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Debt (Tables)

12 Months Ended

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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