,514 |  |  | 15,825 |  |  | 27,750 |
Multi-family loans | 10,519 |  |  | 11,185 |  |  | 15,321 |
Other | 4,886 |  |  | 1,680 |  |  | 58 |
Total interest income | 258,660 |  |  | 258,388 |  |  | 206,866 |
Interest expense |  |  |  |  |
Repurchase agreements | 91,814 |  |  | 51,432 |  |  | 13,844 |
Collateralized debt obligations |  |  |  |  |
Consolidated SLST | 24,506 |  |  | 25,145 |  |  | 28,135 |
Residential loan securitizations | 65,184 |  |  | 43,384 |  |  | 19,660 |
Non-Agency RMBS re-securitization | — |  |  | — |  |  | 283 |
Total collateralized debt obligations | 89,690 |  |  | 68,529 |  |  | 48,078 |
Senior unsecured notes | 6,476 |  |  | 6,430 |  |  | 4,335 |
Subordinated debentures | 4,154 |  |  | 2,590 |  |  | 1,831 |
Convertible notes | — |  |  | 438 |  |  | 11,196 |
Total interest expense | 192,134 |  |  | 129,419 |  |  | 79,284 |
Net interest income | $ | 66,526 |  |  | $ | 128,969 |  |  | $ | 127,582 |
Schedule of Mortgage Payable in Consolidated VIE | The following table presents detailed information for these mortgages payable on real estate as of December 31, 2023 and 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) |  |
December 31, 2023 | $ | 810,047 |  |  | $ | 789,053 |  |  | $ | (4,632) |  |  | $ | 784,421 |  |  | 2024 - 2032 |  | 6.41 | % |  |
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, 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 as of December 31, 2022. As of December 31, 2023, certain of the joint venture equity investments in multi-family properties were determined to no longer meet held for sale criteria and the associated mortgages payable on real estate are included in mortgages payable on real estate, net 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 applicable entities, as required by the loan agreements, entered into interest rate cap contracts with counterparties that limit 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 December 31, 2023 had stated maturities as follows:
Year Ending December 31, |  | Total
2024 |  | $ | — |
2025 |  | — |
2026 |  | 63,942 |
2027 |  | 225,000 |
2028 |  | — |
Thereafter |  | 1,656,006 |
Total |  | $ | 1,944,948 |
As of December 31, 2023, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands):
Year Ending December 31, |  | Total
2024 |  | $ | 53,615 |
2025 |  | 319,274 |
2026 |  | 126,749 |
2027 |  | — |
2028 |  | — |
Thereafter |  | 434,415 |
Total |  | $ | 934,053 |

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