Debt (Tables)

3 Months Ended

Mar. 31, 2024

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