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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 March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| NET INTEREST INCOME: | |||||||||||
| Interest income | $ | 57,136 | $ | 58,501 | |||||||
| Interest expense | 39,335 | 21,465 | |||||||||
| Total net interest income | 17,801 | 37,036 | |||||||||
| NON-INTEREST INCOME (LOSS): | |||||||||||
| Realized gains, net | 1,081 | 3,806 | |||||||||
| Unrealized gains (losses), net | 28,489 | (83,659) | |||||||||
| Income from equity investments | 4,511 | 6,053 | |||||||||
| Other (loss) income | (9,000) | 1,427 | |||||||||
| Income from real estate | |||||||||||
| Rental income | 36,281 | 23,287 | |||||||||
| Other real estate income | 5,465 | 2,302 | |||||||||
| Total income from real estate | 41,746 | 25,589 | |||||||||
| Total non-interest income (loss) | 66,827 | (46,784) | |||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||
General and administrative expenses | 12,683 | 14,358 | |||||||||
| Portfolio operating expenses | 7,070 | 9,489 | |||||||||
| Expenses related to real estate | |||||||||||
| Interest expense, mortgages payable on real estate | 22,478 | 7,157 | |||||||||
| Depreciation and amortization | 6,039 | 35,586 | |||||||||
| Other real estate expenses | 22,180 | 12,403 | |||||||||
| Total expenses related to real estate | 50,697 | 55,146 | |||||||||
Total general, administrative and operating expenses | 70,450 | 78,993 | |||||||||
| INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 14,178 | (88,741) | |||||||||
| Income tax expense (benefit) | 16 | (22) | |||||||||
| NET INCOME (LOSS) | 14,162 | (88,719) | |||||||||
| Net loss attributable to non-controlling interests | 6,701 | 14,869 | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | 20,863 | (73,850) | |||||||||
| Preferred stock dividends | (10,484) | (10,493) | |||||||||
| Gain on repurchase of preferred stock | 142 | — | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 10,521 | $ | (84,343) | |||||||
| Basic earnings (loss) per common share | $ | 0.12 | $ | (0.89) | |||||||
| Diluted earnings (loss) per common share | $ | 0.11 | $ | (0.89) | |||||||
| Weighted average shares outstanding-basic | 91,314 | 95,199 | |||||||||
| Weighted average shares outstanding-diluted | 91,672 | 95,199 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 10,521 | $ | (84,343) | |||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
| Increase (decrease) in fair value of available for sale securities | 591 | (2,188) | |||||||||
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 591 | (2,188) | |||||||||
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 11,112 | $ | (86,531) | |||||||
| 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, December 31, 2022 | $ | 912 | $ | 538,351 | $ | 2,282,691 | $ | (1,052,768) | $ | (1,970) | $ | 1,767,216 | $ | 33,092 | $ | 1,800,308 | |||||||||||||||||||||||||||||||
Net income (loss) ($(5,501) allocated to redeemable non-controlling interest) | — | — | — | 20,863 | — | 20,863 | (1,200) | 19,663 | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | (4) | — | (3,606) | — | — | (3,610) | — | (3,610) | |||||||||||||||||||||||||||||||||||||||
| Preferred stock repurchases | — | (462) | — | 142 | — | (320) | — | (320) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense, net | 4 | — | 46 | — | — | 50 | — | 50 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (36,562) | — | (36,562) | — | (36,562) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,484) | — | (10,484) | — | (10,484) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (238) | — | (238) | — | (238) | |||||||||||||||||||||||||||||||||||||||
| Increase in fair value of available for sale securities | — | — | — | — | 591 | 591 | — | 591 | |||||||||||||||||||||||||||||||||||||||
| Contributions of non-controlling interest in Consolidated VIEs | — | — | — | — | — | — | 300 | 300 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (758) | (758) | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2023 | $ | 912 | $ | 537,889 | $ | 2,279,131 | $ | (1,079,047) | $ | (1,379) | $ | 1,737,506 | $ | 31,434 | $ | 1,768,940 | |||||||||||||||||||||||||||||||
| Balance, December 31, 2021 | $ | 949 | $ | 538,221 | $ | 2,359,421 | $ | (559,338) | $ | 1,778 | $ | 2,341,031 | $ | 24,359 | $ | 2,365,390 | |||||||||||||||||||||||||||||||
Net loss ($(12,628) allocated to redeemable non-controlling interest) | — | — | — | (73,850) | — | (73,850) | (2,241) | (76,091) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense, net | 4 | — | 1,348 | — | — | 1,352 | — | 1,352 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (38,125) | — | (38,125) | — | (38,125) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,493) | — | (10,493) | — | (10,493) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (109) | — | (109) | — | (109) | |||||||||||||||||||||||||||||||||||||||
| Decrease in fair value of available for sale securities | — | — | — | — | (2,188) | (2,188) | — | (2,188) | |||||||||||||||||||||||||||||||||||||||
| Increase in non-controlling interest related to initial consolidation of VIEs | — | — | — | — | — | — | 10,488 | 10,488 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (223) | (223) | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2022 | $ | 953 | $ | 538,221 | $ | 2,360,769 | $ | (681,915) | $ | (410) | $ | 2,217,618 | $ | 32,383 | $ | 2,250,001 | |||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net income (loss) | $ | 14,162 | $ | (88,719) | |||||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
| Net amortization | 7,744 | 5,612 | |||||||||
| Depreciation and amortization expense related to operating real estate | 6,039 | 35,586 | |||||||||
| Realized gains, net | (1,081) | (3,806) | |||||||||
| Unrealized (gains) losses, net | (28,489) | 83,659 | |||||||||
| Gain on sale of real estate | — | (370) | |||||||||
| Impairment of real estate, net | 10,275 | — | |||||||||
| (Gain) loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | (1,170) | 603 | |||||||||
| Income from preferred equity, mezzanine loan and equity investments | (6,948) | (10,506) | |||||||||
| Distributions of income from preferred equity, mezzanine loan and equity investments | 4,209 | 19,936 | |||||||||
| Stock based compensation expense, net | 50 | 1,352 | |||||||||
| Changes in operating assets and liabilities | (16,195) | (5,165) | |||||||||
| Net cash (used in) provided by operating activities | (11,404) | 38,182 | |||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Proceeds from sales of investment securities | — | 24,374 | |||||||||
| Principal paydowns received on investment securities | 3,789 | 21,303 | |||||||||
| Purchases of investment securities | (106,146) | — | |||||||||
| Principal repayments received on residential loans | 279,089 | 322,113 | |||||||||
| Proceeds from sales of residential loans | 166 | 320 | |||||||||
| Purchases of residential loans | (87,334) | (792,780) | |||||||||
| Principal repayments received on preferred equity and mezzanine loan investments | — | 9,200 | |||||||||
| Return of capital from equity investments | 4,902 | 24,250 | |||||||||
| Funding of preferred equity, mezzanine loan and equity investments | (21,948) | (19,191) | |||||||||
| Funding of joint venture investments in Consolidated VIEs | — | (120,520) | |||||||||
| Net payments received from derivative instruments | 1,605 | — | |||||||||
| Net proceeds from sale of real estate | 1,114 | 51,790 | |||||||||
| Cash received from initial consolidation of VIEs | — | 5,423 | |||||||||
| Purchases of and capital expenditures on real estate | (18,138) | (103,122) | |||||||||
| Purchases of other assets | (34) | (15) | |||||||||
| Net cash provided by (used in) investing activities | 57,065 | (576,855) | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Net proceeds received from repurchase agreements | 50,055 | 372,281 | |||||||||
| Proceeds from issuance of collateralized debt obligations, net | — | 508,819 | |||||||||
| Repayment of convertible notes | — | (138,000) | |||||||||
| Repurchases of common stock | (3,610) | — | |||||||||
| Repurchases of preferred stock | (320) | — | |||||||||
| Dividends paid on common stock and dividend equivalents | (37,659) | (38,124) | |||||||||
| Dividends paid on preferred stock | (10,493) | (9,924) | |||||||||
| Net distributions to non-controlling interest in Consolidated VIEs | (4,408) | (900) | |||||||||
| Payments made on and extinguishment of collateralized debt obligations | (80,509) | (48,664) | |||||||||
| Payments made on Consolidated SLST CDOs | (10,493) | (33,717) | |||||||||
| Net proceeds received from (payments made on) mortgages payable on real estate | 13,840 | (6,947) | |||||||||
| Net cash (used in) provided by financing activities | (83,597) | 604,824 | |||||||||
| Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (37,936) | 66,151 | |||||||||
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 380,938 | 337,861 | |||||||||
| Cash, Cash Equivalents and Restricted Cash - End of Period | $ | 343,002 | $ | 404,012 | |||||||
| Supplemental Disclosure: | |||||||||||
| Cash paid for interest | $ | 55,042 | $ | 25,972 | |||||||
| Cash paid for income taxes | $ | — | $ | 1 | |||||||
| Non-Cash Investment Activities: | |||||||||||
| Consolidation of real estate held in Consolidated VIEs | $ | — | $ | 462,216 | |||||||
| Consolidation of mortgages payable on real estate held in Consolidated VIEs | $ | — | $ | 361,735 | |||||||
| Transfer from residential loans to real estate owned | $ | 326 | $ | 879 | |||||||
| Non-Cash Financing Activities: | |||||||||||
| Dividends declared on common stock and dividend equivalents to be paid in subsequent period | $ | 38,644 | $ | 38,514 | |||||||
| Dividends declared on preferred stock to be paid in subsequent period | $ | 10,484 | $ | 10,493 | |||||||
| Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||||||||||
| Cash and cash equivalents | $ | 227,753 | $ | 303,762 | |||||||
| Restricted cash included in other assets | 115,249 | 100,250 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 343,002 | $ | 404,012 | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 992,993 | $ | 941,329 | $ | 1,766,819 | $ | 3,701,141 | $ | 1,152,502 | $ | 955,579 | $ | 1,790,179 | $ | 3,898,260 | |||||||||||||||||||||||||||||||
| (Discount)/premium | (21,949) | (5,801) | (59,147) | (86,897) | (22,179) | (5,815) | (60,745) | (88,739) | |||||||||||||||||||||||||||||||||||||||
| Unrealized (losses) gains | (50,044) | (106,375) | (82,969) | (239,388) | (48,939) | (122,182) | (113,320) | (284,441) | |||||||||||||||||||||||||||||||||||||||
| Carrying value | $ | 921,000 | $ | 829,153 | $ | 1,624,703 | $ | 3,374,856 | $ | 1,081,384 | $ | 827,582 | $ | 1,616,114 | $ | 3,525,080 | |||||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||
| March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
| 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 | $ | (1,307) | $ | 15,807 | $ | 30,554 | $ | (25,524) | $ | (66,645) | $ | (37,774) | |||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Residential loans | Consolidated SLST | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
| California | 23.5 | % | 10.6 | % | 17.9 | % | 24.3 | % | 10.6 | % | 19.2 | % | |||||||||||||||||||||||
| Florida | 14.3 | % | 10.3 | % | 10.0 | % | 13.2 | % | 10.3 | % | 10.2 | % | |||||||||||||||||||||||
| New York | 8.4 | % | 9.8 | % | 8.4 | % | 8.0 | % | 9.8 | % | 8.6 | % | |||||||||||||||||||||||
| New Jersey | 6.4 | % | 7.5 | % | 5.6 | % | 6.3 | % | 7.4 | % | 5.6 | % | |||||||||||||||||||||||
| Texas | 6.4 | % | 3.9 | % | 7.8 | % | 7.0 | % | 4.0 | % | 7.3 | % | |||||||||||||||||||||||
| Illinois | 2.6 | % | 7.2 | % | 3.5 | % | 2.6 | % | 7.2 | % | 3.2 | % | |||||||||||||||||||||||
| Greater than 90 days past due | Less than 90 days past due | ||||||||||||||||||||||
| Fair Value | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | ||||||||||||||||||||
| March 31, 2023 | $ | 187,929 | $ | 209,673 | $ | 9,594 | $ | 10,397 | |||||||||||||||
| December 31, 2022 | 149,076 | 159,981 | 8,382 | 9,132 | |||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Investment amount | $ | 95,640 | $ | 88,249 | |||||||
| Deferred loan fees, net | (497) | (428) | |||||||||
| Unrealized gains (losses), net | 166 | (287) | |||||||||
| Total, at Fair Value | $ | 95,309 | $ | 87,534 | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
| Days Late | Fair Value | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | |||||||||||||||||||
| 90 + | $ | 4,753 | $ | 3,363 | $ | 4,523 | $ | 3,363 | |||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Texas | 35.0 | % | 30.1 | % | |||||||
| Tennessee | 14.6 | % | 15.6 | % | |||||||
| Florida | 10.2 | % | 10.9 | % | |||||||
| Ohio | 8.9 | % | 9.7 | % | |||||||
| Louisiana | 7.0 | % | 7.5 | % | |||||||
| Alabama | 6.7 | % | 7.1 | % | |||||||
| North Carolina | 5.7 | % | 6.1 | % | |||||||
| Indiana | 5.3 | % | 5.7 | % | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost | Unrealized | Fair Value | Amortized Cost | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
| Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Option | |||||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | $ | 106,116 | $ | 1,084 | $ | — | $ | 107,200 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
| Non-Agency RMBS | 44,483 | 8,878 | (13,434) | 39,927 | 48,958 | 9,436 | (13,469) | 44,925 | |||||||||||||||||||||||||||||||||||||||
| CMBS | 32,025 | — | (1,357) | 30,668 | 32,033 | — | (1,900) | 30,133 | |||||||||||||||||||||||||||||||||||||||
ABS | 683 | — | (191) | 492 | 797 | 59 | — | 856 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - fair value option | 183,307 | 9,962 | (14,982) | 178,287 | 81,788 | 9,495 | (15,369) | 75,914 | |||||||||||||||||||||||||||||||||||||||
| CECL Securities | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | 25,663 | — | (1,379) | 24,284 | 25,616 | — | (1,971) | 23,645 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - CECL Securities | 25,663 | — | (1,379) | 24,284 | 25,616 | — | (1,971) | 23,645 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 208,970 | $ | 9,962 | $ | (16,361) | $ | 202,571 | $ | 107,404 | $ | 9,495 | $ | (17,340) | $ | 99,559 | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||
| Sales Proceeds | Realized Gains | Realized Losses | Net Realized Gains (Losses) | ||||||||||||||||||||
| Non-Agency RMBS | $ | 24,374 | $ | 374 | $ | — | $ | 374 | |||||||||||||||
| Total | $ | 24,374 | $ | 374 | $ | — | $ | 374 | |||||||||||||||
| Weighted Average Life | March 31, 2023 | December 31, 2022 | |||||||||
| 0 to 5 years | $ | 35,025 | $ | 39,655 | |||||||
| Over 5 to 10 years | 152,858 | 46,558 | |||||||||
| 10+ years | 14,688 | 13,346 | |||||||||
| Total | $ | 202,571 | $ | 99,559 | |||||||
| March 31, 2023 | 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 | $ | 15,997 | $ | (533) | $ | 8,287 | $ | (846) | $ | 24,284 | $ | (1,379) | |||||||||||||||||||||||
Total | $ | 15,997 | $ | (533) | $ | 8,287 | $ | (846) | $ | 24,284 | $ | (1,379) | |||||||||||||||||||||||
| December 31, 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 | $ | 23,609 | $ | (1,966) | $ | 36 | $ | (5) | $ | 23,645 | $ | (1,971) | |||||||||||||||||||||||
| Total | $ | 23,609 | $ | (1,966) | $ | 36 | $ | (5) | $ | 23,645 | $ | (1,971) | |||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
| Investment Name | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||
| Multi-Family Preferred Equity Ownership Interests | ||||||||||||||||||||||||||
| 1122 Chicago DE, LLC | 53% | $ | 8,426 | 53% | $ | 8,276 | ||||||||||||||||||||
| Bighaus, LLC | 42% | 16,739 | 42% | 16,482 | ||||||||||||||||||||||
| FF/RMI 20 Midtown, LLC | 51% | 27,525 | 51% | 27,079 | ||||||||||||||||||||||
| Palms at Cape Coral, LLC | 34% | 5,530 | 34% | 5,429 | ||||||||||||||||||||||
| America Walks at Port St. Lucie, LLC | 62% | 25,177 | 62% | 29,873 | ||||||||||||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | 57% | 18,510 | 57% | 18,139 | ||||||||||||||||||||||
| Lucie at Tradition Holdings, LLC | 70% | 18,016 | 70% | 17,576 | ||||||||||||||||||||||
| Syracuse Apartments and Townhomes, LLC | 58% | 20,478 | 58% | 20,115 | ||||||||||||||||||||||
| Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | 58% | 9,422 | 58% | 9,277 | ||||||||||||||||||||||
| Tides on 27th Investors, LLC | 54% | 16,325 | — | — | ||||||||||||||||||||||
| Total - Multi-Family Preferred Equity Ownership Interests | 166,148 | 152,246 | ||||||||||||||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||||||||||||||
Constructive Loans, LLC (1) | 50% | 25,000 | — | 27,500 | ||||||||||||||||||||||
| Total - Single-Family Equity Ownership Interests | 25,000 | 27,500 | ||||||||||||||||||||||||
| Total | $ | 191,148 | $ | 179,746 | ||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Investment Name | 2023 | 2022 | ||||||||||||
1122 Chicago DE, LLC | $ | 251 | $ | 237 | ||||||||||
| Bighaus, LLC | 537 | 465 | ||||||||||||
| FF/RMI 20 Midtown, LLC | 799 | 798 | ||||||||||||
| Palms at Cape Coral, LLC | 177 | 155 | ||||||||||||
| America Walks at Port St. Lucie, LLC | 1,126 | 902 | ||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | 625 | 549 | ||||||||||||
| Lucie at Tradition Holdings, LLC | 684 | 601 | ||||||||||||
| Syracuse Apartments and Townhomes, LLC | 654 | 516 | ||||||||||||
| Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | 301 | — | ||||||||||||
| Tides on 27th Investors, LLC | 797 | — | ||||||||||||
DCP Gold Creek, LLC | — | 853 | ||||||||||||
| Rigsbee Ave Holdings, LLC | — | (174) | ||||||||||||
| Walnut Creek Properties Holdings, L.L.C. | — | (153) | ||||||||||||
| Lurin-RMI, LLC | — | 280 | ||||||||||||
| Somerset Deerfield Investor, LLC | — | 587 | ||||||||||||
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) | — | 159 | ||||||||||||
| Total Income - Multi-Family Preferred Equity Ownership Interests | $ | 5,951 | $ | 5,775 | ||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Investment Name | 2023 | 2022 | ||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||
Constructive Loans, LLC (1) | $ | (2,500) | $ | — | ||||||||||
Morrocroft Neighborhood Stabilization Fund II, LP (2) | — | 28 | ||||||||||||
| Total (Loss) Income - Single-Family Equity Ownership Interests | $ | (2,500) | $ | 28 | ||||||||||
Joint Venture Equity Investments in Multi-Family Properties (3) | ||||||||||||||
| GWR Cedars Partners, LLC | $ | 413 | $ | 100 | ||||||||||
| GWR Gateway Partners, LLC | 647 | 150 | ||||||||||||
| Total Income - Joint Venture Equity Investments in Multi-Family Properties | $ | 1,060 | $ | 250 | ||||||||||
Cash (1) | $ | 7,102 | ||||||
Operating real estate (1) (2) | 528,768 | |||||||
Lease intangibles (1) (3) | 27,461 | |||||||
Other assets (1) | 6,130 | |||||||
| Total assets | 569,461 | |||||||
Mortgages payable on real estate, net (1) | 409,756 | |||||||
Other liabilities (1) | 3,180 | |||||||
| Total liabilities | 412,936 | |||||||
Non-controlling interests (4) | 10,488 | |||||||
| Net assets consolidated | $ | 146,037 | ||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 11,971 | $ | 11,971 | |||||||||||||||
| Residential loans, at fair value | 1,624,703 | 829,153 | — | 2,453,856 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 543,471 | 543,471 | |||||||||||||||||||
Assets of disposal group held for sale (2) | — | — | 1,140,308 | 1,140,308 | |||||||||||||||||||
| Other assets | 96,699 | 3,122 | 9,396 | 109,217 | |||||||||||||||||||
| Total assets | $ | 1,721,402 | $ | 832,275 | $ | 1,705,146 | $ | 4,258,823 | |||||||||||||||
Collateralized debt obligations ($1,390,991 at amortized cost, net and $638,513 at fair value) | $ | 1,390,991 | $ | 638,513 | $ | — | $ | 2,029,504 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (3) | — | — | 397,316 | 397,316 | |||||||||||||||||||
Liabilities of disposal group held for sale (2) | — | — | 896,983 | 896,983 | |||||||||||||||||||
| Other liabilities | 6,624 | 3,883 | 6,149 | 16,656 | |||||||||||||||||||
| Total liabilities | $ | 1,397,615 | $ | 642,396 | $ | 1,300,448 | $ | 3,340,459 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 54,352 | $ | 54,352 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (5) | $ | — | $ | — | $ | 31,309 | $ | 31,309 | |||||||||||||||
Net investment (6) | $ | 323,787 | $ | 189,879 | $ | 319,037 | $ | 832,703 | |||||||||||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 21,129 | $ | 21,129 | |||||||||||||||
| Residential loans, at fair value | 1,616,114 | 827,582 | — | 2,443,696 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 543,739 | 543,739 | |||||||||||||||||||
Assets of disposal group held for sale (2) | — | — | 1,142,773 | 1,142,773 | |||||||||||||||||||
| Other assets | 92,906 | 3,168 | 13,686 | 109,760 | |||||||||||||||||||
| Total assets | $ | 1,709,020 | $ | 830,750 | $ | 1,721,327 | $ | 4,261,097 | |||||||||||||||
Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) | $ | 1,468,222 | $ | 634,495 | $ | — | $ | 2,102,717 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (3) | — | — | 394,707 | 394,707 | |||||||||||||||||||
Liabilities of disposal group held for sale (2) | — | — | 883,812 | 883,812 | |||||||||||||||||||
| Other liabilities | 8,168 | 3,342 | 10,511 | 22,021 | |||||||||||||||||||
| Total liabilities | $ | 1,476,390 | $ | 637,837 | $ | 1,289,030 | $ | 3,403,257 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 63,803 | $ | 63,803 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (5) | $ | — | $ | — | $ | 32,967 | $ | 32,967 | |||||||||||||||
Net investment (6) | $ | 232,630 | $ | 192,913 | $ | 335,527 | $ | 761,070 | |||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||||||||||||||||
| Consolidated SLST | Consolidated Real Estate | Total | Consolidated SLST | Consolidated Real Estate | Total | |||||||||||||||||||||||||||||||||
| Interest income | $ | 8,733 | $ | — | $ | 8,733 | $ | 9,380 | $ | — | $ | 9,380 | ||||||||||||||||||||||||||
| Interest expense | 6,315 | — | 6,315 | 5,978 | — | 5,978 | ||||||||||||||||||||||||||||||||
| Total net interest income | 2,418 | — | 2,418 | 3,402 | — | 3,402 | ||||||||||||||||||||||||||||||||
| Unrealized gains (losses), net | 2,299 | (1,298) | 1,001 | (15,279) | — | (15,279) | ||||||||||||||||||||||||||||||||
| Income from real estate | — | 39,075 | 39,075 | — | 23,637 | 23,637 | ||||||||||||||||||||||||||||||||
| Other losses | — | (10,259) | (10,259) | — | — | — | ||||||||||||||||||||||||||||||||
| Total non-interest income (loss) | 2,299 | 27,518 | 29,817 | (15,279) | 23,637 | 8,358 | ||||||||||||||||||||||||||||||||
Expenses related to real estate | — | 48,062 | 48,062 | — | 53,281 | 53,281 | ||||||||||||||||||||||||||||||||
| Net income (loss) | 4,717 | (20,544) | (15,827) | (11,877) | (29,644) | (41,521) | ||||||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest in Consolidated VIEs | — | 6,701 | 6,701 | — | 14,869 | 14,869 | ||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Company | $ | 4,717 | $ | (13,843) | $ | (9,126) | $ | (11,877) | $ | (14,775) | $ | (26,652) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Beginning balance | $ | 63,803 | $ | 66,392 | |||||||
| Contributions | — | 274 | |||||||||
| Distributions | (3,950) | (677) | |||||||||
| Net loss attributable to redeemable non-controlling interest in Consolidated VIEs | (5,501) | (12,628) | |||||||||
| Ending balance | $ | 54,352 | $ | 53,361 | |||||||
| March 31, 2023 | |||||||||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Assets of disposal group held for sale | Total | |||||||||||||||||||||||||
ABS | $ | — | $ | 492 | $ | — | $ | — | $ | 492 | |||||||||||||||||||
| Non-Agency RMBS | — | 28,125 | — | — | 28,125 | ||||||||||||||||||||||||
Preferred equity investments in multi-family properties | 95,309 | — | 166,148 | — | 261,457 | ||||||||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | — | 10,070 | 10,070 | ||||||||||||||||||||||||
| Maximum exposure | $ | 95,309 | $ | 28,617 | $ | 166,148 | $ | 10,070 | $ | 300,144 | |||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Assets of disposal group held for sale | Total | |||||||||||||||||||||||||
| ABS | $ | — | $ | 856 | $ | — | $ | — | $ | 856 | |||||||||||||||||||
| Non-Agency RMBS | — | 29,290 | — | — | 29,290 | ||||||||||||||||||||||||
Preferred equity investments in multi-family properties | 87,534 | — | 152,246 | — | 239,780 | ||||||||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | — | 9,010 | 9,010 | ||||||||||||||||||||||||
| Maximum exposure | $ | 87,534 | $ | 30,146 | $ | 152,246 | $ | 9,010 | $ | 278,936 | |||||||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
| Land | $ | 89,550 | $ | 89,550 | ||||||||||
| Building and improvements | 629,123 | 611,102 | ||||||||||||
| Furniture, fixture and equipment | 14,496 | 13,540 | ||||||||||||
| Real estate | $ | 733,169 | $ | 714,192 | ||||||||||
| Accumulated depreciation | (27,263) | (21,224) | ||||||||||||
Real estate, net (1) | $ | 705,906 | $ | 692,968 | ||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2023 | 2022 | |||||||||||||
| Depreciation expense on operating real estate | $ | 6,039 | $ | 10,111 | ||||||||||
| Amortization of lease intangibles related to operating real estate | — | 25,475 | ||||||||||||
Total depreciation and amortization (1) | $ | 6,039 | $ | 35,586 | ||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
Cash and cash equivalents (1) | $ | 12,236 | $ | 13,944 | ||||||||||
| Equity investments | 10,070 | 9,010 | ||||||||||||
Real estate, net (1) | 1,082,722 | 1,079,942 | ||||||||||||
Other assets (1) | 45,351 | 48,888 | ||||||||||||
| Total assets of disposal group held for sale | $ | 1,150,379 | $ | 1,151,784 | ||||||||||
| Mortgages payable on real estate | $ | 878,060 | $ | 865,414 | ||||||||||
| Other liabilities | 18,923 | 18,398 | ||||||||||||
Total liabilities of disposal group held for sale (1) | $ | 896,983 | $ | 883,812 | ||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2023 | 2022 | |||||||||||||
| Pretax loss of disposal group held for sale | $ | (16,368) | $ | (16,649) | ||||||||||
| Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs | 1,214 | 1,786 | ||||||||||||
| Pretax loss of disposal group attributable to Company's common stockholders | $ | (15,154) | $ | (14,863) | ||||||||||
| Fair Value | ||||||||||||||||||||
| Type of Derivative Instrument | Consolidated Balance Sheet Location | March 31, 2023 | December 31, 2022 | |||||||||||||||||
Interest rate caps (1) | Other assets | $ | 2,002 | $ | 2,473 | |||||||||||||||
| Options | Other assets | 1,120 | — | |||||||||||||||||
| Total derivative assets | $ | 3,122 | $ | 2,473 | ||||||||||||||||
| Interest rate swaps | Other liabilities | $ | — | $ | — | |||||||||||||||
| Total derivative liabilities | $ | — | $ | — | ||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||
| Gross Amount of Recognized Assets (Liabilities) | Gross Amounts Offset in Balance Sheets | Variation Margin | Net Amounts of Assets (Liabilities) Presented in Balance Sheets | ||||||||||||||||||||
| Derivative assets | |||||||||||||||||||||||
| Interest rate caps | $ | 2,002 | $ | — | $ | — | $ | 2,002 | |||||||||||||||
| Options | 1,120 | — | — | 1,120 | |||||||||||||||||||
| Interest rate swaps | 412 | (412) | — | — | |||||||||||||||||||
| Total derivative assets | $ | 3,534 | $ | (412) | $ | — | $ | 3,122 | |||||||||||||||
| Derivative liabilities | |||||||||||||||||||||||
| Interest rate swaps | $ | (2,899) | $ | 412 | $ | 2,487 | $ | — | |||||||||||||||
| Total derivative liabilities | $ | (2,899) | $ | 412 | $ | 2,487 | $ | — | |||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Gross Amount of Recognized Assets (Liabilities) | Gross Amounts Offset in Balance Sheets | Variation Margin | Net Amounts of Assets (Liabilities) Presented in Balance Sheets | ||||||||||||||||||||
| Derivative assets | |||||||||||||||||||||||
| Interest rate caps | $ | 2,473 | $ | — | $ | — | $ | 2,473 | |||||||||||||||
| Total derivative assets | $ | 2,473 | $ | — | $ | — | $ | 2,473 | |||||||||||||||
| Notional Amount For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
| Type of Derivative Instrument | December 31, 2022 | Additions | Terminations | March 31, 2023 | ||||||||||||||||||||||
| Options | $ | — | $ | 500,053 | $ | — | $ | 500,053 | ||||||||||||||||||
| Interest rate swaps | — | 341,300 | — | 341,300 | ||||||||||||||||||||||
| For the Three Months Ended March 31, 2023 | ||||||||||||||
| Type of Derivative Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||||||||
| Options | $ | — | $ | (420) | ||||||||||
| Interest rate swaps | — | (2,487) | ||||||||||||
| Total | $ | — | $ | (2,907) | ||||||||||
| March 31, 2023 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2025 | $ | 255,700 | 4.31 | % | 4.71 | % | ||||||||||||||
| 2028 | 28,900 | 3.87 | % | 4.66 | % | |||||||||||||||
| 2033 | 32,700 | 3.60 | % | 4.65 | % | |||||||||||||||
| Total | $ | 317,300 | 4.20 | % | 4.70 | % | ||||||||||||||
| March 31, 2023 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2028 | $ | 8,000 | 3.36 | % | 4.83 | % | ||||||||||||||
| 2033 | 16,000 | 3.21 | % | 4.83 | % | |||||||||||||||
| Total | $ | 24,000 | 3.26 | % | 4.83 | % | ||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
Restricted cash (1) | $ | 115,249 | $ | 136,220 | ||||||||||
| Accrued interest receivable | 31,578 | 34,067 | ||||||||||||
| Collections receivable from residential loan servicers | 16,150 | 15,374 | ||||||||||||
| Recoverable advances on residential loans | 15,611 | 13,979 | ||||||||||||
| Other receivables | 13,326 | 11,357 | ||||||||||||
| Other assets in consolidated multi-family properties | 8,631 | 13,681 | ||||||||||||
| 7,524 | 7,831 | |||||||||||||
| Real estate owned | 3,743 | 18,588 | ||||||||||||
Derivative assets (2) | 3,122 | 2,473 | ||||||||||||
| Deferred tax assets | 2,448 | 2,671 | ||||||||||||
| Other | 4,945 | 3,115 | ||||||||||||
| Total | $ | 222,327 | $ | 259,356 | ||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
| Dividends and dividend equivalents payable | $ | 49,129 | $ | 49,996 | ||||||||||
| Accrued interest payable | 12,109 | 10,629 | ||||||||||||
| 8,070 | 8,383 | |||||||||||||
| Accrued expenses | 6,960 | 15,576 | ||||||||||||
| Accrued expenses and other liabilities in consolidated multi-family properties | 6,149 | 10,511 | ||||||||||||
| Deferred revenue | 5,953 | 7,131 | ||||||||||||
| Advanced remittances from residential loan servicers | 1,116 | 9,098 | ||||||||||||
| Unfunded commitments for residential loans | 554 | 2,950 | ||||||||||||
| Deferred tax liabilities | — | 394 | ||||||||||||
| Other | 2,651 | 1,323 | ||||||||||||
| Total | $ | 92,691 | $ | 115,991 | ||||||||||
| Repurchase Agreements Secured By: | March 31, 2023 | December 31, 2022 | ||||||||||||
| Residential loans | $ | 561,124 | $ | 686,946 | ||||||||||
| Investment securities | 226,778 | 50,077 | ||||||||||||
| Total carrying value | $ | 787,902 | $ | 737,023 | ||||||||||
| Unencumbered Securities | March 31, 2023 | ||||
| Agency RMBS | $ | 6,914 | |||
Non-Agency RMBS (1) (2) | 89,425 | ||||
| CMBS | 30,667 | ||||
| ABS | 492 | ||||
| Total | $ | 127,498 | |||
| 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) | |||||||||||||||||||||||||||||||||||
| March 31, 2023 | $ | 1,975,000 | $ | 562,371 | $ | (1,247) | $ | 561,124 | $ | 695,701 | 7.34 | % | 17.21 | ||||||||||||||||||||||||||||
| December 31, 2022 | $ | 2,030,879 | $ | 688,487 | $ | (1,541) | $ | 686,946 | $ | 867,033 | 6.65 | % | 16.69 | ||||||||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Outstanding Repurchase Agreements | Fair Value of Collateral Pledged | Amortized Cost of Collateral Pledged | Outstanding Repurchase Agreements | Fair Value of Collateral Pledged | Amortized Cost of Collateral Pledged | ||||||||||||||||||||||||||||||
| Agency RMBS | $ | 94,306 | $ | 100,286 | $ | 99,278 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Non-Agency RMBS (1) (2) | 132,472 | 268,590 | 309,778 | 50,077 | 170,551 | 210,733 | |||||||||||||||||||||||||||||
| Balance at end of the period | $ | 226,778 | $ | 368,876 | $ | 409,056 | $ | 50,077 | $ | 170,551 | $ | 210,733 | |||||||||||||||||||||||
| Contractual Maturity | March 31, 2023 | December 31, 2022 | |||||||||
| Within 30 days | $ | 49,950 | $ | 50,077 | |||||||
| Over 30 day to 90 days | 176,828 | — | |||||||||
| Over 90 days | — | — | |||||||||
| Total | $ | 226,778 | $ | 50,077 | |||||||
| March 31, 2023 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | ||||||||||||||||||||
Consolidated SLST (3) | $ | 688,916 | $ | 638,513 | 2.75 | % | 2059 | ||||||||||||||||
| Residential loan securitizations | 1,416,155 | 1,390,991 | 3.58 | % | 2026 - 2062 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 2,105,071 | $ | 2,029,504 | |||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | ||||||||||||||||||||
Consolidated SLST (3) | $ | 699,408 | $ | 634,495 | 2.75 | % | 2059 | ||||||||||||||||
| Residential loan securitizations | 1,498,198 | 1,468,222 | 3.54 | % | 2026 - 2062 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 2,197,606 | $ | 2,102,717 | |||||||||||||||||||
| Year ending December 31, | Total | |||||||
| 2023 | $ | — | ||||||
| 2024 | — | |||||||
| 2025 | — | |||||||
| 2026 | 113,000 | |||||||
| 2027 | 225,000 | |||||||
| Thereafter | 1,767,071 | |||||||
| Total | $ | 2,105,071 | ||||||
| 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 | |||||||||
| For the Three Months Ended March 31, 2022 | ||||||||
| Contractual interest expense | $ | 335 | ||||||
| Amortization of underwriter's discount and deferred charges | 103 | |||||||
| Total | $ | 438 | ||||||
| Maximum Committed Mortgage Principal Amount | Outstanding Mortgage Balance | Net Deferred Finance Cost | Mortgage Payable, Net (1) | Stated Maturity | Weighted Average Interest Rate (2) (3) | ||||||||||||||||||||||||||||||
| March 31, 2023 | $ | 401,362 | $ | 400,112 | $ | (2,796) | $ | 397,316 | 2025 - 2032 | 4.29 | % | ||||||||||||||||||||||||
| December 31, 2022 | 398,703 | 397,453 | (2,746) | 394,707 | 2025 - 2032 | 4.21 | % | ||||||||||||||||||||||||||||
| Year Ending December 31, | Outstanding Balance | |||||||
| 2023 | $ | — | ||||||
| 2024 | — | |||||||
| 2025 | 27,750 | |||||||
| 2026 | 127,209 | |||||||
| 2027 | — | |||||||
| 2028 | — | |||||||
| Thereafter | 390,153 | |||||||
| $ | 545,112 | |||||||
| Measured at Fair Value on a Recurring Basis at | |||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | $ | — | $ | — | $ | 921,000 | $ | 921,000 | $ | — | $ | — | $ | 1,081,384 | $ | 1,081,384 | |||||||||||||||||||||||||||||||
Consolidated SLST | — | — | 829,153 | 829,153 | — | — | 827,582 | 827,582 | |||||||||||||||||||||||||||||||||||||||
Residential loans held in securitization trusts | — | — | 1,624,703 | 1,624,703 | — | — | 1,616,114 | 1,616,114 | |||||||||||||||||||||||||||||||||||||||
| Multi-family loans | — | — | 95,309 | 95,309 | — | — | 87,534 | 87,534 | |||||||||||||||||||||||||||||||||||||||
| Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | — | 107,200 | — | 107,200 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | — | 64,211 | — | 64,211 | — | 68,570 | — | 68,570 | |||||||||||||||||||||||||||||||||||||||
CMBS | — | 30,668 | — | 30,668 | — | 30,133 | — | 30,133 | |||||||||||||||||||||||||||||||||||||||
ABS | — | 492 | — | 492 | — | 856 | — | 856 | |||||||||||||||||||||||||||||||||||||||
Equity investments (1) | — | — | 191,148 | 191,148 | — | — | 179,746 | 179,746 | |||||||||||||||||||||||||||||||||||||||
| Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate caps (1) (2) | — | 2,002 | — | 2,002 | — | 2,473 | — | 2,473 | |||||||||||||||||||||||||||||||||||||||
Options (2) | — | 1,120 | — | 1,120 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Assets of disposal group held for sale (3) | — | 22,800 | 10,070 | 32,870 | — | 29,418 | 9,010 | 38,428 | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 228,493 | $ | 3,671,383 | $ | 3,899,876 | $ | — | $ | 131,450 | $ | 3,801,370 | $ | 3,932,820 | |||||||||||||||||||||||||||||||
Liabilities carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDOs | $ | — | $ | — | $ | 638,513 | $ | 638,513 | $ | — | $ | — | $ | 634,495 | $ | 634,495 | |||||||||||||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps (2) (4) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 638,513 | $ | 638,513 | $ | — | $ | — | $ | 634,495 | $ | 634,495 | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Multi-family loans | Equity investments | Equity investments in disposal group held for sale | Total | |||||||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,081,384 | $ | 827,582 | $ | 1,616,114 | $ | 87,534 | $ | 179,746 | $ | 9,010 | $ | 3,801,370 | |||||||||||||||||||||||||||
| Total (losses)/gains (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||
| (599) | 15,121 | 33,041 | 2,889 | 3,451 | 1,060 | 54,963 | |||||||||||||||||||||||||||||||||||
Transfers out (1) | (93) | — | (233) | — | — | — | (326) | ||||||||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (86,110) | — | 86,110 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Funding/Contributions | — | — | — | 6,420 | 15,528 | — | 21,948 | ||||||||||||||||||||||||||||||||||
| Paydowns/Distributions | (141,355) | (13,550) | (130,911) | (1,534) | (7,577) | — | (294,927) | ||||||||||||||||||||||||||||||||||
| Sales | (166) | — | — | — | — | (166) | |||||||||||||||||||||||||||||||||||
| Purchases | 67,939 | — | 20,582 | — | — | — | 88,521 | ||||||||||||||||||||||||||||||||||
| Balance at the end of period | $ | 921,000 | $ | 829,153 | $ | 1,624,703 | $ | 95,309 | $ | 191,148 | $ | 10,070 | $ | 3,671,383 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 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) | |||||||||||||||||||||||||||||||||||
| (24,571) | (67,685) | (33,729) | 3,258 | 6,793 | (115,934) | ||||||||||||||||||||||||||||||
Transfers out (1) | (90) | — | (789) | — | — | (879) | |||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (598,430) | — | 598,430 | — | — | — | |||||||||||||||||||||||||||||
| Funding/Contributions | — | — | — | — | 19,191 | 19,191 | |||||||||||||||||||||||||||||
| Paydowns/Distributions | (126,575) | (33,344) | (117,548) | (13,071) | (40,315) | (330,853) | |||||||||||||||||||||||||||||
| Sales | (320) | — | — | — | — | (320) | |||||||||||||||||||||||||||||
| Purchases | 767,914 | — | 14,563 | — | — | 782,477 | |||||||||||||||||||||||||||||
| Balance at the end of period | $ | 1,721,218 | $ | 969,853 | $ | 1,262,356 | $ | 110,208 | $ | 225,300 | $ | 4,288,935 | |||||||||||||||||||||||
| Consolidated SLST CDOs | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Balance at beginning of period | $ | 634,495 | $ | 839,419 | |||||||
| Total gains (realized/unrealized) | |||||||||||
| Included in earnings | 14,511 | (51,438) | |||||||||
| Paydowns | (10,493) | (33,717) | |||||||||
| Balance at the end of period | $ | 638,513 | $ | 754,264 | |||||||
| March 31, 2023 | Fair Value | Valuation Technique | Unobservable Input | Weighted Average | Range | |||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||
| Residential loans: | ||||||||||||||||||||||||||||||||||||||
Residential loans and residential loans held in securitization trusts (1) | $2,392,768 | Discounted cash flow | Lifetime CPR | 4.6% | — | - | 34.9% | |||||||||||||||||||||||||||||||
| Lifetime CDR | 0.7% | — | - | 26.9% | ||||||||||||||||||||||||||||||||||
| Loss severity | 7.9% | — | - | 96.6% | ||||||||||||||||||||||||||||||||||
| Yield | 7.9% | 5.3% | - | 92.0% | ||||||||||||||||||||||||||||||||||
| $152,935 | Liquidation model | Annual home price appreciation/(depreciation) | 0.1% | (1.0)% | - | 5.2% | ||||||||||||||||||||||||||||||||
| Liquidation timeline (months) | 20 | 9 | - | 50 | ||||||||||||||||||||||||||||||||||
| Property value | $1,931,405 | $15,300 | - | $13,800,000 | ||||||||||||||||||||||||||||||||||
| Yield | 7.6% | 7.5% | - | 29.3% | ||||||||||||||||||||||||||||||||||
Consolidated SLST (3) | $829,153 | Liability price | N/A | |||||||||||||||||||||||||||||||||||
| Total | $3,374,856 | |||||||||||||||||||||||||||||||||||||
Multi-family loans (1) | $95,309 | Discounted cash flow | Discount rate | 12.4% | 11.0% | - | 20.5% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 35 | 6 | - | 52 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
Equity investments (1) (2) | $166,148 | Discounted cash flow | Discount rate | 13.5% | 13.0% | - | 15.5% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 20 | 1 | - | 59 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
Equity investments in disposal group held for sale (2) | $10,070 | Discounted cash flow | Discount rate | 16.0% | 16.0% | - | 16.0% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 18 | 18 | - | 18 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||
Consolidated SLST CDOs (3) (4) | $638,513 | Discounted cash flow | Yield | 5.0% | 4.3% | - | 10.0% | |||||||||||||||||||||||||||||||
| Collateral prepayment rate | 5.8% | 2.6% | - | 6.7% | ||||||||||||||||||||||||||||||||||
| Collateral default rate | 1.5% | — | - | 11.5% | ||||||||||||||||||||||||||||||||||
| Loss severity | 22.0% | 2.3% | - | 27.2% | ||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Assets | |||||||||||
| Residential loans: | |||||||||||
Residential loans (1) | $ | (3,320) | $ | (25,440) | |||||||
| 15,807 | (66,645) | ||||||||||
Residential loans held in securitization trusts (1) | 30,077 | (32,566) | |||||||||
Multi-family loans (1) | 453 | 291 | |||||||||
Equity investments (2) | (2,577) | 1,115 | |||||||||
Equity investments in disposal group held for sale (2) | 1,060 | — | |||||||||
| Liabilities | |||||||||||
| (13,508) | 51,366 | ||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
| Fair Value Hierarchy Level | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | Level 1 | $ | 227,753 | $ | 227,753 | $ | 244,718 | $ | 244,718 | ||||||||||||||||||||
| Residential loans | Level 3 | 3,374,856 | 3,374,856 | 3,525,080 | 3,525,080 | ||||||||||||||||||||||||
| Multi-family loans | Level 3 | 95,309 | 95,309 | 87,534 | 87,534 | ||||||||||||||||||||||||
| Investment securities available for sale | Level 2 | 202,571 | 202,571 | 99,559 | 99,559 | ||||||||||||||||||||||||
| Equity investments | Level 3 | 191,148 | 191,148 | 179,746 | 179,746 | ||||||||||||||||||||||||
| Equity investments in disposal group held for sale | Level 3 | 10,070 | 10,070 | 9,010 | 9,010 | ||||||||||||||||||||||||
| Level 2 | 3,122 | 3,122 | 2,473 | 2,473 | |||||||||||||||||||||||||
| Derivative assets in disposal group held for sale | Level 2 | 22,800 | 22,800 | 29,418 | 29,418 | ||||||||||||||||||||||||
| Financial Liabilities: | |||||||||||||||||||||||||||||
| Repurchase agreements | Level 2 | 787,902 | 787,902 | 737,023 | 737,023 | ||||||||||||||||||||||||
| Collateralized debt obligations: | |||||||||||||||||||||||||||||
| Residential loan securitizations at amortized cost, net | Level 3 | 1,390,991 | 1,321,342 | 1,468,222 | 1,383,715 | ||||||||||||||||||||||||
| Consolidated SLST | Level 3 | 638,513 | 638,513 | 634,495 | 634,495 | ||||||||||||||||||||||||
| Subordinated debentures | Level 3 | 45,000 | 33,500 | 45,000 | 32,721 | ||||||||||||||||||||||||
| Senior unsecured notes | Level 2 | 97,561 | 91,732 | 97,384 | 91,104 | ||||||||||||||||||||||||
| Mortgages payable on real estate | Level 3 | 397,316 | 374,605 | 394,707 | 377,327 | ||||||||||||||||||||||||
| Mortgages payable on real estate in disposal group held for sale | Level 3 | 878,060 | 877,360 | 865,414 | 864,758 | ||||||||||||||||||||||||
| 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 | 2,980,823 | 71,756 | 74,520 | 7.000 | % | January 15, 2027 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 31,500,000 | 22,265,817 | $ | 537,889 | $ | 556,645 | ||||||||||||||||||||||||||||||||||||||||||||
| 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 | 72,218 | 75,000 | 7.000 | % | January 15, 2027 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 31,500,000 | 22,284,994 | $ | 538,351 | $ | 557,125 | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Dividend Per Share | ||||||||||||||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | ||||||||||||||||||||||||||||||||
| March 9, 2023 | April 1, 2023 | April 15, 2023 | $ | 0.50 | $ | 0.4921875 | $ | 0.4296875 | $ | 0.43750 | ||||||||||||||||||||||||||||
| December 12, 2022 | January 1, 2023 | January 15, 2023 | 0.50 | 0.4921875 | 0.4296875 | 0.43750 | ||||||||||||||||||||||||||||||||
| September 16, 2022 | October 1, 2022 | October 15, 2022 | 0.50 | 0.4921875 | 0.4296875 | 0.43750 | ||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Period | Declaration Date | Record Date | Payment Date | Cash Dividend Per Share | ||||||||||||||||||||||
| First Quarter 2023 | March 9, 2023 | March 20, 2023 | April 26, 2023 | $ | 0.40 | |||||||||||||||||||||
| Fourth Quarter 2022 | December 12, 2022 | December 27, 2022 | January 26, 2023 | 0.40 | ||||||||||||||||||||||
| Third Quarter 2022 | September 16, 2022 | September 26, 2022 | October 26, 2022 | 0.40 | ||||||||||||||||||||||
| Second Quarter 2022 | June 17, 2022 | June 27, 2022 | July 25, 2022 | 0.40 | ||||||||||||||||||||||
| First Quarter 2022 | March 14, 2022 | March 24, 2022 | April 25, 2022 | 0.40 | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Basic Earnings (Loss) per Common Share: | |||||||||||
| Net income (loss) attributable to Company | $ | 20,863 | $ | (73,850) | |||||||
| Less: Preferred Stock dividends | (10,484) | (10,493) | |||||||||
| Plus: Gain on repurchase of preferred stock | 142 | — | |||||||||
| Net income (loss) attributable to Company's common stockholders | $ | 10,521 | $ | (84,343) | |||||||
Basic weighted average common shares outstanding | 91,314 | 95,199 | |||||||||
| Basic Earnings (Loss) per Common Share | $ | 0.12 | $ | (0.89) | |||||||
| Diluted Earnings (Loss) per Common Share: | |||||||||||
| Net income (loss) attributable to Company | $ | 20,863 | $ | (73,850) | |||||||
| Less: Preferred Stock dividends | (10,484) | (10,493) | |||||||||
| Plus: Gain on repurchase of preferred stock | 142 | — | |||||||||
| Net income (loss) attributable to Company's common stockholders | $ | 10,521 | $ | (84,343) | |||||||
Weighted average common shares outstanding | 91,314 | 95,199 | |||||||||
| Net effect of assumed PSUs vested | 358 | — | |||||||||
Net effect of assumed RSUs vested | — | — | |||||||||
Diluted weighted average common shares outstanding | 91,672 | 95,199 | |||||||||
| Diluted Earnings (Loss) per Common Share | $ | 0.11 | $ | (0.89) | |||||||
| 2023 | 2022 | ||||||||||||||||||||||
| 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 | 526,074 | $ | 16.34 | 477,276 | $ | 20.20 | |||||||||||||||||
| Granted | 275,248 | 12.36 | 304,417 | 14.36 | |||||||||||||||||||
| Vested | (244,015) | 18.18 | (221,239) | 21.97 | |||||||||||||||||||
| Forfeited | (6,771) | 13.04 | (5,370) | 16.75 | |||||||||||||||||||
Non-vested shares as of March 31 | 550,536 | $ | 13.57 | 555,084 | $ | 16.31 | |||||||||||||||||
Restricted stock granted during the period | 275,248 | $ | 12.36 | 304,417 | $ | 14.36 | |||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||
| 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 | 786,577 | $ | 23.06 | 844,185 | $ | 21.70 | |||||||||||||||||
| Granted | — | — | 211,133 | 19.47 | |||||||||||||||||||
| Vested | (201,978) | 28.18 | (268,729) | 16.00 | |||||||||||||||||||
Non-vested target PSUs as of March 31 | 584,599 | $ | 21.29 | 786,589 | $ | 23.05 | |||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||||
| 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 | 263,708 | $ | 16.11 | 254,052 | $ | 17.45 | ||||||||||||||||||||
| Granted | — | — | 105,566 | 14.88 | ||||||||||||||||||||||
| Vested | (131,094) | 17.40 | (95,910) | 18.32 | ||||||||||||||||||||||
| Forfeited | (13,550) | 14.76 | — | — | ||||||||||||||||||||||
Non-vested RSUs as of March 31 | 119,064 | $ | 14.83 | 263,708 | $ | 16.10 | ||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Current income tax expense | $ | 187 | $ | 65 | |||||||
| Deferred income tax benefit | (171) | (87) | |||||||||
| Total income tax provision/(benefit) | $ | 16 | $ | (22) | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Deferred tax assets | |||||||||||
| Net operating loss carryforward | $ | 4,455 | $ | 3,513 | |||||||
| Capital loss carryover | 16,117 | 16,045 | |||||||||
| GAAP/Tax basis differences | 6,596 | 1,869 | |||||||||
Total deferred tax assets (1) | 27,168 | 21,427 | |||||||||
| Deferred tax liabilities | |||||||||||
| GAAP/Tax basis differences | — | 394 | |||||||||
Total deferred tax liabilities (2) | — | 394 | |||||||||
Valuation allowance (1) | (24,720) | (18,756) | |||||||||
| Total net deferred tax asset | $ | 2,448 | $ | 2,277 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Interest income | |||||||||||
| Residential loans | |||||||||||
| Residential loans | $ | 16,954 | $ | 24,834 | |||||||
| Consolidated SLST | 8,733 | 9,380 | |||||||||
| Residential loans held in securitization trusts | 24,721 | 16,633 | |||||||||
| Total residential loans | 50,408 | 50,847 | |||||||||
| Multi-family loans | 2,436 | 2,951 | |||||||||
| Investment securities available for sale | 3,169 | 4,675 | |||||||||
| Other | 1,123 | 28 | |||||||||
| Total interest income | 57,136 | 58,501 | |||||||||
| Interest expense | . | ||||||||||
| Repurchase agreements | 13,068 | 5,531 | |||||||||
| Collateralized debt obligations | |||||||||||
| Consolidated SLST | 6,315 | 5,978 | |||||||||
| Residential loan securitizations | 17,376 | 7,456 | |||||||||
| Total collateralized debt obligations | 23,691 | 13,434 | |||||||||
| Convertible notes | — | 438 | |||||||||
| Senior unsecured notes | 1,614 | 1,603 | |||||||||
| Subordinated debentures | 962 | 459 | |||||||||
| Total interest expense | 39,335 | 21,465 | |||||||||
| Net interest income | $ | 17,801 | $ | 37,036 | |||||||
| December 31, 2022 | Acquisitions (1) | Repayments (2) | Sales | Fair Value Changes and Other (3) | March 31, 2023 | ||||||||||||||||||||||||||||||
Residential loans | $ | 2,697,498 | $ | 88,521 | $ | (272,266) | $ | (166) | $ | 32,116 | $ | 2,545,703 | |||||||||||||||||||||||
| Preferred equity investments, mezzanine loans and equity investments | 267,280 | 21,948 | (4,902) | — | 2,131 | 286,457 | |||||||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||||||||
| Agency RMBS | — | 106,146 | (30) | — | 1,084 | 107,200 | |||||||||||||||||||||||||||||
| CMBS | 30,133 | — | (8) | — | 543 | 30,668 | |||||||||||||||||||||||||||||
| Non-Agency RMBS | 68,570 | — | (3,751) | — | (608) | 64,211 | |||||||||||||||||||||||||||||
| ABS | 856 | — | — | — | (364) | 492 | |||||||||||||||||||||||||||||
| Total investment securities available for sale | 99,559 | 106,146 | (3,789) | — | 655 | 202,571 | |||||||||||||||||||||||||||||
Consolidated SLST (4) | 191,533 | — | (3,625) | — | 610 | 188,518 | |||||||||||||||||||||||||||||
| Total investment securities | 291,092 | 106,146 | (7,414) | — | 1,265 | 391,089 | |||||||||||||||||||||||||||||
Equity investments in consolidated multi-family properties (5) | 144,735 | — | (4,403) | — | 2,599 | 142,931 | |||||||||||||||||||||||||||||
Equity investments in disposal group held for sale (6) | 244,039 | 2,200 | (450) | — | (15,375) | 230,414 | |||||||||||||||||||||||||||||
| Single-family rental properties | 149,230 | 425 | — | — | 12,780 | 162,435 | |||||||||||||||||||||||||||||
| Total investment portfolio | $ | 3,793,874 | $ | 219,240 | $ | (289,435) | $ | (166) | $ | 35,516 | $ | 3,759,029 | |||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Residential loans, at fair value | $ | 829,153 | $ | 827,582 | |||||||
Deferred interest (a) | (2,122) | (1,554) | |||||||||
| Less: Collateralized debt obligations, at fair value | (638,513) | (634,495) | |||||||||
| Consolidated SLST investment securities owned by NYMT | $ | 188,518 | $ | 191,533 | |||||||
| Three Months Ended March 31, 2023 | |||||
| Net income attributable to Company's common stockholders | $ | 10,521 | |||
| Net income attributable to Company's common stockholders per share (basic) | $ | 0.12 | |||
Undepreciated earnings (1) | $ | 12,641 | |||
Undepreciated earnings per common share (1) | $ | 0.14 | |||
| Comprehensive income attributable to Company's common stockholders | $ | 11,112 | |||
| Comprehensive income attributable to Company's common stockholders per share (basic) | $ | 0.12 | |||
Yield on average interest earning assets (1) (2) | 6.24 | % | |||
| Interest income | $ | 57,136 | |||
| Interest expense | $ | 39,335 | |||
| Net interest income | $ | 17,801 | |||
Net interest spread (1) (3) | 0.41 | % | |||
| Book value per common share at the end of the period | $ | 12.95 | |||
Adjusted book value per common share at the end of the period (1) | $ | 15.41 | |||
Economic return on book value (4) | 0.60 | % | |||
Economic return on adjusted book value (5) | (0.50) | % | |||
| Dividends per common share | $ | 0.40 | |||
| Single-Family | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
| Residential loans | $ | 3,374,856 | $ | — | $ | — | $ | 3,374,856 | |||||||||||||||
| Consolidated SLST CDOs | (638,513) | — | — | (638,513) | |||||||||||||||||||
| Multi-family loans | — | 95,309 | — | 95,309 | |||||||||||||||||||
| Investment securities available for sale | 171,411 | 30,668 | 492 | 202,571 | |||||||||||||||||||
| Equity investments | — | 166,148 | 25,000 | 191,148 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 142,931 | — | 142,931 | |||||||||||||||||||
Equity investments in disposal group held for sale (2) | — | 230,414 | — | 230,414 | |||||||||||||||||||
| Single-family rental properties | 162,435 | — | — | 162,435 | |||||||||||||||||||
| Total investment portfolio carrying value | 3,070,189 | 665,470 | 25,492 | 3,761,151 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (787,902) | — | — | (787,902) | |||||||||||||||||||
| Residential loan securitization CDOs | (1,390,991) | — | — | (1,390,991) | |||||||||||||||||||
| Senior unsecured notes | — | — | (97,561) | (97,561) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (3) | 114,427 | — | 216,600 | 331,027 | |||||||||||||||||||
| Adjustment of redeemable non-controlling interest to estimated redemption value | — | (44,237) | — | (44,237) | |||||||||||||||||||
| Other | 60,147 | (472) | (48,656) | 11,019 | |||||||||||||||||||
| Net Company capital allocated | $ | 1,065,870 | $ | 620,761 | $ | 50,875 | $ | 1,737,506 | |||||||||||||||
Company Recourse Leverage Ratio (4) | 0.4x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (5) | 0.3x | ||||||||||||||||||||||
| Single-Family | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
| Residential loans | $ | 3,525,080 | $ | — | $ | — | $ | 3,525,080 | |||||||||||||||
| Consolidated SLST CDOs | (634,495) | — | — | (634,495) | |||||||||||||||||||
| Multi-family loans | — | 87,534 | — | 87,534 | |||||||||||||||||||
| Investment securities available for sale | 68,570 | 30,133 | 856 | 99,559 | |||||||||||||||||||
| Equity investments | — | 152,246 | 27,500 | 179,746 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 144,735 | — | 144,735 | |||||||||||||||||||
Equity investments in disposal group held for sale (2) | — | 244,039 | — | 244,039 | |||||||||||||||||||
| Single-family rental properties | 149,230 | — | — | 149,230 | |||||||||||||||||||
| Total investment portfolio carrying value | 3,108,385 | 658,687 | 28,356 | 3,795,428 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (737,023) | — | — | (737,023) | |||||||||||||||||||
| Residential loan securitization CDOs | (1,468,222) | — | — | (1,468,222) | |||||||||||||||||||
| Senior unsecured notes | — | — | (97,384) | (97,384) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (3) | 135,401 | — | 224,403 | 359,804 | |||||||||||||||||||
| Adjustment of redeemable non-controlling interest to estimated redemption value | — | (44,237) | — | (44,237) | |||||||||||||||||||
| Other | 61,063 | (2,554) | (54,659) | 3,850 | |||||||||||||||||||
| Net Company capital allocated | $ | 1,099,604 | $ | 611,896 | $ | 55,716 | $ | 1,767,216 | |||||||||||||||
Company Recourse Leverage Ratio (4) | 0.3x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (5) | 0.3x | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Interest income | $ | 57,136 | $ | 58,501 | $ | (1,365) | |||||||||||
| Interest expense | 39,335 | 21,465 | 17,870 | ||||||||||||||
| Net interest income | 17,801 | 37,036 | (19,235) | ||||||||||||||
| Total non-interest income (loss) | 66,827 | (46,784) | 113,611 | ||||||||||||||
| General and administrative expenses | 12,683 | 14,358 | (1,675) | ||||||||||||||
| Expenses related to real estate | 50,697 | 55,146 | (4,449) | ||||||||||||||
| Portfolio operating expenses | 7,070 | 9,489 | (2,419) | ||||||||||||||
| Income (loss) from operations before income taxes | 14,178 | (88,741) | 102,919 | ||||||||||||||
| Income tax expense (benefit) | 16 | (22) | 38 | ||||||||||||||
| Net loss attributable to non-controlling interests | 6,701 | 14,869 | (8,168) | ||||||||||||||
| Net income (loss) attributable to Company | 20,863 | (73,850) | 94,713 | ||||||||||||||
Preferred stock dividends | 10,484 | 10,493 | (9) | ||||||||||||||
| Gain on repurchase of preferred stock | 142 | — | 142 | ||||||||||||||
| Net income (loss) attributable to Company's common stockholders | 10,521 | (84,343) | 94,864 | ||||||||||||||
| Basic earnings (loss) per common share | $ | 0.12 | $ | (0.89) | $ | 1.01 | |||||||||||
| Diluted earnings (loss) per common share | $ | 0.11 | $ | (0.89) | $ | 1.00 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Residential loans | $ | 1,081 | $ | 3,432 | $ | (2,351) | |||||||||||
| Investment securities and derivatives | — | 374 | (374) | ||||||||||||||
| Total realized gains, net | $ | 1,081 | $ | 3,806 | $ | (2,725) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Residential loans | $ | 29,247 | $ | (63,299) | $ | 92,546 | |||||||||||
| Consolidated SLST | 2,299 | (15,279) | 17,578 | ||||||||||||||
| Preferred equity and mezzanine loan investments | 452 | (455) | 907 | ||||||||||||||
| Investment securities and derivatives | (3,509) | (4,626) | 1,117 | ||||||||||||||
| Total unrealized gains (losses), net | $ | 28,489 | $ | (83,659) | $ | 112,148 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Preferred return on preferred equity investments accounted for as equity | $ | 5,313 | $ | 5,662 | $ | (349) | |||||||||||
| Unrealized gains on preferred equity investments accounted for as equity | 638 | 113 | 525 | ||||||||||||||
| Income from unconsolidated joint venture equity investments in multi-family properties | 1,060 | 250 | 810 | ||||||||||||||
| (Loss) income from entities that invest in or originate residential properties and loans | (2,500) | 28 | (2,528) | ||||||||||||||
| Total income from equity investments | $ | 4,511 | $ | 6,053 | $ | (1,542) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
Preferred equity and mezzanine loan premiums resulting from early redemption (1) | $ | — | $ | 1,503 | $ | (1,503) | |||||||||||
| Gain on sale of real estate held for sale | — | 370 | (370) | ||||||||||||||
| Impairment on real estate, net | (10,275) | — | (10,275) | ||||||||||||||
| Miscellaneous | 1,275 | (446) | 1,721 | ||||||||||||||
| Total other (loss) income | $ | (9,000) | $ | 1,427 | $ | (10,427) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
General and Administrative Expenses | |||||||||||||||||
Salaries, benefits and directors’ compensation | $ | 9,367 | $ | 10,798 | $ | (1,431) | |||||||||||
| Professional fees | 1,251 | 1,028 | 223 | ||||||||||||||
| Other | 2,065 | 2,532 | (467) | ||||||||||||||
| Total general and administrative expenses | $ | 12,683 | $ | 14,358 | $ | (1,675) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Portfolio operating expenses | $ | 7,070 | $ | 9,489 | $ | (2,419) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| Income from real estate | $ | 41,746 | $ | 25,589 | $ | 16,157 | |||||||||||
| Expenses related to real estate: | |||||||||||||||||
| Interest expense, mortgages payable on real estate | (22,478) | (7,157) | (15,321) | ||||||||||||||
| Depreciation expense on operating real estate | (6,039) | (10,111) | 4,072 | ||||||||||||||
| Amortization of lease intangibles related to operating real estate | — | (25,475) | 25,475 | ||||||||||||||
| Other expenses | (22,180) | (12,403) | (9,777) | ||||||||||||||
| Total expenses related to real estate | (50,697) | (55,146) | 4,449 | ||||||||||||||
Other loss (1) | (11,573) | (233) | (11,340) | ||||||||||||||
| Net loss from real estate | (20,524) | (29,790) | 9,266 | ||||||||||||||
| Net loss attributable to non-controlling interest | 6,701 | 14,869 | (8,168) | ||||||||||||||
| Net loss from real estate attributable to Company | $ | (13,823) | $ | (14,921) | $ | 1,098 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2023 | 2022 | $ Change | |||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 10,521 | $ | (84,343) | $ | 94,864 | |||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
| Increase (decrease) in fair value of available for sale securities | |||||||||||||||||
| Non-Agency RMBS | 591 | (2,188) | 2,779 | ||||||||||||||
| Total | 591 | (2,188) | 2,779 | ||||||||||||||
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 591 | (2,188) | 2,779 | ||||||||||||||
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 11,112 | $ | (86,531) | $ | 97,643 | |||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||
| Amount | Shares | Per Share (1) | |||||||||||||||
| Beginning Balance | $ | 1,210,091 | 91,194 | $ | 13.27 | ||||||||||||
Common stock issuance, net (2) | 50 | 364 | |||||||||||||||
| Common stock repurchase | (3,610) | (378) | |||||||||||||||
| Preferred stock repurchase | 18 | — | |||||||||||||||
| Balance after share activity | 1,206,549 | 91,180 | 13.22 | ||||||||||||||
| Dividends and dividend equivalents declared | (36,800) | (0.40) | |||||||||||||||
| Net change in accumulated other comprehensive income (loss): | |||||||||||||||||
Investment securities available for sale (3) | 591 | 0.01 | |||||||||||||||
| Net income attributable to Company's common stockholders | 10,521 | 0.12 | |||||||||||||||
| Ending Balance | $ | 1,180,861 | 91,180 | $ | 12.95 | ||||||||||||
Single-Family (8) | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
Adjusted Interest Income (1) (2) | $ | 47,204 | $ | 3,569 | $ | 48 | $ | 50,821 | |||||||||||||||
Adjusted Interest Expense (1) | (30,444) | — | (2,576) | (33,020) | |||||||||||||||||||
Adjusted Net Interest Income (1) | $ | 16,760 | $ | 3,569 | $ | (2,528) | $ | 17,801 | |||||||||||||||
Average Interest Earning Assets (3) | $ | 3,132,910 | $ | 123,671 | $ | 1,806 | $ | 3,258,387 | |||||||||||||||
Average Interest Bearing Liabilities (4) | $ | 2,150,130 | $ | — | $ | 145,000 | $ | 2,295,130 | |||||||||||||||
Yield on Average Interest Earning Assets (1) (5) | 6.03 | % | 11.54 | % | 10.63 | % | 6.24 | % | |||||||||||||||
Average Financing Cost (1) (6) | (5.74) | % | — | % | (7.20) | % | (5.83) | % | |||||||||||||||
Net Interest Spread (1) (7) | 0.29 | % | 11.54 | % | 3.43 | % | 0.41 | % | |||||||||||||||
Single-Family (8) | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
Adjusted Interest Income (1) (2) | $ | 46,823 | $ | 3,312 | $ | 2,388 | $ | 52,523 | |||||||||||||||
Adjusted Interest Expense (1) | (12,975) | (12) | (2,500) | (15,487) | |||||||||||||||||||
Adjusted Net Interest Income (1) | $ | 33,848 | $ | 3,300 | $ | (112) | $ | 37,036 | |||||||||||||||
Average Interest Earning Assets (3) | $ | 2,926,764 | $ | 142,584 | $ | 22,496 | $ | 3,091,844 | |||||||||||||||
Average Interest Bearing Liabilities (4) | $ | 1,768,823 | $ | 2,005 | $ | 165,774 | $ | 1,936,602 | |||||||||||||||
Yield on Average Interest Earning Assets (1) (5) | 6.40 | % | 9.29 | % | 42.46 | % | 6.80 | % | |||||||||||||||
Average Financing Cost (1) (6) | (2.93) | % | (2.39) | (6.03) | % | (3.20) | % | ||||||||||||||||
Net Interest Spread (1) (7) | 3.47 | % | 6.90 | % | 36.43 | % | 3.60 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
| Single-Family | Multi-Family | Corporate/Other | Total | Single-Family | Multi-Family | Corporate/Other | Total | ||||||||||||||||||||||||||||||||||||||||
GAAP interest income | $ | 53,519 | $ | 3,569 | $ | 48 | $ | 57,136 | $ | 52,801 | $ | 3,312 | $ | 2,388 | $ | 58,501 | |||||||||||||||||||||||||||||||
| GAAP interest expense | (36,759) | — | (2,576) | (39,335) | (18,953) | (12) | (2,500) | (21,465) | |||||||||||||||||||||||||||||||||||||||
| GAAP total net interest income | $ | 16,760 | $ | 3,569 | $ | (2,528) | $ | 17,801 | $ | 33,848 | $ | 3,300 | $ | (112) | $ | 37,036 | |||||||||||||||||||||||||||||||
| GAAP interest income | $ | 53,519 | $ | 3,569 | $ | 48 | $ | 57,136 | $ | 52,801 | $ | 3,312 | $ | 2,388 | $ | 58,501 | |||||||||||||||||||||||||||||||
| Remove interest expense from: | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDOs | (6,315) | — | — | (6,315) | (5,978) | — | — | (5,978) | |||||||||||||||||||||||||||||||||||||||
| Adjusted interest income | $ | 47,204 | $ | 3,569 | $ | 48 | $ | 50,821 | $ | 46,823 | $ | 3,312 | $ | 2,388 | $ | 52,523 | |||||||||||||||||||||||||||||||
| GAAP interest expense | $ | (36,759) | $ | — | $ | (2,576) | $ | (39,335) | $ | (18,953) | $ | (12) | $ | (2,500) | $ | (21,465) | |||||||||||||||||||||||||||||||
| Remove interest expense from: | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDOs | 6,315 | — | — | 6,315 | 5,978 | — | — | 5,978 | |||||||||||||||||||||||||||||||||||||||
| Adjusted interest expense | $ | (30,444) | $ | — | $ | (2,576) | $ | (33,020) | $ | (12,975) | $ | (12) | $ | (2,500) | $ | (15,487) | |||||||||||||||||||||||||||||||
Adjusted net interest income (1) | $ | 16,760 | $ | 3,569 | $ | (2,528) | $ | 17,801 | $ | 33,848 | $ | 3,300 | $ | (112) | $ | 37,036 | |||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| Net income (loss) attributable to Company's common stockholders | $ | 10,521 | $ | (84,343) | |||||||
| Add: | |||||||||||
| Depreciation expense on operating real estate | 2,120 | 6,159 | |||||||||
| Amortization of lease intangibles related to operating real estate | — | 13,979 | |||||||||
| Undepreciated earnings (loss) | $ | 12,641 | $ | (64,205) | |||||||
| Weighted average shares outstanding - basic | 91,314 | 95,199 | |||||||||
| Undepreciated earnings (loss) per common share | $ | 0.14 | $ | (0.67) | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Company's stockholders' equity | $ | 1,737,506 | $ | 1,767,216 | |||||||
| Preferred stock liquidation preference | (556,645) | (557,125) | |||||||||
| GAAP book value | 1,180,861 | 1,210,091 | |||||||||
| Add: | |||||||||||
| Cumulative depreciation expense on operating real estate | 33,553 | 31,433 | |||||||||
| Cumulative amortization of lease intangibles related to operating real estate | 59,844 | 59,844 | |||||||||
| Adjustment of redeemable non-controlling interest to estimated redemption value | 44,237 | 44,237 | |||||||||
| Adjustment of amortized cost liabilities to fair value | 86,978 | 103,066 | |||||||||
| Adjusted book value | $ | 1,405,473 | $ | 1,448,671 | |||||||
| Common shares outstanding | 91,180 | 91,194 | |||||||||
GAAP book value per common share (1) | $ | 12.95 | $ | 13.27 | |||||||
Adjusted book value per common share (2) | $ | 15.41 | $ | 15.89 | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Acquired residential loans | $ | 2,545,703 | $ | 2,697,498 | |||||||
| Consolidated SLST | 829,153 | 827,582 | |||||||||
| Total | $ | 3,374,856 | $ | 3,525,080 | |||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 4,932 | $ | 664,329 | $ | 618,274 | 632 | 61% | 5.0% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 2,905 | 670,007 | 560,615 | 716 | 64% | 3.9% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 1,698 | 1,099,009 | 1,074,416 | 732 | 65% | 8.6% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 1,152 | 326,467 | 292,398 | 748 | 69% | 5.1% | |||||||||||||||||||||||||||||
| Total | 10,687 | $ | 2,759,812 | $ | 2,545,703 | ||||||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 5,001 | $ | 677,229 | $ | 610,595 | 631 | 62% | 4.9% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 2,937 | 682,449 | 557,665 | 719 | 64% | 3.9% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 1,964 | 1,253,704 | 1,236,303 | 732 | 65% | 8.5% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 1,163 | 329,299 | 292,935 | 748 | 69% | 5.1% | |||||||||||||||||||||||||||||
| Total | 11,065 | $ | 2,942,681 | $ | 2,697,498 | ||||||||||||||||||||||||||||||
Loan to Value at Purchase (1) | March 31, 2023 | December 31, 2022 | |||||||||
| 50% or less | 14.8 | % | 14.6 | % | |||||||
| >50% - 60% | 12.3 | % | 12.3 | % | |||||||
| >60% - 70% | 24.1 | % | 24.4 | % | |||||||
| >70% - 80% | 27.9 | % | 27.9 | % | |||||||
| >80% - 90% | 9.7 | % | 10.0 | % | |||||||
| >90% - 100% | 5.7 | % | 5.5 | % | |||||||
| >100% | 5.5 | % | 5.3 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| FICO Scores at Purchase | March 31, 2023 | December 31, 2022 | |||||||||
| 550 or less | 8.8 | % | 8.4 | % | |||||||
| 551 to 600 | 7.7 | % | 7.3 | % | |||||||
| 601 to 650 | 8.3 | % | 8.1 | % | |||||||
| 651 to 700 | 16.4 | % | 16.5 | % | |||||||
| 701 to 750 | 25.2 | % | 25.6 | % | |||||||
| 751 to 800 | 26.6 | % | 27.3 | % | |||||||
| 801 and over | 7.0 | % | 6.8 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Current Coupon | March 31, 2023 | December 31, 2022 | |||||||||
| 3.00% or less | 7.4 | % | 7.4 | % | |||||||
| 3.01% - 4.00% | 16.2 | % | 15.8 | % | |||||||
| 4.01% - 5.00% | 21.0 | % | 19.8 | % | |||||||
| 5.01% - 6.00% | 8.5 | % | 7.9 | % | |||||||
| 6.01% - 7.00% | 7.8 | % | 7.7 | % | |||||||
| 7.01% - 8.00% | 14.7 | % | 16.4 | % | |||||||
| 8.01% and over | 24.4 | % | 25.0 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Delinquency Status | March 31, 2023 | December 31, 2022 | |||||||||
| Current | 88.5 | % | 90.6 | % | |||||||
| 31 – 60 days | 2.4 | % | 2.2 | % | |||||||
| 61 – 90 days | 1.5 | % | 1.8 | % | |||||||
| 90+ days | 7.6 | % | 5.4 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Origination Year | March 31, 2023 | December 31, 2022 | |||||||||
| 2007 or earlier | 21.5 | % | 20.6 | % | |||||||
| 2008 - 2016 | 4.4 | % | 4.1 | % | |||||||
| 2017 - 2019 | 8.0 | % | 7.8 | % | |||||||
| 2020 | 8.1 | % | 8.0 | % | |||||||
| 2021 | 24.9 | % | 26.1 | % | |||||||
| 2022 | 32.1 | % | 33.4 | % | |||||||
| 2023 | 1.0 | % | — | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||
| Current fair value | $ | 829,153 | $ | 827,582 | |||||||
| Current unpaid principal balance | $ | 941,329 | $ | 955,579 | |||||||
| Number of loans | 6,082 | 6,160 | |||||||||
| Current average loan size | $ | 154,773 | $ | 155,126 | |||||||
| Weighted average original loan term (in months) at purchase | 351 | 351 | |||||||||
| Weighted average LTV at purchase | 68 | % | 68 | % | |||||||
| Weighted average credit score at purchase | 699 | 703 | |||||||||
| Current Coupon: | |||||||||||
| 3.00% or less | 2.9 | % | 3.0 | % | |||||||
| 3.01% – 4.00% | 38.0 | % | 38.0 | % | |||||||
| 4.01% – 5.00% | 39.4 | % | 39.3 | % | |||||||
| 5.01% – 6.00% | 11.9 | % | 11.9 | % | |||||||
| 6.01% and over | 7.8 | % | 7.8 | % | |||||||
| Delinquency Status: | |||||||||||
| Current | 70.7 | % | 69.5 | % | |||||||
| 31 - 60 | 11.9 | % | 11.1 | % | |||||||
| 61 - 90 | 4.4 | % | 4.4 | % | |||||||
| 90+ | 13.0 | % | 15.0 | % | |||||||
| Origination Year: | |||||||||||
| 2005 or earlier | 31.1 | % | 31.1 | % | |||||||
| 2006 | 15.6 | % | 15.6 | % | |||||||
| 2007 | 21.4 | % | 21.4 | % | |||||||
| 2008 or later | 31.9 | % | 31.9 | % | |||||||
| Geographic state concentration (greater than 5.0%): | |||||||||||
| California | 10.6 | % | 10.6 | % | |||||||
| Florida | 10.3 | % | 10.3 | % | |||||||
| New York | 9.8 | % | 9.8 | % | |||||||
| New Jersey | 7.5 | % | 7.4 | % | |||||||
| Illinois | 7.2 | % | 7.2 | % | |||||||
| 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) | |||||||||||||||||||||||||||||||||||
| March 31, 2023 | $ | 1,975,000 | $ | 562,371 | $ | (1,247) | $ | 561,124 | $ | 695,701 | 7.34 | % | 17.21 | ||||||||||||||||||||||||||||
| December 31, 2022 | $ | 2,030,879 | $ | 688,487 | $ | (1,541) | $ | 686,946 | $ | 867,033 | 6.65 | % | 16.69 | ||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| March 31, 2023 | 579,271 | 562,371 | 609,885 | |||||||||||||||||
| December 31, 2022 | 833,517 | 688,487 | 1,076,747 | |||||||||||||||||
| September 30, 2022 | 1,324,819 | 1,163,408 | 1,554,993 | |||||||||||||||||
| 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 | |||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (2) | |||||||||||||||||||||||
Consolidated SLST (3) | $ | 688,916 | $ | 638,513 | 2.75 | % | 2059 | |||||||||||||||||||
| Residential loan securitizations | $ | 1,416,155 | $ | 1,390,991 | 3.58 | % | 2026 - 2062 | |||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 25 | $ | 261,457 | $ | 263,685 | 12.13 | % | 3.7 | |||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 23 | $ | 239,780 | $ | 242,970 | 11.98 | % | 3.4 | |||||||||||||||||||||
| March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV | Weighted Average DSCR (1) | ||||||||||||||||||||||||||||||||
| Florida | 5 | $ | 78,016 | 29.6 | % | 12.7 | % | 71 | % | 1.12x | ||||||||||||||||||||||||||||
| Texas | 6 | 50,230 | 19.0 | % | 11.4 | % | 84 | % | 1.31x | |||||||||||||||||||||||||||||
| Alabama | 2 | 34,432 | 13.1 | % | 12.3 | % | 68 | % | 2.34x | |||||||||||||||||||||||||||||
| Utah | 1 | 20,894 | 7.9 | % | 12.0 | % | 67 | % | N/A (2) | |||||||||||||||||||||||||||||
| Arizona | 1 | 16,118 | 6.1 | % | 14.0 | % | 94 | % | 0.95x | |||||||||||||||||||||||||||||
| Tennessee | 1 | 13,916 | 5.3 | % | 11.0 | % | 94 | % | 1.25x | |||||||||||||||||||||||||||||
| Other | 9 | 50,079 | 19.0 | % | 11.7 | % | 86 | % | 1.56x | |||||||||||||||||||||||||||||
| Total | 25 | $ | 263,685 | 100.0 | % | 12.1 | % | 79 | % | 1.39x | ||||||||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV | Weighted Average DSCR (1) | ||||||||||||||||||||||||||||||||
| Florida | 5 | $ | 82,072 | 33.8 | % | 12.6 | % | 72 | % | 1.35x | ||||||||||||||||||||||||||||
| Texas | 5 | 43,118 | 17.7 | % | 11.2 | % | 84 | % | 1.27x | |||||||||||||||||||||||||||||
| Alabama | 2 | 33,827 | 13.9 | % | 12.3 | % | 68 | % | 2.23x | |||||||||||||||||||||||||||||
| Utah | 1 | 20,568 | 8.5 | % | 12.0 | % | 67 | % | N/A (2) | |||||||||||||||||||||||||||||
| Tennessee | 1 | 13,731 | 5.7 | % | 11.0 | % | 93 | % | 1.30x | |||||||||||||||||||||||||||||
| Other | 9 | 49,654 | 20.4 | % | 11.7 | % | 86 | % | 1.72x | |||||||||||||||||||||||||||||
| Total | 23 | $ | 242,970 | 100.0 | % | 12.0 | % | 79 | % | 1.50x | ||||||||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
| Cash and cash equivalents | $ | 11,971 | $ | 21,129 | ||||||||||
| Real estate, net | 543,471 | 543,739 | ||||||||||||
Assets of disposal group held for sale (1) | 1,150,379 | 1,151,784 | ||||||||||||
| Other assets | 9,396 | 13,686 | ||||||||||||
| Total assets | $ | 1,715,217 | $ | 1,730,338 | ||||||||||
Mortgages payable on real estate, net (2) | $ | 397,316 | $ | 394,707 | ||||||||||
Liabilities of disposal group held for sale (1) | 896,983 | 883,812 | ||||||||||||
| Other liabilities | 6,149 | 10,511 | ||||||||||||
| Total liabilities | $ | 1,300,448 | $ | 1,289,030 | ||||||||||
| Redeemable non-controlling interest in Consolidated VIEs | $ | 54,352 | $ | 63,803 | ||||||||||
| Less: Adjustment of redeemable non-controlling interest to estimated redemption value | (44,237) | (44,237) | ||||||||||||
| Non-controlling interest in Consolidated VIEs | 8,327 | 9,040 | ||||||||||||
| Non-controlling interest in disposal group held for sale | 22,982 | 23,928 | ||||||||||||
Net equity investment (3) | $ | 373,345 | $ | 388,774 | ||||||||||
| Market | Property Count | Occupancy % | Units | Rent per Unit (1) | LTV (2) | |||||||||||||||||||||||||||
| Beaufort, SC | 1 | 95.6 | % | 248 | $ | 1,461 | 71.4 | % | ||||||||||||||||||||||||
| Collierville, TN | 1 | 91.0 | % | 324 | 1,508 | 74.0 | % | |||||||||||||||||||||||||
| Columbia, SC | 1 | 94.9 | % | 276 | 1,084 | 86.2 | % | |||||||||||||||||||||||||
| Dallas, TX | 2 | 93.8 | % | 401 | 1,853 | 81.3 | % | |||||||||||||||||||||||||
| Houston, TX | 1 | 89.6 | % | 192 | 1,398 | 90.0 | % | |||||||||||||||||||||||||
| Little Rock, AR | 1 | 93.1 | % | 202 | 1,263 | 89.6 | % | |||||||||||||||||||||||||
| Louisville, KY | 1 | 87.7 | % | 300 | 1,332 | 90.5 | % | |||||||||||||||||||||||||
| Memphis, TN | 1 | 76.9 | % | 242 | 1,120 | 90.9 | % | |||||||||||||||||||||||||
| Montgomery, AL | 1 | 86.1 | % | 252 | 959 | 88.5 | % | |||||||||||||||||||||||||
| San Antonio, TX | 2 | 93.3 | % | 684 | 1,261 | 78.1 | % | |||||||||||||||||||||||||
| St. Petersburg, FL | 1 | 95.7 | % | 326 | 2,394 | 65.1 | % | |||||||||||||||||||||||||
| Total Count/Average | 13 | 91.3 | % | 3,447 | $ | 1,452 | 79.3 | % | ||||||||||||||||||||||||
| Market | Property Count | Occupancy % | Units | Rent per Unit (1) | LTV (2) | |||||||||||||||||||||||||||
| Apopka, FL | 1 | 92.5 | % | 240 | $ | 1,631 | 80.0 | % | ||||||||||||||||||||||||
| Birmingham, AL | 2 | 92.5 | % | 693 | 1,418 | 72.9 | % | |||||||||||||||||||||||||
| Brandon, FL | 2 | 82.2 | % | 1,267 | 1,473 | 84.7 | % | |||||||||||||||||||||||||
| Fort Myers, FL | 1 | 94.4 | % | 338 | 1,459 | 59.8 | % | |||||||||||||||||||||||||
| Fort Worth, TX | 1 | 92.2 | % | 256 | 1,173 | 67.3 | % | |||||||||||||||||||||||||
| Houston, TX | 1 | 96.5 | % | 200 | 933 | 83.5 | % | |||||||||||||||||||||||||
| Kissimmee, FL | 1 | 90.6 | % | 320 | 1,583 | 84.3 | % | |||||||||||||||||||||||||
| Oklahoma City, OK | 2 | 89.1 | % | 957 | 771 | 85.7 | % | |||||||||||||||||||||||||
| Orlando, FL | 1 | 88.2 | % | 220 | 1,557 | 85.7 | % | |||||||||||||||||||||||||
| Pearland, TX | 2 | 92.3 | % | 234 | 1,582 | 61.0 | % | |||||||||||||||||||||||||
| Pensacola, FL | 1 | 92.9 | % | 240 | 1,449 | 84.2 | % | |||||||||||||||||||||||||
| Plano, TX | 2 | 91.2 | % | 702 | 1,494 | 75.2 | % | |||||||||||||||||||||||||
| Tampa, FL | 1 | 92.5 | % | 400 | 1,723 | 55.5 | % | |||||||||||||||||||||||||
| Webster, TX | 1 | 92.6 | % | 366 | 953 | 78.1 | % | |||||||||||||||||||||||||
| Total Count/Average | 19 | 89.8 | % | 6,433 | $ | 1,338 | 76.7 | % | ||||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
| Strategy | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||||||||
Constructive Loans, LLC (1) | Residential Loans | 50% | $ | 25,000 | — | $ | 27,500 | |||||||||||||||||||||||||
| Total | $ | 25,000 | $ | 27,500 | ||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Current Par Value | Amortized Cost | Gains | Losses | Fair Value | Coupon (1) | Yield (2) | Outstanding Repurchase Agreements (3) | |||||||||||||||||||||||||||||||||||||||
Available for Sale (“AFS”) | |||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Agency Fixed-Rate | $ | 105,713 | $ | 106,116 | $ | 1,084 | $ | — | $ | 107,200 | 5.47 | % | 5.46 | % | $ | 94,306 | |||||||||||||||||||||||||||||||
Total Agency RMBS | 105,713 | 106,116 | 1,084 | — | 107,200 | 5.47 | % | 5.46 | % | 94,306 | |||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Senior | 40 | 40 | — | (5) | 35 | 3.41 | % | 3.38 | % | — | |||||||||||||||||||||||||||||||||||||
| Mezzanine | 26,500 | 25,623 | — | (1,374) | 24,249 | 4.75 | % | 5.69 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 39,071 | 28,122 | — | (13,434) | 14,688 | 5.33 | % | 7.31 | % | — | |||||||||||||||||||||||||||||||||||||
| IO | 509,669 | 16,361 | 8,878 | — | 25,239 | 1.46 | % | 26.88 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 575,280 | 70,146 | 8,878 | (14,813) | 64,211 | 1.87 | % | 11.40 | % | — | |||||||||||||||||||||||||||||||||||||
| CMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Mezzanine | 26,025 | 26,025 | — | (1,119) | 24,906 | 8.21 | % | 8.20 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 6,000 | 6,000 | — | (238) | 5,762 | 12.03 | % | 12.03 | % | — | |||||||||||||||||||||||||||||||||||||
| Total CMBS | 32,025 | 32,025 | — | (1,357) | 30,668 | 8.92 | % | 8.92 | % | — | |||||||||||||||||||||||||||||||||||||
| ABS | |||||||||||||||||||||||||||||||||||||||||||||||
| Residuals | 4 | 683 | — | (191) | 492 | — | 23.81 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total ABS | 4 | 683 | — | (191) | 492 | — | 23.81 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 713,022 | $ | 208,970 | $ | 9,962 | $ | (16,361) | $ | 202,571 | 2.47 | % | 9.69 | % | $ | 94,306 | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 252,413 | $ | 206,385 | $ | — | $ | (36,948) | $ | 169,437 | 4.43 | % | 3.99 | % | $ | 49,950 | |||||||||||||||||||||||||||||||
| IO | 147,625 | 20,562 | — | (1,481) | 19,081 | 3.50 | % | 6.27 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 400,038 | 226,947 | — | (38,429) | 188,518 | 4.09 | % | 4.20 | % | 49,950 | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 400,038 | $ | 226,947 | $ | — | $ | (38,429) | $ | 188,518 | 4.09 | % | 4.20 | % | $ | 49,950 | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 1,113,060 | $ | 435,917 | $ | 9,962 | $ | (54,790) | $ | 391,089 | 3.09 | % | 6.17 | % | $ | 144,256 | |||||||||||||||||||||||||||||||
| December 31, 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 | $ | 41 | $ | 41 | $ | — | $ | (5) | $ | 36 | 2.74 | % | 2.89 | % | $ | — | |||||||||||||||||||||||||||||||
| Mezzanine | 30,250 | 29,325 | — | (2,153) | 27,172 | 4.77 | % | 5.58 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 39,104 | 28,108 | — | (13,282) | 14,826 | 9.38 | % | 8.37 | % | — | |||||||||||||||||||||||||||||||||||||
| IO | 524,726 | 17,100 | 9,436 | — | 26,536 | 1.44 | % | 20.79 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 594,121 | 74,574 | 9,436 | (15,440) | 68,570 | 2.09 | % | 10.38 | % | — | |||||||||||||||||||||||||||||||||||||
| CMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Mezzanine | 26,033 | 26,033 | — | (1,662) | 24,371 | 5.43 | % | 5.42 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 6,000 | 6,000 | — | (238) | 5,762 | 9.29 | % | 9.29 | % | — | |||||||||||||||||||||||||||||||||||||
| Total CMBS | 32,033 | 32,033 | — | (1,900) | 30,133 | 6.14 | % | 6.13 | % | — | |||||||||||||||||||||||||||||||||||||
| ABS | |||||||||||||||||||||||||||||||||||||||||||||||
| Residuals | 4 | 797 | 59 | — | 856 | — | 30.19 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total ABS | 4 | 797 | 59 | — | 856 | — | 30.19 | % | — | ||||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 626,158 | $ | 107,404 | $ | 9,495 | $ | (17,340) | $ | 99,559 | 2.45 | % | 9.33 | % | $ | — | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 256,155 | $ | 210,733 | $ | — | $ | (40,182) | $ | 170,551 | 4.47 | % | 4.92 | % | $ | 50,077 | |||||||||||||||||||||||||||||||
| IO | 149,873 | 21,528 | — | (546) | 20,982 | 3.50 | % | 3.01 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 406,028 | 232,261 | — | (40,728) | 191,533 | 4.10 | % | 4.73 | % | 50,077 | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 406,028 | $ | 232,261 | $ | — | $ | (40,728) | $ | 191,533 | 4.10 | % | 4.73 | % | $ | 50,077 | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 1,032,186 | $ | 339,665 | $ | 9,495 | $ | (58,068) | $ | 291,092 | 3.09 | % | 6.19 | % | $ | 50,077 | |||||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| March 31, 2023 | $ | 131,174 | $ | 226,778 | $ | 226,778 | ||||||||||||||
| December 31, 2022 | 50,077 | 50,077 | 50,077 | |||||||||||||||||
| September 30, 2022 | 53,159 | 53,159 | 53,159 | |||||||||||||||||
| 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 | — | — | — | |||||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||
| 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 | 71,756 | 72,218 | ||||||||||||
| Common stock | 912 | 912 | ||||||||||||
| Additional paid-in capital | 2,279,131 | 2,282,691 | ||||||||||||
| Accumulated other comprehensive loss | (1,379) | (1,970) | ||||||||||||
| Accumulated deficit | (1,079,047) | (1,052,768) | ||||||||||||
| Company's stockholders' equity | $ | 1,737,506 | $ | 1,767,216 | ||||||||||
| Changes in Interest Rates (basis points) | Changes in Adjusted Net Interest Income (1) | |||||||
| +200 | $ | (15,573) | ||||||
| +100 | $ | (7,853) | ||||||
| -100 | $ | 7,932 | ||||||
| -200 | $ | 15,884 | ||||||
| Fair Value Changes | ||||||||||||||
| Changes in Interest Rates | Changes in Fair Value (1) | Net Duration (1) | ||||||||||||
| (basis points) | (dollar amounts in thousands) | |||||||||||||
| +200 | $(164,994) | 2.1 | ||||||||||||
| +100 | $(86,190) | 2.3 | ||||||||||||
| Base | 2.5 | |||||||||||||
| -100 | $95,352 | 2.8 | ||||||||||||
| -200 | $200,545 | 3.1 | ||||||||||||
Period (1) | 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 | ||||||||||||||||||||||
January 1, 2023 - January 31, 2023 | 153,808 | $ | 10.45 | 153,808 | $ | 155,767 | ||||||||||||||||||||
February 1, 2023 - February 28, 2023 | — | — | — | 155,767 | ||||||||||||||||||||||
March 1, 2023 - March 31, 2023 | 223,700 | 8.95 | 223,700 | 199,768 | ||||||||||||||||||||||
| Total | 377,508 | $ | 9.56 | 377,508 | $ | 199,768 | ||||||||||||||||||||
Period (1) | 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 | ||||||||||||||||||||||
January 1, 2023 - January 31, 2023 | — | $ | — | — | $ | 100,000 | ||||||||||||||||||||
February 1, 2023 - February 28, 2023 | — | — | — | 100,000 | ||||||||||||||||||||||
March 1, 2023 - March 31, 2023 | 19,177 | 16.64 | 19,177 | 99,681 | ||||||||||||||||||||||
| Total | 19,177 | $ | 16.64 | 19,177 | $ | 99,681 | ||||||||||||||||||||
Exhibit | Description | |||||||
| Articles of Amendment and Restatement of the Company, as amended. | ||||||||
| Third Amended and Restated Bylaws 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 November 22, 2022) | ||||||||
| 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 (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2021). | ||||||||
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. | ||||||||
| Form of 2023 Performance Stock Unit Award Agreement. | ||||||||
| Form of 2023 Restricted Stock Unit Award Agreement. | ||||||||
| The Company's 2023 Annual Incentive Plan. | ||||||||
| Separation and Consulting Agreement, dated as of April 26, 2023, by and between the Company and Nathan R. Reese. | ||||||||
| 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 March 31, 2023 (formatted in Inline XBRL and contained in Exhibit 101). | |||||||
| NEW YORK MORTGAGE TRUST, INC. | |||||||||||
| Date: | May 5, 2023 | By: | /s/ Jason T. Serrano | ||||||||
| Jason T. Serrano | |||||||||||
| Chief Executive Officer | |||||||||||
| (Principal Executive Officer) | |||||||||||
| Date: | May 5, 2023 | By: | /s/ Kristine R. Nario-Eng | ||||||||
| Kristine R. Nario-Eng | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
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