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Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Notes

The following tables present a summary of the Company's CDOs as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):

			December 31, 2024
			Outstanding Face Amount						Carrying Value						Weighted Average Interest Rate (1) (2)						Stated Maturity (3)
Consolidated SLST at fair value (4)			$	867,004					$	811,591					3.49		%				2059 - 2064
Residential loan securitizations at fair value (4)			1,281,896						1,253,332						5.72		%				2029 - 2069
Residential loan securitizations at amortized cost, net			850,547						842,764						4.35		%				2027 - 2062
Non-Agency RMBS re-securitization at fair value (4)			70,867						70,757						7.38		%				2064
Total collateralized debt obligations			$	3,070,314					$	2,978,444

			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. As of December 31, 2024, CDOs with an aggregate outstanding face amount of $1.6 billion contain an interest rate step-up feature whereby the interest rate increases by either 1.00%, 1.50%, 2.00%, or 3.00% on defined dates ranging between 24 months and 48 months after issuance, if the notes are not redeemed before such dates.

(3)The actual maturity of the Company's CDOs is 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, residential loan securitizations completed after January 1, 2024 and a non-Agency RMBS re-securitization (see Note 17). See Note 7 for unrealized gains or losses recognized on CDOs issued by Consolidated SLST. For the year ended December 31, 2024, the Company recognized $1.5 million in net unrealized losses on residential loan securitizations and a non-Agency RMBS re-securitization at fair value, which is included in unrealized (losses) gains, net on the accompanying consolidated statements of operations.

The following table presents a summary of the Senior Unsecured Notes as of December 31, 2024 and 2023, respectively (dollar amounts in thousands):

						December 31, 2024												December 31, 2023
						Outstanding Face Amount						Carrying Value						Outstanding Face Amount						Carrying Value
2029 Senior Notes at fair value						$	60,000					$	60,310					$	—					$	—
2026 Senior Notes at amortized cost, net						100,000						98,886						100,000						98,111
Total Senior Unsecured Notes						$	160,000					$	159,196					$	100,000					$	98,111

Schedule of Debt Instrument Redemption

After April 30, 2023, the Company has the right to redeem the 2026 Senior Notes, in whole or in part, at 100% of the principal amount of the 2026 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 2026 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 December 31, 2024 and 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 Components of Interest Income and Interest Expense

The following table presents interest expense from the Convertible Notes for the year ended December 31, 2022 (dollar amounts in thousands):

												For the Year Ended December 31, 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 years ended December 31, 2024, 2023 and 2022, respectively (dollar amounts in thousands):

			For the Years Ended December 31,
			2024						2023						2022
Interest income
Residential loans
Residential loans			$	50,266					$	54,188					$	113,134
Consolidated SLST			39,194						34,061						36,448
Residential loans held in securitization trusts			129,905						97,492						80,116
Total residential loans			219,365						185,741						229,698
Investment securities available for sale			163,977						57,514						15,825
Multi-family loans			10,589						10,519						11,185
Other			7,349						4,886						1,680
Total interest income			401,280						258,660						258,388
Interest expense
Repurchase agreements			183,285						91,814						51,432
Collateralized debt obligations
Consolidated SLST			26,491						24,506						25,145
Residential loan securitizations			91,884						65,184						43,384
Non-Agency RMBS re-securitization			2,221						—						—
Total collateralized debt obligations			120,596						89,690						68,529
Senior unsecured notes			9,308						6,476						6,430
Subordinated debentures			4,236						4,154						2,590
Convertible notes			—						—						438
Total interest expense			317,425						192,134						129,419
Net interest income			$	83,855					$	66,526					$	128,969

Schedule of Mortgage Payable in Consolidated VIE

The following table presents detailed information for these mortgages payable on real estate as of December 31, 2024 and 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)
December 31, 2024			$	368,158					$	368,158					$	(1,552)					$	366,606					2026 - 2032						4.48		%
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 consolidated balance sheets as of December 31, 2024 and 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 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, 2024 had stated maturities as follows:

Year Ending December 31,						Total
2025						$	—
2026						—
2027						67,766
2028						—
2029						225,000
Thereafter						2,777,548
Total						$	3,070,314

As of December 31, 2024, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,						Total
2025						$	—
2026						126,119
2027						—
2028						—
2029						282,865
Thereafter						164,174
Total						$	573,158

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