Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32216 | |
Entity Registrant Name | NEW YORK MORTGAGE TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-0934168 | |
Entity Address, Address Line One | 90 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10016 | |
City Area Code | 212 | |
Local Phone Number | 792-0107 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 377,723,482 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001273685 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Common Stock, par value $0.01 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NYMT | |
Security Exchange Name | NASDAQ | |
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTN | |
Security Exchange Name | NASDAQ | |
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTM | |
Security Exchange Name | NASDAQ | |
6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTL | |
Security Exchange Name | NASDAQ | |
7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTZ | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Investment securities available for sale, at fair value | $ 140,506 | $ 200,844 | |
Equity investments, at fair value | 223,651 | 239,631 | |
Cash and cash equivalents | 407,104 | 289,602 | |
Real estate, net | 1,792,320 | 1,017,583 | |
Other assets | 299,938 | 215,019 | |
Total Assets | [1] | 7,299,536 | 5,658,301 |
Liabilities: | |||
Convertible notes | 0 | 137,898 | |
Senior unsecured notes | 97,039 | 96,704 | |
Subordinated debentures | 45,000 | 45,000 | |
Mortgages payable on real estate, net | 1,251,059 | 709,356 | |
Other liabilities | 231,066 | 161,081 | |
Total Liabilities | [1] | 5,135,364 | 3,226,519 |
Commitments and Contingencies | |||
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 37,101 | 66,392 | |
Stockholders' Equity: | |||
Preferred stock, par value $0.01 per share, 31,500,000 and 29,500,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively, 22,284,994 shares issued and outstanding ($557,125 aggregate liquidation preference) | 538,221 | 538,221 | |
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 378,647,371 and 379,405,240 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 3,786 | 3,794 | |
Additional paid-in capital | 2,354,377 | 2,356,576 | |
Accumulated other comprehensive (loss) income | (945) | 1,778 | |
Accumulated deficit | (802,448) | (559,338) | |
Company's stockholders' equity | 2,092,991 | 2,341,031 | |
Non-controlling interest in consolidated variable interest entities | 34,080 | 24,359 | |
Total equity | 2,127,071 | 2,365,390 | |
Total Liabilities and Equity | 7,299,536 | 5,658,301 | |
Repurchase agreements | |||
Liabilities: | |||
Repurchase agreements | 1,693,876 | 554,259 | |
Collateralized Debt Obligations | |||
Liabilities: | |||
Collateralized debt obligations ($710,233 at fair value and $1,107,091 at amortized cost, net as of June 30, 2022 and $839,419 at fair value and $682,802 at amortized cost, net as of December 31, 2021) | 1,817,324 | 1,522,221 | |
Residential loans, at fair value | |||
ASSETS | |||
Residential loans, at fair value | 4,329,192 | 3,575,601 | |
Multi-family loans | |||
ASSETS | |||
Multi-family loans, at fair value | $ 106,825 | $ 120,021 | |
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,952,609 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,141,474 and $2,235,665, respectively. See Note 7 for further discussion. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | |
Common stock, shares, issued (in shares) | 378,647,371 | 379,405,240 | |
Common stock, shares outstanding (in shares) | 378,647,371 | 379,405,240 | |
Assets | [1] | $ 7,299,536,000 | $ 5,658,301,000 |
Total liabilities | [1] | 5,135,364,000 | 3,226,519,000 |
VIE, Primary Beneficiary | |||
Assets | 3,952,609,000 | 2,940,513,000 | |
Total liabilities | $ 3,141,474,000 | $ 2,235,665,000 | |
Preferred Stock, Series Shares | |||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 31,500,000 | 29,500,000 | |
Preferred stock, shares issued (in shares) | 22,284,994 | 22,284,994 | |
Preferred stock, shares outstanding (in shares) | 22,284,994 | 22,284,994 | |
Preferred Stock, aggregate liquidation preference | $ 557,125,000 | $ 557,125,000 | |
Consolidated SLST CDOs | |||
Collateralized debt, carrying value | 710,233,000 | 839,419,000 | |
Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Collateralized debt, carrying value | 710,233,000 | 839,419,000 | |
Residential collateralized debt obligations | |||
Collateralized debt, carrying value | 1,107,091,000 | 682,802,000 | |
Residential collateralized debt obligations | VIE, Primary Beneficiary | |||
Collateralized debt, carrying value | $ 1,107,091,000 | $ 682,802,000 | |
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,952,609 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,141,474 and $2,235,665, respectively. See Note 7 for further discussion. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
NET INTEREST INCOME: | ||||
Interest income | $ 68,020 | $ 52,186 | $ 126,521 | $ 102,225 |
Interest expense | 41,891 | 20,711 | 70,513 | 40,410 |
Total net interest income (expense) | 26,129 | 31,475 | 56,008 | 61,815 |
NON-INTEREST (LOSS) INCOME: | ||||
Realized gains, net | 2,386 | 4,989 | 6,192 | 12,047 |
Unrealized (losses) gains, net | (67,694) | 23,854 | (151,353) | 50,020 |
Income from equity investments | 8,100 | 10,607 | 14,153 | 14,006 |
Income from real estate | 35,870 | 2,150 | 61,458 | 3,645 |
Other income | 1,105 | 1,676 | 2,531 | 3,278 |
Total non-interest (loss) income | (20,233) | 43,276 | (67,019) | 82,996 |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | ||||
General and administrative expenses | 13,175 | 12,520 | 27,533 | 23,961 |
Expenses related to real estate | 70,759 | 3,913 | 118,748 | 6,837 |
Portfolio operating expenses | 12,690 | 6,688 | 22,179 | 11,518 |
Total general, administrative and operating expenses | 96,624 | 23,121 | 168,460 | 42,316 |
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (90,728) | 51,630 | (179,471) | 102,495 |
Income tax expense | 90 | 15 | 67 | 81 |
NET (LOSS) INCOME | (90,818) | 51,615 | (179,538) | 102,414 |
Net loss attributable to non-controlling interest in consolidated variable interest entities | 18,922 | 1,625 | 33,792 | 3,034 |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (71,896) | 53,240 | (145,746) | 105,448 |
Preferred stock dividends | (10,493) | (10,296) | (20,986) | (20,593) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (82,389) | $ 42,944 | $ (166,732) | $ 84,855 |
Basic (loss) earnings per common share (in dollars per share) | $ (0.22) | $ 0.11 | $ (0.44) | $ 0.22 |
Diluted (loss) earnings per common share (in dollars per share) | $ (0.22) | $ 0.11 | $ (0.44) | $ 0.22 |
Weighted average shares outstanding-basic (in shares) | 381,200 | 379,299 | 380,999 | 379,091 |
Weighted average shares outstanding-diluted (in shares) | 381,200 | 381,517 | 380,999 | 381,167 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (82,389) | $ 42,944 | $ (166,732) | $ 84,855 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
(Decrease) increase in fair value of available for sale securities | (535) | 3,788 | (2,723) | 4,426 |
Reclassification adjustment for net (gain) loss included in net (loss) income | 0 | (213) | 0 | 2,029 |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (535) | 3,575 | (2,723) | 6,455 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (82,924) | $ 46,519 | $ (169,455) | $ 91,310 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total Company's Stockholders' Equity | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Consolidated VIEs |
Beginning balance at Dec. 31, 2020 | $ 2,307,573 | $ 2,301,202 | $ 3,777 | $ 504,765 | $ 2,342,934 | $ (551,268) | $ 994 | $ 6,371 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 102,414 | 105,448 | 105,448 | (3,034) | ||||
Stock based compensation expense, net | 4,836 | 4,836 | 17 | 4,819 | ||||
Dividends declared on common stock | (75,869) | (75,869) | (75,869) | |||||
Dividends declared on preferred stock | (20,593) | (20,593) | (20,593) | |||||
Dividends attributable to dividend equivalents | (318) | (318) | (318) | |||||
Reclassification adjustment for net gain included in net income | 2,029 | 2,029 | 2,029 | |||||
Increase in fair value of available for sale securities | 4,426 | 4,426 | 4,426 | |||||
Increase in non-controlling interest related to initial consolidation of VIEs | 1,874 | 1,874 | ||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (13) | (13) | ||||||
Ending balance at Jun. 30, 2021 | 2,326,359 | 2,321,161 | 3,794 | 504,765 | 2,347,753 | (542,600) | 7,449 | 5,198 |
Beginning balance at Mar. 31, 2021 | 2,314,351 | 2,308,853 | 3,793 | 504,765 | 2,343,912 | (547,491) | 3,874 | 5,498 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 51,615 | 53,240 | 53,240 | (1,625) | ||||
Stock based compensation expense, net | 3,842 | 3,842 | 1 | 3,841 | ||||
Dividends declared on common stock | (37,942) | (37,942) | (37,942) | |||||
Dividends declared on preferred stock | (10,296) | (10,296) | (10,296) | |||||
Dividends attributable to dividend equivalents | (111) | (111) | (111) | |||||
Reclassification adjustment for net gain included in net income | (213) | (213) | (213) | |||||
Increase in fair value of available for sale securities | 3,788 | 3,788 | 3,788 | |||||
Increase in non-controlling interest related to initial consolidation of VIEs | 1,335 | 1,335 | ||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (10) | (10) | ||||||
Ending balance at Jun. 30, 2021 | 2,326,359 | 2,321,161 | 3,794 | 504,765 | 2,347,753 | (542,600) | 7,449 | 5,198 |
Beginning balance at Dec. 31, 2021 | 2,365,390 | 2,341,031 | 3,794 | 538,221 | 2,356,576 | (559,338) | 1,778 | 24,359 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (151,742) | (145,746) | (145,746) | (5,996) | ||||
Common stock repurchases | (7,541) | (7,541) | (28) | (7,513) | ||||
Stock based compensation expense, net | 5,334 | 5,334 | 20 | 5,314 | ||||
Dividends declared on common stock | (76,164) | (76,164) | (76,164) | |||||
Dividends declared on preferred stock | (20,986) | (20,986) | (20,986) | |||||
Dividends attributable to dividend equivalents | (214) | (214) | (214) | |||||
Reclassification adjustment for net gain included in net income | 0 | |||||||
Increase in fair value of available for sale securities | (2,723) | (2,723) | (2,723) | |||||
Increase in non-controlling interest related to initial consolidation of VIEs | 16,293 | 16,293 | ||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (576) | (576) | ||||||
Ending balance at Jun. 30, 2022 | 2,127,071 | 2,092,991 | 3,786 | 538,221 | 2,354,377 | (802,448) | (945) | 34,080 |
Beginning balance at Mar. 31, 2022 | 2,250,001 | 2,217,618 | 3,812 | 538,221 | 2,357,910 | (681,915) | (410) | 32,383 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (75,650) | (71,896) | (71,896) | (3,754) | ||||
Common stock repurchases | (7,541) | (7,541) | (28) | (7,513) | ||||
Stock based compensation expense, net | 3,982 | 3,982 | 2 | 3,980 | ||||
Dividends declared on common stock | (38,039) | (38,039) | (38,039) | |||||
Dividends declared on preferred stock | (10,493) | (10,493) | (10,493) | |||||
Dividends attributable to dividend equivalents | (105) | (105) | (105) | |||||
Reclassification adjustment for net gain included in net income | 0 | |||||||
Increase in fair value of available for sale securities | (535) | (535) | (535) | |||||
Increase in non-controlling interest related to initial consolidation of VIEs | 5,805 | 5,805 | ||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (354) | (354) | ||||||
Ending balance at Jun. 30, 2022 | $ 2,127,071 | $ 2,092,991 | $ 3,786 | $ 538,221 | $ 2,354,377 | $ (802,448) | $ (945) | $ 34,080 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Net loss allocated to redeemable non-controlling interest | $ (15,168) | $ (27,796) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (179,538) | $ 102,414 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Net amortization | 12,833 | 17,747 |
Depreciation and amortization expense related to operating real estate | 87,981 | 4,277 |
Realized gains, net | (6,192) | (12,047) |
Unrealized losses (gains), net | 151,353 | (50,020) |
Gain on sale of real estate | (373) | 0 |
Loss on extinguishment of mortgages payable on real estate | 603 | 0 |
Income from preferred equity, mezzanine loan and equity investments | (22,374) | (24,564) |
Distributions of income from preferred equity, mezzanine loan and equity investments | 27,098 | 30,676 |
Stock based compensation expense, net | 5,334 | 4,836 |
Changes in operating assets and liabilities | 1,474 | 472 |
Net cash provided by operating activities | 78,199 | 73,791 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of investment securities | 24,374 | 115,398 |
Principal paydowns received on investment securities | 24,106 | 30,541 |
Purchases of investment securities | 0 | (24,926) |
Principal repayments received on preferred equity and mezzanine loan investments | 12,950 | 35,500 |
Return of capital from equity investments | 30,250 | 50,275 |
Funding of preferred equity, mezzanine loan and equity investments | (19,191) | (320) |
Funding of joint venture investments in Consolidated VIEs | (177,570) | (22,400) |
Net proceeds from sale of real estate | 52,207 | 4,188 |
Cash received from initial consolidation of VIEs | 6,897 | 2,723 |
Purchases of and capital expenditures on real estate | (173,539) | (2,727) |
Purchases of other assets | (83) | (44) |
Net cash (used in) provided by investing activities | (1,111,434) | 42,922 |
Cash Flows from Financing Activities: | ||
Net proceeds received from (payments made on) repurchase agreements | 1,138,474 | (66,141) |
Proceeds from issuance of senior unsecured notes, net | 0 | 96,267 |
Proceeds from issuance of collateralized debt obligations, net | 508,819 | 178,352 |
Repayment of convertible notes | (138,000) | 0 |
Repurchases of common stock | (7,541) | 0 |
Dividends paid on common stock and dividend equivalents | (76,249) | (75,735) |
Dividends paid on preferred stock | (20,417) | (20,593) |
Distributions to non-controlling interest in Consolidated VIEs | (2,386) | (13) |
Payments made on and extinguishment of collateralized debt obligations | (86,429) | (64,542) |
Payments made on Consolidated SLST CDOs | (71,654) | (68,314) |
Net proceeds received from mortgages payable on real estate | 2,475 | 0 |
Net cash provided by (used in) financing activities | 1,247,092 | (20,719) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 213,857 | 95,994 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 337,861 | 304,490 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 551,718 | 400,484 |
Supplemental Disclosure: | ||
Cash paid for interest | 60,711 | 35,194 |
Cash paid for income taxes | 112 | 6 |
Non-Cash Investment Activities: | ||
Consolidation of real estate held in Consolidated VIEs | 664,437 | 73,513 |
Consolidation of mortgages payable on real estate held in Consolidated VIEs | 518,229 | 61,831 |
Transfer from residential loans to real estate owned | 1,855 | 2,674 |
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 49,026 | |
Cash, Cash Equivalents and Restricted Cash Reconciliation: | ||
Cash and cash equivalents | 407,104 | 324,927 |
Restricted cash included in other assets | 144,614 | 75,557 |
Total cash, cash equivalents, and restricted cash | 551,718 | 400,484 |
Common Stock | ||
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 38,533 | 37,942 |
Preferred Stock | ||
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 10,493 | 10,296 |
Residential loans | ||
Cash Flows from Investing Activities: | ||
Principal repayments received on residential loans | 678,617 | 441,433 |
Proceeds from sales of residential loans | 0 | 17,944 |
Purchases of residential loans | $ (1,570,452) | $ (604,663) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization New York Mortgage Trust, Inc., together with its consolidated subsidiaries (“NYMT,” “we,” “our,” or the “Company”), is a real estate investment trust ("REIT") in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets, including joint venture equity investments in multi-family apartment communities. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest margin and capital gains from a diversified investment portfolio. Our investment portfolio includes credit sensitive single-family and multi-family assets. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including taxable REIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitization purposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Definitions – The following defines certain of the commonly used terms in these financial statements: “RMBS” refers to residential mortgage-backed securities backed by adjustable-rate, hybrid adjustable-rate, or fixed-rate residential loans; “Agency RMBS” refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or an agency of the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”); “non-Agency RMBS” refers to RMBS that are not guaranteed by any agency of the U.S. Government or GSE; “IOs” refers collectively to interest only and inverse interest only mortgage-backed securities that represent the right to the interest component of the cash flow from a pool of mortgage loans; “POs” refers to mortgage-backed securities that represent the right to the principal component of the cash flow from a pool of mortgage loans; “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities issued by a GSE, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, the Company's residential loans held in securitization trusts and a non-Agency RMBS re-securitization that we consolidate, or consolidated, in our financial statements in accordance with GAAP; “business purpose loans” refers to short-term loans collateralized by residential properties made to investors who intend to rehabilitate and sell the residential property for a profit or loans which finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants; “Consolidated SLST” refers to a Freddie Mac-sponsored residential loan securitization, comprised of seasoned re-performing and non-performing residential loans, of which we own or owned the first loss subordinated securities and certain IOs and senior securities that we consolidate in our financial statements in accordance with GAAP; and “SOFR” refers to Secured Overnight Funding Rate. Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of June 30, 2022, the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, the accompanying condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and six months ended June 30, 2022. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. The COVID-19 pandemic and resulting emergency measures have led (and may continue to lead) to significant disruptions in the global supply chain, global capital markets, the economy of the U.S. and the economies of other countries impacted by COVID-19. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our condensed consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2022; however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. Accordingly, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE in accordance with ASC 810, Consolidation ("ASC 810") when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values ( see Note 7 ). Non-controlling interest in Consolidated VIEs is adjusted prospectively for its share of the allocation of income or loss and equity contributions and distributions from each respective Consolidated VIE. The third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election. The Company has classified these third-party ownership interests as redeemable non-controlling interests in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets. Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 were effective immediately and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or on a prospective basis for eligible contract modifications through December 31, 2022. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its financing transactions that are subject to LIBOR and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. |
Residential Loans, at Fair Valu
Residential Loans, at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Residential Loans, at Fair Value | Residential Loans, at Fair Value The Company’s acquired residential loans, including performing, re-performing and non-performing residential loans, and business purpose loans, are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations. The following table presents t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 2,262,439 $ 1,000,120 $ 1,232,355 $ 4,494,914 $ 1,682,138 $ 1,071,228 $ 776,438 $ 3,529,804 (Discount)/premium (34,778) (4,551) (50,754) (90,083) (44,256) (2,998) (37,011) (84,265) Unrealized (losses) gains (34,342) (74,791) 33,494 (75,639) 65,408 2,652 62,002 130,062 Carrying value $ 2,193,319 $ 920,778 $ 1,215,095 $ 4,329,192 $ 1,703,290 $ 1,070,882 $ 801,429 $ 3,575,601 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2022 and December 31, 2021 ( see Note 10) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 11 ). (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 11) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, 2022 June 30, 2021 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (30,078) $ (10,798) $ (34,883) $ 1,009 $ 6,471 $ 4,893 For the Six Months Ended June 30, 2022 June 30, 2021 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (55,602) $ (77,443) $ (72,657) $ 7,435 $ (18,872) $ 17,143 (1) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable ( see Note 14). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. The Company recognized $3.2 million and $7.1 million of net realized gains on the payoff of residential loans, at fair value during the three and six months ended June 30, 2022, respectively. The Company recognized $4.9 million and $8.3 million of net realized gains on the payoff of residential loans, at fair value for the three and six months ended June 30, 2021, respectively. The Company also recognized $0.3 million and $0.5 million of net realized gains on the sale of residential loans, at fair value for the three and six months ended June 30, 2021, respectively. The Company did not sell any residential loans during the three and six months ended June 30, 2022. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.9 % 10.5 % 23.8 % 21.7 % 10.5 % 22.0 % Florida 11.2 % 10.4 % 10.1 % 10.4 % 10.5 % 8.9 % New York 8.8 % 9.7 % 7.5 % 8.8 % 9.8 % 9.2 % Texas 7.5 % 4.0 % 5.4 % 7.4 % 4.0 % 4.3 % New Jersey 6.9 % 7.5 % 4.7 % 5.9 % 7.3 % 6.4 % Washington 5.4 % 1.8 % 3.2 % 4.4 % 1.9 % 3.2 % Illinois 2.9 % 7.2 % 2.4 % 2.7 % 7.1 % 2.3 % Massachusetts 2.4 % 2.7 % 7.5 % 4.6 % 2.7 % 5.6 % The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance June 30, 2022 $ 115,696 $ 123,559 $ 10,588 $ 11,219 December 31, 2021 92,990 102,981 17,102 17,716 |
Multi-family Loans, at Fair Val
Multi-family Loans, at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Multi-family Loans, at Fair Value | Multi-family Loans, at Fair Value The Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Investment amount $ 105,399 $ 118,307 Deferred loan fees, net (517) (672) Unrealized gains, net 1,943 2,386 Total, at Fair Value $ 106,825 $ 120,021 For the three and six months ended June 30, 2022, the Company recognized $11.9 thousand in net unrealized gains and $0.4 million in net unrealized losses on preferred equity and mezzanine loan investments included in multi-family loans, respectively. For the three and six months ended June 30, 2021, the Company recognized $0.2 million and $0.3 million in net unrealized gains on preferred equity and mezzanine loan investments included in multi-family loans, respectively. For the three and six months ended June 30, 2022, the Company recognized $0.2 million and $1.0 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively. For the three and six months ended June 30, 2021, the Company recognized $1.5 million and $2.0 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively. Premiums resulting from early redemption of preferred equity and mezzanine loans accounted for as multi-family loans are included in other income on the accompanying condensed consolidated statements of operations. The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loans in non-accrual status as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,370 $ 3,363 $ 3,972 $ 3,363 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Texas 25.1 % 28.3 % Florida 13.9 % 12.2 % Tennessee 12.7 % 11.0 % Georgia 8.5 % 7.4 % Ohio 8.1 % 7.2 % Louisiana 6.3 % 5.8 % Alabama 5.8 % 5.0 % North Carolina 5.0 % 7.0 % |
Investment Securities Available
Investment Securities Available for Sale, at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available for Sale, at Fair Value | Investment Securities Available for Sale, at Fair Value The Company accounts for certain of its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments ("ASC 825"), where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company also has investment securities available for sale where the fair value option has not been elected, which we refer to as CECL Securities. CECL Securities are reported at fair value with unrealized gains and losses recorded in other comprehensive income (loss) on the Company's condensed consolidated statements of comprehensive income (loss). The Company's investment securities available for sale consisted of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Non-Agency RMBS $ 50,307 $ 7,009 $ (7,076) $ 50,240 $ 100,186 $ 949 $ (2,636) $ 98,499 CMBS 32,600 — (2,504) 30,096 32,600 684 (138) 33,146 ABS 19,371 16,217 — 35,588 21,795 17,884 — 39,679 Total investment securities available for sale - fair value option 102,278 23,226 (9,580) 115,924 154,581 19,517 (2,774) 171,324 CECL Securities Non-Agency RMBS 25,526 — (944) 24,582 27,743 1,787 (10) 29,520 Total investment securities available for sale - CECL Securities 25,526 — (944) 24,582 27,743 1,787 (10) 29,520 Total $ 127,804 $ 23,226 $ (10,524) $ 140,506 $ 182,324 $ 21,304 $ (2,784) $ 200,844 Accrued interest receivable for investment securities available for sale in the amount of $0.4 million and $0.7 million as of June 30, 2022 and December 31, 2021, respectively, is included in other assets on the Company's condensed consolidated balance sheets. For the three and six months ended June 30, 2022, the Company recognized $1.5 million in net unrealized gains and $3.1 million in net unrealized losses on investment securities available for sale accounted for under the fair value option, respectively. For the three and six months ended June 30, 2021, the Company recognized $8.0 million and $6.1 million in net unrealized gains on investment securities available for sale accounted for under the fair value option, respectively. Realized Gain and Loss Activity The Company did not sell investment securities during the three months ended June 30, 2022. The following tables summarize our investment securities sold during the three months ended June 30, 2021 and the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 3,770 $ 392 $ — $ 392 Total $ 3,770 $ 392 $ — $ 392 Six Months Ended June 30, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 Total $ 24,374 $ 374 $ — $ 374 Six Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 72,083 $ 12 $ (833) $ (821) CMBS 43,315 5,587 — 5,587 Total $ 115,398 $ 5,599 $ (833) $ 4,766 Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 37 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of June 30, 2022 and December 31, 2021, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 6.0 years and 5.8 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Weighted Average Life June 30, 2022 December 31, 2021 0 to 5 years $ 68,455 $ 144,266 Over 5 to 10 years 58,419 39,306 10+ years 13,632 17,272 Total $ 140,506 $ 200,844 Unrealized Losses in Other Comprehensive Income (Loss) The Company evaluated its CECL Securities that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, respectively, and determined that no allowance for credit losses was necessary. The Company did not recognize credit losses for its CECL Securities through earnings for the three and six months ended June 30, 2022 and 2021. The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 24,540 $ (938) $ 42 $ (6) $ 24,582 $ (944) Total $ 24,540 $ (938) $ 42 $ (6) $ 24,582 $ (944) December 31, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 2,300 $ (3) $ 48 $ (7) $ 2,348 $ (10) Total $ 2,300 $ (3) $ 48 $ (7) $ 2,348 $ (10) At June 30, 2022 , the Company did not intend to sell any of its investment securities available for sale that were in an unrealized loss position, and it was “more likely than not” that the Company would not be required to sell these securities before recovery of their amortized cost basis, which may be at their maturity. Credit risk associated with non-Agency RMBS is regularly assessed as new information regarding the underlying collateral becomes available and based on updated estimates of cash flows generated by the underlying collateral. In performing its assessment, the Company considers past and expected future performance of the underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, current levels of subordination, volatility of the security's fair value, temporary declines in liquidity for the asset class and interest rate changes since purchase. Based upon the most recent evaluation, the Company does not believe that these unrealized losses are credit related but are rather a reflection of current market yields and/or marketplace bid-ask spreads. |
Equity Investments, at Fair Val
Equity Investments, at Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments, at Fair Value | Equity Investments, at Fair Value The Company's equity investments consist of, or have consisted of, preferred equity ownership interests in entities that invest in multi-family properties where the risks and payment characteristics are equivalent to an equity investment (or multi-family preferred equity ownership interests), equity ownership interests in entities that invest in single-family properties and invest in or originate residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. The following table presents the Company's equity investments as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests Somerset Deerfield Investor, LLC 45% $ 20,586 45% $ 19,965 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 6,047 43% 5,725 1122 Chicago DE, LLC 53% 7,998 53% 7,723 Bighaus, LLC 42% 15,987 42% 15,471 FF/RMI 20 Midtown, LLC 51% 26,403 51% 25,499 Lurin-RMI, LLC 38% 10,985 38% 9,548 Palms at Cape Coral, LLC 34% 5,338 34% 5,175 America Walks at Port St. Lucie, LLC 62% 30,367 62% 30,383 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 17,814 57% 17,213 Lucie at Tradition Holdings, LLC 70% 17,271 70% 16,597 Syracuse Apartments and Townhomes, LLC 58% 19,987 — — DCP Gold Creek, LLC — — 44% 6,686 Rigsbee Ave Holdings, LLC — — 56% 11,331 Walnut Creek Properties Holdings, L.L.C. — — 36% 9,482 Total - Multi-Family Preferred Equity Ownership Interests 178,783 180,798 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC 70% 3,982 70% 3,770 GWR Gateway Partners, LLC 70% 7,008 70% 6,670 Total - Joint Venture Equity Investments in Multi-Family Properties 10,990 10,440 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) 11% 2,878 11% 19,143 Constructive Loans, LLC (2) — 31,000 — 29,250 Total - Single-Family Equity Ownership Interests 33,878 48,393 Total $ 223,651 $ 239,631 (1) The Company's equity investment was partially redeemed, subject to holdbacks, as a result of a sale transaction initiated by the general partner during the six months ended June 30, 2022. (2) The Company has the option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans. The Company accounts for this investment using the equity method and has elected the fair value option. The Company purchased $82.1 million and $252.3 million of residential loans from the entity during the three and six months ended June 30, 2022, respectively. The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings. The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and six months ended June 30, 2022 includes $0.3 million and $0.4 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2021 includes $0.8 million and $0.9 million of net unrealized gains, respectively. Three Months Ended June 30, Six Months Ended June 30, Investment Name 2022 2021 2022 2021 Somerset Deerfield Investor, LLC $ 596 $ 675 $ 1,183 $ 1,141 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 163 174 322 298 DCP Gold Creek, LLC (599) 197 254 400 1122 Chicago DE, LLC 241 225 478 446 Bighaus, LLC 472 443 937 879 FF/RMI 20 Midtown, LLC 812 758 1,610 1,504 Lurin-RMI, LLC 1,520 235 1,800 470 Palms at Cape Coral, LLC 158 — 313 — America Walks at Port St. Lucie, LLC 902 — 1,804 — EHOF-NYMT Sunset Apartments Preferred, LLC 559 — 1,108 — Lucie at Tradition Holdings, LLC 614 — 1,215 — Syracuse Apartments and Townhomes, LLC 591 — 1,107 — Rigsbee Ave Holdings, LLC — 896 (174) 1,215 Walnut Creek Properties Holdings, L.L.C. — 263 (153) 541 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) — 357 — 704 Audubon Mezzanine Holdings, L.L.C. (Series A) — 357 — 721 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) — 240 — 419 Towers Property Holdings, LLC — 361 — 740 Mansions Property Holdings, LLC — 348 — 713 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) — 131 — 266 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) — 302 — 616 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) — 374 — 762 Total Income - Multi-Family Preferred Equity Ownership Interests $ 6,029 $ 6,336 $ 11,804 $ 11,835 For the three and six months ended June 30, 2022, the Company recognized $0.7 million and $1.5 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other income on the accompanying condensed consolidated statements of operations. For the three and six months ended June 30, 2021, the Company recognized no premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income from these investments for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, Investment Name 2022 2021 2022 2021 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) $ 22 $ 998 $ 50 $ 2,186 Constructive Loans, LLC (2) 1,750 — 1,750 — Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) — 3,273 — (15) Total Income - Single-Family Equity Ownership Interests $ 1,772 $ 4,271 $ 1,800 $ 2,171 Joint Venture Equity Investments in Multi-Family Properties (4) GWR Cedars Partners, LLC $ 111 $ — $ 211 $ — GWR Gateway Partners, LLC 188 — 338 — Total Income - Joint Venture Equity Investments in Multi-Family Properties $ 299 $ — $ 549 $ — (1) The Company's equity investment was partially redeemed during the six months ended June 30, 2022. (2) Includes net unrealized gain of $1.8 million for the three and six months ended June 30, 2022. (3) The Company's equity investment was redeemed during the year ended December 31, 2021. (4) Includes net unrealized gain of $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively. |
Use of Special Purpose Entities
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) Financing VIEs The Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into financing transactions, including residential loan securitizations and re-securitizations, which required the Company to analyze and determine whether the SPEs that were created to facilitate the transactions are VIEs in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. As of June 30, 2022 and December 31, 2021, the Company evaluated its residential loan securitizations and concluded that the entities created to facilitate each of the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs (each a “Financing VIE” and collectively, the “Financing VIEs”). Accordingly, the Company consolidated the then-outstanding Financing VIEs as of June 30, 2022 and December 31, 2021. During the six months ended June 30, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization with an outstanding principal balance of $14.7 million at the time of redemption and returned the assets held by the trust to the Company. Consolidated SLST The Company invests in subordinated securities that represent the first loss position of the Freddie Mac-sponsored residential loan securitization from which they were issued, and certain IOs and senior securities issued from the securitization. The Company has evaluated its investments in this securitization trust to determine whether it is a VIE and if so, whether the Company is the primary beneficiary requiring consolidation. The Company has determined that the Freddie Mac-sponsored residential loan securitization trust, which we refer to as Consolidated SLST, is a VIE as of June 30, 2022 and December 31, 2021, and that the Company is the primary beneficiary of the VIE within Consolidated SLST. Accordingly, the Company has consolidated the assets, liabilities, income and expenses of such VIE in the accompanying condensed consolidated financial statements ( see Notes 2, 3 and 11 ). The Company has elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in the Company’s condensed consolidated statements of operations. The Company does not have any claims to the assets or obligations for the liabilities of Consolidated SLST, other than those securities owned by the Company as of June 30, 2022 and December 31, 2021 with a fair value of $208.6 million and $230.3 million, respectively ( see Note 14 ). The Company’s investments that are included in Consolidated SLST were not included as collateral to any Financing VIE as of June 30, 2022 and December 31, 2021. Consolidated Real Estate VIEs The Company invests in joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidates the assets, liabilities, income and expenses of these VIEs in the accompanying condensed consolidated financial statements with non-controlling interests or redeemable non-controlling interests for the third-party ownership of the joint ventures' membership interests. Additionally, during the six months ended June 30, 2022, a Consolidated VIE purchased two multi-family apartment communities. The Company accounted for the initial consolidation of the joint venture investments and the real estate acquisitions by a Consolidated VIE in accordance with asset acquisition provisions of ASC 805, as substantially all of the fair value of the assets within the entities are concentrated in either a single identifiable asset or group of similar identifiable assets. The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three and six months ended June 30, 2022, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cash $ 1,474 $ 973 $ 8,576 $ 2,723 Operating real estate (1) 202,220 42,050 730,988 73,513 Lease intangibles (2) 14,431 3,320 41,892 4,964 Other assets 2,706 3,851 8,836 5,695 Total assets 220,831 50,194 790,292 86,895 Mortgages payable on real estate, net 156,494 36,057 566,250 61,831 Other liabilities 1,482 652 4,662 797 Total liabilities 157,976 36,709 570,912 62,628 Non-controlling interest (3) 5,805 1,335 16,293 1,874 Net assets consolidated $ 57,050 $ 12,150 $ 203,087 $ 22,393 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in other assets in the accompanying condensed consolidated balance sheets. (3) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. During the year ended December 31, 2020, the Company reconsidered its evaluation of its variable interest in a VIE that owns a multi-family apartment community and in which the Company held a preferred equity investment. The Company determined that it gained the power to direct the activities, and became primary beneficiary, of the VIE and consolidated this VIE into its consolidated financial statements. Subsequently, in July 2021, the VIE redeemed its non-controlling interest which resulted in an equity transaction accounted for by the Company in accordance with ASC 810. In addition, the Company reconsidered its evaluation of its investment in the entity and determined that the entity no longer met the criteria for being characterized as a VIE and is a wholly-owned subsidiary of the Company. In March 2022, the entity completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment ( see Note 8 ). In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST and Consolidated Real Estate VIEs, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of June 30, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 38,233 $ 38,233 Residential loans, at fair value 1,215,095 920,778 — 2,135,873 Real estate, net held in Consolidated VIEs (1) — — 1,649,472 1,649,472 Other assets 77,630 3,314 48,087 129,031 Total assets $ 1,292,725 $ 924,092 $ 1,735,792 $ 3,952,609 Collateralized debt obligations ($1,107,091 at amortized cost, net and $710,233 at fair value) $ 1,107,091 $ 710,233 $ — $ 1,817,324 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 1,251,059 1,251,059 Other liabilities 43,477 3,859 25,755 73,091 Total liabilities $ 1,150,568 $ 714,092 $ 1,276,814 $ 3,141,474 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 37,101 $ 37,101 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 34,080 $ 34,080 Net investment (5) $ 142,157 $ 210,000 $ 387,797 $ 739,954 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Three Months Ended June 30, 2022 2021 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 9,254 $ — $ 9,254 $ 10,479 $ — $ 10,479 Interest expense 6,208 13,148 19,356 7,151 430 7,581 Total net interest income (expense) 3,046 (13,148) (10,102) 3,328 (430) 2,898 Unrealized (losses) gains, net (4,275) — (4,275) 9,793 — 9,793 Income from real estate — 34,409 34,409 — 2,150 2,150 Total non-interest (loss) income (4,275) 34,409 30,134 9,793 2,150 11,943 Expenses related to real estate (1) — 68,337 68,337 — 3,913 3,913 Net (loss) income (1,229) (47,076) (48,305) 13,121 (2,193) 10,928 Net loss attributable to non-controlling interest in Consolidated VIEs — 18,922 18,922 — 1,625 1,625 Net (loss) income attributable to Company $ (1,229) $ (28,154) $ (29,383) $ 13,121 $ (568) $ 12,553 (1) See Note 8 for depreciation and amortization expenses related to operating real estate. The following table presents condensed statements of operations for non-Company-sponsored VIEs for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Six Months Ended June 30, 2022 2021 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 18,635 $ — $ 18,635 $ 20,797 $ — $ 20,797 Interest expense 12,186 19,983 32,169 14,254 740 14,994 Total net interest income (expense) 6,449 (19,983) (13,534) 6,543 (740) 5,803 Unrealized (losses) gains, net (19,555) — (19,555) 19,018 — 19,018 Income from real estate — 58,047 58,047 — 3,645 3,645 Total non-interest (loss) income (19,555) 58,047 38,492 19,018 3,645 22,663 Expenses related to real estate (1) — 114,783 114,783 — 6,837 6,837 Net (loss) income (13,106) (76,719) (89,825) 25,561 (3,932) 21,629 Net loss attributable to non-controlling interest in Consolidated VIEs — 33,792 33,792 — 3,034 3,034 Net (loss) income attributable to Company $ (13,106) $ (42,927) $ (56,033) $ 25,561 $ (898) $ 24,663 (1) See Note 8 for depreciation and amortization expenses related to operating real estate. Redeemable Non-Controlling Interest in Consolidated VIEs The third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election. The Company has classified these third-party ownership interests as redeemable non-controlling interests in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets. The holders of the redeemable non-controlling interests may elect to sell their ownership interests to the Company at fair value once a year and the sales are subject to minimum and maximum amount limitations. The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and six months ended June 30, 2022 (dollar amounts in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning balance $ 53,361 $ 66,392 Contributions 41 315 Distributions (1,133) (1,810) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (15,168) (27,796) Ending balance $ 37,101 $ 37,101 Unconsolidated VIEs As of June 30, 2022 and December 31, 2021, the Company evaluated its investment securities available for sale, preferred equity and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of June 30, 2022 and December 31, 2021, it does not have a controlling financial interest and is not the primary beneficiary of these VIEs. The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Multi-family loans Investment Equity investments Total ABS $ — $ 35,588 $ — $ 35,588 Non-Agency RMBS — 31,978 — 31,978 Preferred equity investments in multi-family properties 106,825 — 178,783 285,608 Joint venture equity investments in multi-family properties — — 10,990 10,990 Equity investments in entities that invest in residential properties — — 2,878 2,878 Maximum exposure $ 106,825 $ 67,566 $ 192,651 $ 367,042 December 31, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 39,679 $ — $ 39,679 Non-Agency RMBS — 30,924 — 30,924 Preferred equity investments in multi-family properties 120,021 — 180,798 300,819 Joint venture equity investments in multi-family properties — — 10,440 10,440 Equity investments in entities that invest in residential properties — — 19,143 19,143 Maximum exposure $ 120,021 $ 70,603 $ 210,381 $ 401,005 |
Real Estate, Net
Real Estate, Net | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate, Net | Real Estate, Net The following is a summary of real estate, net, collectively, as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Land $ 218,223 $ 111,182 Building and improvements 1,524,023 835,635 Furniture, fixture and equipment 46,491 23,546 Operating real estate $ 1,788,737 $ 970,363 Accumulated depreciation (27,332) (3,890) Operating real estate, net $ 1,761,405 $ 966,473 Real estate held for sale, net (1) $ 30,915 $ 51,110 Real estate, net $ 1,792,320 $ 1,017,583 (1) Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. Multi-family Apartment Properties As of June 30, 2022 and December 31, 2021, the Company invested in joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . In June 2022, the Company determined that the multi-family apartment community owned by one of the joint venture investments met the criteria to be classified as held for sale, transferred the property held by the joint venture from operating real estate to real estate held for sale and recognized no loss. As of June 30, 2021, the Company was the primary beneficiary of a VIE that owned a multi-family apartment community and in which the Company held a preferred equity investment. Accordingly, the Company consolidated the VIE into its condensed consolidated financial statements. In July 2021, the VIE redeemed its non-controlling interest, which caused the entity to no longer meet the criteria for being characterized as a VIE and became a wholly-owned subsidiary of the Company ( see Note 7 ). In November 2021, the Company determined that the multi-family apartment community owned by the wholly-owned subsidiary met the criteria to be classified as held for sale, transferred the property held by the wholly-owned subsidiary from operating real estate to real estate held for sale and recognized a $0.2 million loss. In March 2022, the entity completed the sale of its multi-family apartment community for approximately $52.0 million, subject to certain prorations and adjustments typical in such real estate transactions, repaid the related mortgage payable in the amount of approximately $37.0 million and redeemed the Company's preferred equity investment. The sale generated a net gain of approximately $0.4 million and a loss on extinguishment of debt of approximately $0.6 million, both of which are included in other income on the accompanying condensed consolidated statements of operations. The multi-family apartment communities lease their apartment units to individual tenants at market rates for the production of rental income. These apartment units are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Single-family Rental Properties As of June 30, 2022 and December 31, 2021, the Company owned single-family rental homes. These units are leased to individual tenants for the production of rental income and are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Lease Intangibles Intangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying condensed consolidated balance sheets. The following table presents the components of lease intangibles, net as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Lease intangibles $ 92,216 $ 51,969 Accumulated amortization (73,292) (12,200) Lease intangibles, net $ 18,924 $ 39,769 Real Estate Income and Expenses Rental income and other income derived from real estate are included in income from real estate in the accompanying condensed consolidated statements of operations. Depreciation and amortization expenses related to operating real estate and other expenses incurred on real estate are included in expenses related to real estate on the accompanying condensed consolidated statements of operations. The following table presents the components of income from real estate and expenses related to real estate for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Rental income $ 32,137 $ 2,078 $ 55,425 $ 3,567 Other income 3,733 72 6,033 78 Total income from real estate $ 35,870 $ 2,150 $ 61,458 $ 3,645 Interest expense, mortgages payable on real estate (1) $ 13,151 $ 430 $ 20,308 $ 740 Depreciation expense on operating real estate $ 15,132 $ 838 $ 25,244 $ 1,519 Amortization of lease intangibles related to operating real estate 37,262 1,516 62,737 2,758 Other expenses 18,365 1,559 30,767 2,560 Total expenses related to real estate $ 70,759 $ 3,913 $ 118,748 $ 6,837 (1) Included in interest expense in the accompanying condensed consolidated statements of operations. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Offsetting [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Other Assets The following table presents the components of the Company's other assets as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Restricted cash (1) $ 144,614 $ 48,259 Accrued interest receivable 38,136 26,688 Other assets in consolidated multi-family properties 25,160 21,668 Collections receivable from residential loan servicers 20,624 28,634 Lease intangibles, net in consolidated multi-family properties 18,924 39,769 Recoverable advances on residential loans 13,444 14,143 Other receivables 12,943 14,507 Operating lease right-of-use assets 8,429 9,011 Deferred tax assets 5,324 6,282 Real estate owned 2,552 2,055 Other 9,788 4,003 Total $ 299,938 $ 215,019 (1) Restricted cash represents cash held by third parties, including cash held by the Company's securitization trusts and consolidated multi-family properties. Other Liabilities The following table presents the components of the Company's other liabilities as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Advanced remittances from residential loan servicers $ 94,377 $ 16,603 Dividends and dividend equivalents payable 49,026 48,328 Accrued expenses and other liabilities in consolidated multi-family properties 25,755 22,583 Accrued expenses 13,887 13,408 Deferred revenue 11,507 13,019 Unfunded commitments for residential loans 9,663 21,364 Operating lease liabilities 8,994 9,584 Accrued interest payable 8,604 9,051 Deferred tax liabilities 5,558 6,681 Other 3,695 460 Total $ 231,066 $ 161,081 |
Repurchase Agreements
Repurchase Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract] | |
Repurchase Agreements | Repurchase Agreements The following table presents the carrying value of the Company's repurchase agreements as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: June 30, 2022 December 31, 2021 Residential loans $ 1,564,545 $ 554,259 Investment securities 129,331 — Total carrying value $ 1,693,876 $ 554,259 As of June 30, 2022, the Company's only repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity was to Credit Suisse at 6.23%. The amount at risk is defined as the fair value of assets pledged as collateral to the financing arrangement in excess of the financing arrangement liability. The financings under certain of our repurchase agreements are subject to margin calls to the extent the market value of the collateral subject to repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of June 30, 2022, the Company had assets available to be posted as margin which included liquid assets, such as unrestricted cash and cash equivalents, and unencumbered securities that could be monetized to pay down or collateralize the liability immediately. As of June 30, 2022, the Company had $368.9 million included in cash and cash equivalents and $88.3 million in unencumbered investment securities available to meet additional haircuts or market valuation requirements. The following table presents information about the Company's unencumbered securities at June 30, 2022 (dollar amounts in thousands): Unencumbered Securities June 30, 2022 Non-Agency RMBS (1) $ 52,672 CMBS — ABS 35,588 Total $ 88,260 (1) Includes IOs in Consolidated SLST with a fair value of $19.7 million as of June 30, 2022. Residential Loans The Company has repurchase agreements with four financial institutions to fund the purchase of residential loans. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Fair Value of Loans Pledged Weighted Average Rate Weighted Average Months to Maturity (3) June 30, 2022 $ 2,140,048 $ 1,566,926 $ (2,381) $ 1,564,545 $ 1,887,742 3.81 % 14.51 December 31, 2021 $ 1,252,352 $ 554,784 $ (525) $ 554,259 $ 729,649 2.79 % 4.38 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $755.6 million, a weighted average rate of 4.01%, and weighted average months to maturity of 20.23 months as of June 30, 2022. Includes a non-mark-to-market repurchase agreement with an outstanding balance of $15.6 million, a rate of 4.00%, and months to maturity of 2.03 months as of December 31, 2021. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. During the terms of the repurchase agreements, proceeds from the residential loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the repurchase agreements with two of the counterparties with an aggregate outstanding balance of $811.4 million as of June 30, 2022 are subject to margin calls to the extent the market value of the residential loans falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of June 30, 2022, the Company's repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity. The Company is in compliance with such covenants as of June 30, 2022 and through the date of this Quarterly Report on Form 10-Q. Investment Securities The Company has entered into repurchase agreements with financial institutions to finance its investment securities portfolio (including investment securities available for sale and securities owned in Consolidated SLST). These repurchase agreements provide short-term financing that bear interest rates typically based on a spread to SOFR and are secured by the investment securities which they finance and additional collateral pledged, if any. As of June 30, 2022, the Company had amounts outstanding under repurchase agreements with two counterparties. As of December 31, 2021, the Company had no amounts outstanding under repurchase agreements to finance investment securities. The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at June 30, 2022 (dollar amounts in thousands): June 30, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Non-Agency RMBS (1) (2) $ 113,650 $ 233,407 $ 263,768 CMBS 15,681 30,096 32,600 Balance at end of the period $ 129,331 $ 263,503 $ 296,368 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $188.9 million as of June 30, 2022. (2) Collateral pledged includes restricted cash posted as margin in the amount of $2.7 million. As of June 30, 2022, the average days to maturity for repurchase agreements secured by investment securities was 11 days and the weighted average interest rate was 2.84%. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at June 30, 2022 amounted to $0.2 million and is included in other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at June 30, 2022 (dollar amounts in thousands): Contractual Maturity June 30, 2022 Within 30 days $ 129,331 Over 30 day to 90 days — Over 90 days — Total $ 129,331 |
Collateralized Debt Obligations
Collateralized Debt Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Collateralized Debt Obligations | Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 742,601 $ 710,233 2.75 % 2059 Residential loan securitizations 1,112,421 1,107,091 2.77 % 2026 - 2061 Total collateralized debt obligations $ 1,855,022 $ 1,817,324 December 31, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 814,256 $ 839,419 2.75 % 2059 Residential loan securitizations 686,122 682,802 2.43 % 2026 - 2061 Total collateralized debt obligations $ 1,500,378 $ 1,522,221 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). The Company's collateralized debt obligations as of June 30, 2022 had stated maturities as follows: Year ending December 31, Total 2022 $ — 2023 — 2024 — 2025 — 2026 180,000 2027 225,000 Thereafter 1,450,022 Total $ 1,855,022 Convertible Notes As of December 31, 2021, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 (the "Convertible Notes") outstanding. Costs related to the issuance of the Convertible Notes which included underwriting, legal, accounting and other fees, were reflected as deferred charges. The underwriter's discount and deferred charges, net of amortization, were presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $0.1 million as of December 31, 2021. The underwriter's discount and deferred charges were amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The Convertible Notes were issued at 96% of the principal amount, bore interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and matured on January 15, 2022. The Company did not have the right to redeem the Convertible Notes prior to maturity and no sinking fund was provided for the Convertible Notes. Holders of the Convertible Notes were permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022. The conversion rate for the Convertible Notes, which was subject to adjustment upon the occurrence of certain specified events, initially equaled 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which was equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes were senior unsecured obligations of the Company that ranked pari passu in right of payment with the Company's senior unsecured indebtedness and ranked senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that was expressly subordinated in right of payment to the Convertible Notes. The Company redeemed the Convertible Notes at maturity for $138.0 million on January 15, 2022. None of the Convertible Notes were converted prior to maturity. The following table presents interest expense from the Convertible Notes for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest expense $ — $ 2,156 $ 335 $ 4,312 Amortization of underwriter's discount and deferred charges — 632 103 1,260 Total $ — $ 2,788 $ 438 $ 5,572 Senior Unsecured Notes On April 27, 2021, the Company completed the issuance and sale to various qualified institutional investors of $100.0 million aggregate principal amount of its unregistered 5.75% Senior Notes due 2026 (the "Unregistered Notes") in a private placement offering at 100% of the principal amount. The net proceeds to the Company from the sale of the Unregistered Notes, after deducting offering expenses, were approximately $96.3 million. Subsequent to the issuance of the Unregistered Notes, the Company conducted an exchange offer wherein the Company exchanged its registered 5.75% Senior Notes due 2026 (the "Registered Notes" and, together with the aggregate principal amount of Unregistered Notes that remain outstanding, the "Senior Unsecured Notes") for an equal principal amount of Unregistered Notes. As of June 30, 2022, the Company had $100.0 million aggregate principal amount of its Senior Unsecured Notes outstanding. Costs related to the issuance of the Senior Unsecured Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $3.0 million and $3.3 million as of June 30, 2022 and December 31, 2021, respectively. The deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 6.64%. The Senior Unsecured Notes bear interest at a rate of 5.75% per year, subject to adjustment from time to time based on changes in the ratings of the Senior Unsecured Notes by one or more nationally recognized statistical rating organizations (a “NRSRO”). The annual interest rate on the Senior Unsecured Notes will increase by (i) 0.50% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of BB+ or below and above B+ from any NRSRO and (ii) 0.75% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of B+ or below or no rating from any NRSRO. Interest on the Senior Unsecured Notes is paid semi-annually in arrears on April 30 and October 30 of each year and the Senior Unsecured Notes will mature on April 30, 2026. The Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at any time prior to April 30, 2023 at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus the applicable "make-whole" premium, plus accrued but unpaid interest, if any, to, but excluding, the redemption date. The "make-whole" premium is equal to the present value of all interest that would have accrued between the redemption date and up to, but excluding, April 30, 2023, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by 2.875%. On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — No sinking fund is provided for the Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company that are structurally subordinated in right of payment to the Company's subordinated debentures. As of June 30, 2022, the Company's Senior Unsecured Notes contain various covenants including the maintenance of a minimum net asset value, ratio of unencumbered assets to unsecured indebtedness and senior debt service coverage ratio and limit the amount of leverage the Company may utilize and its ability to transfer the Company’s assets substantially as an entirety or merge into or consolidate with another person. The Company is in compliance with such covenants as of June 30, 2022 and through the date of this Quarterly Report on Form 10-Q. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of August 4, 2022, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Mortgages Payable on Real Estate As of June 30, 2022 and December 31, 2021, the Company invested in joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . As of June 30, 2021, the Company was the primary beneficiary of a VIE that owned a multi-family apartment community and in which the Company held a preferred equity investment. Accordingly, the Company consolidated the VIE into its condensed consolidated financial statements. Subsequently, in July 2021, the VIE redeemed its non-controlling interest and the Company reconsidered its evaluation of its investment in the entity. The Company determined that the entity no longer met the criteria for being characterized as a VIE and is a wholly-owned subsidiary of the Company ( see Note 7 ). In March 2022, the entity completed the sale of this multi-family apartment community and redeemed the Company's preferred equity investment. In conjunction with the sale, the entity repaid the related mortgage payable in the amount of approximately $37.0 million and recorded a loss on extinguishment of debt of approximately $0.6 million, which is included in other income on the accompanying condensed consolidated statements of operations. The consolidated multi-family apartment communities are subject to mortgages payable collateralized by the associated real estate assets. The Company has no obligation for repayment of the mortgages payable but, with respect to certain of the mortgages payable, we may execute a non-recourse guaranty related to commitment of bad acts. The following table presents detailed information for these mortgages payable on real estate as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) June 30, 2022 $ 1,354,367 $ 1,272,515 $ (21,456) $ 1,251,059 2024 - 2032 4.00 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. Debt Maturities As of June 30, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2022 $ — 2023 — 2024 294,814 2025 535,240 2026 133,772 2027 — Thereafter 453,689 $ 1,417,515 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Collateralized Debt Obligations The Company's collateralized debt obligations, or CDOs, are accounted for as financings and are non-recourse debt to the Company. See Note 7 for further discussion regarding the collateral pledged for the Company's CDOs as well as the Company's net investments in the related securitizations. The following tables present a summary of the Company's CDOs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 742,601 $ 710,233 2.75 % 2059 Residential loan securitizations 1,112,421 1,107,091 2.77 % 2026 - 2061 Total collateralized debt obligations $ 1,855,022 $ 1,817,324 December 31, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 814,256 $ 839,419 2.75 % 2059 Residential loan securitizations 686,122 682,802 2.43 % 2026 - 2061 Total collateralized debt obligations $ 1,500,378 $ 1,522,221 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). The Company's collateralized debt obligations as of June 30, 2022 had stated maturities as follows: Year ending December 31, Total 2022 $ — 2023 — 2024 — 2025 — 2026 180,000 2027 225,000 Thereafter 1,450,022 Total $ 1,855,022 Convertible Notes As of December 31, 2021, the Company had $138.0 million aggregate principal amount of its 6.25% Senior Convertible Notes due 2022 (the "Convertible Notes") outstanding. Costs related to the issuance of the Convertible Notes which included underwriting, legal, accounting and other fees, were reflected as deferred charges. The underwriter's discount and deferred charges, net of amortization, were presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $0.1 million as of December 31, 2021. The underwriter's discount and deferred charges were amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 8.24%. The Convertible Notes were issued at 96% of the principal amount, bore interest at a rate equal to 6.25% per year, payable semi-annually in arrears on January 15 and July 15 of each year, and matured on January 15, 2022. The Company did not have the right to redeem the Convertible Notes prior to maturity and no sinking fund was provided for the Convertible Notes. Holders of the Convertible Notes were permitted to convert their Convertible Notes into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding January 15, 2022. The conversion rate for the Convertible Notes, which was subject to adjustment upon the occurrence of certain specified events, initially equaled 142.7144 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which was equivalent to a conversion price of approximately $7.01 per share of the Company’s common stock, based on a $1,000 principal amount of the Convertible Notes. The Convertible Notes were senior unsecured obligations of the Company that ranked pari passu in right of payment with the Company's senior unsecured indebtedness and ranked senior in right of payment to the Company's subordinated debentures and any of its other indebtedness that was expressly subordinated in right of payment to the Convertible Notes. The Company redeemed the Convertible Notes at maturity for $138.0 million on January 15, 2022. None of the Convertible Notes were converted prior to maturity. The following table presents interest expense from the Convertible Notes for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest expense $ — $ 2,156 $ 335 $ 4,312 Amortization of underwriter's discount and deferred charges — 632 103 1,260 Total $ — $ 2,788 $ 438 $ 5,572 Senior Unsecured Notes On April 27, 2021, the Company completed the issuance and sale to various qualified institutional investors of $100.0 million aggregate principal amount of its unregistered 5.75% Senior Notes due 2026 (the "Unregistered Notes") in a private placement offering at 100% of the principal amount. The net proceeds to the Company from the sale of the Unregistered Notes, after deducting offering expenses, were approximately $96.3 million. Subsequent to the issuance of the Unregistered Notes, the Company conducted an exchange offer wherein the Company exchanged its registered 5.75% Senior Notes due 2026 (the "Registered Notes" and, together with the aggregate principal amount of Unregistered Notes that remain outstanding, the "Senior Unsecured Notes") for an equal principal amount of Unregistered Notes. As of June 30, 2022, the Company had $100.0 million aggregate principal amount of its Senior Unsecured Notes outstanding. Costs related to the issuance of the Senior Unsecured Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $3.0 million and $3.3 million as of June 30, 2022 and December 31, 2021, respectively. The deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 6.64%. The Senior Unsecured Notes bear interest at a rate of 5.75% per year, subject to adjustment from time to time based on changes in the ratings of the Senior Unsecured Notes by one or more nationally recognized statistical rating organizations (a “NRSRO”). The annual interest rate on the Senior Unsecured Notes will increase by (i) 0.50% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of BB+ or below and above B+ from any NRSRO and (ii) 0.75% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of B+ or below or no rating from any NRSRO. Interest on the Senior Unsecured Notes is paid semi-annually in arrears on April 30 and October 30 of each year and the Senior Unsecured Notes will mature on April 30, 2026. The Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at any time prior to April 30, 2023 at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus the applicable "make-whole" premium, plus accrued but unpaid interest, if any, to, but excluding, the redemption date. The "make-whole" premium is equal to the present value of all interest that would have accrued between the redemption date and up to, but excluding, April 30, 2023, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by 2.875%. On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — No sinking fund is provided for the Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company that are structurally subordinated in right of payment to the Company's subordinated debentures. As of June 30, 2022, the Company's Senior Unsecured Notes contain various covenants including the maintenance of a minimum net asset value, ratio of unencumbered assets to unsecured indebtedness and senior debt service coverage ratio and limit the amount of leverage the Company may utilize and its ability to transfer the Company’s assets substantially as an entirety or merge into or consolidate with another person. The Company is in compliance with such covenants as of June 30, 2022 and through the date of this Quarterly Report on Form 10-Q. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 As of August 4, 2022, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Mortgages Payable on Real Estate As of June 30, 2022 and December 31, 2021, the Company invested in joint venture investments that own multi-family apartment communities, which the Company determined to be VIEs and for which the Company is the primary beneficiary. Accordingly, the Company consolidated the joint venture entities into its condensed consolidated financial statements ( see Note 7) . As of June 30, 2021, the Company was the primary beneficiary of a VIE that owned a multi-family apartment community and in which the Company held a preferred equity investment. Accordingly, the Company consolidated the VIE into its condensed consolidated financial statements. Subsequently, in July 2021, the VIE redeemed its non-controlling interest and the Company reconsidered its evaluation of its investment in the entity. The Company determined that the entity no longer met the criteria for being characterized as a VIE and is a wholly-owned subsidiary of the Company ( see Note 7 ). In March 2022, the entity completed the sale of this multi-family apartment community and redeemed the Company's preferred equity investment. In conjunction with the sale, the entity repaid the related mortgage payable in the amount of approximately $37.0 million and recorded a loss on extinguishment of debt of approximately $0.6 million, which is included in other income on the accompanying condensed consolidated statements of operations. The consolidated multi-family apartment communities are subject to mortgages payable collateralized by the associated real estate assets. The Company has no obligation for repayment of the mortgages payable but, with respect to certain of the mortgages payable, we may execute a non-recourse guaranty related to commitment of bad acts. The following table presents detailed information for these mortgages payable on real estate as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) June 30, 2022 $ 1,354,367 $ 1,272,515 $ (21,456) $ 1,251,059 2024 - 2032 4.00 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. Debt Maturities As of June 30, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2022 $ — 2023 — 2024 294,814 2025 535,240 2026 133,772 2027 — Thereafter 453,689 $ 1,417,515 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of the COVID-19 pandemic on the global economy generally, and the Company's business in particular, is uncertain. As of June 30, 2022, no contingencies have been recorded on our condensed consolidated balance sheets as a result of the COVID-19 pandemic; however, as the global pandemic and its economic implications continue, it may have long-term impacts on the Company's operations, financial condition, liquidity or cash flows. Outstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of June 30, 2022, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows. Investment Commitment |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST – Residential loans held in Consolidated SLST are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST based on the fair value of the CDOs issued by the securitization and its investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in the securitization are generally illiquid and trade infrequently. As such, they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. c. Preferred Equity and Mezzanine Loan Investments – Fair value for preferred equity and mezzanine loan investments is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying estimated cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. d. Investment Securities Available for Sale – The Company determines the fair value of all of its investment securities available for sale based on discounted cash flows utilizing an internal pricing model. The methodology considers the characteristics of the particular security and its underlying collateral, which are observable inputs. These inputs include, but are not limited to, delinquency status, coupon, loan-to-value ("LTV"), historical performance, periodic and life caps, collateral type, rate reset period, seasoning, prepayment speeds and credit enhancement levels. The Company also considers several observable market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments, trading activity, and dialogue with market participants. Third-party pricing services typically incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs similar to those used in the Company's internal pricing model. The Company has established thresholds to compare internally generated prices with independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing service. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. The Company’s investment securities available for sale are valued based upon readily observable market parameters and are classified as Level 2 fair values. e. Equity Investments – Fair value for equity investments is determined (i) by the valuation process for preferred equity and mezzanine loan investments as described in c. above, (ii) using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity or (iii) using the net asset value ("NAV") of the equity investment entity as a practical expedient. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Collateralized Debt Obligations – CDOs issued by Consolidated SLST are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 2,193,319 $ 2,193,319 $ — $ — $ 1,703,290 $ 1,703,290 Consolidated SLST — — 920,778 920,778 — — 1,070,882 1,070,882 Residential loans held in securitization trusts — — 1,215,095 1,215,095 — — 801,429 801,429 Multi-family loans — — 106,825 106,825 — — 120,021 120,021 Investment securities available for sale: Non-Agency RMBS — 74,822 — 74,822 — 128,019 — 128,019 CMBS — 30,096 — 30,096 — 33,146 — 33,146 ABS — 35,588 — 35,588 — 39,679 — 39,679 Equity investments — — 223,651 223,651 — — 239,631 239,631 Total $ — $ 140,506 $ 4,659,668 $ 4,800,174 $ — $ 200,844 $ 3,935,253 $ 4,136,097 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 710,233 $ 710,233 $ — $ — $ 839,419 $ 839,419 Total $ — $ — $ 710,233 $ 710,233 $ — $ — $ 839,419 $ 839,419 The following tables detail changes in valuation for the Level 3 assets for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Level 3 Assets: Six Months Ended June 30, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (52,976) (79,292) (65,935) 6,298 15,633 (176,272) Transfers out (1) (875) — (980) — — (1,855) Transfer to securitization trust, net (2) (676,560) — 676,560 — — — Funding/Contributions — — — — 19,191 19,191 Paydowns/Distributions (293,564) (70,812) (237,712) (19,494) (50,804) (672,386) Sales — — — — — — Purchases 1,514,004 — 41,733 — — 1,555,737 Balance at the end of period $ 2,193,319 $ 920,778 $ 1,215,095 $ 106,825 $ 223,651 $ 4,659,668 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the six months ended June 30, 2022, the Company completed two securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Six Months Ended June 30, 2021 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ 259,095 $ 3,471,854 Total gains/(losses) (realized/unrealized) Included in earnings 14,494 (21,788) 21,105 10,853 14,006 38,670 Transfers out (1) (1,259) — (1,415) — — (2,674) Transfer to securitization trust, net (2) (160,623) — 160,623 — — — Funding/Contributions — — — — 320 320 Paydowns/Distributions (306,209) (68,458) (70,025) (47,727) (68,724) (561,143) Sales (15,568) — (2,376) — — (17,944) Purchases 605,076 — — — — 605,076 Balance at the end of period $ 1,226,841 $ 1,176,539 $ 799,363 $ 126,719 $ 204,697 $ 3,534,159 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the six months ended June 30, 2021, the Company completed a securitization of certain business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). The following table details changes in valuation for the Level 3 liabilities for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Level 3 Liabilities: Six Months Ended June 30, 2022 2021 Consolidated SLST CDOs Balance at beginning of period $ 839,419 $ 1,054,335 Total gains (realized/unrealized) Included in earnings (57,532) (37,931) Paydowns (71,654) (68,314) Balance at the end of period $ 710,233 $ 948,090 The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): June 30, 2022 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $3,318,357 Discounted cash flow Lifetime CPR 4.8% — - 46.2% Lifetime CDR 0.4% — - 21.5% Loss severity 6.7% — - 96.5% Yield 6.0% 4.6% - 64.9% $90,057 Liquidation model Annual home price appreciation 1.0% — - 27.8% Liquidation timeline (months) 26 9 - 50 Property value $801,412 $17,000 - $4,300,000 Yield 7.8% 7.5% - 29.6% Consolidated SLST (3) $920,778 Liability price N/A Total $4,329,192 Multi-family loans (1) $106,825 Discounted cash flow Discount rate 11.3% 10.0% - 19.5% Months to assumed redemption 36 3 - 57 Loss severity — Equity investments (1) (2) $189,773 Discounted cash flow Discount rate 12.5% 11.0% - 15.4% Months to assumed redemption 24 1 - 51 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $710,233 Discounted cash flow Yield 4.6% 3.7% - 10.0% Collateral prepayment rate 8.0% 3.0% - 9.7% Collateral default rate 1.7% — - 9.4% Loss severity 16.6% — - 19.5% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in or originate residential properties and loans. The fair value of these investments is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity or the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At June 30, 2022, the fair value of investment securities we own in Consolidated SLST amounts to $208.6 million. (4) Weighted average yield calculated based on the weighted average fair value of the liabilities. Weighted average collateral prepayment rate, weighted average collateral default rate, and weighted average loss severity are calculated based on the weighted average unpaid balance of the liabilities. The following table details the changes in unrealized gains (losses) included in earnings for the three and six months ended June 30, 2022 and 2021, respectively, for our Level 3 assets and liabilities held as of June 30, 2022 and 2021, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Assets Residential loans: Residential loans (1) $ (29,826) $ 3,752 $ (55,058) $ 12,192 Consolidated SLST (1) (10,798) 6,471 (77,443) (18,872) Residential loans held in securitization trusts (1) (33,262) 6,030 (64,729) 18,611 Multi-family loans (1) 181 460 358 665 Equity investments (2) 3,139 805 3,593 927 Liabilities Consolidated SLST CDOs (1) 6,523 3,322 57,889 37,890 (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 407,104 $ 407,104 $ 289,602 $ 289,602 Residential loans Level 3 4,329,192 4,329,192 3,575,601 3,575,601 Multi-family loans Level 3 106,825 106,825 120,021 120,021 Investment securities available for sale Level 2 140,506 140,506 200,844 200,844 Equity investments Level 3 223,651 223,651 239,631 239,631 Financial Liabilities: Repurchase agreements Level 2 1,693,876 1,693,876 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,107,091 1,050,939 682,802 686,027 Consolidated SLST Level 3 710,233 710,233 839,419 839,419 Subordinated debentures Level 3 45,000 38,674 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,039 89,489 96,704 102,215 Mortgages payable on real estate Level 3 1,251,059 1,227,040 709,356 712,112 In addition to the methodology to determine the fair value of the Company’s financial assets and liabilities reported at fair value, as previously described, the following methods and assumptions were used by the Company in arriving at the fair value of the Company’s other financial instruments in the table immediately above: a. Cash and cash equivalents – Estimated fair value approximates the carrying value of such assets. b. Repurchase agreements – The fair value of these repurchase agreements approximates cost as they are short term in nature. c. Residential loan securitizations at amortized cost, net – The fair value of these CDOs is based on discounted cash flows as well as market pricing on comparable obligations. d. Subordinated debentures – The fair value of these subordinated debentures is based on discounted cash flows using management’s estimate for market yields. e. Convertible notes and senior unsecured notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments. f. Mortgages payable on real estate – The fair value of consolidated variable-rate mortgages payable approximates the carrying value of such liabilities. The fair value of consolidated fixed-rate mortgages payable is estimated based upon discounted cash flows at current borrowing rates. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share (the "Preferred Stock"), with 22,284,994 shares issued and outstanding as of June 30, 2022 and December 31, 2021. As of June 30, 2022, the Company has four outstanding series of cumulative redeemable preferred stock: 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up. The following tables summarize the Company’s Preferred Stock issued and outstanding as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands): June 30, 2022 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed-to-Floating Rate Series D 8,400,000 6,123,495 $ 148,134 $ 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 3,000,000 72,088 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,221 $ 557,125 December 31, 2021 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed-to-Floating Rate Series D 8,400,000 6,123,495 $ 148,134 $ 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 3,450,000 3,000,000 72,088 75,000 7.000 % January 15, 2027 Total 29,500,000 22,284,994 $ 538,221 $ 557,125 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective optional redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a change of control, the Company may, at its option, redeem the Preferred Stock in whole or in part, within 120 days after the first date on which such change of control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the "Board") until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a change of control. Upon the occurrence of a change of control, each holder of Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. (b) Dividends on Preferred Stock The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2021 through June 30, 2022: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock (1) Series C Preferred Stock (1) Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock June 17, 2022 July 1, 2022 July 15, 2022 $ — $ — $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 December 13, 2021 January 1, 2022 January 15, 2022 — — 0.50 0.4921875 0.4296875 0.24792 (2) September 13, 2021 October 1, 2021 October 15, 2021 0.484375 — 0.50 0.4921875 0.4679000 (3) — June 14, 2021 July 1, 2021 July 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — March 15, 2021 April 1, 2021 April 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — (1) The Company redeemed all outstanding shares of its Series B Preferred Stock and Series C Preferred Stock in December 2021 and July 2021, respectively. (2) Cash dividend for the short initial dividend period that began on November 24, 2021 and ended January 14, 2022. (3) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. (c) Common Stock The Company had 800,000,000 authorized shares of common stock, par value $0.01 per share, with 378,647,371 and 379,405,240 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. In February 2022, the Board of Directors approved a $200.0 million stock repurchase program. The program, which expires March 31, 2023, allows the Company to make repurchases of shares of common stock from time to time in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any Rule 10b-18 or 10b5-1 plans. During the three and six months ended June 30, 2022, the Company repurchased 2,794,824 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $7.5 million, net of fees and commissions paid to the broker of approximately $0.03 million, representing an average repurchase price of $2.69 per common share. As of June 30, 2022, $192.5 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the stock repurchase program. (d) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2021 and ended June 30, 2022: Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 $ 0.10 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.10 Fourth Quarter 2021 December 13, 2021 December 27, 2021 January 25, 2022 0.10 Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 0.10 Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 0.10 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.10 (e) Equity Distribution Agreements On August 10, 2021, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with a sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million from time to time through the sales agent. The Company has no obligation to sell any of the shares of common stock issuable under the Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. The Common Equity Distribution Agreement replaced the Company's prior equity distribution agreement with a sales agent dated as of August 10, 2017, as amended on September 10, 2018 (collectively, the "Prior Equity Distribution Agreement"), pursuant to which approximately $72.5 million of aggregate value of the Company's common stock remained available for issuance prior to termination. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement and the Prior Equity Distribution Agreement during the three and six months ended June 30, 2022 and 2021. As of June 30, 2022, approximately $100.0 million of common stock remains available for issuance under the Common Equity Distribution Agreement. On March 29, 2019, the Company entered into an equity distribution agreement (the "Preferred Equity Distribution Agreement") with a sales agent, pursuant to which the Company may offer and sell shares of the Company's Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, having a maximum aggregate gross sales price of up to $50.0 million, from time to time through the sales agent. On November 27, 2019, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $131.5 million. The amendment also provided for the inclusion of sales of the Company’s Series E Preferred Stock. On August 10, 2021, the Company entered into an amendment to the Preferred Equity Distribution Agreement that increased the maximum aggregate sales price to $149.1 million. The amendment also provided for the inclusion of sales of the Company's Series F Preferred Stock and the exclusion of sales of the Company's Series C Preferred Stock. On March 2, 2022, the Company entered into an amendment to the Preferred Equity Distribution Agreement that provided for the inclusion of sales of the Company's Series G Preferred Stock and the exclusion of sales of the Company's Series B Preferred Stock. The Company has no obligation to sell any of the shares of Preferred Stock issuable under the Preferred Equity Distribution Agreement and may at any time suspend solicitations and offers under the Preferred Equity Distribution Agreement. |
(Loss) Earnings Per Common Shar
(Loss) Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Common Share | Earnings Per Common Share The Company calculates basic (loss) earnings per common share by dividing net (loss) income attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted (loss) earnings per common share takes into account the effect of dilutive instruments, such as convertible notes, performance share units ("PSUs") and restricted stock units ("RSUs"), and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. The Company redeemed the Convertible Notes at maturity in the amount of $138.0 million on January 15, 2022. During the six months ended June 30, 2022 and the three and six months ended June 30, 2021, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted (loss) earnings per common share. During the three and six months ended June 30, 2022, the PSUs and RSUs awarded under the Company's 2017 Equity Incentive Plan (as amended, the "2017 Plan") were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three and six months ended June 30, 2021, certain of the PSUs and RSUs awarded under the 2017 Plan were determined to be dilutive and were included in the calculation of diluted earnings per common share under the treasury stock method. Under this method, common equivalent shares are calculated assuming that target PSUs and outstanding RSUs vest according to the respective PSU and RSU agreements and unrecognized compensation cost is used to repurchase shares of the Company’s outstanding common stock at the average market price during the reported period. The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (71,896) $ 53,240 $ (145,746) $ 105,448 Less: Preferred Stock dividends (10,493) (10,296) (20,986) (20,593) Net (loss) income attributable to Company's common stockholders $ (82,389) $ 42,944 $ (166,732) $ 84,855 Basic weighted average common shares outstanding 381,200 379,299 380,999 379,091 Basic (Loss) Earnings per Common Share $ (0.22) $ 0.11 $ (0.44) $ 0.22 Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (71,896) $ 53,240 $ (145,746) $ 105,448 Less: Preferred Stock dividends (10,493) (10,296) (20,986) (20,593) Net (loss) income attributable to Company's common stockholders $ (82,389) $ 42,944 $ (166,732) $ 84,855 Weighted average common shares outstanding 381,200 379,299 380,999 379,091 Net effect of assumed PSUs vested — 2,003 — 1,931 Net effect of assumed RSUs vested — 215 — 145 Diluted weighted average common shares outstanding 381,200 381,517 380,999 381,167 Diluted (Loss) Earnings per Common Share $ (0.22) $ 0.11 $ (0.44) $ 0.22 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Pursuant to the 2017 Plan, as approved by the Company's stockholders, eligible employees, officers and directors of the Company and individuals who provide services to the Company are offered the opportunity to acquire the Company's common stock through equity awards under the 2017 Plan. The maximum number of shares that may be issued under the 2017 Plan is 43,170,000 . Of the common stock authorized at June 30, 2022, 28,758,269 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 919,019 shares under the 2017 Plan as of June 30, 2022. The Company’s employees have been issued 3,847,231 shares of restricted stock under the 2017 Plan as of June 30, 2022. At June 30, 2022, there were 2,181,985 shares of non-vested restricted stock outstanding, 6,233,373 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 1,054,880 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. Of the common stock authorized at December 31, 2021, 31,367,872 shares were reserved for issuance under the 2017 Plan. The Company's non-employee directors had been issued 687,503 shares under the 2017 Plan as of December 31, 2021. The Company’s employees had been issued 2,689,394 shares of restricted stock under the 2017 Plan as of December 31, 2021. At December 31, 2021, there were 1,909,107 shares of non-vested restricted stock outstanding, 6,168,886 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 1,016,252 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the three and six months ended June 30, 2022, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.1 million and $2.3 million, respectively. During the three and six months ended June 30, 2021, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.2 million and $2.3 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. Non-vested restricted stock is forfeited upon the recipient's termination of employment, subject to certain exceptions. A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares as of January 1 1,909,107 $ 5.05 1,603,766 $ 6.27 Granted 1,217,671 3.59 939,446 3.82 Vested (884,959) 5.49 (621,438) 5.41 Forfeited (59,834) 3.96 (19,430) 3.26 Non-vested shares as of June 30 2,181,985 $ 4.08 1,902,344 $ 5.09 Restricted stock granted during the period 1,217,671 $ 3.59 939,446 $ 3.82 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. At June 30, 2022 and 2021, the Company had unrecognized compensation expense of $6.9 million and $7.2 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at June 30, 2022 is expected to be recognized over a weighted average period of 2.0 years. The total fair value of restricted shares vested during the six months ended June 30, 2022 and 2021 was approximately $3.2 million and $2.5 million, respectively. The requisite service period for restricted stock awards at issuance is three years and the restricted common stock either vests ratably over the requisite service period or at the end of the requisite service period. (b) Performance Share Units During the six months ended June 30, 2022 and 2021, the Company granted PSUs that had been approved by the Compensation Committee and the Board of Directors. Each PSU represents an unfunded promise to receive one share of the Company's common stock once the performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The PSU awards are subject to performance-based vesting under the 2017 Plan pursuant to the PSU award agreements ("PSU Agreements"). Vesting of the PSUs will occur at the end of three years based on the following: • If three-year TSR performance relative to the Company's identified performance peer group (the "Relative TSR") is less than the 30 th percentile, then 0% of the target PSUs will vest; • If three-year Relative TSR performance is equal to the 30 th percentile, then the Threshold % (as defined in the individual PSU Agreements) of the target PSUs will vest; • If three-year Relative TSR performance is equal to the 50 th percentile, then 100% of the target PSUs will vest; and • If three-year Relative TSR performance is greater than or equal to the 80 th percentile, then the Maximum % (as defined in the individual PSU Agreements) of the target PSUs will vest. The percentage of target PSUs that vest for performance between the 30 th , 50 th , and 80 th percentiles will be calculated using linear interpolation. TSR for the Company and each member of the peer group will be determined by dividing (i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share volume weighted average price (the “VWAP”) of such entity’s common stock for the last thirty (30) consecutive trading days of the performance period minus the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period by (ii) the arithmetic average per share VWAP of such entity’s common stock for the last thirty (30) consecutive trading days immediately prior to the performance period. The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. For PSUs granted, the inputs used by the model to determine the fair value are (i) historical stock price volatilities of the Company and its identified performance peer companies over the most recent three The PSUs granted during the six months ended June 30, 2022 and 2021 include dividend equivalent rights ("DERs") which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the PSU to which such DER relates. Upon vesting of the PSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding PSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the target PSU awards under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs as of January 1 3,376,740 $ 5.43 2,902,014 $ 4.98 Granted 844,534 4.87 1,631,661 5.56 Vested (1,074,918) 4.00 (842,792) 4.20 Non-vested target PSUs as of June 30 3,146,356 $ 5.76 3,690,883 $ 5.41 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. The three-year performance period for PSUs granted in 2019 ended on December 31, 2021, resulting in the vesting of 733,496 shares of common stock during the six months ended June 30, 2022 with a fair value of $2.6 million on the vesting date. The number of vested shares related to PSUs granted in 2019 was less than the target PSUs of 1,074,918. The three-year performance period for PSUs granted in 2018 ended on December 31, 2020, resulting in the vesting of 974,074 shares of common stock during the six months ended June 30, 2021 with a fair value of $3.7 million on the vesting date. The number of vested shares related to PSUs granted in 2018 exceeded the target PSUs of 842,792. Non-vested PSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of June 30, 2022 and 2021, there was $8.8 million and $11.7 million of unrecognized compensation cost related to the non-vested portion of the PSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the PSUs at June 30, 2022 is expected to be recognized over a weighted average period of 1.8 years . Compensation expense related to the PSUs was $1.5 million and $3.0 million for the three and six months ended June 30, 2022, respectively. Compensation expense related to the PSUs was $1.7 million and $3.1 million for the three and six months ended June 30, 2021, respectively. (c) Restricted Stock Units During the six months ended June 30, 2022 and 2021, the Company granted RSUs that had been approved by the Compensation Committee and the Board of Directors. Each RSU represents an unfunded promise to receive one share of the Company's common stock upon satisfaction of the vesting provisions. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. The requisite service period for RSUs at issuance is three years and the RSUs vest ratably over the requisite service period. The RSUs granted during the six months ended June 30, 2022 and 2021 include DERs which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the RSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the RSU to which such DER relates. Upon vesting of the RSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding RSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the RSU awards under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs as of January 1 1,016,252 $ 4.36 441,746 $ 6.23 Granted 422,267 3.72 815,830 3.69 Vested (383,639) 4.58 (147,254) 6.23 Non-vested RSUs as of June 30 1,054,880 $ 4.03 1,110,322 $ 4.36 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date. During the six months ended June 30, 2022, 383,639 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $1.4 million on the vesting date. During the six months ended June 30, 2021, 147,254 shares of common stock were issued in connection with the vesting of RSUs at a fair value of $0.5 million on the vesting date. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of June 30, 2022 and 2021, there was $3.2 million and $4.0 million of unrecognized compensation cost related to the non-vested portion of the RSUs, respectively. The unrecognized compensation cost related to the non-vested portion of the RSUs at June 30, 2022 is expected to be recognized over a weighted average period of 1.8 years. Compensation expense related to the RSUs was $0.6 million and $1.1 million for the three and six months ended June 30, 2022, respectively. Compensation expense related to the RSUs was $0.5 million and $0.9 million |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and six months ended June 30, 2022 and 2021, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the condensed consolidated financial statements. The income tax provision for the three and six months ended June 30, 2022 and 2021, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current income tax expense $ 166 $ 58 $ 231 $ 271 Deferred income tax benefit (76) (43) (164) (190) Total income tax provision $ 90 $ 15 $ 67 $ 81 Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of June 30, 2022 and December 31, 2021, respectively, are as follows (dollar amounts in thousands): June 30, 2022 December 31, 2021 Deferred tax assets Net operating loss carryforward $ 2,927 $ 3,615 Capital loss carryover 7,654 7,549 GAAP/Tax basis differences 2,124 254 Total deferred tax assets (1) 12,705 11,418 Deferred tax liabilities GAAP/Tax basis differences 5,558 6,681 Total deferred tax liabilities (2) 5,558 6,681 Valuation allowance (1) (7,381) (5,136) Total net deferred tax liability $ (234) $ (399) (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. As of June 30, 2022, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $8.6 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of June 30, 2022, the Company, through its wholly-owned TRSs, had also incurred approximately $22.5 million in capital losses. The Company's carryforward capital losses will expire between 2023 and 2027 if they are not offset by future capital gains. At June 30, 2022, the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The change in the valuation for the current year is an increase of approximately $2.2 million. We will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense. |
Net Interest Income
Net Interest Income | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | Net Interest Income The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended For the Six Months Ended 2022 2021 2022 2021 Interest income Residential loans Residential loans $ 32,669 $ 20,155 $ 57,502 $ 39,816 Consolidated SLST 9,254 10,479 18,635 20,797 Residential loans held in securitization trusts 18,853 9,933 35,486 17,901 Total residential loans 60,776 40,567 111,623 78,514 Multi-family loans 2,834 4,130 5,785 8,531 Investment securities available for sale 4,331 7,475 9,006 15,150 Other 79 14 107 30 Total interest income 68,020 52,186 126,521 102,225 Interest expense . Repurchase agreements 11,647 3,732 17,178 7,774 Collateralized debt obligations Consolidated SLST 6,208 7,151 12,186 14,254 Residential loan securitizations 8,728 5,015 16,185 9,735 Non-Agency RMBS re-securitization — — — 283 Total collateralized debt obligations 14,936 12,166 28,371 24,272 Convertible notes — 2,788 438 5,572 Senior unsecured notes 1,607 1,136 3,210 1,136 Subordinated debentures 550 459 1,008 916 Mortgages payable on real estate 13,151 430 20,308 740 Total interest expense 41,891 20,711 70,513 40,410 Net interest income $ 26,129 $ 31,475 $ 56,008 $ 61,815 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of June 30, 2022, the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, the accompanying condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the accompanying condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and six months ended June 30, 2022. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments and Consolidated SLST CDOs. Although the Company’s estimates contemplate current conditions and how it expects those conditions to change in the future, it is reasonably possible that actual conditions could be different than anticipated in those estimates, which could materially impact the Company’s results of operations and its financial condition. |
Reclassifications | Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. |
Principles of Consolidation and Variable Interest Entities | Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The Company consolidates a VIE in accordance with ASC 810, Consolidation ("ASC 810") when it is the primary beneficiary of such VIE, herein referred to as a "Consolidated VIE". As primary beneficiary, the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The Company is required to reconsider its evaluation of whether to consolidate a VIE each reporting period, based upon changes in the facts and circumstances pertaining to the VIE. The Company evaluates the initial consolidation of each Consolidated VIE, which includes a determination of whether the VIE constitutes the definition of a business in accordance with ASC 805, Business Combinations ("ASC 805"), by considering if substantially all of the fair value of the gross assets within the VIE are concentrated in either a single identifiable asset or group of single identifiable assets. Upon consolidation, the Company recognizes the assets acquired, the liabilities assumed, and any third-party ownership of membership interests as non-controlling interest as of the consolidation or acquisition date, measured at their relative fair values ( see Note 7 |
Summary of Recent Accounting Pronouncements | Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"). ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the "discounting transition" (i.e., changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates). The guidance in ASU 2020-04 is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. The amendments in ASU 2021-01 were effective immediately and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or on a prospective basis for eligible contract modifications through December 31, 2022. The Company continues to evaluate the impact of ASU 2020-04 and ASU 2021-01 on its financing transactions that are subject to LIBOR and may apply elections, as applicable, as the expected market transition from IBORs to alternative reference rates continues to develop. |
Fair Value of Financial Instruments | The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST – Residential loans held in Consolidated SLST are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST based on the fair value of the CDOs issued by the securitization and its investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in the securitization are generally illiquid and trade infrequently. As such, they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. c. Preferred Equity and Mezzanine Loan Investments – Fair value for preferred equity and mezzanine loan investments is determined by both market comparable pricing and discounted cash flows. The discounted cash flows are based on the underlying estimated cash flows and estimated changes in market yields. The fair value also reflects consideration of changes in credit risk since the origination or time of initial investment. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. d. Investment Securities Available for Sale – The Company determines the fair value of all of its investment securities available for sale based on discounted cash flows utilizing an internal pricing model. The methodology considers the characteristics of the particular security and its underlying collateral, which are observable inputs. These inputs include, but are not limited to, delinquency status, coupon, loan-to-value ("LTV"), historical performance, periodic and life caps, collateral type, rate reset period, seasoning, prepayment speeds and credit enhancement levels. The Company also considers several observable market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments, trading activity, and dialogue with market participants. Third-party pricing services typically incorporate commonly used market pricing methods, trading activity observed in the marketplace and other data inputs similar to those used in the Company's internal pricing model. The Company has established thresholds to compare internally generated prices with independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing service. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. The Company’s investment securities available for sale are valued based upon readily observable market parameters and are classified as Level 2 fair values. e. Equity Investments – Fair value for equity investments is determined (i) by the valuation process for preferred equity and mezzanine loan investments as described in c. above, (ii) using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity or (iii) using the net asset value ("NAV") of the equity investment entity as a practical expedient. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 in the fair value hierarchy. f. Collateralized Debt Obligations – CDOs issued by Consolidated SLST are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. |
Residential Loans, at Fair Va_2
Residential Loans, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Residential Mortgage Loans At Fair Value | The following table presents t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 2,262,439 $ 1,000,120 $ 1,232,355 $ 4,494,914 $ 1,682,138 $ 1,071,228 $ 776,438 $ 3,529,804 (Discount)/premium (34,778) (4,551) (50,754) (90,083) (44,256) (2,998) (37,011) (84,265) Unrealized (losses) gains (34,342) (74,791) 33,494 (75,639) 65,408 2,652 62,002 130,062 Carrying value $ 2,193,319 $ 920,778 $ 1,215,095 $ 4,329,192 $ 1,703,290 $ 1,070,882 $ 801,429 $ 3,575,601 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of June 30, 2022 and December 31, 2021 ( see Note 10) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 11 ). (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 11) . |
Schedule of Components of Net Gain on Residential Mortgage Loans at Fair Value | The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, 2022 June 30, 2021 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (30,078) $ (10,798) $ (34,883) $ 1,009 $ 6,471 $ 4,893 For the Six Months Ended June 30, 2022 June 30, 2021 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (55,602) $ (77,443) $ (72,657) $ 7,435 $ (18,872) $ 17,143 (1) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable ( see Note 14). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. |
Schedule of Geographic Concentration of Credit Risk | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.9 % 10.5 % 23.8 % 21.7 % 10.5 % 22.0 % Florida 11.2 % 10.4 % 10.1 % 10.4 % 10.5 % 8.9 % New York 8.8 % 9.7 % 7.5 % 8.8 % 9.8 % 9.2 % Texas 7.5 % 4.0 % 5.4 % 7.4 % 4.0 % 4.3 % New Jersey 6.9 % 7.5 % 4.7 % 5.9 % 7.3 % 6.4 % Washington 5.4 % 1.8 % 3.2 % 4.4 % 1.9 % 3.2 % Illinois 2.9 % 7.2 % 2.4 % 2.7 % 7.1 % 2.3 % Massachusetts 2.4 % 2.7 % 7.5 % 4.6 % 2.7 % 5.6 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Texas 25.1 % 28.3 % Florida 13.9 % 12.2 % Tennessee 12.7 % 11.0 % Georgia 8.5 % 7.4 % Ohio 8.1 % 7.2 % Louisiana 6.3 % 5.8 % Alabama 5.8 % 5.0 % North Carolina 5.0 % 7.0 % |
Schedule of Residential Mortgage Loans, Fair Value Compared to Unpaid Principal | The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Greater than 90 days past due Less than 90 days past due Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance June 30, 2022 $ 115,696 $ 123,559 $ 10,588 $ 11,219 December 31, 2021 92,990 102,981 17,102 17,716 |
Multi-family Loans, at Fair V_2
Multi-family Loans, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Preferred Equity and Mezzanine Loan Investments | Multi-family loans consist of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Investment amount $ 105,399 $ 118,307 Deferred loan fees, net (517) (672) Unrealized gains, net 1,943 2,386 Total, at Fair Value $ 106,825 $ 120,021 |
Preferred Equity and Mezzanine Loans, Fair Value Compared to Unpaid Principal | The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loans in non-accrual status as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,370 $ 3,363 $ 3,972 $ 3,363 |
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.9 % 10.5 % 23.8 % 21.7 % 10.5 % 22.0 % Florida 11.2 % 10.4 % 10.1 % 10.4 % 10.5 % 8.9 % New York 8.8 % 9.7 % 7.5 % 8.8 % 9.8 % 9.2 % Texas 7.5 % 4.0 % 5.4 % 7.4 % 4.0 % 4.3 % New Jersey 6.9 % 7.5 % 4.7 % 5.9 % 7.3 % 6.4 % Washington 5.4 % 1.8 % 3.2 % 4.4 % 1.9 % 3.2 % Illinois 2.9 % 7.2 % 2.4 % 2.7 % 7.1 % 2.3 % Massachusetts 2.4 % 2.7 % 7.5 % 4.6 % 2.7 % 5.6 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of June 30, 2022 and December 31, 2021, respectively, are as follows: June 30, 2022 December 31, 2021 Texas 25.1 % 28.3 % Florida 13.9 % 12.2 % Tennessee 12.7 % 11.0 % Georgia 8.5 % 7.4 % Ohio 8.1 % 7.2 % Louisiana 6.3 % 5.8 % Alabama 5.8 % 5.0 % North Carolina 5.0 % 7.0 % |
Investment Securities Availab_2
Investment Securities Available for Sale, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The Company's investment securities available for sale consisted of the following as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Non-Agency RMBS $ 50,307 $ 7,009 $ (7,076) $ 50,240 $ 100,186 $ 949 $ (2,636) $ 98,499 CMBS 32,600 — (2,504) 30,096 32,600 684 (138) 33,146 ABS 19,371 16,217 — 35,588 21,795 17,884 — 39,679 Total investment securities available for sale - fair value option 102,278 23,226 (9,580) 115,924 154,581 19,517 (2,774) 171,324 CECL Securities Non-Agency RMBS 25,526 — (944) 24,582 27,743 1,787 (10) 29,520 Total investment securities available for sale - CECL Securities 25,526 — (944) 24,582 27,743 1,787 (10) 29,520 Total $ 127,804 $ 23,226 $ (10,524) $ 140,506 $ 182,324 $ 21,304 $ (2,784) $ 200,844 |
Schedule of Investments Securities Sold | The following tables summarize our investment securities sold during the three months ended June 30, 2021 and the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Three Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 3,770 $ 392 $ — $ 392 Total $ 3,770 $ 392 $ — $ 392 Six Months Ended June 30, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 Total $ 24,374 $ 374 $ — $ 374 Six Months Ended June 30, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 72,083 $ 12 $ (833) $ (821) CMBS 43,315 5,587 — 5,587 Total $ 115,398 $ 5,599 $ (833) $ 4,766 |
Schedule of Weighted Average Lives of Investment Securities | The following table sets forth the weighted average lives of our investment securities available for sale as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Weighted Average Life June 30, 2022 December 31, 2021 0 to 5 years $ 68,455 $ 144,266 Over 5 to 10 years 58,419 39,306 10+ years 13,632 17,272 Total $ 140,506 $ 200,844 |
Investment Securities Available-for-sale in an Unrealized Loss Position | The following table presents the Company's CECL Securities in an unrealized loss position with no credit losses reported, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 24,540 $ (938) $ 42 $ (6) $ 24,582 $ (944) Total $ 24,540 $ (938) $ 42 $ (6) $ 24,582 $ (944) December 31, 2021 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 2,300 $ (3) $ 48 $ (7) $ 2,348 $ (10) Total $ 2,300 $ (3) $ 48 $ (7) $ 2,348 $ (10) |
Equity Investments, at Fair V_2
Equity Investments, at Fair Values (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Unconsolidated Entities | The following table presents the Company's equity investments as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests Somerset Deerfield Investor, LLC 45% $ 20,586 45% $ 19,965 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 43% 6,047 43% 5,725 1122 Chicago DE, LLC 53% 7,998 53% 7,723 Bighaus, LLC 42% 15,987 42% 15,471 FF/RMI 20 Midtown, LLC 51% 26,403 51% 25,499 Lurin-RMI, LLC 38% 10,985 38% 9,548 Palms at Cape Coral, LLC 34% 5,338 34% 5,175 America Walks at Port St. Lucie, LLC 62% 30,367 62% 30,383 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 17,814 57% 17,213 Lucie at Tradition Holdings, LLC 70% 17,271 70% 16,597 Syracuse Apartments and Townhomes, LLC 58% 19,987 — — DCP Gold Creek, LLC — — 44% 6,686 Rigsbee Ave Holdings, LLC — — 56% 11,331 Walnut Creek Properties Holdings, L.L.C. — — 36% 9,482 Total - Multi-Family Preferred Equity Ownership Interests 178,783 180,798 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC 70% 3,982 70% 3,770 GWR Gateway Partners, LLC 70% 7,008 70% 6,670 Total - Joint Venture Equity Investments in Multi-Family Properties 10,990 10,440 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) 11% 2,878 11% 19,143 Constructive Loans, LLC (2) — 31,000 — 29,250 Total - Single-Family Equity Ownership Interests 33,878 48,393 Total $ 223,651 $ 239,631 (1) The Company's equity investment was partially redeemed, subject to holdbacks, as a result of a sale transaction initiated by the general partner during the six months ended June 30, 2022. The following table presents income from multi-family preferred equity ownership interests for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and six months ended June 30, 2022 includes $0.3 million and $0.4 million of net unrealized gains, respectively. Income from these investments during the three and six months ended June 30, 2021 includes $0.8 million and $0.9 million of net unrealized gains, respectively. Three Months Ended June 30, Six Months Ended June 30, Investment Name 2022 2021 2022 2021 Somerset Deerfield Investor, LLC $ 596 $ 675 $ 1,183 $ 1,141 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) 163 174 322 298 DCP Gold Creek, LLC (599) 197 254 400 1122 Chicago DE, LLC 241 225 478 446 Bighaus, LLC 472 443 937 879 FF/RMI 20 Midtown, LLC 812 758 1,610 1,504 Lurin-RMI, LLC 1,520 235 1,800 470 Palms at Cape Coral, LLC 158 — 313 — America Walks at Port St. Lucie, LLC 902 — 1,804 — EHOF-NYMT Sunset Apartments Preferred, LLC 559 — 1,108 — Lucie at Tradition Holdings, LLC 614 — 1,215 — Syracuse Apartments and Townhomes, LLC 591 — 1,107 — Rigsbee Ave Holdings, LLC — 896 (174) 1,215 Walnut Creek Properties Holdings, L.L.C. — 263 (153) 541 BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) — 357 — 704 Audubon Mezzanine Holdings, L.L.C. (Series A) — 357 — 721 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) — 240 — 419 Towers Property Holdings, LLC — 361 — 740 Mansions Property Holdings, LLC — 348 — 713 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) — 131 — 266 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) — 302 — 616 Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) — 374 — 762 Total Income - Multi-Family Preferred Equity Ownership Interests $ 6,029 $ 6,336 $ 11,804 $ 11,835 Three Months Ended June 30, Six Months Ended June 30, Investment Name 2022 2021 2022 2021 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) $ 22 $ 998 $ 50 $ 2,186 Constructive Loans, LLC (2) 1,750 — 1,750 — Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) — 3,273 — (15) Total Income - Single-Family Equity Ownership Interests $ 1,772 $ 4,271 $ 1,800 $ 2,171 Joint Venture Equity Investments in Multi-Family Properties (4) GWR Cedars Partners, LLC $ 111 $ — $ 211 $ — GWR Gateway Partners, LLC 188 — 338 — Total Income - Joint Venture Equity Investments in Multi-Family Properties $ 299 $ — $ 549 $ — (1) The Company's equity investment was partially redeemed during the six months ended June 30, 2022. (2) Includes net unrealized gain of $1.8 million for the three and six months ended June 30, 2022. (3) The Company's equity investment was redeemed during the year ended December 31, 2021. (4) Includes net unrealized gain of $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively. |
Use of Special Purpose Entiti_2
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Assets and Liabilities of Consolidated VIE's | The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three and six months ended June 30, 2022, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cash $ 1,474 $ 973 $ 8,576 $ 2,723 Operating real estate (1) 202,220 42,050 730,988 73,513 Lease intangibles (2) 14,431 3,320 41,892 4,964 Other assets 2,706 3,851 8,836 5,695 Total assets 220,831 50,194 790,292 86,895 Mortgages payable on real estate, net 156,494 36,057 566,250 61,831 Other liabilities 1,482 652 4,662 797 Total liabilities 157,976 36,709 570,912 62,628 Non-controlling interest (3) 5,805 1,335 16,293 1,874 Net assets consolidated $ 57,050 $ 12,150 $ 203,087 $ 22,393 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in other assets in the accompanying condensed consolidated balance sheets. (3) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of June 30, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 38,233 $ 38,233 Residential loans, at fair value 1,215,095 920,778 — 2,135,873 Real estate, net held in Consolidated VIEs (1) — — 1,649,472 1,649,472 Other assets 77,630 3,314 48,087 129,031 Total assets $ 1,292,725 $ 924,092 $ 1,735,792 $ 3,952,609 Collateralized debt obligations ($1,107,091 at amortized cost, net and $710,233 at fair value) $ 1,107,091 $ 710,233 $ — $ 1,817,324 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 1,251,059 1,251,059 Other liabilities 43,477 3,859 25,755 73,091 Total liabilities $ 1,150,568 $ 714,092 $ 1,276,814 $ 3,141,474 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 37,101 $ 37,101 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 34,080 $ 34,080 Net investment (5) $ 142,157 $ 210,000 $ 387,797 $ 739,954 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 407,104 $ 407,104 $ 289,602 $ 289,602 Residential loans Level 3 4,329,192 4,329,192 3,575,601 3,575,601 Multi-family loans Level 3 106,825 106,825 120,021 120,021 Investment securities available for sale Level 2 140,506 140,506 200,844 200,844 Equity investments Level 3 223,651 223,651 239,631 239,631 Financial Liabilities: Repurchase agreements Level 2 1,693,876 1,693,876 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,107,091 1,050,939 682,802 686,027 Consolidated SLST Level 3 710,233 710,233 839,419 839,419 Subordinated debentures Level 3 45,000 38,674 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,039 89,489 96,704 102,215 Mortgages payable on real estate Level 3 1,251,059 1,227,040 709,356 712,112 |
Schedule of Statement of Operations of Variable Interest Entities | The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Three Months Ended June 30, 2022 2021 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 9,254 $ — $ 9,254 $ 10,479 $ — $ 10,479 Interest expense 6,208 13,148 19,356 7,151 430 7,581 Total net interest income (expense) 3,046 (13,148) (10,102) 3,328 (430) 2,898 Unrealized (losses) gains, net (4,275) — (4,275) 9,793 — 9,793 Income from real estate — 34,409 34,409 — 2,150 2,150 Total non-interest (loss) income (4,275) 34,409 30,134 9,793 2,150 11,943 Expenses related to real estate (1) — 68,337 68,337 — 3,913 3,913 Net (loss) income (1,229) (47,076) (48,305) 13,121 (2,193) 10,928 Net loss attributable to non-controlling interest in Consolidated VIEs — 18,922 18,922 — 1,625 1,625 Net (loss) income attributable to Company $ (1,229) $ (28,154) $ (29,383) $ 13,121 $ (568) $ 12,553 (1) See Note 8 for depreciation and amortization expenses related to operating real estate. The following table presents condensed statements of operations for non-Company-sponsored VIEs for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Six Months Ended June 30, 2022 2021 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 18,635 $ — $ 18,635 $ 20,797 $ — $ 20,797 Interest expense 12,186 19,983 32,169 14,254 740 14,994 Total net interest income (expense) 6,449 (19,983) (13,534) 6,543 (740) 5,803 Unrealized (losses) gains, net (19,555) — (19,555) 19,018 — 19,018 Income from real estate — 58,047 58,047 — 3,645 3,645 Total non-interest (loss) income (19,555) 58,047 38,492 19,018 3,645 22,663 Expenses related to real estate (1) — 114,783 114,783 — 6,837 6,837 Net (loss) income (13,106) (76,719) (89,825) 25,561 (3,932) 21,629 Net loss attributable to non-controlling interest in Consolidated VIEs — 33,792 33,792 — 3,034 3,034 Net (loss) income attributable to Company $ (13,106) $ (42,927) $ (56,033) $ 25,561 $ (898) $ 24,663 (1) See Note 8 for depreciation and amortization expenses related to operating real estate. |
Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs | The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and six months ended June 30, 2022 (dollar amounts in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning balance $ 53,361 $ 66,392 Contributions 41 315 Distributions (1,133) (1,810) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (15,168) (27,796) Ending balance $ 37,101 $ 37,101 |
Schedule of Classification and Carrying Value of Unconsolidated VIEs | The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Multi-family loans Investment Equity investments Total ABS $ — $ 35,588 $ — $ 35,588 Non-Agency RMBS — 31,978 — 31,978 Preferred equity investments in multi-family properties 106,825 — 178,783 285,608 Joint venture equity investments in multi-family properties — — 10,990 10,990 Equity investments in entities that invest in residential properties — — 2,878 2,878 Maximum exposure $ 106,825 $ 67,566 $ 192,651 $ 367,042 December 31, 2021 Multi-family loans Investment Equity investments Total ABS $ — $ 39,679 $ — $ 39,679 Non-Agency RMBS — 30,924 — 30,924 Preferred equity investments in multi-family properties 120,021 — 180,798 300,819 Joint venture equity investments in multi-family properties — — 10,440 10,440 Equity investments in entities that invest in residential properties — — 19,143 19,143 Maximum exposure $ 120,021 $ 70,603 $ 210,381 $ 401,005 |
Real Estate, Net (Tables)
Real Estate, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Land $ 218,223 $ 111,182 Building and improvements 1,524,023 835,635 Furniture, fixture and equipment 46,491 23,546 Operating real estate $ 1,788,737 $ 970,363 Accumulated depreciation (27,332) (3,890) Operating real estate, net $ 1,761,405 $ 966,473 Real estate held for sale, net (1) $ 30,915 $ 51,110 Real estate, net $ 1,792,320 $ 1,017,583 (1) Real estate held for sale, net is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. |
Schedule of Components of Lease Intangibles, Net | The following table presents the components of lease intangibles, net as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Lease intangibles $ 92,216 $ 51,969 Accumulated amortization (73,292) (12,200) Lease intangibles, net $ 18,924 $ 39,769 |
Schedule Of Components Of Income From Real Estate And Expenses | The following table presents the components of income from real estate and expenses related to real estate for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Rental income $ 32,137 $ 2,078 $ 55,425 $ 3,567 Other income 3,733 72 6,033 78 Total income from real estate $ 35,870 $ 2,150 $ 61,458 $ 3,645 Interest expense, mortgages payable on real estate (1) $ 13,151 $ 430 $ 20,308 $ 740 Depreciation expense on operating real estate $ 15,132 $ 838 $ 25,244 $ 1,519 Amortization of lease intangibles related to operating real estate 37,262 1,516 62,737 2,758 Other expenses 18,365 1,559 30,767 2,560 Total expenses related to real estate $ 70,759 $ 3,913 $ 118,748 $ 6,837 (1) Included in interest expense in the accompanying condensed consolidated statements of operations. |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Offsetting [Abstract] | |
Schedule of Other Assets | The following table presents the components of the Company's other assets as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Restricted cash (1) $ 144,614 $ 48,259 Accrued interest receivable 38,136 26,688 Other assets in consolidated multi-family properties 25,160 21,668 Collections receivable from residential loan servicers 20,624 28,634 Lease intangibles, net in consolidated multi-family properties 18,924 39,769 Recoverable advances on residential loans 13,444 14,143 Other receivables 12,943 14,507 Operating lease right-of-use assets 8,429 9,011 Deferred tax assets 5,324 6,282 Real estate owned 2,552 2,055 Other 9,788 4,003 Total $ 299,938 $ 215,019 (1) Restricted cash represents cash held by third parties, including cash held by the Company's securitization trusts and consolidated multi-family properties. |
Schedule of Other Liabilities | The following table presents the components of the Company's other liabilities as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Advanced remittances from residential loan servicers $ 94,377 $ 16,603 Dividends and dividend equivalents payable 49,026 48,328 Accrued expenses and other liabilities in consolidated multi-family properties 25,755 22,583 Accrued expenses 13,887 13,408 Deferred revenue 11,507 13,019 Unfunded commitments for residential loans 9,663 21,364 Operating lease liabilities 8,994 9,584 Accrued interest payable 8,604 9,051 Deferred tax liabilities 5,558 6,681 Other 3,695 460 Total $ 231,066 $ 161,081 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract] | |
Schedule of Company's Repurchase Agreements | The following table presents the carrying value of the Company's repurchase agreements as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: June 30, 2022 December 31, 2021 Residential loans $ 1,564,545 $ 554,259 Investment securities 129,331 — Total carrying value $ 1,693,876 $ 554,259 |
Schedule of Unencumbered Securities | The following table presents information about the Company's unencumbered securities at June 30, 2022 (dollar amounts in thousands): Unencumbered Securities June 30, 2022 Non-Agency RMBS (1) $ 52,672 CMBS — ABS 35,588 Total $ 88,260 (1) Includes IOs in Consolidated SLST with a fair value of $19.7 million as of June 30, 2022. |
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral | The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Fair Value of Loans Pledged Weighted Average Rate Weighted Average Months to Maturity (3) June 30, 2022 $ 2,140,048 $ 1,566,926 $ (2,381) $ 1,564,545 $ 1,887,742 3.81 % 14.51 December 31, 2021 $ 1,252,352 $ 554,784 $ (525) $ 554,259 $ 729,649 2.79 % 4.38 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $755.6 million, a weighted average rate of 4.01%, and weighted average months to maturity of 20.23 months as of June 30, 2022. Includes a non-mark-to-market repurchase agreement with an outstanding balance of $15.6 million, a rate of 4.00%, and months to maturity of 2.03 months as of December 31, 2021. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. |
Schedule of Repurchase Agreements Secured by Investment Securities | The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at June 30, 2022 (dollar amounts in thousands): June 30, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Non-Agency RMBS (1) (2) $ 113,650 $ 233,407 $ 263,768 CMBS 15,681 30,096 32,600 Balance at end of the period $ 129,331 $ 263,503 $ 296,368 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $188.9 million as of June 30, 2022. (2) Collateral pledged includes restricted cash posted as margin in the amount of $2.7 million. |
Schedule Of Repurchase Agreements, Maturities | The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at June 30, 2022 (dollar amounts in thousands): Contractual Maturity June 30, 2022 Within 30 days $ 129,331 Over 30 day to 90 days — Over 90 days — Total $ 129,331 |
Collateralized Debt Obligatio_2
Collateralized Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable in Consolidated VIEs | The following tables present a summary of the Company's CDOs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 742,601 $ 710,233 2.75 % 2059 Residential loan securitizations 1,112,421 1,107,091 2.77 % 2026 - 2061 Total collateralized debt obligations $ 1,855,022 $ 1,817,324 December 31, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 814,256 $ 839,419 2.75 % 2059 Residential loan securitizations 686,122 682,802 2.43 % 2026 - 2061 Total collateralized debt obligations $ 1,500,378 $ 1,522,221 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) June 30, 2022 $ 1,354,367 $ 1,272,515 $ (21,456) $ 1,251,059 2024 - 2032 4.00 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. |
Schedule of Maturities of Collateralized Debt Obligations | The Company's collateralized debt obligations as of June 30, 2022 had stated maturities as follows: Year ending December 31, Total 2022 $ — 2023 — 2024 — 2025 — 2026 180,000 2027 225,000 Thereafter 1,450,022 Total $ 1,855,022 As of June 30, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2022 $ — 2023 — 2024 294,814 2025 535,240 2026 133,772 2027 — Thereafter 453,689 $ 1,417,515 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Interest Expense from Convertible Debt | The following table presents interest expense from the Convertible Notes for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest expense $ — $ 2,156 $ 335 $ 4,312 Amortization of underwriter's discount and deferred charges — 632 103 1,260 Total $ — $ 2,788 $ 438 $ 5,572 The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended For the Six Months Ended 2022 2021 2022 2021 Interest income Residential loans Residential loans $ 32,669 $ 20,155 $ 57,502 $ 39,816 Consolidated SLST 9,254 10,479 18,635 20,797 Residential loans held in securitization trusts 18,853 9,933 35,486 17,901 Total residential loans 60,776 40,567 111,623 78,514 Multi-family loans 2,834 4,130 5,785 8,531 Investment securities available for sale 4,331 7,475 9,006 15,150 Other 79 14 107 30 Total interest income 68,020 52,186 126,521 102,225 Interest expense . Repurchase agreements 11,647 3,732 17,178 7,774 Collateralized debt obligations Consolidated SLST 6,208 7,151 12,186 14,254 Residential loan securitizations 8,728 5,015 16,185 9,735 Non-Agency RMBS re-securitization — — — 283 Total collateralized debt obligations 14,936 12,166 28,371 24,272 Convertible notes — 2,788 438 5,572 Senior unsecured notes 1,607 1,136 3,210 1,136 Subordinated debentures 550 459 1,008 916 Mortgages payable on real estate 13,151 430 20,308 740 Total interest expense 41,891 20,711 70,513 40,410 Net interest income $ 26,129 $ 31,475 $ 56,008 $ 61,815 |
Schedule of Debt Instrument Redemption | On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — |
Schedule of Subordinated Borrowing | The following table summarizes the key details of the Company’s subordinated debentures as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands): NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three month LIBOR plus 3.75%, resetting quarterly Three month LIBOR plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 |
Schedule of Mortgages Payable in Consolidated VIEs | The following tables present a summary of the Company's CDOs as of June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 742,601 $ 710,233 2.75 % 2059 Residential loan securitizations 1,112,421 1,107,091 2.77 % 2026 - 2061 Total collateralized debt obligations $ 1,855,022 $ 1,817,324 December 31, 2021 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 814,256 $ 839,419 2.75 % 2059 Residential loan securitizations 686,122 682,802 2.43 % 2026 - 2061 Total collateralized debt obligations $ 1,500,378 $ 1,522,221 (1) Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company. (2) The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity. (3) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 14). Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net Stated Maturity Weighted Average Interest Rate (1) June 30, 2022 $ 1,354,367 $ 1,272,515 $ (21,456) $ 1,251,059 2024 - 2032 4.00 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. |
Schedule of Maturities of Long-term Debt | The Company's collateralized debt obligations as of June 30, 2022 had stated maturities as follows: Year ending December 31, Total 2022 $ — 2023 — 2024 — 2025 — 2026 180,000 2027 225,000 Thereafter 1,450,022 Total $ 1,855,022 As of June 30, 2022, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2022 $ — 2023 — 2024 294,814 2025 535,240 2026 133,772 2027 — Thereafter 453,689 $ 1,417,515 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at June 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 2,193,319 $ 2,193,319 $ — $ — $ 1,703,290 $ 1,703,290 Consolidated SLST — — 920,778 920,778 — — 1,070,882 1,070,882 Residential loans held in securitization trusts — — 1,215,095 1,215,095 — — 801,429 801,429 Multi-family loans — — 106,825 106,825 — — 120,021 120,021 Investment securities available for sale: Non-Agency RMBS — 74,822 — 74,822 — 128,019 — 128,019 CMBS — 30,096 — 30,096 — 33,146 — 33,146 ABS — 35,588 — 35,588 — 39,679 — 39,679 Equity investments — — 223,651 223,651 — — 239,631 239,631 Total $ — $ 140,506 $ 4,659,668 $ 4,800,174 $ — $ 200,844 $ 3,935,253 $ 4,136,097 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 710,233 $ 710,233 $ — $ — $ 839,419 $ 839,419 Total $ — $ — $ 710,233 $ 710,233 $ — $ — $ 839,419 $ 839,419 |
Schedule of Changes in Valuation of Level 3 Assets | The following tables detail changes in valuation for the Level 3 assets for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Level 3 Assets: Six Months Ended June 30, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (52,976) (79,292) (65,935) 6,298 15,633 (176,272) Transfers out (1) (875) — (980) — — (1,855) Transfer to securitization trust, net (2) (676,560) — 676,560 — — — Funding/Contributions — — — — 19,191 19,191 Paydowns/Distributions (293,564) (70,812) (237,712) (19,494) (50,804) (672,386) Sales — — — — — — Purchases 1,514,004 — 41,733 — — 1,555,737 Balance at the end of period $ 2,193,319 $ 920,778 $ 1,215,095 $ 106,825 $ 223,651 $ 4,659,668 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the six months ended June 30, 2022, the Company completed two securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Six Months Ended June 30, 2021 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Total Balance at beginning of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ 259,095 $ 3,471,854 Total gains/(losses) (realized/unrealized) Included in earnings 14,494 (21,788) 21,105 10,853 14,006 38,670 Transfers out (1) (1,259) — (1,415) — — (2,674) Transfer to securitization trust, net (2) (160,623) — 160,623 — — — Funding/Contributions — — — — 320 320 Paydowns/Distributions (306,209) (68,458) (70,025) (47,727) (68,724) (561,143) Sales (15,568) — (2,376) — — (17,944) Purchases 605,076 — — — — 605,076 Balance at the end of period $ 1,226,841 $ 1,176,539 $ 799,363 $ 126,719 $ 204,697 $ 3,534,159 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the six months ended June 30, 2021, the Company completed a securitization of certain business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). |
Schedule of Changes in Valuation of Level 3 Liabilities | The following table details changes in valuation for the Level 3 liabilities for the six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): Level 3 Liabilities: Six Months Ended June 30, 2022 2021 Consolidated SLST CDOs Balance at beginning of period $ 839,419 $ 1,054,335 Total gains (realized/unrealized) Included in earnings (57,532) (37,931) Paydowns (71,654) (68,314) Balance at the end of period $ 710,233 $ 948,090 |
Schedule of Quantitative Information Regarding Significant and Unobservable Inputs used in Valuation of Level 3 Assets and Liabilities | The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): June 30, 2022 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $3,318,357 Discounted cash flow Lifetime CPR 4.8% — - 46.2% Lifetime CDR 0.4% — - 21.5% Loss severity 6.7% — - 96.5% Yield 6.0% 4.6% - 64.9% $90,057 Liquidation model Annual home price appreciation 1.0% — - 27.8% Liquidation timeline (months) 26 9 - 50 Property value $801,412 $17,000 - $4,300,000 Yield 7.8% 7.5% - 29.6% Consolidated SLST (3) $920,778 Liability price N/A Total $4,329,192 Multi-family loans (1) $106,825 Discounted cash flow Discount rate 11.3% 10.0% - 19.5% Months to assumed redemption 36 3 - 57 Loss severity — Equity investments (1) (2) $189,773 Discounted cash flow Discount rate 12.5% 11.0% - 15.4% Months to assumed redemption 24 1 - 51 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $710,233 Discounted cash flow Yield 4.6% 3.7% - 10.0% Collateral prepayment rate 8.0% 3.0% - 9.7% Collateral default rate 1.7% — - 9.4% Loss severity 16.6% — - 19.5% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments does not include equity ownership interests in entities that invest in or originate residential properties and loans. The fair value of these investments is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity or the net asset value ("NAV") as a practical expedient. (3) In accordance with the practical expedient in ASC 810, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of the CDOs issued by Consolidated SLST, including investment securities we own, as the fair value of these instruments is more observable. At June 30, 2022, the fair value of investment securities we own in Consolidated SLST amounts to $208.6 million. |
Schedule of Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities | The following table details the changes in unrealized gains (losses) included in earnings for the three and six months ended June 30, 2022 and 2021, respectively, for our Level 3 assets and liabilities held as of June 30, 2022 and 2021, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Assets Residential loans: Residential loans (1) $ (29,826) $ 3,752 $ (55,058) $ 12,192 Consolidated SLST (1) (10,798) 6,471 (77,443) (18,872) Residential loans held in securitization trusts (1) (33,262) 6,030 (64,729) 18,611 Multi-family loans (1) 181 460 358 665 Equity investments (2) 3,139 805 3,593 927 Liabilities Consolidated SLST CDOs (1) 6,523 3,322 57,889 37,890 (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations. |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the three and six months ended June 30, 2022, respectively (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cash $ 1,474 $ 973 $ 8,576 $ 2,723 Operating real estate (1) 202,220 42,050 730,988 73,513 Lease intangibles (2) 14,431 3,320 41,892 4,964 Other assets 2,706 3,851 8,836 5,695 Total assets 220,831 50,194 790,292 86,895 Mortgages payable on real estate, net 156,494 36,057 566,250 61,831 Other liabilities 1,482 652 4,662 797 Total liabilities 157,976 36,709 570,912 62,628 Non-controlling interest (3) 5,805 1,335 16,293 1,874 Net assets consolidated $ 57,050 $ 12,150 $ 203,087 $ 22,393 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in other assets in the accompanying condensed consolidated balance sheets. (3) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of June 30, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 38,233 $ 38,233 Residential loans, at fair value 1,215,095 920,778 — 2,135,873 Real estate, net held in Consolidated VIEs (1) — — 1,649,472 1,649,472 Other assets 77,630 3,314 48,087 129,031 Total assets $ 1,292,725 $ 924,092 $ 1,735,792 $ 3,952,609 Collateralized debt obligations ($1,107,091 at amortized cost, net and $710,233 at fair value) $ 1,107,091 $ 710,233 $ — $ 1,817,324 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 1,251,059 1,251,059 Other liabilities 43,477 3,859 25,755 73,091 Total liabilities $ 1,150,568 $ 714,092 $ 1,276,814 $ 3,141,474 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 37,101 $ 37,101 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 34,080 $ 34,080 Net investment (5) $ 142,157 $ 210,000 $ 387,797 $ 739,954 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of December 31, 2021 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying condensed consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying condensed consolidated balance sheets. (3) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (5) The net investment amount is the maximum amount of the Company's investment that is at risk to loss and represents the difference between total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2022 and December 31, 2021, respectively (dollar amounts in thousands): June 30, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 407,104 $ 407,104 $ 289,602 $ 289,602 Residential loans Level 3 4,329,192 4,329,192 3,575,601 3,575,601 Multi-family loans Level 3 106,825 106,825 120,021 120,021 Investment securities available for sale Level 2 140,506 140,506 200,844 200,844 Equity investments Level 3 223,651 223,651 239,631 239,631 Financial Liabilities: Repurchase agreements Level 2 1,693,876 1,693,876 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,107,091 1,050,939 682,802 686,027 Consolidated SLST Level 3 710,233 710,233 839,419 839,419 Subordinated debentures Level 3 45,000 38,674 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,039 89,489 96,704 102,215 Mortgages payable on real estate Level 3 1,251,059 1,227,040 709,356 712,112 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Stock Issued and Outstanding | The following tables summarize the Company’s Preferred Stock issued and outstanding as of June 30, 2022 and December 31, 2021 (dollar amounts in thousands): June 30, 2022 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed-to-Floating Rate Series D 8,400,000 6,123,495 $ 148,134 $ 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 3,000,000 72,088 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,221 $ 557,125 December 31, 2021 Class of Preferred Stock Shares Authorized Shares Issued and Outstanding Carrying Value Liquidation Preference Contractual Rate (1) Optional Redemption Date (2) Fixed-to-Floating Rate Conversion Date (1)(3) Floating Annual Rate (4) Fixed-to-Floating Rate Series D 8,400,000 6,123,495 $ 148,134 $ 153,087 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,411,499 179,349 185,288 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,750,000 138,650 143,750 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 3,450,000 3,000,000 72,088 75,000 7.000 % January 15, 2027 Total 29,500,000 22,284,994 $ 538,221 $ 557,125 (1) Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2) Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (3) Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below. (4) On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference. |
Schedule of Dividends Declared | The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2021 through June 30, 2022: Cash Dividend Per Share Declaration Date Record Date Payment Date Series B Preferred Stock (1) Series C Preferred Stock (1) Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock June 17, 2022 July 1, 2022 July 15, 2022 $ — $ — $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 December 13, 2021 January 1, 2022 January 15, 2022 — — 0.50 0.4921875 0.4296875 0.24792 (2) September 13, 2021 October 1, 2021 October 15, 2021 0.484375 — 0.50 0.4921875 0.4679000 (3) — June 14, 2021 July 1, 2021 July 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — March 15, 2021 April 1, 2021 April 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — (1) The Company redeemed all outstanding shares of its Series B Preferred Stock and Series C Preferred Stock in December 2021 and July 2021, respectively. (2) Cash dividend for the short initial dividend period that began on November 24, 2021 and ended January 14, 2022. (3) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. Period Declaration Date Record Date Payment Date Cash Dividend Per Share Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 $ 0.10 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.10 Fourth Quarter 2021 December 13, 2021 December 27, 2021 January 25, 2022 0.10 Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 0.10 Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 0.10 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.10 |
(Loss) Earnings Per Common Sh_2
(Loss) Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Dilutive Earnings (Loss) Per Share | The following table presents the computation of basic and diluted (loss) earnings per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Basic (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (71,896) $ 53,240 $ (145,746) $ 105,448 Less: Preferred Stock dividends (10,493) (10,296) (20,986) (20,593) Net (loss) income attributable to Company's common stockholders $ (82,389) $ 42,944 $ (166,732) $ 84,855 Basic weighted average common shares outstanding 381,200 379,299 380,999 379,091 Basic (Loss) Earnings per Common Share $ (0.22) $ 0.11 $ (0.44) $ 0.22 Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (71,896) $ 53,240 $ (145,746) $ 105,448 Less: Preferred Stock dividends (10,493) (10,296) (20,986) (20,593) Net (loss) income attributable to Company's common stockholders $ (82,389) $ 42,944 $ (166,732) $ 84,855 Weighted average common shares outstanding 381,200 379,299 380,999 379,091 Net effect of assumed PSUs vested — 2,003 — 1,931 Net effect of assumed RSUs vested — 215 — 145 Diluted weighted average common shares outstanding 381,200 381,517 380,999 381,167 Diluted (Loss) Earnings per Common Share $ (0.22) $ 0.11 $ (0.44) $ 0.22 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Activity | A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested shares as of January 1 1,909,107 $ 5.05 1,603,766 $ 6.27 Granted 1,217,671 3.59 939,446 3.82 Vested (884,959) 5.49 (621,438) 5.41 Forfeited (59,834) 3.96 (19,430) 3.26 Non-vested shares as of June 30 2,181,985 $ 4.08 1,902,344 $ 5.09 Restricted stock granted during the period 1,217,671 $ 3.59 939,446 $ 3.82 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. |
Schedule of PSU Award Activity | A summary of the activity of the target PSU awards under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested target PSUs as of January 1 3,376,740 $ 5.43 2,902,014 $ 4.98 Granted 844,534 4.87 1,631,661 5.56 Vested (1,074,918) 4.00 (842,792) 4.20 Non-vested target PSUs as of June 30 3,146,356 $ 5.76 3,690,883 $ 5.41 (1) The grant date fair value of the PSUs was determined through a Monte-Carlo simulation of the Company’s common stock total shareholder return and the common stock total shareholder return of its identified performance peer companies to determine the Relative TSR of the Company’s common stock over a future period of three years. |
Schedule of RSU Award Activity | A summary of the activity of the RSU awards under the 2017 Plan for the six months ended June 30, 2022 and 2021, respectively, is presented below: 2022 2021 Number of Weighted Average Per Share Grant Date Fair Value (1) Number of Weighted Average Per Share Grant Date Fair Value (1) Non-vested RSUs as of January 1 1,016,252 $ 4.36 441,746 $ 6.23 Granted 422,267 3.72 815,830 3.69 Vested (383,639) 4.58 (147,254) 6.23 Non-vested RSUs as of June 30 1,054,880 $ 4.03 1,110,322 $ 4.36 (1) The grant date fair value of RSUs is based on the closing market price of the Company’s common stock at the grant date. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision | The income tax provision for the three and six months ended June 30, 2022 and 2021, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Current income tax expense $ 166 $ 58 $ 231 $ 271 Deferred income tax benefit (76) (43) (164) (190) Total income tax provision $ 90 $ 15 $ 67 $ 81 |
Schedule of Deferred Tax Assets and Liabilities | The major sources of temporary differences included in the deferred tax assets (liabilities) and their deferred tax effect as of June 30, 2022 and December 31, 2021, respectively, are as follows (dollar amounts in thousands): June 30, 2022 December 31, 2021 Deferred tax assets Net operating loss carryforward $ 2,927 $ 3,615 Capital loss carryover 7,654 7,549 GAAP/Tax basis differences 2,124 254 Total deferred tax assets (1) 12,705 11,418 Deferred tax liabilities GAAP/Tax basis differences 5,558 6,681 Total deferred tax liabilities (2) 5,558 6,681 Valuation allowance (1) (7,381) (5,136) Total net deferred tax liability $ (234) $ (399) (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. |
Net Interest Income (Tables)
Net Interest Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Components of Interest Income and Interest Expense | The following table presents interest expense from the Convertible Notes for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Contractual interest expense $ — $ 2,156 $ 335 $ 4,312 Amortization of underwriter's discount and deferred charges — 632 103 1,260 Total $ — $ 2,788 $ 438 $ 5,572 The following table details the components of the Company's interest income and interest expense for the three and six months ended June 30, 2022 and 2021, respectively (dollar amounts in thousands): For the Three Months Ended For the Six Months Ended 2022 2021 2022 2021 Interest income Residential loans Residential loans $ 32,669 $ 20,155 $ 57,502 $ 39,816 Consolidated SLST 9,254 10,479 18,635 20,797 Residential loans held in securitization trusts 18,853 9,933 35,486 17,901 Total residential loans 60,776 40,567 111,623 78,514 Multi-family loans 2,834 4,130 5,785 8,531 Investment securities available for sale 4,331 7,475 9,006 15,150 Other 79 14 107 30 Total interest income 68,020 52,186 126,521 102,225 Interest expense . Repurchase agreements 11,647 3,732 17,178 7,774 Collateralized debt obligations Consolidated SLST 6,208 7,151 12,186 14,254 Residential loan securitizations 8,728 5,015 16,185 9,735 Non-Agency RMBS re-securitization — — — 283 Total collateralized debt obligations 14,936 12,166 28,371 24,272 Convertible notes — 2,788 438 5,572 Senior unsecured notes 1,607 1,136 3,210 1,136 Subordinated debentures 550 459 1,008 916 Mortgages payable on real estate 13,151 430 20,308 740 Total interest expense 41,891 20,711 70,513 40,410 Net interest income $ 26,129 $ 31,475 $ 56,008 $ 61,815 |
Residential Loans, at Fair Va_3
Residential Loans, at Fair Value - Schedule of Residential Loans at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | $ 4,494,914 | $ 3,529,804 |
(Discount)/premium | (90,083) | (84,265) |
Unrealized (losses) gains | (75,639) | 130,062 |
Carrying value | 4,329,192 | 3,575,601 |
Consolidated SLST | VIE, Primary Beneficiary | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 1,000,120 | 1,071,228 |
(Discount)/premium | (4,551) | (2,998) |
Unrealized (losses) gains | (74,791) | 2,652 |
Carrying value | 920,778 | 1,070,882 |
Residential loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 2,262,439 | 1,682,138 |
(Discount)/premium | (34,778) | (44,256) |
Unrealized (losses) gains | (34,342) | 65,408 |
Carrying value | 2,193,319 | 1,703,290 |
Residential loans held in securitization trusts | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 1,232,355 | 776,438 |
(Discount)/premium | (50,754) | (37,011) |
Unrealized (losses) gains | 33,494 | 62,002 |
Carrying value | $ 1,215,095 | $ 801,429 |
Residential Loans, at Fair Va_4
Residential Loans, at Fair Value - Components of Net Gain (Loss) on Residential Mortgages (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated SLST | VIE, Primary Beneficiary | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | $ (10,798) | $ 6,471 | $ (77,443) | $ (18,872) |
Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | (30,078) | 1,009 | (55,602) | 7,435 |
Residential loans held in securitization trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | $ (34,883) | $ 4,893 | $ (72,657) | $ 17,143 |
Residential Loans, at Fair Va_5
Residential Loans, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Net realized gain on payoff of residential loans | $ 3,200,000 | $ 4,900,000 | $ 7,100,000 | $ 8,300,000 | |
Realized gain on sale of residential loans | 0 | $ 300,000 | 0 | $ 500,000 | |
Consolidated SLST | VIE, Primary Beneficiary | Residential loans | 90 days or greater delinquent | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Principal amount of delinquent loans | $ 138,600,000 | $ 138,600,000 | $ 135,900,000 |
Residential Loans, at Fair Va_6
Residential Loans, at Fair Value - Concentration of Risk (Details) - Geographic Concentration Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Residential loans | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 21.90% | 21.70% |
Residential loans | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 11.20% | 10.40% |
Residential loans | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 8.80% | 8.80% |
Residential loans | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.50% | 7.40% |
Residential loans | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 6.90% | 5.90% |
Residential loans | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.40% | 4.40% |
Residential loans | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 2.90% | 2.70% |
Residential loans | Massachusetts | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 2.40% | 4.60% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.50% | 10.50% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.40% | 10.50% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 9.70% | 9.80% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 4% | 4% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.50% | 7.30% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 1.80% | 1.90% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.20% | 7.10% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Massachusetts | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 2.70% | 2.70% |
Residential loans held in securitization trusts | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 23.80% | 22% |
Residential loans held in securitization trusts | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.10% | 8.90% |
Residential loans held in securitization trusts | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.50% | 9.20% |
Residential loans held in securitization trusts | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.40% | 4.30% |
Residential loans held in securitization trusts | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 4.70% | 6.40% |
Residential loans held in securitization trusts | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 3.20% | 3.20% |
Residential loans held in securitization trusts | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 2.40% | 2.30% |
Residential loans held in securitization trusts | Massachusetts | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.50% | 5.60% |
Residential Loans, at Fair Va_7
Residential Loans, at Fair Value - Differences Between Fair Value and Aggregate Unpaid Principal (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | $ 4,329,192 | $ 3,575,601 |
Residential loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 2,193,319 | 1,703,290 |
Residential loans | Greater than 90 days past due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 115,696 | 92,990 |
Unpaid Principal Balance | 123,559 | 102,981 |
Residential loans | Less than 90 days past due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 10,588 | 17,102 |
Unpaid Principal Balance | $ 11,219 | $ 17,716 |
Multi-family Loans, at Fair V_3
Multi-family Loans, at Fair Value - Preferred Equity and Mezzanine Loan Investments (Details) - Preferred Equity and Mezzanine Loan Investments - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Investment amount | $ 105,399 | $ 118,307 |
Deferred loan fees, net | (517) | (672) |
Unrealized gains, net | 1,943 | 2,386 |
Total, at Fair Value | $ 106,825 | $ 120,021 |
Multi-family Loans, at Fair V_4
Multi-family Loans, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Receivables [Abstract] | ||||
Unrealized gains (losses) | $ 11,900 | $ 200,000 | $ (400,000) | $ 300,000 |
Loan premiums, early redemption | $ 200,000 | $ 1,500,000 | $ 1,000,000 | $ 2,000,000 |
Multi-family Loans, at Fair V_5
Multi-family Loans, at Fair Value - Unpaid Principal Balance (Details) - 90 Days or greater past due - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Fair Value | $ 4,370 | $ 3,972 |
Unpaid Principal Balance | $ 3,363 | $ 3,363 |
Multi-family Loans, at Fair V_6
Multi-family Loans, at Fair Value - Geographic Concentration Risk (Details) - Preferred Equity and Mezzanine Loan Investments - Geographic Concentration Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 25.10% | 28.30% |
Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 13.90% | 12.20% |
Tennessee | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 12.70% | 11% |
Georgia | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 8.50% | 7.40% |
Ohio | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 8.10% | 7.20% |
Louisiana | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 6.30% | 5.80% |
Alabama | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.80% | 5% |
North Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5% | 7% |
Investment Securities Availab_3
Investment Securities Available for Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Option | ||
Amortized Cost | $ 102,278 | $ 154,581 |
Unrealized Gains | 23,226 | 19,517 |
Unrealized Losses | (9,580) | (2,774) |
Fair Value | 115,924 | 171,324 |
CECL Securities | ||
Amortized Cost | 25,526 | 27,743 |
Unrealized Gains | 0 | 1,787 |
Unrealized Losses | (944) | (10) |
Fair Value | 24,582 | 29,520 |
Total CECL Securities and Fair Value Option | ||
Amortized Cost | 127,804 | 182,324 |
Unrealized Gains | 23,226 | 21,304 |
Unrealized Losses | (10,524) | (2,784) |
Fair Value | 140,506 | 200,844 |
Non-Agency RMBS | ||
Fair Value Option | ||
Amortized Cost | 50,307 | 100,186 |
Unrealized Gains | 7,009 | 949 |
Unrealized Losses | (7,076) | (2,636) |
Fair Value | 50,240 | 98,499 |
CECL Securities | ||
Amortized Cost | 25,526 | 27,743 |
Unrealized Gains | 0 | 1,787 |
Unrealized Losses | (944) | (10) |
Fair Value | 24,582 | 29,520 |
CMBS | ||
Fair Value Option | ||
Amortized Cost | 32,600 | 32,600 |
Unrealized Gains | 0 | 684 |
Unrealized Losses | (2,504) | (138) |
Fair Value | 30,096 | 33,146 |
ABS | ||
Fair Value Option | ||
Amortized Cost | 19,371 | 21,795 |
Unrealized Gains | 16,217 | 17,884 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 35,588 | $ 39,679 |
Investment Securities Availab_4
Investment Securities Available for Sale, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Accrued interest receivable | $ 38,136,000 | $ 38,136,000 | $ 26,688,000 | ||
Unrealized gains (losses) on investments | 1,500,000 | $ 8,000,000 | 3,100,000 | $ 6,100,000 | |
Sales Proceeds | 0 | 3,770,000 | $ 24,374,000 | 115,398,000 | |
Contractual maturities (up to) | 37 years | ||||
Weighted average life of available for sale securities portfolio | 6 years | 5 years 9 months 18 days | |||
Allowance for credit loss | 0 | $ 0 | $ 0 | ||
Debt securities, allowance for credit loss, period increase (decrease) | 0 | $ 0 | 0 | $ 0 | |
Available-for-sale Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Accrued interest receivable | $ 400,000 | $ 400,000 | $ 700,000 |
Investment Securities Availab_5
Investment Securities Available for Sale, at Fair Value - Proceeds from Sale (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | $ 0 | $ 3,770,000 | $ 24,374,000 | $ 115,398,000 |
Realized Gains | 392,000 | 374,000 | 5,599,000 | |
Realized Losses | 0 | 0 | (833,000) | |
Net Realized Gains (Losses) | 392,000 | 374,000 | 4,766,000 | |
CMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | 3,770,000 | 43,315,000 | ||
Realized Gains | 392,000 | 5,587,000 | ||
Realized Losses | 0 | 0 | ||
Net Realized Gains (Losses) | $ 392,000 | 5,587,000 | ||
Non-Agency RMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | 24,374,000 | 72,083,000 | ||
Realized Gains | 374,000 | 12,000 | ||
Realized Losses | 0 | (833,000) | ||
Net Realized Gains (Losses) | $ 374,000 | $ (821,000) |
Investment Securities Availab_6
Investment Securities Available for Sale, at Fair Value - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
0 to 5 years | $ 68,455 | $ 144,266 |
Over 5 to 10 years | 58,419 | 39,306 |
10+ years | 13,632 | 17,272 |
Total | $ 140,506 | $ 200,844 |
Investment Securities Availab_7
Investment Securities Available for Sale, at Fair Value - Schedule of Investment Securities Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Carrying Value | $ 24,540 | $ 2,300 |
Less Than 12 months, Gross Unrealized Losses | (938) | (3) |
Greater Than 12 months, Carrying Value | 42 | 48 |
Greater Than 12 months, Gross Unrealized Losses | (6) | (7) |
Total, Carrying Value | 24,582 | 2,348 |
Total Gross Unrealized Losses | (944) | (10) |
Non-Agency RMBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Carrying Value | 24,540 | 2,300 |
Less Than 12 months, Gross Unrealized Losses | (938) | (3) |
Greater Than 12 months, Carrying Value | 42 | 48 |
Greater Than 12 months, Gross Unrealized Losses | (6) | (7) |
Total, Carrying Value | 24,582 | 2,348 |
Total Gross Unrealized Losses | $ (944) | $ (10) |
Equity Investments, at Fair V_3
Equity Investments, at Fair Value - Schedule of Equity Investments Accounted under the Equity Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | $ 178,783 | $ 178,783 | $ 180,798 |
Equity investments | Joint venture equity investments in multi-family properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | 10,990 | 10,990 | 10,440 |
Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | 33,878 | 33,878 | 48,393 |
Equity investments | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments | $ 223,651 | $ 223,651 | $ 239,631 |
Somerset Deerfield Investor, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 45% | 45% | 45% |
Equity investments | $ 20,586 | $ 20,586 | $ 19,965 |
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 43% | 43% | 43% |
Equity investments | $ 6,047 | $ 6,047 | $ 5,725 |
1122 Chicago DE, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 53% | 53% | 53% |
Equity investments | $ 7,998 | $ 7,998 | $ 7,723 |
Bighaus, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 42% | 42% | 42% |
Equity investments | $ 15,987 | $ 15,987 | $ 15,471 |
FF/RMI 20 Midtown, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 51% | 51% | 51% |
Equity investments | $ 26,403 | $ 26,403 | $ 25,499 |
Lurin-RMI, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 38% | 38% | 38% |
Equity investments | $ 10,985 | $ 10,985 | $ 9,548 |
Palms at Cape Coral, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 34% | 34% | 34% |
Equity investments | $ 5,338 | $ 5,338 | $ 5,175 |
America Walks at Port St. Lucie, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 62% | 62% | 62% |
Equity investments | $ 30,367 | $ 30,367 | $ 30,383 |
EHOF-NYMT Sunset Apartments Preferred, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 57% | 57% | 57% |
Equity investments | $ 17,814 | $ 17,814 | $ 17,213 |
Lucie at Tradition Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 70% | 70% | 70% |
Equity investments | $ 17,271 | $ 17,271 | $ 16,597 |
Syracuse Apartments and Townhomes, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 58% | 58% | 0% |
Equity investments | $ 19,987 | $ 19,987 | $ 0 |
DCP Gold Creek, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 0% | 44% |
Equity investments | $ 0 | $ 0 | $ 6,686 |
Rigsbee Ave Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 0% | 56% |
Equity investments | $ 0 | $ 0 | $ 11,331 |
Walnut Creek Properties Holdings, L.L.C. | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 0% | 36% |
Equity investments | $ 0 | $ 0 | $ 9,482 |
GWR Cedars Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 70% | 70% | 70% |
Equity investments | $ 3,982 | $ 3,982 | $ 3,770 |
GWR Gateway Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 70% | 70% | 70% |
Equity investments | $ 7,008 | $ 7,008 | $ 6,670 |
Morrocroft Neighborhood Stabilization Fund II, LP | Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 11% | 11% | 11% |
Equity investments | $ 2,878 | $ 2,878 | $ 19,143 |
Constructive Loans, LLC | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase of residential loans | $ 82,100 | $ 252,300 | |
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 0% | 0% |
Equity investments | $ 31,000 | $ 31,000 | $ 29,250 |
Option to purchase issued and outstanding interests, percentage | 50% | 50% |
Equity Investments, at Fair V_4
Equity Investments, at Fair Value - Schedule of Income From Multi-Family Preferred Equity Ownership Interests (Details) - Multi-Family Preferred Equity Ownership Interests - Equity investments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | $ 6,029 | $ 6,336 | $ 11,804 | $ 11,835 |
Somerset Deerfield Investor, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 596 | 675 | 1,183 | 1,141 |
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 163 | 174 | 322 | 298 |
DCP Gold Creek, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | (599) | 197 | 254 | 400 |
1122 Chicago DE, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 241 | 225 | 478 | 446 |
Bighaus, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 472 | 443 | 937 | 879 |
FF/RMI 20 Midtown, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 812 | 758 | 1,610 | 1,504 |
Lurin-RMI, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 1,520 | 235 | 1,800 | 470 |
Palms at Cape Coral, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 158 | 0 | 313 | 0 |
America Walks at Port St. Lucie, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 902 | 0 | 1,804 | 0 |
EHOF-NYMT Sunset Apartments Preferred, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 559 | 0 | 1,108 | 0 |
Lucie at Tradition Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 614 | 0 | 1,215 | 0 |
Syracuse Apartments and Townhomes, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 591 | 0 | 1,107 | 0 |
Rigsbee Ave Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 896 | (174) | 1,215 |
Walnut Creek Properties Holdings, L.L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 263 | (153) | 541 |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 357 | 0 | 704 |
Audubon Mezzanine Holdings, L.L.C. (Series A) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 357 | 0 | 721 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 240 | 0 | 419 |
Towers Property Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 361 | 0 | 740 |
Mansions Property Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 348 | 0 | 713 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 131 | 0 | 266 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 302 | 0 | 616 |
Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | $ 0 | $ 374 | $ 0 | $ 762 |
Equity Investments, at Fair V_5
Equity Investments, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from equity investments | $ 8,100,000 | $ 10,607,000 | $ 14,153,000 | $ 14,006,000 |
Preferred Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income from equity investments | 300,000 | 800,000 | 400,000 | 900,000 |
Multi-Family Preferred Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other income | $ 700,000 | $ 0 | $ 1,500,000 | $ 0 |
Equity Investments, at Fair V_6
Equity Investments, at Fair Value - Schedule of Income (Loss) From Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Unrealized (losses) gains, net | $ (67,694) | $ 23,854 | $ (151,353) | $ 50,020 |
Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 1,772 | 4,271 | 1,800 | 2,171 |
Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 299 | 0 | 549 | 0 |
Morrocroft Neighborhood Stabilization Fund II, LP | Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 22 | 998 | 50 | 2,186 |
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 1,750 | 0 | 1,750 | 0 |
Unrealized (losses) gains, net | 1,800 | 1,800 | ||
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) | Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 3,273 | 0 | (15) |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unrealized (losses) gains, net | 300 | 500 | ||
GWR Cedars Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 111 | 0 | 211 | 0 |
GWR Gateway Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | $ 188 | $ 0 | $ 338 | $ 0 |
Use of Special Purpose Entiti_3
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) multi-familyApartmentCommunity | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||
Principal balance | $ 14.7 | |
VIE, Primary Beneficiary | Consolidated Real Estate | ||
Variable Interest Entity [Line Items] | ||
Number of properties purchased | multi-familyApartmentCommunity | 2 | |
VIE, Primary Beneficiary | Consolidated SLST | ||
Variable Interest Entity [Line Items] | ||
Investment in Consolidated SLST limited to securities owned, net carrying value | $ 208.6 | $ 230.3 |
Use of Special Purpose Entiti_4
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Fair Value of the Assets, Liabilities and Non-controlling Interests Consolidated During Period (Details) - VIE, Primary Beneficiary - Consolidated Real Estate - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash | $ 1,474 | $ 973 | $ 8,576 | $ 2,723 |
Operating real estate | 202,220 | 42,050 | 730,988 | 73,513 |
Lease intangible | 14,431 | 3,320 | 41,892 | 4,964 |
Other assets | 2,706 | 3,851 | 8,836 | 5,695 |
Total Assets | 220,831 | 50,194 | 790,292 | 86,895 |
Mortgages payable on real estate, net | 156,494 | 36,057 | 566,250 | 61,831 |
Other liabilities | 1,482 | 652 | 4,662 | 797 |
Total Liabilities | 157,976 | 36,709 | 570,912 | 62,628 |
Non-controlling interest in consolidated variable interest entities | 5,805 | 1,335 | 16,293 | 1,874 |
Net assets consolidated | $ 57,050 | $ 12,150 | $ 203,087 | $ 22,393 |
Use of Special Purpose Entiti_5
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Assets and Liabilities of Consolidated VIEs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | $ 407,104 | $ 289,602 | $ 324,927 | ||
Other assets | 299,938 | 215,019 | |||
Total Assets | [1] | 7,299,536 | 5,658,301 | ||
Other liabilities | 231,066 | 161,081 | |||
Total liabilities | [1] | 5,135,364 | 3,226,519 | ||
Non-controlling interest in Consolidated VIEs | 34,080 | 24,359 | |||
Residential collateralized debt obligations | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Multi-family CDOs, at fair value | 1,107,091 | 682,802 | |||
Consolidated SLST CDOs | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Multi-family CDOs, at fair value | 710,233 | 839,419 | |||
VIE, Primary Beneficiary | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Total Assets | 3,952,609 | 2,940,513 | |||
Total liabilities | 3,141,474 | 2,235,665 | |||
Redeemable non-controlling interest in Consolidated VIEs | 37,101 | $ 53,361 | 66,392 | ||
VIE, Primary Beneficiary | Residential collateralized debt obligations | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Multi-family CDOs, at fair value | 1,107,091 | 682,802 | |||
VIE, Primary Beneficiary | Consolidated SLST CDOs | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Multi-family CDOs, at fair value | 710,233 | 839,419 | |||
VIE, Primary Beneficiary | Financing And Other VIEs | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 38,233 | 29,606 | |||
Real estate, net held in Consolidated VIEs | 1,649,472 | 927,725 | |||
Other assets | 129,031 | 110,871 | |||
Total Assets | 3,952,609 | 2,940,513 | |||
Multi-family CDOs, at fair value | 1,817,324 | 1,522,221 | |||
Mortgages payable on real estate, net in Consolidated VIEs | 1,251,059 | 672,568 | |||
Other liabilities | 73,091 | 40,876 | |||
Total liabilities | 3,141,474 | 2,235,665 | |||
Redeemable non-controlling interest in Consolidated VIEs | 37,101 | 66,392 | |||
Non-controlling interest in Consolidated VIEs | 34,080 | 24,359 | |||
Net investment | 739,954 | 614,097 | |||
VIE, Primary Beneficiary | Financing And Other VIEs | Residential loans, at fair value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Residential loans, at fair value | 2,135,873 | 1,872,311 | |||
VIE, Primary Beneficiary | Residential Loan Securitizations | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Real estate, net held in Consolidated VIEs | 0 | 0 | |||
Other assets | 77,630 | 36,767 | |||
Total Assets | 1,292,725 | 838,196 | |||
Multi-family CDOs, at fair value | 1,107,091 | 682,802 | |||
Mortgages payable on real estate, net in Consolidated VIEs | 0 | 0 | |||
Other liabilities | 43,477 | 20,156 | |||
Total liabilities | 1,150,568 | 702,958 | |||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | |||
Non-controlling interest in Consolidated VIEs | 0 | 0 | |||
Net investment | 142,157 | 135,238 | |||
VIE, Primary Beneficiary | Residential Loan Securitizations | Residential loans, at fair value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Residential loans, at fair value | 1,215,095 | 801,429 | |||
VIE, Primary Beneficiary | Consolidated SLST | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Real estate, net held in Consolidated VIEs | 0 | 0 | |||
Other assets | 3,314 | 3,547 | |||
Total Assets | 924,092 | 1,074,429 | |||
Multi-family CDOs, at fair value | 710,233 | 839,419 | |||
Mortgages payable on real estate, net in Consolidated VIEs | 0 | 0 | |||
Other liabilities | 3,859 | 3,193 | |||
Total liabilities | 714,092 | 842,612 | |||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | |||
Non-controlling interest in Consolidated VIEs | 0 | 0 | |||
Net investment | 210,000 | 231,817 | |||
VIE, Primary Beneficiary | Consolidated SLST | Residential loans, at fair value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Residential loans, at fair value | 920,778 | 1,070,882 | |||
VIE, Primary Beneficiary | Consolidated Real Estate | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 38,233 | 29,606 | |||
Real estate, net held in Consolidated VIEs | 1,649,472 | 927,725 | |||
Other assets | 48,087 | 70,557 | |||
Total Assets | 1,735,792 | 1,027,888 | |||
Multi-family CDOs, at fair value | 0 | 0 | |||
Mortgages payable on real estate, net in Consolidated VIEs | 1,251,059 | 672,568 | |||
Other liabilities | 25,755 | 17,527 | |||
Total liabilities | 1,276,814 | 690,095 | |||
Redeemable non-controlling interest in Consolidated VIEs | 37,101 | 66,392 | |||
Non-controlling interest in Consolidated VIEs | 34,080 | 24,359 | |||
Net investment | 387,797 | 247,042 | |||
VIE, Primary Beneficiary | Consolidated Real Estate | Residential loans, at fair value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Residential loans, at fair value | $ 0 | $ 0 | |||
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,952,609 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,141,474 and $2,235,665, respectively. See Note 7 for further discussion. |
Use of Special Purpose Entiti_6
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | ||||
Interest expense | $ 41,891 | $ 20,711 | $ 70,513 | $ 40,410 |
Total net interest income (expense) | 26,129 | 31,475 | 56,008 | 61,815 |
Unrealized (losses) gains, net | (67,694) | 23,854 | (151,353) | 50,020 |
Income from real estate | 35,870 | 2,150 | 61,458 | 3,645 |
Total non-interest (loss) income | (20,233) | 43,276 | (67,019) | 82,996 |
Total general, administrative and operating expenses | 96,624 | 23,121 | 168,460 | 42,316 |
Other loss | (90,818) | 51,615 | (179,538) | 102,414 |
Net loss attributable to non-controlling interest in Consolidated VIEs | 18,922 | 1,625 | 33,792 | 3,034 |
Net (loss) income attributable to Company | (71,896) | 53,240 | (145,746) | 105,448 |
VIE, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Net loss attributable to non-controlling interest in Consolidated VIEs | 15,168 | 27,796 | ||
VIE, Primary Beneficiary | Financing And Other VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 9,254 | 10,479 | 18,635 | 20,797 |
Interest expense | 19,356 | 7,581 | 32,169 | 14,994 |
Total net interest income (expense) | (10,102) | 2,898 | (13,534) | 5,803 |
Unrealized (losses) gains, net | (4,275) | 9,793 | (19,555) | 19,018 |
Income from real estate | 34,409 | 2,150 | 58,047 | 3,645 |
Total non-interest (loss) income | 30,134 | 11,943 | 38,492 | 22,663 |
Total general, administrative and operating expenses | 68,337 | 3,913 | 114,783 | 6,837 |
Other loss | (48,305) | 10,928 | (89,825) | 21,629 |
Net loss attributable to non-controlling interest in Consolidated VIEs | 18,922 | 1,625 | 33,792 | 3,034 |
Net (loss) income attributable to Company | (29,383) | 12,553 | (56,033) | 24,663 |
VIE, Primary Beneficiary | Consolidated SLST | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 9,254 | 10,479 | 18,635 | 20,797 |
Interest expense | 6,208 | 7,151 | 12,186 | 14,254 |
Total net interest income (expense) | 3,046 | 3,328 | 6,449 | 6,543 |
Unrealized (losses) gains, net | (4,275) | 9,793 | (19,555) | 19,018 |
Income from real estate | 0 | 0 | 0 | 0 |
Total non-interest (loss) income | (4,275) | 9,793 | (19,555) | 19,018 |
Total general, administrative and operating expenses | 0 | 0 | 0 | 0 |
Other loss | (1,229) | 13,121 | (13,106) | 25,561 |
Net (loss) income attributable to Company | (1,229) | 13,121 | (13,106) | 25,561 |
VIE, Primary Beneficiary | Consolidated Real Estate | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 13,148 | 430 | 19,983 | 740 |
Total net interest income (expense) | (13,148) | (430) | (19,983) | (740) |
Unrealized (losses) gains, net | 0 | 0 | 0 | 0 |
Income from real estate | 34,409 | 2,150 | 58,047 | 3,645 |
Total non-interest (loss) income | 34,409 | 2,150 | 58,047 | 3,645 |
Total general, administrative and operating expenses | 68,337 | 3,913 | 114,783 | 6,837 |
Other loss | (47,076) | (2,193) | (76,719) | (3,932) |
Net loss attributable to non-controlling interest in Consolidated VIEs | 18,922 | 1,625 | 33,792 | 3,034 |
Net (loss) income attributable to Company | $ (28,154) | $ (568) | $ (42,927) | $ (898) |
Use of Special Purpose Entiti_7
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Redeemable Noncontrolling Interest in Consolidated VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Distributions | $ (1,133) | $ (1,810) | ||
Net loss attributable to non-controlling interest in Consolidated VIEs | (18,922) | $ (1,625) | (33,792) | $ (3,034) |
VIE, Primary Beneficiary | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 53,361 | 66,392 | ||
Contributions | 41 | 315 | ||
Net loss attributable to non-controlling interest in Consolidated VIEs | (15,168) | (27,796) | ||
Ending balance | $ 37,101 | $ 37,101 |
Use of Special Purpose Entiti_8
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Classification and Carrying Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | $ 7,299,536 | $ 5,658,301 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure | 367,042 | 401,005 | |
Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure | 106,825 | 120,021 | |
Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure | 67,566 | 70,603 | |
Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure | 192,651 | 210,381 | |
ABS | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 35,588 | 39,679 | |
ABS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
ABS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 35,588 | 39,679 | |
ABS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-Agency RMBS | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 31,978 | 30,924 | |
Non-Agency RMBS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-Agency RMBS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 31,978 | 30,924 | |
Non-Agency RMBS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Preferred equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 285,608 | 300,819 | |
Preferred equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 106,825 | 120,021 | |
Preferred equity investments in multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Preferred equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 178,783 | 180,798 | |
Joint venture equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 10,990 | 10,440 | |
Joint venture equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 10,990 | 10,440 | |
Equity investments in entities that invest in residential properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 2,878 | 19,143 | |
Equity investments in entities that invest in residential properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity investments in entities that invest in residential properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity investments in entities that invest in residential properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 2,878 | $ 19,143 | |
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of June 30, 2022 and December 31, 2021, assets of consolidated VIEs totaled $3,952,609 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,141,474 and $2,235,665, respectively. See Note 7 for further discussion. |
Real Estate, Net - Summary of I
Real Estate, Net - Summary of Investments (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Land | $ 218,223 | $ 111,182 |
Building and improvements | 1,524,023 | 835,635 |
Furniture, fixture and equipment | 46,491 | 23,546 |
Operating real estate | 1,788,737 | 970,363 |
Accumulated depreciation | (27,332) | (3,890) |
Operating real estate, net | 1,761,405 | 966,473 |
Real estate held for sale, net | 30,915 | 51,110 |
Real estate, net | $ 1,792,320 | $ 1,017,583 |
Real Estate, Net - Narrative (D
Real Estate, Net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Real Estate [Line Items] | |||||
Net proceeds from sale of real estate | $ 52,207 | $ 4,188 | |||
Net proceeds received from mortgages payable on real estate | (2,475) | 0 | |||
Loss on extinguishment of mortgages payable on real estate | $ 600 | $ 603 | $ 0 | ||
VIE, Primary Beneficiary | Multi-Family Apartment Properties | |||||
Real Estate [Line Items] | |||||
Net proceeds from sale of real estate | 52,000 | ||||
Net proceeds received from mortgages payable on real estate | 37,000 | ||||
Sale generated a net gain | 400 | ||||
Loss on extinguishment of mortgages payable on real estate | $ 600 | ||||
VIE, Primary Beneficiary | Real Estate Investment | Multi-Family Apartment Properties | |||||
Real Estate [Line Items] | |||||
Loss on transfer to real estate held-for-sale | $ 0 | $ 200 |
Real Estate, Net - Lease Intang
Real Estate, Net - Lease Intangibles (Details) - Lease Agreements - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Lease intangibles | $ 92,216 | $ 51,969 |
Accumulated amortization | (73,292) | (12,200) |
Lease intangibles, net | $ 18,924 | $ 39,769 |
Real Estate, Net - Components o
Real Estate, Net - Components of Income From Real Estate and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Real Estate [Line Items] | ||||
Total income from real estate | $ 35,870 | $ 2,150 | $ 61,458 | $ 3,645 |
Total expenses related to real estate | 70,759 | 3,913 | 118,748 | 6,837 |
Real Estate | ||||
Real Estate [Line Items] | ||||
Rental income | 32,137 | 2,078 | 55,425 | 3,567 |
Other income | 3,733 | 72 | 6,033 | 78 |
Total income from real estate | 35,870 | 2,150 | 61,458 | 3,645 |
Interest expense, mortgages payable on real estate | 13,151 | 430 | 20,308 | 740 |
Depreciation expense on operating real estate | 15,132 | 838 | 25,244 | 1,519 |
Amortization of lease intangibles related to operating real estate | 37,262 | 1,516 | 62,737 | 2,758 |
Other expenses | 18,365 | 1,559 | 30,767 | 2,560 |
Total expenses related to real estate | $ 70,759 | $ 3,913 | $ 118,748 | $ 6,837 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Offsetting [Abstract] | |||
Restricted cash | $ 144,614 | $ 48,259 | $ 75,557 |
Accrued interest receivable | 38,136 | 26,688 | |
Other assets in consolidated multi-family properties | 25,160 | 21,668 | |
Collections receivable from residential loan servicers | 20,624 | 28,634 | |
Lease intangibles, net in consolidated multi-family properties | 18,924 | 39,769 | |
Recoverable advances on residential loans | 13,444 | 14,143 | |
Other receivables | 12,943 | 14,507 | |
Operating lease right-of-use assets | 8,429 | 9,011 | |
Deferred tax assets | 5,324 | 6,282 | |
Real estate owned | 2,552 | 2,055 | |
Other | 9,788 | 4,003 | |
Other assets | $ 299,938 | $ 215,019 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Advanced remittances from residential loan servicers | $ 94,377 | $ 16,603 |
Dividends and dividend equivalents payable | 49,026 | 48,328 |
Accrued expenses and other liabilities in consolidated multi-family properties | 25,755 | 22,583 |
Accrued expenses | 13,887 | 13,408 |
Deferred revenue | 11,507 | 13,019 |
Unfunded commitments for residential loans | 9,663 | 21,364 |
Operating lease liabilities | 8,994 | 9,584 |
Accrued interest payable | 8,604 | 9,051 |
Deferred tax liabilities | 5,558 | 6,681 |
Other | 3,695 | 460 |
Total | $ 231,066 | $ 161,081 |
Repurchase Agreements - Company
Repurchase Agreements - Company's Repurchase Agreements (Details) - Repurchase agreements - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying Value of Repurchase Agreements | $ 1,693,876 | $ 554,259 |
Residential loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying Value of Repurchase Agreements | 1,564,545 | 554,259 |
Investment securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying Value of Repurchase Agreements | $ 129,331 | $ 0 |
Repurchase Agreements - Narrati
Repurchase Agreements - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) financialInstitution counterparty | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | $ 407,104 | $ 289,602 | $ 324,927 |
Repurchase agreements, number of financial institutions | financialInstitution | 4 | ||
Repurchase agreements, number of counterparties | counterparty | 2 | ||
Financings under repurchase agreements, aggregate outstanding balance | $ 811,400 | ||
Number of counterparties with amounts outstanding under repurchase agreements | counterparty | 2 | ||
Credit Suisse AG and Credit Suisse First Boston LLC | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreement percentage at risk | 6.23% | ||
Repurchase agreements | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | $ 368,900 | ||
Unencumbered investment securities | $ 88,260 | ||
Average days to maturity | 11 days | ||
Weighted average interest rate | 2.84% | ||
Accrued interest payable | $ 200 | ||
Weighted average advance rate | 51.70% | ||
Average interest rate haircut | 48.30% | ||
Repurchase agreements | Non-Agency RMBS | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Unencumbered investment securities | $ 52,672 | ||
Average interest rate haircut | 48.70% | ||
Repurchase agreements | CMBS | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Unencumbered investment securities | $ 0 | ||
Average interest rate haircut | 45% |
Repurchase Agreements - Schedul
Repurchase Agreements - Schedule of Unencumbered Securities (Details) - Repurchase agreements $ in Thousands | Jun. 30, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 88,260 |
Non-Agency RMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 52,672 |
Non-Agency RMBS | Consolidated SLST | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 19,700 |
CMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 0 |
ABS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 35,588 |
Repurchase Agreements - Borrowi
Repurchase Agreements - Borrowings Under Financing Arrangements and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | $ 129,331 | |
Fair Value of Loans Pledged | 4,329,192 | $ 3,575,601 |
Repurchase agreements | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | 129,331 | |
Carrying Value of Repurchase Agreements | 1,693,876 | 554,259 |
Fair Value of Loans Pledged | $ 263,503 | |
Weighted Average Months to Maturity | 11 days | |
Residential loans | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Maximum Aggregate Uncommitted Principal Amount | $ 2,140,048 | 1,252,352 |
Outstanding Repurchase Agreements | 1,566,926 | 554,784 |
Net Deferred Finance Costs | (2,381) | (525) |
Fair Value of Loans Pledged | $ 1,887,742 | $ 729,649 |
Weighted Average Rate | 3.81% | 2.79% |
Weighted Average Months to Maturity | 14 years 6 months 3 days | 4 years 4 months 17 days |
Residential loans | Repurchase agreements | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Carrying Value of Repurchase Agreements | $ 1,564,545 | $ 554,259 |
Residential loans | Repurchase Agreement, Non Mark-to Market | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | $ 755,600 | $ 15,600 |
Weighted Average Rate | 4.01% | 4% |
Weighted Average Months to Maturity | 20 years 2 months 23 days | 2 years 10 days |
Repurchase Agreements - Repurch
Repurchase Agreements - Repurchase Agreements Secured by Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | $ 129,331 | |
Fair Value of Loans Pledged | 4,329,192 | $ 3,575,601 |
Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 129,331 | |
Fair Value of Loans Pledged | 263,503 | |
Amortized Cost of Collateral Pledged | 296,368 | |
Non-Agency RMBS | Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 113,650 | |
Fair Value of Loans Pledged | 233,407 | |
Amortized Cost of Collateral Pledged | 263,768 | |
Restricted cash | 2,700 | |
Non-Agency RMBS | Repurchase agreements | Consolidated SLST | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Fair Value of Loans Pledged | 188,900 | |
CMBS | Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 15,681 | |
Fair Value of Loans Pledged | 30,096 | |
Amortized Cost of Collateral Pledged | $ 32,600 |
Repurchase Agreements - Maturit
Repurchase Agreements - Maturities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | $ 129,331 |
Within 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | 129,331 |
Over 30 day to 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | 0 |
Over 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | $ 0 |
Repurchase Agreements - Unencum
Repurchase Agreements - Unencumbered Securities (Details) - Repurchase agreements $ in Thousands | Jun. 30, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 88,260 |
Non-Agency RMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 52,672 |
Non-Agency RMBS | Consolidated SLST | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 19,700 |
CMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 0 |
ABS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 35,588 |
Collateralized Debt Obligatio_3
Collateralized Debt Obligations - Summary of Debt (Details) - Collateralized Debt Obligations - Secured Debt - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 1,855,022 | $ 1,500,378 |
Collateralized debt, carrying value | 1,817,324 | 1,522,221 |
Consolidated SLST | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | 742,601 | 814,256 |
Collateralized debt, carrying value | $ 710,233 | $ 839,419 |
Weighted average interest rate | 2.75% | 2.75% |
Residential loan securitizations | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 1,112,421 | $ 686,122 |
Collateralized debt, carrying value | $ 1,107,091 | $ 682,802 |
Weighted average interest rate | 2.77% | 2.43% |
Collateralized Debt Obligatio_4
Collateralized Debt Obligations - Maturities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 0 |
2023 | 0 |
2024 | 294,814 |
2025 | 535,240 |
2026 | 133,772 |
2027 | 0 |
Thereafter | 453,689 |
Total | 1,417,515 |
Secured Debt | Collateralized Debt Obligations | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 180,000 |
2027 | 225,000 |
Thereafter | 1,450,022 |
Total | $ 1,855,022 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 15, 2022 USD ($) | Apr. 27, 2021 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior unsecured notes, net | $ 0 | $ 96,267,000 | ||||
Long-term debt | 1,417,515,000 | |||||
Net proceeds received from mortgages payable on real estate | (2,475,000) | 0 | ||||
Loss on extinguishment of mortgages payable on real estate | $ (600,000) | $ (603,000) | $ 0 | |||
VIE, Primary Beneficiary | Multi-Family Apartment Properties | ||||||
Debt Instrument [Line Items] | ||||||
Net proceeds received from mortgages payable on real estate | 37,000,000 | |||||
Loss on extinguishment of mortgages payable on real estate | $ (600,000) | |||||
6.25% senior convertible notes due 2022 | Convertible notes | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 138,000,000 | |||||
Interest rate | 6.25% | 6.25% | ||||
Discount and deferred charges, net | $ 100,000 | |||||
Debt issuance cost, percentage | 8.24% | |||||
Notes issued, percentage of principle | 96% | |||||
Conversion ratio | 0.1427144 | |||||
Conversion price (in dollars per share) | $ / shares | $ 7.01 | |||||
Extinguishment of debt, amount | $ 138,000,000 | |||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 100,000,000 | |||||
Interest rate | 5.75% | |||||
Debt instrument, percentage of principal issued | 100% | |||||
Proceeds from issuance of senior unsecured notes, net | $ 96,300,000 | |||||
Long-term debt | $ 100,000,000 | |||||
Deferred loan fees, net | $ 3,000,000 | $ 3,300,000 | ||||
Debt issuance costs, amortization rate | 6.64% | |||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | Between BB+ and B+ Credit Rating | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate increase | 0.50% | |||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | B+ or Below Credit Rating | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate increase | 0.75% | |||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | Debt Instrument, Redemption, Period One | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 100% | |||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | April 30, 2023 - April 29, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price, percentage | 100% | |||||
Debt instrument, redemption price, percentage multiplyer | 2.875% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense from Convertible Debt (Details) - Convertible notes - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 0 | $ 2,156 | $ 335 | $ 4,312 |
Amortization of underwriter's discount and deferred charges | 0 | 632 | 103 | 1,260 |
Total | $ 0 | $ 2,788 | $ 438 | $ 5,572 |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption Details (Details) - 5.75% Senior Notes Due 2026 - Senior unsecured notes | Apr. 27, 2021 |
April 30, 2023 - April 29, 2024 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 2.875% |
April 30, 2024 - April 29, 2025 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 1.4375% |
April 30, 2025 - April 29, 2026 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 0% |
Debt - Preferred Securities (De
Debt - Preferred Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
NYM Preferred Trust I | ||
Debt Instrument [Line Items] | ||
Principal value of trust preferred securities | $ 25,000,000 | $ 25,000,000 |
NYM Preferred Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread | 3.75% | 3.75% |
NYM Preferred Trust II | ||
Debt Instrument [Line Items] | ||
Principal value of trust preferred securities | $ 20,000,000 | $ 20,000,000 |
NYM Preferred Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread | 3.95% | 3.95% |
Debt - Schedule of Mortgage Not
Debt - Schedule of Mortgage Notes Payable On Operating Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Mortgage Payable, Net | $ 1,417,515 | |
VIE, Primary Beneficiary | Mortgage Note | Joint Venture Investment | ||
Debt Instrument [Line Items] | ||
Maximum Committed Mortgage Principal Amount | 1,354,367 | |
Outstanding Mortgage Balance | 1,272,515 | |
Net Deferred Finance Cost | (21,456) | |
Mortgage Payable, Net | $ 1,251,059 | |
Weighted Average Interest Rate | 4% | |
VIE, Primary Beneficiary | Mortgage Note | Preferred Equity Investment | ||
Debt Instrument [Line Items] | ||
Maximum Committed Mortgage Principal Amount | $ 745,915 | |
Outstanding Mortgage Balance | 718,717 | |
Net Deferred Finance Cost | (9,361) | |
Mortgage Payable, Net | $ 709,356 | |
Weighted Average Interest Rate | 3.56% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 294,814 |
2025 | 535,240 |
2026 | 133,772 |
2027 | 0 |
Thereafter | 453,689 |
Total | $ 1,417,515 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Amount agreed to fund joint venture equity investments | $ 40 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets carried at fair value | ||
Investment securities available for sale: | $ 24,582 | $ 29,520 |
Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 223,651 | 239,631 |
Total | 4,800,174 | 4,136,097 |
Liabilities carried at fair value | ||
Total | 710,233 | 839,419 |
Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 2,193,319 | 1,703,290 |
Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 920,778 | 1,070,882 |
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 1,215,095 | 801,429 |
Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 106,825 | 120,021 |
Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 74,822 | 128,019 |
Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 30,096 | 33,146 |
Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 35,588 | 39,679 |
Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 710,233 | 839,419 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 0 | 0 |
Total | 0 | 0 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 0 | 0 |
Level 2 | ||
Assets carried at fair value | ||
Investment securities available for sale: | 140,506 | 200,844 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 0 | 0 |
Total | 140,506 | 200,844 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 74,822 | 128,019 |
Level 2 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 30,096 | 33,146 |
Level 2 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 35,588 | 39,679 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 0 | 0 |
Level 3 | ||
Assets carried at fair value | ||
Equity investments | 223,651 | 239,631 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 223,651 | 239,631 |
Total | 4,659,668 | 3,935,253 |
Liabilities carried at fair value | ||
Total | 710,233 | 839,419 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 2,193,319 | 1,703,290 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 920,778 | 1,070,882 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 1,215,095 | 801,429 |
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 106,825 | 120,021 |
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | $ 710,233 | $ 839,419 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) securitization | Jun. 30, 2021 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 3,935,253 | $ 3,471,854 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | (176,272) | 38,670 |
Transfers out | (1,855) | (2,674) |
Transfers to securitization trust | 0 | 0 |
Funding/Contributions | 19,191 | 320 |
Paydowns/Distributions | (672,386) | (561,143) |
Sales | 0 | (17,944) |
Purchases | 1,555,737 | 605,076 |
Balance at the end of period | 4,659,668 | 3,534,159 |
Consolidated SLST | VIE, Primary Beneficiary | Residential loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 1,070,882 | 1,266,785 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | (79,292) | (21,788) |
Transfers out | 0 | 0 |
Transfers to securitization trust | 0 | 0 |
Funding/Contributions | 0 | 0 |
Paydowns/Distributions | (70,812) | (68,458) |
Sales | 0 | 0 |
Purchases | 0 | 0 |
Balance at the end of period | 920,778 | 1,176,539 |
Residential loans | Residential loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 1,703,290 | 1,090,930 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | (52,976) | 14,494 |
Transfers out | (875) | (1,259) |
Transfers to securitization trust | (676,560) | (160,623) |
Funding/Contributions | 0 | 0 |
Paydowns/Distributions | (293,564) | (306,209) |
Sales | 0 | (15,568) |
Purchases | 1,514,004 | 605,076 |
Balance at the end of period | $ 2,193,319 | 1,226,841 |
Number of securitizations completed | securitization | 2 | |
Residential loans held in securitization trusts | Residential loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 801,429 | 691,451 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | (65,935) | 21,105 |
Transfers out | (980) | (1,415) |
Transfers to securitization trust | 676,560 | 160,623 |
Funding/Contributions | 0 | 0 |
Paydowns/Distributions | (237,712) | (70,025) |
Sales | 0 | (2,376) |
Purchases | 41,733 | 0 |
Balance at the end of period | 1,215,095 | 799,363 |
Multi-family loans | Multi-family loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 120,021 | 163,593 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | 6,298 | 10,853 |
Transfers out | 0 | 0 |
Transfers to securitization trust | 0 | 0 |
Funding/Contributions | 0 | 0 |
Paydowns/Distributions | (19,494) | (47,727) |
Sales | 0 | 0 |
Purchases | 0 | 0 |
Balance at the end of period | 106,825 | 126,719 |
Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 259,095 | |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | 14,006 | |
Funding/Contributions | 320 | |
Paydowns/Distributions | (68,724) | |
Equity investments | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 239,631 | 259,095 |
Total (losses)/gains (realized/unrealized) | ||
Included in earnings | 15,633 | 14,006 |
Transfers out | 0 | 0 |
Transfers to securitization trust | 0 | 0 |
Funding/Contributions | 19,191 | 320 |
Paydowns/Distributions | (50,804) | (68,724) |
Sales | 0 | 0 |
Purchases | 0 | 0 |
Balance at the end of period | $ 223,651 | $ 204,697 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - Collateralized Debt Obligations - Consolidated SLST - VIE, Primary Beneficiary - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 839,419 | $ 1,054,335 |
Total gains (realized/unrealized) | ||
Included in earnings | (57,532) | (37,931) |
Paydowns | (71,654) | (68,314) |
Balance at the end of period | $ 710,233 | $ 948,090 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details) | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Consolidated SLST CDOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Collateralized debt, carrying value | $ 710,233,000 | $ 839,419,000 |
Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Collateralized debt, carrying value | 710,233,000 | 839,419,000 |
Consolidated SLST | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment in Consolidated SLST limited to securities owned, net carrying value | 208,600,000 | 230,300,000 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 4,329,192,000 | |
Equity investments | 223,651,000 | 239,631,000 |
Level 3 | Consolidated SLST CDOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Collateralized debt, carrying value | 710,233,000 | $ 839,419,000 |
Level 3 | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity investments | $ 189,773,000 | |
Level 3 | Loss severity | Discounted cash flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments in unconsolidated entities, measurement input | 0 | |
Level 3 | Discount rate | Discounted cash flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments in unconsolidated entities, measurement input | 0.125 | |
Level 3 | Discount rate | Discounted cash flow | Minimum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments in unconsolidated entities, measurement input | 0.110 | |
Level 3 | Discount rate | Discounted cash flow | Maximum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments in unconsolidated entities, measurement input | 0.154 | |
Level 3 | Months to assumed redemption | Discounted cash flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, redemption period (in months) | 24 months | |
Level 3 | Months to assumed redemption | Discounted cash flow | Minimum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, redemption period (in months) | 1 month | |
Level 3 | Months to assumed redemption | Discounted cash flow | Maximum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, redemption period (in months) | 51 months | |
Level 3 | Residential loans and residential loans held in securitization trusts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 3,318,357,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation model | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 90,057,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.048 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.462 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.004 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.215 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.067 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.965 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.060 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.046 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.649 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.078 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.075 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Liquidation model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.296 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation | Liquidation model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.010 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation | Liquidation model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation | Liquidation model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.278 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Liquidation model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 26 months | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Liquidation model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 9 months | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Liquidation model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 50 months | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Liquidation model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 801,412 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Liquidation model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 17,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Liquidation model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 4,300,000 | |
Level 3 | Multi-family loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Multi-family loans | $ 106,825,000 | |
Level 3 | Multi-family loans | Loss severity | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0 | |
Level 3 | Multi-family loans | Discount rate | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.113 | |
Level 3 | Multi-family loans | Discount rate | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.100 | |
Level 3 | Multi-family loans | Discount rate | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.195 | |
Level 3 | Multi-family loans | Months to assumed redemption | Discounted cash flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 36 months | |
Level 3 | Multi-family loans | Months to assumed redemption | Discounted cash flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 3 months | |
Level 3 | Multi-family loans | Months to assumed redemption | Discounted cash flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 57 months | |
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 920,778,000 | |
Investment in Consolidated SLST limited to securities owned, net carrying value | 208,600,000 | |
Level 3 | Consolidated SLST | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Collateralized debt, carrying value | $ 710,233,000 | |
Level 3 | Consolidated SLST | Loss severity | Discounted cash flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.166 | |
Level 3 | Consolidated SLST | Loss severity | Discounted cash flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0 | |
Level 3 | Consolidated SLST | Loss severity | Discounted cash flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.195 | |
Level 3 | Consolidated SLST | Yield | Discounted cash flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.046 | |
Level 3 | Consolidated SLST | Yield | Discounted cash flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.037 | |
Level 3 | Consolidated SLST | Yield | Discounted cash flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.100 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Discounted cash flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.080 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Discounted cash flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.030 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Discounted cash flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.097 | |
Level 3 | Consolidated SLST | Collateral default rate | Discounted cash flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.017 | |
Level 3 | Consolidated SLST | Collateral default rate | Discounted cash flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0 | |
Level 3 | Consolidated SLST | Collateral default rate | Discounted cash flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.094 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Collateralized Debt Obligations | Consolidated SLST | VIE, Primary Beneficiary | ||||
Liabilities | ||||
Unrealized gains (losses) | $ 6,523 | $ 3,322 | $ 57,889 | $ 37,890 |
Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||||
Assets | ||||
Unrealized gains (losses) | (10,798) | 6,471 | (77,443) | (18,872) |
Residential loans | Residential loans | ||||
Assets | ||||
Unrealized gains (losses) | (29,826) | 3,752 | (55,058) | 12,192 |
Residential loans | Residential Loans Held in Securitization Trusts | ||||
Assets | ||||
Unrealized gains (losses) | (33,262) | 6,030 | (64,729) | 18,611 |
Multi-family loans | Preferred Equity and Mezzanine Loan Investments | ||||
Assets | ||||
Unrealized gains (losses) | 181 | 460 | 358 | 665 |
Multi-family loans | Equity investments | ||||
Assets | ||||
Unrealized gains (losses) | $ 3,139 | $ 805 | $ 3,593 | $ 927 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Financial Assets: | |||
Cash and cash equivalents | $ 407,104 | $ 289,602 | $ 324,927 |
Investment securities available for sale: | 24,582 | 29,520 | |
Equity Investments, carrying value | 223,651 | 239,631 | |
Financial Liabilities: | |||
Subordinated debentures, carrying value | 45,000 | 45,000 | |
Convertible notes, carrying value | 0 | 137,898 | |
Senior unsecured notes, carrying value | 97,039 | 96,704 | |
Mortgages payable on operating real estate, carrying value | 1,417,515 | ||
Residential collateralized debt obligations | |||
Financial Liabilities: | |||
Collateralized debt, carrying value | 1,107,091 | 682,802 | |
Consolidated SLST CDOs | |||
Financial Liabilities: | |||
Collateralized debt, carrying value | 710,233 | 839,419 | |
Level 1 | |||
Financial Assets: | |||
Cash and cash equivalents | 407,104 | 289,602 | |
Cash and cash equivalents, estimated fair value | 407,104 | 289,602 | |
Level 2 | |||
Financial Assets: | |||
Investment securities available for sale: | 140,506 | 200,844 | |
Financial Liabilities: | |||
Convertible notes, carrying value | 0 | 137,898 | |
Convertible notes, estimated fair value | 0 | 138,011 | |
Senior unsecured notes, carrying value | 97,039 | 96,704 | |
Senior unsecured notes, estimated fair value | 89,489 | 102,215 | |
Level 2 | Portfolio Investments | |||
Financial Liabilities: | |||
Outstanding repurchase agreements | 1,693,876 | 554,259 | |
Level 3 | |||
Financial Assets: | |||
Equity Investments, carrying value | 223,651 | 239,631 | |
Equity Investment, estimated fair value | 223,651 | 239,631 | |
Financial Liabilities: | |||
Subordinated debentures, carrying value | 45,000 | 45,000 | |
Subordinated debentures, estimated fair value | 38,674 | 44,388 | |
Level 3 | Mortgage Note | |||
Financial Liabilities: | |||
Mortgages payable on operating real estate, carrying value | 1,251,059 | 709,356 | |
Mortgages payable on operating real estate, estimated fair value | 1,227,040 | 712,112 | |
Level 3 | Residential collateralized debt obligations | |||
Financial Liabilities: | |||
Collateralized debt, carrying value | 1,107,091 | 682,802 | |
Secured debt, estimated fair value | 1,050,939 | 686,027 | |
Level 3 | Consolidated SLST CDOs | |||
Financial Liabilities: | |||
Collateralized debt, carrying value | 710,233 | 839,419 | |
Secured debt, estimated fair value | 710,233 | 839,419 | |
Level 3 | Residential loans | |||
Financial Assets: | |||
Residential loans | 4,329,192 | 3,575,601 | |
Residential mortgage loans, estimated fair value | 4,329,192 | 3,575,601 | |
Level 3 | Multi-family loans | |||
Financial Assets: | |||
Preferred equity and mezzanine loan investments, carrying value | 106,825 | 120,021 | |
Preferred equity and mezzanine loan investments, estimated fair value | $ 106,825 | $ 120,021 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2022 USD ($) quarter director seriesOfPreferredStock $ / shares shares | Jun. 30, 2021 shares | Jun. 30, 2022 USD ($) quarter director seriesOfPreferredStock $ / shares shares | Jun. 30, 2021 shares | Dec. 31, 2021 $ / shares shares | Feb. 28, 2022 USD ($) | Aug. 10, 2021 USD ($) $ / shares | Nov. 27, 2019 USD ($) | Mar. 29, 2019 USD ($) | Aug. 10, 2017 USD ($) | |
Class of Stock [Line Items] | ||||||||||
Number of series of cumulative redeemable preferred stock outstanding | seriesOfPreferredStock | 4 | 4 | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||
Preferred stock redemption period | 120 days | |||||||||
Number of elected directors pending preferred stock voting rights | director | 2 | 2 | ||||||||
Percent of outstanding shares affirmative votes needed for material and adverse changes to preferred stock terms | 66.67% | |||||||||
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | 800,000,000 | |||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common stock, shares, issued (in shares) | 378,647,371 | 378,647,371 | 379,405,240 | |||||||
Common stock, shares outstanding (in shares) | 378,647,371 | 378,647,371 | 379,405,240 | |||||||
Stock repurchase program, authorized amount | $ | $ 200,000 | |||||||||
Shares repurchased (in shares) | 2,794,824 | 2,794,824 | ||||||||
Common stock repurchases | $ | $ 7,541 | $ 7,541 | ||||||||
Fees and commissions paid | $ | $ 30 | $ 30 | ||||||||
Average cost per share (in usd per share) | $ / shares | $ 2.69 | $ 2.69 | ||||||||
Remaining authorized repurchase amount | $ | $ 192,500 | $ 192,500 | ||||||||
Equity Distribution Agreements | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | |||||||||
Common stock that may be sold (up to) | $ | $ 100,000 | |||||||||
Common stock reserved for issuance | $ | $ 100,000 | $ 100,000 | $ 72,500 | |||||||
Shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||
Equity agreement for preferred stock maximum aggregate sales price (up to) | $ | $ 149,100 | $ 131,500 | ||||||||
Preferred Equity Distribution Agreement | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||
Equity agreement for preferred stock maximum aggregate sales price (up to) | $ | $ 50,000 | |||||||||
Preferred stock available for future issuance, value | $ | $ 100,000 | $ 100,000 | ||||||||
Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares issued (in shares) | 22,284,994 | 22,284,994 | 22,284,994 | |||||||
Preferred stock, shares outstanding (in shares) | 22,284,994 | 22,284,994 | 22,284,994 | |||||||
Number of quarters with no dividends that results in voting rights | quarter | 6 | 6 | ||||||||
Series D Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 8,400,000 | 8,400,000 | 8,400,000 | |||||||
Preferred stock, shares issued (in shares) | 6,123,495 | 6,123,495 | 6,123,495 | |||||||
Preferred stock, shares outstanding (in shares) | 6,123,495 | 6,123,495 | 6,123,495 | |||||||
Preferred stock, cumulative redeemable dividend rate | 8% | 8% | ||||||||
Series E Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 9,900,000 | 9,900,000 | 9,900,000 | |||||||
Preferred stock, shares issued (in shares) | 7,411,499 | 7,411,499 | 7,411,499 | |||||||
Preferred stock, shares outstanding (in shares) | 7,411,499 | 7,411,499 | 7,411,499 | |||||||
Preferred stock, cumulative redeemable dividend rate | 7.875% | 7.875% | ||||||||
Series F Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 7,750,000 | 7,750,000 | 7,750,000 | |||||||
Preferred stock, shares issued (in shares) | 5,750,000 | 5,750,000 | 5,750,000 | |||||||
Preferred stock, shares outstanding (in shares) | 5,750,000 | 5,750,000 | 5,750,000 | |||||||
Preferred stock, cumulative redeemable dividend rate | 6.875% | 6.875% | ||||||||
Series G Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 5,450,000 | 5,450,000 | 3,450,000 | |||||||
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | |||||||
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | |||||||
Preferred stock, cumulative redeemable dividend rate | 7% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Preferred stock, carrying value | $ 538,221,000 | $ 538,221,000 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 8,400,000 | 8,400,000 |
Preferred stock, shares issued (in shares) | 6,123,495 | 6,123,495 |
Preferred stock, shares outstanding (in shares) | 6,123,495 | 6,123,495 |
Preferred stock, carrying value | $ 148,134,000 | $ 148,134,000 |
Preferred stock, liquidation preference | $ 153,087,000 | $ 153,087,000 |
Preferred stock, contractual rate, percentage | 8% | 8% |
Series D Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, floating annual rate, percentage | 5.695% | 5.695% |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 9,900,000 | 9,900,000 |
Preferred stock, shares issued (in shares) | 7,411,499 | 7,411,499 |
Preferred stock, shares outstanding (in shares) | 7,411,499 | 7,411,499 |
Preferred stock, carrying value | $ 179,349,000 | $ 179,349,000 |
Preferred stock, liquidation preference | $ 185,288,000 | $ 185,288,000 |
Preferred stock, contractual rate, percentage | 7.875% | 7.875% |
Series E Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, floating annual rate, percentage | 6.429% | 6.429% |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 7,750,000 | 7,750,000 |
Preferred stock, shares issued (in shares) | 5,750,000 | 5,750,000 |
Preferred stock, shares outstanding (in shares) | 5,750,000 | 5,750,000 |
Preferred stock, carrying value | $ 138,650,000 | $ 138,650,000 |
Preferred stock, liquidation preference | $ 143,750,000 | $ 143,750,000 |
Preferred stock, contractual rate, percentage | 6.875% | 6.875% |
Series F Preferred Stock | Underwritten Public Offering | ||
Class of Stock [Line Items] | ||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | |
Series F Preferred Stock | LIBOR | ||
Class of Stock [Line Items] | ||
Preferred stock, floating annual rate, percentage | 6.13% | 6.13% |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 5,450,000 | 3,450,000 |
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, carrying value | $ 72,088,000 | $ 72,088,000 |
Preferred stock, liquidation preference | $ 75,000,000 | $ 75,000,000 |
Preferred stock, contractual rate, percentage | 7% | |
Preferred Stock, Series Shares | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 31,500,000 | 29,500,000 |
Preferred stock, shares issued (in shares) | 22,284,994 | 22,284,994 |
Preferred stock, shares outstanding (in shares) | 22,284,994 | 22,284,994 |
Preferred stock, carrying value | $ 538,221,000 | $ 538,221,000 |
Preferred stock, liquidation preference | $ 557,125,000 | $ 557,125,000 |
Stockholders' Equity - Cash Div
Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares | Jun. 17, 2022 | Mar. 14, 2022 | Dec. 13, 2021 | Sep. 13, 2021 | Jun. 14, 2021 | Mar. 15, 2021 |
Series B Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.484375 | $ 0.484375 | $ 0.484375 |
Series C Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | 0 | 0 | 0 | 0 | 0.4921875 | 0.4921875 |
Series D Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
Series E Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 |
Series F Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | 0.4296875 | 0.4296875 | 0.4296875 | 0.4679000 | 0 | 0 |
Series G Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividend per share (in dollars per share) | $ 0.43750 | $ 0.43750 | $ 0.24792 | $ 0 | $ 0 | $ 0 |
Stockholders' Equity - Cash D_2
Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares | 3 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||||
Cash dividend per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
(Loss) Earnings Per Common Sh_3
(Loss) Earnings Per Common Share - Narrative (Details) $ in Millions | Jan. 15, 2022 USD ($) |
6.25% senior convertible notes due 2022 | Convertible notes | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Extinguishment of debt, amount | $ 138 |
(Loss) Earnings Per Common Sh_4
(Loss) Earnings Per Common Share - Computation of Basic and Diluted (Loss) Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic (Loss) Earnings per Common Share: | ||||
Net (loss) income attributable to Company | $ (71,896) | $ 53,240 | $ (145,746) | $ 105,448 |
Less: Preferred Stock dividends | (10,493) | (10,296) | (20,986) | (20,593) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (82,389) | $ 42,944 | $ (166,732) | $ 84,855 |
Weighted average common shares outstanding-basic (in shares) | 381,200 | 379,299 | 380,999 | 379,091 |
Basic (loss) earnings per common share (in dollars per share) | $ (0.22) | $ 0.11 | $ (0.44) | $ 0.22 |
Diluted (Loss) Earnings per Common Share: | ||||
Net (loss) income attributable to Company | $ (71,896) | $ 53,240 | $ (145,746) | $ 105,448 |
Less: Preferred Stock dividends | (10,493) | (10,296) | (20,986) | (20,593) |
Net (loss) income attributable to Company's common stockholders | $ (82,389) | $ 42,944 | $ (166,732) | $ 84,855 |
Weighted average common shares outstanding-basic (in shares) | 381,200 | 379,299 | 380,999 | 379,091 |
Diluted weighted average common shares outstanding (in shares) | 381,200 | 381,517 | 380,999 | 381,167 |
Diluted (loss) earnings per common share (in dollars per share) | $ (0.22) | $ 0.11 | $ (0.44) | $ 0.22 |
PSUs | ||||
Diluted (Loss) Earnings per Common Share: | ||||
Net effect of assumed PSUs/RSUs vested (in shares) | 0 | 2,003 | 0 | 1,931 |
RSUs | ||||
Diluted (Loss) Earnings per Common Share: | ||||
Net effect of assumed PSUs/RSUs vested (in shares) | 0 | 215 | 0 | 145 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 1.1 | $ 1.2 | $ 2.3 | $ 2.3 | ||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested shares (in shares) | 2,181,985 | 1,902,344 | 2,181,985 | 1,902,344 | 1,909,107 | 1,603,766 |
Unrecognized compensation cost | $ 6.9 | $ 7.2 | $ 6.9 | $ 7.2 | ||
Unrecognized compensation cost, period for recognition | 2 years | |||||
Fair value of vested shares | $ 3.2 | $ 2.5 | ||||
Shares vested (in shares) | 884,959 | 621,438 | ||||
PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of vested shares | $ 2.6 | $ 3.7 | ||||
Fair value, expected term | 3 years | |||||
Fair value, expected term for volatility rate | 3 years | |||||
Shares vested (in shares) | 733,496 | 974,074 | ||||
Vested shares target (in shares) | 1,074,918 | 842,792 | 1,074,918 | 842,792 | ||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested shares (in shares) | 1,054,880 | 1,110,322 | 1,054,880 | 1,110,322 | 1,016,252 | 441,746 |
Fair value of vested shares | $ 1.4 | $ 0.5 | ||||
Requisite service period | 3 years | |||||
Shares vested (in shares) | 383,639 | 147,254 | ||||
2017 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares that may be issued (in shares) | 43,170,000 | 43,170,000 | ||||
Shares available for grant (in shares) | 28,758,269 | 28,758,269 | 31,367,872 | |||
2017 Incentive Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 2,689,394 | |||||
Non-vested shares (in shares) | 2,181,985 | 2,181,985 | 1,909,107 | |||
2017 Incentive Plan | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (in shares) | 6,233,373 | 6,233,373 | 6,168,886 | |||
Share-based compensation expense | $ 1.5 | $ 1.7 | $ 3 | $ 3.1 | ||
Unrecognized compensation cost | $ 8.8 | 11.7 | $ 8.8 | 11.7 | ||
Unrecognized compensation cost, period for recognition | 1 year 9 months 18 days | |||||
Award vesting period | 3 years | 3 years | 3 years | |||
Number of consecutive trading days for Total Shareholder Return (TSR) calculation | 30 days | |||||
2017 Incentive Plan | PSUs | Relative TSR Performance is Less Than the 30th Percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 0% | |||||
2017 Incentive Plan | PSUs | Relative TSR Performance is Equal to the 50th Percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights, percentage | 100% | |||||
2017 Incentive Plan | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (in shares) | 1,054,880 | 1,054,880 | 1,016,252 | |||
Share-based compensation expense | $ 0.6 | 0.5 | $ 1.1 | 0.9 | ||
Unrecognized compensation cost | $ 3.2 | $ 4 | $ 3.2 | $ 4 | ||
Unrecognized compensation cost, period for recognition | 1 year 9 months 18 days | |||||
2017 Incentive Plan | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 919,019 | 687,503 | ||||
2017 Incentive Plan | Employee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 3,847,231 |
Stock Based Compensation - Non-
Stock Based Compensation - Non-vested Restricted Stock, PSU and RSU Award Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Restricted Stock | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 1,909,107 | 1,603,766 |
Granted (in shares) | 1,217,671 | 939,446 |
Vested (in shares) | (884,959) | (621,438) |
Forfeited (in shares) | (59,834) | (19,430) |
Non-vested shares at end of period (in shares) | 2,181,985 | 1,902,344 |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 5.05 | $ 6.27 |
Granted (in dollars per share) | 3.59 | 3.82 |
Vested (in dollars per share) | 5.49 | 5.41 |
Forfeited (in dollars per share) | 3.96 | 3.26 |
Non-vested shares at end of period (in dollars per share) | $ 4.08 | $ 5.09 |
PSUs, Target | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 3,376,740 | 2,902,014 |
Granted (in shares) | 844,534 | 1,631,661 |
Vested (in shares) | (1,074,918) | (842,792) |
Non-vested shares at end of period (in shares) | 3,146,356 | 3,690,883 |
PSUs | ||
Number of Non-vested Restricted Shares | ||
Vested (in shares) | (733,496) | (974,074) |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 5.43 | $ 4.98 |
Granted (in dollars per share) | 4.87 | 5.56 |
Vested (in dollars per share) | 4 | 4.20 |
Non-vested shares at end of period (in dollars per share) | $ 5.76 | $ 5.41 |
RSUs | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 1,016,252 | 441,746 |
Granted (in shares) | 422,267 | 815,830 |
Vested (in shares) | (383,639) | (147,254) |
Non-vested shares at end of period (in shares) | 1,054,880 | 1,110,322 |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 4.36 | $ 6.23 |
Granted (in dollars per share) | 3.72 | 3.69 |
Vested (in dollars per share) | 4.58 | 6.23 |
Non-vested shares at end of period (in dollars per share) | $ 4.03 | $ 4.36 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | $ 166 | $ 58 | $ 231 | $ 271 |
Deferred income tax benefit | (76) | (43) | (164) | (190) |
Total income tax provision | $ 90 | $ 15 | $ 67 | $ 81 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Net operating loss carryforward | $ 2,927 | $ 3,615 |
Capital loss carryover | 7,654 | 7,549 |
GAAP/Tax basis differences | 2,124 | 254 |
Total deferred tax assets | 12,705 | 11,418 |
Deferred tax liabilities | ||
GAAP/Tax basis differences | 5,558 | 6,681 |
Total deferred tax liabilities | 5,558 | 6,681 |
Valuation allowance | (7,381) | (5,136) |
Total net deferred tax liability | $ (234) | $ (399) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Change in valuation allowance | $ 2.2 |
Taxable REIT Subsidiaries | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 8.6 |
Capital losses | $ 22.5 |
Net Interest Income - Component
Net Interest Income - Components of Interest Income and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income | $ 68,020 | $ 52,186 | $ 126,521 | $ 102,225 |
Interest expense | 41,891 | 20,711 | 70,513 | 40,410 |
Total net interest income (expense) | 26,129 | 31,475 | 56,008 | 61,815 |
Convertible notes | ||||
Interest expense | 0 | 2,788 | 438 | 5,572 |
Senior unsecured notes | ||||
Senior unsecured notes | 1,607 | 1,136 | 3,210 | 1,136 |
Subordinated debentures | ||||
Subordinated debentures | 550 | 459 | 1,008 | 916 |
Residential loans | ||||
Interest income | 32,669 | 20,155 | 57,502 | 39,816 |
Consolidated SLST | VIE, Primary Beneficiary | ||||
Interest income | 9,254 | 10,479 | 18,635 | 20,797 |
Interest expense | 6,208 | 7,151 | 12,186 | 14,254 |
Residential loans held in securitization trusts | ||||
Interest income | 18,853 | 9,933 | 35,486 | 17,901 |
Total residential loans | ||||
Interest income | 60,776 | 40,567 | 111,623 | 78,514 |
Multi-family loans | ||||
Interest income | 2,834 | 4,130 | 5,785 | 8,531 |
Investment securities available for sale | ||||
Investment securities available for sale | 4,331 | 7,475 | 9,006 | 15,150 |
Other | ||||
Other | 79 | 14 | 107 | 30 |
Repurchase agreements | ||||
Interest expense | 11,647 | 3,732 | 17,178 | 7,774 |
Residential loan securitizations | ||||
Interest expense | 8,728 | 5,015 | 16,185 | 9,735 |
Non-Agency RMBS Re-Securitization | ||||
Interest expense | 0 | 0 | 0 | 283 |
Total collateralized debt obligations | ||||
Interest expense | 14,936 | 12,166 | 28,371 | 24,272 |
Mortgages payable on real estate | ||||
Mortgages payable on real estate | $ 13,151 | $ 430 | $ 20,308 | $ 740 |