Debt (Tables)

3 Months Ended

Mar. 31, 2023

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 table summarizes the key details of the Company’s subordinated debentures as of March 31, 2023 and December 31, 2022 (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 LIBOR plus 3.75%, resetting quarterly		Three month LIBOR plus 3.95%, resetting quarterly
Scheduled maturity	March 30, 2035		October 30, 2035

Schedule of Interest Expense from Convertible Debt

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


	For the Three Months Ended March 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 three months ended March 31, 2023 and 2022, respectively (dollar amounts in thousands):


	For the Three Months Ended March 31,
	2023		2022
Interest income
Residential loans
Residential loans	$	16,954	$	24,834
Consolidated SLST	8,733		9,380
Residential loans held in securitization trusts	24,721		16,633
Total residential loans	50,408		50,847
Multi-family loans	2,436		2,951
Investment securities available for sale	3,169		4,675
Other	1,123		28
Total interest income	57,136		58,501
Interest expense			.
Repurchase agreements	13,068		5,531
Collateralized debt obligations
Consolidated SLST	6,315		5,978
Residential loan securitizations	17,376		7,456
Total collateralized debt obligations	23,691		13,434
Convertible notes	—		438
Senior unsecured notes	1,614		1,603
Subordinated debentures	962		459
Total interest expense	39,335		21,465
Net interest income	$	17,801	$	37,036

Schedule of Mortgage Payable in Consolidated VIE

The following table presents detailed information for these mortgages payable on real estate as of March 31, 2023 and December 31, 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)
March 31, 2023	$	401,362	$	400,112	$	(2,796)	$	397,316	2025 - 2032	4.29	%
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, the 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. 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 joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $0.8 million and $1.0 million is included in other assets in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. The consolidated multi-family apartment communities recognized an unrealized loss on interest rate contracts of $0.1 million for the three months ended March 31, 2023, which is included in non-interest income (loss) in the condensed consolidated statements of operations.

Schedule of Maturities of Long-term Debt

The Company's CDOs as of March 31, 2023 had stated maturities as follows:


Year ending December 31,	Total
2023	$	—
2024	—
2025	—
2026	113,000
2027	225,000
Thereafter	1,767,071
Total	$	2,105,071

As of March 31, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands):


Year Ending December 31,	Outstanding Balance
2023	$	—
2024	—
2025	27,750
2026	127,209
2027	—
2028	—
Thereafter	390,153
	$	545,112