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| Name | Symbol | Market | Type |
|---|---|---|---|
| New York Mortgage Trust Inc | NASDAQ:NYMTM | NASDAQ | Preference Share |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.006 | -0.02% | 24.80 | 22.60 | 27.07 | 24.89 | 24.75 | 24.89 | 55,991 | 20:06:44 |
| Maryland | 47-0934168 | ||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
| Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | |||||||||||||||
| Common Stock, par value $0.01 per share | NYMT | NASDAQ | Stock Market | ||||||||||||||
| 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTN | NASDAQ | Stock Market | ||||||||||||||
| 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTM | NASDAQ | Stock Market | ||||||||||||||
| 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTL | NASDAQ | Stock Market | ||||||||||||||
| 7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTZ | NASDAQ | Stock Market | ||||||||||||||
| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| NET INTEREST INCOME: | |||||||||||||||||||||||
| Interest income | $ | 68,020 | $ | 52,186 | $ | 126,521 | $ | 102,225 | |||||||||||||||
| Interest expense | 41,891 | 20,711 | 70,513 | 40,410 | |||||||||||||||||||
| Total net interest income | 26,129 | 31,475 | 56,008 | 61,815 | |||||||||||||||||||
| NON-INTEREST (LOSS) INCOME: | |||||||||||||||||||||||
| Realized gains, net | 2,386 | 4,989 | 6,192 | 12,047 | |||||||||||||||||||
| Unrealized (losses) gains, net | (67,694) | 23,854 | (151,353) | 50,020 | |||||||||||||||||||
| Income from equity investments | 8,100 | 10,607 | 14,153 | 14,006 | |||||||||||||||||||
| Income from real estate | 35,870 | 2,150 | 61,458 | 3,645 | |||||||||||||||||||
| Other income | 1,105 | 1,676 | 2,531 | 3,278 | |||||||||||||||||||
| Total non-interest (loss) income | (20,233) | 43,276 | (67,019) | 82,996 | |||||||||||||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||||||||||||||
General and administrative expenses | 13,175 | 12,520 | 27,533 | 23,961 | |||||||||||||||||||
| Expenses related to real estate | 70,759 | 3,913 | 118,748 | 6,837 | |||||||||||||||||||
| Portfolio operating expenses | 12,690 | 6,688 | 22,179 | 11,518 | |||||||||||||||||||
Total general, administrative and operating expenses | 96,624 | 23,121 | 168,460 | 42,316 | |||||||||||||||||||
| (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (90,728) | 51,630 | (179,471) | 102,495 | |||||||||||||||||||
| Income tax expense | 90 | 15 | 67 | 81 | |||||||||||||||||||
| NET (LOSS) INCOME | (90,818) | 51,615 | (179,538) | 102,414 | |||||||||||||||||||
| Net loss attributable to non-controlling interest in consolidated variable interest entities | 18,922 | 1,625 | 33,792 | 3,034 | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (71,896) | 53,240 | (145,746) | 105,448 | |||||||||||||||||||
| Preferred stock dividends | (10,493) | (10,296) | (20,986) | (20,593) | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (82,389) | $ | 42,944 | $ | (166,732) | $ | 84,855 | |||||||||||||||
| Basic (loss) earnings per common share | $ | (0.22) | $ | 0.11 | $ | (0.44) | $ | 0.22 | |||||||||||||||
| Diluted (loss) earnings per common share | $ | (0.22) | $ | 0.11 | $ | (0.44) | $ | 0.22 | |||||||||||||||
| Weighted average shares outstanding-basic | 381,200 | 379,299 | 380,999 | 379,091 | |||||||||||||||||||
| Weighted average shares outstanding-diluted | 381,200 | 381,517 | 380,999 | 381,167 | |||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (82,389) | $ | 42,944 | $ | (166,732) | $ | 84,855 | |||||||||||||||
| OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||
| (Decrease) increase in fair value of available for sale securities | (535) | 3,788 | (2,723) | 4,426 | |||||||||||||||||||
| Reclassification adjustment for net (gain) loss included in net (loss) income | — | (213) | — | 2,029 | |||||||||||||||||||
| TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (535) | 3,575 | (2,723) | 6,455 | |||||||||||||||||||
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (82,924) | $ | 46,519 | $ | (169,455) | $ | 91,310 | |||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Company's Stockholders' Equity | Non-Controlling Interest in Consolidated VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2022 | $ | 3,812 | $ | 538,221 | $ | 2,357,910 | $ | (681,915) | $ | (410) | $ | 2,217,618 | $ | 32,383 | $ | 2,250,001 | |||||||||||||||||||||||||||||||
Net loss ($(15,168) allocated to redeemable non-controlling interest) | — | — | — | (71,896) | — | (71,896) | (3,754) | (75,650) | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | (28) | — | (7,513) | — | — | (7,541) | — | (7,541) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense, net | 2 | — | 3,980 | — | — | 3,982 | — | 3,982 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (38,039) | — | (38,039) | — | (38,039) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,493) | — | (10,493) | — | (10,493) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (105) | — | (105) | — | (105) | |||||||||||||||||||||||||||||||||||||||
| Decrease in fair value of available for sale securities | — | — | — | — | (535) | (535) | — | (535) | |||||||||||||||||||||||||||||||||||||||
| Increase in non-controlling interest related to initial consolidation of VIEs | — | — | — | — | — | — | 5,805 | 5,805 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (354) | (354) | |||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2022 | $ | 3,786 | $ | 538,221 | $ | 2,354,377 | $ | (802,448) | $ | (945) | $ | 2,092,991 | $ | 34,080 | $ | 2,127,071 | |||||||||||||||||||||||||||||||
| Balance, March 31, 2021 | $ | 3,793 | $ | 504,765 | $ | 2,343,912 | $ | (547,491) | $ | 3,874 | $ | 2,308,853 | $ | 5,498 | $ | 2,314,351 | |||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | 53,240 | — | 53,240 | (1,625) | 51,615 | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense, net | 1 | — | 3,841 | — | — | 3,842 | — | 3,842 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (37,942) | — | (37,942) | — | (37,942) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,296) | — | (10,296) | — | (10,296) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (111) | — | (111) | — | (111) | |||||||||||||||||||||||||||||||||||||||
| Reclassification adjustment for net gain included in net income | — | — | — | — | (213) | (213) | — | (213) | |||||||||||||||||||||||||||||||||||||||
| Increase in fair value of available for sale securities | — | — | — | — | 3,788 | 3,788 | — | 3,788 | |||||||||||||||||||||||||||||||||||||||
| Increase in non-controlling interest related to initial consolidation of VIEs | — | — | — | — | — | — | 1,335 | 1,335 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (10) | (10) | |||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2021 | $ | 3,794 | $ | 504,765 | $ | 2,347,753 | $ | (542,600) | $ | 7,449 | $ | 2,321,161 | $ | 5,198 | $ | 2,326,359 | |||||||||||||||||||||||||||||||
| For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Company's Stockholders' Equity | Non-Controlling Interest in Consolidated VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2021 | $ | 3,794 | $ | 538,221 | $ | 2,356,576 | $ | (559,338) | $ | 1,778 | $ | 2,341,031 | $ | 24,359 | $ | 2,365,390 | |||||||||||||||||||||||||||||||
Net loss ($(27,796) allocated to redeemable non-controlling interest) | — | — | — | (145,746) | — | (145,746) | (5,996) | (151,742) | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | (28) | — | (7,513) | — | — | (7,541) | — | (7,541) | |||||||||||||||||||||||||||||||||||||||
| Stock based compensation expense, net | 20 | — | 5,314 | — | — | 5,334 | — | 5,334 | |||||||||||||||||||||||||||||||||||||||
| Dividends declared on common stock | — | — | — | (76,164) | — | (76,164) | — | (76,164) | |||||||||||||||||||||||||||||||||||||||
| Dividends declared on preferred stock | — | — | — | (20,986) | — | (20,986) | — | (20,986) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (214) | — | (214) | — | (214) | |||||||||||||||||||||||||||||||||||||||
| Decrease in fair value of available for sale securities | — | — | — | — | (2,723) | (2,723) | — | (2,723) | |||||||||||||||||||||||||||||||||||||||
| Increase in non-controlling interest related to initial consolidation of VIEs | — | — | — | — | — | — | 16,293 | 16,293 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (576) | (576) | |||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2022 | $ | 3,786 | $ | 538,221 | $ | 2,354,377 | $ | (802,448) | $ | (945) | $ | 2,092,991 | $ | 34,080 | $ | 2,127,071 | |||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ | 3,777 | $ | 504,765 | $ | 2,342,934 | $ | (551,268) | $ | 994 | $ | 2,301,202 | $ | 6,371 | $ | 2,307,573 | |||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | 105,448 | — | 105,448 | (3,034) | 102,414 | |||||||||||||||||||||||||||||||||||||||
| Stock based compensation expense, net | 17 | — | 4,819 | — | — | 4,836 | — | 4,836 | |||||||||||||||||||||||||||||||||||||||
| Dividends declared on common stock | — | — | — | (75,869) | — | (75,869) | — | (75,869) | |||||||||||||||||||||||||||||||||||||||
| Dividends declared on preferred stock | — | — | — | (20,593) | — | (20,593) | — | (20,593) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (318) | — | (318) | — | (318) | |||||||||||||||||||||||||||||||||||||||
| Reclassification adjustment for net loss included in net income | — | — | — | — | 2,029 | 2,029 | — | 2,029 | |||||||||||||||||||||||||||||||||||||||
| Increase in fair value of available for sale securities | — | — | — | — | 4,426 | 4,426 | — | 4,426 | |||||||||||||||||||||||||||||||||||||||
| Increase in non-controlling interest related to initial consolidation of VIEs | — | — | — | — | — | — | 1,874 | 1,874 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2021 | $ | 3,794 | $ | 504,765 | $ | 2,347,753 | $ | (542,600) | $ | 7,449 | $ | 2,321,161 | $ | 5,198 | $ | 2,326,359 | |||||||||||||||||||||||||||||||
| For the Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net (loss) income | $ | (179,538) | $ | 102,414 | |||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
| Net amortization | 12,833 | 17,747 | |||||||||
| Depreciation and amortization expense related to operating real estate | 87,981 | 4,277 | |||||||||
| Realized gains, net | (6,192) | (12,047) | |||||||||
| Unrealized losses (gains), net | 151,353 | (50,020) | |||||||||
| Gain on sale of real estate | (373) | — | |||||||||
| Loss on extinguishment of mortgages payable on real estate | 603 | — | |||||||||
| Income from preferred equity, mezzanine loan and equity investments | (22,374) | (24,564) | |||||||||
| Distributions of income from preferred equity, mezzanine loan and equity investments | 27,098 | 30,676 | |||||||||
| Stock based compensation expense, net | 5,334 | 4,836 | |||||||||
| Changes in operating assets and liabilities | 1,474 | 472 | |||||||||
| Net cash provided by operating activities | 78,199 | 73,791 | |||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Proceeds from sales of investment securities | 24,374 | 115,398 | |||||||||
| Principal paydowns received on investment securities | 24,106 | 30,541 | |||||||||
| Purchases of investment securities | — | (24,926) | |||||||||
| Principal repayments received on residential loans | 678,617 | 441,433 | |||||||||
| Proceeds from sales of residential loans | — | 17,944 | |||||||||
| Purchases of residential loans | (1,570,452) | (604,663) | |||||||||
| Principal repayments received on preferred equity and mezzanine loan investments | 12,950 | 35,500 | |||||||||
| Return of capital from equity investments | 30,250 | 50,275 | |||||||||
| Funding of preferred equity, mezzanine loan and equity investments | (19,191) | (320) | |||||||||
| Funding of joint venture investments in Consolidated VIEs | (177,570) | (22,400) | |||||||||
| Net proceeds from sale of real estate | 52,207 | 4,188 | |||||||||
| Cash received from initial consolidation of VIEs | 6,897 | 2,723 | |||||||||
| Purchases of and capital expenditures on real estate | (173,539) | (2,727) | |||||||||
| Purchases of other assets | (83) | (44) | |||||||||
| Net cash (used in) provided by investing activities | (1,111,434) | 42,922 | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Net proceeds received from (payments made on) repurchase agreements | 1,138,474 | (66,141) | |||||||||
| Proceeds from issuance of senior unsecured notes, net | — | 96,267 | |||||||||
| Proceeds from issuance of collateralized debt obligations, net | 508,819 | 178,352 | |||||||||
| Repayment of convertible notes | (138,000) | — | |||||||||
| Repurchases of common stock | (7,541) | — | |||||||||
| Dividends paid on common stock and dividend equivalents | (76,249) | (75,735) | |||||||||
| Dividends paid on preferred stock | (20,417) | (20,593) | |||||||||
| Distributions to non-controlling interest in Consolidated VIEs | (2,386) | (13) | |||||||||
| Payments made on and extinguishment of collateralized debt obligations | (86,429) | (64,542) | |||||||||
| Payments made on Consolidated SLST CDOs | (71,654) | (68,314) | |||||||||
| Net proceeds received from mortgages payable on real estate | 2,475 | — | |||||||||
| Net cash provided by (used in) financing activities | 1,247,092 | (20,719) | |||||||||
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 213,857 | 95,994 | |||||||||
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 337,861 | 304,490 | |||||||||
| Cash, Cash Equivalents and Restricted Cash - End of Period | $ | 551,718 | $ | 400,484 | |||||||
| Supplemental Disclosure: | |||||||||||
| Cash paid for interest | $ | 60,711 | $ | 35,194 | |||||||
| Cash paid for income taxes | $ | 112 | $ | 6 | |||||||
| Non-Cash Investment Activities: | |||||||||||
| Consolidation of real estate held in Consolidated VIEs | $ | 664,437 | $ | 73,513 | |||||||
| Consolidation of mortgages payable on real estate held in Consolidated VIEs | $ | 518,229 | $ | 61,831 | |||||||
| Transfer from residential loans to real estate owned | $ | 1,855 | $ | 2,674 | |||||||
| Non-Cash Financing Activities: | |||||||||||
| Dividends declared on common stock and dividend equivalents to be paid in subsequent period | $ | 38,533 | $ | 37,942 | |||||||
| Dividends declared on preferred stock to be paid in subsequent period | $ | 10,493 | $ | 10,296 | |||||||
| Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||||||||||
| Cash and cash equivalents | $ | 407,104 | $ | 324,927 | |||||||
| Restricted cash included in other assets | 144,614 | 75,557 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 551,718 | $ | 400,484 | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential loans (1) | Consolidated SLST (2) | Residential loans held in securitization trusts (3) | Total | Residential loans (1) | Consolidated SLST (2) | Residential loans held in securitization trusts (3) | Total | ||||||||||||||||||||||||||||||||||||||||
| Principal | $ | 2,262,439 | $ | 1,000,120 | $ | 1,232,355 | $ | 4,494,914 | $ | 1,682,138 | $ | 1,071,228 | $ | 776,438 | $ | 3,529,804 | |||||||||||||||||||||||||||||||
| (Discount)/premium | (34,778) | (4,551) | (50,754) | (90,083) | (44,256) | (2,998) | (37,011) | (84,265) | |||||||||||||||||||||||||||||||||||||||
| Unrealized (losses) gains | (34,342) | (74,791) | 33,494 | (75,639) | 65,408 | 2,652 | 62,002 | 130,062 | |||||||||||||||||||||||||||||||||||||||
| Carrying value | $ | 2,193,319 | $ | 920,778 | $ | 1,215,095 | $ | 4,329,192 | $ | 1,703,290 | $ | 1,070,882 | $ | 801,429 | $ | 3,575,601 | |||||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||
| June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
| Unrealized (losses) gains, net | $ | (30,078) | $ | (10,798) | $ | (34,883) | $ | 1,009 | $ | 6,471 | $ | 4,893 | |||||||||||||||||||||||
| For the Six Months Ended | |||||||||||||||||||||||||||||||||||
| June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
| Unrealized (losses) gains, net | $ | (55,602) | $ | (77,443) | $ | (72,657) | $ | 7,435 | $ | (18,872) | $ | 17,143 | |||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Residential loans | Consolidated SLST | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
| California | 21.9 | % | 10.5 | % | 23.8 | % | 21.7 | % | 10.5 | % | 22.0 | % | |||||||||||||||||||||||
| Florida | 11.2 | % | 10.4 | % | 10.1 | % | 10.4 | % | 10.5 | % | 8.9 | % | |||||||||||||||||||||||
| New York | 8.8 | % | 9.7 | % | 7.5 | % | 8.8 | % | 9.8 | % | 9.2 | % | |||||||||||||||||||||||
| Texas | 7.5 | % | 4.0 | % | 5.4 | % | 7.4 | % | 4.0 | % | 4.3 | % | |||||||||||||||||||||||
| New Jersey | 6.9 | % | 7.5 | % | 4.7 | % | 5.9 | % | 7.3 | % | 6.4 | % | |||||||||||||||||||||||
| Washington | 5.4 | % | 1.8 | % | 3.2 | % | 4.4 | % | 1.9 | % | 3.2 | % | |||||||||||||||||||||||
| Illinois | 2.9 | % | 7.2 | % | 2.4 | % | 2.7 | % | 7.1 | % | 2.3 | % | |||||||||||||||||||||||
| Massachusetts | 2.4 | % | 2.7 | % | 7.5 | % | 4.6 | % | 2.7 | % | 5.6 | % | |||||||||||||||||||||||
| Greater than 90 days past due | Less than 90 days past due | ||||||||||||||||||||||
| Fair Value | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | ||||||||||||||||||||
| June 30, 2022 | $ | 115,696 | $ | 123,559 | $ | 10,588 | $ | 11,219 | |||||||||||||||
| December 31, 2021 | 92,990 | 102,981 | 17,102 | 17,716 | |||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Investment amount | $ | 105,399 | $ | 118,307 | |||||||
| Deferred loan fees, net | (517) | (672) | |||||||||
| Unrealized gains, net | 1,943 | 2,386 | |||||||||
| Total, at Fair Value | $ | 106,825 | $ | 120,021 | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Days Late | Fair Value | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | |||||||||||||||||||
| 90 + | $ | 4,370 | $ | 3,363 | $ | 3,972 | $ | 3,363 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Texas | 25.1 | % | 28.3 | % | |||||||
| Florida | 13.9 | % | 12.2 | % | |||||||
| Tennessee | 12.7 | % | 11.0 | % | |||||||
| Georgia | 8.5 | % | 7.4 | % | |||||||
| Ohio | 8.1 | % | 7.2 | % | |||||||
| Louisiana | 6.3 | % | 5.8 | % | |||||||
| Alabama | 5.8 | % | 5.0 | % | |||||||
| North Carolina | 5.0 | % | 7.0 | % | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost | Unrealized | Fair Value | Amortized Cost | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
| Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Option | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | $ | 50,307 | $ | 7,009 | $ | (7,076) | $ | 50,240 | $ | 100,186 | $ | 949 | $ | (2,636) | $ | 98,499 | |||||||||||||||||||||||||||||||
| CMBS | 32,600 | — | (2,504) | 30,096 | 32,600 | 684 | (138) | 33,146 | |||||||||||||||||||||||||||||||||||||||
ABS | 19,371 | 16,217 | — | 35,588 | 21,795 | 17,884 | — | 39,679 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - fair value option | 102,278 | 23,226 | (9,580) | 115,924 | 154,581 | 19,517 | (2,774) | 171,324 | |||||||||||||||||||||||||||||||||||||||
| CECL Securities | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | 25,526 | — | (944) | 24,582 | 27,743 | 1,787 | (10) | 29,520 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - CECL Securities | 25,526 | — | (944) | 24,582 | 27,743 | 1,787 | (10) | 29,520 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 127,804 | $ | 23,226 | $ | (10,524) | $ | 140,506 | $ | 182,324 | $ | 21,304 | $ | (2,784) | $ | 200,844 | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2021 | |||||||||||||||||||||||
| Sales Proceeds | Realized Gains | Realized Losses | Net Realized Gains (Losses) | ||||||||||||||||||||
| CMBS | $ | 3,770 | $ | 392 | $ | — | $ | 392 | |||||||||||||||
| Total | $ | 3,770 | $ | 392 | $ | — | $ | 392 | |||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||
| Sales Proceeds | Realized Gains | Realized Losses | Net Realized Gains (Losses) | ||||||||||||||||||||
| Non-Agency RMBS | $ | 24,374 | $ | 374 | $ | — | $ | 374 | |||||||||||||||
| Total | $ | 24,374 | $ | 374 | $ | — | $ | 374 | |||||||||||||||
| Six Months Ended June 30, 2021 | |||||||||||||||||||||||
| Sales Proceeds | Realized Gains | Realized Losses | Net Realized Gains (Losses) | ||||||||||||||||||||
| Non-Agency RMBS | $ | 72,083 | $ | 12 | $ | (833) | $ | (821) | |||||||||||||||
| CMBS | 43,315 | 5,587 | — | 5,587 | |||||||||||||||||||
| Total | $ | 115,398 | $ | 5,599 | $ | (833) | $ | 4,766 | |||||||||||||||
| Weighted Average Life | June 30, 2022 | December 31, 2021 | |||||||||
| 0 to 5 years | $ | 68,455 | $ | 144,266 | |||||||
| Over 5 to 10 years | 58,419 | 39,306 | |||||||||
| 10+ years | 13,632 | 17,272 | |||||||||
| Total | $ | 140,506 | $ | 200,844 | |||||||
| June 30, 2022 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||||||||
| Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| Non-Agency RMBS | $ | 24,540 | $ | (938) | $ | 42 | $ | (6) | $ | 24,582 | $ | (944) | |||||||||||||||||||||||
Total | $ | 24,540 | $ | (938) | $ | 42 | $ | (6) | $ | 24,582 | $ | (944) | |||||||||||||||||||||||
| December 31, 2021 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||||||||
| Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| Non-Agency RMBS | $ | 2,300 | $ | (3) | $ | 48 | $ | (7) | $ | 2,348 | $ | (10) | |||||||||||||||||||||||
| Total | $ | 2,300 | $ | (3) | $ | 48 | $ | (7) | $ | 2,348 | $ | (10) | |||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| Investment Name | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||
| Multi-Family Preferred Equity Ownership Interests | ||||||||||||||||||||||||||
| Somerset Deerfield Investor, LLC | 45% | $ | 20,586 | 45% | $ | 19,965 | ||||||||||||||||||||
| RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | 43% | 6,047 | 43% | 5,725 | ||||||||||||||||||||||
| 1122 Chicago DE, LLC | 53% | 7,998 | 53% | 7,723 | ||||||||||||||||||||||
| Bighaus, LLC | 42% | 15,987 | 42% | 15,471 | ||||||||||||||||||||||
| FF/RMI 20 Midtown, LLC | 51% | 26,403 | 51% | 25,499 | ||||||||||||||||||||||
| Lurin-RMI, LLC | 38% | 10,985 | 38% | 9,548 | ||||||||||||||||||||||
| Palms at Cape Coral, LLC | 34% | 5,338 | 34% | 5,175 | ||||||||||||||||||||||
| America Walks at Port St. Lucie, LLC | 62% | 30,367 | 62% | 30,383 | ||||||||||||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | 57% | 17,814 | 57% | 17,213 | ||||||||||||||||||||||
| Lucie at Tradition Holdings, LLC | 70% | 17,271 | 70% | 16,597 | ||||||||||||||||||||||
| Syracuse Apartments and Townhomes, LLC | 58% | 19,987 | — | — | ||||||||||||||||||||||
| DCP Gold Creek, LLC | — | — | 44% | 6,686 | ||||||||||||||||||||||
| Rigsbee Ave Holdings, LLC | — | — | 56% | 11,331 | ||||||||||||||||||||||
| Walnut Creek Properties Holdings, L.L.C. | — | — | 36% | 9,482 | ||||||||||||||||||||||
| Total - Multi-Family Preferred Equity Ownership Interests | 178,783 | 180,798 | ||||||||||||||||||||||||
| Joint Venture Equity Investments in Multi-Family Properties | ||||||||||||||||||||||||||
| GWR Cedars Partners, LLC | 70% | 3,982 | 70% | 3,770 | ||||||||||||||||||||||
| GWR Gateway Partners, LLC | 70% | 7,008 | 70% | 6,670 | ||||||||||||||||||||||
| Total - Joint Venture Equity Investments in Multi-Family Properties | 10,990 | 10,440 | ||||||||||||||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||||||||||||||
Morrocroft Neighborhood Stabilization Fund II, LP (1) | 11% | 2,878 | 11% | 19,143 | ||||||||||||||||||||||
Constructive Loans, LLC (2) | — | 31,000 | — | 29,250 | ||||||||||||||||||||||
| Total - Single-Family Equity Ownership Interests | 33,878 | 48,393 | ||||||||||||||||||||||||
| Total | $ | 223,651 | $ | 239,631 | ||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| Investment Name | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
| Somerset Deerfield Investor, LLC | $ | 596 | $ | 675 | $ | 1,183 | $ | 1,141 | ||||||||||||||||||
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | 163 | 174 | 322 | 298 | ||||||||||||||||||||||
DCP Gold Creek, LLC | (599) | 197 | 254 | 400 | ||||||||||||||||||||||
1122 Chicago DE, LLC | 241 | 225 | 478 | 446 | ||||||||||||||||||||||
| Bighaus, LLC | 472 | 443 | 937 | 879 | ||||||||||||||||||||||
| FF/RMI 20 Midtown, LLC | 812 | 758 | 1,610 | 1,504 | ||||||||||||||||||||||
| Lurin-RMI, LLC | 1,520 | 235 | 1,800 | 470 | ||||||||||||||||||||||
| Palms at Cape Coral, LLC | 158 | — | 313 | — | ||||||||||||||||||||||
| America Walks at Port St. Lucie, LLC | 902 | — | 1,804 | — | ||||||||||||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | 559 | — | 1,108 | — | ||||||||||||||||||||||
| Lucie at Tradition Holdings, LLC | 614 | — | 1,215 | — | ||||||||||||||||||||||
| Syracuse Apartments and Townhomes, LLC | 591 | — | 1,107 | — | ||||||||||||||||||||||
| Rigsbee Ave Holdings, LLC | — | 896 | (174) | 1,215 | ||||||||||||||||||||||
| Walnut Creek Properties Holdings, L.L.C. | — | 263 | (153) | 541 | ||||||||||||||||||||||
| BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) | — | 357 | — | 704 | ||||||||||||||||||||||
| Audubon Mezzanine Holdings, L.L.C. (Series A) | — | 357 | — | 721 | ||||||||||||||||||||||
| EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) | — | 240 | — | 419 | ||||||||||||||||||||||
| Towers Property Holdings, LLC | — | 361 | — | 740 | ||||||||||||||||||||||
| Mansions Property Holdings, LLC | — | 348 | — | 713 | ||||||||||||||||||||||
| Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) | — | 131 | — | 266 | ||||||||||||||||||||||
| Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) | — | 302 | — | 616 | ||||||||||||||||||||||
| Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) | — | 374 | — | 762 | ||||||||||||||||||||||
| Total Income - Multi-Family Preferred Equity Ownership Interests | $ | 6,029 | $ | 6,336 | $ | 11,804 | $ | 11,835 | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| Investment Name | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||||||||||||||
Morrocroft Neighborhood Stabilization Fund II, LP (1) | $ | 22 | $ | 998 | $ | 50 | $ | 2,186 | ||||||||||||||||||
Constructive Loans, LLC (2) | 1,750 | — | 1,750 | — | ||||||||||||||||||||||
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) | — | 3,273 | — | (15) | ||||||||||||||||||||||
| Total Income - Single-Family Equity Ownership Interests | $ | 1,772 | $ | 4,271 | $ | 1,800 | $ | 2,171 | ||||||||||||||||||
Joint Venture Equity Investments in Multi-Family Properties (4) | ||||||||||||||||||||||||||
| GWR Cedars Partners, LLC | $ | 111 | $ | — | $ | 211 | $ | — | ||||||||||||||||||
| GWR Gateway Partners, LLC | 188 | — | 338 | — | ||||||||||||||||||||||
| Total Income - Joint Venture Equity Investments in Multi-Family Properties | $ | 299 | $ | — | $ | 549 | $ | — | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Cash | $ | 1,474 | $ | 973 | $ | 8,576 | $ | 2,723 | ||||||||||||||||||
Operating real estate (1) | 202,220 | 42,050 | 730,988 | 73,513 | ||||||||||||||||||||||
Lease intangibles (2) | 14,431 | 3,320 | 41,892 | 4,964 | ||||||||||||||||||||||
| Other assets | 2,706 | 3,851 | 8,836 | 5,695 | ||||||||||||||||||||||
| Total assets | 220,831 | 50,194 | 790,292 | 86,895 | ||||||||||||||||||||||
| Mortgages payable on real estate, net | 156,494 | 36,057 | 566,250 | 61,831 | ||||||||||||||||||||||
| Other liabilities | 1,482 | 652 | 4,662 | 797 | ||||||||||||||||||||||
| Total liabilities | 157,976 | 36,709 | 570,912 | 62,628 | ||||||||||||||||||||||
Non-controlling interest (3) | 5,805 | 1,335 | 16,293 | 1,874 | ||||||||||||||||||||||
| Net assets consolidated | $ | 57,050 | $ | 12,150 | $ | 203,087 | $ | 22,393 | ||||||||||||||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 38,233 | $ | 38,233 | |||||||||||||||
| Residential loans, at fair value | 1,215,095 | 920,778 | — | 2,135,873 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 1,649,472 | 1,649,472 | |||||||||||||||||||
| Other assets | 77,630 | 3,314 | 48,087 | 129,031 | |||||||||||||||||||
| Total assets | $ | 1,292,725 | $ | 924,092 | $ | 1,735,792 | $ | 3,952,609 | |||||||||||||||
Collateralized debt obligations ($1,107,091 at amortized cost, net and $710,233 at fair value) | $ | 1,107,091 | $ | 710,233 | $ | — | $ | 1,817,324 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (2) | — | — | 1,251,059 | 1,251,059 | |||||||||||||||||||
| Other liabilities | 43,477 | 3,859 | 25,755 | 73,091 | |||||||||||||||||||
| Total liabilities | $ | 1,150,568 | $ | 714,092 | $ | 1,276,814 | $ | 3,141,474 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (3) | $ | — | $ | — | $ | 37,101 | $ | 37,101 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 34,080 | $ | 34,080 | |||||||||||||||
Net investment (5) | $ | 142,157 | $ | 210,000 | $ | 387,797 | $ | 739,954 | |||||||||||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 29,606 | $ | 29,606 | |||||||||||||||
| Residential loans, at fair value | 801,429 | 1,070,882 | — | 1,872,311 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 927,725 | 927,725 | |||||||||||||||||||
| Other assets | 36,767 | 3,547 | 70,557 | 110,871 | |||||||||||||||||||
| Total assets | $ | 838,196 | $ | 1,074,429 | $ | 1,027,888 | $ | 2,940,513 | |||||||||||||||
Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) | $ | 682,802 | $ | 839,419 | $ | — | $ | 1,522,221 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (2) | — | — | 672,568 | 672,568 | |||||||||||||||||||
| Other liabilities | 20,156 | 3,193 | 17,527 | 40,876 | |||||||||||||||||||
| Total liabilities | $ | 702,958 | $ | 842,612 | $ | 690,095 | $ | 2,235,665 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (3) | $ | — | $ | — | $ | 66,392 | $ | 66,392 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 24,359 | $ | 24,359 | |||||||||||||||
Net investment (5) | $ | 135,238 | $ | 231,817 | $ | 247,042 | $ | 614,097 | |||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
| Consolidated SLST | Consolidated Real Estate | Total | Consolidated SLST | Consolidated Real Estate | Total | |||||||||||||||||||||||||||||||||
| Interest income | $ | 9,254 | $ | — | $ | 9,254 | $ | 10,479 | $ | — | $ | 10,479 | ||||||||||||||||||||||||||
| Interest expense | 6,208 | 13,148 | 19,356 | 7,151 | 430 | 7,581 | ||||||||||||||||||||||||||||||||
| Total net interest income (expense) | 3,046 | (13,148) | (10,102) | 3,328 | (430) | 2,898 | ||||||||||||||||||||||||||||||||
| Unrealized (losses) gains, net | (4,275) | — | (4,275) | 9,793 | — | 9,793 | ||||||||||||||||||||||||||||||||
| Income from real estate | — | 34,409 | 34,409 | — | 2,150 | 2,150 | ||||||||||||||||||||||||||||||||
| Total non-interest (loss) income | (4,275) | 34,409 | 30,134 | 9,793 | 2,150 | 11,943 | ||||||||||||||||||||||||||||||||
Expenses related to real estate (1) | — | 68,337 | 68,337 | — | 3,913 | 3,913 | ||||||||||||||||||||||||||||||||
| Net (loss) income | (1,229) | (47,076) | (48,305) | 13,121 | (2,193) | 10,928 | ||||||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest in Consolidated VIEs | — | 18,922 | 18,922 | — | 1,625 | 1,625 | ||||||||||||||||||||||||||||||||
| Net (loss) income attributable to Company | $ | (1,229) | $ | (28,154) | $ | (29,383) | $ | 13,121 | $ | (568) | $ | 12,553 | ||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
| Consolidated SLST | Consolidated Real Estate | Total | Consolidated SLST | Consolidated Real Estate | Total | |||||||||||||||||||||||||||||||||
| Interest income | $ | 18,635 | $ | — | $ | 18,635 | $ | 20,797 | $ | — | $ | 20,797 | ||||||||||||||||||||||||||
| Interest expense | 12,186 | 19,983 | 32,169 | 14,254 | 740 | 14,994 | ||||||||||||||||||||||||||||||||
| Total net interest income (expense) | 6,449 | (19,983) | (13,534) | 6,543 | (740) | 5,803 | ||||||||||||||||||||||||||||||||
| Unrealized (losses) gains, net | (19,555) | — | (19,555) | 19,018 | — | 19,018 | ||||||||||||||||||||||||||||||||
| Income from real estate | — | 58,047 | 58,047 | — | 3,645 | 3,645 | ||||||||||||||||||||||||||||||||
| Total non-interest (loss) income | (19,555) | 58,047 | 38,492 | 19,018 | 3,645 | 22,663 | ||||||||||||||||||||||||||||||||
Expenses related to real estate (1) | — | 114,783 | 114,783 | — | 6,837 | 6,837 | ||||||||||||||||||||||||||||||||
| Net (loss) income | (13,106) | (76,719) | (89,825) | 25,561 | (3,932) | 21,629 | ||||||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest in Consolidated VIEs | — | 33,792 | 33,792 | — | 3,034 | 3,034 | ||||||||||||||||||||||||||||||||
| Net (loss) income attributable to Company | $ | (13,106) | $ | (42,927) | $ | (56,033) | $ | 25,561 | $ | (898) | $ | 24,663 | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
| Beginning balance | $ | 53,361 | $ | 66,392 | |||||||
| Contributions | 41 | 315 | |||||||||
| Distributions | (1,133) | (1,810) | |||||||||
| Net loss attributable to redeemable non-controlling interest in Consolidated VIEs | (15,168) | (27,796) | |||||||||
| Ending balance | $ | 37,101 | $ | 37,101 | |||||||
| June 30, 2022 | |||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Total | ||||||||||||||||||||
ABS | $ | — | $ | 35,588 | $ | — | $ | 35,588 | |||||||||||||||
| Non-Agency RMBS | — | 31,978 | — | 31,978 | |||||||||||||||||||
Preferred equity investments in multi-family properties | 106,825 | — | 178,783 | 285,608 | |||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | 10,990 | 10,990 | |||||||||||||||||||
| Equity investments in entities that invest in residential properties | — | — | 2,878 | 2,878 | |||||||||||||||||||
| Maximum exposure | $ | 106,825 | $ | 67,566 | $ | 192,651 | $ | 367,042 | |||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Total | ||||||||||||||||||||
| ABS | $ | — | $ | 39,679 | $ | — | $ | 39,679 | |||||||||||||||
| Non-Agency RMBS | — | 30,924 | — | 30,924 | |||||||||||||||||||
Preferred equity investments in multi-family properties | 120,021 | — | 180,798 | 300,819 | |||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | 10,440 | 10,440 | |||||||||||||||||||
| Equity investments in entities that invest in residential properties | — | — | 19,143 | 19,143 | |||||||||||||||||||
| Maximum exposure | $ | 120,021 | $ | 70,603 | $ | 210,381 | $ | 401,005 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Land | $ | 218,223 | $ | 111,182 | ||||||||||
| Building and improvements | 1,524,023 | 835,635 | ||||||||||||
| Furniture, fixture and equipment | 46,491 | 23,546 | ||||||||||||
| Operating real estate | $ | 1,788,737 | $ | 970,363 | ||||||||||
| Accumulated depreciation | (27,332) | (3,890) | ||||||||||||
| Operating real estate, net | $ | 1,761,405 | $ | 966,473 | ||||||||||
Real estate held for sale, net (1) | $ | 30,915 | $ | 51,110 | ||||||||||
| Real estate, net | $ | 1,792,320 | $ | 1,017,583 | ||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Lease intangibles | $ | 92,216 | $ | 51,969 | ||||||||||
| Accumulated amortization | (73,292) | (12,200) | ||||||||||||
| Lease intangibles, net | $ | 18,924 | $ | 39,769 | ||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Rental income | $ | 32,137 | $ | 2,078 | $ | 55,425 | $ | 3,567 | ||||||||||||||||||
| Other income | 3,733 | 72 | 6,033 | 78 | ||||||||||||||||||||||
| Total income from real estate | $ | 35,870 | $ | 2,150 | $ | 61,458 | $ | 3,645 | ||||||||||||||||||
Interest expense, mortgages payable on real estate (1) | $ | 13,151 | $ | 430 | $ | 20,308 | $ | 740 | ||||||||||||||||||
| Depreciation expense on operating real estate | $ | 15,132 | $ | 838 | $ | 25,244 | $ | 1,519 | ||||||||||||||||||
| Amortization of lease intangibles related to operating real estate | 37,262 | 1,516 | 62,737 | 2,758 | ||||||||||||||||||||||
| Other expenses | 18,365 | 1,559 | 30,767 | 2,560 | ||||||||||||||||||||||
| Total expenses related to real estate | $ | 70,759 | $ | 3,913 | $ | 118,748 | $ | 6,837 | ||||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
Restricted cash (1) | $ | 144,614 | $ | 48,259 | ||||||||||
| Accrued interest receivable | 38,136 | 26,688 | ||||||||||||
| Other assets in consolidated multi-family properties | 25,160 | 21,668 | ||||||||||||
| Collections receivable from residential loan servicers | 20,624 | 28,634 | ||||||||||||
| Lease intangibles, net in consolidated multi-family properties | 18,924 | 39,769 | ||||||||||||
| Recoverable advances on residential loans | 13,444 | 14,143 | ||||||||||||
| Other receivables | 12,943 | 14,507 | ||||||||||||
| Operating lease right-of-use assets | 8,429 | 9,011 | ||||||||||||
| Deferred tax assets | 5,324 | 6,282 | ||||||||||||
| Real estate owned | 2,552 | 2,055 | ||||||||||||
| Other | 9,788 | 4,003 | ||||||||||||
| Total | $ | 299,938 | $ | 215,019 | ||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Advanced remittances from residential loan servicers | $ | 94,377 | $ | 16,603 | ||||||||||
| Dividends and dividend equivalents payable | 49,026 | 48,328 | ||||||||||||
| Accrued expenses and other liabilities in consolidated multi-family properties | 25,755 | 22,583 | ||||||||||||
| Accrued expenses | 13,887 | 13,408 | ||||||||||||
| Deferred revenue | 11,507 | 13,019 | ||||||||||||
| Unfunded commitments for residential loans | 9,663 | 21,364 | ||||||||||||
| Operating lease liabilities | 8,994 | 9,584 | ||||||||||||
| Accrued interest payable | 8,604 | 9,051 | ||||||||||||
| Deferred tax liabilities | 5,558 | 6,681 | ||||||||||||
| Other | 3,695 | 460 | ||||||||||||
| Total | $ | 231,066 | $ | 161,081 | ||||||||||
| Repurchase Agreements Secured By: | June 30, 2022 | December 31, 2021 | ||||||||||||
| Residential loans | $ | 1,564,545 | $ | 554,259 | ||||||||||
| Investment securities | 129,331 | — | ||||||||||||
| Total carrying value | $ | 1,693,876 | $ | 554,259 | ||||||||||
| Unencumbered Securities | June 30, 2022 | ||||
Non-Agency RMBS (1) | $ | 52,672 | |||
| CMBS | — | ||||
| ABS | 35,588 | ||||
| Total | $ | 88,260 | |||
| Maximum Aggregate Uncommitted Principal Amount | Outstanding Repurchase Agreements (1) | Net Deferred Finance Costs (2) | Carrying Value of Repurchase Agreements | Fair Value of Loans Pledged | Weighted Average Rate | Weighted Average Months to Maturity (3) | |||||||||||||||||||||||||||||||||||
| June 30, 2022 | $ | 2,140,048 | $ | 1,566,926 | $ | (2,381) | $ | 1,564,545 | $ | 1,887,742 | 3.81 | % | 14.51 | ||||||||||||||||||||||||||||
| December 31, 2021 | $ | 1,252,352 | $ | 554,784 | $ | (525) | $ | 554,259 | $ | 729,649 | 2.79 | % | 4.38 | ||||||||||||||||||||||||||||
| June 30, 2022 | |||||||||||||||||
| Outstanding Repurchase Agreements | Fair Value of Collateral Pledged | Amortized Cost of Collateral Pledged | |||||||||||||||
Non-Agency RMBS (1) (2) | $ | 113,650 | $ | 233,407 | $ | 263,768 | |||||||||||
| CMBS | 15,681 | 30,096 | 32,600 | ||||||||||||||
| Balance at end of the period | $ | 129,331 | $ | 263,503 | $ | 296,368 | |||||||||||
| Contractual Maturity | June 30, 2022 | ||||
| Within 30 days | $ | 129,331 | |||
| Over 30 day to 90 days | — | ||||
| Over 90 days | — | ||||
| Total | $ | 129,331 | |||
| June 30, 2022 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | ||||||||||||||||||||
Consolidated SLST (3) | $ | 742,601 | $ | 710,233 | 2.75 | % | 2059 | ||||||||||||||||
| Residential loan securitizations | 1,112,421 | 1,107,091 | 2.77 | % | 2026 - 2061 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 1,855,022 | $ | 1,817,324 | |||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | ||||||||||||||||||||
Consolidated SLST (3) | $ | 814,256 | $ | 839,419 | 2.75 | % | 2059 | ||||||||||||||||
| Residential loan securitizations | 686,122 | 682,802 | 2.43 | % | 2026 - 2061 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 1,500,378 | $ | 1,522,221 | |||||||||||||||||||
| Year ending December 31, | Total | |||||||
| 2022 | $ | — | ||||||
| 2023 | — | |||||||
| 2024 | — | |||||||
| 2025 | — | |||||||
| 2026 | 180,000 | |||||||
| 2027 | 225,000 | |||||||
| Thereafter | 1,450,022 | |||||||
| Total | $ | 1,855,022 | ||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Contractual interest expense | $ | — | $ | 2,156 | $ | 335 | $ | 4,312 | ||||||||||||||||||
| Amortization of underwriter's discount and deferred charges | — | 632 | 103 | 1,260 | ||||||||||||||||||||||
| Total | $ | — | $ | 2,788 | $ | 438 | $ | 5,572 | ||||||||||||||||||
| 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 | — | |||||||
| 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 | |||||||||
| Maximum Committed Mortgage Principal Amount | Outstanding Mortgage Balance | Net Deferred Finance Cost | Mortgage Payable, Net | Stated Maturity | Weighted Average Interest Rate (1) | ||||||||||||||||||||||||||||||
| June 30, 2022 | $ | 1,354,367 | $ | 1,272,515 | $ | (21,456) | $ | 1,251,059 | 2024 - 2032 | 4.00 | % | ||||||||||||||||||||||||
| December 31, 2021 | 745,915 | 718,717 | (9,361) | 709,356 | 2024 - 2031 | 3.56 | % | ||||||||||||||||||||||||||||
| Year Ending December 31, | Outstanding Balance | |||||||
| 2022 | $ | — | ||||||
| 2023 | — | |||||||
| 2024 | 294,814 | |||||||
| 2025 | 535,240 | |||||||
| 2026 | 133,772 | |||||||
| 2027 | — | |||||||
| Thereafter | 453,689 | |||||||
| $ | 1,417,515 | |||||||
| Measured at Fair Value on a Recurring Basis at | |||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | $ | — | $ | — | $ | 2,193,319 | $ | 2,193,319 | $ | — | $ | — | $ | 1,703,290 | $ | 1,703,290 | |||||||||||||||||||||||||||||||
Consolidated SLST | — | — | 920,778 | 920,778 | — | — | 1,070,882 | 1,070,882 | |||||||||||||||||||||||||||||||||||||||
Residential loans held in securitization trusts | — | — | 1,215,095 | 1,215,095 | — | — | 801,429 | 801,429 | |||||||||||||||||||||||||||||||||||||||
| Multi-family loans | — | — | 106,825 | 106,825 | — | — | 120,021 | 120,021 | |||||||||||||||||||||||||||||||||||||||
| Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | — | 74,822 | — | 74,822 | — | 128,019 | — | 128,019 | |||||||||||||||||||||||||||||||||||||||
CMBS | — | 30,096 | — | 30,096 | — | 33,146 | — | 33,146 | |||||||||||||||||||||||||||||||||||||||
ABS | — | 35,588 | — | 35,588 | — | 39,679 | — | 39,679 | |||||||||||||||||||||||||||||||||||||||
| Equity investments | — | — | 223,651 | 223,651 | — | — | 239,631 | 239,631 | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 140,506 | $ | 4,659,668 | $ | 4,800,174 | $ | — | $ | 200,844 | $ | 3,935,253 | $ | 4,136,097 | |||||||||||||||||||||||||||||||
Liabilities carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDOs | $ | — | $ | — | $ | 710,233 | $ | 710,233 | $ | — | $ | — | $ | 839,419 | $ | 839,419 | |||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 710,233 | $ | 710,233 | $ | — | $ | — | $ | 839,419 | $ | 839,419 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Multi-family loans | Equity investments | Total | ||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,703,290 | $ | 1,070,882 | $ | 801,429 | $ | 120,021 | $ | 239,631 | $ | 3,935,253 | |||||||||||||||||||||||
| Total (losses)/gains (realized/unrealized) | |||||||||||||||||||||||||||||||||||
| Included in earnings | (52,976) | (79,292) | (65,935) | 6,298 | 15,633 | (176,272) | |||||||||||||||||||||||||||||
Transfers out (1) | (875) | — | (980) | — | — | (1,855) | |||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (676,560) | — | 676,560 | — | — | — | |||||||||||||||||||||||||||||
| Funding/Contributions | — | — | — | — | 19,191 | 19,191 | |||||||||||||||||||||||||||||
| Paydowns/Distributions | (293,564) | (70,812) | (237,712) | (19,494) | (50,804) | (672,386) | |||||||||||||||||||||||||||||
| Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||
| Purchases | 1,514,004 | — | 41,733 | — | — | 1,555,737 | |||||||||||||||||||||||||||||
| Balance at the end of period | $ | 2,193,319 | $ | 920,778 | $ | 1,215,095 | $ | 106,825 | $ | 223,651 | $ | 4,659,668 | |||||||||||||||||||||||
| Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Multi-family loans | Equity investments | Total | ||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,090,930 | $ | 1,266,785 | $ | 691,451 | $ | 163,593 | $ | 259,095 | $ | 3,471,854 | |||||||||||||||||||||||
| Total gains/(losses) (realized/unrealized) | |||||||||||||||||||||||||||||||||||
| Included in earnings | 14,494 | (21,788) | 21,105 | 10,853 | 14,006 | 38,670 | |||||||||||||||||||||||||||||
Transfers out (1) | (1,259) | — | (1,415) | — | — | (2,674) | |||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (160,623) | — | 160,623 | — | — | — | |||||||||||||||||||||||||||||
| Funding/Contributions | — | — | — | — | 320 | 320 | |||||||||||||||||||||||||||||
| Paydowns/Distributions | (306,209) | (68,458) | (70,025) | (47,727) | (68,724) | (561,143) | |||||||||||||||||||||||||||||
| Sales | (15,568) | — | (2,376) | — | — | (17,944) | |||||||||||||||||||||||||||||
| Purchases | 605,076 | — | — | — | — | 605,076 | |||||||||||||||||||||||||||||
| Balance at the end of period | $ | 1,226,841 | $ | 1,176,539 | $ | 799,363 | $ | 126,719 | $ | 204,697 | $ | 3,534,159 | |||||||||||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Consolidated SLST CDOs | |||||||||||
| Balance at beginning of period | $ | 839,419 | $ | 1,054,335 | |||||||
| Total gains (realized/unrealized) | |||||||||||
| Included in earnings | (57,532) | (37,931) | |||||||||
| Paydowns | (71,654) | (68,314) | |||||||||
| Balance at the end of period | $ | 710,233 | $ | 948,090 | |||||||
| June 30, 2022 | Fair Value | Valuation Technique | Unobservable Input | Weighted Average | Range | |||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||
| Residential loans: | ||||||||||||||||||||||||||||||||||||||
Residential loans and residential loans held in securitization trusts (1) | $3,318,357 | Discounted cash flow | Lifetime CPR | 4.8% | — | - | 46.2% | |||||||||||||||||||||||||||||||
| Lifetime CDR | 0.4% | — | - | 21.5% | ||||||||||||||||||||||||||||||||||
| Loss severity | 6.7% | — | - | 96.5% | ||||||||||||||||||||||||||||||||||
| Yield | 6.0% | 4.6% | - | 64.9% | ||||||||||||||||||||||||||||||||||
| $90,057 | Liquidation model | Annual home price appreciation | 1.0% | — | - | 27.8% | ||||||||||||||||||||||||||||||||
| Liquidation timeline (months) | 26 | 9 | - | 50 | ||||||||||||||||||||||||||||||||||
| Property value | $801,412 | $17,000 | - | $4,300,000 | ||||||||||||||||||||||||||||||||||
| Yield | 7.8% | 7.5% | - | 29.6% | ||||||||||||||||||||||||||||||||||
Consolidated SLST (3) | $920,778 | Liability price | N/A | |||||||||||||||||||||||||||||||||||
| Total | $4,329,192 | |||||||||||||||||||||||||||||||||||||
Multi-family loans (1) | $106,825 | Discounted cash flow | Discount rate | 11.3% | 10.0% | - | 19.5% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 36 | 3 | - | 57 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
Equity investments (1) (2) | $189,773 | Discounted cash flow | Discount rate | 12.5% | 11.0% | - | 15.4% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 24 | 1 | - | 51 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||
Consolidated SLST CDOs (3) (4) | $710,233 | Discounted cash flow | Yield | 4.6% | 3.7% | - | 10.0% | |||||||||||||||||||||||||||||||
| Collateral prepayment rate | 8.0% | 3.0% | - | 9.7% | ||||||||||||||||||||||||||||||||||
| Collateral default rate | 1.7% | — | - | 9.4% | ||||||||||||||||||||||||||||||||||
| Loss severity | 16.6% | — | - | 19.5% | ||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Residential loans: | |||||||||||||||||||||||
Residential loans (1) | $ | (29,826) | $ | 3,752 | $ | (55,058) | $ | 12,192 | |||||||||||||||
Consolidated SLST (1) | (10,798) | 6,471 | (77,443) | (18,872) | |||||||||||||||||||
Residential loans held in securitization trusts (1) | (33,262) | 6,030 | (64,729) | 18,611 | |||||||||||||||||||
Multi-family loans (1) | 181 | 460 | 358 | 665 | |||||||||||||||||||
Equity investments (2) | 3,139 | 805 | 3,593 | 927 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
Consolidated SLST CDOs (1) | 6,523 | 3,322 | 57,889 | 37,890 | |||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
| Fair Value Hierarchy Level | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | Level 1 | $ | 407,104 | $ | 407,104 | $ | 289,602 | $ | 289,602 | ||||||||||||||||||||
| Residential loans | Level 3 | 4,329,192 | 4,329,192 | 3,575,601 | 3,575,601 | ||||||||||||||||||||||||
| Multi-family loans | Level 3 | 106,825 | 106,825 | 120,021 | 120,021 | ||||||||||||||||||||||||
| Investment securities available for sale | Level 2 | 140,506 | 140,506 | 200,844 | 200,844 | ||||||||||||||||||||||||
| Equity investments | Level 3 | 223,651 | 223,651 | 239,631 | 239,631 | ||||||||||||||||||||||||
| Financial Liabilities: | |||||||||||||||||||||||||||||
| Repurchase agreements | Level 2 | 1,693,876 | 1,693,876 | 554,259 | 554,259 | ||||||||||||||||||||||||
| Collateralized debt obligations: | |||||||||||||||||||||||||||||
| Residential loan securitizations at amortized cost, net | Level 3 | 1,107,091 | 1,050,939 | 682,802 | 686,027 | ||||||||||||||||||||||||
| Consolidated SLST | Level 3 | 710,233 | 710,233 | 839,419 | 839,419 | ||||||||||||||||||||||||
| Subordinated debentures | Level 3 | 45,000 | 38,674 | 45,000 | 44,388 | ||||||||||||||||||||||||
| Convertible notes | Level 2 | — | — | 137,898 | 138,011 | ||||||||||||||||||||||||
| Senior unsecured notes | Level 2 | 97,039 | 89,489 | 96,704 | 102,215 | ||||||||||||||||||||||||
| Mortgages payable on real estate | Level 3 | 1,251,059 | 1,227,040 | 709,356 | 712,112 | ||||||||||||||||||||||||
| Class of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Carrying Value | Liquidation Preference | Contractual Rate (1) | Optional Redemption Date (2) | Fixed-to-Floating Rate Conversion Date (1)(3) | Floating Annual Rate (4) | ||||||||||||||||||||||||||||||||||||||||||
| Fixed-to-Floating Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Series D | 8,400,000 | 6,123,495 | $ | 148,134 | $ | 153,087 | 8.000 | % | October 15, 2027 | October 15, 2027 | 3M LIBOR + 5.695% | |||||||||||||||||||||||||||||||||||||||
| Series E | 9,900,000 | 7,411,499 | 179,349 | 185,288 | 7.875 | % | January 15, 2025 | January 15, 2025 | 3M LIBOR + 6.429% | |||||||||||||||||||||||||||||||||||||||||
| Series F | 7,750,000 | 5,750,000 | 138,650 | 143,750 | 6.875 | % | October 15, 2026 | October 15, 2026 | 3M SOFR + 6.130% | |||||||||||||||||||||||||||||||||||||||||
| Fixed Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Series G | 5,450,000 | 3,000,000 | 72,088 | 75,000 | 7.000 | % | January 15, 2027 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 31,500,000 | 22,284,994 | $ | 538,221 | $ | 557,125 | ||||||||||||||||||||||||||||||||||||||||||||
| Class of Preferred Stock | Shares Authorized | Shares Issued and Outstanding | Carrying Value | Liquidation Preference | Contractual Rate (1) | Optional Redemption Date (2) | Fixed-to-Floating Rate Conversion Date (1)(3) | Floating Annual Rate (4) | ||||||||||||||||||||||||||||||||||||||||||
| Fixed-to-Floating Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Series D | 8,400,000 | 6,123,495 | $ | 148,134 | $ | 153,087 | 8.000 | % | October 15, 2027 | October 15, 2027 | 3M LIBOR + 5.695% | |||||||||||||||||||||||||||||||||||||||
| Series E | 9,900,000 | 7,411,499 | 179,349 | 185,288 | 7.875 | % | January 15, 2025 | January 15, 2025 | 3M LIBOR + 6.429% | |||||||||||||||||||||||||||||||||||||||||
| Series F | 7,750,000 | 5,750,000 | 138,650 | 143,750 | 6.875 | % | October 15, 2026 | October 15, 2026 | 3M SOFR + 6.130% | |||||||||||||||||||||||||||||||||||||||||
| Fixed Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Series G | 3,450,000 | 3,000,000 | 72,088 | 75,000 | 7.000 | % | January 15, 2027 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 29,500,000 | 22,284,994 | $ | 538,221 | $ | 557,125 | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Dividend Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Series B Preferred Stock (1) | Series C Preferred Stock(1) | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||
| June 17, 2022 | July 1, 2022 | July 15, 2022 | $ | — | $ | — | $ | 0.50 | $ | 0.4921875 | $ | 0.4296875 | $ | 0.43750 | |||||||||||||||||||||||||||||||||||||||
| March 14, 2022 | April 1, 2022 | April 15, 2022 | — | — | 0.50 | 0.4921875 | 0.4296875 | 0.43750 | |||||||||||||||||||||||||||||||||||||||||||||
| December 13, 2021 | January 1, 2022 | January 15, 2022 | — | — | 0.50 | 0.4921875 | 0.4296875 | 0.24792 | (2) | ||||||||||||||||||||||||||||||||||||||||||||
| September 13, 2021 | October 1, 2021 | October 15, 2021 | 0.484375 | — | 0.50 | 0.4921875 | 0.4679000 | (3) | — | ||||||||||||||||||||||||||||||||||||||||||||
| June 14, 2021 | July 1, 2021 | July 15, 2021 | 0.484375 | 0.4921875 | 0.50 | 0.4921875 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| March 15, 2021 | April 1, 2021 | April 15, 2021 | 0.484375 | 0.4921875 | 0.50 | 0.4921875 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Period | Declaration Date | Record Date | Payment Date | Cash Dividend Per Share | ||||||||||||||||||||||
| Second Quarter 2022 | June 17, 2022 | June 27, 2022 | July 25, 2022 | $ | 0.10 | |||||||||||||||||||||
| First Quarter 2022 | March 14, 2022 | March 24, 2022 | April 25, 2022 | 0.10 | ||||||||||||||||||||||
| Fourth Quarter 2021 | December 13, 2021 | December 27, 2021 | January 25, 2022 | 0.10 | ||||||||||||||||||||||
| Third Quarter 2021 | September 13, 2021 | September 23, 2021 | October 25, 2021 | 0.10 | ||||||||||||||||||||||
| Second Quarter 2021 | June 14, 2021 | June 24, 2021 | July 26, 2021 | 0.10 | ||||||||||||||||||||||
| First Quarter 2021 | March 15, 2021 | March 25, 2021 | April 26, 2021 | 0.10 | ||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Basic (Loss) Earnings per Common Share: | |||||||||||||||||||||||
| Net (loss) income attributable to Company | $ | (71,896) | $ | 53,240 | $ | (145,746) | $ | 105,448 | |||||||||||||||
| Less: Preferred Stock dividends | (10,493) | (10,296) | (20,986) | (20,593) | |||||||||||||||||||
| Net (loss) income attributable to Company's common stockholders | $ | (82,389) | $ | 42,944 | $ | (166,732) | $ | 84,855 | |||||||||||||||
Basic weighted average common shares outstanding | 381,200 | 379,299 | 380,999 | 379,091 | |||||||||||||||||||
| Basic (Loss) Earnings per Common Share | $ | (0.22) | $ | 0.11 | $ | (0.44) | $ | 0.22 | |||||||||||||||
| Diluted (Loss) Earnings per Common Share: | |||||||||||||||||||||||
| Net (loss) income attributable to Company | $ | (71,896) | $ | 53,240 | $ | (145,746) | $ | 105,448 | |||||||||||||||
| Less: Preferred Stock dividends | (10,493) | (10,296) | (20,986) | (20,593) | |||||||||||||||||||
| Net (loss) income attributable to Company's common stockholders | $ | (82,389) | $ | 42,944 | $ | (166,732) | $ | 84,855 | |||||||||||||||
Weighted average common shares outstanding | 381,200 | 379,299 | 380,999 | 379,091 | |||||||||||||||||||
| Net effect of assumed PSUs vested | — | 2,003 | — | 1,931 | |||||||||||||||||||
Net effect of assumed RSUs vested | — | 215 | — | 145 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 381,200 | 381,517 | 380,999 | 381,167 | |||||||||||||||||||
| Diluted (Loss) Earnings per Common Share | $ | (0.22) | $ | 0.11 | $ | (0.44) | $ | 0.22 | |||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| Number of Non-vested Restricted Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Restricted Shares | Weighted Average Per Share Grant Date Fair Value (1) | ||||||||||||||||||||
| Non-vested shares as of January 1 | 1,909,107 | $ | 5.05 | 1,603,766 | $ | 6.27 | |||||||||||||||||
| Granted | 1,217,671 | 3.59 | 939,446 | 3.82 | |||||||||||||||||||
| Vested | (884,959) | 5.49 | (621,438) | 5.41 | |||||||||||||||||||
| Forfeited | (59,834) | 3.96 | (19,430) | 3.26 | |||||||||||||||||||
Non-vested shares as of June 30 | 2,181,985 | $ | 4.08 | 1,902,344 | $ | 5.09 | |||||||||||||||||
Restricted stock granted during the period | 1,217,671 | $ | 3.59 | 939,446 | $ | 3.82 | |||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| Number of Non-vested Target Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Target Shares | Weighted Average Per Share Grant Date Fair Value (1) | ||||||||||||||||||||
| Non-vested target PSUs as of January 1 | 3,376,740 | $ | 5.43 | 2,902,014 | $ | 4.98 | |||||||||||||||||
| Granted | 844,534 | 4.87 | 1,631,661 | 5.56 | |||||||||||||||||||
| Vested | (1,074,918) | 4.00 | (842,792) | 4.20 | |||||||||||||||||||
Non-vested target PSUs as of June 30 | 3,146,356 | $ | 5.76 | 3,690,883 | $ | 5.41 | |||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||||||||
| Number of Non-vested Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Shares | Weighted Average Per Share Grant Date Fair Value (1) | |||||||||||||||||||||||
| Non-vested RSUs as of January 1 | 1,016,252 | $ | 4.36 | 441,746 | $ | 6.23 | ||||||||||||||||||||
| Granted | 422,267 | 3.72 | 815,830 | 3.69 | ||||||||||||||||||||||
| Vested | (383,639) | 4.58 | (147,254) | 6.23 | ||||||||||||||||||||||
Non-vested RSUs as of June 30 | 1,054,880 | $ | 4.03 | 1,110,322 | $ | 4.36 | ||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Current income tax expense | $ | 166 | $ | 58 | $ | 231 | $ | 271 | |||||||||||||||
| Deferred income tax benefit | (76) | (43) | (164) | (190) | |||||||||||||||||||
| Total income tax provision | $ | 90 | $ | 15 | $ | 67 | $ | 81 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Deferred tax assets | |||||||||||
| Net operating loss carryforward | $ | 2,927 | $ | 3,615 | |||||||
| Capital loss carryover | 7,654 | 7,549 | |||||||||
| GAAP/Tax basis differences | 2,124 | 254 | |||||||||
Total deferred tax assets (1) | 12,705 | 11,418 | |||||||||
| Deferred tax liabilities | |||||||||||
| GAAP/Tax basis differences | 5,558 | 6,681 | |||||||||
Total deferred tax liabilities (2) | 5,558 | 6,681 | |||||||||
Valuation allowance (1) | (7,381) | (5,136) | |||||||||
Total net deferred tax liability | $ | (234) | $ | (399) | |||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||
| Residential loans | $ | 32,669 | $ | 20,155 | $ | 57,502 | $ | 39,816 | |||||||||||||||
| Consolidated SLST | 9,254 | 10,479 | 18,635 | 20,797 | |||||||||||||||||||
| Residential loans held in securitization trusts | 18,853 | 9,933 | 35,486 | 17,901 | |||||||||||||||||||
| Total residential loans | 60,776 | 40,567 | 111,623 | 78,514 | |||||||||||||||||||
| Multi-family loans | 2,834 | 4,130 | 5,785 | 8,531 | |||||||||||||||||||
| Investment securities available for sale | 4,331 | 7,475 | 9,006 | 15,150 | |||||||||||||||||||
| Other | 79 | 14 | 107 | 30 | |||||||||||||||||||
| Total interest income | 68,020 | 52,186 | 126,521 | 102,225 | |||||||||||||||||||
| Interest expense | . | ||||||||||||||||||||||
| Repurchase agreements | 11,647 | 3,732 | 17,178 | 7,774 | |||||||||||||||||||
| Collateralized debt obligations | |||||||||||||||||||||||
| Consolidated SLST | 6,208 | 7,151 | 12,186 | 14,254 | |||||||||||||||||||
| Residential loan securitizations | 8,728 | 5,015 | 16,185 | 9,735 | |||||||||||||||||||
| Non-Agency RMBS re-securitization | — | — | — | 283 | |||||||||||||||||||
| Total collateralized debt obligations | 14,936 | 12,166 | 28,371 | 24,272 | |||||||||||||||||||
| Convertible notes | — | 2,788 | 438 | 5,572 | |||||||||||||||||||
| Senior unsecured notes | 1,607 | 1,136 | 3,210 | 1,136 | |||||||||||||||||||
| Subordinated debentures | 550 | 459 | 1,008 | 916 | |||||||||||||||||||
| Mortgages payable on real estate | 13,151 | 430 | 20,308 | 740 | |||||||||||||||||||
| Total interest expense | 41,891 | 20,711 | 70,513 | 40,410 | |||||||||||||||||||
| Net interest income | $ | 26,129 | $ | 31,475 | $ | 56,008 | $ | 61,815 | |||||||||||||||
| March 31, 2022 | Acquisitions (1) | Repayments (2) | Sales | Fair Value Changes and Other (3) | June 30, 2022 | ||||||||||||||||||||||||||||||
Residential loans | $ | 2,983,574 | $ | 773,580 | $ | (287,153) | $ | — | $ | (61,587) | $ | 3,408,414 | |||||||||||||||||||||||
| Preferred equity investments, mezzanine loans and equity investments | 335,508 | — | (9,750) | — | 4,718 | 330,476 | |||||||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||||||||
| CMBS | 31,576 | — | — | — | (1,480) | 30,096 | |||||||||||||||||||||||||||||
| Non-Agency RMBS | 75,499 | — | (2,804) | — | 2,127 | 74,822 | |||||||||||||||||||||||||||||
| ABS | 38,705 | — | — | — | (3,117) | 35,588 | |||||||||||||||||||||||||||||
| Total investment securities available for sale | 145,780 | — | (2,804) | — | (2,470) | 140,506 | |||||||||||||||||||||||||||||
Consolidated SLST (4) | 214,097 | — | — | — | (5,512) | 208,585 | |||||||||||||||||||||||||||||
| Total investment securities | 359,877 | — | (2,804) | — | (7,982) | 349,091 | |||||||||||||||||||||||||||||
Equity investments in consolidated multi-family properties (5) | 367,055 | 57,050 | (4,731) | — | (31,577) | 387,797 | |||||||||||||||||||||||||||||
| Single-family rental properties | 83,780 | 59,543 | — | — | (475) | 142,848 | |||||||||||||||||||||||||||||
| Total investment portfolio | $ | 4,129,794 | $ | 890,173 | $ | (304,438) | $ | — | $ | (96,903) | $ | 4,618,626 | |||||||||||||||||||||||
| June 30, 2022 | March 31, 2022 | ||||||||||
| Residential loans, at fair value | $ | 920,778 | $ | 969,853 | |||||||
Deferred interest (a) | (1,960) | (1,492) | |||||||||
| Less: Collateralized debt obligations, at fair value | (710,233) | (754,264) | |||||||||
| Consolidated SLST investment securities owned by NYMT | $ | 208,585 | $ | 214,097 | |||||||
| Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
| Net loss attributable to Company's common stockholders | $ | (82,389) | $ | (166,732) | |||||||
| Net loss attributable to Company's common stockholders per share (basic) | $ | (0.22) | $ | (0.44) | |||||||
Undepreciated loss (1) | $ | (49,170) | $ | (113,375) | |||||||
Undepreciated loss per common share (1) | $ | (0.13) | $ | (0.30) | |||||||
| Comprehensive loss attributable to Company's common stockholders | $ | (82,924) | $ | (169,455) | |||||||
| Comprehensive loss attributable to Company's common stockholders per share (basic) | $ | (0.22) | $ | (0.44) | |||||||
| Yield on average interest earning assets | 6.69 | % | 6.74 | % | |||||||
| Interest income | $ | 68,020 | $ | 126,521 | |||||||
| Interest expense | $ | 41,891 | $ | 70,513 | |||||||
| Net interest income | $ | 26,129 | $ | 56,008 | |||||||
Portfolio net interest income (1) | $ | 41,437 | $ | 80,972 | |||||||
Portfolio net interest margin (2) | 3.48 | % | 3.64 | % | |||||||
| Book value per common share at the end of the period | $ | 4.06 | $ | 4.06 | |||||||
Undepreciated book value per common share at the end of the period (1) | $ | 4.24 | $ | 4.24 | |||||||
Economic return on book value (3) | (4.59) | % | (9.36) | % | |||||||
Economic return on undepreciated book value (4) | (2.47) | % | (6.33) | % | |||||||
| Dividends per common share | $ | 0.10 | $ | 0.20 | |||||||
| Single-Family | Multi- Family | Other | Total | ||||||||||||||||||||
| Residential loans | $ | 4,329,192 | $ | — | $ | — | $ | 4,329,192 | |||||||||||||||
| Consolidated SLST CDOs | (710,233) | — | — | (710,233) | |||||||||||||||||||
| Multi-family loans | — | 106,825 | — | 106,825 | |||||||||||||||||||
| Investment securities available for sale | 74,822 | 30,096 | 35,588 | 140,506 | |||||||||||||||||||
| Equity investments | — | 189,773 | 33,878 | 223,651 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 387,797 | — | 387,797 | |||||||||||||||||||
| Single-family rental properties | 142,848 | — | — | 142,848 | |||||||||||||||||||
| Total investment portfolio carrying value | 3,836,629 | 714,491 | 69,466 | 4,620,586 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (1,678,195) | (15,681) | — | (1,693,876) | |||||||||||||||||||
| Residential loan securitization CDOs | (1,107,091) | — | — | (1,107,091) | |||||||||||||||||||
| Senior unsecured notes | — | — | (97,039) | (97,039) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (2) | 141,689 | — | 369,679 | 511,368 | |||||||||||||||||||
| Other | (44,898) | (6,253) | (44,806) | (95,957) | |||||||||||||||||||
| Net Company capital allocated | $ | 1,148,134 | $ | 692,557 | $ | 252,300 | $ | 2,092,991 | |||||||||||||||
Company Recourse Leverage Ratio (3) | 0.7x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (4) | 0.6x | ||||||||||||||||||||||
| Single-Family | Multi- Family | Other | Total | ||||||||||||||||||||
| Residential loans | $ | 3,575,601 | $ | — | $ | — | $ | 3,575,601 | |||||||||||||||
| Consolidated SLST CDOs | (839,419) | — | — | (839,419) | |||||||||||||||||||
| Multi-family loans | — | 120,021 | — | 120,021 | |||||||||||||||||||
| Investment securities available for sale | 128,019 | 33,146 | 39,679 | 200,844 | |||||||||||||||||||
| Equity investments | — | 191,238 | 48,393 | 239,631 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 261,639 | — | 261,639 | |||||||||||||||||||
| Single-family rental properties | 38,749 | — | — | 38,749 | |||||||||||||||||||
| Total investment portfolio carrying value | 2,902,950 | 606,044 | 88,072 | 3,597,066 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (554,259) | — | — | (554,259) | |||||||||||||||||||
| Residential loan securitization CDOs | (682,802) | — | — | (682,802) | |||||||||||||||||||
| Convertible notes | — | — | (137,898) | (137,898) | |||||||||||||||||||
| Senior unsecured notes | — | — | (96,704) | (96,704) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (2) | 39,366 | — | 260,279 | 299,645 | |||||||||||||||||||
| Other | 29,612 | (13,205) | (55,424) | (39,017) | |||||||||||||||||||
| Net Company capital allocated | $ | 1,734,867 | $ | 592,839 | $ | 13,325 | $ | 2,341,031 | |||||||||||||||
Company Recourse Leverage Ratio (3) | 0.4x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (4) | 0.2x | ||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Interest income | $ | 68,020 | $ | 52,186 | $ | 15,834 | $ | 126,521 | $ | 102,225 | $ | 24,296 | |||||||||||||||||||||||
| Interest expense | 41,891 | 20,711 | 21,180 | 70,513 | 40,410 | 30,103 | |||||||||||||||||||||||||||||
| Net interest income | 26,129 | 31,475 | (5,346) | 56,008 | 61,815 | (5,807) | |||||||||||||||||||||||||||||
| Total non-interest (loss) income | (20,233) | 43,276 | (63,509) | (67,019) | 82,996 | (150,015) | |||||||||||||||||||||||||||||
| General and administrative expenses | 13,175 | 12,520 | 655 | 27,533 | 23,961 | 3,572 | |||||||||||||||||||||||||||||
| Expenses related to real estate | 70,759 | 3,913 | 66,846 | 118,748 | 6,837 | 111,911 | |||||||||||||||||||||||||||||
| Portfolio operating expenses | 12,690 | 6,688 | 6,002 | 22,179 | 11,518 | 10,661 | |||||||||||||||||||||||||||||
| (Loss) income from operations before income taxes | (90,728) | 51,630 | (142,358) | (179,471) | 102,495 | (281,966) | |||||||||||||||||||||||||||||
| Income tax expense | 90 | 15 | 75 | 67 | 81 | (14) | |||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest in consolidated variable interest entities | 18,922 | 1,625 | 17,297 | 33,792 | 3,034 | 30,758 | |||||||||||||||||||||||||||||
| Net (loss) income attributable to Company | (71,896) | 53,240 | (125,136) | (145,746) | 105,448 | (251,194) | |||||||||||||||||||||||||||||
Preferred stock dividends | 10,493 | 10,296 | 197 | 20,986 | 20,593 | 393 | |||||||||||||||||||||||||||||
| Net (loss) income attributable to Company's common stockholders | (82,389) | 42,944 | (125,333) | (166,732) | 84,855 | (251,587) | |||||||||||||||||||||||||||||
| Basic (loss) earnings per common share | $ | (0.22) | $ | 0.11 | $ | (0.33) | $ | (0.44) | $ | 0.22 | $ | (0.66) | |||||||||||||||||||||||
| Diluted (loss) earnings per common share | $ | (0.22) | $ | 0.11 | $ | (0.33) | $ | (0.44) | $ | 0.22 | $ | (0.66) | |||||||||||||||||||||||
Single-Family (8) | Multi- Family | Other | Total | ||||||||||||||||||||
Portfolio Interest Income (1) (2) | $ | 56,260 | $ | 3,258 | $ | 2,294 | $ | 61,812 | |||||||||||||||
Portfolio Interest Expense (1) | (20,264) | (111) | — | (20,375) | |||||||||||||||||||
Portfolio Net Interest Income (1) | $ | 35,996 | $ | 3,147 | $ | 2,294 | $ | 41,437 | |||||||||||||||
Average Interest Earning Assets (3) | $3,535,569 | $137,333 | $21,177 | $3,694,079 | |||||||||||||||||||
Average Interest Bearing Liabilities (4) | $2,498,132 | $16,591 | — | $2,514,723 | |||||||||||||||||||
Yield on Average Interest Earning Assets (5) | 6.37 | % | 9.49 | % | 43.33 | % | 6.69 | % | |||||||||||||||
Average Portfolio Financing Cost (6) | (3.21) | % | (2.65) | % | — | (3.21) | % | ||||||||||||||||
Portfolio Net Interest Margin (7) | 3.16 | % | 6.84 | % | 43.33 | % | 3.48 | % | |||||||||||||||
Single-Family (8) | Multi- Family | Other | Total | ||||||||||||||||||||
Portfolio Interest Income (1) (2) | $ | 37,455 | $ | 5,734 | $ | 1,846 | $ | 45,035 | |||||||||||||||
Portfolio Interest Expense (1) | (8,747) | — | — | (8,747) | |||||||||||||||||||
Portfolio Net Interest Income (1) | $ | 28,708 | $ | 5,734 | $ | 1,846 | $ | 36,288 | |||||||||||||||
Average Interest Earning Assets (3) | $2,535,085 | $288,889 | $30,653 | $2,854,627 | |||||||||||||||||||
Average Interest Bearing Liabilities (4) | $1,048,726 | — | — | $1,048,726 | |||||||||||||||||||
Yield on Average Interest Earning Assets (5) | 5.91 | % | 7.94 | % | 24.09 | % | 6.31 | % | |||||||||||||||
Average Portfolio Financing Cost (6) | (3.34) | % | — | — | (3.34) | % | |||||||||||||||||
Portfolio Net Interest Margin (7) | 2.57 | % | 7.94 | % | 24.09 | % | 2.97 | % | |||||||||||||||
Single-Family (8) | Multi- Family | Other | Total | ||||||||||||||||||||
Portfolio Interest Income (1) (2) | $ | 103,083 | $ | 6,571 | $ | 4,681 | $ | 114,335 | |||||||||||||||
Portfolio Interest Expense (1) | (33,241) | (122) | — | (33,363) | |||||||||||||||||||
Portfolio Net Interest Income (1) | $ | 69,842 | $ | 6,449 | $ | 4,681 | $ | 80,972 | |||||||||||||||
Average Interest Earning Assets (3) | $3,231,170 | $139,960 | $21,840 | $3,392,970 | |||||||||||||||||||
Average Interest Bearing Liabilities (4) | $2,133,697 | $9,300 | — | $2,142,997 | |||||||||||||||||||
Yield on Average Interest Earning Assets (5) | 6.38 | % | 9.39 | % | 42.87 | % | 6.74 | % | |||||||||||||||
Average Portfolio Financing Cost (6) | (3.10) | % | (2.61) | % | — | (3.10) | % | ||||||||||||||||
Portfolio Net Interest Margin (7) | 3.28 | % | 6.78 | % | 42.87 | % | 3.64 | % | |||||||||||||||
Single-Family (8) | Multi- Family | Other | Total | ||||||||||||||||||||
Portfolio Interest Income (1) (2) | $ | 72,715 | $ | 11,886 | $ | 3,370 | $ | 87,971 | |||||||||||||||
Portfolio Interest Expense (1) | (17,792) | — | — | (17,792) | |||||||||||||||||||
Portfolio Net Interest Income (1) | $ | 54,923 | $ | 11,886 | $ | 3,370 | $ | 70,179 | |||||||||||||||
Average Interest Earning Assets (3) | $2,519,931 | $299,618 | $31,152 | $2,850,701 | |||||||||||||||||||
Average Interest Bearing Liabilities (4) | 1,025,944 | — | — | $1,025,944 | |||||||||||||||||||
Yield on Average Interest Earning Assets (5) | 5.77 | % | 7.93 | % | 21.64 | % | 6.17 | % | |||||||||||||||
Average Portfolio Financing Cost (6) | (3.47) | % | — | — | (3.47) | % | |||||||||||||||||
Portfolio Net Interest Margin (7) | 2.30 | % | 7.93 | % | 21.64 | % | 2.70 | % | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Interest income, residential loans | $ | 51,522 | $ | 30,088 | $ | 92,988 | $ | 57,717 | ||||||||||||||||||
| Interest income, investment securities available for sale | 1,692 | 4,039 | 3,646 | 8,455 | ||||||||||||||||||||||
| Interest income, Consolidated SLST | 9,254 | 10,479 | 18,635 | 20,797 | ||||||||||||||||||||||
| Interest expense, Consolidated SLST CDOs | (6,208) | (7,151) | (12,186) | (14,254) | ||||||||||||||||||||||
| Portfolio interest income, Single-Family | 56,260 | 37,455 | 103,083 | 72,715 | ||||||||||||||||||||||
| Interest expense, repurchase agreements | (11,536) | (3,732) | (17,056) | (7,774) | ||||||||||||||||||||||
| Interest expense, residential loan securitizations | (8,728) | (5,015) | (16,185) | (9,735) | ||||||||||||||||||||||
| Interest expense, non-Agency RMBS re-securitization | — | — | — | (283) | ||||||||||||||||||||||
| Portfolio interest expense, Single-Family | (20,264) | (8,747) | (33,241) | (17,792) | ||||||||||||||||||||||
| Portfolio net interest income, Single-Family | $ | 35,996 | $ | 28,708 | $ | 69,842 | $ | 54,923 | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Residential loans | $ | 2,386 | $ | 4,597 | $ | (2,211) | $ | 5,818 | $ | 7,281 | $ | (1,463) | |||||||||||||||||||||||
| Investment securities | — | 392 | (392) | 374 | 4,766 | (4,392) | |||||||||||||||||||||||||||||
| Total realized gains (losses), net | $ | 2,386 | $ | 4,989 | $ | (2,603) | $ | 6,192 | $ | 12,047 | $ | (5,855) | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Residential loans | $ | (64,961) | $ | 5,902 | $ | (70,863) | $ | (128,259) | $ | 24,578 | $ | (152,837) | |||||||||||||||||||||||
| Consolidated SLST | (4,275) | 9,793 | (14,068) | (19,554) | 19,018 | (38,572) | |||||||||||||||||||||||||||||
| Preferred equity and mezzanine loan investments | 12 | 190 | (178) | (443) | 296 | (739) | |||||||||||||||||||||||||||||
| Investment securities | 1,530 | 7,969 | (6,439) | (3,097) | 6,128 | (9,225) | |||||||||||||||||||||||||||||
| Total unrealized (losses) gains, net | $ | (67,694) | $ | 23,854 | $ | (91,548) | $ | (151,353) | $ | 50,020 | $ | (201,373) | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Preferred return on preferred equity investments accounted for as equity | $ | 5,703 | $ | 5,531 | $ | 172 | $ | 11,365 | $ | 10,907 | $ | 458 | |||||||||||||||||||||||
| Unrealized gains, net on preferred equity investments accounted for as equity | 326 | 805 | (479) | 438 | 928 | (490) | |||||||||||||||||||||||||||||
| Income from unconsolidated joint venture equity investments in multi-family properties | 299 | — | 299 | 549 | — | 549 | |||||||||||||||||||||||||||||
| Income from entities that invest in or originate residential properties and loans | 1,772 | 4,271 | (2,499) | 1,801 | 2,171 | (370) | |||||||||||||||||||||||||||||
| Total income from equity investments | $ | 8,100 | $ | 10,607 | $ | (2,507) | $ | 14,153 | $ | 14,006 | $ | 147 | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Income from real estate | $ | 35,870 | $ | 2,150 | $ | 33,720 | $ | 61,458 | $ | 3,645 | $ | 57,813 | |||||||||||||||||||||||
Interest expense, mortgages payable on real estate (1) | (13,151) | (430) | (12,721) | (20,308) | (740) | (19,568) | |||||||||||||||||||||||||||||
| Expenses related to real estate: | |||||||||||||||||||||||||||||||||||
| Depreciation expense on operating real estate | (15,132) | (838) | (14,294) | (25,244) | (1,519) | (23,725) | |||||||||||||||||||||||||||||
| Amortization of lease intangibles related to operating real estate | (37,262) | (1,516) | (35,746) | (62,737) | (2,758) | (59,979) | |||||||||||||||||||||||||||||
| Other expenses | (18,365) | (1,559) | (16,806) | (30,767) | (2,560) | (28,207) | |||||||||||||||||||||||||||||
| Total expenses related to real estate | (70,759) | (3,913) | (66,846) | (118,748) | (6,837) | (111,911) | |||||||||||||||||||||||||||||
| Net loss from real estate | (48,040) | (2,193) | (45,847) | (77,598) | (3,932) | (73,666) | |||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest | 18,922 | 1,625 | 17,297 | 33,792 | 3,034 | 30,758 | |||||||||||||||||||||||||||||
| Net (loss) income from real estate attributable to Company | $ | (29,118) | $ | (568) | $ | (28,550) | $ | (43,806) | $ | (898) | $ | (42,908) | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
Preferred equity and mezzanine loan premiums resulting from early redemption (1) | $ | 980 | $ | 1,459 | $ | (479) | $ | 2,483 | $ | 2,029 | $ | 454 | |||||||||||||||||||||||
| Gain on sale of real estate held for sale | 4 | — | 4 | 373 | — | 373 | |||||||||||||||||||||||||||||
| Loss on extinguishment of mortgages payable on real estate | — | — | — | (603) | — | (603) | |||||||||||||||||||||||||||||
| Miscellaneous income | 121 | 217 | (96) | 278 | 1,249 | (971) | |||||||||||||||||||||||||||||
| Total other income | $ | 1,105 | $ | 1,676 | $ | (571) | $ | 2,531 | $ | 3,278 | $ | (747) | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
Salaries, benefits and directors’ compensation | $ | 10,020 | $ | 9,797 | $ | 223 | $ | 20,817 | $ | 18,593 | $ | 2,224 | |||||||||||||||||||||||
| Professional fees | 1,185 | 760 | 425 | 2,213 | 1,607 | 606 | |||||||||||||||||||||||||||||
| Other | 1,970 | 1,963 | 7 | 4,503 | 3,761 | 742 | |||||||||||||||||||||||||||||
| Total general and administrative expenses | $ | 13,175 | $ | 12,520 | $ | 655 | $ | 27,533 | $ | 23,961 | $ | 3,572 | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| Portfolio operating expenses | $ | 12,690 | $ | 6,688 | $ | 6,002 | $ | 22,179 | $ | 11,518 | $ | 10,661 | |||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2022 | 2021 | $ Change | 2022 | 2021 | $ Change | ||||||||||||||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (82,389) | $ | 42,944 | $ | (125,333) | $ | (166,732) | $ | 84,855 | $ | (251,587) | |||||||||||||||||||||||
| OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||||||||||||||||||||
| (Decrease) increase in fair value of available for sale securities | |||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | (535) | 3,256 | (3,791) | (2,723) | 4,721 | (7,444) | |||||||||||||||||||||||||||||
| CMBS | — | 532 | (532) | — | (295) | 295 | |||||||||||||||||||||||||||||
| Total | (535) | 3,788 | (4,323) | (2,723) | 4,426 | (7,149) | |||||||||||||||||||||||||||||
| Reclassification adjustment for net loss included in net income | — | (213) | 213 | — | 2,029 | (2,029) | |||||||||||||||||||||||||||||
| TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (535) | 3,575 | (4,110) | (2,723) | 6,455 | (9,178) | |||||||||||||||||||||||||||||
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (82,924) | $ | 46,519 | $ | (129,443) | $ | (169,455) | $ | 91,310 | $ | (260,765) | |||||||||||||||||||||||
| Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
| Amount | Shares | Per Share (1) | Amount | Shares | Per Share (1) | ||||||||||||||||||||||||||||||
| Beginning Balance | $ | 1,660,493 | 381,249 | $ | 4.36 | $ | 1,783,906 | 379,405 | $ | 4.70 | |||||||||||||||||||||||||
Common stock issuance, net (2) | 3,982 | 193 | 5,334 | 2,037 | |||||||||||||||||||||||||||||||
| Common stock repurchase | (7,541) | (2,795) | (7,541) | (2,795) | |||||||||||||||||||||||||||||||
| Balance after share activity | 1,656,934 | 378,647 | 4.38 | 1,781,699 | 378,647 | 4.71 | |||||||||||||||||||||||||||||
| Dividends and dividend equivalents declared | (38,144) | (0.10) | (76,378) | (0.20) | |||||||||||||||||||||||||||||||
| Net change in accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Investment securities available for sale (3) | (535) | — | (2,723) | (0.01) | |||||||||||||||||||||||||||||||
| Net loss attributable to Company's common stockholders | (82,389) | (0.22) | (166,732) | (0.44) | |||||||||||||||||||||||||||||||
| Ending Balance | $ | 1,535,866 | 378,647 | $ | 4.06 | $ | 1,535,866 | 378,647 | $ | 4.06 | |||||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net (loss) income attributable to Company's common stockholders | $ | (82,389) | $ | 42,944 | $ | (166,732) | $ | 84,855 | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation expense on operating real estate | 10,309 | 296 | 16,468 | 490 | |||||||||||||||||||
| Amortization of lease intangibles related to operating real estate | 22,910 | 781 | 36,889 | 1,302 | |||||||||||||||||||
| Undepreciated (loss) earnings | $ | (49,170) | $ | 44,021 | $ | (113,375) | $ | 86,647 | |||||||||||||||
| Weighted average shares outstanding - basic | 381,200 | 379,299 | 380,999 | 379,091 | |||||||||||||||||||
| Undepreciated (loss) earnings per common share | $ | (0.13) | $ | 0.12 | $ | (0.30) | $ | 0.23 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Company's stockholders' equity | $ | 2,092,991 | $ | 2,341,031 | |||||||
| Preferred stock liquidation preference | (557,125) | (557,125) | |||||||||
| GAAP book value | 1,535,866 | 1,783,906 | |||||||||
| Add: | |||||||||||
| Cumulative depreciation expense on operating real estate | 20,081 | 4,381 | |||||||||
| Cumulative amortization of lease intangibles related to operating real estate | 48,213 | 11,324 | |||||||||
| Undepreciated book value | $ | 1,604,160 | $ | 1,799,611 | |||||||
| Common shares outstanding | 378,647 | 379,405 | |||||||||
GAAP book value per common share (1) | $ | 4.06 | $ | 4.70 | |||||||
Undepreciated book value per common share (2) | $ | 4.24 | $ | 4.74 | |||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| GAAP interest income | $ | 68,020 | $ | 52,186 | $ | 126,521 | $ | 102,225 | |||||||||||||||
| GAAP interest expense | 41,891 | 20,711 | 70,513 | 40,410 | |||||||||||||||||||
| GAAP total net interest income | $ | 26,129 | $ | 31,475 | $ | 56,008 | $ | 61,815 | |||||||||||||||
| GAAP interest income | $ | 68,020 | $ | 52,186 | $ | 126,521 | $ | 102,225 | |||||||||||||||
| Subtract interest expense from: | |||||||||||||||||||||||
| Consolidated SLST CDOs | 6,208 | 7,151 | 12,186 | 14,254 | |||||||||||||||||||
| Portfolio interest income | $ | 61,812 | $ | 45,035 | $ | 114,335 | $ | 87,971 | |||||||||||||||
| GAAP interest expense | $ | 41,891 | $ | 20,711 | $ | 70,513 | $ | 40,410 | |||||||||||||||
| Subtract interest expense from: | |||||||||||||||||||||||
| Consolidated SLST CDOs | 6,208 | 7,151 | 12,186 | 14,254 | |||||||||||||||||||
| Subordinated debentures | 550 | 459 | 1,008 | 916 | |||||||||||||||||||
| Convertible notes | — | 2,788 | 438 | 5,572 | |||||||||||||||||||
| Senior unsecured notes | 1,607 | 1,136 | 3,210 | 1,136 | |||||||||||||||||||
| Mortgages payable on real estate | 13,151 | 430 | 20,308 | 740 | |||||||||||||||||||
| Portfolio interest expense | $ | 20,375 | $ | 8,747 | $ | 33,363 | $ | 17,792 | |||||||||||||||
| Portfolio net interest income | $ | 41,437 | $ | 36,288 | $ | 80,972 | $ | 70,179 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Acquired residential loans | $ | 3,408,414 | $ | 2,504,719 | |||||||
| Consolidated SLST | 920,778 | 1,070,882 | |||||||||
| Total | $ | 4,329,192 | $ | 3,575,601 | |||||||
| June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 5,186 | $ | 708,697 | $ | 694,355 | 630 | 62% | 4.8% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 3,043 | 714,259 | 653,460 | 726 | 66% | 3.9% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 3,104 | 1,745,952 | 1,746,409 | 733 | 66% | 8.4% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 1,161 | 325,886 | 314,190 | 748 | 70% | 5.0% | |||||||||||||||||||||||||||||
| Total | 12,494 | $ | 3,494,794 | $ | 3,408,414 | ||||||||||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 5,515 | $ | 769,779 | $ | 818,900 | 628 | 65% | 4.8% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 2,807 | 616,763 | 606,711 | 722 | 65% | 4.0% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 2,028 | 988,963 | 992,870 | 728 | 65% | 8.7% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 266 | 83,071 | 86,238 | 747 | 68% | 4.8% | |||||||||||||||||||||||||||||
| Total | 10,616 | $ | 2,458,576 | $ | 2,504,719 | ||||||||||||||||||||||||||||||
Loan to Value at Purchase (1) | June 30, 2022 | December 31, 2021 | |||||||||
| 50% or less | 12.6 | % | 11.8 | % | |||||||
| >50% - 60% | 12.4 | % | 11.9 | % | |||||||
| >60% - 70% | 25.2 | % | 27.9 | % | |||||||
| >70% - 80% | 29.7 | % | 26.8 | % | |||||||
| >80% - 90% | 9.9 | % | 9.0 | % | |||||||
| >90% - 100% | 5.0 | % | 6.3 | % | |||||||
| >100% | 5.2 | % | 6.3 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| FICO Scores at Purchase | June 30, 2022 | December 31, 2021 | |||||||||
| 550 or less | 7.4 | % | 11.3 | % | |||||||
| 551 to 600 | 6.5 | % | 10.0 | % | |||||||
| 601 to 650 | 7.4 | % | 11.0 | % | |||||||
| 651 to 700 | 16.5 | % | 16.1 | % | |||||||
| 701 to 750 | 26.9 | % | 23.4 | % | |||||||
| 751 to 800 | 29.0 | % | 22.1 | % | |||||||
| 801 and over | 6.3 | % | 6.1 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Current Coupon | June 30, 2022 | December 31, 2021 | |||||||||
| 3.00% or less | 7.5 | % | 10.0 | % | |||||||
| 3.01% - 4.00% | 14.0 | % | 15.5 | % | |||||||
| 4.01% - 5.00% | 16.4 | % | 19.7 | % | |||||||
| 5.01% - 6.00% | 6.6 | % | 7.5 | % | |||||||
| 6.01% - 7.00% | 7.9 | % | 5.9 | % | |||||||
| 7.01% - 8.00% | 19.4 | % | 13.2 | % | |||||||
| 8.01% and over | 28.2 | % | 28.2 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Delinquency Status | June 30, 2022 | December 31, 2021 | |||||||||
| Current | 94.0 | % | 92.6 | % | |||||||
| 31 – 60 days | 1.8 | % | 2.5 | % | |||||||
| 61 – 90 days | 0.7 | % | 0.8 | % | |||||||
| 90+ days | 3.5 | % | 4.1 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Origination Year | June 30, 2022 | December 31, 2021 | |||||||||
| 2007 or earlier | 18.2 | % | 28.2 | % | |||||||
| 2008 - 2016 | 3.7 | % | 5.6 | % | |||||||
| 2017 | 1.2 | % | 1.9 | % | |||||||
| 2018 | 2.3 | % | 3.6 | % | |||||||
| 2019 | 3.7 | % | 6.0 | % | |||||||
| 2020 | 8.8 | % | 16.1 | % | |||||||
| 2021 | 30.1 | % | 38.6 | % | |||||||
| 2022 | 32.0 | % | — | ||||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Current fair value | $ | 920,778 | $ | 1,070,882 | |||||||
| Current unpaid principal balance | $ | 1,000,120 | $ | 1,071,228 | |||||||
| Number of loans | 6,412 | 6,802 | |||||||||
| Current average loan size | $ | 155,976 | $ | 157,487 | |||||||
| Weighted average original loan term (in months) at purchase | 351 | 351 | |||||||||
| Weighted average LTV at purchase | 68 | % | 67 | % | |||||||
| Weighted average credit score at purchase | 705 | 710 | |||||||||
| Current Coupon: | |||||||||||
| 3.00% or less | 3.0 | % | 2.8 | % | |||||||
| 3.01% – 4.00% | 37.7 | % | 37.2 | % | |||||||
| 4.01% – 5.00% | 39.4 | % | 39.9 | % | |||||||
| 5.01% – 6.00% | 12.1 | % | 12.1 | % | |||||||
| 6.01% and over | 7.8 | % | 8.0 | % | |||||||
| Delinquency Status: | |||||||||||
| Current | 71.3 | % | 70.3 | % | |||||||
| 31 - 60 | 10.5 | % | 12.3 | % | |||||||
| 61 - 90 | 4.3 | % | 4.7 | % | |||||||
| 90+ | 13.9 | % | 12.7 | % | |||||||
| Origination Year: | |||||||||||
| 2005 or earlier | 31.0 | % | 30.9 | % | |||||||
| 2006 | 15.5 | % | 15.4 | % | |||||||
| 2007 | 21.3 | % | 21.1 | % | |||||||
| 2008 or later | 32.2 | % | 32.6 | % | |||||||
| Geographic state concentration (greater than 5.0%): | |||||||||||
| California | 10.5 | % | 10.5 | % | |||||||
| Florida | 10.4 | % | 10.5 | % | |||||||
| New York | 9.7 | % | 9.8 | % | |||||||
| New Jersey | 7.5 | % | 7.3 | % | |||||||
| Illinois | 7.2 | % | 7.1 | % | |||||||
| Maximum Aggregate Uncommitted Principal Amount | Outstanding Repurchase Agreements (1) | Net Deferred Finance Costs (2) | Carrying Value of Repurchase Agreements | Fair Value of Loans Pledged | Weighted Average Rate | Weighted Average Months to Maturity (3) | |||||||||||||||||||||||||||||||||||
| June 30, 2022 | $ | 2,140,048 | $ | 1,566,926 | $ | (2,381) | $ | 1,564,545 | $ | 1,887,742 | 3.81 | % | 14.51 | ||||||||||||||||||||||||||||
| December 31, 2021 | $ | 1,252,352 | $ | 554,784 | $ | (525) | $ | 554,259 | $ | 729,649 | 2.79 | % | 4.38 | ||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| June 30, 2022 | $ | 1,386,714 | $ | 1,566,926 | $ | 1,566,926 | ||||||||||||||
| March 31, 2022 | 682,867 | 783,168 | 783,168 | |||||||||||||||||
| December 31, 2021 | 397,651 | 554,784 | 554,784 | |||||||||||||||||
| September 30, 2021 | 337,295 | 335,434 | 345,620 | |||||||||||||||||
| June 30, 2021 | 401,466 | 341,791 | 506,750 | |||||||||||||||||
| March 31, 2021 | 441,006 | 538,632 | 538,632 | |||||||||||||||||
| December 31, 2020 | 415,625 | 407,213 | 425,903 | |||||||||||||||||
| September 30, 2020 | 651,384 | 673,787 | 673,787 | |||||||||||||||||
| June 30, 2020 | 892,422 | 876,923 | 905,776 | |||||||||||||||||
| March 31, 2020 | 731,245 | 715,436 | 744,522 | |||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | |||||||||||||||||||||||
Consolidated SLST (3) | $ | 742,601 | $ | 710,233 | 2.75 | % | 2059 | |||||||||||||||||||
| Residential loan securitizations | $ | 1,112,421 | $ | 1,107,091 | 2.77 | % | 2026 - 2061 | |||||||||||||||||||
| June 30, 2022 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 28 | $ | 285,608 | $ | 282,798 | 11.84 | % | 4.0 | |||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 33 | $ | 300,819 | $ | 298,330 | 11.80 | % | 4.6 | |||||||||||||||||||||
| June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV | Weighted Average DSCR (1) | ||||||||||||||||||||||||||||||||
| Florida | 6 | $ | 85,401 | 30.2 | % | 12.5 | % | 72 | % | 2.57x | ||||||||||||||||||||||||||||
| Texas | 6 | 48,443 | 17.1 | % | 11.1 | % | 84 | % | 2.44x | |||||||||||||||||||||||||||||
| Alabama | 3 | 42,242 | 14.9 | % | 12.2 | % | 73 | % | 2.31x | |||||||||||||||||||||||||||||
| Ohio | 3 | 29,106 | 10.3 | % | 11.6 | % | 89 | % | 2.27x | |||||||||||||||||||||||||||||
| Utah | 1 | 19,917 | 7.0 | % | 12.0 | % | 67 | % | N/A (2) | |||||||||||||||||||||||||||||
| Other | 9 | 57,689 | 20.5 | % | 11.2 | % | 85 | % | 2.07x | |||||||||||||||||||||||||||||
| Total | 28 | $ | 282,798 | 100.0 | % | 11.8 | % | 78 | % | 2.28x | ||||||||||||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV | Weighted Average DSCR (1) | ||||||||||||||||||||||||||||||||
| Florida | 6 | $ | 83,786 | 28.1 | % | 12.5 | % | 72 | % | 2.43x | ||||||||||||||||||||||||||||
| Texas | 9 | 70,523 | 23.6 | % | 11.2 | % | 84 | % | 2.13x | |||||||||||||||||||||||||||||
| Alabama | 3 | 40,960 | 13.7 | % | 12.2 | % | 73 | % | 2.12x | |||||||||||||||||||||||||||||
| Ohio | 3 | 28,482 | 9.5 | % | 11.6 | % | 88 | % | 2.05x | |||||||||||||||||||||||||||||
| North Carolina | 3 | 19,214 | 6.4 | % | 12.0 | % | 74 | % | 1.50x | |||||||||||||||||||||||||||||
| Other | 9 | 55,365 | 18.7 | % | 11.2 | % | 84 | % | 1.91x | |||||||||||||||||||||||||||||
| Total | 33 | $ | 298,330 | 100.0 | % | 11.8 | % | 79 | % | 2.05x | ||||||||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Cash and cash equivalents | $ | 38,233 | $ | 30,130 | ||||||||||
| Real estate, net | 1,649,472 | 978,834 | ||||||||||||
Lease intangible, net (a) | 18,924 | 39,769 | ||||||||||||
| Other assets | 29,163 | 31,006 | ||||||||||||
| Total assets | $ | 1,735,792 | $ | 1,079,739 | ||||||||||
Mortgages payable on real estate, net (b) | $ | 1,251,059 | $ | 709,356 | ||||||||||
| Other liabilities | 25,755 | 17,993 | ||||||||||||
| Total liabilities | $ | 1,276,814 | $ | 727,349 | ||||||||||
| Redeemable non-controlling interest in Consolidated VIEs | $ | 37,101 | $ | 66,392 | ||||||||||
| Non-controlling interest in Consolidated VIEs | $ | 34,080 | $ | 24,359 | ||||||||||
| Net equity investment | $ | 387,797 | $ | 261,639 | ||||||||||
| Market | Property Count | Occupancy % | Units | Rent per Unit (1) | LTV (2) | |||||||||||||||||||||||||||
| Beaufort, SC | 1 | 95.6 | % | 248 | $ | 1,290 | 83.8 | % | ||||||||||||||||||||||||
| Birmingham, AL | 2 | 97.4 | % | 693 | 1,316 | 75.2 | % | |||||||||||||||||||||||||
| Brandon, FL | 2 | 92.3 | % | 1,267 | 1,211 | 88.9 | % | |||||||||||||||||||||||||
| Collierville, TN | 1 | 96.3 | % | 324 | 1,406 | 80.0 | % | |||||||||||||||||||||||||
| Columbia, SC | 1 | 96.0 | % | 276 | 989 | 84.6 | % | |||||||||||||||||||||||||
| Dallas, TX | 2 | 95.3 | % | 401 | 1,758 | 87.2 | % | |||||||||||||||||||||||||
| Fort Myers, FL | 1 | 92.0 | % | 338 | 1,336 | 89.7 | % | |||||||||||||||||||||||||
| Fort Worth, TX | 1 | 96.5 | % | 256 | 1,034 | 80.2 | % | |||||||||||||||||||||||||
| Houston, TX | 2 | 95.1 | % | 432 | 1,340 | 84.7 | % | |||||||||||||||||||||||||
| Little Rock, AR | 1 | 97.5 | % | 202 | 1,196 | 86.2 | % | |||||||||||||||||||||||||
| Louisville, KY | 1 | 93.3 | % | 300 | 1,284 | 84.3 | % | |||||||||||||||||||||||||
| Memphis, TN | 1 | 94.2 | % | 242 | 1,088 | 97.2 | % | |||||||||||||||||||||||||
| Montgomery, AL | 1 | 92.5 | % | 252 | 952 | 93.0 | % | |||||||||||||||||||||||||
| Oklahoma City, OK | 2 | 93.7 | % | 957 | 697 | 85.9 | % | |||||||||||||||||||||||||
| Orlando, FL | 1 | 90.5 | % | 220 | 1,363 | 82.9 | % | |||||||||||||||||||||||||
| Pearland, TX | 2 | 91.0 | % | 234 | 1,433 | 67.2 | % | |||||||||||||||||||||||||
| Plano, TX | 2 | 91.5 | % | 702 | 1,330 | 79.5 | % | |||||||||||||||||||||||||
| San Antonio, TX | 2 | 92.8 | % | 684 | 1,204 | 80.5 | % | |||||||||||||||||||||||||
| St. Petersburg, FL | 1 | 97.9 | % | 326 | 2,193 | 75.3 | % | |||||||||||||||||||||||||
| Tampa, FL | 1 | 95.0 | % | 400 | 1,438 | 86.1 | % | |||||||||||||||||||||||||
| Apopka, FL | 1 | 92.5 | % | 240 | 1,387 | 84.8 | % | |||||||||||||||||||||||||
| Kissimmee, FL | 1 | 96.6 | % | 320 | 1,379 | 84.9 | % | |||||||||||||||||||||||||
| Pensacola, FL | 1 | 90.4 | % | 240 | 1,356 | 79.2 | % | |||||||||||||||||||||||||
| Total Count/Average | 31 | 94.0 | % | 9,554 | $ | 1,265 | 83.3 | % | ||||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
| State | Property Count | Ownership Interest | Fair Value | Property Count | Ownership Interest | Fair Value | ||||||||||||||||||||||||||||||||
| Texas | 2 | 70% | $ | 10,990 | 2 | 70% | $ | 10,440 | ||||||||||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
| Strategy | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||||||||
Morrocroft Neighborhood Stabilization Fund II, LP (1) | Single-Family Rental Properties | 11% | $ | 2,878 | 11% | $ | 19,143 | |||||||||||||||||||||||||
Constructive Loans, LLC (2) | Residential Loans | — | 31,000 | — | 29,250 | |||||||||||||||||||||||||||
| Total | $ | 33,878 | $ | 48,393 | ||||||||||||||||||||||||||||
| June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Current Par Value | Amortized Cost | Gains | Losses | Fair Value | Coupon (1) | Yield (2) | Outstanding Repurchase Agreements | |||||||||||||||||||||||||||||||||||||||
Available for Sale (“AFS”) | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Senior | $ | 48 | $ | 48 | $ | — | $ | (6) | $ | 42 | 2.73 | % | 3.07 | % | $ | — | |||||||||||||||||||||||||||||||
| Mezzanine | 30,250 | 29,228 | — | (1,051) | 28,177 | 4.77 | % | 5.57 | % | 16,092 | |||||||||||||||||||||||||||||||||||||
| Subordinated | 39,139 | 27,999 | 1,083 | (6,958) | 22,124 | 12.22 | % | 6.99 | % | 6,392 | |||||||||||||||||||||||||||||||||||||
| IO | 560,002 | 18,558 | 5,926 | (5) | 24,479 | 1.45 | % | 15.33 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 629,439 | 75,833 | 7,009 | (8,020) | 74,822 | 2.25 | % | 8.60 | % | 22,484 | |||||||||||||||||||||||||||||||||||||
| CMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Mezzanine | 26,600 | 26,600 | — | (2,241) | 24,359 | 4.12 | % | 4.12 | % | 13,029 | |||||||||||||||||||||||||||||||||||||
| Subordinated | 6,000 | 6,000 | — | (263) | 5,737 | 7.93 | % | 7.93 | % | 2,652 | |||||||||||||||||||||||||||||||||||||
| Total CMBS | 32,600 | 32,600 | — | (2,504) | 30,096 | 4.82 | % | 4.82 | % | 15,681 | |||||||||||||||||||||||||||||||||||||
| ABS | |||||||||||||||||||||||||||||||||||||||||||||||
| Residuals | 117 | 19,371 | 16,217 | — | 35,588 | — | 44.12 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total ABS | 117 | 19,371 | 16,217 | — | 35,588 | — | 44.12 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 662,156 | $ | 127,804 | $ | 23,226 | $ | (10,524) | $ | 140,506 | 4.43 | % | 13.29 | % | $ | 38,165 | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 256,807 | $ | 212,669 | $ | — | $ | (23,743) | $ | 188,926 | 4.48 | % | 5.81 | % | $ | 91,166 | |||||||||||||||||||||||||||||||
| IO | 159,129 | 23,795 | — | (4,136) | 19,659 | 3.50 | % | 2.20 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 415,936 | 236,464 | — | (27,879) | 208,585 | 4.10 | % | 5.42 | % | 91,166 | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 415,936 | $ | 236,464 | $ | — | $ | (27,879) | $ | 208,585 | 4.10 | % | 5.42 | % | $ | 91,166 | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 1,078,092 | $ | 364,268 | $ | 23,226 | $ | (38,403) | $ | 349,091 | 4.30 | % | 8.22 | % | $ | 129,331 | |||||||||||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Current Par Value | Amortized Cost | Gains | Losses | Fair Value | Coupon (1) | Yield (2) | Outstanding Repurchase Agreements | |||||||||||||||||||||||||||||||||||||||
Available for Sale (“AFS”) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Senior | $ | 14,055 | $ | 14,054 | $ | — | $ | (6) | $ | 14,048 | 5.97 | % | 5.97 | % | $ | — | |||||||||||||||||||||||||||||||
| Mezzanine | 40,350 | 39,243 | 1,787 | (8) | 41,022 | 6.72 | % | 6.18 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 63,153 | 53,386 | 374 | (2,265) | 51,495 | 4.35 | % | 6.12 | % | — | |||||||||||||||||||||||||||||||||||||
| IO | 633,530 | 21,246 | 575 | (367) | 21,454 | 1.01 | % | 12.08 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 751,088 | 127,929 | 2,736 | (2,646) | 128,019 | 1.80 | % | 6.86 | % | — | |||||||||||||||||||||||||||||||||||||
| CMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Mezzanine | 26,600 | 26,600 | 159 | (138) | 26,621 | 3.81 | % | 3.81 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 6,000 | 6,000 | 525 | — | 6,525 | 7.69 | % | 7.69 | % | — | |||||||||||||||||||||||||||||||||||||
| Total CMBS | 32,600 | 32,600 | 684 | (138) | 33,146 | 4.52 | % | 4.52 | % | — | |||||||||||||||||||||||||||||||||||||
| ABS | |||||||||||||||||||||||||||||||||||||||||||||||
| Residuals | 117 | 21,795 | 17,884 | — | 39,679 | — | 24.58 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total ABS | 117 | 21,795 | 17,884 | — | 39,679 | — | 24.58 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 783,805 | $ | 182,324 | $ | 21,304 | $ | (2,784) | $ | 200,844 | 5.49 | % | 9.36 | % | $ | — | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 256,807 | $ | 212,254 | $ | 1,514 | $ | — | $ | 213,768 | 4.57 | % | 4.88 | % | $ | — | |||||||||||||||||||||||||||||||
| IO | 174,483 | 26,415 | — | (9,839) | 16,576 | 3.50 | % | 8.48 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 431,290 | 238,669 | 1,514 | (9,839) | 230,344 | 4.11 | % | 5.30 | % | — | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 431,290 | $ | 238,669 | $ | 1,514 | $ | (9,839) | $ | 230,344 | 4.11 | % | 5.30 | % | $ | — | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 1,215,095 | $ | 420,993 | $ | 22,818 | $ | (12,623) | $ | 431,188 | 4.90 | % | 6.97 | % | $ | — | |||||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| June 30, 2022 | $ | 132,712 | $ | 129,331 | $ | 138,301 | ||||||||||||||
| March 31, 2022 | 116,766 | 144,852 | 144,852 | |||||||||||||||||
| December 31, 2021 | — | — | — | |||||||||||||||||
| September 30, 2021 | — | — | — | |||||||||||||||||
| June 30, 2021 | — | — | — | |||||||||||||||||
| March 31, 2021 | — | — | — | |||||||||||||||||
| December 31, 2020 | — | — | — | |||||||||||||||||
| September 30, 2020 | 29,190 | — | 87,571 | |||||||||||||||||
| June 30, 2020 | 108,529 | 87,571 | 150,445 | |||||||||||||||||
| March 31, 2020 | 1,694,933 | 713,364 | 2,237,399 | |||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | $ | 148,134 | $ | 148,134 | ||||||||||
| 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | 179,349 | 179,349 | ||||||||||||
| 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | 138,650 | 138,650 | ||||||||||||
| 7.000% Series G Cumulative Redeemable Preferred Stock | 72,088 | 72,088 | ||||||||||||
| Common stock | 3,786 | 3,794 | ||||||||||||
| Additional paid-in capital | 2,354,377 | 2,356,576 | ||||||||||||
| Accumulated other comprehensive (loss) income | (945) | 1,778 | ||||||||||||
| Accumulated deficit | (802,448) | (559,338) | ||||||||||||
| Company's stockholders' equity | $ | 2,092,991 | $ | 2,341,031 | ||||||||||
| Changes in Interest Rates (basis points) | Changes in Portfolio Net Interest Income | |||||||
| +200 | $ | (24,946) | ||||||
| +100 | $ | (13,272) | ||||||
| -100 | $ | 26,634 | ||||||
| Changes in Interest Rates | Changes in Fair Value | Net Duration | ||||||||||||
| (basis points) | (dollar amounts in thousands) | |||||||||||||
| +200 | $(231,315) | 3.7 | ||||||||||||
| +100 | $(118,292) | 3.4 | ||||||||||||
| Base | 2.9 | |||||||||||||
| -100 | $113,595 | 2.4 | ||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1, 2022 - April 30, 2022 | — | $ | — | — | $ | 200,000 | ||||||||||||||||||||
May 1, 2022 - May 31, 2022 | — | $ | — | — | $ | 200,000 | ||||||||||||||||||||
June 1, 2022 - June 30, 2022 | 2,794,824 | $ | 2.69 | 2,794,824 | $ | 192,487 | ||||||||||||||||||||
| Total | 2,794,824 | $ | 2.69 | 2,794,824 | $ | 192,487 | ||||||||||||||||||||
Exhibit | Description | |||||||
| Articles of Amendment and Restatement of the Company, as amended (Incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2020). | ||||||||
| Second Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 23, 2020). | ||||||||
| Articles Supplementary designating the Company’s 7.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (Incorporated by reference to Exhibit 3.3 of the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 31, 2013). | ||||||||
| Articles Supplementary classifying and designating 2,550,000 additional shares of the Series B Preferred Stock (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2015). | ||||||||
| Articles Supplementary classifying and designating the Company's 7.875% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) (Incorporated by reference to Exhibit 3.5 of the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on April 21, 2015). | ||||||||
Articles Supplementary classifying and designating the Company's 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series D Preferred Stock”) (Incorporated by reference to Exhibit 3.6 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 10, 2017). | ||||||||
| Articles Supplementary classifying and designating 2,460,000 additional shares of the Series C Preferred Stock (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2019). | ||||||||
| Articles Supplementary classifying and designating 2,650,000 additional shares of the Series D Preferred Stock (Incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2019). | ||||||||
Articles Supplementary classifying and designating the Company's 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”) (Incorporated by reference to Exhibit 3.9 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 15, 2019). | ||||||||
Articles Supplementary classifying and designating 3,000,000 additional shares of the Series E Preferred Stock (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 27, 2019). | ||||||||
Articles Supplementary classifying and designating the Company’s 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (Incorporated by reference to Exhibit 3.9 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on July 6, 2021). | ||||||||
Articles Supplementary reclassifying and designating 6,600,000 authorized but unissued shares of the Series C Preferred Stock as additional shares of undesignated preferred stock, $0.01 par value per share, of the Company (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 5, 2021). | ||||||||
Articles Supplementary classifying and designating 2,000,000 additional shares of the Series F Preferred Stock (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2021). | ||||||||
Articles Supplementary classifying and designating the Company’s 7.000% Series G Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”) (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on November 23, 2021). | ||||||||
| Articles Supplementary reclassifying and designating 6,000,000 authorized but unissued shares of the Series B Preferred Stock as additional shares of undesignated preferred stock, $0.01 par value per share, of the Company (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021). | ||||||||
Articles Supplementary classifying and designating 2,000,000 additional shares of the Series G Preferred Stock (Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 2, 2022). | ||||||||
| Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11 (Registration No. 333-111668) filed with the Securities and Exchange Commission on June 18, 2004). | ||||||||
Form of Certificate representing the Series D Preferred Stock (Incorporated by reference to Exhibit 3.7 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 10, 2017). | ||||||||
Form of Certificate representing the Series E Preferred Stock (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 15, 2019). | ||||||||
| Form of Certificate representing the Series F Preferred Stock (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on July 6, 2021). | ||||||||
Form of Certificate representing the Series G Preferred Stock (Incorporated by reference to Exhibit 3.11 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on November 23, 2021). | ||||||||
| Indenture, dated as of April 27, 2021, between the Company and UMB Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2021). | ||||||||
Form of 5.75% Senior Note due 2026 (Included in Exhibit 4.6). | ||||||||
Certain instruments defining the rights of holders of long-term debt securities of the Company and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of any such instruments. | ||||||||
| Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
| Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
| Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
| 101.INS** | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 101.SCH** | Taxonomy Extension Schema Document | |||||||
| 101.CAL** | Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF XBRL** | Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB** | Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE** | Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | The cover page for the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (formatted in Inline XBRL and contained in Exhibit 101). | |||||||
| NEW YORK MORTGAGE TRUST, INC. | |||||||||||
| Date: | August 4, 2022 | By: | /s/ Jason T. Serrano | ||||||||
| Jason T. Serrano | |||||||||||
| Chief Executive Officer and President | |||||||||||
| (Principal Executive Officer) | |||||||||||
| Date: | August 4, 2022 | By: | /s/ Kristine R. Nario-Eng | ||||||||
| Kristine R. Nario-Eng | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
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