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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Senior Unsecured Notes | The following tables present a summary of the Company's CDOs as of June 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
| June 30, 2024
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) (2) |  |  |  | Stated Maturity (3)
Consolidated SLST at fair value (4) | $ | 903,369 |  |  | $ | 844,032 |  |  | 3.63 | % |  |  |  | 2059 - 2064
Residential loan securitizations at fair value (4) | 764,341 |  |  | 733,079 |  |  | 5.74 | % |  |  |  | 2029 - 2068
Residential loan securitizations at amortized cost, net | 985,051 |  |  | 972,389 |  |  | 3.78 | % |  |  |  | 2027 - 2062
Total collateralized debt obligations | $ | 2,652,761 |  |  | $ | 2,549,500 |  |  |  |  |  |  |
| December 31, 2023
| Outstanding Face Amount |  | Carrying Value |  | Weighted Average Interest Rate (1) |  |  |  | Stated Maturity (3)
Consolidated SLST at fair value (4) | $ | 652,933 |  |  | $ | 593,737 |  |  | 2.75 | % |  |  |  | 2059
Residential loan securitizations at amortized cost, net | 1,292,015 |  |  | 1,276,780 |  |  | 4.00 | % |  |  |  | 2026 - 2062
Total collateralized debt obligations | $ | 1,944,948 |  |  | $ | 1,870,517 |  |  |  |  |  |  |
(1)Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2)Certain of the Company's CDOs contain interest rate step-up features whereby the interest rate increases if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents. The following table presents a summary of CDO interest rate step-up features as of June 30, 2024 (dollar amounts in thousands):
Outstanding Balance |  | Step-Up |  | Step-Up Date |  | Additional Step-Up |  |  |  | Additional Step-Up Date
$ | 381,023 |  |  | 3.00% |  | August 2024 - July 2025 |  | 1.00% |  |  |  | August 2025 - July 2026
$ | 824,522 |  |  | 1.00%, 1.50%, or 2.00% |  | January 2025 - December 2026 |  | N/A |  |  |  | N/A
(3)The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (4)The Company has elected the fair value option for CDOs issued by Consolidated SLST and issued by residential loan securitizations completed after January 1, 2024 (see Note 16). See Note 7 for unrealized gains or losses recognized on CDOs issued by Consolidated SLST. For the three and six months ended June 30, 2024, the Company recognized $0.1 million in net unrealized losses and $1.5 million in net unrealized gains on residential loan securitizations at fair value, respectively, which are included in unrealized (losses) gains, net on the accompanying condensed consolidated statements of operations. The following table presents a summary of the Senior Unsecured Notes as of June 30, 2024 and December 31, 2023, respectively (dollar amounts in thousands):
|  | June 30, 2024 |  | December 31, 2023
|  | Outstanding Face Amount |  | Carrying Value |  | Outstanding Face Amount |  | Carrying Value
9.125% Senior Notes at fair value |  | $ | 60,000 |  |  | $ | 60,000 |  |  | $ | — |  |  | $ | — |
5.75% Senior Notes at amortized cost, net |  | 100,000 |  |  | 98,492 |  |  | 100,000 |  |  | 98,111 |
Total Senior Unsecured Notes |  | $ | 160,000 |  |  | $ | 158,492 |  |  | $ | 100,000 |  |  | $ | 98,111 |
Schedule of Debt Instrument Redemption | After April 30, 2023, the Company has the right to redeem the 5.75% Senior Notes, in whole or in part, at 100% of the principal amount of the 5.75% Senior 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 5.75% Senior 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 Debentures | The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 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 on Real Estate | The following table presents detailed information for these mortgages payable on real estate as of June 30, 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) |  |
June 30, 2024 | $ | 604,625 |  |  | $ | 595,658 |  |  | $ | (2,739) |  |  | $ | 592,919 |  |  | 2025 - 2032 |  | 5.68 | % |  |
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 as of June 30, 2024 and December 31, 2023. 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 June 30, 2024 had stated maturities as follows:
Year ending December 31, |  | Total
2024 |  | $ | — |
2025 |  | — |
2026 |  | — |
2027 |  | 156,324 |
2028 |  | — |
Thereafter |  | 2,496,437 |
Total |  | $ | 2,652,761 |
As of June 30, 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 |  | $ | — |
2025 |  | 181,198 |
2026 |  | 126,434 |
2027 |  | — |
2028 |  | — |
2029 |  | 304,261 |
Thereafter |  | 188,764 |
|  | $ | 800,657 |

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