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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Instrument Redemption | 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 March 31, 2024 and December 31, 2023 (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 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
Schedule of Mortgage Payable in Consolidated VIE | The following table presents detailed information for these mortgages payable on real estate as of March 31, 2024 and December 31, 2023, 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) |  |
March 31, 2024 | $ | 879,354 |  |  | $ | 855,217 |  |  | $ | (4,474) |  |  | $ | 850,743 |  |  | 2024 - 2032 |  | 6.57 | % |  |
December 31, 2023 | 810,047 |  |  | 789,053 |  |  | (4,632) |  |  | 784,421 |  |  | 2024 - 2032 |  | 6.41 | % |  |
(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 condensed consolidated balance sheets. In December 2023 and March 2024, 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 condensed consolidated balance sheets as of the respective dates. 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 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 March 31, 2024 had stated maturities as follows:
Year ending December 31, |  | Total
2024 |  | $ | — |
2025 |  | — |
2026 |  | 45,738 |
2027 |  | 222,888 |
2028 |  | — |
Thereafter |  | 2,024,030 |
Total |  | $ | 2,292,656 |
As of March 31, 2024, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):
Year Ending December 31, |  | Outstanding Balance
2024 |  | $ | 53,615 |
2025 |  | 386,175 |
2026 |  | 126,595 |
2027 |  | — |
2028 |  | — |
2029 |  | 244,796 |
Thereafter |  | 189,036 |
|  | $ | 1,000,217 |

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