Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,034,351,582 | ||
Entity Common Stock, Shares Outstanding | 365,642,429 | ||
Documents Incorporated by Reference | Document Where 1. Portions of the Registrant's Definitive Proxy Statement relating to its 2023 Annual Meeting of Stockholders scheduled for June 2023 to be filed with the Securities and Exchange Commission by no later than April 30, 2023. Part III, Items 10-14 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001273685 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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, $25.00 Liquidation Preference | ||
Trading Symbol | NYMTZ | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Investment securities available for sale, at fair value | $ 99,559 | $ 200,844 | |
Equity investments, at fair value | 179,746 | 239,631 | |
Cash and cash equivalents | 244,718 | 289,602 | |
Real estate, net | 692,968 | 1,017,583 | |
Assets of disposal group held for sale | 1,151,784 | 0 | |
Other assets | 259,356 | 215,019 | |
Total assets | [1] | 6,240,745 | 5,658,301 |
Liabilities: | |||
Convertible notes | 0 | 137,898 | |
Senior unsecured notes | 97,384 | 96,704 | |
Subordinated debentures | 45,000 | 45,000 | |
Mortgages payable on real estate, net | 394,707 | 709,356 | |
Liabilities of disposal group held for sale | 883,812 | 0 | |
Other liabilities | 115,991 | 161,081 | |
Total liabilities | [1] | 4,376,634 | 3,226,519 |
Commitments and Contingencies (See Note 14) | |||
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 63,803 | 66,392 | |
Stockholders' Equity: | |||
Preferred stock, par value $0.01 per share, 31,500,000 and 29,500,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively, 22,284,994 shares issued and outstanding as of December 31, 2022 and December 31, 2021 ($557,125 aggregate liquidation preference as of December 31, 2022 and December 31, 2021) | 538,351 | 538,221 | |
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 364,774,752 and 379,405,240 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 3,648 | 3,794 | |
Additional paid-in capital | 2,279,955 | 2,356,576 | |
Accumulated other comprehensive (loss) income | (1,970) | 1,778 | |
Accumulated deficit | (1,052,768) | (559,338) | |
Company's stockholders' equity | 1,767,216 | 2,341,031 | |
Non-controlling interests | 33,092 | 24,359 | |
Total equity | 1,800,308 | 2,365,390 | |
Total Liabilities and Equity | 6,240,745 | 5,658,301 | |
Repurchase agreements | |||
Repurchase agreements | 737,023 | 554,259 | |
Collateralized debt obligations | |||
Collateralized debt obligations ($634,495 at fair value and $1,468,222 at amortized cost, net as of December 31, 2022 and $839,419 at fair value and $682,802 at amortized cost, net as of December 31, 2021) | 2,102,717 | 1,522,221 | |
Residential loans | |||
Residential loans, at fair value | 3,525,080 | 3,575,601 | |
Multi-family loans | |||
Multi-family loans, at fair value | $ 87,534 | $ 120,021 | |
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 and $2,235,665, respectively. See Note 7 for further discussion. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | |
Common stock, shares issued (in shares) | 364,774,752 | 379,405,240 | |
Common stock, shares outstanding (in shares) | 364,774,752 | 379,405,240 | |
Total assets | [1] | $ 6,240,745,000 | $ 5,658,301,000 |
Total liabilities | [1] | 4,376,634,000 | 3,226,519,000 |
VIE, Primary Beneficiary | |||
Total assets | 4,261,097,000 | 2,940,513,000 | |
Total liabilities | $ 3,403,257,000 | $ 2,235,665,000 | |
Preferred Stock Series Shares | |||
Preferred stock, par value (in dollars 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 | |
Liquidation Preference | $ 557,125,000 | $ 557,125,000 | |
Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Collateralized debt obligations | 634,495,000 | 839,419,000 | |
Residential loan securitizations at amortized cost, net | |||
Collateralized debt obligations | 1,468,222,000 | 682,802,000 | |
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary | |||
Collateralized debt obligations | $ 1,468,222,000 | $ 682,802,000 | |
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 and $2,235,665, respectively. See Note 7 for further discussion. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
NET INTEREST INCOME: | |||
Interest income | $ 258,388 | $ 206,866 | $ 350,161 |
Interest expense | 129,419 | 79,284 | 223,068 |
Total net interest income | 128,969 | 127,582 | 127,093 |
NON-INTEREST (LOSS) INCOME: | |||
Realized gains (losses), net | 27,549 | 21,451 | (148,058) |
Realized loss on de-consolidation of Consolidated K-Series | 0 | 0 | (54,118) |
Unrealized (losses) gains, net | (321,081) | 95,649 | (160,161) |
Income from equity investments | 15,074 | 33,896 | 26,670 |
Impairment of goodwill | 0 | 0 | (25,222) |
Other income | 16,289 | 5,515 | 678 |
Income from real estate | |||
Rental income | 126,293 | 14,303 | 408 |
Other real estate income | 15,363 | 927 | 11 |
Total income from real estate | 141,656 | 15,230 | 419 |
Total non-interest (loss) income | (120,513) | 171,741 | (359,792) |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||
General and administrative expenses | 52,440 | 48,908 | 42,228 |
Portfolio operating expenses | 40,888 | 26,668 | 11,572 |
Expenses related to real estate | |||
Interest expense, mortgages payable on real estate | 56,011 | 3,964 | 0 |
Depreciation and amortization | 126,824 | 19,250 | 386 |
Other real estate expenses | 72,400 | 9,599 | 377 |
Total expenses related to real estate | 255,235 | 32,813 | 763 |
Total general, administrative and operating expenses | 348,563 | 108,389 | 54,563 |
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (340,107) | 190,934 | (287,262) |
Income tax expense | 542 | 2,458 | 981 |
NET (LOSS) INCOME | (340,649) | 188,476 | (288,243) |
Net loss (income) attributable to non-controlling interests | 42,044 | 4,724 | (267) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (298,605) | 193,200 | (288,510) |
Preferred stock dividends | (41,972) | (42,859) | (41,186) |
Preferred stock redemption charge | 0 | (6,165) | 0 |
Net (loss) income attributable to Company’s common stockholders | (340,577) | 144,176 | (329,696) |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (340,577) | $ 144,176 | $ (329,696) |
Basic earnings (loss) per common share (in USD per share) | $ (0.90) | $ 0.38 | $ (0.89) |
Diluted earnings (loss) per common share (in USD per share) | $ (0.90) | $ 0.38 | $ (0.89) |
Weighted average shares outstanding-basic (in shares) | 377,287 | 379,232 | 371,004 |
Weighted average shares outstanding-diluted (in shares) | 377,287 | 380,968 | 371,004 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (340,577) | $ 144,176 | $ (329,696) |
OTHER COMPREHENSIVE (LOSS) INCOME | |||
(Decrease) increase in fair value of available for sale securities | (3,748) | 4,749 | (31,654) |
Reclassification adjustment for net (gain) loss included in net income (loss) | 0 | (3,965) | 7,516 |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (3,748) | 784 | (24,138) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (344,325) | $ 144,960 | $ (353,834) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Total Company Stockholders' Equity | Total Company Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Consolidated VIE | Preferred Stock | Preferred Stock Total Company Stockholders' Equity | Preferred Stock Preferred Stock |
Beginning balance at Dec. 31, 2019 | $ 2,205,029 | $ 12,284 | $ 2,205,733 | $ 12,284 | $ 2,914 | $ 504,765 | $ 1,821,785 | $ (148,863) | $ 12,284 | $ 25,132 | $ (704) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | (288,243) | (288,510) | (288,510) | 267 | ||||||||||
Stock issuance, net | 512,090 | 512,090 | 851 | 511,239 | ||||||||||
Stock based compensation expense, net | 9,922 | 9,922 | 12 | 9,910 | ||||||||||
Dividends declared on common stock | (84,993) | (84,993) | (84,993) | |||||||||||
Dividends declared on preferred stock | (41,186) | (41,186) | (41,186) | |||||||||||
Reclassification adjustment for net loss included in net loss | 7,516 | 7,516 | 7,516 | |||||||||||
Increase in fair value of available for sale securities | (31,654) | (31,654) | (31,654) | |||||||||||
Increase in non-controlling interest related to initial consolidation of VIEs | 6,808 | 6,808 | ||||||||||||
Ending 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] | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | 1Accounting Standards Update 2018-13 [Member] | |||||||||||||
Net (loss) income | $ 188,476 | |||||||||||||
Net income (loss) | 189,180 | 193,200 | 193,200 | (4,020) | ||||||||||
Stock issuance, net | $ 210,738 | $ 210,738 | $ 210,738 | |||||||||||
Preferred stock redemption | (183,447) | (183,447) | (177,282) | (6,165) | ||||||||||
Stock based compensation expense, net | 10,239 | 10,239 | 17 | 10,222 | ||||||||||
Dividends declared on common stock | (151,749) | (151,749) | (151,749) | |||||||||||
Dividends declared on preferred stock | (42,859) | (42,859) | (42,859) | |||||||||||
Dividends attributable to dividend equivalents | (497) | (497) | (497) | |||||||||||
Reclassification adjustment for net loss included in net loss | (3,965) | (3,965) | (3,965) | |||||||||||
Increase in fair value of available for sale securities | 4,749 | 4,749 | 4,749 | |||||||||||
Increase in non-controlling interest related to initial consolidation of VIEs | 25,509 | 25,509 | ||||||||||||
Decrease in non-controlling interest related to distributions from and de-consolidation of VIEs | (81) | 3,420 | 3,420 | (3,501) | ||||||||||
Ending 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 (loss) income | (340,649) | |||||||||||||
Net income (loss) | (302,459) | (298,605) | (298,605) | (3,854) | ||||||||||
Stock issuance, net | $ 130 | $ 130 | $ 130 | |||||||||||
Common stock repurchases | (44,399) | (44,399) | (166) | (44,233) | ||||||||||
Stock based compensation expense, net | 11,895 | 11,895 | 20 | 11,875 | ||||||||||
Dividends declared on common stock | (150,232) | (150,232) | (150,232) | |||||||||||
Dividends declared on preferred stock | (41,972) | (41,972) | (41,972) | |||||||||||
Dividends attributable to dividend equivalents | (2,621) | (2,621) | (2,621) | |||||||||||
Reclassification adjustment for net loss included in net loss | 0 | |||||||||||||
Increase in fair value of available for sale securities | (3,748) | (3,748) | (3,748) | |||||||||||
Increase in non-controlling interest related to initial consolidation of VIEs | 16,293 | 16,293 | ||||||||||||
Noncontrolling Interest, Increase From Noncontrolling Interest's Contributions | 479 | (26) | (26) | 505 | ||||||||||
Decrease in non-controlling interest related to distributions from and de-consolidation of VIEs | (4,211) | (4,211) | ||||||||||||
Adjustment of redeemable non-controlling interest to estimated redemption value | (44,237) | (44,237) | (44,237) | |||||||||||
Ending balance at Dec. 31, 2022 | $ 1,800,308 | $ 1,767,216 | $ 3,648 | $ 538,351 | $ 2,279,955 | $ (1,052,768) | $ (1,970) | $ 33,092 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net (loss) income | $ (340,649) | $ 188,476 | $ (288,243) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net amortization | 26,137 | 32,136 | 14,358 |
Depreciation and amortization expense related to operating real estate | 126,824 | 19,250 | 386 |
Realized (gains) losses, net | (27,549) | (21,451) | 148,058 |
Realized loss on de-consolidation of Consolidated K-Series | 0 | 0 | 54,118 |
Unrealized losses (gains), net | 321,081 | (95,649) | 160,161 |
Impairment of goodwill | 0 | 0 | 25,222 |
(Gain) loss on sale of real estate | (17,132) | 157 | 0 |
Impairment of real estate | 2,449 | 0 | 1,754 |
(Gain) loss on extinguishment of mortgages payable on real estate and collateralized debt obligations | (2,214) | 1,583 | 0 |
Income from preferred equity, mezzanine loan and equity investments | (30,162) | (54,507) | (48,667) |
Distributions of income from preferred equity, mezzanine loan and equity investments | 49,832 | 62,375 | 24,430 |
Stock based compensation expense, net | 11,895 | 10,239 | 9,922 |
Changes in operating assets and liabilities | (28,729) | (3,697) | 9,256 |
Net cash provided by operating activities | 91,783 | 138,912 | 110,755 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of investment securities | 85,437 | 432,585 | 1,820,194 |
Principal paydowns received on investment securities | 24,680 | 143,996 | 189,732 |
Purchases of investment securities | (24,879) | (53,711) | (586,640) |
Principal repayments received on preferred equity and mezzanine loan investments | 29,050 | 78,190 | 28,179 |
Return of capital from equity investments | 60,055 | 123,138 | 17,432 |
Funding of preferred equity, mezzanine loan and equity investments | (28,086) | (145,143) | (80,500) |
Funding of joint venture investments in Consolidated VIEs | (177,570) | (261,162) | 0 |
Proceeds from sales resulting in de-consolidation of Consolidated K-Series and sales of real estate held for sale in Consolidated VIE's | 100,666 | 8,108 | 5,751 |
Net proceeds received from (payments made on) derivative instruments settled during the period | 1,881 | 0 | (28,233) |
Cash received from initial consolidation of VIEs | 6,897 | 27,907 | 327 |
Purchases of and capital expenditures on real estate | (209,372) | (46,059) | (206) |
Purchases of other assets | (100) | (98) | (477) |
Net cash (used in) provided by investing activities | (508,775) | (132,949) | 2,117,883 |
Cash Flows from Financing Activities: | |||
Net proceeds received from (payments made on) repurchase agreements | 179,033 | 146,852 | (2,701,812) |
Proceeds from issuance of senior unsecured notes, net | 0 | 96,267 | 0 |
Proceeds from issuance of collateralized debt obligations, net | 969,986 | 433,241 | 649,357 |
Common stock issuance, net | 0 | 0 | 511,924 |
Repurchases of common stock | (44,399) | 0 | 0 |
Preferred stock issuance, net | 0 | 210,738 | 0 |
Redemption of preferred stock | 0 | (183,447) | 0 |
Dividends paid on common stock and dividend equivalents | (151,753) | (151,616) | (105,492) |
Dividends paid on preferred stock | (41,404) | (43,232) | (41,065) |
Repayment of convertible notes | (138,000) | 0 | 0 |
Net distributions to non-controlling interests in Consolidated VIEs | (10,815) | (81) | 0 |
Redemptions of redeemable non-controlling interest in Consolidated VIE | (2,015) | 0 | 0 |
Payments made on and extinguishment of collateralized debt obligations | (188,914) | (323,045) | (121,812) |
Payments made on Consolidated K-Series CDOs | 0 | 0 | (147,376) |
Payments made on Consolidated SLST CDOs | (114,847) | (160,762) | (89,484) |
Net proceeds received from mortgages payable on real estate | 3,197 | 2,493 | 0 |
Net cash provided by (used in) financing activities | 460,069 | 27,408 | (2,045,760) |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 43,077 | 33,371 | 182,878 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 337,861 | 304,490 | 121,612 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 380,938 | 337,861 | 304,490 |
Supplemental Disclosure: | |||
Cash paid for interest | 161,251 | 71,913 | 292,059 |
Cash paid for income taxes | 2,674 | 296 | 1,521 |
Non-Cash Investment Activities: | |||
Consolidation of real estate held in Consolidated VIEs | 664,437 | 926,756 | 50,481 |
Consolidation of mortgages payable on real estate held in Consolidated VIEs | 524,217 | 669,647 | 36,752 |
Transfer from residential loans to real estate owned | 18,858 | 4,133 | 8,509 |
Non-Cash Financing Activities: | |||
Dividends declared on stock to be paid in subsequent period | 49,996 | 48,328 | |
Redemption of non-controlling interest by Consolidated VIE | 0 | 3,420 | 0 |
Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||
Cash and cash equivalents | 244,718 | 289,602 | 293,183 |
Restricted cash included in other assets | 136,220 | 48,259 | 11,307 |
Total cash, cash equivalents, and restricted cash | 380,938 | 337,861 | 304,490 |
Common Stock | |||
Non-Cash Financing Activities: | |||
Dividends declared on stock to be paid in subsequent period | 39,503 | 38,404 | 37,774 |
Preferred Stock | |||
Non-Cash Financing Activities: | |||
Dividends declared on stock to be paid in subsequent period | 10,493 | 9,924 | 10,297 |
Multi-family loans | |||
Non-Cash Investment Activities: | |||
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series | 0 | 0 | 17,381,483 |
Multi-family loans | |||
Non-Cash Investment Activities: | |||
De-consolidation of multi-family loans held and CDOs, Consolidated K-Series | 0 | 0 | 16,612,093 |
Residential loans | |||
Cash Flows from Investing Activities: | |||
Principal repayments received on loans | 1,361,040 | 1,063,267 | 429,575 |
Proceeds from sales of residential loans | 0 | 77,127 | 96,892 |
Purchases of residential loans and investments | (1,738,474) | (1,581,094) | (569,157) |
Consolidated K-Series | |||
Cash Flows from Investing Activities: | |||
Proceeds from sales resulting in de-consolidation of Consolidated K-Series and sales of real estate held for sale in Consolidated VIE's | 0 | 0 | 555,218 |
Multi-family loans | |||
Cash Flows from Investing Activities: | |||
Principal repayments received on loans | $ 0 | $ 0 | $ 239,796 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Net loss attributable to redeemable noncontrolling interest | $ (38,190) | $ (704) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. 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. Our objective is to deliver long-term stable distributions to our stockholders over changing economic conditions through a combination of net interest spread 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. In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred either the assets and liabilities of the respective joint venture investments that are consolidated in accordance with GAAP or its equity investment in the joint venture entity to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. 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; “ARMs” refers to adjustable-rate residential loans; “Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; “Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; “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; “Agency CMBS” refers to CMBS representing interests or obligations backed by pools of mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac; “multi-family CMBS” refers to CMBS backed by commercial mortgage loans on multi-family properties; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, multi-family loans held in the Consolidated K-Series, 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 (i) short-term loans that are collateralized by residential properties and are made to investors who intend to rehabilitate and sell the residential property for a profit or (ii) loans that 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. “Consolidated K-Series” refers to Freddie Mac-sponsored multi-family loan K-Series securitizations, of which we, or one of our “special purpose entities,” or “SPEs,” owned the first loss POs, certain IOs and certain senior or mezzanine securities that we consolidated in our financial statements in accordance with GAAP prior to disposition; and “SOFR” refers to Secured Overnight Funding Rate. Basis of Presentation – The accompanying 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 led 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. Although the disruptions caused by the COVID-19 pandemic eased in 2022, uncertainty about the future of COVID-19 and variants remain. The Company believes the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 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 December 31, 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 on the accompanying consolidated financial statements to conform to current period presentation. In particular, prior period disclosures have been conformed to the current period presentation of interest expense, mortgages payable on real estate. Starting in the fourth quarter of 2022, interest expense, mortgages payable on real estate is presented in expenses related to real estate on the Company's consolidated statements of operations. Previously, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's consolidated statements of operations. Principles of Consolidation and Variable Interest Entities – The accompanying 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 ( see Note 7). 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, subject to certain conditions. The Company has classified these third-party ownership interests as redeemable non-controlling interest in Consolidated VIEs in mezzanine equity on the accompanying consolidated balance sheets. See " Redeemable Non-Controlling Interest in Consolidated VIEs " below for further discussion of redeemable non-controlling interest in Consolidated VIEs. Residential Loans – 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 the accompanying consolidated balance sheets. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company has elected the fair value option for residential loans either at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”) or following the adoption of Accounting Standards Update ("ASU") 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”), effective January 1, 2020. Residential loans include seasoned re-performing and non-performing residential loans held in a Freddie Mac-sponsored residential loan securitization, of which we own or have owned the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within Consolidated SLST, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity (“CFE”) using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and the Company's investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the residential loans and when, in the opinion of management, it is collectible. Residential loans are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days or when, in management's opinion, the interest is not collectible in the normal course of business. Interest accrued but not yet collected at the time loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Premiums and discounts associated with the purchase of residential loans are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income on the accompanying consolidated statements of operations. Multi-Family Loans – Multi-family loans include preferred equity investments in, and mezzanine loans to, entities that have multi-family real estate assets. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . Preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, are stated at fair value. The Company elected the fair value option for its preferred equity investments in and mezzanine loan investments because the Company determined that such presentation represents the underlying economics of the respective investment. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. Preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are included in Equity Investments below . In 2020, the Company, or one of its “special purpose entities” (“SPEs”), owned the first loss POs, certain IOs, and certain senior and mezzanine securities issued by certain Freddie Mac-sponsored multi-family loan K-Series securitizations that we consolidated in our financial statements in accordance with GAAP (the “Consolidated K-Series”). Based on a number of factors, management determined that the Company was the primary beneficiary of each VIE within the Consolidated K-Series and met the criteria for consolidation and, accordingly, consolidated these securitizations, including their assets, liabilities, income and expenses in the Company's financial statements. In response to market conditions associated with the COVID-19 pandemic and the Company's intention to improve its liquidity, in March 2020, the Company sold its entire portfolio of first loss POs issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO ( see Note 7 ). The Company elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measured both the financial assets and financial liabilities of a qualifying consolidated CFE using the fair value of either the CFE’s financial assets or financial liabilities, whichever was more observable. As the Consolidated K-Series were considered qualifying CFEs, the Company determined the fair value of multi-family loans held in the Consolidated K-Series based on the fair value of the multi-family collateralized debt obligations issued by the Consolidated K-Series and the Company's investments in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments was more observable. Interest income was accrued and recognized as revenue when earned according to the terms of the multi-family loans held in the Consolidated K-Series and when, in the opinion of management, it was collectible. The accrual of interest on these loans was discontinued when, in management’s opinion, the interest was not collectible in the normal course of business. Investment Securities Available for Sale – The Company’s investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include non-Agency RMBS (collectively, "CECL Securities"). Beginning in the fourth quarter of 2019, the Company made a fair value election at the time of acquisition of newly purchased investment securities pursuant to ASC 825. The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gains (losses), net on the accompanying consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts associated with Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS that are of less than high credit quality, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which incorporates assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. The Company accounts for investment securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at the date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities (“ASC 320-10”). The Company accounts for investment securities that are not of high credit quality (i.e., those whose risk of loss is more than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets (“ASC 325-40”). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the investment securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. When the fair value of a CECL security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, the Company recognizes a loss through earnings equal to the difference between the investment’s amortized cost and its fair value and reduces the amortized cost basis to the fair value as of the balance sheet date. If the Company does not expect to sell an impaired security, it performs an analysis to determine if a portion of the impairment is a result of credit losses. The portion of the impairment related to credit losses (limited by the difference between the fair value and amortized cost basis) is recognized through earnings and a corresponding allowance for credit losses is established against the amortized cost basis. The remainder of the impairment is recognized as a component of other comprehensive income (loss) on the accompanying consolidated balance sheets and does not impact earnings. Subsequent changes in the allowance for credit losses are recorded through earnings with reversals limited to the previously recorded allowance for credit losses. The determination of whether a credit loss exists, and if so, the amount considered to be a credit loss is subjective, as such determinations are based on both observable and subjective information available at the time of assessment as well as the Company's estimates of the future performance and cash flow projections. As a result, the timing and amount of credit losses may constitute material estimates that are susceptible to significant change. In determining if a credit loss evaluation is required for securities that are impaired, the Company compares the present value of the remaining cash flows expected to be collected at the prior reporting date or purchase date, whichever is most recent, against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. Equity Investments – Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method or the cost method. In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Equity investments also include certain of the Company's multi-family preferred equity investments where the risks and payment characteristics are equivalent to an equity investment. The Company records its equity in earnings or losses from these multi-family preferred equity investments 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. The Company has elected the fair value option for all equity investments. The Company elected the fair value option for its equity investments in entities that own interests (directly or indirectly) in multi-family or residential real estate assets or loans or entities that originate residential loans because the Company determined that such presentation represents the underlying economics of the respective investment. The Company records the change in fair value of its investment in income from equity investments on the accompanying consolidated statements of operations (see Note 6 ). Real Estate, Net – Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company records its initial investments in income-producing real estate as asset acquisitions at fair value as of the acquisition date. The purchase price of acquired properties is apportioned to the tangible and identified intangible assets and liabilities acquired at their respective estimated fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective real estate, its own analysis of recently-acquired and existing comparable properties, property financial results, and other market data. The Company also considers information obtained about the real estate as a result of its due diligence, including marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired. The Company considers the value of acquired in-place leases and utilizes an amortization period that is the average remaining term of the acquired leases. Rental revenue is recognized when earned from residents of the Company's real estate properties over the terms of the rental agreements, typically a duration of one year or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable. Other property revenues are recognized in the period earned. Real Estate - Capitalization and Depreciation – The Company’s expenditures which directly relate to the acquisition, development, construction and improvement of properties are capitalized at cost. During the development period, which culminates once a property is substantially complete and ready for intended use, operating and carrying costs such as interest expense, real estate taxes, insurance and other direct costs are capitalized. Advertising and general administrative costs that do not relate to the development of a property are expensed as incurred. Betterments and certain costs directly related to the improvement of real estate after the development period are capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. The Company depreciates on a straight-line basis the building component of its real estate over a 30-year estimated useful life, building and improvements over a 10-year to 30-year estimated useful life, and furniture, fixtures and equipment over a 5-year to 7.5-year estimated useful life, all of which are judgmental determinations. Real Estate - Impairment – The Company periodically evaluates its real estate assets for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability and intent to hold each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment is warranted. If impairment indicators exist for long-lived assets to be held and used, and the expected future undiscounted cash flows are less than the carrying amount of the asset, then the Company will record an impairment loss for the difference between the fair value of the asset and its carrying amount. If the asset is to be disposed of, then an impairment loss is recognized for the difference between the estimated fair value of the asset, net of selling costs, and its carrying amount. The Company evaluated the home pricing and lot values of the real estate under development that was owned by Kiawah River View Investors ("KRVI"), a Consolidated VIE ( see Note 7 ), on a quarterly basis. Based on evaluations during the year ended December 31, 2020, the Company determined that the real estate under development in KRVI was not fully recoverable and recognized a $1.8 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2020, $0.9 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $0.9 million. Fair value was determined based on the sales comparison approach which derives a value indication by comparing the subject property to similar properties that have been recently sold and assumes a purchaser will not pay more for a particular property than a similar substitute property. KRVI sold its remaining real estate under development in the year ended December 31, 2020. Held for Sale Determinations – The Company considers its real estate and joint venture equity investments in multi-family properties to be held for sale when the following criteria are met: (i) management commits to a plan to sell the investments, (ii) investments are available for sale immediately, (iii) the investments are actively being marketed for sale at a price that is reasonable in relation to their current fair value, (iv) the sale of the investments within one year is considered probable and (v) significant changes to the plan to sell are not expected. When real estate assets are identified as held for sale, the Company discontinues depreciating (amortizing) the assets and estimates the fair value, net of selling costs, of such assets. When joint venture investments are identified as held for sale, the Company transfers the related assets and liabilities to assets and liabilities of disposal group held for sale. Real estate held for sale (including real estate in disposal group held for sale) is recorded at the lower of the net carrying amount of the assets or the estimated net fair value. If the estimated net fair value of the real estate held for sale is less than the net carrying amount of the assets, an impairment charge is recorded in the consolidated statements of operations in other income with an allocation to non-controlling interest in the respective Consolidated VIEs, if any. The Company assesses the net fair value of real estate held for sale in each reporting period that the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the real estate assets held for sale that require an adjustment to the carrying amount are recorded in the consolidated statements of operations in other income with an allocation to non-controlling interest in the respective Consolidated VIE |
Residential Loans, at Fair Valu
Residential Loans, at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Residential Loans, at Fair Value | 3. 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 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 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 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 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 $ 1,682,138 $ 1,071,228 $ 776,438 $ 3,529,804 Discount (22,179) (5,815) (60,745) (88,739) (44,256) (2,998) (37,011) (84,265) Unrealized (losses) gains (48,939) (122,182) (113,320) (284,441) 65,408 2,652 62,002 130,062 Carrying value $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 $ 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 December 31, 2022 and 2021 ( see Note 11) . (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 consolidated balance sheets ( see Note 12 ). (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 consolidated balance sheets ( see Note 12) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts 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 $ (115,269) $ (124,834) $ (174,401) $ 20,403 $ (31,128) $ 34,932 $ (4,440) $ 33,479 $ 29,690 (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 15 ) . 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 $10.0 million, $18.8 million and $9.7 million of net realized gains on the payoff of residential loans, at fair value during the years ended December 31, 2022, 2021 and 2020, respectively. The Company recognized $1.6 million of net realized gains and $18.1 million of net realized losses on the sale of residential loans, at fair value during the years ended December 31, 2021 and 2020, respectively. The Company did not sell any residential loans during the year ended December 31, 2022. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of December 31, 2022 and 2021, respectively, are as follows: December 31, 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 24.3 % 10.6 % 19.2 % 21.7 % 10.5 % 22.0 % Florida 13.2 % 10.3 % 10.2 % 10.4 % 10.5 % 8.9 % New York 8.0 % 9.8 % 8.6 % 8.8 % 9.8 % 9.2 % Texas 7.0 % 4.0 % 7.3 % 7.4 % 4.0 % 4.3 % New Jersey 6.3 % 7.4 % 5.6 % 5.9 % 7.3 % 6.4 % Washington 5.7 % 1.8 % 2.9 % 4.4 % 1.9 % 3.1 % Illinois 2.6 % 7.2 % 3.2 % 2.7 % 7.1 % 2.3 % 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 December 31, 2022 and 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 December 31, 2022 $ 149,076 $ 159,981 $ 8,382 $ 9,132 December 31, 2021 92,990 102,981 17,102 17,716 |
Multi-family Loans, at Fair Val
Multi-family Loans, at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Multi-family Loans, at Fair Value | 4. 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 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 consolidated statements of operations. Multi-family loans consist of the following as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Investment amount $ 88,249 $ 118,307 Deferred loan fees, net (428) (672) Unrealized (losses) gains, net (287) 2,386 Total, at Fair Value $ 87,534 $ 120,021 For the years ended December 31, 2022, 2021 and 2020, the Company recognized $2.7 million in net unrealized losses, $1.0 million in net unrealized gains and $1.5 million in net unrealized losses on preferred equity and mezzanine loan investments included in multi-family loans, respectively. For the years ended December 31, 2022, 2021, and 2020, the Company recognized $1.0 million, $2.5 million, and $1.1 million in premiums resulting from early redemption of preferred equity and mezzanine loans included in multi-family loans, respectively, which are included in other income on the accompanying 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,523 $ 3,363 $ 3,972 $ 3,363 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of December 31, 2022 and 2021, respectively, are as follows: December 31, 2022 December 31, 2021 Texas 30.1 % 28.3 % Tennessee 15.6 % 11.0 % Florida 10.9 % 12.2 % Ohio 9.7 % 7.2 % Louisiana 7.5 % 5.8 % Alabama 7.1 % 5.0 % North Carolina 6.1 % 7.0 % Indiana 5.7 % 4.3 % |
Investment Securities Available
Investment Securities Available For Sale, at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available For Sale, at Fair Value | 5. 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 where changes in fair value are recorded in unrealized gains (losses), net on the Company's 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 consolidated statements of comprehensive income. The Company's investment securities available for sale consisted of the following as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Non-Agency RMBS $ 48,958 $ 9,436 $ (13,469) $ 44,925 $ 100,186 $ 949 $ (2,636) $ 98,499 CMBS 32,033 — (1,900) 30,133 32,600 684 (138) 33,146 ABS 797 59 — 856 21,795 17,884 — 39,679 Total investment securities available for sale - fair value option 81,788 9,495 (15,369) 75,914 154,581 19,517 (2,774) 171,324 CECL Securities Non-Agency RMBS 25,616 — (1,971) 23,645 27,743 1,787 (10) 29,520 Total investment securities available for sale - CECL Securities 25,616 — (1,971) 23,645 27,743 1,787 (10) 29,520 Total $ 107,404 $ 9,495 $ (17,340) $ 99,559 $ 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 December 31, 2022 and 2021, respectively, is included in other assets For the years ended December 31, 2022, 2021 and 2020, the Company recognized $22.6 million in net unrealized losses, $15.5 million in net unrealized gains and $9.7 million in net unrealized losses on investment securities available for sale accounted for under the fair value option, respectively. Realized Gain or Loss Activity The following tables summarize our investment securities sold during the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands): Year Ended December 31, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 ABS 36,215 18,001 — 18,001 U.S. Treasury Securities 24,848 — (31) (31) Total $ 85,437 $ 18,375 $ (31) $ 18,344 Year Ended December 31, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS $ 123,622 $ — $ (3,480) $ (3,480) Non-Agency RMBS 176,166 4,923 (854) 4,069 CMBS 132,797 11,083 ` (452) 10,631 Total $ 432,585 $ 16,006 $ (4,786) $ 11,220 Year Ended December 31, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS 433,076 435 (34,856) (34,421) CMBS 248,741 8,176 ` (30,289) (22,113) Total $ 1,820,194 $ 19,679 $ (81,208) $ (61,529) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 7 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 7 ). The Company recognized a write-down of fair value option non-Agency RMBS for a realized loss of $5.5 million for the year ended December 31, 2021 . 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 December 31, 2022 and 2021, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 7.6 years and 5.8 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): Weighted Average Life December 31, 2022 December 31, 2021 0 to 5 years $ 39,655 $ 144,266 Over 5 to 10 years 46,558 39,306 10+ years 13,346 17,272 Total $ 99,559 $ 200,844 Unrealized Losses in Other Comprehensive Income The Company evaluated its CECL Securities that were in an unrealized loss position as of December 31, 2022 and 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 years ended December 31, 2022, 2021 and 2020. 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Less than 12 Months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) Total $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) 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 December 31, 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 | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments, at Fair Value | 6. 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 consolidated balance sheets as a result of a fair value election. T he following table presents the Company's equity investments as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests 1122 Chicago DE, LLC 53% $ 8,276 53% $ 7,723 Bighaus, LLC 42% 16,482 42% 15,471 FF/RMI 20 Midtown, LLC 51% 27,079 51% 25,499 Palms at Cape Coral, LLC 34% 5,429 34% 5,175 America Walks at Port St. Lucie, LLC 62% 29,873 62% 30,383 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 18,139 57% 17,213 Lucie at Tradition Holdings, LLC 70% 17,576 70% 16,597 Syracuse Apartments and Townhomes, LLC 58% 20,115 — — Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 58% 9,277 — — DCP Gold Creek, LLC — — 44% 6,686 Rigsbee Ave Holdings, LLC — — 56% 11,331 Walnut Creek Properties Holdings, L.L.C. — — 36% 9,482 Lurin-RMI, LLC — — 38% 9,548 Somerset Deerfield Investor, LLC — — 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% 5,725 Total - Multi-Family Preferred Equity Ownership Interests 152,246 180,798 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC (1) — — 70% 3,770 GWR Gateway Partners, LLC (1) — — 70% 6,670 Total - Joint Venture Equity Investments in Multi-Family Properties — 10,440 Single-Family Equity Ownership Interests Constructive Loans, LLC (2) — 27,500 — 29,250 Morrocroft Neighborhood Stabilization Fund II, LP (3) — — 11% 19,143 Total - Single-Family Equity Ownership Interests 27,500 48,393 Total $ 179,746 $ 239,631 (1) The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the year ended December 31, 2022 ( see Note 9 ). (2) As of December 31, 2022, the Company had 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. After acquiring this investment in November 2021, the Company purchased $260.6 million and $94.0 million of residential loans from the entity for the years ended December 31, 2022 and 2021, respectively. In February 2023, the Company exercised its option in full related to this investment. (3) The Company's equity investment was redeemed as a result of a sale transaction initiated by the general partner during the year ended December 31, 2022. The following table presents income from multi-family preferred equity ownership interests for the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying consolidated statements of operations. Income from these investments during the years ended December 31, 2022, 2021 and 2020 includes $3.6 million of net unrealized losses and $0.4 million and $0.3 million of net unrealized gains, respectively. For the Years Ended December 31, Investment Name 2022 2021 2020 Somerset Deerfield Investor, LLC $ 1,944 $ 2,295 $ 2,168 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) 529 585 551 Walnut Creek Properties Holdings, L.L.C. (153) 1,240 928 DCP Gold Creek, LLC 254 780 701 1122 Chicago DE, LLC 959 908 835 Rigsbee Ave Holdings, LLC (174) 1,683 1,148 Bighaus, LLC 1,852 1,786 1,002 FF/RMI 20 Midtown, LLC 2,904 3,059 686 Lurin-RMI, LLC 558 931 81 Palms at Cape Coral, LLC 554 342 — America Walks at Port St. Lucie, LLC 3,140 1,678 — EHOF-NYMT Sunset Apartments Preferred, LLC 1,939 661 — Lucie at Tradition Holdings, LLC 2,008 484 — Syracuse Apartments and Townhomes, LLC 1,816 — — Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 540 — — BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) — 1,304 1,260 Audubon Mezzanine Holdings, L.L.C. (Series A) — 1,251 1,213 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) — 735 782 Towers Property Holdings, LLC — 1,192 1,243 Mansions Property Holdings, LLC — 1,148 1,198 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) — 412 454 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) — 966 1,044 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) — 1,193 1,293 Total Income - Multi-Family Preferred Equity Ownership Interests $ 18,670 $ 24,633 $ 16,587 For the years ended December 31, 2022 and 2021, the Company recognized $2.9 million and $2.8 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, respectively, which are included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2020, 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 consolidated statements of operations. The following table presents income (loss) from these investments for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, Investment Name 2022 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) $ (416) $ 6,378 $ 1,519 Constructive Loans, LLC (2) (1,750) 2,750 — Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) — (15) 9,513 Total (Loss) Income - Single Family Equity Ownership Interests $ (2,166) $ 9,113 $ 11,032 Joint Venture Equity Investments in Multi-Family Properties (4) GWR Cedars Partners, LLC $ (1,050) $ 60 $ — GWR Gateway Partners, LLC (380) 90 — The Preserve at Port Royal Venture, LLC (5) — — (949) Total (Loss) Income - Joint Venture Equity Investments in Multi-Family Properties $ (1,430) $ 150 $ (949) (1) The Company's equity investment was redeemed during the year ended December 31, 2022. (2) Includes net unrealized loss of $1.8 million and net unrealized gain of $2.8 million for the years ended December 31, 2022 and 2021, respectively. (3) The Company's equity investment was redeemed during the year ended December 31, 2021. (4) Includes net unrealized losses of $1.4 million and no realized gains for the year ended December 31, 2022, net unrealized gains of $0.2 million and no realized gains for the year ended December 31, 2021 and net unrealized losses of $9.7 million and a realized gain of $8.8 million for the year ended December 31, 2020. (5) The Company's equity investment was redeemed during the year ended December 31, 2020. Summary combined financial information for the Company’s equity investments as of December 31, 2022 and 2021, respectively, and for the years ended December 31, 2022, 2021, and 2020, respectively, is shown below and includes summary financial information for the Company's joint venture equity investments in multi-family properties that are included in assets of disposal group held for sale as of December 31, 2022 (dollar amounts in thousands): December 31, 2022 December 31, 2021 Balance Sheets: Real estate, net $ 553,356 $ 727,963 Residential loans 71,077 38,423 Other assets 38,616 95,016 Total assets $ 663,049 $ 861,402 Notes payable, net $ 301,118 $ 469,120 Other liabilities 120,850 80,672 Total liabilities 421,968 549,792 Members' equity 241,081 311,610 Total liabilities and members' equity $ 663,049 $ 861,402 For the Years Ended December 31, 2022 2021 2020 Operating Statements: (1) Rental revenues $ 23,237 $ 87,147 $ 80,339 Real estate sales 399,783 205,000 54,100 Cost of real estate sales (277,740) (140,800) (32,779) Interest income — 3,875 14,438 Realized and unrealized (losses) gains, net — (7,693) 27,107 Other income 27,555 15,046 7,566 Operating expenses (43,061) (55,799) (54,691) Income before debt service and depreciation and amortization 129,774 106,776 96,080 Interest expense (7,751) (28,849) (36,601) Depreciation and amortization (14,779) (37,172) (38,112) Net income $ 107,244 $ 40,755 $ 21,367 (1) The Company records income (loss) from equity investments under either the hypothetical liquidation of book value method of accounting or the equity method using the fair value option. Accordingly, the combined net income (loss) shown above is not indicative of the income (loss) recognized by the Company from equity investments. |
Use of Special Purpose Entities
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | 7. 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 December 31, 2022 and 2021, the Company evaluated its residential loan securitizations and concluded that the entities created to facilitate 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 December 31, 2022 and 2021. During the year ended December 31, 2021, the Company exercised its right to an optional redemption of its non-Agency RMBS re-securitization and one of its residential loan securitizations with outstanding principal balances of $14.7 million and $203.5 million at the time of redemption, respectively, returned the assets held by the trusts to the Company and recognized $1.6 million of loss on the extinguishment of collateralized debt obligations. 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 December 31, 2022 and 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 consolidated financial statements ( see Notes 2, 3 and 12 ). 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 consolidated statements of operations. As of December 31, 2022 and 2021, the Consolidated SLST securities owned by the Company had a fair value of $191.5 million and $230.3 million, respectively ( see Note 15 ). The Company’s investments that are included in Consolidated SLST were not included as collateral to any Financing VIE as of December 31, 2022 and 2021. During the year ended December 31, 2020, the Company purchased approximately $40.0 million in additional senior securities issued by Consolidated SLST and subsequently sold its entire investment in the senior securities issued by Consolidated SLST for sales proceeds of approximately $62.6 million at a realized loss of approximately $2.4 million, which is included in realized gains (losses), net on the Company's consolidated statements of operations. Consolidated K-Series As of December 31, 2019, the Company invested in multi-family CMBS consisting of POs that represented the first loss position of the Freddie Mac-sponsored multi-family K-series securitizations from which they were issued, and certain IOs and certain senior and mezzanine CMBS securities issued from those securitizations. The Company evaluated these CMBS investments in Freddie Mac-sponsored K-Series securitization trusts to determine whether they were VIEs and if so, whether the Company was the primary beneficiary requiring consolidation. The Company determined that the Freddie Mac-sponsored multi-family K-Series securitization trusts were VIEs, which we refer to as the Consolidated K-Series. The Company also determined that it was the primary beneficiary of each VIE within the Consolidated K-Series and, accordingly, consolidated its assets, liabilities, income and expenses in the accompanying consolidated financial statements ( see Note 2 ). The Company elected the fair value option on the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations in the assets and liabilities of the Consolidated K-Series be reflected in the Company's consolidated statements of operations. Our investment in the Consolidated K-Series was limited to the multi-family CMBS that we owned. In March 2020, the Company sold its first loss POs and certain mezzanine securities issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO. These sales, for total proceeds of approximately $555.2 million, resulted in a realized net loss of $54.1 million and reversal of previously recognized net unrealized gains of $168.5 million. The sales also resulted in the de-consolidation of $17.4 billion in multi-family loans held in the Consolidated K-Series and $16.6 billion in Consolidated K-Series CDOs. Also in March 2020, the Company transferred its remaining IOs and mezzanine and senior securities owned in the Consolidated K-Series with a fair value of approximately $237.3 million to investment securities available for sale. The Company subsequently sold such securities in the years ended December 31, 2021 and 2020. Consolidated Real Estate VIEs The Company owns joint venture equity investments in entities 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 consolidated financial statements with non-controlling interests or redeemable non-controlling interests for the third-party ownership of the joint ventures' membership interests. The Company accounted for the initial consolidation of the joint venture equity investments and 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. During the year ended December 31, 2020, the Company reconsidered its evaluation of its variable interest in a VIE that owned 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 ). 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 years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): Years Ended December 31, 2022 2021 2020 Cash (1) $ 8,576 $ 27,907 $ 327 Operating real estate (1) (2) 730,988 926,756 50,481 Lease intangibles (1) (3) 41,892 51,970 1,619 Other assets (1) 8,258 32,690 1,395 Total assets 789,714 1,039,323 53,822 Mortgages payable on real estate, net (1) 570,682 669,647 36,752 Other liabilities (1) 4,662 15,914 1,543 Total liabilities 575,344 685,561 38,295 Redeemable non-controlling interest (4) — 67,096 — Non-controlling interests (5) 16,293 25,509 6,808 Net assets consolidated $ 198,077 $ 261,157 $ 8,719 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. In analyzing whether the Company is the primary beneficiary of the Financing VIEs, Consolidated SLST, the Consolidated K-Series 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 of as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) 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 Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying 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 tables present condensed statements of operations for non-Company-sponsored VIEs for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands). The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Year Ended December 31, 2022 Consolidated SLST Consolidated Real Estate Total Interest income $ 36,448 $ — $ 36,448 Interest expense 25,145 — 25,145 Total net interest income 11,303 — 11,303 Realized gains, net — 924 924 Unrealized (losses) gains, net (32,403) 26,306 (6,097) Income from real estate — 134,722 134,722 Other income — 13,859 13,859 Total non-interest (loss) income (32,403) 175,811 143,408 Expenses related to real estate — 245,650 245,650 Net loss (21,100) (69,839) (90,939) Net loss attributable to non-controlling interest in Consolidated VIEs — 42,044 42,044 Net loss attributable to Company $ (21,100) $ (27,795) $ (48,895) Year Ended December 31, 2021 Consolidated SLST Consolidated Real Estate Total Interest income $ 40,944 $ — $ 40,944 Interest expense 28,135 — 28,135 Total net interest income 12,809 — 12,809 Unrealized gains, net 23,832 — 23,832 Income from real estate — 12,339 12,339 Total non-interest income 23,832 12,339 36,171 Expenses related to real estate — 29,164 29,164 Net income (loss) 36,641 (16,825) 19,816 Net loss attributable to non-controlling interest in Consolidated VIEs — 4,724 4,724 Net income (loss) attributable to Company $ 36,641 $ (12,101) $ 24,540 Year Ended December 31, 2020 Consolidated K-Series (1) Consolidated SLST Consolidated Real Estate Total Interest income $ 151,841 $ 45,194 $ — $ 197,035 Interest expense 129,762 31,663 — 161,425 Total net interest income 22,079 13,531 — 35,610 Unrealized losses, net (10,951) (32,073) — (43,024) Income from real estate — — 419 419 Other loss — — (2,667) (2,667) Total non-interest loss (10,951) (32,073) (2,248) (45,272) Expenses related to real estate — — 763 763 Net income (loss) 11,128 (18,542) (3,011) (10,425) Net income attributable to non-controlling interest in Consolidated VIEs — — (267) (267) Net income (loss) attributable to Company $ 11,128 $ (18,542) $ (3,278) $ (10,692) (1) Reflects statement of operations for the Consolidated K-Series prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series. 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 interest in Consolidated VIEs in mezzanine equity on the accompanying 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 annual minimum and maximum amount limitations. During the year ended December 31, 2022, the maximum redeemable amount of non-controlling ownership interest was $16.9 million, of which non-controlling interest holders elected to sell $2.0 million to the Company. The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the years ended December 31, 2022 and 2021 (dollar amounts in thousands): Years Ended December 31, 2022 2021 Beginning balance $ 66,392 $ — Initial consolidation of Consolidated VIEs — 67,096 Contributions 462 — Distributions (7,083) — Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (38,190) (704) Adjustment of redeemable non-controlling interest to estimated redemption value (1) 44,237 — Redemption of redeemable non-controlling interest (2,015) — Ending balance $ 63,803 $ 66,392 (1) The Company determines the fair value of the redeemable non-controlling interest on a non-recurring basis utilizing market assumptions and discounted cash flows. The Company applies a discount rate to the estimated future cash flows from the multi-family apartment properties held by the applicable Consolidated VIEs that are allocable to the redeemable non-controlling interest. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. Significant unobservable inputs utilized in the estimation of fair value of redeemable non-controlling interest include a weighted average capitalization rate of 5.4% (ranges from 4.8% to 6.0%) and a weighted average discount rate of 14.5% (ranges from 13.6% to 15.4%). Unconsolidated VIEs As of December 31, 2022 and 2021, the Company evaluated its investment securities available for sale, preferred equity, mezzanine loan 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 December 31, 2022 and 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Multi-family loans Investment securities available for sale, at fair value Equity investments Assets of disposal Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties (1) — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936 December 31, 2021 Multi-family loans Investment securities available for sale, at fair value Equity investments Total ABS $ — $ 39,679 $ — $ 39,679 Non-Agency RMBS 30,924 — 30,924 Preferred equity investments in multi-family properties 120,021 — 180,798 300,819 Joint venture equity investments in multi-family properties — — 10,440 10,440 Equity investments in entities that invest in residential properties — — 19,143 19,143 Maximum exposure $ 120,021 $ 70,603 $ 210,381 $ 401,005 (1) Transferred into assets of disposal group held for sale during the year ended December 31, 2022. |
Real Estate, Net
Real Estate, Net | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate, Net | 8. Real Estate, Net The following is a summary of real estate, net, collectively, as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Land $ 89,550 $ 111,182 Building and improvements 611,102 835,635 Furniture, fixture and equipment 13,540 23,546 Operating real estate $ 714,192 $ 970,363 Accumulated depreciation (21,224) (3,890) Operating real estate, net $ 692,968 $ 966,473 Real estate held for sale, net (1) (2) $ — $ 51,110 Real estate, net $ 692,968 $ 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. (2) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. Multi-family Apartment Properties As of December 31, 2022 and 2021, the Company invested in joint venture equity 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 consolidated financial statements ( see Note 7) . In August 2022, one of the joint ventures in which the Company held a common equity investment sold its multi-family apartment community for approximately $48.0 million, subject to certain prorations and adjustments typical in such real estate transactions and repaid the related mortgage payable in the amount of approximately $26.0 million. The sale generated a net gain of approximately $16.8 million and a loss on extinguishment of debt of approximately $0.5 million, both of which are included in other income on the accompanying consolidated statements of operations, resulting in a net gain attributable to the Company's common shareholders of approximately $14.4 million. During the year ended December 31, 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 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 consolidated statements of operations. The multi-family apartment communities generally 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 December 31, 2022 and 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 consolidated balance sheets. The following table presents the components of lease intangibles, net as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Lease intangibles $ 30,094 $ 51,969 Accumulated amortization (30,094) (12,200) Lease intangibles, net (1) $ — $ 39,769 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. Depreciation and Amortization Expense Depreciation and amortization expenses related to operating real estate are included in expenses related to real estate on the accompanying consolidated statements of operations. The following table presents depreciation and amortization expenses for the years ended December 31, 2022, 2021 and 2020, respectively, (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Depreciation expense on operating real estate $ 47,179 $ 5,662 $ 155 Amortization of lease intangibles related to operating real estate 79,645 13,588 231 Total depreciation and amortization $ 126,824 $ 19,250 $ 386 The estimated depreciation expense related to operating real estate is as follows (dollar amounts in thousands): Year Ending December 31, Depreciation Expense 2023 $ 23,780 2024 $ 23,780 2025 $ 23,780 2026 $ 23,780 2027 $ 21,587 |
Assets and Liabilities of Dispo
Assets and Liabilities of Disposal Group Held for Sale | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Disposal Group Held for Sale | 9. Assets and Liabilities of Disposal Group Held for Sale In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale, transferred either the assets and liabilities of the respective Consolidated VIEs or its equity investment in the joint venture entity to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets and recognized no loss. The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of December 31, 2022 (dollar amounts in thousands): Cash and cash equivalents (1) $ 13,944 Equity investments 9,010 Real estate, net (1) 1,079,942 Other assets (1) 48,888 Total assets of disposal group held for sale $ 1,151,784 Mortgages payable on real estate $ 865,414 Other liabilities 18,398 Total liabilities of disposal group held for sale (1) $ 883,812 (1) Certain assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary. Also included in the disposal group held for sale are non-controlling interests in Consolidated VIEs in the amount of $23.9 million as of December 31, 2022. Real estate, net included in assets of disposal group held for sale is recorded at the lower of the net carrying amount of the assets or the estimated fair value, net of selling costs. Fair value for real estate, net was based upon a discounted cash flow analysis using property financial information and assumptions regarding market rent, revenue and expense growth, capitalization rates and return rates. As of December 31, 2022, the fair value, net of selling costs of the multi-family property owned by one of the joint venture equity investments was less than the property's net carrying value. Accordingly, the Company recognized a $2.4 million impairment in the year ended December 31, 2022. See Note 15 for descriptions of valuation methodologies utilized for other classes of assets and liabilities of disposal group held for sale. The following table presents the pretax losses of the disposal group held for sale for the years ended December 31, 2022 and 2021, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 Pretax loss of disposal group held for sale $ (55,243) $ (12,216) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 5,784 958 Pretax loss of disposal group attributable to Company's common stockholders $ (49,459) $ (11,258) |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Offsetting [Abstract] | |
Other Assets and Other Liabilities | 10. Other Assets and Other Liabilities Other Assets The following table presents the components of the Company's other assets as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Restricted cash (1) $ 136,220 $ 48,259 Accrued interest receivable 34,067 26,688 Real estate owned 18,588 2,055 Collections receivable from residential loan servicers 15,374 28,634 Other assets in consolidated multi-family properties 13,681 21,668 Recoverable advances on residential loans 13,979 14,143 Other receivables 11,357 14,507 Operating lease right-of-use assets 7,831 9,011 Deferred tax assets 2,671 6,282 Lease intangibles, net in consolidated multi-family properties (2) — 39,769 Other 5,588 4,003 Total $ 259,356 $ 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. (2) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the other assets, including lease intangibles, of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. Other Liabilities The following table presents the components of the Company's other liabilities as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Dividends and dividend equivalents payable $ 49,996 $ 48,328 Accrued expenses 15,576 13,408 Accrued interest payable 10,629 9,051 Accrued expenses and other liabilities in consolidated multi-family properties 10,511 22,583 Advanced remittances from residential loan servicers 9,098 16,603 Operating lease liabilities 8,383 9,584 Deferred revenue 7,131 13,019 Unfunded commitments for residential loans 2,950 21,364 Deferred tax liabilities 394 6,681 Other 1,323 460 Total $ 115,991 $ 161,081 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer [Abstract] | |
Repurchase Agreements | 11. Repurchase Agreements The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: December 31, 2022 December 31, 2021 Residential loans $ 686,946 $ 554,259 Investment securities 50,077 — Total carrying value $ 737,023 $ 554,259 As of December 31, 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 Bank of America at 6.82%. 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 December 31, 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 December 31, 2022, the Company had $223.6 million included in cash and cash equivalents and $120.5 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 December 31, 2022 (dollar amounts in thousands): Unencumbered Securities December 31, 2022 Non-Agency RMBS (1) $ 89,552 CMBS 30,133 ABS 856 Total $ 120,541 (1) Includes IOs in Consolidated SLST with a fair value of $21.0 million as of December 31, 2022. The Company also had unencumbered residential loans with a fair value of $214.4 million at December 31, 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 December 31, 2022 and 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) December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 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 $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 23.96 months as of December 31, 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 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 one of the counterparties with an aggregate outstanding balance of $241.7 million as of December 31, 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. The Company, as required by a repurchase agreement with one counterparty, entered into an interest rate cap contract during the year ended December 31, 2022 that limits the indexed portion of the interest rate on the related repurchase agreement to a strike price of Term SOFR of 4.10% on the $111.0 million notional amount with an expiration date of November 17, 2024. The fair value of the interest rate cap contract of $1.5 million is included in other assets in the consolidated balance sheets as of December 31, 2022. The Company recognized unrealized losses of $0.02 million for the year ended December 31, 2022 which is included in non-interest (loss) income in the consolidated statements of operations. As of December 31, 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 December 31, 2022 and through the date of this Annual Report on Form 10-K. 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 December 31, 2022, the Company had amounts outstanding under repurchase agreements with one counterparty. 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 December 31, 2022 (dollar amounts in thousands): December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Non-Agency RMBS (1) $ 50,077 $ 170,551 $ 210,733 Balance at end of the period $ 50,077 $ 170,551 $ 210,733 (1) Represents first loss subordinated securities in Consolidated SLST. As of December 31, 2022, the outstanding balance under our repurchase agreements secured by investment securities was funded at an advance rate of 30.0% that implies a "haircut" of 70.0%. As of December 31, 2022, the days to maturity for repurchase agreements secured by investment securities was 9 days and the interest rate was 5.28%. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at December 31, 2022 amounted to $0.6 million and is included in other liabilities on the Company’s consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2022 (dollar amounts in thousands): Contractual Maturity December 31, 2022 Within 30 days $ 50,077 Over 30 day to 90 days — Over 90 days — Total $ 50,077 |
Collateralized Debt Obligations
Collateralized Debt Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Collateralized Debt Obligations | 12. 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 699,408 $ 634,495 2.75 % 2059 Residential loan securitizations 1,498,198 1,468,222 3.54 % 2026 - 2062 Total collateralized debt obligations $ 2,197,606 $ 2,102,717 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 15). The Company's CDOs as of December 31, 2022 had stated maturities as follows: Year Ending December 31, Total 2023 $ — 2024 — 2025 — 2026 130,000 2027 225,000 Thereafter 1,842,606 Total $ 2,197,606 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 13. Debt 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 outstanding. 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. 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 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 following table presents interest expense from the Convertible Notes for the years ended December 31, 2022 and 2021, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Contractual interest expense $ 335 $ 8,625 $ 8,625 Amortization of underwriter's discount and deferred charges 103 2,571 2,372 Total $ 438 $ 11,196 $ 10,997 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 December 31, 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 consolidated balance sheets in the amount of $2.6 million and $3.3 million as of December 31, 2022 and 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 will be 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 that are structurally subordinated in right of payment to the Company's subordinated debentures. As of December 31, 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 December 31, 2022 and through the date of this Annual Report on Form 10-K. 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 December 31, 2022 and 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 February 24, 2023, 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 December 31, 2022 and 2021, the Company owned joint venture equity investments in entities 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 consolidated financial statements ( see Note 7) . In August 2022, one of the joint ventures in which the Company held a common equity investment completed the sale of its multi-family apartment community. In conjunction with the sale, the entity repaid the related mortgage payable in the amount of approximately $26.0 million and recorded a loss on extinguishment of debt of approximately $0.5 million, which is included in other income on the accompanying consolidated statements of operations. During the year ended December 31, 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 consolidated financial statements. 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 its 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 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, it may execute a guaranty related to commitment of bad acts. The following table presents detailed information for these mortgages payable on real estate as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net (1) Stated Maturity Weighted Average Interest Rate (2) (3) December 31, 2022 $ 398,703 $ 397,453 $ (2,746) $ 394,707 2025 - 2032 4.21 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. (2) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. (3) For variable-rate mortgages payable, the joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty during the year ended December 31, 2022 that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $1.0 million is included in other assets in the consolidated balance sheets as of December 31, 2022. The consolidated multi-family apartment communities recorded realized gains and unrealized gains on interest rate cap contracts of $0.9 million and $0.7 million for the year ended December 31, 2022, respectively, both of which are included in non-interest (loss) income in the accompanying consolidated statements of operations. Debt Maturities As of December 31, 2022, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2023 $ — 2024 — 2025 27,750 2026 127,357 2027 — Thereafter 387,346 Total $ 542,453 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. 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 December 31, 2022, no contingencies have been recorded on our consolidated balance sheets as a result of COVID-19; however, as COVID-19, its variants 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 December 31, 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. Leases As of December 31, 2022, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2022, 2021, and 2020 amounted to $1.7 million, $1.7 million, and $1.6 million, respectively. The leases are secured by cash deposits in the amount of $0.7 million. As of December 31, 2022, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, Total 2023 $ 1,732 2024 1,548 2025 1,604 2026 1,617 2027 1,471 Thereafter 2,007 Total $ 9,979 Investment Commitment |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. 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 and Multi - Family Loans Held in the Consolidated K-Series – Residential loans held in Consolidated SLST and multi-family loans held in the Consolidated K-Series 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 and multi-family loans held in the Consolidated K-Series based on the fair value of the CDOs issued by these securitizations and its investment in these securitizations (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 these securitizations 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. Derivative Instruments – The Company's interest rate cap agreements are measured using models developed by either third-party pricing providers or the respective counterparty that use the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the interest rate cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. The Company’s interest rate swaps were classified as Level 2 fair values and were measured using valuations reported by the clearing house, CME Group Inc., through which these instruments were cleared. The derivatives were presented net of variation margin payments pledged or received. In March 2020, in response to the turmoil in the financial markets, we terminated our interest rate swaps, recognizing a realized loss of $73.1 million which was partially offset by a reversal of $29.0 million in unrealized losses, resulting in a total net loss of $44.1 million for the year ended December 31, 2020. The Company had no outstanding interest rate swaps as of December 31, 2022 and 2021. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST and the Consolidated K-Series 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 and the Consolidated K-Series 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 December 31, 2022 and 2021, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 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 $ — $ — $ 1,081,384 $ 1,081,384 $ — $ — $ 1,703,290 $ 1,703,290 Consolidated SLST — — 827,582 827,582 — — 1,070,882 1,070,882 Residential loans held in securitization trusts — — 1,616,114 1,616,114 — — 801,429 801,429 Multi-family loans — — 87,534 87,534 — — 120,021 120,021 Investment securities available for sale: Non-Agency RMBS — 68,570 — 68,570 — 128,019 — 128,019 CMBS — 30,133 — 30,133 — 33,146 — 33,146 ABS — 856 — 856 — 39,679 — 39,679 Equity investments (1) — — 179,746 179,746 — — 239,631 239,631 Derivative assets: Interest rate caps (1) (2) — 2,473 — 2,473 — — — — Assets of disposal group held for sale (3) — 29,418 9,010 38,428 — — — — Total $ — $ 131,450 $ 3,801,370 $ 3,932,820 $ — $ 200,844 $ 3,935,253 $ 4,136,097 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 634,495 $ 634,495 $ — $ — $ 839,419 $ 839,419 Total $ — $ — $ 634,495 $ 634,495 $ — $ — $ 839,419 $ 839,419 (1) Excludes assets of disposal group held for sale ( see Note 9 ). (2) Included in other assets in the consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $29.4 million and equity investments classified as Level 3 instruments in the amount of $9.0 million as of December 31, 2022. The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ — $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (111,879) (128,236) (162,518) 9,531 18,884 (926) (375,144) Transfers out (1) (17,052) — (1,806) — — — (18,858) Transfer to securitization trust, net (2) (1,422,577) — 1,422,577 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 28,086 — 28,086 Paydowns/Distributions (712,214) (115,064) (535,017) (42,018) (96,919) — (1,501,232) Purchases 1,641,816 — 91,449 — — — 1,733,265 Balance at the end of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the year ended December 31, 2022, the Company completed four securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Year Ended December 31, 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 36,844 (35,953) 43,001 18,795 36,729 99,416 Transfers out (1) (2,080) — (2,053) — — (4,133) Transfer to securitization trust, net (2) (305,433) — 305,433 — — — Funding/Contributions — — — 37,678 107,465 145,143 Paydowns/Distributions (618,790) (159,950) (239,436) (100,045) (163,658) (1,281,879) Sales (74,751) — (2,376) — — (77,127) Purchases 1,576,570 — 5,409 — — 1,581,979 Balance at the end of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans. In August 2021, the Company redeemed a residential loan securitization and completed a new residential loan securitization of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Year Ended December 31, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses)/gains (realized/unrealized) Included in earnings (9,240) 27,898 31,402 20,454 41,795 26,670 138,979 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (6,017) — (2,492) (8,719) (237,297) — (254,525) Transfer to securitization trust (4) (651,911) — 651,911 — — — — Funding/Contributions — — — 14,164 — 66,336 80,500 Paydowns/Distributions (308,600) (89,999) (35,942) (44,771) (239,796) (25,270) (744,378) Recovery of charge-off — — — — 35 — 35 Sales (3) (96,892) — — — (17,381,483) — (17,478,375) Purchases 569,557 — — — — — 569,557 Balance at the end of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ — $ 259,095 $ 3,471,854 (1) As of January 1, 2020, the Company elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option ( see Note 2 ). (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned and the consolidation of a preferred equity investment into the Company's consolidated financial statements ( see Note 7 ). (3) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Note 7 ). (4) During the year ended December 31, 2020, the Company completed two securitizations of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2022 Consolidated SLST CDOs Balance at beginning of period $ 839,419 Total gains (realized/unrealized) Included in earnings (90,077) Paydowns (114,847) Balance at the end of period $ 634,495 Year Ended December 31, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (54,154) Paydowns (160,762) Balance at the end of period $ 839,419 Year Ended December 31, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses (realized/unrealized) Included in earnings 35,018 68,764 103,782 Paydowns (147,376) (89,484) (236,860) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,054,335 $ 1,054,335 (1) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series, and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Note 7 ). Also includes the Company's net sales of senior securities issued by Consolidated SLST for the year ended December 31, 2020 ( see Note 7 ). 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): December 31, 2022 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,578,229 Discounted cash flow Lifetime CPR 4.4% — - 45.3% Lifetime CDR 0.5% — - 23.8% Loss severity 7.4% — - 96.5% Yield 8.2% 6.1% - 88.4% $119,269 Liquidation model Annual home price appreciation/(depreciation) 0.1% (4.8)% - 11.8% Liquidation timeline (months) 23 9 - 50 Property value $1,591,892 $15,300 - $13,800,000 Yield 7.7% 7.5% - 28.5% Consolidated SLST (3) $827,582 Liability price N/A Total $3,525,080 Multi-family loans (1) $87,534 Discounted cash flow Discount rate 12.4% 11.0% - 20.5% Months to assumed redemption 36 9 - 54 Loss severity — Equity investments (1) (2) $152,246 Discounted cash flow Discount rate 13.5% 13.0% - 15.5% Months to assumed redemption 21 2 - 34 Loss severity — Equity investments in disposal group held for sale (2) $9,010 Discounted cash flow Discount rate 16.0% 16.0% - 16.0% Months to assumed redemption 23 23 - 23 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $634,495 Discounted cash flow Yield 5.3% 4.7% - 7.8% Collateral prepayment rate 5.7% 2.5% - 6.6% Collateral default rate 1.6% — - 11.5% Loss severity 17.1% — - 19.8% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. (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 December 31, 2022, the fair value of securities we own in Consolidated SLST amounts to $191.5 million. (4) Weighted average yield calculated based on the weighted average fair value of the CDOs issued by Consolidated SLST, including investment securities we own. 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 CDOs issued by Consolidated SLST, including investment securities we own. The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2022, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Assets Residential loans Residential loans (1) $ (57,892) $ 31,222 $ 16,449 Consolidated SLST (1) (124,834) (31,128) 33,479 Residential loans held in securitization trust (1) (219,647) 35,570 17,785 Multi-family loans (1) (1,737) 1,924 (682) Equity investments (2) (4,338) 3,990 256 Equity investments in disposal group held for sale (2) (1,430) — — Liabilities Consolidated SLST CDOs (1) $ 92,431 $ 54,960 $ (65,552) (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in income from equity investments on the Company’s consolidated statements of operations. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 244,718 $ 244,718 $ 289,602 $ 289,602 Residential loans Level 3 3,525,080 3,525,080 3,575,601 3,575,601 Multi-family loans Level 3 87,534 87,534 120,021 120,021 Investment securities available for sale Level 2 99,559 99,559 200,844 200,844 Equity investments Level 3 179,746 179,746 239,631 239,631 Equity investments in disposal group held for sale Level 3 9,010 9,010 — — Derivative assets Level 2 2,473 2,473 — — Derivative assets in disposal group held for sale Level 2 29,418 29,418 — — Financial Liabilities: Repurchase agreements Level 2 737,023 737,023 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,468,222 1,383,715 682,802 686,027 Consolidated SLST Level 3 634,495 634,495 839,419 839,419 Subordinated debentures Level 3 45,000 32,721 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,384 91,104 96,704 102,215 Mortgages payable on real estate Level 3 394,707 377,327 709,356 712,112 Mortgages payable on real estate in disposal group held for sale Level 3 865,414 864,758 — — 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 operating 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 | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | 16. 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 December 31, 2022 and 2021. As of December 31, 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. In July 2021, the Company issued 5,750,000 shares of the Company's Series F Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25.00 per share, in an underwritten public offering, for net proceeds of approximately $138.6 million after deducting underwriting discounts and commissions and offering expenses. On August 6, 2021, the Company classified and designated an additional 2,000,000 shares of the Company’s authorized but unissued preferred stock as Series F Preferred Stock. In July 2021, the Company redeemed all outstanding shares of its 7.875% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") at an aggregate redemption price of approximately $25.08 per share, which included accumulated and unpaid dividends up to, but not including, the redemption date. The excess of the $25.00 liquidation price per share over the carrying value of the Series C Preferred Stock resulted in a charge of $3.4 million to net income attributable to Company's common stockholders for the year ended December 31, 2021. In November 2021, the Company issued 3,000,000 shares of Series G Preferred Stock, with a par value of $0.01 per share and a liquidation preference of $25.00 per share, in an underwritten public offering, for net proceeds of approximately $72.1 million, after deducting underwriting discounts and commissions and offering expenses. In December 2021, the Company redeemed all outstanding shares of its 7.750% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") at an aggregate redemption price of approximately $25.34 per share, which included accumulated and unpaid dividends up to, but not including, the redemption date. The excess of the $25.00 liquidation price per share over the carrying value of the Series B Preferred Stock resulted in a charge of $2.7 million to net income attributable to Company's common stockholders for the year ended December 31, 2021. The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2022 and 2021 (dollar amounts in thousands): December 31, 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 72,218 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,351 $ 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 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 From the time of original issuance of the Preferred Stock through December 31, 2019, the Company declared and paid all required quarterly dividends on such series of stock. On March 23, 2020, the Company announced that it had suspended quarterly dividends on its Preferred Stock that would have been payable in April 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. On June 15, 2020, the Company reinstated the payment of dividends on its Preferred Stock and declared dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020. The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through December 31, 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 December 12, 2022 January 1, 2023 January 15, 2023 $ — $ — $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 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 — — December 7, 2020 January 1, 2021 January 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 — — June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (4) 0.9843750 (4) 1.00 (4) 0.9843750 (4) — — (1) Refer above for disclosure regarding the optional redemption of the Company's Series B Preferred Stock and Series C Preferred Stock. (2) Cash dividend for the short initial dividend period that began on November 24, 2021 and ended on January 14, 2022. (3) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. (4) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. (c) Common Stock The Company had 800,000,000 authorized shares of common stock, par value $0.01 per share, with 364,774,752 and 379,405,240 shares issued and outstanding as of December 31, 2022 and 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 year ended December 31, 2022, the Company repurchased 16,629,615 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $44.4 million, including fees and commissions paid to the broker of approximately $0.2 million, representing an average repurchase price of $2.67 per common share. As of December 31, 2022, $155.8 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the stock repurchase program. On February 20, 2023, the Company’s Board of Directors authorized an extension of the Company’s stock repurchase program to March 31, 2024. (d) Dividends on Common Stock On March 23, 2020, the Company announced that it had suspended its quarterly dividend on common stock for the first quarter of 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare a cash dividend on its common stock during the three months ended March 31, 2020. Beginning in the second quarter of 2020, the Company has declared a regular quarterly cash dividend in each quarterly period through December 31, 2022. The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2020 and ended December 31, 2022: Period Declaration Date Record Date Payment Date Cash Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 $ 0.100 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.100 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.100 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.100 Fourth Quarter 2021 December 13, 2021 December 27, 2021 January 25, 2022 0.100 Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 0.100 Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 0.100 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.100 Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050 During 2022, aggregate dividends for our common stock were $0.40 per share. For tax reporting purposes, the 2022 dividends were classified as ordinary income and return of capital in the amounts of $0.15 and $0.25, r espectively, per share. During 2021, aggregate dividends for our common stock were $0.40 per share. For tax reporting purposes, the 2021 dividends were classified as ordinary income, capital gain distribution and return of capital in the amounts of $0.09, $0.04 and $0.27, respectively, per share. During 2020, aggregate dividends for our common stock were $0.225 per share. For tax reporting purposes, the 2020 dividends were classified as ordinary income and return of capital in the amounts of $0.180 and $0.045, respectively, per share. (e) Public Offering of Common Stock The following table details the Company's public offerings of common stock during the three years ended December 31, 2022 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) February 2020 50,600,000 $ 305,274 January 2020 34,500,000 206,650 (1) Proceeds are net of underwriting discounts and commissions and offering expenses. (f) 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 years ended December 31, 2022, 2021 and 2020. As of December 31, 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 | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Common Share | 17. (Loss) Earnings Per Common Share The Company calculates basic (loss) earnings per common share by dividing net (loss) earnings 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 and restricted stock units, 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 years ended December 31, 2022, 2021 and 2020, 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 year ended December 31, 2022, the PSUs and RSUs awarded under the 2017 Plan were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the year ended December 31, 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. During the year ended December 31, 2020, the PSUs and RSUs awarded under the 2017 Plan were determined to be anti-dilutive. 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): For the Years Ended December 31, 2022 2021 2020 Basic (Loss) Earnings per Common Share Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic weighted average common shares outstanding 377,287 379,232 371,004 Basic (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Weighted average common shares outstanding 377,287 379,232 371,004 Net effect of assumed PSUs vested — 1,541 — Net effect of assumed RSUs vested — 195 — Diluted weighted average common shares outstanding 377,287 380,968 371,004 Diluted (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 18. Stock Based Compensation In May 2017, the Company’s stockholders approved the 2017 Plan, with such stockholder action resulting in the termination of the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The terms of the 2017 Plan, as amended from time to time, are substantially the same as the 2010 Plan. At December 31, 2022, there were no common shares of non-vested restricted stock outstanding under the 2010 Plan. Pursuant to the 2017 Plan, 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 December 31, 2022, 28,796,097 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 December 31, 2022. The Company’s employees have been issued 3,809,403 shares of restricted stock under the 2017 Plan as of December 31, 2022. At December 31, 2022, there were 2,104,568 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 years ended December 31, 2022, 2021 and 2020, the Company recognized non-cash compensation expense on its restricted common stock awards of $4.6 million, $4.3 million and $3.8 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 collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 $ 6.27 837,123 $ 6.18 Granted 1,217,671 3.59 1,058,211 3.86 1,054,254 6.33 Vested (924,548) 5.44 (621,438) 5.41 (287,611) 6.22 Forfeited (97,662) 3.92 (131,432) 4.92 — — Non-vested shares as of December 31 2,104,568 $ 4.09 1,909,107 $ 5.05 1,603,766 $ 6.27 Restricted stock granted during the period 1,217,671 $ 3.59 1,058,211 $ 3.86 1,054,254 $ 6.33 (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 December 31, 2022 and 2021, the Company had unrecognized compensation expense of $4.5 million and $5.1 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at December 31, 2022 is expected to be recognized over a weighted average period of 1.7 years. The total fair value of restricted shares vested during the years ended December 31, 2022, 2021 and 2020 was $3.3 million, $2.5 million and $1.8 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 years ended December 31, 2022, 2021 and 2020, 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 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 year period and correlation between each company’s stock and the identified performance peer group over the same time series and (ii) a risk free rate for the period interpolated from the U.S. Treasury yield curve on grant date. The PSUs granted during the years ended December 31, 2022, 2021 and 2020 include 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 years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 2,018,518 $ 4.09 Granted 844,534 4.87 1,631,661 5.56 883,496 7.03 Vested (1,074,918) 4.00 (842,792) 4.20 — — Forfeited — — (314,143) 5.29 — — Non-vested target PSUs as of December 31 3,146,356 $ 5.76 3,376,740 $ 5.43 2,902,014 $ 4.98 (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 year ended December 31, 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 year ended December 31, 2021 with a fair value o f $3.7 million o n 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 December 31, 2022, 2021 and 2020, there was $5.7 million , $7.6 million and $5.7 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 December 31, 2022 is expected to be recognized over a weighted average period of 1.5 years. Compensation expense related to the PSUs was $6.1 million, $5.5 million and $5.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. (c) Restricted Stock Units During the years ended December 31, 2022, 2021 and 2020, 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 years ended December 31, 2022, 2021 and 2020 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 years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 3.69 441,746 6.23 Vested (383,639) 4.58 (147,254) 6.23 — — Forfeited — — (94,070) 4.37 — — Non-vested RSUs as of December 31 1,054,880 $ 4.03 1,016,252 $ 4.36 441,746 $ 6.23 (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 year ended December 31, 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 year ended December 31, 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 December 31, 2022, 2021 and 2020 there was $2.0 million, $2.7 million and $1.8 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 December 31, 2022 is expected to be recognized over a weighted average period of 1.5 years. Compensation expense related to the RSUs was $2.3 million, $1.7 million and $0.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes For the years ended December 31, 2022, 2021 and 2020, the Company qualified to be taxed as a REIT under the Internal Revenue Code 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 consolidated financial statements. The income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Current income tax provision Federal $ 2,355 $ 280 $ 1,225 State 862 5 151 Total current income tax provision 3,217 285 1,376 Deferred income tax (benefit) provision Federal (1,649) 1,339 (244) State (1,026) 834 (151) Total deferred income tax (benefit) provision (2,675) 2,173 (395) Total income tax provision $ 542 $ 2,458 $ 981 The Company’s estimated taxable income differs from the statutory U.S. federal rate as a result of state and local taxes, non-taxable REIT income, valuation allowance and other differences. A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, are as follows (dollar amounts in thousands). For the Years Ended December 31, 2022 2021 2020 (Benefit) provision at statutory rate $ (71,422) 21.0 % $ 41,088 21.0 % $ (60,381) 21.0 % Non-taxable REIT loss (income) 64,479 (19.0) (36,691) (18.8) 58,783 (20.4) State and local tax (benefit) provision (78) — 825 0.4 150 (0.1) Other (6,057) 1.8 225 0.1 (45) — Valuation allowance 13,620 (4.0) (2,989) (1.5) 2,474 (0.9) Total provision $ 542 (0.2) % $ 2,458 1.2 % $ 981 (0.4) % 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 December 31, 2022 and 2021, respectively, are as follows (dollar amounts in thousands): December 31, 2022 December 31, 2021 Deferred tax assets Net operating loss carryforward $ 3,513 $ 3,615 Capital loss carryover 16,045 7,549 GAAP/Tax basis differences 1,869 254 Total deferred tax assets (1) 21,427 11,418 Deferred tax liabilities GAAP/Tax basis differences 394 6,681 Total deferred tax liabilities (2) 394 6,681 Valuation allowance (1) (18,756) (5,136) Total net deferred tax asset (liability) $ 2,277 $ (399) (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. As of December 31, 2022, the Company, through wholly owned TRSs, had incurred net operating losses in the aggregate amount of approximately $10.3 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of December 31, 2022, the Company, through its wholly-owned TRSs, had also incurred approximately $47.1 million in capital losses. The Company’s carryforward capital losses will expire between 2025 and 2027 if they are not offset by future capital gains. As of December 31, 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 $13.6 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. |
Net Interest Income
Net Interest Income | 12 Months Ended |
Dec. 31, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | 20. Net Interest Income The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Interest income Residential loans Residential loans $ 113,131 $ 83,852 $ 69,170 Consolidated SLST 36,448 40,944 45,194 Residential loans held in securitization trusts 80,119 38,941 12,612 Total residential loans 229,698 163,737 126,976 Multi-family loans Preferred equity and mezzanine loan investments 11,185 15,321 20,899 Consolidated K-Series — — 151,841 Total multi-family loans 11,185 15,321 172,740 Investment securities available for sale 15,825 27,750 49,925 Other 1,680 58 520 Total interest income 258,388 206,866 350,161 Interest expense Repurchase agreements 51,432 13,844 37,334 Collateralized debt obligations Consolidated SLST 25,145 28,135 31,663 Consolidated K-Series — — 129,762 Residential loan securitizations 43,384 19,660 6,967 Non-Agency RMBS re-securitization — 283 3,290 Total collateralized debt obligations 68,529 48,078 171,682 Convertible notes 438 11,196 10,997 Senior unsecured notes 6,430 4,335 — Subordinated debentures 2,590 1,831 2,187 Derivatives — — 868 Total interest expense 129,419 79,284 223,068 Net interest income $ 128,969 $ 127,582 $ 127,093 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Reverse Stock Split On February 22, 2023, the Company announced that the Board approved a one-for-four reverse stock split of the Company's common stock. The reverse stock split is expected to take effect on March 9, 2023, upon which date every four issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock, with a proportionate reduction in the Company’s authorized shares of common stock, outstanding equity awards and number of shares remaining available for issuance under the 2017 Plan. The par value of each share of common stock will remain unchanged. The following table presents the Company's pro forma (loss) earnings per common share on a post-reverse split basis for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands, except per share data): Pro Forma (Unaudited) For the Years Ended December 31, 2022 2021 2020 Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic (loss) earnings per common share $ (3.61) $ 1.52 $ (3.55) Diluted (loss) earnings per common share $ (3.61) $ 1.51 $ (3.55) Weighted average shares outstanding-basic 94,322 94,808 92,751 Weighted average shares outstanding-diluted 94,322 95,242 92,751 Extension of Share Repurchase Program On February 20, 2023, the Board authorized an extension of our share repurchase program through March 31, 2024. Repurchase of Residential Loan Securitization CDOs In February 2023, the Company repurchased $60.3 million par value of its residential loan securitization CDOs for approximately $58.7 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III - Real Estate and Accumulated Depreciation (Dollar amounts in thousands) December 31, 2022 Initial Cost to Company Gross Amount at Close of Period (1) Market Number of Properties Encumbrances Land Buildings and Improvements Total Adjustment to Basis (2) Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Depreciable Period (Years) Operating Real Estate Multi-Family - Operating Beaufort, SC 1 $ 24,327 $ 6,113 $ 30,894 $ 954 $ 6,113 $ 31,848 $ 37,961 $ (1,228) 2001 2021 5 - 30 Dallas, TX 1 30,587 3,616 40,497 779 3,616 41,276 44,892 (1,622) 2009 2021 5 - 30 Dallas, TX 1 27,234 5,728 34,635 750 5,728 35,385 41,113 (1,392) 2014 2021 5 - 30 San Antonio, TX 1 35,803 6,827 43,240 1,424 6,827 44,664 51,491 (1,633) 2014 2021 5 - 30 San Antonio, TX 1 24,046 3,116 35,223 301 3,116 35,524 38,640 (1,335) 2015 2021 5 - 30 Collierville, TN 1 39,510 3,113 45,616 1,215 3,113 46,831 49,944 (1,858) 2000 2021 5 - 30 Little Rock, AR 1 25,371 2,366 27,229 431 2,366 27,660 30,026 (1,097) 1999 2021 5 - 30 Columbia, SC 1 17,216 2,420 21,363 742 2,420 22,105 24,525 (811) 1986 2021 5 - 30 St. Petersburg, FL 1 56,253 9,823 74,801 1,000 9,823 75,801 85,624 (2,991) 2014 2021 5 - 30 Louisville, KY 1 43,155 5,567 52,819 303 5,567 53,122 58,689 (1,936) 2017 2021 5 - 30 Houston, TX 1 22,854 6,406 25,211 714 6,406 25,925 32,331 (1,117) 1993 2021 5 - 30 Montgomery, AL 1 20,898 3,367 26,967 211 3,367 27,178 30,545 (819) 1988 - 1994 2022 5 - 30 Memphis, TN 1 27,453 3,659 32,525 475 3,659 33,000 36,659 (863) 1968 2022 5 - 30 Total Multi-Family - Operating 13 $ 394,707 $ 62,121 $ 491,020 $ 9,299 $ 62,121 $ 500,319 $ 562,440 $ (18,702) Single-Family Rental - Operating Chicago, IL 232 $ — $ 10,359 $ 50,114 $ 9,371 $ 10,359 $ 59,485 $ 69,844 $ (1,660) 1890 - 2010 2021- 2022 7.5 - 30 Baltimore, MD 132 — 10,587 28,062 4,378 10,587 32,440 43,027 (362) 1921 - 2016 2021- 2022 7.5 - 30 Houston, TX 83 — 4,390 19,912 2,266 4,390 22,178 26,568 (371) 1953 - 2021 2021 - 2022 7.5 - 30 Pittsburgh, PA 29 — 1,098 4,777 1,401 1,098 6,178 7,276 (84) 1900 - 2007 2022 7.5 - 30 Tampa, FL 12 — 890 3,036 390 890 3,426 4,316 (39) 1951 - 2010 2022 7.5 - 30 Bedford, OH 2 — 61 263 103 61 366 427 (3) 1949 - 1979 2022 7.5 - 30 Milwaukee, WI 1 — 44 230 20 44 250 294 (3) 1970 2022 7.5 - 30 Total Single-Family Rental - Operating 491 $ — $ 27,429 $ 106,394 $ 17,929 $ 27,429 $ 124,323 $ 151,752 $ (2,522) Total Operating Real Estate 504 $ 394,707 $ 89,550 $ 597,414 $ 27,228 $ 89,550 $ 624,642 $ 714,192 $ (21,224) Real Estate in Disposal Group Held for Sale Multi-Family - Disposal Group Fort Myers, FL 1 $ 37,882 $ 7,546 $ 34,504 $ 4,467 $ 7,546 $ 38,971 $ 46,517 $ (1,865) 1973 & 1979 2021 5 - 30 Fort Worth, TX 1 23,176 3,202 23,614 2,289 3,202 25,903 29,105 (1,162) 1985 2021 5 - 30 Tampa, FL 1 52,164 10,152 53,668 3,359 10,152 57,027 67,179 (2,633) 1971& 1972 2021 5 - 30 Birmingham, AL 1 32,040 2,823 42,373 438 2,823 42,811 45,634 (1,685) 2013 2021 5 - 30 Pearland, TX 1 6,082 — 8,351 447 — 8,798 8,798 (326) 2008 2021 5 - 30 Pearland, TX 1 21,375 2,744 27,590 703 2,744 28,293 31,037 (1,123) 2011 2021 5 - 30 Orlando, FL 1 37,722 9,012 36,435 1,876 9,012 38,311 47,323 (1,273) 1983 2021 5 - 30 Birmingham, AL 1 73,547 5,875 88,029 (1,092) 5,719 87,093 92,812 (2,766) 2004 & 2017 2021 5 - 30 Brandon, FL 1 42,109 3,884 48,869 2,763 3,884 51,632 55,516 (1,578) 1974& 1981 2021 5 - 30 Plano, TX 1 55,646 11,229 60,404 2,278 11,229 62,682 73,911 (1,707) 1992 2022 5 - 30 Plano, TX 1 65,399 12,543 70,444 2,476 12,543 72,920 85,463 (1,981) 1994 2022 5 - 30 Oklahoma City, OK 1 37,351 4,377 42,322 2,839 4,377 45,161 49,538 (1,352) 1983 - 1984 2022 5 - 30 Oklahoma City, OK 1 36,593 4,581 40,885 2,628 4,581 43,513 48,094 (1,355) 1985 2022 5 - 30 Brandon, FL 1 184,944 29,821 185,610 6,780 29,821 192,390 222,211 (3,956) 1990 - 2002 2022 5 - 30 Apopka, FL 1 51,611 8,009 58,247 889 8,009 59,136 67,145 (1,086) 2000 2022 5 - 30 Kissimmee, FL 1 61,560 10,586 68,003 988 10,586 68,991 79,577 (1,266) 1989 2022 5 - 30 Pensacola, FL 1 46,211 2,701 54,675 749 2,701 55,424 58,125 (929) 1999 2022 5 - 30 Total Multi-Family - Disposal Group 17 $ 865,412 $ 129,085 $ 944,023 $ 34,877 $ 128,929 $ 979,056 $ 1,107,985 $ (28,043) Total Real Estate 521 $ 1,260,119 $ 218,635 $ 1,541,437 $ 62,105 $ 218,479 $ 1,603,698 $ 1,822,177 $ (49,267) (1) The aggregate cost of consolidated real estate in the table above for federal income tax purposes was $1.8 billion as of December 31, 2022. (2) Consists of costs capitalized subsequent to acquisition and impairment charges. Notes to Schedule III (Dollar amounts in thousands) 1. Reconciliation of Operating Real Estate For the Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ 970,363 $ 50,686 $ — Acquisitions 827,882 963,651 50,480 Improvements 49,468 9,219 206 Reclassification to held for sale or disposal group held for sale (1,133,521) (53,193) — Balance at end of period $ 714,192 $ 970,363 $ 50,686 2. Reconciliation of Accumulated Depreciation for Operating Real Estate For the Years Ended December 31, 2022 2021 2020 Balance at beginning of period $ (3,890) $ (154) $ — Depreciation (47,179) (5,662) (154) Reclassification to held for sale or disposal group held for sale 29,845 1,926 — Balance at end of period $ (21,224) $ (3,890) $ (154) |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV - Mortgage Loans on Real Estate (dollar amounts in thousands) December 31, 2022 Asset Type Number of Loans Interest Rate Maturity Date Carrying Value Principal Amount of Loans Subject to Delinquent Principal or Interest Residential loans First lien loans Original loan amount $0 - $99,999 333 2.00% - 14.99% 09/23/2013 - 10/01/2062 $ 9,272 $ 462 Original loan amount $100,000 - $199,999 333 2.13% - 11.72% 11/22/2024 - 01/01/2062 37,214 405 Original loan amount $200,000 - $299,999 270 1.88% - 7.50% 02/01/2033 - 08/01/2062 49,466 866 Original loan amount over $299,999 390 1.99% - 8.50% 08/01/2027 - 01/01/2061 141,546 648 Second lien loans Original loan amount $0 - $99,999 187 5.75% - 8.88% 06/01/2024 - 08/01/2062 6,281 450 Original loan amount $100,000 - $199,999 12 6.25% - 8.63% 11/01/2032 - 04/01/2050 1,259 — Original loan amount $200,000 - $299,999 4 6.75% - 7.75% 03/01/2046 - 01/01/2050 714 — Business purpose loans Original loan amount $0 - $99,999 276 4.25% - 13.00% 09/05/2020 - 09/01/2052 45,808 1,853 Original loan amount $100,000 - $199,999 255 4.25% - 13.00% 01/09/2020 - 06/01/2052 50,122 5,023 Original loan amount $200,000 - $299,999 171 5.63% - 12.49% 04/19/2020 - 08/01/2052 50,510 6,240 Original loan amount over $299,999 651 4.00% - 13.00% 07/08/2020 - 09/01/2052 689,192 54,065 Residential loans held in securitization trusts First lien loans Original loan amount $0 - $99,999 1,776 1.38% - 14.29% 08/20/2013 - 09/01/2062 86,794 8,923 Original loan amount $100,000 - $199,999 2,236 0.00% - 11.85% 04/01/2023 - 11/01/2062 227,081 20,136 Original loan amount $200,000 - $299,999 1,092 0.00% - 11.90% 07/02/2025 - 10/01/2062 188,444 15,714 Original loan amount over $299,999 1,305 1.88% - 9.75% 12/01/2025 - 07/01/2062 420,189 31,884 Business purpose loans Original loan amount $0 - $99,999 380 4.00% - 13.00% 03/01/2022 - 07/01/2052 53,978 1,425 Original loan amount $100,000 - $199,999 527 3.75% - 12.25% 09/01/2022 - 09/01/2052 74,963 510 Original loan amount $200,000 - $299,999 281 3.50% - 12.00% 11/01/2021 - 07/01/2052 66,168 1,070 Original loan amount over $299,999 586 3.49% - 12.25% 04/01/2022 - 07/01/2052 498,497 10,307 Consolidated SLST First lien loans 6,160 1.38% - 10.50% 03/01/2021 - 11/01/2062 827,582 143,176 $ 3,525,080 $ 303,157 Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate For the year ended December 31, (in thousands) 2022 2021 2020 Beginning balance $ 3,575,601 $ 3,049,166 $ 20,780,548 Cumulative-effect adjustment for implementation of fair value option (1) — — 5,812 Additions during period: Purchases 1,733,265 1,581,979 569,557 Accretion of purchase discount 5,292 4,154 5,265 Change in realized and unrealized gains (404,524) 44,564 101,957 Deductions during period: Repayments of principal (1,362,294) (1,018,176) (674,337) Collection of interest — — — Transfer to investment securities available for sale (2) — — (237,297) Transfer to REO (18,858) (4,133) (8,509) Cost of loans sold (2) — (77,127) (17,478,478) Provision for loan loss — — — Amortization of premium (3,402) (4,826) (15,352) Balance at end of period $ 3,525,080 $ 3,575,601 $ 3,049,166 (1) As of January 1, 2020, the Company has elected to account for all residential loans using the fair value option ( see Note 2 ). (2) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale (see Notes 2 and 7 ). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying 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 on the accompanying consolidated financial statements to conform to current period presentation. In particular, prior period disclosures have been conformed to the current period presentation of interest expense, mortgages payable on real estate. Starting in the fourth quarter of 2022, interest expense, mortgages payable on real estate is presented in expenses related to real estate on the Company's consolidated statements of operations. Previously, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's consolidated statements of operations. |
Principles of Consolidation and Variable Interest Entities | Principles of Consolidation and Variable Interest Entities – The accompanying 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 ( see Note 7). 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, subject to certain conditions. The Company has classified these third-party ownership interests as redeemable non-controlling interest in Consolidated VIEs in mezzanine equity on the accompanying consolidated balance sheets. See " Redeemable Non-Controlling Interest in Consolidated VIEs " below for further discussion of redeemable non-controlling interest in Consolidated VIEs. Redeemable Non-Controlling Interest in Consolidated VIEs – The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling interests that are currently redeemable for cash at the option of the holders or are probable of becoming redeemable as redeemable non-controlling interest in the mezzanine equity on the accompanying consolidated balance sheets. 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 for cash, at their election, subject to annual minimum and maximum amount limitations. As a result, the Company has classified these third-party ownership interests as redeemable non-controlling interest in Consolidated VIEs. The redeemable non-controlling interest in Consolidated VIEs is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and equity contributions and distributions, or the redemption value, which is equivalent to fair value, of such ownership interests. Adjustments to redemption value, if any, are recorded to the Company's additional paid-in capital and redeemable non-controlling interest in Consolidated VIEs. |
Residential Loans | Residential Loans – 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 the accompanying consolidated balance sheets. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company has elected the fair value option for residential loans either at the time of acquisition pursuant to ASC 825, Financial Instruments (“ASC 825”) or following the adoption of Accounting Standards Update ("ASU") 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”), effective January 1, 2020. Residential loans include seasoned re-performing and non-performing residential loans held in a Freddie Mac-sponsored residential loan securitization, of which we own or have owned the first loss subordinated securities and certain IOs and senior securities issued by this securitization, and that we consolidate in our financial statements in accordance with GAAP (“Consolidated SLST”). Based on a number of factors, management determined that the Company was the primary beneficiary of Consolidated SLST and met the criteria for consolidation and, accordingly, has consolidated the securitization, including its assets, liabilities, income and expenses in our financial statements. The Company has elected the fair value option on each of the assets and liabilities held within Consolidated SLST, which requires that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measures both the financial assets and financial liabilities of a qualifying consolidated collateralized financing entity (“CFE”) using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. As the related securitization trust is considered a qualifying CFE, the Company determines the fair value of the residential loans held in Consolidated SLST based on the fair value of its residential collateralized debt obligations and the Company's investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. Interest income is accrued and recognized as revenue when earned according to the terms of the residential loans and when, in the opinion of management, it is collectible. Residential loans are considered past due when they are 30 days past their contractual due date, and are placed on nonaccrual status when delinquent for more than 90 days or when, in management's opinion, the interest is not collectible in the normal course of business. Interest accrued but not yet collected at the time loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured. Premiums and discounts associated with the purchase of residential loans are amortized or accreted into interest income over the life of the related loan using the effective interest method. Any premium amortization or discount accretion is reflected as a component of interest income on the accompanying consolidated statements of operations. |
Multi-Family Loans | Multi-Family Loans – Multi-family loans include preferred equity investments in, and mezzanine loans to, entities that have multi-family real estate assets. A preferred equity investment is an equity investment in the entity that owns the underlying property. Preferred equity is not secured by the underlying property, but holders have priority relative to common equity holders on cash flow distributions and proceeds from capital events. In addition, preferred equity holders may be able to enhance their position and protect their equity position with covenants that limit the entity’s activities and grant the holder the exclusive right to control the property after an event of default. Mezzanine loans are secured by a pledge of the borrower’s equity ownership in the property. Unlike a mortgage, this loan does not represent a lien on the property. Therefore, it is always junior and subordinate to any first lien as well as second liens, if applicable, on the property. These loans are senior to any preferred equity or common equity interests in the entity that owns the property. The Company has evaluated its preferred equity and mezzanine loan investments for accounting treatment as loans versus equity investments utilizing the guidance provided by the Acquisition, Development and Construction Arrangements Subsection of ASC 310, Receivables . Preferred equity and mezzanine loan investments, for which the characteristics, facts and circumstances indicate that loan accounting treatment is appropriate, are stated at fair value. The Company elected the fair value option for its preferred equity investments in and mezzanine loan investments because the Company determined that such presentation represents the underlying economics of the respective investment. Changes in fair value are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. Interest income is accrued and recognized as revenue when earned according to the terms of the loans and when, in the opinion of management, it is collectible. The accrual of interest on loans is discontinued when, in management’s opinion, the interest is not collectible in the normal course of business, but in all cases when payment becomes greater than 90 days delinquent. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible. The Company accretes or amortizes any discounts or premiums and deferred fees and expenses over the life of the related asset utilizing the effective interest method or straight line-method, if the result is not materially different. Preferred equity investments where the risks and payment characteristics are equivalent to an equity investment are included in Equity Investments below . In 2020, the Company, or one of its “special purpose entities” (“SPEs”), owned the first loss POs, certain IOs, and certain senior and mezzanine securities issued by certain Freddie Mac-sponsored multi-family loan K-Series securitizations that we consolidated in our financial statements in accordance with GAAP (the “Consolidated K-Series”). Based on a number of factors, management determined that the Company was the primary beneficiary of each VIE within the Consolidated K-Series and met the criteria for consolidation and, accordingly, consolidated these securitizations, including their assets, liabilities, income and expenses in the Company's financial statements. In response to market conditions associated with the COVID-19 pandemic and the Company's intention to improve its liquidity, in March 2020, the Company sold its entire portfolio of first loss POs issued by the Consolidated K-Series which resulted in the de-consolidation of each Consolidated K-Series as of the sale date of each first loss PO ( see Note 7 ). The Company elected the fair value option on each of the assets and liabilities held within the Consolidated K-Series, which required that changes in valuations be reflected on the accompanying consolidated statements of operations. In accordance with ASC 810, the Company measured both the financial assets and financial liabilities of a qualifying consolidated CFE using the fair value of either the CFE’s financial assets or financial liabilities, whichever was more observable. As the Consolidated K-Series were considered qualifying CFEs, the Company determined the fair value of multi-family loans held in the Consolidated K-Series based on the fair value of the multi-family collateralized debt obligations issued by the Consolidated K-Series and the Company's investments in these securitizations (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments was more observable. Interest income was accrued and recognized as revenue when earned according to the terms of the multi-family loans held in the Consolidated K-Series and when, in the opinion of management, it was collectible. The accrual of interest on these loans was discontinued when, in management’s opinion, the interest was not collectible in the normal course of business. |
Investment Securities Available for Sale | Investment Securities Available for Sale – The Company’s investment securities, where the fair value option has not been elected and which are reported at fair value with unrealized gains and losses reported in Other Comprehensive Income (“OCI”), include non-Agency RMBS (collectively, "CECL Securities"). Beginning in the fourth quarter of 2019, the Company made a fair value election at the time of acquisition of newly purchased investment securities pursuant to ASC 825. The fair value option was elected for these investment securities to provide stockholders and others who rely on our financial statements with a more complete and accurate understanding of our economic performance. Changes in fair value of investment securities subject to the fair value election are recorded in current period earnings in unrealized gains (losses), net on the accompanying consolidated statements of operations. The Company generally intends to hold its investment securities until maturity; however, from time to time, it may sell any of its securities as part of the overall management of its business. As a result, our investment securities are classified as available for sale securities. Realized gains and losses recorded on the sale of investment securities available for sale are based on the specific identification method and included in realized gains (losses), net on the accompanying consolidated statements of operations. Interest income on our investment securities available for sale is accrued based on the outstanding principal balance and their contractual terms. Purchase premiums or discounts associated with Agency RMBS and Agency CMBS assessed as high credit quality at the time of purchase are amortized or accreted to interest income over the estimated life of these investment securities using the effective yield method. Interest income on certain of our credit sensitive securities that were purchased at a premium or discount to par value, such as certain of our non-Agency RMBS, CMBS and ABS that are of less than high credit quality, is recognized based on the security’s effective yield. The effective yield on these securities is based on management’s estimate of the projected cash flows from each security, which incorporates assumptions related to fluctuations in interest rates, prepayment speeds and the timing and amount of credit losses. On at least a quarterly basis, management reviews and, if appropriate, adjusts its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield (or interest income) recognized on these securities. The Company accounts for investment securities that are of high credit quality (generally those rated AA or better by a Nationally Recognized Statistical Rating Organization, or NRSRO) at the date of acquisition in accordance with ASC 320-10, Investments - Debt and Equity Securities (“ASC 320-10”). The Company accounts for investment securities that are not of high credit quality (i.e., those whose risk of loss is more than remote) or securities that can be contractually prepaid such that we would not recover our initial investment at the date of acquisition in accordance with ASC 325-40, Investments - Beneficial Interests in Securitized Financial Assets (“ASC 325-40”). The Company considers credit ratings, the underlying credit risk and other market factors in determining whether the investment securities are of high credit quality; however, securities rated lower than AA or an equivalent rating are not considered of high credit quality and are accounted for in accordance with ASC 325-40. If ratings are inconsistent among NRSROs, the Company uses the lower rating in determining whether the securities are of high credit quality. When the fair value of a CECL security is less than its amortized cost as of the reporting balance sheet date, the security is considered impaired. If the Company intends to sell an impaired security, or it is more likely than not that it will be required to sell the impaired security before its anticipated recovery, the Company recognizes a loss through earnings equal to the difference between the investment’s amortized cost and its fair value and reduces the amortized cost basis to the fair value as of the balance sheet date. If the Company does not expect to sell an impaired security, it performs an analysis to determine if a portion of the impairment is a result of credit losses. The portion of the impairment related to credit losses (limited by the difference between the fair value and amortized cost basis) is recognized through earnings and a corresponding allowance for credit losses is established against the amortized cost basis. The remainder of the impairment is recognized as a component of other comprehensive income (loss) on the accompanying consolidated balance sheets and does not impact earnings. Subsequent changes in the allowance for credit losses are recorded through earnings with reversals limited to the previously recorded allowance for credit losses. The determination of whether a credit loss exists, and if so, the amount considered to be a credit loss is subjective, as such determinations are based on both observable and subjective information available at the time of assessment as well as the Company's estimates of the future performance and cash flow projections. As a result, the timing and amount of credit losses may constitute material estimates that are susceptible to significant change. In determining if a credit loss evaluation is required for securities that are impaired, the Company compares the present value of the remaining cash flows expected to be collected at the prior reporting date or purchase date, whichever is most recent, against the present value of the cash flows expected to be collected at the current financial reporting date. The Company considers information available about the past and expected future performance of underlying collateral, including timing of expected future cash flows, prepayment rates, default rates, loss severities and delinquency rates. |
Equity Investments | Equity Investments – Non-controlling, unconsolidated ownership interests in an entity may be accounted for using the equity method or the cost method. In circumstances where the Company has a non-controlling interest but either owns a significant interest or is able to exert influence over the affairs of the enterprise, the Company utilizes the equity method of accounting. Under the equity method of accounting, the initial investment is increased each period for additional capital contributions and a proportionate share of the entity’s earnings or preferred return and decreased for cash distributions and a proportionate share of the entity’s losses. Equity investments also include certain of the Company's multi-family preferred equity investments where the risks and payment characteristics are equivalent to an equity investment. The Company records its equity in earnings or losses from these multi-family preferred equity investments 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. The Company has elected the fair value option for all equity investments. The Company elected the fair value option for its equity investments in entities that own interests (directly or indirectly) in multi-family or residential real estate assets or loans or entities that originate residential loans because the Company determined that such presentation represents the underlying economics of the respective investment. The Company records the change in fair value of its investment in income from equity investments on the accompanying consolidated statements of operations (see Note 6 |
Operating Real Estate Held in Consolidated Variable Interest Entity, Net | Real Estate, Net – Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company records its initial investments in income-producing real estate as asset acquisitions at fair value as of the acquisition date. The purchase price of acquired properties is apportioned to the tangible and identified intangible assets and liabilities acquired at their respective estimated fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective real estate, its own analysis of recently-acquired and existing comparable properties, property financial results, and other market data. The Company also considers information obtained about the real estate as a result of its due diligence, including marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired. The Company considers the value of acquired in-place leases and utilizes an amortization period that is the average remaining term of the acquired leases. Rental revenue is recognized when earned from residents of the Company's real estate properties over the terms of the rental agreements, typically a duration of one year or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable. Other property revenues are recognized in the period earned. Real Estate - Capitalization and Depreciation – The Company’s expenditures which directly relate to the acquisition, development, construction and improvement of properties are capitalized at cost. During the development period, which culminates once a property is substantially complete and ready for intended use, operating and carrying costs such as interest expense, real estate taxes, insurance and other direct costs are capitalized. Advertising and general administrative costs that do not relate to the development of a property are expensed as incurred. Betterments and certain costs directly related to the improvement of real estate after the development period are capitalized. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. The Company depreciates on a straight-line basis the building component of its real estate over a 30-year estimated useful life, building and improvements over a 10-year to 30-year estimated useful life, and furniture, fixtures and equipment over a 5-year to 7.5-year estimated useful life, all of which are judgmental determinations. |
Real Estate Under Development | Real Estate - Impairment – The Company periodically evaluates its real estate assets for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability and intent to hold each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment is warranted. If impairment indicators exist for long-lived assets to be held and used, and the expected future undiscounted cash flows are less than the carrying amount of the asset, then the Company will record an impairment loss for the difference between the fair value of the asset and its carrying amount. If the asset is to be disposed of, then an impairment loss is recognized for the difference between the estimated fair value of the asset, net of selling costs, and its carrying amount. The Company evaluated the home pricing and lot values of the real estate under development that was owned by Kiawah River View Investors ("KRVI"), a Consolidated VIE ( see Note 7 ), on a quarterly basis. Based on evaluations during the year ended December 31, 2020, the Company determined that the real estate under development in KRVI was not fully recoverable and recognized a $1.8 million impairment loss which is included in other income on the accompanying consolidated statements of operations. For the year ended December 31, 2020, $0.9 million of this impairment loss is included in net income attributable to non-controlling interest in consolidated variable interest entities on the accompanying consolidated statements of operations, resulting in a net loss to the Company of $0.9 million. Fair value was determined based on the sales comparison approach which derives a value indication by comparing the subject property to similar properties that have been recently sold and assumes a purchaser will not pay more for a particular property than a similar substitute property. KRVI sold its remaining real estate under development in the year ended December 31, 2020. |
Held for Sale Determination and Real Estate Sales | Held for Sale Determinations – The Company considers its real estate and joint venture equity investments in multi-family properties to be held for sale when the following criteria are met: (i) management commits to a plan to sell the investments, (ii) investments are available for sale immediately, (iii) the investments are actively being marketed for sale at a price that is reasonable in relation to their current fair value, (iv) the sale of the investments within one year is considered probable and (v) significant changes to the plan to sell are not expected. When real estate assets are identified as held for sale, the Company discontinues depreciating (amortizing) the assets and estimates the fair value, net of selling costs, of such assets. When joint venture investments are identified as held for sale, the Company transfers the related assets and liabilities to assets and liabilities of disposal group held for sale. Real estate held for sale (including real estate in disposal group held for sale) is recorded at the lower of the net carrying amount of the assets or the estimated net fair value. If the estimated net fair value of the real estate held for sale is less than the net carrying amount of the assets, an impairment charge is recorded in the consolidated statements of operations in other income with an allocation to non-controlling interest in the respective Consolidated VIEs, if any. The Company assesses the net fair value of real estate held for sale in each reporting period that the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the real estate assets held for sale that require an adjustment to the carrying amount are recorded in the consolidated statements of operations in other income with an allocation to non-controlling interest in the respective Consolidated VIEs, if any, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell any real estate or joint venture equity investments previously classified as held for sale, the assets and liabilities are reclassified to held and used. Real estate assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell the real estate or joint venture equity investment. Real Estate Sales – The Company accounts for its real estate sales in accordance with ASC 360-20, Property, Plant and Equipment - Real Estate Sales . When real estate is sold, the nature of the entire real estate component being sold is considered in relation to the entire transaction to determine whether the substance of the transaction is the sale of real estate. Profit is recognized on the date of the real estate sale provided that (a) a sale is consummated, (b) the buyer’s initial and continuing investments are adequate to demonstrate commitment to pay for the property, (c) the seller’s receivable is not subject to future subordination, and (d) the seller has transferred to the buyer the usual risks and rewards of ownership and does not have a substantial continuing involvement with the sold property. Sales value is calculated based on the stated sales price plus any other proceeds that are additions to the sales price subtracting any discount needed to reduce a receivable to its present value and any services the seller commits to perform without compensation. |
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents include cash on hand, amounts due from banks and overnight deposits. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. |
Intangible Assets | Intangible Assets – Intangible assets consisting of acquired trade name, acquired technology and acquired in-place leases with useful lives ranging from 5 months to 10 years are included in other assets on the accompanying consolidated balance sheets. Intangible assets with estimable useful lives are amortized on a straight-line basis over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The useful lives of intangible assets are evaluated on an annual basis to determine whether events and circumstances warrant a revision to the remaining useful life. See " Real Estate, Net " for further discussion of acquired in-place lease intangible assets. |
Derivative Financial Instruments | Derivative Financial Instruments – In accordance with ASC 815, Derivatives and Hedging (“ASC 815”), the Company records derivative financial instruments on the accompanying consolidated balance sheets as assets or liabilities at fair value. Changes in fair value are accounted for depending on the use of the derivative instruments and whether they qualify for hedge accounting treatment. The Company has interest rate cap contracts that limit the indexed portion of the interest rate on a repurchase agreement and certain variable-rate mortgages payable in Consolidated VIEs. The Company has also used interest rate swaps to hedge the variable cash flows associated with our variable rate borrowings. The Company has not designated any of the interest rate cap contracts or interest rate swaps as qualifying hedges and changes in fair value of the derivative financial instruments are reported on the accompanying consolidated statements of operations as unrealized gains (losses), net. |
Goodwill | Goodwill – Goodwill represents the excess of the fair value of consideration transferred in a business combination over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity, net of fair value of any previously held interest in the acquired entity. In May 2016, the Company acquired the outstanding membership interests in RiverBanc LLC (“RiverBanc”), RB Multifamily Investors LLC and RB Development Holding Company, LLC (“RBDHC”) that were not previously owned by the Company. These transactions were accounted for by applying the acquisition method for business acquisitions under ASC 805. Goodwill was not amortized but was evaluated for impairment on an annual basis, or more frequently if the Company believed indicators of impairment existed, by initially performing a qualitative screen and, if necessary, then comparing fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit was less than the carrying value, an impairment charge for the amount by which the carrying amount exceeded the reporting unit’s fair value (in an amount not to exceed the total amount of goodwill allocated to the reporting unit) was recognized. The Company’s annual evaluation of goodwill in the year ended December 31, 2019 indicated no impairment. However, in response to market conditions associated with the COVID-19 pandemic and the Company's intention to improve its liquidity, in March 2020, the Company sold, among other things, its entire portfolio of first loss POs issued by the Consolidated K-Series, certain senior and mezzanine securities issued by the Consolidated K-Series, Agency CMBS and CMBS that were held by its multi-family investment reporting unit. As a result of the sales, the Company re-evaluated its goodwill balance associated with the multi-family investment reporting unit for impairment. The Company considered qualitative indicators such as macroeconomic conditions, disruptions in equity and credit markets, REIT-specific market considerations, and changes in the net assets in the multi-family investment reporting unit to determine that a quantitative assessment of the fair value of the reporting unit was necessary. The Company performed its quantitative analysis by updating its discounted cash flow projection for the multi-family investment reporting unit for the reduced investment portfolio. This analysis yielded an impairment of the entire goodwill balance reported as a $25.2 million impairment of goodwill on the accompanying consolidated statements of operations for the year ended December 31, 2020. |
Repurchase Agreements | Repurchase Agreements, Residential Loans – As of December 31, 2022 and 2021, the Company financed a portion of its residential loans through repurchase agreements ( see Note 11 ). Amounts outstanding under the repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR or various tenors of SOFR or an interest rate floor, as applicable per the terms of the agreements. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Costs related to the establishment of the repurchase agreements which include 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 accompanying consolidated balance sheets and the deferred charges are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. Repurchase Agreements, Investment Securities – The Company finances certain of its investment securities available for sale using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Borrowings under repurchase agreements generally bear interest rates of a specified margin over SOFR. |
Collateralized Debt Obligations | Collateralized Debt Obligations – The Company records collateralized debt obligations used to permanently finance the residential loans held in Consolidated SLST and the Company's residential loans held in securitization trusts as debt on the accompanying consolidated balance sheets. For financial reporting purposes, the loans and investment securities held as collateral for these obligations are recorded as assets of the Company. Convertible Notes – On January 23, 2017, the Company issued its 6.25% Senior Convertible Notes due 2022 (the “Convertible Notes”) to finance the acquisition of targeted assets and for general working capital purposes. The Company evaluated the conversion features of the Convertible Notes for embedded derivatives in accordance with ASC 815 and determined that the conversion features should not be bifurcated from the 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. Senior Unsecured Notes - On April 27, 2021, the Company issued its 5.75% Senior Notes due 2026 to originate new investments, repay outstanding indebtedness and for general corporate purposes. The Company evaluated the call option feature of the Senior Notes for embedded derivatives in accordance with ASC 815 and determined that the call option feature should not be bifurcated from the notes. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) – The Company’s comprehensive income (loss) attributable to the Company’s common stockholders includes net income, the change in fair value of its available for sale securities purchased prior to October 2019, adjusted by realized net gains (losses) reclassified out of accumulated other comprehensive income (loss) for available for sale securities, reduced by dividends declared on the Company’s preferred stock and charges related to redemptions of the Company's preferred stock and increased (decreased) for net loss (income) attributable to non-controlling interest in consolidated variable interest entities. See “ Investment Securities Available for Sale ” for discussion of the reporting of the change in fair value of available for sale securities purchased after September 2019. |
Employee Benefits Plans | Employee Benefits Plans – The Company sponsors a defined contribution plan (the “Plan”) for all eligible domestic employees. The Plan qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). |
Stock Based Compensation | Stock Based Compensation – The Company has awarded restricted stock and other equity-based awards to eligible employees, officers and individuals who provide services to the Company as part of their compensation. Compensation expense for equity-based awards and stock issued for services are recognized over the vesting period of such awards and services based upon the fair value of the award at the grant date. During the years ended December 31, 2022, 2021 and 2020, the Company granted Performance Share Units (“PSUs”) to the Company's executive officers and certain other employees. The awards were issued pursuant to and are consistent with the terms and conditions of the Company’s 2017 Equity Incentive Plan (as amended, the “2017 Plan”). The PSUs are subject to performance-based vesting under the 2017 Plan pursuant to a form of PSU award agreement (the “PSU Agreement”). Vesting of the PSUs will occur after a three-year period based on the Company’s relative total stockholders' return (“TSR”) percentile ranking as compared to an identified performance peer group. The feature in this award constitutes a “market condition” which impacts the amount of compensation expense recognized for these awards. The grant date fair values of PSUs were determined through Monte-Carlo simulation analysis. The PSUs awarded during the years ended December 31, 2022, 2021 and 2020 also include dividend equivalent rights (“DERs”) which entitle the holders of vested PSUs 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 vested PSU to which such DER relates. |
Income Taxes | Income Taxes – The Company operates in such a manner so as to qualify as a REIT under the requirements of the Internal Revenue Code. Requirements for qualification as a REIT include various restrictions on ownership of the Company’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders, of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of the Company’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of the Company are conducted through TRSs and therefore are subject to federal and various state and local income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless it is more likely than not that they will be sustained. ASC 740 was applied to all open taxable years as of the effective date. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based on factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in our consolidated statements of operations. |
Earnings Per Share | Earnings Per Share – Basic earnings per share excludes dilution and is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. |
Segment Reporting | Segment Reporting – ASC 280, Segment Reporting , is the authoritative guidance for the way public entities report information about operating segments in their annual financial statements. We are a REIT focused on the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets and currently operate in only one reportable segment. |
Adoption of Accounting Standards Codification and Summary of Recent Accounting Pronouncements | Adoption of Financial Instruments — Credit Losses (Topic 326) On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts (“CECL”). In adopting ASU 2016-13, the Company elected to apply the fair value option in accordance with ASU 2019-05 to the Company’s residential loans, net and preferred equity and mezzanine loan investments that are accounted for as loans and preferred equity investments that are accounted for as equity investments. In adopting ASU 2016-13 and ASU 2019-05, the Company applied a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of accumulated deficit. Adjustments resulting from this one-time election to record the difference between the carrying value and the fair value of these assets have been reflected in our consolidated balance sheets as of January 1, 2020. Subsequent changes in fair value for these assets are recorded in unrealized gains (losses), net or income from equity investments on our consolidated statements of operations, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. As a result of the implementation of ASU 2019-05, we recorded a cumulative-effect adjustment of $12.3 million as an increase to stockholders’ equity as of January 1, 2020. The following table presents the classification and balances at December 31, 2020, the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2020 Transition Adjustment January 1, 2020 Assets Residential loans, net $ 202,756 $ 5,715 $ 208,471 Multi-family loans 180,045 2,420 182,465 Equity investments 106,083 1,394 107,477 Other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863) $ 12,284 $ (136,579) Total Stockholders' Equity $ (148,863) $ 12,284 $ (136,579) The Company also assessed the impact of ASU 2016-13 on the Company’s investment securities available for sale where the fair value option has not been elected and determined that the adoption of the standard did not have a material effect on our financial statements as of January 1, 2020. Summary of Recent Accounting Pronouncements On January 1, 2022, the Company adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). ASU 2020-06 simplifies an issuer's accounting for convertible instruments, enhances disclosure requirements for convertible instruments and modifies how particular convertible instruments and certain instruments that may be settled in cash or shares impact the diluted earnings per share computation. Entities may adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company evaluated the applicability of this ASU with respect to its convertible instruments and contracts in the Company's own equity and determined that the adoption of this ASU did not have a material impact on its consolidated financial statements or notes thereto. 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). 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Adjustments for Adoption of ASU 2016-13 Applying the Fair Value Option Under ASU 2019-05 | The following table presents the classification and balances at December 31, 2020, the transition adjustments, and the balances at January 1, 2020 for those balance sheet line items impacted by the implementation of ASU 2019-05 (dollar amounts in thousands): December 31, 2020 Transition Adjustment January 1, 2020 Assets Residential loans, net $ 202,756 $ 5,715 $ 208,471 Multi-family loans 180,045 2,420 182,465 Equity investments 106,083 1,394 107,477 Other assets 865 2,755 3,620 Total Assets $ 489,749 $ 12,284 $ 502,033 Stockholders' Equity Accumulated deficit $ (148,863) $ 12,284 $ (136,579) Total Stockholders' Equity $ (148,863) $ 12,284 $ (136,579) |
Residential Loans, at Fair Va_2
Residential Loans, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Distressed and Other 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 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 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 $ 1,682,138 $ 1,071,228 $ 776,438 $ 3,529,804 Discount (22,179) (5,815) (60,745) (88,739) (44,256) (2,998) (37,011) (84,265) Unrealized (losses) gains (48,939) (122,182) (113,320) (284,441) 65,408 2,652 62,002 130,062 Carrying value $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 $ 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 December 31, 2022 and 2021 ( see Note 11) . (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 consolidated balance sheets ( see Note 12 ). (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 consolidated balance sheets ( see Note 12) |
Schedule of Components Of Net Realized Gains (Losses) | The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts 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 $ (115,269) $ (124,834) $ (174,401) $ 20,403 $ (31,128) $ 34,932 $ (4,440) $ 33,479 $ 29,690 (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 15 ) . 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 Risk Exceeding 5% | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of December 31, 2022 and 2021, respectively, are as follows: December 31, 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 24.3 % 10.6 % 19.2 % 21.7 % 10.5 % 22.0 % Florida 13.2 % 10.3 % 10.2 % 10.4 % 10.5 % 8.9 % New York 8.0 % 9.8 % 8.6 % 8.8 % 9.8 % 9.2 % Texas 7.0 % 4.0 % 7.3 % 7.4 % 4.0 % 4.3 % New Jersey 6.3 % 7.4 % 5.6 % 5.9 % 7.3 % 6.4 % Washington 5.7 % 1.8 % 2.9 % 4.4 % 1.9 % 3.1 % Illinois 2.6 % 7.2 % 3.2 % 2.7 % 7.1 % 2.3 % |
Schedule of 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 December 31, 2022 and 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 December 31, 2022 $ 149,076 $ 159,981 $ 8,382 $ 9,132 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) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Mezzanine Loans and Preferred Equity Investments | consist of the following as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Investment amount $ 88,249 $ 118,307 Deferred loan fees, net (428) (672) Unrealized (losses) gains, net (287) 2,386 Total, at Fair Value $ 87,534 $ 120,021 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of December 31, 2022 and 2021, respectively, are as follows: December 31, 2022 December 31, 2021 Texas 30.1 % 28.3 % Tennessee 15.6 % 11.0 % Florida 10.9 % 12.2 % Ohio 9.7 % 7.2 % Louisiana 7.5 % 5.8 % Alabama 7.1 % 5.0 % North Carolina 6.1 % 7.0 % Indiana 5.7 % 4.3 % The following tables present condensed statements of operations for non-Company-sponsored VIEs for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands). The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Year Ended December 31, 2022 Consolidated SLST Consolidated Real Estate Total Interest income $ 36,448 $ — $ 36,448 Interest expense 25,145 — 25,145 Total net interest income 11,303 — 11,303 Realized gains, net — 924 924 Unrealized (losses) gains, net (32,403) 26,306 (6,097) Income from real estate — 134,722 134,722 Other income — 13,859 13,859 Total non-interest (loss) income (32,403) 175,811 143,408 Expenses related to real estate — 245,650 245,650 Net loss (21,100) (69,839) (90,939) Net loss attributable to non-controlling interest in Consolidated VIEs — 42,044 42,044 Net loss attributable to Company $ (21,100) $ (27,795) $ (48,895) Year Ended December 31, 2021 Consolidated SLST Consolidated Real Estate Total Interest income $ 40,944 $ — $ 40,944 Interest expense 28,135 — 28,135 Total net interest income 12,809 — 12,809 Unrealized gains, net 23,832 — 23,832 Income from real estate — 12,339 12,339 Total non-interest income 23,832 12,339 36,171 Expenses related to real estate — 29,164 29,164 Net income (loss) 36,641 (16,825) 19,816 Net loss attributable to non-controlling interest in Consolidated VIEs — 4,724 4,724 Net income (loss) attributable to Company $ 36,641 $ (12,101) $ 24,540 Year Ended December 31, 2020 Consolidated K-Series (1) Consolidated SLST Consolidated Real Estate Total Interest income $ 151,841 $ 45,194 $ — $ 197,035 Interest expense 129,762 31,663 — 161,425 Total net interest income 22,079 13,531 — 35,610 Unrealized losses, net (10,951) (32,073) — (43,024) Income from real estate — — 419 419 Other loss — — (2,667) (2,667) Total non-interest loss (10,951) (32,073) (2,248) (45,272) Expenses related to real estate — — 763 763 Net income (loss) 11,128 (18,542) (3,011) (10,425) Net income attributable to non-controlling interest in Consolidated VIEs — — (267) (267) Net income (loss) attributable to Company $ 11,128 $ (18,542) $ (3,278) $ (10,692) (1) Reflects statement of operations for the Consolidated K-Series prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series. |
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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,523 $ 3,363 $ 3,972 $ 3,363 |
Investment Securities Availab_2
Investment Securities Available For Sale, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Non-Agency RMBS $ 48,958 $ 9,436 $ (13,469) $ 44,925 $ 100,186 $ 949 $ (2,636) $ 98,499 CMBS 32,033 — (1,900) 30,133 32,600 684 (138) 33,146 ABS 797 59 — 856 21,795 17,884 — 39,679 Total investment securities available for sale - fair value option 81,788 9,495 (15,369) 75,914 154,581 19,517 (2,774) 171,324 CECL Securities Non-Agency RMBS 25,616 — (1,971) 23,645 27,743 1,787 (10) 29,520 Total investment securities available for sale - CECL Securities 25,616 — (1,971) 23,645 27,743 1,787 (10) 29,520 Total $ 107,404 $ 9,495 $ (17,340) $ 99,559 $ 182,324 $ 21,304 $ (2,784) $ 200,844 |
Schedule of Investments Securities Sold | The following tables summarize our investment securities sold during the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands): Year Ended December 31, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Non-Agency RMBS $ 24,374 $ 374 $ — $ 374 ABS 36,215 18,001 — 18,001 U.S. Treasury Securities 24,848 — (31) (31) Total $ 85,437 $ 18,375 $ (31) $ 18,344 Year Ended December 31, 2021 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS $ 123,622 $ — $ (3,480) $ (3,480) Non-Agency RMBS 176,166 4,923 (854) 4,069 CMBS 132,797 11,083 ` (452) 10,631 Total $ 432,585 $ 16,006 $ (4,786) $ 11,220 Year Ended December 31, 2020 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) Agency RMBS: Agency ARMs $ 49,892 $ 44 $ (4,157) $ (4,113) Agency Fixed-Rate (1) 943,074 5,358 (11,697) (6,339) Total Agency RMBS 992,966 5,402 (15,854) (10,452) Agency CMBS (2) 145,411 5,666 (209) 5,457 Total Agency 1,138,377 11,068 (16,063) (4,995) Non-Agency RMBS 433,076 435 (34,856) (34,421) CMBS 248,741 8,176 ` (30,289) (22,113) Total $ 1,820,194 $ 19,679 $ (81,208) $ (61,529) (1) Includes Agency RMBS securities issued by Consolidated SLST ( see Note 7 ). (2) Includes Agency CMBS securities transferred from the Consolidated K-Series ( see Note 7 ). |
Summary of Debt Securities, Available-For-Sale, Weighted Average Lives | The following table sets forth the weighted average lives of our investment securities available for sale as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): Weighted Average Life December 31, 2022 December 31, 2021 0 to 5 years $ 39,655 $ 144,266 Over 5 to 10 years 46,558 39,306 10+ years 13,346 17,272 Total $ 99,559 $ 200,844 |
Schedule of 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Less than 12 Months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) Total $ 23,609 $ (1,966) $ 36 $ (5) $ 23,645 $ (1,971) 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 Value - (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Unconsolidated Entities | T he following table presents the Company's equity investments as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests 1122 Chicago DE, LLC 53% $ 8,276 53% $ 7,723 Bighaus, LLC 42% 16,482 42% 15,471 FF/RMI 20 Midtown, LLC 51% 27,079 51% 25,499 Palms at Cape Coral, LLC 34% 5,429 34% 5,175 America Walks at Port St. Lucie, LLC 62% 29,873 62% 30,383 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 18,139 57% 17,213 Lucie at Tradition Holdings, LLC 70% 17,576 70% 16,597 Syracuse Apartments and Townhomes, LLC 58% 20,115 — — Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 58% 9,277 — — DCP Gold Creek, LLC — — 44% 6,686 Rigsbee Ave Holdings, LLC — — 56% 11,331 Walnut Creek Properties Holdings, L.L.C. — — 36% 9,482 Lurin-RMI, LLC — — 38% 9,548 Somerset Deerfield Investor, LLC — — 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% 5,725 Total - Multi-Family Preferred Equity Ownership Interests 152,246 180,798 Joint Venture Equity Investments in Multi-Family Properties GWR Cedars Partners, LLC (1) — — 70% 3,770 GWR Gateway Partners, LLC (1) — — 70% 6,670 Total - Joint Venture Equity Investments in Multi-Family Properties — 10,440 Single-Family Equity Ownership Interests Constructive Loans, LLC (2) — 27,500 — 29,250 Morrocroft Neighborhood Stabilization Fund II, LP (3) — — 11% 19,143 Total - Single-Family Equity Ownership Interests 27,500 48,393 Total $ 179,746 $ 239,631 (1) The Company's joint venture equity investments in multi-family properties were transferred to assets of disposal group held for sale during the year ended December 31, 2022 ( see Note 9 ). (2) As of December 31, 2022, the Company had 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. After acquiring this investment in November 2021, the Company purchased $260.6 million and $94.0 million of residential loans from the entity for the years ended December 31, 2022 and 2021, respectively. In February 2023, the Company exercised its option in full related to this investment. (3) The Company's equity investment was redeemed as a result of a sale transaction initiated by the general partner during the year ended December 31, 2022. The following table presents income from multi-family preferred equity ownership interests for the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying consolidated statements of operations. Income from these investments during the years ended December 31, 2022, 2021 and 2020 includes $3.6 million of net unrealized losses and $0.4 million and $0.3 million of net unrealized gains, respectively. For the Years Ended December 31, Investment Name 2022 2021 2020 Somerset Deerfield Investor, LLC $ 1,944 $ 2,295 $ 2,168 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) 529 585 551 Walnut Creek Properties Holdings, L.L.C. (153) 1,240 928 DCP Gold Creek, LLC 254 780 701 1122 Chicago DE, LLC 959 908 835 Rigsbee Ave Holdings, LLC (174) 1,683 1,148 Bighaus, LLC 1,852 1,786 1,002 FF/RMI 20 Midtown, LLC 2,904 3,059 686 Lurin-RMI, LLC 558 931 81 Palms at Cape Coral, LLC 554 342 — America Walks at Port St. Lucie, LLC 3,140 1,678 — EHOF-NYMT Sunset Apartments Preferred, LLC 1,939 661 — Lucie at Tradition Holdings, LLC 2,008 484 — Syracuse Apartments and Townhomes, LLC 1,816 — — Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) 540 — — BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) — 1,304 1,260 Audubon Mezzanine Holdings, L.L.C. (Series A) — 1,251 1,213 EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) — 735 782 Towers Property Holdings, LLC — 1,192 1,243 Mansions Property Holdings, LLC — 1,148 1,198 Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) — 412 454 Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) — 966 1,044 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) — 1,193 1,293 Total Income - Multi-Family Preferred Equity Ownership Interests $ 18,670 $ 24,633 $ 16,587 For the Years Ended December 31, Investment Name 2022 2021 2020 Single-Family Equity Ownership Interests Morrocroft Neighborhood Stabilization Fund II, LP (1) $ (416) $ 6,378 $ 1,519 Constructive Loans, LLC (2) (1,750) 2,750 — Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (3) — (15) 9,513 Total (Loss) Income - Single Family Equity Ownership Interests $ (2,166) $ 9,113 $ 11,032 Joint Venture Equity Investments in Multi-Family Properties (4) GWR Cedars Partners, LLC $ (1,050) $ 60 $ — GWR Gateway Partners, LLC (380) 90 — The Preserve at Port Royal Venture, LLC (5) — — (949) Total (Loss) Income - Joint Venture Equity Investments in Multi-Family Properties $ (1,430) $ 150 $ (949) (1) The Company's equity investment was redeemed during the year ended December 31, 2022. (2) Includes net unrealized loss of $1.8 million and net unrealized gain of $2.8 million for the years ended December 31, 2022 and 2021, respectively. (3) The Company's equity investment was redeemed during the year ended December 31, 2021. (4) Includes net unrealized losses of $1.4 million and no realized gains for the year ended December 31, 2022, net unrealized gains of $0.2 million and no realized gains for the year ended December 31, 2021 and net unrealized losses of $9.7 million and a realized gain of $8.8 million for the year ended December 31, 2020. (5) The Company's equity investment was redeemed during the year ended December 31, 2020. Summary combined financial information for the Company’s equity investments as of December 31, 2022 and 2021, respectively, and for the years ended December 31, 2022, 2021, and 2020, respectively, is shown below and includes summary financial information for the Company's joint venture equity investments in multi-family properties that are included in assets of disposal group held for sale as of December 31, 2022 (dollar amounts in thousands): December 31, 2022 December 31, 2021 Balance Sheets: Real estate, net $ 553,356 $ 727,963 Residential loans 71,077 38,423 Other assets 38,616 95,016 Total assets $ 663,049 $ 861,402 Notes payable, net $ 301,118 $ 469,120 Other liabilities 120,850 80,672 Total liabilities 421,968 549,792 Members' equity 241,081 311,610 Total liabilities and members' equity $ 663,049 $ 861,402 For the Years Ended December 31, 2022 2021 2020 Operating Statements: (1) Rental revenues $ 23,237 $ 87,147 $ 80,339 Real estate sales 399,783 205,000 54,100 Cost of real estate sales (277,740) (140,800) (32,779) Interest income — 3,875 14,438 Realized and unrealized (losses) gains, net — (7,693) 27,107 Other income 27,555 15,046 7,566 Operating expenses (43,061) (55,799) (54,691) Income before debt service and depreciation and amortization 129,774 106,776 96,080 Interest expense (7,751) (28,849) (36,601) Depreciation and amortization (14,779) (37,172) (38,112) Net income $ 107,244 $ 40,755 $ 21,367 (1) The Company records income (loss) from equity investments under either the hypothetical liquidation of book value method of accounting or the equity method using the fair value option. Accordingly, the combined net income (loss) shown above is not indicative of the income (loss) recognized by the Company from equity investments. |
Use of Special Purpose Entiti_2
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Summary of Assets and Liabilities of Consolidated VIEs | 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 years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): Years Ended December 31, 2022 2021 2020 Cash (1) $ 8,576 $ 27,907 $ 327 Operating real estate (1) (2) 730,988 926,756 50,481 Lease intangibles (1) (3) 41,892 51,970 1,619 Other assets (1) 8,258 32,690 1,395 Total assets 789,714 1,039,323 53,822 Mortgages payable on real estate, net (1) 570,682 669,647 36,752 Other liabilities (1) 4,662 15,914 1,543 Total liabilities 575,344 685,561 38,295 Redeemable non-controlling interest (4) — 67,096 — Non-controlling interests (5) 16,293 25,509 6,808 Net assets consolidated $ 198,077 $ 261,157 $ 8,719 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) 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 of as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) 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 Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 244,718 $ 244,718 $ 289,602 $ 289,602 Residential loans Level 3 3,525,080 3,525,080 3,575,601 3,575,601 Multi-family loans Level 3 87,534 87,534 120,021 120,021 Investment securities available for sale Level 2 99,559 99,559 200,844 200,844 Equity investments Level 3 179,746 179,746 239,631 239,631 Equity investments in disposal group held for sale Level 3 9,010 9,010 — — Derivative assets Level 2 2,473 2,473 — — Derivative assets in disposal group held for sale Level 2 29,418 29,418 — — Financial Liabilities: Repurchase agreements Level 2 737,023 737,023 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,468,222 1,383,715 682,802 686,027 Consolidated SLST Level 3 634,495 634,495 839,419 839,419 Subordinated debentures Level 3 45,000 32,721 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,384 91,104 96,704 102,215 Mortgages payable on real estate Level 3 394,707 377,327 709,356 712,112 Mortgages payable on real estate in disposal group held for sale Level 3 865,414 864,758 — — |
Schedule of Statement of Operations of Variable Interest Entities | consist of the following as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Investment amount $ 88,249 $ 118,307 Deferred loan fees, net (428) (672) Unrealized (losses) gains, net (287) 2,386 Total, at Fair Value $ 87,534 $ 120,021 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of December 31, 2022 and 2021, respectively, are as follows: December 31, 2022 December 31, 2021 Texas 30.1 % 28.3 % Tennessee 15.6 % 11.0 % Florida 10.9 % 12.2 % Ohio 9.7 % 7.2 % Louisiana 7.5 % 5.8 % Alabama 7.1 % 5.0 % North Carolina 6.1 % 7.0 % Indiana 5.7 % 4.3 % The following tables present condensed statements of operations for non-Company-sponsored VIEs for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands). The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Year Ended December 31, 2022 Consolidated SLST Consolidated Real Estate Total Interest income $ 36,448 $ — $ 36,448 Interest expense 25,145 — 25,145 Total net interest income 11,303 — 11,303 Realized gains, net — 924 924 Unrealized (losses) gains, net (32,403) 26,306 (6,097) Income from real estate — 134,722 134,722 Other income — 13,859 13,859 Total non-interest (loss) income (32,403) 175,811 143,408 Expenses related to real estate — 245,650 245,650 Net loss (21,100) (69,839) (90,939) Net loss attributable to non-controlling interest in Consolidated VIEs — 42,044 42,044 Net loss attributable to Company $ (21,100) $ (27,795) $ (48,895) Year Ended December 31, 2021 Consolidated SLST Consolidated Real Estate Total Interest income $ 40,944 $ — $ 40,944 Interest expense 28,135 — 28,135 Total net interest income 12,809 — 12,809 Unrealized gains, net 23,832 — 23,832 Income from real estate — 12,339 12,339 Total non-interest income 23,832 12,339 36,171 Expenses related to real estate — 29,164 29,164 Net income (loss) 36,641 (16,825) 19,816 Net loss attributable to non-controlling interest in Consolidated VIEs — 4,724 4,724 Net income (loss) attributable to Company $ 36,641 $ (12,101) $ 24,540 Year Ended December 31, 2020 Consolidated K-Series (1) Consolidated SLST Consolidated Real Estate Total Interest income $ 151,841 $ 45,194 $ — $ 197,035 Interest expense 129,762 31,663 — 161,425 Total net interest income 22,079 13,531 — 35,610 Unrealized losses, net (10,951) (32,073) — (43,024) Income from real estate — — 419 419 Other loss — — (2,667) (2,667) Total non-interest loss (10,951) (32,073) (2,248) (45,272) Expenses related to real estate — — 763 763 Net income (loss) 11,128 (18,542) (3,011) (10,425) Net income attributable to non-controlling interest in Consolidated VIEs — — (267) (267) Net income (loss) attributable to Company $ 11,128 $ (18,542) $ (3,278) $ (10,692) (1) Reflects statement of operations for the Consolidated K-Series prior to the sale of first loss POs and de-consolidation of the Consolidated K-Series. |
Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs | The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the years ended December 31, 2022 and 2021 (dollar amounts in thousands): Years Ended December 31, 2022 2021 Beginning balance $ 66,392 $ — Initial consolidation of Consolidated VIEs — 67,096 Contributions 462 — Distributions (7,083) — Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (38,190) (704) Adjustment of redeemable non-controlling interest to estimated redemption value (1) 44,237 — Redemption of redeemable non-controlling interest (2,015) — Ending balance $ 63,803 $ 66,392 (1) The Company determines the fair value of the redeemable non-controlling interest on a non-recurring basis utilizing market assumptions and discounted cash flows. The Company applies a discount rate to the estimated future cash flows from the multi-family apartment properties held by the applicable Consolidated VIEs that are allocable to the redeemable non-controlling interest. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 in the fair value hierarchy. Significant unobservable inputs utilized in the estimation of fair value of redeemable non-controlling interest include a weighted average capitalization rate of 5.4% (ranges from 4.8% to 6.0%) and a weighted average discount rate of 14.5% (ranges from 13.6% to 15.4%). |
Schedule of Classification and Carrying Value of Unconsolidated VIEs | The following tables present the classification and carrying value of unconsolidated VIEs as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Multi-family loans Investment securities available for sale, at fair value Equity investments Assets of disposal Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties (1) — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936 December 31, 2021 Multi-family loans Investment securities available for sale, at fair value Equity investments Total ABS $ — $ 39,679 $ — $ 39,679 Non-Agency RMBS 30,924 — 30,924 Preferred equity investments in multi-family properties 120,021 — 180,798 300,819 Joint venture equity investments in multi-family properties — — 10,440 10,440 Equity investments in entities that invest in residential properties — — 19,143 19,143 Maximum exposure $ 120,021 $ 70,603 $ 210,381 $ 401,005 (1) Transferred into assets of disposal group held for sale during the year ended December 31, 2022. |
Real Estate, Net (Tables)
Real Estate, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Land $ 89,550 $ 111,182 Building and improvements 611,102 835,635 Furniture, fixture and equipment 13,540 23,546 Operating real estate $ 714,192 $ 970,363 Accumulated depreciation (21,224) (3,890) Operating real estate, net $ 692,968 $ 966,473 Real estate held for sale, net (1) (2) $ — $ 51,110 Real estate, net $ 692,968 $ 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. (2) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the real estate, net related to certain joint venture equity investments in multi-family properties is included in assets of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. The estimated depreciation expense related to operating real estate is as follows (dollar amounts in thousands): Year Ending December 31, Depreciation Expense 2023 $ 23,780 2024 $ 23,780 2025 $ 23,780 2026 $ 23,780 2027 $ 21,587 |
Schedule of Components of Lease Intangibles, Net | The following table presents the components of lease intangibles, net as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Lease intangibles $ 30,094 $ 51,969 Accumulated amortization (30,094) (12,200) Lease intangibles, net (1) $ — $ 39,769 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the lease intangibles, net related to certain joint venture equity investments in multi-family properties are included in assets of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. |
Schedule Of Components Of Income From Real Estate And Expenses | The following table presents depreciation and amortization expenses for the years ended December 31, 2022, 2021 and 2020, respectively, (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Depreciation expense on operating real estate $ 47,179 $ 5,662 $ 155 Amortization of lease intangibles related to operating real estate 79,645 13,588 231 Total depreciation and amortization $ 126,824 $ 19,250 $ 386 |
Assets and Liabilities of Dis_2
Assets and Liabilities of Disposal Group Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Disposal Group Held for Sale | The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of December 31, 2022 (dollar amounts in thousands): Cash and cash equivalents (1) $ 13,944 Equity investments 9,010 Real estate, net (1) 1,079,942 Other assets (1) 48,888 Total assets of disposal group held for sale $ 1,151,784 Mortgages payable on real estate $ 865,414 Other liabilities 18,398 Total liabilities of disposal group held for sale (1) $ 883,812 (1) Certain assets and liabilities of the disposal group held for sale are in Consolidated VIEs because the Company is the primary beneficiary. The following table presents the pretax losses of the disposal group held for sale for the years ended December 31, 2022 and 2021, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 Pretax loss of disposal group held for sale $ (55,243) $ (12,216) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 5,784 958 Pretax loss of disposal group attributable to Company's common stockholders $ (49,459) $ (11,258) |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Offsetting [Abstract] | |
Schedule of Other Assets | The following table presents the components of the Company's other assets as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Restricted cash (1) $ 136,220 $ 48,259 Accrued interest receivable 34,067 26,688 Real estate owned 18,588 2,055 Collections receivable from residential loan servicers 15,374 28,634 Other assets in consolidated multi-family properties 13,681 21,668 Recoverable advances on residential loans 13,979 14,143 Other receivables 11,357 14,507 Operating lease right-of-use assets 7,831 9,011 Deferred tax assets 2,671 6,282 Lease intangibles, net in consolidated multi-family properties (2) — 39,769 Other 5,588 4,003 Total $ 259,356 $ 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. (2) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the other assets, including lease intangibles, of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. |
Schedule of Other Liabilities | The following table presents the components of the Company's other liabilities as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Dividends and dividend equivalents payable $ 49,996 $ 48,328 Accrued expenses 15,576 13,408 Accrued interest payable 10,629 9,051 Accrued expenses and other liabilities in consolidated multi-family properties 10,511 22,583 Advanced remittances from residential loan servicers 9,098 16,603 Operating lease liabilities 8,383 9,584 Deferred revenue 7,131 13,019 Unfunded commitments for residential loans 2,950 21,364 Deferred tax liabilities 394 6,681 Other 1,323 460 Total $ 115,991 $ 161,081 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer [Abstract] | |
Schedule of Company's Repurchase Agreements | The following table presents the carrying value of the Company's repurchase agreements as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: December 31, 2022 December 31, 2021 Residential loans $ 686,946 $ 554,259 Investment securities 50,077 — Total carrying value $ 737,023 $ 554,259 |
Schedule of Unencumbered Securities | The following table presents information about the Company's unencumbered securities at December 31, 2022 (dollar amounts in thousands): Unencumbered Securities December 31, 2022 Non-Agency RMBS (1) $ 89,552 CMBS 30,133 ABS 856 Total $ 120,541 (1) Includes IOs in Consolidated SLST with a fair value of $21.0 million as of December 31, 2022. |
Schedule of Borrowings Under Purchase Agreements Secured by Investments | The following table presents detailed information about the Company’s financings under these repurchase agreements and associated residential loans pledged as collateral at December 31, 2022 and 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) December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 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 $446.8 million, a weighted average rate of 6.77%, and weighted average months to maturity of 23.96 months as of December 31, 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 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. |
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 December 31, 2022 (dollar amounts in thousands): December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Non-Agency RMBS (1) $ 50,077 $ 170,551 $ 210,733 Balance at end of the period $ 50,077 $ 170,551 $ 210,733 (1) Represents first loss subordinated securities in Consolidated SLST. |
Schedule Of Repurchase Agreements, Maturities | The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at December 31, 2022 (dollar amounts in thousands): Contractual Maturity December 31, 2022 Within 30 days $ 50,077 Over 30 day to 90 days — Over 90 days — Total $ 50,077 |
Collateralized Debt Obligatio_2
Collateralized Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Collateralized Debt Obligations | The following tables present a summary of the Company's CDOs as of December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) Stated Maturity (2) Consolidated SLST (3) $ 699,408 $ 634,495 2.75 % 2059 Residential loan securitizations 1,498,198 1,468,222 3.54 % 2026 - 2062 Total collateralized debt obligations $ 2,197,606 $ 2,102,717 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 15). |
Schedule of Collateralized Debt Obligation Securities | The Company's CDOs as of December 31, 2022 had stated maturities as follows: Year Ending December 31, Total 2023 $ — 2024 — 2025 — 2026 130,000 2027 225,000 Thereafter 1,842,606 Total $ 2,197,606 As of December 31, 2022, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2023 $ — 2024 — 2025 27,750 2026 127,357 2027 — Thereafter 387,346 Total $ 542,453 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Interest Expense from Convertible Debt | The following table presents interest expense from the Convertible Notes for the years ended December 31, 2022 and 2021, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Contractual interest expense $ 335 $ 8,625 $ 8,625 Amortization of underwriter's discount and deferred charges 103 2,571 2,372 Total $ 438 $ 11,196 $ 10,997 The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Interest income Residential loans Residential loans $ 113,131 $ 83,852 $ 69,170 Consolidated SLST 36,448 40,944 45,194 Residential loans held in securitization trusts 80,119 38,941 12,612 Total residential loans 229,698 163,737 126,976 Multi-family loans Preferred equity and mezzanine loan investments 11,185 15,321 20,899 Consolidated K-Series — — 151,841 Total multi-family loans 11,185 15,321 172,740 Investment securities available for sale 15,825 27,750 49,925 Other 1,680 58 520 Total interest income 258,388 206,866 350,161 Interest expense Repurchase agreements 51,432 13,844 37,334 Collateralized debt obligations Consolidated SLST 25,145 28,135 31,663 Consolidated K-Series — — 129,762 Residential loan securitizations 43,384 19,660 6,967 Non-Agency RMBS re-securitization — 283 3,290 Total collateralized debt obligations 68,529 48,078 171,682 Convertible notes 438 11,196 10,997 Senior unsecured notes 6,430 4,335 — Subordinated debentures 2,590 1,831 2,187 Derivatives — — 868 Total interest expense 129,419 79,284 223,068 Net interest income $ 128,969 $ 127,582 $ 127,093 |
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 December 31, 2022 and 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 Mortgage Payable in Consolidated VIE | Maximum Committed Mortgage Principal Amount Outstanding Mortgage Balance Net Deferred Finance Cost Mortgage Payable, Net (1) Stated Maturity Weighted Average Interest Rate (2) (3) December 31, 2022 $ 398,703 $ 397,453 $ (2,746) $ 394,707 2025 - 2032 4.21 % December 31, 2021 745,915 718,717 (9,361) 709,356 2024 - 2031 3.56 % (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, as of December 31, 2022, the mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying consolidated balance sheets. See Note 9 for additional information. (2) Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated. (3) For variable-rate mortgages payable, the joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty during the year ended December 31, 2022 that limits the indexed portion of the interest rate to a strike price of Term SOFR of 2.0% on the $29.0 million notional amount with an expiration date of April 1, 2024. The fair value of the interest rate cap contract of $1.0 million is included in other assets in the consolidated balance sheets as of December 31, 2022. The consolidated multi-family apartment communities recorded realized gains and unrealized gains on interest rate cap contracts of $0.9 million and $0.7 million for the year ended December 31, 2022, respectively, both of which are included in non-interest (loss) income in the accompanying consolidated statements of operations. |
Schedule of Maturities of Long-term Debt | The Company's CDOs as of December 31, 2022 had stated maturities as follows: Year Ending December 31, Total 2023 $ — 2024 — 2025 — 2026 130,000 2027 225,000 Thereafter 1,842,606 Total $ 2,197,606 As of December 31, 2022, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Total 2023 $ — 2024 — 2025 27,750 2026 127,357 2027 — Thereafter 387,346 Total $ 542,453 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Maturities | As of December 31, 2022, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands): Year Ending December 31, Total 2023 $ 1,732 2024 1,548 2025 1,604 2026 1,617 2027 1,471 Thereafter 2,007 Total $ 9,979 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021, respectively, on the Company’s consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at December 31, 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 $ — $ — $ 1,081,384 $ 1,081,384 $ — $ — $ 1,703,290 $ 1,703,290 Consolidated SLST — — 827,582 827,582 — — 1,070,882 1,070,882 Residential loans held in securitization trusts — — 1,616,114 1,616,114 — — 801,429 801,429 Multi-family loans — — 87,534 87,534 — — 120,021 120,021 Investment securities available for sale: Non-Agency RMBS — 68,570 — 68,570 — 128,019 — 128,019 CMBS — 30,133 — 30,133 — 33,146 — 33,146 ABS — 856 — 856 — 39,679 — 39,679 Equity investments (1) — — 179,746 179,746 — — 239,631 239,631 Derivative assets: Interest rate caps (1) (2) — 2,473 — 2,473 — — — — Assets of disposal group held for sale (3) — 29,418 9,010 38,428 — — — — Total $ — $ 131,450 $ 3,801,370 $ 3,932,820 $ — $ 200,844 $ 3,935,253 $ 4,136,097 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 634,495 $ 634,495 $ — $ — $ 839,419 $ 839,419 Total $ — $ — $ 634,495 $ 634,495 $ — $ — $ 839,419 $ 839,419 (1) Excludes assets of disposal group held for sale ( see Note 9 ). (2) Included in other assets in the consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $29.4 million and equity investments classified as Level 3 instruments in the amount of $9.0 million as of December 31, 2022. |
Schedule of Changes in Level 3 Assets | The following tables detail changes in valuation for the Level 3 assets for the years ended December 31, 2022, 2021, and 2020, respectively (dollar amounts in thousands): Level 3 Assets: Year Ended December 31, 2022 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ — $ 3,935,253 Total (losses)/gains (realized/unrealized) Included in earnings (111,879) (128,236) (162,518) 9,531 18,884 (926) (375,144) Transfers out (1) (17,052) — (1,806) — — — (18,858) Transfer to securitization trust, net (2) (1,422,577) — 1,422,577 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 28,086 — 28,086 Paydowns/Distributions (712,214) (115,064) (535,017) (42,018) (96,919) — (1,501,232) Purchases 1,641,816 — 91,449 — — — 1,733,265 Balance at the end of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the year ended December 31, 2022, the Company completed four securitizations of certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Year Ended December 31, 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 36,844 (35,953) 43,001 18,795 36,729 99,416 Transfers out (1) (2,080) — (2,053) — — (4,133) Transfer to securitization trust, net (2) (305,433) — 305,433 — — — Funding/Contributions — — — 37,678 107,465 145,143 Paydowns/Distributions (618,790) (159,950) (239,436) (100,045) (163,658) (1,281,879) Sales (74,751) — (2,376) — — (77,127) Purchases 1,576,570 — 5,409 — — 1,581,979 Balance at the end of period $ 1,703,290 $ 1,070,882 $ 801,429 $ 120,021 $ 239,631 $ 3,935,253 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) In May 2021, the Company completed a securitization of certain business purpose loans. In August 2021, the Company redeemed a residential loan securitization and completed a new residential loan securitization of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Year Ended December 31, 2020 Residential loans Multi-family loans Residential loans Consolidated SLST Residential loans held in securitization trusts Preferred equity and mezzanine loan investments Consolidated K-Series Equity investments Total Balance at beginning of period $ 1,429,754 $ 1,328,886 $ — $ — $ 17,816,746 $ 83,882 $ 20,659,268 Total (losses)/gains (realized/unrealized) Included in earnings (9,240) 27,898 31,402 20,454 41,795 26,670 138,979 Transfers in (1) 164,279 — 46,572 182,465 — 107,477 500,793 Transfers out (2) (3) (6,017) — (2,492) (8,719) (237,297) — (254,525) Transfer to securitization trust (4) (651,911) — 651,911 — — — — Funding/Contributions — — — 14,164 — 66,336 80,500 Paydowns/Distributions (308,600) (89,999) (35,942) (44,771) (239,796) (25,270) (744,378) Recovery of charge-off — — — — 35 — 35 Sales (3) (96,892) — — — (17,381,483) — (17,478,375) Purchases 569,557 — — — — — 569,557 Balance at the end of period $ 1,090,930 $ 1,266,785 $ 691,451 $ 163,593 $ — $ 259,095 $ 3,471,854 (1) As of January 1, 2020, the Company elected to account for all residential loans, residential loans held in securitization trusts, equity investments and preferred equity and mezzanine loan investments using the fair value option ( see Note 2 ). (2) Transfers out of Level 3 assets include the transfer of residential loans to real estate owned and the consolidation of a preferred equity investment into the Company's consolidated financial statements ( see Note 7 ). (3) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series and, as a result, de-consolidated the multi-family loans held in the Consolidated K-Series and transferred its remaining securities owned in the Consolidated K-Series to investment securities available for sale ( see Note 7 ). (4) During the year ended December 31, 2020, the Company completed two securitizations of certain performing, re-performing and non-performing residential loans ( see Note 7 for further discussion of the Company's residential loan securitizations). |
Schedule of Changes in Level 3 Liabilities | The following tables detail changes in valuation for the Level 3 liabilities for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): Level 3 Liabilities: Year Ended December 31, 2022 Consolidated SLST CDOs Balance at beginning of period $ 839,419 Total gains (realized/unrealized) Included in earnings (90,077) Paydowns (114,847) Balance at the end of period $ 634,495 Year Ended December 31, 2021 Consolidated SLST CDOs Balance at beginning of period $ 1,054,335 Total gains (realized/unrealized) Included in earnings (54,154) Paydowns (160,762) Balance at the end of period $ 839,419 Year Ended December 31, 2020 Collateralized debt obligations Consolidated K-Series Consolidated SLST Total Balance at beginning of period $ 16,724,451 $ 1,052,829 $ 17,777,280 Total losses (realized/unrealized) Included in earnings 35,018 68,764 103,782 Paydowns (147,376) (89,484) (236,860) Sales (1) (16,612,093) 22,226 (16,589,867) Balance at the end of period $ — $ 1,054,335 $ 1,054,335 (1) During the year ended December 31, 2020, the Company sold first loss PO securities included in the Consolidated K-Series, and, as a result, de-consolidated the Consolidated K-Series CDOs ( see Note 7 ). Also includes the Company's net sales of senior securities issued by Consolidated SLST for the year ended December 31, 2020 ( see Note 7 ). |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | 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): December 31, 2022 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,578,229 Discounted cash flow Lifetime CPR 4.4% — - 45.3% Lifetime CDR 0.5% — - 23.8% Loss severity 7.4% — - 96.5% Yield 8.2% 6.1% - 88.4% $119,269 Liquidation model Annual home price appreciation/(depreciation) 0.1% (4.8)% - 11.8% Liquidation timeline (months) 23 9 - 50 Property value $1,591,892 $15,300 - $13,800,000 Yield 7.7% 7.5% - 28.5% Consolidated SLST (3) $827,582 Liability price N/A Total $3,525,080 Multi-family loans (1) $87,534 Discounted cash flow Discount rate 12.4% 11.0% - 20.5% Months to assumed redemption 36 9 - 54 Loss severity — Equity investments (1) (2) $152,246 Discounted cash flow Discount rate 13.5% 13.0% - 15.5% Months to assumed redemption 21 2 - 34 Loss severity — Equity investments in disposal group held for sale (2) $9,010 Discounted cash flow Discount rate 16.0% 16.0% - 16.0% Months to assumed redemption 23 23 - 23 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $634,495 Discounted cash flow Yield 5.3% 4.7% - 7.8% Collateral prepayment rate 5.7% 2.5% - 6.6% Collateral default rate 1.6% — - 11.5% Loss severity 17.1% — - 19.8% (1) Weighted average amounts are calculated based on the weighted average fair value of the assets. (2) Equity investments do not include equity ownership interests in an entity that originates residential loans. The fair value of this investment is determined using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. (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 December 31, 2022, the fair value of securities we own in Consolidated SLST amounts to $191.5 million. |
Schedule of Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | The following table details the changes in unrealized gains (losses) included in earnings for the years ended December 31, 2022, 2021 and 2020, respectively, for our Level 3 assets and liabilities held as of December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Assets Residential loans Residential loans (1) $ (57,892) $ 31,222 $ 16,449 Consolidated SLST (1) (124,834) (31,128) 33,479 Residential loans held in securitization trust (1) (219,647) 35,570 17,785 Multi-family loans (1) (1,737) 1,924 (682) Equity investments (2) (4,338) 3,990 256 Equity investments in disposal group held for sale (2) (1,430) — — Liabilities Consolidated SLST CDOs (1) $ 92,431 $ 54,960 $ (65,552) (1) Presented in unrealized gains (losses), net on the Company’s consolidated statements of operations. (2) Presented in income from equity investments on the Company’s consolidated statements of operations. |
Schedule of Fair Value, by Balance Sheet Grouping | 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 years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): Years Ended December 31, 2022 2021 2020 Cash (1) $ 8,576 $ 27,907 $ 327 Operating real estate (1) (2) 730,988 926,756 50,481 Lease intangibles (1) (3) 41,892 51,970 1,619 Other assets (1) 8,258 32,690 1,395 Total assets 789,714 1,039,323 53,822 Mortgages payable on real estate, net (1) 570,682 669,647 36,752 Other liabilities (1) 4,662 15,914 1,543 Total liabilities 575,344 685,561 38,295 Redeemable non-controlling interest (4) — 67,096 — Non-controlling interests (5) 16,293 25,509 6,808 Net assets consolidated $ 198,077 $ 261,157 $ 8,719 (1) In September 2022, the Company announced a repositioning of its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, the Company determined that certain joint venture equity investments met the criteria to be classified as held for sale and transferred the assets and liabilities of the respective Consolidated VIEs to assets and liabilities of disposal group held for sale in the accompanying consolidated balance sheets as of December 31, 2022. See Note 9 for additional information. (2) For joint venture equity investments that are not held for sale, operating real estate is included in real estate, net in the accompanying consolidated balance sheets. (3) For joint venture equity investments that are not held for sale, lease intangibles are included in other assets in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) 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 of as of December 31, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation: Financing VIEs Other VIEs Residential Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 21,129 $ 21,129 Residential loans, at fair value 1,616,114 827,582 — 2,443,696 Real estate, net held in Consolidated VIEs (1) — — 543,739 543,739 Assets of disposal group held for sale (2) — — 1,142,773 1,142,773 Other assets 92,906 3,168 13,686 109,760 Total assets $ 1,709,020 $ 830,750 $ 1,721,327 $ 4,261,097 Collateralized debt obligations ($1,468,222 at amortized cost, net and $634,495 at fair value) $ 1,468,222 $ 634,495 $ — $ 2,102,717 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 394,707 394,707 Liabilities of disposal group held for sale (2) — — 883,812 883,812 Other liabilities 8,168 3,342 10,511 22,021 Total liabilities $ 1,476,390 $ 637,837 $ 1,289,030 $ 3,403,257 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 63,803 $ 63,803 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 32,967 $ 32,967 Net investment (6) $ 232,630 $ 192,913 $ 335,527 $ 761,070 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Represents assets and liabilities, respectively, of certain Consolidated Real Estate VIEs included in disposal group held for sale ( see Note 9 ). (3) Included in mortgages payable on real estate, net in the accompanying consolidated balance sheets. (4) Represents redeemable third-party ownership of membership interests in Consolidated Real Estate VIEs. See Redeemable Non-Controlling Interest in Consolidated VIEs below. (5) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. (6) 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 Loan Securitizations Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 29,606 $ 29,606 Residential loans, at fair value 801,429 1,070,882 — 1,872,311 Real estate, net held in Consolidated VIEs (1) — — 927,725 927,725 Other assets 36,767 3,547 70,557 110,871 Total assets $ 838,196 $ 1,074,429 $ 1,027,888 $ 2,940,513 Collateralized debt obligations ($682,802 at amortized cost, net and $839,419 at fair value) $ 682,802 $ 839,419 $ — $ 1,522,221 Mortgages payable on real estate, net in Consolidated VIEs (2) — — 672,568 672,568 Other liabilities 20,156 3,193 17,527 40,876 Total liabilities $ 702,958 $ 842,612 $ 690,095 $ 2,235,665 Redeemable non-controlling interest in Consolidated VIEs (3) $ — $ — $ 66,392 $ 66,392 Non-controlling interest in Consolidated VIEs (4) $ — $ — $ 24,359 $ 24,359 Net investment (5) $ 135,238 $ 231,817 $ 247,042 $ 614,097 (1) Included in real estate, net in the accompanying consolidated balance sheets. (2) Included in mortgages payable on real estate, net in the accompanying 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 December 31, 2022 and 2021, respectively (dollar amounts in thousands): December 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 244,718 $ 244,718 $ 289,602 $ 289,602 Residential loans Level 3 3,525,080 3,525,080 3,575,601 3,575,601 Multi-family loans Level 3 87,534 87,534 120,021 120,021 Investment securities available for sale Level 2 99,559 99,559 200,844 200,844 Equity investments Level 3 179,746 179,746 239,631 239,631 Equity investments in disposal group held for sale Level 3 9,010 9,010 — — Derivative assets Level 2 2,473 2,473 — — Derivative assets in disposal group held for sale Level 2 29,418 29,418 — — Financial Liabilities: Repurchase agreements Level 2 737,023 737,023 554,259 554,259 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,468,222 1,383,715 682,802 686,027 Consolidated SLST Level 3 634,495 634,495 839,419 839,419 Subordinated debentures Level 3 45,000 32,721 45,000 44,388 Convertible notes Level 2 — — 137,898 138,011 Senior unsecured notes Level 2 97,384 91,104 96,704 102,215 Mortgages payable on real estate Level 3 394,707 377,327 709,356 712,112 Mortgages payable on real estate in disposal group held for sale Level 3 865,414 864,758 — — |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Summary of Preferred Stock Issued and Outstanding | The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2022 and 2021 (dollar amounts in thousands): December 31, 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 72,218 75,000 7.000 % January 15, 2027 Total 31,500,000 22,284,994 $ 538,351 $ 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 Payable | The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through December 31, 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 December 12, 2022 January 1, 2023 January 15, 2023 $ — $ — $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 — — 0.50 0.4921875 0.4296875 0.43750 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 — — December 7, 2020 January 1, 2021 January 15, 2021 0.484375 0.4921875 0.50 0.4921875 — — September 14, 2020 October 1, 2020 October 15, 2020 0.484375 0.4921875 0.50 0.4921875 — — June 15, 2020 July 1, 2020 July 15, 2020 0.968750 (4) 0.9843750 (4) 1.00 (4) 0.9843750 (4) — — (1) Refer above for disclosure regarding the optional redemption of the Company's Series B Preferred Stock and Series C Preferred Stock. (2) Cash dividend for the short initial dividend period that began on November 24, 2021 and ended on January 14, 2022. (3) Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. (4) Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. Period Declaration Date Record Date Payment Date Cash Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 $ 0.100 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.100 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.100 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.100 Fourth Quarter 2021 December 13, 2021 December 27, 2021 January 25, 2022 0.100 Third Quarter 2021 September 13, 2021 September 23, 2021 October 25, 2021 0.100 Second Quarter 2021 June 14, 2021 June 24, 2021 July 26, 2021 0.100 First Quarter 2021 March 15, 2021 March 25, 2021 April 26, 2021 0.100 Fourth Quarter 2020 December 7, 2020 December 17, 2020 January 25, 2021 0.100 Third Quarter 2020 September 14, 2020 September 24, 2020 October 26, 2020 0.075 Second Quarter 2020 June 15, 2020 July 1, 2020 July 27, 2020 0.050 |
Schedule of Company's Public Offerings of Common Stock | The following table details the Company's public offerings of common stock during the three years ended December 31, 2022 (dollar amounts in thousands): Share Issue Month Shares Issued Net Proceeds (1) February 2020 50,600,000 $ 305,274 January 2020 34,500,000 206,650 (1) Proceeds are net of underwriting discounts and commissions and offering expenses. |
(Loss) Earnings Per Common Sh_2
(Loss) Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Dilutive (Loss) Earnings 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): For the Years Ended December 31, 2022 2021 2020 Basic (Loss) Earnings per Common Share Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic weighted average common shares outstanding 377,287 379,232 371,004 Basic (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Weighted average common shares outstanding 377,287 379,232 371,004 Net effect of assumed PSUs vested — 1,541 — Net effect of assumed RSUs vested — 195 — Diluted weighted average common shares outstanding 377,287 380,968 371,004 Diluted (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) The following table presents the Company's pro forma (loss) earnings per common share on a post-reverse split basis for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands, except per share data): Pro Forma (Unaudited) For the Years Ended December 31, 2022 2021 2020 Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic (loss) earnings per common share $ (3.61) $ 1.52 $ (3.55) Diluted (loss) earnings per common share $ (3.61) $ 1.51 $ (3.55) Weighted average shares outstanding-basic 94,322 94,808 92,751 Weighted average shares outstanding-diluted 94,322 95,242 92,751 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | A summary of the activity of the Company’s non-vested restricted stock collectively under the 2010 Plan and 2017 Plan for the years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 $ 6.27 837,123 $ 6.18 Granted 1,217,671 3.59 1,058,211 3.86 1,054,254 6.33 Vested (924,548) 5.44 (621,438) 5.41 (287,611) 6.22 Forfeited (97,662) 3.92 (131,432) 4.92 — — Non-vested shares as of December 31 2,104,568 $ 4.09 1,909,107 $ 5.05 1,603,766 $ 6.27 Restricted stock granted during the period 1,217,671 $ 3.59 1,058,211 $ 3.86 1,054,254 $ 6.33 (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. |
Summary of Activity of Target PSU Awards Under 2017 Plan | A summary of the activity of the target PSU Awards under the 2017 Plan for the years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 2,018,518 $ 4.09 Granted 844,534 4.87 1,631,661 5.56 883,496 7.03 Vested (1,074,918) 4.00 (842,792) 4.20 — — Forfeited — — (314,143) 5.29 — — Non-vested target PSUs as of December 31 3,146,356 $ 5.76 3,376,740 $ 5.43 2,902,014 $ 4.98 (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 Nonvested Restricted Stock Units Activity | A summary of the activity of the RSU awards under the 2017 Plan for the years ended December 31, 2022, 2021 and 2020, respectively, is presented below: 2022 2021 2020 Number of Weighted Average Per Share Grant Date Fair Value (1) 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 3.69 441,746 6.23 Vested (383,639) 4.58 (147,254) 6.23 — — Forfeited — — (94,070) 4.37 — — Non-vested RSUs as of December 31 1,054,880 $ 4.03 1,016,252 $ 4.36 441,746 $ 6.23 (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) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Provision | The income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, is comprised of the following components (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Current income tax provision Federal $ 2,355 $ 280 $ 1,225 State 862 5 151 Total current income tax provision 3,217 285 1,376 Deferred income tax (benefit) provision Federal (1,649) 1,339 (244) State (1,026) 834 (151) Total deferred income tax (benefit) provision (2,675) 2,173 (395) Total income tax provision $ 542 $ 2,458 $ 981 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2022, 2021 and 2020, respectively, are as follows (dollar amounts in thousands). For the Years Ended December 31, 2022 2021 2020 (Benefit) provision at statutory rate $ (71,422) 21.0 % $ 41,088 21.0 % $ (60,381) 21.0 % Non-taxable REIT loss (income) 64,479 (19.0) (36,691) (18.8) 58,783 (20.4) State and local tax (benefit) provision (78) — 825 0.4 150 (0.1) Other (6,057) 1.8 225 0.1 (45) — Valuation allowance 13,620 (4.0) (2,989) (1.5) 2,474 (0.9) Total provision $ 542 (0.2) % $ 2,458 1.2 % $ 981 (0.4) % |
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 December 31, 2022 and 2021, respectively, are as follows (dollar amounts in thousands): December 31, 2022 December 31, 2021 Deferred tax assets Net operating loss carryforward $ 3,513 $ 3,615 Capital loss carryover 16,045 7,549 GAAP/Tax basis differences 1,869 254 Total deferred tax assets (1) 21,427 11,418 Deferred tax liabilities GAAP/Tax basis differences 394 6,681 Total deferred tax liabilities (2) 394 6,681 Valuation allowance (1) (18,756) (5,136) Total net deferred tax asset (liability) $ 2,277 $ (399) (1) Included in other assets in the accompanying consolidated balance sheets. (2) Included in other liabilities in the accompanying consolidated balance sheets. |
Net Interest Income (Tables)
Net Interest Income (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022 and 2021, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Contractual interest expense $ 335 $ 8,625 $ 8,625 Amortization of underwriter's discount and deferred charges 103 2,571 2,372 Total $ 438 $ 11,196 $ 10,997 The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2022, 2021 and 2020, respectively (dollar amounts in thousands): For the Years Ended December 31, 2022 2021 2020 Interest income Residential loans Residential loans $ 113,131 $ 83,852 $ 69,170 Consolidated SLST 36,448 40,944 45,194 Residential loans held in securitization trusts 80,119 38,941 12,612 Total residential loans 229,698 163,737 126,976 Multi-family loans Preferred equity and mezzanine loan investments 11,185 15,321 20,899 Consolidated K-Series — — 151,841 Total multi-family loans 11,185 15,321 172,740 Investment securities available for sale 15,825 27,750 49,925 Other 1,680 58 520 Total interest income 258,388 206,866 350,161 Interest expense Repurchase agreements 51,432 13,844 37,334 Collateralized debt obligations Consolidated SLST 25,145 28,135 31,663 Consolidated K-Series — — 129,762 Residential loan securitizations 43,384 19,660 6,967 Non-Agency RMBS re-securitization — 283 3,290 Total collateralized debt obligations 68,529 48,078 171,682 Convertible notes 438 11,196 10,997 Senior unsecured notes 6,430 4,335 — Subordinated debentures 2,590 1,831 2,187 Derivatives — — 868 Total interest expense 129,419 79,284 223,068 Net interest income $ 128,969 $ 127,582 $ 127,093 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Computation of Basic and Dilutive (Loss) Earnings 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): For the Years Ended December 31, 2022 2021 2020 Basic (Loss) Earnings per Common Share Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic weighted average common shares outstanding 377,287 379,232 371,004 Basic (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) Diluted (Loss) Earnings per Common Share: Net (loss) income attributable to Company $ (298,605) $ 193,200 $ (288,510) Less: Preferred Stock dividends (41,972) (42,859) (41,186) Less: Preferred Stock redemption charge — (6,165) — Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Weighted average common shares outstanding 377,287 379,232 371,004 Net effect of assumed PSUs vested — 1,541 — Net effect of assumed RSUs vested — 195 — Diluted weighted average common shares outstanding 377,287 380,968 371,004 Diluted (Loss) Earnings per Common Share $ (0.90) $ 0.38 $ (0.89) The following table presents the Company's pro forma (loss) earnings per common share on a post-reverse split basis for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands, except per share data): Pro Forma (Unaudited) For the Years Ended December 31, 2022 2021 2020 Net (loss) income attributable to Company’s common stockholders $ (340,577) $ 144,176 $ (329,696) Basic (loss) earnings per common share $ (3.61) $ 1.52 $ (3.55) Diluted (loss) earnings per common share $ (3.61) $ 1.51 $ (3.55) Weighted average shares outstanding-basic 94,322 94,808 92,751 Weighted average shares outstanding-diluted 94,322 95,242 92,751 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||||
Jan. 15, 2022 USD ($) | Oct. 01, 2019 USD ($) | Dec. 31, 2022 USD ($) segment shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 27, 2021 | Jan. 01, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jan. 23, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Residential mortgage loans, past due period | 30 days | ||||||||
Residential mortgage loans, delinquency period | 90 days | ||||||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | $ (25,222) | |||||
Reportable segment | segment | 1 | ||||||||
Stockholders' equity | $ 1,800,308 | $ 2,365,390 | $ 2,307,573 | $ 2,205,029 | |||||
Performance Shares | 2017 Plan | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Award vesting period | 3 years | 3 years | 3 years | ||||||
RSUs | 2017 Plan | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Award vesting period | 3 years | ||||||||
Number of shares per vested RSU (in shares) | shares | 1 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Stockholders' equity | $ 12,300 | $ 12,284 | |||||||
VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | $ 1,800 | ||||||||
6.25% senior convertible notes due 2022 | Convertible Notes | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 6.25% | 6.25% | |||||||
Extinguishment of debt, amount | $ 138,000 | ||||||||
Senior Notes Due 2026 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 5.75% | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | 900 | ||||||||
Net Loss Attributable to Parent | VIE, Primary Beneficiary | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Impairment of real estate | $ 900 | ||||||||
Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 5 months | ||||||||
Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||
Building | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 30 years | ||||||||
Building Improvements | Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 10 years | ||||||||
Building Improvements | Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 30 years | ||||||||
Furniture and Fixtures | Minimum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 5 years | ||||||||
Furniture and Fixtures | Maximum | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Property, plant and equipment useful life | 7 years 6 months |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Adjustments for Adoption of ASU 2019-05 (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity investments | $ 179,746 | $ 239,631 | |||
Other assets | 259,356 | 215,019 | |||
Total assets | [1] | 6,240,745 | 5,658,301 | ||
Accumulated deficit | (1,052,768) | (559,338) | |||
Company's stockholders' equity | $ 1,767,216 | $ 2,341,031 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Multi-family loans | $ 2,420 | ||||
Equity investments | 1,394 | ||||
Other assets | 2,755 | ||||
Total assets | 12,284 | ||||
Accumulated deficit | 12,284 | ||||
Company's stockholders' equity | 12,284 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Multi-family loans | $ 182,465 | ||||
Equity investments | 107,477 | ||||
Other assets | 3,620 | ||||
Total assets | 502,033 | ||||
Accumulated deficit | (136,579) | ||||
Company's stockholders' equity | (136,579) | ||||
Distressed And Other Residential Mortgage Loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Residential loans, net | 5,715 | ||||
Distressed And Other Residential Mortgage Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Residential loans, net | $ 208,471 | ||||
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Multi-family loans | 180,045 | ||||
Equity investments | 106,083 | ||||
Other assets | 865 | ||||
Total assets | 489,749 | ||||
Accumulated deficit | (148,863) | ||||
Company's stockholders' equity | (148,863) | ||||
Previously Reported | Distressed And Other Residential Mortgage Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Residential loans, net | $ 202,756 | ||||
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 and $2,235,665, respectively. See Note 7 for further discussion. |
Residential Loans, at Fair Va_3
Residential Loans, at Fair Value - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | $ 3,898,260 | |||
Discount | (88,739) | |||
Unrealized (losses) gains | (284,441) | |||
Fair Value of Loans Pledged | 3,525,080 | $ 3,575,601 | $ 3,049,166 | $ 20,780,548 |
Consolidated SLST | VIE, Primary Beneficiary | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 955,579 | 1,071,228 | ||
Discount | (5,815) | (2,998) | ||
Unrealized (losses) gains | (122,182) | 2,652 | ||
Fair Value of Loans Pledged | 827,582 | 1,070,882 | ||
Residential Loans at Fair Value | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 3,529,804 | |||
Discount | (84,265) | |||
Unrealized (losses) gains | 130,062 | |||
Fair Value of Loans Pledged | 3,575,601 | |||
Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 1,152,502 | 1,682,138 | ||
Discount | (22,179) | (44,256) | ||
Unrealized (losses) gains | (48,939) | 65,408 | ||
Fair Value of Loans Pledged | 1,081,384 | 1,703,290 | ||
Residential mortgage loans held in securitization trust, at fair value | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Principal | 1,790,179 | 776,438 | ||
Discount | (60,745) | (37,011) | ||
Unrealized (losses) gains | (113,320) | 62,002 | ||
Fair Value of Loans Pledged | $ 1,616,114 | $ 801,429 |
Residential Loans, at Fair Va_4
Residential Loans, at Fair Value - Components of Net Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated SLST | VIE, Primary Beneficiary | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | $ (124,834) | $ (31,128) | $ 33,479 |
Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | (115,269) | 20,403 | (4,440) |
Residential mortgage loans held in securitization trust, at fair value | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Unrealized gain (loss) on real estate mortgage loans, net | $ (174,401) | $ 34,932 | $ 29,690 |
Residential Loans, at Fair Va_5
Residential Loans, at Fair Value - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Net realized gain (loss) on payoff and sale of mortgage loans | $ 10,000,000 | $ 18,800,000 | $ 9,700,000 |
Gain (loss) on sale of residential loans | 0 | (1,600,000) | $ 18,100,000 |
Principal outstanding | 303,157,000 | ||
90 + | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Principal outstanding | 159,981,000 | 102,981,000 | |
90 + | VIE, Primary Beneficiary | Residential loans | Consolidated SLST | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Principal outstanding | $ 143,200,000 | $ 135,900,000 |
Residential Loans, at Fair Va_6
Residential Loans, at Fair Value - Geographic Concentrations of Credit Risk (Details) - Geographic Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Residential loans, at fair value | California | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 24.30% | 21.70% |
Residential loans, at fair value | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 13.20% | 10.40% |
Residential loans, at fair value | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 8% | 8.80% |
Residential loans, at fair value | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7% | 7.40% |
Residential loans, at fair value | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 6.30% | 5.90% |
Residential loans, at fair value | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.70% | 4.40% |
Residential loans, at fair value | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 2.60% | 2.70% |
Consolidated SLST | California | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.60% | 10.50% |
Consolidated SLST | Florida | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.30% | 10.50% |
Consolidated SLST | New York | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 9.80% | 9.80% |
Consolidated SLST | Texas | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 4% | 4% |
Consolidated SLST | New Jersey | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.40% | 7.30% |
Consolidated SLST | Washington | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 1.80% | 1.90% |
Consolidated SLST | Illinois | Consolidated SLST | VIE, Primary Beneficiary | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.20% | 7.10% |
Residential mortgage loans held in securitization trust, at fair value | California | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 19.20% | 22% |
Residential mortgage loans held in securitization trust, at fair value | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.20% | 8.90% |
Residential mortgage loans held in securitization trust, at fair value | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 8.60% | 9.20% |
Residential mortgage loans held in securitization trust, at fair value | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.30% | 4.30% |
Residential mortgage loans held in securitization trust, at fair value | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.60% | 6.40% |
Residential mortgage loans held in securitization trust, at fair value | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 2.90% | 3.10% |
Residential mortgage loans held in securitization trust, at fair value | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 3.20% | 2.30% |
Residential Loans, at Fair Va_7
Residential Loans, at Fair Value - Fair Value Compared to Unpaid Principal (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | $ 3,525,080 | $ 3,575,601 | $ 3,049,166 | $ 20,780,548 |
Unpaid Principal Balance | 303,157 | |||
Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 1,081,384 | 1,703,290 | ||
Greater than 90 days past due | Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 149,076 | 92,990 | ||
Unpaid Principal Balance | 159,981 | 102,981 | ||
Less than 90 days past due | Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Fair Value | 8,382 | 17,102 | ||
Unpaid Principal Balance | $ 9,132 | $ 17,716 |
Multi-family Loans, at Fair V_3
Multi-family Loans, at Fair Value - Preferred Equity and Mezzanine Loan Investments (Details) - Variable Interest Entity, Not Primary Beneficiary - Multi-family loans - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Investment amount | $ 88,249 | $ 118,307 |
Deferred loan fees, net | (428) | (672) |
Unrealized (losses) gains, net | (287) | 2,386 |
Total, at Fair Value | $ 87,534 | $ 120,021 |
Multi-family Loans, at Fair V_4
Multi-family Loans, at Fair Value - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Unrealized (losses) gains, net | $ (2.7) | $ 1 | $ (1.5) |
Loan premiums and early redemption | $ 1 | $ 2.5 | $ 1.1 |
Multi-family Loans, at Fair V_5
Multi-family Loans, at Fair Value - Unpaid Principal Balance (Details) - 90 + - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Fair Value | $ 4,523 | $ 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) - Multi-family loans - Geographic Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 30.10% | 28.30% |
Tennessee | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 15.60% | 11% |
Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 10.90% | 12.20% |
Ohio | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 9.70% | 7.20% |
Louisiana | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.50% | 5.80% |
Alabama | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 7.10% | 5% |
North Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 6.10% | 7% |
Indiana | ||
Concentration Risk [Line Items] | ||
Geographic concentrations | 5.70% | 4.30% |
Investment Securities Availab_3
Investment Securities Available For Sale, at Fair Value - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Option | ||
Amortized Cost | $ 81,788 | $ 154,581 |
Unrealized Gains | 9,495 | 19,517 |
Unrealized Losses | (15,369) | (2,774) |
Fair Value | 75,914 | 171,324 |
CECL Securities | ||
Amortized Cost | 25,616 | 27,743 |
Unrealized Gains | 0 | 1,787 |
Unrealized Losses | (1,971) | (10) |
Fair Value | 23,645 | 29,520 |
Debt securities, available-for-sale, CECL and fair value option, amortized cost | 107,404 | 182,324 |
Debt securities, available-for-sale, CECL and fair value option, accumulated gross unrealized gain, before tax | 9,495 | 21,304 |
Debt Securities, Available-For-Sale, CECL And Fair Value Option, Accumulated Gross Unrealized Loss, before Tax | (17,340) | (2,784) |
Debt securities, available-for-sale, CECL and fair value option | 99,559 | 200,844 |
Non-Agency RMBS | ||
Fair Value Option | ||
Amortized Cost | 48,958 | 100,186 |
Unrealized Gains | 9,436 | 949 |
Unrealized Losses | (13,469) | (2,636) |
Fair Value | 44,925 | 98,499 |
CECL Securities | ||
Amortized Cost | 25,616 | 27,743 |
Unrealized Gains | 0 | 1,787 |
Unrealized Losses | (1,971) | (10) |
Fair Value | 23,645 | 29,520 |
CMBS | ||
Fair Value Option | ||
Amortized Cost | 32,033 | 32,600 |
Unrealized Gains | 0 | 684 |
Unrealized Losses | (1,900) | (138) |
Fair Value | 30,133 | 33,146 |
ABS | ||
Fair Value Option | ||
Amortized Cost | 797 | 21,795 |
Unrealized Gains | 59 | 17,884 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 856 | $ 39,679 |
Investment Securities Availab_4
Investment Securities Available For Sale, at Fair Value - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Investment securities available for sale accrued interest | $ 400 | $ 700 | |
Unrealized gains (losses) on investments | 22,600 | 15,500 | $ 9,700 |
Net realized loss | $ 18,344 | $ 11,220 | (61,529) |
Contractual maturities | 37 years | ||
Available for sale securities portfolio, weighted average life | 7 years 7 months 6 days | 5 years 9 months 18 days | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Non-Agency RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Net realized loss | $ 374 | $ 4,069 | $ (34,421) |
Non Agency RMBS Held In Securitization Trust | Non-Agency RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Net realized loss | $ (5,500) |
Investment Securities Availab_5
Investment Securities Available For Sale, at Fair Value - Realized Gain or Loss Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | $ 85,437 | $ 432,585 | $ 1,820,194 |
Realized Gains | 18,375 | 16,006 | 19,679 |
Realized Losses | (31) | (4,786) | (81,208) |
Net Realized Gains (Losses) | 18,344 | 11,220 | (61,529) |
Total Agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 1,138,377 | ||
Realized Gains | 11,068 | ||
Realized Losses | (16,063) | ||
Net Realized Gains (Losses) | (4,995) | ||
Agency RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 123,622 | 992,966 | |
Realized Gains | 0 | 5,402 | |
Realized Losses | (3,480) | (15,854) | |
Net Realized Gains (Losses) | (3,480) | (10,452) | |
Agency RMBS | Agency ARMs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 49,892 | ||
Realized Gains | 44 | ||
Realized Losses | (4,157) | ||
Net Realized Gains (Losses) | (4,113) | ||
Agency RMBS | Agency Fixed Rate | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 943,074 | ||
Realized Gains | 5,358 | ||
Realized Losses | (11,697) | ||
Net Realized Gains (Losses) | (6,339) | ||
Agency CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 145,411 | ||
Realized Gains | 5,666 | ||
Realized Losses | (209) | ||
Net Realized Gains (Losses) | 5,457 | ||
Non-Agency RMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 24,374 | 176,166 | 433,076 |
Realized Gains | 374 | 4,923 | 435 |
Realized Losses | 0 | (854) | (34,856) |
Net Realized Gains (Losses) | 374 | 4,069 | (34,421) |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 132,797 | 248,741 | |
Realized Gains | 11,083 | 8,176 | |
Realized Losses | (452) | (30,289) | |
Net Realized Gains (Losses) | $ 10,631 | $ (22,113) | |
ABS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 36,215 | ||
Realized Gains | 18,001 | ||
Realized Losses | 0 | ||
Net Realized Gains (Losses) | 18,001 | ||
U.S. Treasury Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Sales Proceeds | 24,848 | ||
Realized Gains | 0 | ||
Realized Losses | (31) | ||
Net Realized Gains (Losses) | $ (31) |
Investment Securities Availab_6
Investment Securities Available For Sale, at Fair Value - Weighted Average Life (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
0 to 5 years | $ 39,655 | $ 144,266 |
Over 5 to 10 years | 46,558 | 39,306 |
10+ years | 13,346 | 17,272 |
Total | $ 99,559 | $ 200,844 |
Investment Securities Availab_7
Investment Securities Available For Sale, at Fair Value - Unrealized Losses in OCI (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | $ 23,609 | $ 2,300 |
Less than 12 Months, Gross Unrealized Losses | (1,966) | (3) |
Greater than 12 Months, Carrying Value | 36 | 48 |
Greater than 12 Months, Gross Unrealized Losses | (5) | (7) |
Total, Carrying Value | 23,645 | 2,348 |
Total, Gross Unrealized Losses | (1,971) | (10) |
Non-Agency RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Carrying Value | 23,609 | 2,300 |
Less than 12 Months, Gross Unrealized Losses | (1,966) | (3) |
Greater than 12 Months, Carrying Value | 36 | 48 |
Greater than 12 Months, Gross Unrealized Losses | (5) | (7) |
Total, Carrying Value | 23,645 | 2,348 |
Total, Gross Unrealized Losses | $ (1,971) | $ (10) |
Equity Investments, at Fair V_3
Equity Investments, at Fair Value - Schedule of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Constructive Loans, LLC | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase of residential loans | $ 260,600 | $ 94,000 | |
Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | 152,246 | 180,798 | |
Changes in fair value, gain (loss) | 18,670 | 24,633 | $ 16,587 |
Equity investments | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | 0 | 10,440 | |
Changes in fair value, gain (loss) | (1,430) | 150 | (949) |
Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | 27,500 | 48,393 | |
Changes in fair value, gain (loss) | (2,166) | 9,113 | 11,032 |
Equity investments | Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair Value | $ 179,746 | $ 239,631 | |
Equity investments | 1122 Chicago DE, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 53% | 53% | |
Fair Value | $ 8,276 | $ 7,723 | |
Changes in fair value, gain (loss) | $ 959 | $ 908 | 835 |
Equity investments | Bighaus, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 42% | 42% | |
Fair Value | $ 16,482 | $ 15,471 | |
Changes in fair value, gain (loss) | $ 1,852 | $ 1,786 | 1,002 |
Equity investments | FF/RMI 20 Midtown, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 51% | 51% | |
Fair Value | $ 27,079 | $ 25,499 | |
Changes in fair value, gain (loss) | $ 2,904 | $ 3,059 | 686 |
Equity investments | Palms at Cape Coral, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 34% | 34% | |
Fair Value | $ 5,429 | $ 5,175 | |
Changes in fair value, gain (loss) | $ 554 | $ 342 | 0 |
Equity investments | America Walks at Port St. Lucie, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 62% | 62% | |
Fair Value | $ 29,873 | $ 30,383 | |
Changes in fair value, gain (loss) | $ 3,140 | $ 1,678 | 0 |
Equity investments | EHOF-NYMT Sunset Apartments Preferred, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 57% | 57% | |
Fair Value | $ 18,139 | $ 17,213 | |
Changes in fair value, gain (loss) | $ 1,939 | $ 661 | 0 |
Equity investments | Lucie at Tradition Holdings, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 70% | 70% | |
Fair Value | $ 17,576 | $ 16,597 | |
Changes in fair value, gain (loss) | $ 2,008 | $ 484 | 0 |
Equity investments | Syracuse Apartments and Townhomes, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 58% | 0% | |
Fair Value | $ 20,115 | $ 0 | |
Changes in fair value, gain (loss) | $ 1,816 | $ 0 | 0 |
Equity investments | Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 58% | 0% | |
Fair Value | $ 9,277 | $ 0 | |
Changes in fair value, gain (loss) | $ 540 | $ 0 | 0 |
Equity investments | DCP Gold Creek, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 44% | |
Fair Value | $ 0 | $ 6,686 | |
Changes in fair value, gain (loss) | $ 254 | $ 780 | 701 |
Equity investments | Rigsbee Ave Holdings, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 56% | |
Fair Value | $ 0 | $ 11,331 | |
Changes in fair value, gain (loss) | $ (174) | $ 1,683 | 1,148 |
Equity investments | Walnut Creek Properties Holdings, L.L.C. | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 36% | |
Fair Value | $ 0 | $ 9,482 | |
Changes in fair value, gain (loss) | $ (153) | $ 1,240 | 928 |
Equity investments | Lurin-RMI, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 38% | |
Fair Value | $ 0 | $ 9,548 | |
Changes in fair value, gain (loss) | $ 558 | $ 931 | 81 |
Equity investments | Somerset Deerfield Investor, LLC | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 45% | |
Fair Value | $ 0 | $ 19,965 | |
Changes in fair value, gain (loss) | $ 1,944 | $ 2,295 | 2,168 |
Equity investments | 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) | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 43% | |
Fair Value | $ 0 | $ 5,725 | |
Changes in fair value, gain (loss) | $ 529 | $ 585 | 551 |
Equity investments | GWR Cedars Partners, LLC | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 70% | |
Fair Value | $ 0 | $ 3,770 | |
Changes in fair value, gain (loss) | $ (1,050) | $ 60 | 0 |
Equity investments | GWR Gateway Partners, LLC | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 70% | |
Fair Value | $ 0 | $ 6,670 | |
Changes in fair value, gain (loss) | $ (380) | $ 90 | 0 |
Equity investments | Constructive Loans, LLC | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 0% | |
Fair Value | $ 27,500 | $ 29,250 | |
Option to purchase issued and outstanding interests, percent | 50% | ||
Changes in fair value, gain (loss) | $ (1,750) | $ 2,750 | 0 |
Equity investments | Morrocroft Neighborhood Stabilization Fund II, LP | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership Interest | 0% | 11% | |
Fair Value | $ 0 | $ 19,143 | |
Changes in fair value, gain (loss) | $ (416) | $ 6,378 | $ 1,519 |
Equity Investments, at Fair V_4
Equity Investments, at Fair Value - Schedule of Gain (Loss) on Equity Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | $ 16,289,000 | $ 5,515,000 | $ 678,000 |
Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | 2,900,000 | 2,800,000 | |
Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | (3,600,000) | 400,000 | 300,000 |
Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | (1,400,000) | 200,000 | (9,700,000) |
Realized gains (losses), net | 0 | 0 | 8,800,000 |
Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 18,670,000 | 24,633,000 | 16,587,000 |
Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (2,166,000) | 9,113,000 | 11,032,000 |
Equity investments | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (1,430,000) | 150,000 | (949,000) |
Somerset Deerfield Investor, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 1,944,000 | 2,295,000 | 2,168,000 |
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] | |||
Changes in fair value, gain (loss) | 529,000 | 585,000 | 551,000 |
Walnut Creek Properties Holdings, L.L.C. | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (153,000) | 1,240,000 | 928,000 |
DCP Gold Creek, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 254,000 | 780,000 | 701,000 |
1122 Chicago DE, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 959,000 | 908,000 | 835,000 |
Rigsbee Ave Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (174,000) | 1,683,000 | 1,148,000 |
Bighaus, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 1,852,000 | 1,786,000 | 1,002,000 |
FF/RMI 20 Midtown, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 2,904,000 | 3,059,000 | 686,000 |
Lurin-RMI, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 558,000 | 931,000 | 81,000 |
Palms at Cape Coral, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 554,000 | 342,000 | 0 |
America Walks at Port St. Lucie, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 3,140,000 | 1,678,000 | 0 |
EHOF-NYMT Sunset Apartments Preferred, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 1,939,000 | 661,000 | 0 |
Lucie at Tradition Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 2,008,000 | 484,000 | 0 |
Syracuse Apartments and Townhomes, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 1,816,000 | 0 | 0 |
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 540,000 | 0 | 0 |
BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 1,304,000 | 1,260,000 |
Audubon Mezzanine Holdings, L.L.C. (Series A) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 1,251,000 | 1,213,000 |
EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 735,000 | 782,000 |
Towers Property Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 1,192,000 | 1,243,000 |
Mansions Property Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 1,148,000 | 1,198,000 |
Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 412,000 | 454,000 |
Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 966,000 | 1,044,000 |
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) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | 0 | 1,193,000 | 1,293,000 |
Morrocroft Neighborhood Stabilization Fund II, LP | Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (416,000) | 6,378,000 | 1,519,000 |
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests | |||
Schedule of Equity Method Investments [Line Items] | |||
Other income (losses) | (1,800,000) | 2,800,000 | |
Changes in fair value, gain (loss) | (1,750,000) | 2,750,000 | 0 |
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] | |||
Changes in fair value, gain (loss) | 0 | (15,000) | 9,513,000 |
GWR Cedars Partners, LLC | Equity investments | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (1,050,000) | 60,000 | 0 |
GWR Gateway Partners, LLC | Equity investments | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | (380,000) | 90,000 | 0 |
The Preserve at Port Royal Venture, LLC | Equity investments | Joint Venture Equity Investments in Multi-Family Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Changes in fair value, gain (loss) | $ 0 | $ 0 | $ (949,000) |
Equity Investments, at Fair V_5
Equity Investments, at Fair Value - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance Sheets: | |||
Other assets | $ 259,356 | $ 215,019 | |
Total assets | [1] | 6,240,745 | 5,658,301 |
Other liabilities | 115,991 | 161,081 | |
Total liabilities | [1] | 4,376,634 | 3,226,519 |
Total Liabilities and Equity | 6,240,745 | 5,658,301 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Balance Sheets: | |||
Real estate, net | 553,356 | 727,963 | |
Residential loans, at fair value | 71,077 | 38,423 | |
Other assets | 38,616 | 95,016 | |
Total assets | 663,049 | 861,402 | |
Notes payable, net | 301,118 | 469,120 | |
Other liabilities | 120,850 | 80,672 | |
Total liabilities | 421,968 | 549,792 | |
Members' equity | 241,081 | 311,610 | |
Total Liabilities and Equity | $ 663,049 | $ 861,402 | |
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 and $2,235,665, respectively. See Note 7 for further discussion. |
Equity Investments, at Fair V_6
Equity Investments, at Fair Value - Operating Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Statements: | |||
Real estate sales | $ 17,132 | $ (157) | $ 0 |
Interest income | 258,388 | 206,866 | 350,161 |
Other income | 16,289 | 5,515 | 678 |
Operating expenses | (40,888) | (26,668) | (11,572) |
Interest expense | (129,419) | (79,284) | (223,068) |
Depreciation and amortization | (126,824) | (19,250) | (386) |
NET (LOSS) INCOME | (340,649) | 188,476 | (288,243) |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Operating Statements: | |||
Rental revenues | 23,237 | 87,147 | 80,339 |
Real estate sales | 399,783 | 205,000 | 54,100 |
Cost of real estate sales | (277,740) | (140,800) | (32,779) |
Interest income | 0 | 3,875 | 14,438 |
Realized and unrealized (losses) gains, net | 0 | (7,693) | 27,107 |
Other income | 27,555 | 15,046 | 7,566 |
Operating expenses | (43,061) | (55,799) | (54,691) |
Income before debt service and depreciation and amortization | 129,774 | 106,776 | 96,080 |
Interest expense | (7,751) | (28,849) | (36,601) |
Depreciation and amortization | (14,779) | (37,172) | (38,112) |
NET (LOSS) INCOME | $ 107,244 | $ 40,755 | $ 21,367 |
Use of Special Purpose Entiti_3
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||||||
Loss on extinguishment of debt | $ 500 | $ 600 | $ (2,214) | $ 1,583 | $ 0 | |
Payments to acquire other investments | 100 | 98 | 477 | |||
Realized gains (losses), net | 27,549 | 21,451 | (148,058) | |||
Proceeds from divestiture of interest in consolidated subsidiaries | 100,666 | 8,108 | 5,751 | |||
Deconsolidation gain (loss) amount | 0 | 0 | (54,118) | |||
Unrealized (losses) gains, net | (321,081) | 95,649 | (160,161) | |||
VIE, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Principal balance | 14,700 | 203,500 | ||||
Loss on extinguishment of debt | 1,600 | |||||
Consolidated SLST | ||||||
Variable Interest Entity [Line Items] | ||||||
Proceeds from sale of other investments | 62,600 | |||||
Realized gains (losses), net | 2,400 | |||||
Consolidated SLST | VIE, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Investment in Consolidated SLST limited to securities owned, net carrying value | $ 191,500 | $ 230,300 | ||||
Payments to acquire other investments | $ 40,000 | |||||
Consolidated K-Series | VIE, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Deconsolidation of financial instruments | $ 17,400,000 | |||||
IOs and mezzanine securities transferred to available-for-sale securities from consolidated K-series due to de-consolidation | 237,300 | |||||
Consolidated K-Series | VIE, Primary Beneficiary | Multi-family loans | ||||||
Variable Interest Entity [Line Items] | ||||||
Collateralized debt obligations | 16,600,000 | |||||
Consolidated K-Series | VIE, Primary Beneficiary | First Loss POs And Mezzanine Securities | ||||||
Variable Interest Entity [Line Items] | ||||||
Proceeds from divestiture of interest in consolidated subsidiaries | 555,200 | |||||
Deconsolidation gain (loss) amount | (54,100) | |||||
Unrealized (losses) gains, net | $ 168,500 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash | $ 8,576 | $ 27,907 | $ 327 |
Operating real estate | 730,988 | 926,756 | 50,481 |
Lease intangibles | 41,892 | 51,970 | 1,619 |
Other assets | 8,258 | 32,690 | 1,395 |
Total assets | 789,714 | 1,039,323 | 53,822 |
Mortgages payable on real estate, net | 570,682 | 669,647 | 36,752 |
Other liabilities | 4,662 | 15,914 | 1,543 |
Total liabilities | 575,344 | 685,561 | 38,295 |
Redeemable non-controlling interest | 0 | 67,096 | 0 |
Non-controlling interests | 16,293 | 25,509 | 6,808 |
Net assets consolidated | $ 198,077 | $ 261,157 | $ 8,719 |
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 244,718 | $ 289,602 | $ 293,183 | |
Assets of disposal group held for sale | 1,151,784 | 0 | ||
Other assets | 259,356 | 215,019 | ||
Total assets | [1] | 6,240,745 | 5,658,301 | |
Liabilities of disposal group held for sale | 883,812 | 0 | ||
Other liabilities | 115,991 | 161,081 | ||
Total liabilities | [1] | 4,376,634 | 3,226,519 | |
Non-controlling interests | 33,092 | 24,359 | ||
Residential loan securitizations at amortized cost, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations | 1,468,222 | 682,802 | ||
VIE, Primary Beneficiary | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total assets | 4,261,097 | 2,940,513 | ||
Total liabilities | 3,403,257 | 2,235,665 | ||
Redeemable non-controlling interest in Consolidated VIEs | 63,803 | 66,392 | $ 0 | |
VIE, Primary Beneficiary | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 21,129 | 29,606 | ||
Real estate, net held in Consolidated VIEs | 543,739 | 927,725 | ||
Assets of disposal group held for sale | 1,142,773 | |||
Other assets | 109,760 | 110,871 | ||
Total assets | 4,261,097 | 2,940,513 | ||
Collateralized debt obligations | 2,102,717 | 1,522,221 | ||
Mortgages payable, net in consolidated variable interest entities | 394,707 | 672,568 | ||
Liabilities of disposal group held for sale | 883,812 | |||
Other liabilities | 22,021 | 40,876 | ||
Total liabilities | 3,403,257 | 2,235,665 | ||
Redeemable non-controlling interest in Consolidated VIEs | 63,803 | 66,392 | ||
Non-controlling interests | 32,967 | 24,359 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 761,070 | 614,097 | ||
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 | ||
Assets of disposal group held for sale | 0 | |||
Other assets | 92,906 | 36,767 | ||
Total assets | 1,709,020 | 838,196 | ||
Collateralized debt obligations | 1,468,222 | 682,802 | ||
Mortgages payable, net in consolidated variable interest entities | 0 | 0 | ||
Liabilities of disposal group held for sale | 0 | |||
Other liabilities | 8,168 | 20,156 | ||
Total liabilities | 1,476,390 | 702,958 | ||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | ||
Non-controlling interests | 0 | 0 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 232,630 | 135,238 | ||
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 | ||
Assets of disposal group held for sale | 0 | |||
Other assets | 3,168 | 3,547 | ||
Total assets | 830,750 | 1,074,429 | ||
Collateralized debt obligations | 634,495 | 839,419 | ||
Mortgages payable, net in consolidated variable interest entities | 0 | 0 | ||
Liabilities of disposal group held for sale | 0 | |||
Other liabilities | 3,342 | 3,193 | ||
Total liabilities | 637,837 | 842,612 | ||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | ||
Non-controlling interests | 0 | 0 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 192,913 | 231,817 | ||
VIE, Primary Beneficiary | Consolidated Real Estate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 21,129 | 29,606 | ||
Real estate, net held in Consolidated VIEs | 543,739 | 927,725 | ||
Assets of disposal group held for sale | 1,142,773 | |||
Other assets | 13,686 | 70,557 | ||
Total assets | 1,721,327 | 1,027,888 | ||
Collateralized debt obligations | 0 | 0 | ||
Mortgages payable, net in consolidated variable interest entities | 394,707 | 672,568 | ||
Liabilities of disposal group held for sale | 883,812 | |||
Other liabilities | 10,511 | 17,527 | ||
Total liabilities | 1,289,030 | 690,095 | ||
Redeemable non-controlling interest in Consolidated VIEs | 63,803 | 66,392 | ||
Non-controlling interests | 32,967 | 24,359 | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 335,527 | 247,042 | ||
VIE, Primary Beneficiary | Residential loan securitizations at amortized cost, net | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations | 1,468,222 | 682,802 | ||
VIE, Primary Beneficiary | Consolidated SLST CDOs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateralized debt obligations | 634,495 | 839,419 | ||
VIE, Primary Beneficiary | Residential loans, at fair value | Financing And Other VIEs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 2,443,696 | 1,872,311 | ||
VIE, Primary Beneficiary | Residential loans, at fair value | Residential Loan Securitizations | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 1,616,114 | 801,429 | ||
VIE, Primary Beneficiary | Residential loans, at fair value | Consolidated SLST | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | 827,582 | 1,070,882 | ||
VIE, Primary Beneficiary | Residential loans, at fair value | Consolidated Real Estate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Residential loans, at fair value | $ 0 | $ 0 | ||
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Interest expense | $ 129,419 | $ 79,284 | $ 223,068 |
Total net interest income | 128,969 | 127,582 | 127,093 |
Unrealized (losses) gains, net | (321,081) | 95,649 | (160,161) |
Total income from real estate | 141,656 | 15,230 | 419 |
Total non-interest (loss) income | (120,513) | 171,741 | (359,792) |
Expenses related to real estate | 255,235 | 32,813 | 763 |
Net loss | (340,649) | 188,476 | (288,243) |
Net loss (income) attributable to non-controlling interests | 42,044 | 4,724 | (267) |
Net (loss) income attributable to Company | (298,605) | 193,200 | (288,510) |
VIE, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Net loss (income) attributable to non-controlling interests | 38,190 | 704 | |
VIE, Primary Beneficiary | Financing And Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Interest income | 36,448 | 40,944 | 197,035 |
Interest expense | 25,145 | 28,135 | 161,425 |
Total net interest income | 11,303 | 12,809 | 35,610 |
Realized gains (losses), net | 924 | ||
Unrealized (losses) gains, net | (6,097) | 23,832 | (43,024) |
Total income from real estate | 134,722 | 12,339 | 419 |
Other income | 13,859 | (2,667) | |
Total non-interest (loss) income | 143,408 | 36,171 | (45,272) |
Expenses related to real estate | 245,650 | 29,164 | 763 |
Net loss | (90,939) | 19,816 | (10,425) |
Net loss (income) attributable to non-controlling interests | 42,044 | 4,724 | (267) |
Net (loss) income attributable to Company | (48,895) | 24,540 | (10,692) |
VIE, Primary Beneficiary | Consolidated K-Series | |||
Variable Interest Entity [Line Items] | |||
Interest income | 151,841 | ||
Interest expense | 129,762 | ||
Total net interest income | 22,079 | ||
Unrealized (losses) gains, net | (10,951) | ||
Total income from real estate | 0 | ||
Other income | 0 | ||
Total non-interest (loss) income | (10,951) | ||
Expenses related to real estate | 0 | ||
Net loss | 11,128 | ||
Net (loss) income attributable to Company | 11,128 | ||
VIE, Primary Beneficiary | Consolidated SLST | |||
Variable Interest Entity [Line Items] | |||
Interest income | 36,448 | 40,944 | 45,194 |
Interest expense | 25,145 | 28,135 | 31,663 |
Total net interest income | 11,303 | 12,809 | 13,531 |
Realized gains (losses), net | 0 | ||
Unrealized (losses) gains, net | (32,403) | 23,832 | (32,073) |
Total income from real estate | 0 | 0 | 0 |
Other income | 0 | 0 | |
Total non-interest (loss) income | (32,403) | 23,832 | (32,073) |
Expenses related to real estate | 0 | 0 | 0 |
Net loss | (21,100) | 36,641 | (18,542) |
Net (loss) income attributable to Company | (21,100) | 36,641 | (18,542) |
VIE, Primary Beneficiary | Consolidated Real Estate | |||
Variable Interest Entity [Line Items] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Total net interest income | 0 | 0 | 0 |
Realized gains (losses), net | 924 | ||
Unrealized (losses) gains, net | 26,306 | 0 | 0 |
Total income from real estate | 134,722 | 12,339 | 419 |
Other income | 13,859 | (2,667) | |
Total non-interest (loss) income | 175,811 | 12,339 | (2,248) |
Expenses related to real estate | 245,650 | 29,164 | 763 |
Net loss | (69,839) | (16,825) | (3,011) |
Net loss (income) attributable to non-controlling interests | 42,044 | 4,724 | (267) |
Net (loss) income attributable to Company | $ (27,795) | $ (12,101) | $ (3,278) |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Redeemable non-controlling interest in consolidated variable interest entities | $ 63,803 | $ 66,392 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs | (42,044) | (4,724) | $ 267 |
Adjustment of redeemable non-controlling interest to estimated redemption value | $ (44,237) | ||
Weighted Average | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Capitalization rate | 5.40% | ||
Discount rate | 14.50% | ||
Minimum | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Capitalization rate | 4.80% | ||
Discount rate | 13.60% | ||
Maximum | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Capitalization rate | 6% | ||
Discount rate | 15.40% | ||
VIE, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Redeemable non-controlling interest in consolidated variable interest entities | $ 16,900 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance | 66,392 | 0 | |
Initial consolidation of Consolidated VIEs | 0 | 67,096 | |
Contributions | 462 | 0 | |
Distributions | (7,083) | 0 | |
Net loss attributable to redeemable non-controlling interest in Consolidated VIEs | (38,190) | (704) | |
Adjustment of redeemable non-controlling interest to estimated redemption value | 44,237 | 0 | |
Redemption of redeemable non-controlling interest | (2,015) | 0 | |
Ending balance | $ 63,803 | $ 66,392 | $ 0 |
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 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | $ 6,240,745 | $ 5,658,301 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 663,049 | 861,402 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Total Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 278,936 | 401,005 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ABS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 856 | 39,679 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Non-Agency RMBS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 29,290 | 30,924 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Preferred equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 239,780 | 300,819 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Joint venture equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 9,010 | 10,440 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments in entities that invest in residential properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 19,143 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | Total Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 87,534 | 120,021 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | ABS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | Non-Agency RMBS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | Preferred equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 87,534 | 120,021 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | Joint venture equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Multi-family loans | Equity investments in entities that invest in residential properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | Total Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 30,146 | 70,603 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | ABS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 856 | 39,679 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | Non-Agency RMBS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 29,290 | 30,924 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | Preferred equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | Joint venture equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Investment securities available for sale, at fair value | Equity investments in entities that invest in residential properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | Total Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 152,246 | 210,381 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | ABS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | Non-Agency RMBS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | Preferred equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 152,246 | 180,798 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | Joint venture equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 10,440 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Equity investments | Equity investments in entities that invest in residential properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 19,143 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Assets of disposal group held for sale | Total Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 9,010 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Assets of disposal group held for sale | ABS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Assets of disposal group held for sale | Non-Agency RMBS | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Assets of disposal group held for sale | Preferred equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Assets of disposal group held for sale | Joint venture equity investments in multi-family properties | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 9,010 | ||
[1] Our 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 December 31, 2022 and December 31, 2021, assets of consolidated VIEs totaled $4,261,097 and $2,940,513, respectively, and the liabilities of consolidated VIEs totaled $3,403,257 and $2,235,665, respectively. See Note 7 for further discussion. |
Real Estate, Net - Summary of I
Real Estate, Net - Summary of Investment (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Land | $ 89,550 | $ 111,182 |
Building and improvements | 611,102 | 835,635 |
Furniture, fixture and equipment | 13,540 | 23,546 |
Operating real estate | 714,192 | 970,363 |
Accumulated depreciation | (21,224) | (3,890) |
Operating real estate, net | 692,968 | 966,473 |
Real estate held for sale, net | 0 | 51,110 |
Real estate, net | $ 692,968 | $ 1,017,583 |
Real Estate, Net - Narrative (D
Real Estate, Net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | ||||||
Net proceeds received from mortgages payable on real estate | $ (3,197) | $ (2,493) | $ 0 | |||
Loss on extinguishment of debt | $ 500 | $ 600 | (2,214) | 1,583 | 0 | |
Net (loss) income | (340,649) | $ 188,476 | $ (288,243) | |||
VIE, Primary Beneficiary | ||||||
Real Estate [Line Items] | ||||||
Loss on extinguishment of debt | $ 1,600 | |||||
VIE, Primary Beneficiary | Multi-Family - Operating | ||||||
Real Estate [Line Items] | ||||||
Proceeds from sale of real estate held for investment | 48,000 | 52,000 | ||||
Net proceeds received from mortgages payable on real estate | 26,000 | 37,000 | ||||
Sale generated a net gain | 16,800 | 400 | ||||
Loss on extinguishment of debt | 500 | $ 600 | ||||
Net (loss) income | $ 14,400 | |||||
VIE, Primary Beneficiary | Real Estate Investment | Multi-Family - Operating | ||||||
Real Estate [Line Items] | ||||||
Loss on transfer to real estate held-for-sale | $ (200) |
Real Estate, Net - Lease Intang
Real Estate, Net - Lease Intangibles (Details) - Lease Agreements - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Lease intangibles | $ 30,094 | $ 51,969 |
Accumulated amortization | (30,094) | (12,200) |
Lease intangibles, net | $ 0 | $ 39,769 |
Real Estate, Net - Components o
Real Estate, Net - Components of Income From Real Estate and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | |||
Total depreciation and amortization | $ 255,235 | $ 32,813 | $ 763 |
Real Estate | |||
Real Estate [Line Items] | |||
Depreciation expense on operating real estate | 47,179 | 5,662 | 155 |
Amortization of lease intangibles related to operating real estate | 79,645 | 13,588 | 231 |
Total depreciation and amortization | $ 126,824 | $ 19,250 | $ 386 |
Real Estate, Net - Expected Dep
Real Estate, Net - Expected Depreciation (Details) - VIE, Primary Beneficiary - Campus Lodge $ in Thousands | Dec. 31, 2022 USD ($) |
Real Estate [Line Items] | |
2023 | $ 23,780 |
2024 | 23,780 |
2025 | 23,780 |
2026 | 23,780 |
2027 | $ 21,587 |
Assets and Liabilities of Dis_3
Assets and Liabilities of Disposal Group Held for Sale - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized loss | $ 0 | |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment of real estate | 2,400,000 | |
VIE, Primary Beneficiary | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment of real estate | $ 1,800,000 | |
VIE, Primary Beneficiary | Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Noncontrolling interest in VIE | $ 23,900,000 |
Assets and Liabilities of Dis_4
Assets and Liabilities of Disposal Group Held for Sale - Carrying Values of Assets and Liabilities of Disposal Group Held for Sale (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Cash and cash equivalents | $ 13,944 |
Equity investments | 9,010 |
Real estate, net | 1,079,942 |
Other assets | 48,888 |
Total assets of disposal group held for sale | 1,151,784 |
Mortgages payable on real estate | 865,414 |
Other liabilities | 18,398 |
Total liabilities of disposal group held for sale | $ 883,812 |
Assets and Liabilities of Dis_5
Assets and Liabilities of Disposal Group Held for Sale - Pretax Losses of Disposal Group Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Pretax loss of disposal group held for sale | $ (55,243) | $ (12,216) |
Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs | 5,784 | 958 |
Pretax loss of disposal group attributable to Company's common stockholders | $ (49,459) | $ (11,258) |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | |||
Restricted cash included in other assets | $ 136,220 | $ 48,259 | $ 11,307 |
Accrued interest receivable | 34,067 | 26,688 | |
Real estate owned | 18,588 | 2,055 | |
Collections receivable from residential loan servicers | 15,374 | 28,634 | |
Other assets in consolidated multi-family properties | 13,681 | 21,668 | |
Recoverable advances on residential loans | 13,979 | 14,143 | |
Other receivables | 11,357 | 14,507 | |
Operating lease right-of-use assets | 7,831 | 9,011 | |
Deferred tax assets | 2,671 | 6,282 | |
Lease intangibles, net in consolidated multi-family properties | 0 | 39,769 | |
Other | 5,588 | 4,003 | |
Total | $ 259,356 | $ 215,019 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Dividends and dividend equivalents payable | $ 49,996 | $ 48,328 |
Accrued expenses | 15,576 | 13,408 |
Accrued interest payable | 10,629 | 9,051 |
Accrued expenses and other liabilities in consolidated multi-family properties | 10,511 | 22,583 |
Advanced remittances from residential loan servicers | 9,098 | 16,603 |
Operating lease liabilities | 8,383 | 9,584 |
Deferred revenue | 7,131 | 13,019 |
Unfunded commitments for residential loans | 2,950 | 21,364 |
Deferred tax liabilities | 394 | 6,681 |
Other | 1,323 | 460 |
Total | $ 115,991 | $ 161,081 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total | Total |
Repurchase Agreements - Company
Repurchase Agreements - Company's Repurchase Agreements (Details) - Repurchase agreements - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | $ 737,023 | $ 554,259 |
Residential loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | 686,946 | 554,259 |
Securities Investment | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | $ 50,077 | $ 0 |
Repurchase Agreements - Narrati
Repurchase Agreements - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) counterparty financialInstitution | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | $ 244,718,000 | $ 289,602,000 | $ 293,183,000 |
Repurchase agreements, number of financial institutions | financialInstitution | 4 | ||
Repurchase agreements, number of counterparties | counterparty | 1 | ||
Financings under repurchase agreements, aggregate outstanding balance | $ 241,700,000 | ||
Number of counterparties with amounts outstanding under repurchase agreements | counterparty | 1 | ||
Interest Rate Cap | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements, number of counterparties | counterparty | 1 | ||
Interest rate | 4.10% | ||
Notional amount | $ 111,000,000 | ||
Fair value of the interest rate cap contract | 1,500,000 | ||
Unrealized losses | (20,000) | ||
Repurchase agreements | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | 223,600,000 | ||
Unencumbered investment securities | $ 120,541,000 | ||
Weighted average advance rate | 30% | ||
Average interest rate haircut | 70% | ||
Average days to maturity | 9 days | ||
Weighted average interest rate | 5.28% | ||
Accrued interest payable | $ 600,000 | ||
Repurchase agreements | Residential loans | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Unencumbered investment securities | $ 214,400,000 | ||
Bank Of America | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreement percentage at risk | 6.82% |
Repurchase Agreements - Schedul
Repurchase Agreements - Schedule of Unencumbered Securities (Details) - Repurchase agreements $ in Thousands | Dec. 31, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 120,541 |
Non-Agency RMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 89,552 |
Non-Agency RMBS | Consolidated SLST | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 21,000 |
CMBS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 30,133 |
ABS | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 856 |
Repurchase Agreements - Sched_2
Repurchase Agreements - Schedule of Borrowings Under Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Repurchase Agreements | $ 50,077 | |||
Fair Value of Loans Pledged | 3,525,080 | $ 3,575,601 | $ 3,049,166 | $ 20,780,548 |
Repurchase agreements | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Repurchase Agreements | 50,077 | |||
Carrying Value of Repurchase Agreements | 737,023 | 554,259 | ||
Fair Value of Loans Pledged | $ 170,551 | |||
Weighted average months to maturity | 9 days | |||
Residential loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maximum Aggregate Uncommitted Principal Amount | $ 2,030,879 | 1,252,352 | ||
Outstanding Repurchase Agreements | 688,487 | 554,784 | ||
Net Deferred Finance Costs | (1,541) | (525) | ||
Fair Value of Loans Pledged | $ 867,033 | $ 729,649 | ||
Weighted Average Rate | 6.65% | 2.79% | ||
Weighted average months to maturity | 16 years 8 months 8 days | 4 years 4 months 17 days | ||
Residential loans | Repurchase agreements | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying Value of Repurchase Agreements | $ 686,946 | $ 554,259 | ||
Residential loans | Non-mark-to-market repurchase agreement | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Repurchase Agreements | $ 446,800 | $ 15,600 | ||
Weighted Average Rate | 6.77% | 4% | ||
Weighted average months to maturity | 23 years 11 months 15 days | 2 years 10 days |
Repurchase Agreements - Repurch
Repurchase Agreements - Repurchase Agreements Secured by Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Outstanding Repurchase Agreements | $ 50,077 | |||
Fair Value | 3,525,080 | $ 3,575,601 | $ 3,049,166 | $ 20,780,548 |
Repurchase agreements | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Outstanding Repurchase Agreements | 50,077 | |||
Fair Value | 170,551 | |||
Amortized Cost of Collateral Pledged | 210,733 | |||
Non-Agency RMBS | Repurchase agreements | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Outstanding Repurchase Agreements | 50,077 | |||
Fair Value | 170,551 | |||
Amortized Cost of Collateral Pledged | $ 210,733 |
Repurchase Agreements - Maturit
Repurchase Agreements - Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | $ 50,077 |
Within 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Repurchase agreements, maturities | 50,077 |
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 |
Collateralized Debt Obligatio_3
Collateralized Debt Obligations - Summary of Debt (Details) - Secured debt - Collateralized debt obligations - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Face amount | $ 2,197,606 | $ 1,500,378 |
Collateralized debt obligations | 2,102,717 | 1,522,221 |
Consolidated SLST | ||
Debt Instrument [Line Items] | ||
Face amount | 699,408 | 814,256 |
Collateralized debt obligations | $ 634,495 | $ 839,419 |
Weighted average interest rate (as a percent) | 2.75% | 2.75% |
Residential loan securitizations | ||
Debt Instrument [Line Items] | ||
Face amount | $ 1,498,198 | $ 686,122 |
Collateralized debt obligations | $ 1,468,222 | $ 682,802 |
Weighted average interest rate (as a percent) | 3.54% | 2.43% |
Collateralized Debt Obligatio_4
Collateralized Debt Obligations - Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 0 |
2024 | 0 |
2025 | 27,750 |
2026 | 127,357 |
2027 | 0 |
Thereafter | 387,346 |
Total | 542,453 |
Secured debt | Collateralized debt obligations | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 130,000 |
2027 | 225,000 |
Thereafter | 1,842,606 |
Total | $ 2,197,606 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 15, 2022 USD ($) | Apr. 27, 2021 USD ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 23, 2017 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior unsecured notes, net | $ 0 | $ 96,267,000 | $ 0 | |||||
Mortgages payable on real estate | 542,453,000 | |||||||
Net proceeds received from mortgages payable on real estate | (3,197,000) | (2,493,000) | 0 | |||||
Loss on extinguishment of debt | $ 500,000 | $ 600,000 | (2,214,000) | 1,583,000 | $ 0 | |||
VIE, Primary Beneficiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | 1,600,000 | |||||||
VIE, Primary Beneficiary | Multi-Family - Operating | ||||||||
Debt Instrument [Line Items] | ||||||||
Net proceeds received from mortgages payable on real estate | 26,000,000 | 37,000,000 | ||||||
Loss on extinguishment of debt | $ 500,000 | $ 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% | ||||||
Extinguishment of debt, amount | $ 138,000,000 | |||||||
Discount and deferred charges, net | $ 100,000 | |||||||
Cost of debt, percentage | 8.24% | |||||||
Effective interest rate | 96% | |||||||
Convertible note, conversion ratio | 0.1427144 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 7.01 | |||||||
Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six | 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 | |||||||
Mortgages payable on real estate | $ 100,000,000 | |||||||
Deferred loan fees, net | $ 2,600,000 | $ 3,300,000 | ||||||
Debt issuance costs, amortization rate | 6.64% | |||||||
Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six | Senior unsecured notes | Debt Instrument, Redemption, Period One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100% | |||||||
Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six | Senior unsecured notes | Debt Instrument, Redemption, Period Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100% | |||||||
Debt instrument, redemption price, percentage multiplyer | 2.875% | |||||||
Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six | Senior unsecured notes | Between BB+ And B+ Credit Rating | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate increase | 0.50% | |||||||
Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six | Senior unsecured notes | B+ Or Below Credit Rating | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate increase | 0.75% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense from Convertible Debt (Details) - Convertible notes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Contractual interest expense | $ 335 | $ 8,625 | $ 8,625 |
Amortization of underwriter's discount and deferred charges | 103 | 2,571 | 2,372 |
Total | $ 438 | $ 11,196 | $ 10,997 |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption Details (Details) - Five Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six - Senior unsecured notes | Apr. 27, 2021 |
Debt Instrument, Redemption, Period Two | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 2.875% |
Debt Instrument, Redemption, Period Three | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 1.4375% |
Debt Instrument, Redemption, Period Four | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 0% |
Debt - Preferred Securities (De
Debt - Preferred Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
NYM Preferred Trust I | |
Debt Instrument [Line Items] | |
Principal value of trust preferred securities | $ 25,000 |
NYM Preferred Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Interest rate, basis spread | 3.75% |
NYM Preferred Trust II | |
Debt Instrument [Line Items] | |
Principal value of trust preferred securities | $ 20,000 |
NYM Preferred Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Interest rate, basis spread | 3.95% |
Debt - Mortgages Payable on Rea
Debt - Mortgages Payable on Real Estate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total | $ 542,453,000 | ||
Unrealized (losses) gains, net | (321,081,000) | $ 95,649,000 | $ (160,161,000) |
Interest Rate Cap | |||
Debt Instrument [Line Items] | |||
Notional amount | $ 111,000,000 | ||
Interest Rate Cap | Not Designated as Hedging Instrument | |||
Debt Instrument [Line Items] | |||
Strike rate | 2% | ||
Notional amount | $ 29,000,000 | ||
Realized gains (losses), net | 900,000 | ||
Unrealized (losses) gains, net | 700,000 | ||
Interest Rate Cap | Not Designated as Hedging Instrument | Other Assets | |||
Debt Instrument [Line Items] | |||
Interest rate caps | 1,000,000 | ||
Mortgages | Joint Venture Investment | VIE, Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Maximum Committed Mortgage Principal Amount | 398,703,000 | 745,915,000 | |
Outstanding Mortgage Balance | 397,453,000 | ||
Net Deferred Finance Cost | (2,746,000) | ||
Total | $ 394,707,000 | ||
Weighted Average Interest Rate | 4.21% | ||
Mortgages | Preferred Equity Investment | VIE, Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Outstanding Mortgage Balance | 718,717,000 | ||
Net Deferred Finance Cost | (9,361,000) | ||
Total | $ 709,356,000 | ||
Weighted Average Interest Rate | 3.56% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 0 |
2024 | 0 |
2025 | 27,750 |
2026 | 127,357 |
2027 | 0 |
Thereafter | 387,346 |
Total | $ 542,453 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expense | $ 1.7 | $ 1.7 | $ 1.6 |
Security deposit | 0.7 | ||
Amount agreed to fund joint venture equity investments | $ 40 |
Commitments and Contingencies_2
Commitments and Contingencies - Obligations Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 1,732 |
2024 | 1,548 |
2025 | 1,604 |
2026 | 1,617 |
2027 | 1,471 |
Thereafter | 2,007 |
Total | $ 9,979 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Narrative (Details) - Interest Rate Swap - Not Designated as Hedging Instrument, Trading $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Realized loss on derivatives | $ (73.1) |
Reversal of unrealized losses on derivatives | 29 |
Loss on sale of derivatives | $ (44.1) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | $ 179,746 | $ 239,631 |
Assets of disposal group held for sale | 38,428 | 0 |
Total | 3,932,820 | 4,136,097 |
Liabilities carried at fair value | ||
Total | 634,495 | 839,419 |
Fair Value, Measurements, Recurring | Interest Rate Cap | ||
Assets carried at fair value | ||
Interest rate caps | 2,473 | 0 |
Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 827,582 | 1,070,882 |
Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans: | 1,081,384 | 1,703,290 |
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans: | 1,616,114 | 801,429 |
Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 87,534 | 120,021 |
Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 68,570 | 128,019 |
Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 30,133 | 33,146 |
Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 856 | 39,679 |
Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 634,495 | 839,419 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 0 | 0 |
Assets of disposal group held for sale | 0 | 0 |
Total | 0 | 0 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest Rate Cap | ||
Assets carried at fair value | ||
Interest rate caps | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans: | 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 | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 2 | ||
Assets carried at fair value | ||
Investment securities available for sale: | 99,559 | 200,844 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 0 | 0 |
Assets of disposal group held for sale | 29,418 | 0 |
Total | 131,450 | 200,844 |
Liabilities carried at fair value | ||
Total | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Cap | ||
Assets carried at fair value | ||
Interest rate caps | 2,473 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans: | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans: | 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: | 68,570 | 128,019 |
Level 2 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 30,133 | 33,146 |
Level 2 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 856 | 39,679 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 0 | 0 |
Level 3 | ||
Assets carried at fair value | ||
Equity investments | 179,746 | 239,631 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Equity investments | 179,746 | 239,631 |
Assets of disposal group held for sale | 9,010 | 0 |
Total | 3,801,370 | 3,935,253 |
Liabilities carried at fair value | ||
Total | 634,495 | 839,419 |
Level 3 | Fair Value, Measurements, Recurring | Interest Rate Cap | ||
Assets carried at fair value | ||
Interest rate caps | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans: | 827,582 | 1,070,882 |
Liabilities carried at fair value | ||
Multi-family collateralized debt obligations | 839,419 | |
Level 3 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans: | 1,081,384 | 1,703,290 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans: | 1,616,114 | 801,429 |
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 87,534 | 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 | ||
Multi-family collateralized debt obligations | $ 634,495 | $ 839,419 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 3,935,253,000 | $ 3,471,854,000 | $ 20,659,268,000 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (375,144,000) | 99,416,000 | 138,979,000 |
Transfers in | 500,793,000 | ||
Transfers out | (18,858,000) | (4,133,000) | (254,525,000) |
Transfers to securitization trust, net | 0 | 0 | 0 |
Transfer to disposal group held for sale | 0 | ||
Funding/Contributions | 28,086,000 | 145,143,000 | 80,500,000 |
Paydowns/Distributions | (1,501,232,000) | (1,281,879,000) | (744,378,000) |
Recovery of charge-off | 35,000 | ||
Sales | (77,127,000) | (17,478,375,000) | |
Purchases | 1,733,265,000 | 1,581,979,000 | 569,557,000 |
Balance at the end of period | $ 3,801,370,000 | $ 3,935,253,000 | $ 3,471,854,000 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total non-interest (loss) income | Total non-interest (loss) income | Total non-interest (loss) income |
VIE, Primary Beneficiary | |||
Total (losses)/gains (realized/unrealized) | |||
Sales | $ 16,589,867,000 | ||
VIE, Primary Beneficiary | Consolidated SLST | |||
Total (losses)/gains (realized/unrealized) | |||
Sales | (22,226,000) | ||
VIE, Primary Beneficiary | Consolidated K-Series | |||
Total (losses)/gains (realized/unrealized) | |||
Sales | 16,612,093,000 | ||
Residential loans | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 1,703,290,000 | $ 1,090,930,000 | 1,429,754,000 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (111,879,000) | 36,844,000 | (9,240,000) |
Transfers in | 164,279,000 | ||
Transfers out | (17,052,000) | (2,080,000) | (6,017,000) |
Transfers to securitization trust, net | (1,422,577,000) | (305,433,000) | (651,911,000) |
Transfer to disposal group held for sale | 0 | ||
Funding/Contributions | 0 | 0 | 0 |
Paydowns/Distributions | (712,214,000) | (618,790,000) | (308,600,000) |
Recovery of charge-off | 0 | ||
Sales | (74,751,000) | (96,892,000) | |
Purchases | 1,641,816,000 | 1,576,570,000 | 569,557,000 |
Balance at the end of period | 1,081,384,000 | 1,703,290,000 | 1,090,930,000 |
Residential loans | VIE, Primary Beneficiary | Consolidated SLST | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 1,070,882,000 | 1,266,785,000 | 1,328,886,000 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (128,236,000) | (35,953,000) | 27,898,000 |
Transfers in | 0 | ||
Transfers out | 0 | 0 | 0 |
Transfers to securitization trust, net | 0 | 0 | 0 |
Transfer to disposal group held for sale | 0 | ||
Funding/Contributions | 0 | 0 | 0 |
Paydowns/Distributions | (115,064,000) | (159,950,000) | (89,999,000) |
Recovery of charge-off | 0 | ||
Sales | 0 | 0 | |
Purchases | 0 | 0 | 0 |
Balance at the end of period | 827,582,000 | 1,070,882,000 | 1,266,785,000 |
Residential loans held in securitization trusts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 801,429,000 | 691,451,000 | 0 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (162,518,000) | 43,001,000 | 31,402,000 |
Transfers in | 46,572,000 | ||
Transfers out | (1,806,000) | (2,053,000) | (2,492,000) |
Transfers to securitization trust, net | 1,422,577,000 | 305,433,000 | 651,911,000 |
Transfer to disposal group held for sale | 0 | ||
Funding/Contributions | 0 | 0 | 0 |
Paydowns/Distributions | (535,017,000) | (239,436,000) | (35,942,000) |
Recovery of charge-off | 0 | ||
Sales | (2,376,000) | 0 | |
Purchases | 91,449,000 | 5,409,000 | 0 |
Balance at the end of period | 1,616,114,000 | 801,429,000 | 691,451,000 |
Multi-family loans | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 120,021,000 | 163,593,000 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 9,531,000 | 18,795,000 | |
Transfers out | 0 | 0 | |
Transfers to securitization trust, net | 0 | 0 | |
Transfer to disposal group held for sale | 0 | ||
Funding/Contributions | 0 | 37,678,000 | |
Paydowns/Distributions | (42,018,000) | (100,045,000) | |
Sales | 0 | ||
Purchases | 0 | 0 | |
Balance at the end of period | 87,534,000 | 120,021,000 | 163,593,000 |
Multi-family loans | VIE, Primary Beneficiary | Consolidated K-Series | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | 17,816,746,000 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 41,795,000 | ||
Transfers in | 0 | ||
Transfers out | (237,297,000) | ||
Transfers to securitization trust, net | 0 | ||
Funding/Contributions | 0 | ||
Paydowns/Distributions | (239,796,000) | ||
Recovery of charge-off | 35,000 | ||
Sales | (17,381,483,000) | ||
Purchases | 0 | ||
Balance at the end of period | 0 | ||
Preferred equity and mezzanine loan investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 163,593,000 | 0 | |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 20,454,000 | ||
Transfers in | 182,465,000 | ||
Transfers out | (8,719,000) | ||
Transfers to securitization trust, net | 0 | ||
Funding/Contributions | 14,164,000 | ||
Paydowns/Distributions | (44,771,000) | ||
Recovery of charge-off | 0 | ||
Sales | 0 | ||
Purchases | 0 | ||
Balance at the end of period | 163,593,000 | ||
Equity investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 239,631,000 | 259,095,000 | 83,882,000 |
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | 18,884,000 | 36,729,000 | 26,670,000 |
Transfers in | 107,477,000 | ||
Transfers out | 0 | 0 | 0 |
Transfers to securitization trust, net | 0 | 0 | 0 |
Transfer to disposal group held for sale | (9,936,000) | ||
Funding/Contributions | 28,086,000 | 107,465,000 | 66,336,000 |
Paydowns/Distributions | (96,919,000) | (163,658,000) | (25,270,000) |
Recovery of charge-off | 0 | ||
Sales | 0 | 0 | |
Purchases | 0 | 0 | 0 |
Balance at the end of period | 179,746,000 | 239,631,000 | $ 259,095,000 |
Equity investments in disposal group held for sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Total (losses)/gains (realized/unrealized) | |||
Included in earnings | (926,000) | ||
Transfers out | 0 | ||
Transfers to securitization trust, net | 0 | ||
Transfer to disposal group held for sale | 9,936,000 | ||
Funding/Contributions | 0 | ||
Paydowns/Distributions | 0 | ||
Purchases | 0 | ||
Balance at the end of period | $ 9,010,000 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total gains (realized/unrealized) | |||
Sales | $ 77,127,000 | $ 17,478,375,000 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total non-interest (loss) income | Total non-interest (loss) income | Total non-interest (loss) income |
VIE, Primary Beneficiary | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 1,054,335,000 | $ 17,777,280,000 | |
Total gains (realized/unrealized) | |||
Included in earnings | 103,782,000 | ||
Paydowns | (236,860,000) | ||
Sales | (16,589,867,000) | ||
Balance at the end of period | 1,054,335,000 | ||
VIE, Primary Beneficiary | Consolidated K-Series | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 0 | 16,724,451,000 | |
Total gains (realized/unrealized) | |||
Included in earnings | 35,018,000 | ||
Paydowns | (147,376,000) | ||
Sales | (16,612,093,000) | ||
Balance at the end of period | 0 | ||
VIE, Primary Beneficiary | Consolidated SLST | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 839,419,000 | 1,054,335,000 | 1,052,829,000 |
Total gains (realized/unrealized) | |||
Included in earnings | (90,077,000) | (54,154,000) | 68,764,000 |
Paydowns | (114,847,000) | (160,762,000) | (89,484,000) |
Sales | 22,226,000 | ||
Balance at the end of period | $ 634,495,000 | $ 839,419,000 | $ 1,054,335,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Significant Unobservable Outputs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
VIE, Primary Beneficiary | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations | $ 634,495,000 | $ 839,419,000 |
VIE, Primary Beneficiary | Consolidated SLST | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 191,500,000 | 230,300,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | 3,525,080,000 | |
Fair Value | 179,746,000 | 239,631,000 |
Level 3 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 152,246,000 | |
Level 3 | VIE, Primary Beneficiary | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations | 634,495,000 | $ 839,419,000 |
Level 3 | VIE, Primary Beneficiary | Consolidated SLST | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | 827,582,000 | |
Level 3 | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateralized debt obligations | 634,495,000 | |
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 9,010,000 | |
Level 3 | Weighted Average | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 0% | |
Level 3 | Weighted Average | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 0% | |
Level 3 | Weighted Average | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.171 | |
Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.053 | |
Level 3 | Weighted Average | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 13.50% | |
Level 3 | Weighted Average | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 16% | |
Level 3 | Weighted Average | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 21 months | |
Level 3 | Weighted Average | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 23 months | |
Level 3 | Weighted Average | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.057 | |
Level 3 | Weighted Average | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.016 | |
Level 3 | Minimum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0 | |
Level 3 | Minimum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.047 | |
Level 3 | Minimum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 13% | |
Level 3 | Minimum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 16% | |
Level 3 | Minimum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 2 months | |
Level 3 | Minimum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 23 months | |
Level 3 | Minimum | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.025 | |
Level 3 | Minimum | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0 | |
Level 3 | Maximum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.198 | |
Level 3 | Maximum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.078 | |
Level 3 | Maximum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 15.50% | |
Level 3 | Maximum | Discount Rate | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 16% | |
Level 3 | Maximum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 34 months | |
Level 3 | Maximum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input, redemption period | 23 months | |
Level 3 | Maximum | Measurement Input Collateral Prepayment Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.066 | |
Level 3 | Maximum | Measurement Input Collateral Default Rate | Valuation Technique, Discounted Cash Flow | VIE, Primary Beneficiary | Consolidated SLST | Consolidated SLST CDOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measurement input | 0.115 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 2,578,229,000 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 119,269,000 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 4.40% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.50% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.40% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 8.20% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.70% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0.10% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 23 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Weighted Average | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 1,591,892 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 0% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 6.10% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 7.50% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | (4.80%) | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 9 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Minimum | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 15,300 | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Lifetime CPR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 45.30% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Lifetime CDR | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 23.80% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input, Loss Severity | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 96.50% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 88.40% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Yield | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 28.50% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Annual Home Price Appreciation | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input | 11.80% | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input Liquidation Timeline Period | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, measurement input, liquidation timeline, months | 50 months | |
Residential Loans And Residential Loans Held In Securitization Trusts | Level 3 | Maximum | Measurement Input, Appraised Value | Valuation Technique Liquidation Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential loans, fair value | $ 13,800,000 | |
Multi-family loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Multi-family loans, at fair value | $ 87,534,000 | |
Multi-family loans | Level 3 | Weighted Average | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, measurement input | 0% | |
Multi-family loans | Level 3 | Weighted Average | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 12.40% | |
Multi-family loans | Level 3 | Weighted Average | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 36 months | |
Multi-family loans | Level 3 | Minimum | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 11% | |
Multi-family loans | Level 3 | Minimum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 9 months | |
Multi-family loans | Level 3 | Maximum | Discount Rate | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input | 20.50% | |
Multi-family loans | Level 3 | Maximum | Measurement Input Months To Assumed Redemption | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments, measurement input, assumed redemption period | 54 months |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized (losses) gains, net | Unrealized (losses) gains, net | Unrealized (losses) gains, net |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized (losses) gains, net | Unrealized (losses) gains, net | Unrealized (losses) gains, net |
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | $ (124,834) | $ (31,128) | $ 33,479 |
Consolidated SLST | 92,431 | 54,960 | (65,552) |
Level 3 | Residential loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | (57,892) | 31,222 | 16,449 |
Level 3 | Residential loans held in securitization trusts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | (219,647) | 35,570 | 17,785 |
Level 3 | Multi-family loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | (1,737) | 1,924 | (682) |
Level 3 | Investments in unconsolidated entities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | (4,338) | 3,990 | 256 |
Level 3 | Equity investments in disposal group held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Multi-family loans held in securitization trusts, at fair value | $ (1,430) | $ 0 | $ 0 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | |||
Cash and cash equivalents | $ 244,718 | $ 289,602 | $ 293,183 |
Equity investments | 179,746 | 239,631 | |
Equity investments in disposal group held for sale, carrying value | 9,010 | ||
Collateralized Debt Obligations [Abstract] | |||
Subordinated debentures | 45,000 | 45,000 | |
Convertible notes | 0 | 137,898 | |
Senior unsecured notes | 97,384 | $ 96,704 | |
Mortgages payable on real estate | $ 542,453 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Residential loan securitizations at amortized cost, net | |||
Collateralized Debt Obligations [Abstract] | |||
Collateralized debt obligations | $ 1,468,222 | $ 682,802 | |
Residential loan securitizations at amortized cost, net | VIE, Primary Beneficiary | |||
Collateralized Debt Obligations [Abstract] | |||
Collateralized debt obligations | 1,468,222 | 682,802 | |
Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Collateralized Debt Obligations [Abstract] | |||
Collateralized debt obligations | 634,495 | 839,419 | |
Level 1 | |||
Financial Assets: | |||
Cash and cash equivalents | 244,718 | 289,602 | |
Cash and cash equivalents, estimated fair value | 244,718 | 289,602 | |
Level 3 | |||
Financial Assets: | |||
Equity investments | 179,746 | 239,631 | |
Equity investments, estimated fair value | 179,746 | 239,631 | |
Equity investments in disposal group held for sale, carrying value | 9,010 | 0 | |
Equity investments in disposal group held for sale, estimated fair value | 9,010 | 0 | |
Collateralized Debt Obligations [Abstract] | |||
Subordinated debentures | 45,000 | 45,000 | |
Subordinated debentures, fair value | 32,721 | 44,388 | |
Level 3 | Mortgages | |||
Collateralized Debt Obligations [Abstract] | |||
Mortgages payable on real estate | 394,707 | 709,356 | |
Mortgages payable on operating real estate, fair value | 377,327 | 712,112 | |
Mortgages payable on real estate in disposal group held for sale, carrying value | 865,414 | 0 | |
Mortgages payable on real estate in disposal group held for sale, estimated fair value | 864,758 | 0 | |
Level 3 | Residential loan securitizations at amortized cost, net | |||
Collateralized Debt Obligations [Abstract] | |||
Collateralized debt obligations | 1,468,222 | 682,802 | |
Collateralized debt obligations, fair value | 1,383,715 | 686,027 | |
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Collateralized Debt Obligations [Abstract] | |||
Collateralized debt obligations | 634,495 | 839,419 | |
Collateralized debt obligations, fair value | 634,495 | 839,419 | |
Level 3 | Residential loans | |||
Financial Assets: | |||
Residential loans, carrying value | 3,525,080 | 3,575,601 | |
Residential mortgage loans at fair value | 3,525,080 | 3,575,601 | |
Level 3 | Multi-family loans | |||
Financial Assets: | |||
Preferred equity and mezzanine loan investments | 87,534 | 120,021 | |
Preferred equity and mezzanine loan investments, estimated fair value | 87,534 | 120,021 | |
Level 2 | |||
Financial Assets: | |||
Investment securities, available for sale | 99,559 | 200,844 | |
Derivative asset, carrying value | 2,473 | 0 | |
Derivative asset, estimated fair value | 2,473 | 0 | |
Derivative assets in disposal group held for sale, carrying value | 29,418 | 0 | |
Derivative assets in disposal group held for sale, estimated fair value | 29,418 | 0 | |
Collateralized Debt Obligations [Abstract] | |||
Convertible notes | 0 | 137,898 | |
Convertible debt, fair value | 0 | 138,011 | |
Senior unsecured notes | 97,384 | 96,704 | |
Senior unsecured notes, fair value | 91,104 | 102,215 | |
Level 2 | Repurchase agreements | |||
Financial Liabilities: | |||
Repurchase agreements | $ 737,023 | $ 554,259 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) quarter director $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | Feb. 28, 2022 USD ($) | Aug. 06, 2021 shares | |
Class of Stock [Line Items] | |||||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||
Stock issuance, net | $ | $ 512,090 | ||||||
Preferred stock, redemption price per share (USD per share) | $ / shares | $ 25 | ||||||
Net income | $ | $ (42,044) | $ (4,724) | $ 267 | ||||
Preferred stock redemption period | 120 days | ||||||
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Common stock, shares issued (in shares) | 364,774,752 | 379,405,240 | |||||
Common stock, shares outstanding (in shares) | 364,774,752 | 379,405,240 | |||||
Common stock, share repurchase program, amount authorized | $ | $ 200,000 | ||||||
Shares repurchased (in shares) | 16,629,615 | ||||||
Common stock repurchases | $ | $ 44,399 | ||||||
Fees and commissions paid | $ | $ 200 | ||||||
Average cost per share (in usd per share) | $ / shares | $ 2.67 | ||||||
Remaining authorized repurchase amount | $ | $ 155,800 | ||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.40 | $ 0.40 | $ 0.225 | ||||
Ordinary Income | |||||||
Class of Stock [Line Items] | |||||||
Common stock dividend per share (in dollars per share) | $ / shares | 0.15 | 0.09 | 0.180 | ||||
Capital Gain Distribution | |||||||
Class of Stock [Line Items] | |||||||
Common stock dividend per share (in dollars per share) | $ / shares | 0.04 | ||||||
Return of Capital | |||||||
Class of Stock [Line Items] | |||||||
Common stock dividend per share (in dollars per share) | $ / shares | $ 0.25 | $ 0.27 | $ 0.045 | ||||
Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares issued (in shares) | 22,284,994 | 22,284,994 | |||||
Preferred stock, shares outstanding (in shares) | 22,284,994 | 22,284,994 | |||||
Stock issuance, net | $ | $ 130 | $ 210,738 | |||||
Minimum number of quarters without dividends that result in voting rights | quarter | 6 | ||||||
Number of additional directors elected | director | 2 | ||||||
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, dividend rate (as a percent) | 8% | 8% | |||||
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, dividend rate (as a percent) | 7.875% | 7.875% | |||||
Series F Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 5,750,000 | 7,750,000 | 7,750,000 | 2,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||
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, dividend rate (as a percent) | 6.875% | 6.875% | |||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||
Series F Preferred Stock | Underwritten Public Offering | |||||||
Class of Stock [Line Items] | |||||||
Stock issuance, net | $ | $ 138,600 | ||||||
Series G Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 3,000,000 | 5,450,000 | 3,450,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||
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, dividend rate (as a percent) | 7% | 7% | |||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||
Series G Preferred Stock | Underwritten Public Offering | |||||||
Class of Stock [Line Items] | |||||||
Stock issuance, net | $ | $ 72,100 | ||||||
Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate (as a percent) | 7.875% | ||||||
Preferred stock, redemption price per share (USD per share) | $ / shares | $ 25.08 | ||||||
Net income | $ | $ 3,400 | ||||||
Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate (as a percent) | 7.75% | ||||||
Liquidation preference (USD per share) | $ / shares | $ 25 | ||||||
Preferred stock, redemption price per share (USD per share) | $ / shares | $ 25.34 | ||||||
Net income | $ | $ 2,700 |
Stockholders_ Equity - Summary
Stockholders’ Equity - Summary of Preferred Stock Issued and Outstanding (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Aug. 06, 2021 | Jul. 31, 2021 | |
Class of Stock [Line Items] | |||||
Carrying Value | $ 538,351,000 | $ 538,221,000 | |||
Liquidation preference (USD per share) | $ 25 | ||||
Preferred Stock Series Shares | |||||
Class of Stock [Line Items] | |||||
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 | |||
Carrying Value | $ 538,351,000 | $ 538,221,000 | |||
Liquidation Preference | $ 557,125,000 | $ 557,125,000 | |||
Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
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 | |||
Carrying Value | $ 148,134,000 | $ 148,134,000 | |||
Liquidation Preference | $ 153,087,000 | $ 153,087,000 | |||
Contractual Rate | 8% | 8% | |||
Series D Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Floating annual rate | 5.695% | 5.695% | |||
Series E Preferred Stock | |||||
Class of Stock [Line Items] | |||||
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 | |||
Carrying Value | $ 179,349,000 | $ 179,349,000 | |||
Liquidation Preference | $ 185,288,000 | $ 185,288,000 | |||
Contractual Rate | 7.875% | 7.875% | |||
Series E Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Floating annual rate | 6.429% | 6.429% | |||
Series F Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Shares authorized (in shares) | 7,750,000 | 7,750,000 | 2,000,000 | 5,750,000 | |
Preferred stock, shares issued (in shares) | 5,750,000 | 5,750,000 | |||
Preferred stock, shares outstanding (in shares) | 5,750,000 | 5,750,000 | |||
Carrying Value | $ 138,650,000 | $ 138,650,000 | |||
Liquidation Preference | $ 143,750,000 | $ 143,750,000 | |||
Contractual Rate | 6.875% | 6.875% | |||
Liquidation preference (USD per share) | $ 25 | ||||
Series F Preferred Stock | LIBOR | |||||
Class of Stock [Line Items] | |||||
Floating annual rate | 6.13% | ||||
Series F Preferred Stock | SOFR | |||||
Class of Stock [Line Items] | |||||
Floating annual rate | 6.13% | ||||
Series G Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Shares authorized (in shares) | 5,450,000 | 3,450,000 | 3,000,000 | ||
Preferred stock, shares issued (in shares) | 3,000,000 | 3,000,000 | |||
Preferred stock, shares outstanding (in shares) | 3,000,000 | 3,000,000 | |||
Carrying Value | $ 72,218,000 | $ 72,088,000 | |||
Liquidation Preference | $ 75,000,000 | $ 75,000,000 | |||
Contractual Rate | 7% | 7% | |||
Liquidation preference (USD per share) | $ 25 |
Stockholders_ Equity - Dividend
Stockholders’ Equity - Dividends on Preferred Stock (Details) - $ / shares | Jan. 15, 2023 | Oct. 15, 2022 | Jul. 15, 2022 | Apr. 15, 2022 | Jan. 15, 2022 | Oct. 15, 2021 | Jul. 15, 2021 | Apr. 15, 2021 | Jan. 15, 2021 | Oct. 15, 2020 | Jul. 15, 2020 |
Series B Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.484375 | $ 0.968750 | |
Series B Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0 | ||||||||||
Series C Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.9843750 | |
Series C Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0 | ||||||||||
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 | 0.50 | 0.50 | 0.50 | 1 | |
Series D Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 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 | 0.4921875 | 0.4921875 | 0.4921875 | 0.9843750 | |
Series E Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.4921875 | ||||||||||
Series F Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.4296875 | 0.4296875 | 0.4296875 | 0.4296875 | 0.4679000 | 0 | 0 | 0 | 0 | 0 | |
Series F Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | 0.4296875 | ||||||||||
Series G Preferred Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.24792 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Series G Preferred Stock | Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Cash Dividend Per Share (in dollars per share) | $ 0.43750 |
Stockholders_ Equity - Divide_2
Stockholders’ Equity - Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |||||||||||
Dividends declared per common share (in dollars per share) | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.100 | $ 0.075 | $ 0.050 |
Stockholders_ Equity - Schedule
Stockholders’ Equity - Schedule of Company's Public Offering of Common Stock (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2020 | Jan. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Net Proceeds | $ 0 | $ 0 | $ 511,924 | ||
Common Stock | Underwritten Public Offering | |||||
Class of Stock [Line Items] | |||||
Stock issued (in shares) | 50,600,000 | 34,500,000 | |||
Net Proceeds | $ 305,274 | $ 206,650 |
Stockholders_ Equity - Equity D
Stockholders’ Equity - Equity Distribution Agreements (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Aug. 10, 2021 | Nov. 27, 2019 | Mar. 29, 2019 | |
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Equity Distribution Agreements | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Common stock subscriptions (up to) | $ 100 | ||||
Common stock reserved for issuance | 72.5 | ||||
Stock issued (in shares) | 0 | 0 | |||
Common stock reserved for future issuance | $ 100 | ||||
Preferred Stock, value, subscriptions (up to) | $ 149.1 | $ 131.5 | |||
Preferred Equity Distribution Agreement | |||||
Class of Stock [Line Items] | |||||
Stock issued (in shares) | 0 | 0 | |||
Preferred Stock, value, subscriptions (up to) | $ 50 | ||||
Preferred stock, available for future issuance | $ 100 |
(Loss) Earnings Per Common Sh_3
(Loss) Earnings Per Common Share - Basic and Diluted Net (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic (Loss) Earnings per Common Share | |||
Net (loss) income attributable to Company | $ (298,605,000) | $ 193,200,000 | $ (288,510,000) |
Less: Preferred Stock dividends | (41,972,000) | (42,859,000) | (41,186,000) |
Preferred stock redemption charge | 0 | (6,165,000) | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (340,577,000) | $ 144,176,000 | $ (329,696,000) |
Basic weighted average common shares outstanding (in shares) | 377,287 | 379,232 | 371,004 |
Basic (Loss) Earnings per Common Share (in dollars per share) | $ (0.90) | $ 0.38 | $ (0.89) |
Diluted (Loss) Earnings per Common Share: | |||
Net (loss) income attributable to Company | $ (298,605,000) | $ 193,200,000 | $ (288,510,000) |
Less: Preferred Stock dividends | (41,972,000) | (42,859,000) | (41,186,000) |
Less: Preferred Stock redemption charge | 0 | (6,165,000) | 0 |
Net (loss) income attributable to Company’s common stockholders | $ (340,577,000) | $ 144,176,000 | $ (329,696,000) |
Weighted average common shares outstanding-diluted (in shares) | 377,287 | 379,232 | 371,004 |
Diluted weighted average common shares outstanding (in shares) | 377,287 | 380,968 | 371,004 |
Diluted (Loss) Earnings per Common Share (in USD per share) | $ (0.90) | $ 0.38 | $ (0.89) |
6.25% senior convertible notes due 2022 | Convertible notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Principal value of trust preferred securities | $ 138,000,000 | ||
Performance Shares | |||
Diluted (Loss) Earnings per Common Share: | |||
Net effect of assumed PSUs vested | 0 | 1,541 | 0 |
RSUs | |||
Diluted (Loss) Earnings per Common Share: | |||
Net effect of assumed PSUs vested | 0 | 195 | 0 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum shares issuable (in shares) | 43,170,000 | |||
Common shares reserved for issuance (in shares) | 28,796,097 | 31,367,872 | ||
2017 Plan | Non-employee director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued (in shares) | 687,503 | |||
2017 Plan | Non-employee director | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued (in shares) | 919,019 | |||
2017 Plan | Employee | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued (in shares) | 3,809,403 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding, unvested restricted stock (in shares) | 2,104,568 | 1,909,107 | 1,603,766 | 837,123 |
Non-cash compensation expense | $ 4.6 | $ 4.3 | $ 3.8 | |
Unrecognized compensation expense | $ 4.5 | 5.1 | ||
Weighted average period to recognize the unrecognized compensation expense | 1 year 8 months 12 days | |||
Fair value of shares vested | $ 3.3 | $ 2.5 | $ 1.8 | |
Shares vested (in shares) | 924,548 | 621,438 | 287,611 | |
Restricted Stock | 2010 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding, unvested restricted stock (in shares) | 0 | |||
Restricted Stock | 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding, unvested restricted stock (in shares) | 2,104,568 | 1,909,107 | ||
Restricted Stock | 2017 Plan | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock issued (in shares) | 2,689,394 | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value assumptions, expected term | 3 years | |||
Expected term for expected volatility rate | 3 years | |||
Performance Shares | 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for issuance (in shares) | 6,233,373 | 6,168,886 | ||
Non-cash compensation expense | $ 6.1 | $ 5.5 | $ 5 | |
Unrecognized compensation expense | $ 5.7 | 7.6 | $ 5.7 | |
Weighted average period to recognize the unrecognized compensation expense | 1 year 6 months | |||
Fair value of shares vested | $ 2.6 | $ 3.7 | ||
Award vesting period | 3 years | 3 years | 3 years | |
Number of consecutive trading days for Total Shareholder Return (TSR) calculation | 30 days | |||
Fair value assumptions, expected term | 3 years | |||
Shares vested (in shares) | 733,496 | 974,074 | ||
Vested shares target (in shares) | 1,074,918 | 842,792 | ||
Performance Shares | 2017 Plan | 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% | |||
Performance Shares | 2017 Plan | 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% | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares outstanding, unvested restricted stock (in shares) | 1,054,880 | 1,016,252 | 441,746 | 0 |
Unrecognized compensation expense | $ 2 | $ 2.7 | $ 1.8 | |
Weighted average period to recognize the unrecognized compensation expense | 1 year 6 months | |||
Fair value of shares vested | $ 1.4 | $ 0.5 | ||
Requisite service period | 3 years | 3 years | ||
Shares vested (in shares) | 383,639 | 147,254 | 0 | |
RSUs | 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved for issuance (in shares) | 1,054,880 | 1,016,252 | ||
Non-cash compensation expense | $ 2.3 | $ 1.7 | $ 0.9 | |
Award vesting period | 3 years |
Stock Based Compensation - Non-
Stock Based Compensation - Non-vested Restricted Stock Options and PSUs (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 1,909,107 | 1,603,766 | 837,123 |
Granted (in shares) | 1,217,671 | 1,058,211 | 1,054,254 |
Vested (in shares) | (924,548) | (621,438) | (287,611) |
Forfeited (in shares) | (97,662) | (131,432) | 0 |
Non-vested shares, ending balance (in shares) | 2,104,568 | 1,909,107 | 1,603,766 |
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 5.05 | $ 6.27 | $ 6.18 |
Granted (in dollars per share) | 3.59 | 3.86 | 6.33 |
Vested (in dollars per share) | 5.44 | 5.41 | 6.22 |
Forfeited (in dollars per share) | 3.92 | 4.92 | 0 |
Non-vested shares, ending balance (in dollars per share) | $ 4.09 | $ 5.05 | $ 6.27 |
PSUs, Target | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 3,376,740 | 2,902,014 | 2,018,518 |
Granted (in shares) | 844,534 | 1,631,661 | 883,496 |
Vested (in shares) | (1,074,918) | (842,792) | 0 |
Forfeited (in shares) | 0 | (314,143) | 0 |
Non-vested shares, ending balance (in shares) | 3,146,356 | 3,376,740 | 2,902,014 |
PSUs | |||
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 5.43 | $ 4.98 | $ 4.09 |
Granted (in dollars per share) | 4.87 | 5.56 | 7.03 |
Vested (in dollars per share) | 4 | 4.20 | 0 |
Forfeited (in dollars per share) | 0 | 5.29 | 0 |
Non-vested shares, ending balance (in dollars per share) | $ 5.76 | $ 5.43 | $ 4.98 |
RSUs | |||
Number of Non-vested Restricted Shares | |||
Non-vested shares, beginning balance (in shares) | 1,016,252 | 441,746 | 0 |
Granted (in shares) | 422,267 | 815,830 | 441,746 |
Vested (in shares) | (383,639) | (147,254) | 0 |
Forfeited (in shares) | 0 | (94,070) | 0 |
Non-vested shares, ending balance (in shares) | 1,054,880 | 1,016,252 | 441,746 |
Weighted Average Per Share Grant Date Fair Value | |||
Non-vested shares, beginning balance (in dollars per share) | $ 4.36 | $ 6.23 | $ 0 |
Granted (in dollars per share) | 3.72 | 3.69 | 6.23 |
Vested (in dollars per share) | 4.58 | 6.23 | 0 |
Forfeited (in dollars per share) | 0 | 4.37 | 0 |
Non-vested shares, ending balance (in dollars per share) | $ 4.03 | $ 4.36 | $ 6.23 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax provision | |||
Federal | $ 2,355 | $ 280 | $ 1,225 |
State | 862 | 5 | 151 |
Total current income tax provision | 3,217 | 285 | 1,376 |
Deferred income tax (benefit) provision | |||
Federal | (1,649) | 1,339 | (244) |
State | (1,026) | 834 | (151) |
Total deferred income tax (benefit) provision | (2,675) | 2,173 | (395) |
Total income tax provision | $ 542 | $ 2,458 | $ 981 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
(Benefit) provision at statutory rate | $ (71,422) | $ 41,088 | $ (60,381) |
Provision at statutory rate (as a percent) | 21% | 21% | 21% |
Non-taxable REIT loss (income) | $ 64,479 | $ (36,691) | $ 58,783 |
Non-taxable REIT income (as a percent) | (19.00%) | (18.80%) | (20.40%) |
State and local tax (benefit) provision | $ (78) | $ 825 | $ 150 |
State and local tax provision (as a percent) | 0% | 0.40% | (0.10%) |
Other | $ (6,057) | $ 225 | $ (45) |
Other (as a percent) | 1.80% | 0.10% | 0% |
Valuation allowance | $ 13,620 | $ (2,989) | $ 2,474 |
Valuation allowance (as a percent) | (4.00%) | (1.50%) | (0.90%) |
Total income tax provision | $ 542 | $ 2,458 | $ 981 |
Total provision (as a percent) | (0.20%) | 1.20% | (0.40%) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Net operating loss carryforward | $ 3,513 | $ 3,615 |
Capital loss carryover | 16,045 | 7,549 |
GAAP/Tax basis differences | 1,869 | 254 |
Total deferred tax assets | 21,427 | 11,418 |
Deferred tax liabilities | ||
GAAP/Tax basis differences | 394 | 6,681 |
Total deferred tax liabilities | 394 | 6,681 |
Valuation allowance | (18,756) | (5,136) |
Total net deferred tax asset (liability) | $ 2,277 | |
Total net deferred tax asset (liability) | $ (399) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Change in the valuation for the current year | $ 13.6 |
Taxable REIT Subsidiaries | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward | 10.3 |
Capital losses | $ 47.1 |
Net Interest Income (Details)
Net Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total interest income | $ 258,388 | $ 206,866 | $ 350,161 |
Derivatives | 0 | 0 | 868 |
Total interest expense | 129,419 | 79,284 | 223,068 |
Total net interest income | 128,969 | 127,582 | 127,093 |
Convertible notes | |||
Interest expense | 438 | 11,196 | 10,997 |
Senior unsecured notes | |||
Senior unsecured notes | 6,430 | 4,335 | 0 |
Subordinated debentures | |||
Subordinated debentures | 2,590 | 1,831 | 2,187 |
Residential loans | |||
Interest income | 113,131 | 83,852 | 69,170 |
Consolidated SLST | VIE, Primary Beneficiary | |||
Interest income | 36,448 | 40,944 | 45,194 |
Interest expense | 25,145 | 28,135 | 31,663 |
Residential loans held in securitization trusts | |||
Interest income | 80,119 | 38,941 | 12,612 |
Total residential loans | |||
Interest income | 229,698 | 163,737 | 126,976 |
Preferred equity and mezzanine loan investments | |||
Interest income | 11,185 | 15,321 | 20,899 |
Consolidated K-Series | VIE, Primary Beneficiary | |||
Interest income | 0 | 0 | 151,841 |
Interest expense | 0 | 0 | 129,762 |
Total multi-family loans | |||
Interest income | 11,185 | 15,321 | 172,740 |
Investment securities available for sale | |||
Investment securities available for sale | 15,825 | 27,750 | 49,925 |
Other | |||
Other | 1,680 | 58 | 520 |
Repurchase agreements | |||
Interest expense | 51,432 | 13,844 | 37,334 |
Residential loan securitizations | |||
Interest expense | 43,384 | 19,660 | 6,967 |
Non-Agency RMBS re-securitization | |||
Interest expense | 0 | 283 | 3,290 |
Total collateralized debt obligations | |||
Interest expense | $ 68,529 | $ 48,078 | $ 171,682 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 09, 2023 | Feb. 28, 2023 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Stock split (in shares) | 0.25 | |
Residential Loan Securitizations | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Repurchase of residential loan securitization (in dollars per value) | $ 60.3 | |
Proceeds from sales of residential loans | $ 58.7 |
Subsequent Events - Pro Forma (
Subsequent Events - Pro Forma (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||
Net (loss) income attributable to Company’s common stockholders | $ (340,577) | $ 144,176 | $ (329,696) |
Net (loss) income attributable to Company’s common stockholders | $ (340,577) | $ 144,176 | $ (329,696) |
Basic earnings (loss) per common share (in USD per share) | $ (0.90) | $ 0.38 | $ (0.89) |
Diluted earnings (loss) per common share (in USD per share) | $ (0.90) | $ 0.38 | $ (0.89) |
Weighted average shares outstanding-basic (in shares) | 377,287 | 379,232 | 371,004 |
Weighted average shares outstanding-diluted (in shares) | 377,287 | 380,968 | 371,004 |
Pro Forma | |||
Subsequent Event [Line Items] | |||
Net (loss) income attributable to Company’s common stockholders | $ (340,577) | $ 144,176 | $ (329,696) |
Net (loss) income attributable to Company’s common stockholders | $ (340,577) | $ 144,176 | $ (329,696) |
Basic earnings (loss) per common share (in USD per share) | $ (3.61) | $ 1.52 | $ (3.55) |
Diluted earnings (loss) per common share (in USD per share) | $ (3.61) | $ 1.51 | $ (3.55) |
Weighted average shares outstanding-basic (in shares) | 94,322 | 94,808 | 92,751 |
Weighted average shares outstanding-diluted (in shares) | 94,322 | 95,242 | 92,751 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) realEstateProperty | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 521 | |||
Encumbrances | $ 1,260,119 | |||
Initial Cost to Company | ||||
Land | 218,635 | |||
Buildings and Improvements | 1,541,437 | |||
Total Adjustment to Basis | 62,105 | |||
Gross Amount at Close of Period | ||||
Land | 218,479 | |||
Buildings and Improvements | 1,603,698 | |||
Total | 1,822,177 | |||
Accumulated Depreciation | (49,267) | |||
Cost of consolidated real estate for federal income tax purposes | $ 1,800,000 | |||
Total Operating Real Estate | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 504 | |||
Encumbrances | $ 394,707 | |||
Initial Cost to Company | ||||
Land | 89,550 | |||
Buildings and Improvements | 597,414 | |||
Total Adjustment to Basis | 27,228 | |||
Gross Amount at Close of Period | ||||
Land | 89,550 | |||
Buildings and Improvements | 624,642 | |||
Total | 714,192 | $ 970,363 | $ 50,686 | $ 0 |
Accumulated Depreciation | $ (21,224) | $ (3,890) | $ (154) | $ 0 |
Multi-Family - Operating | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 13 | |||
Encumbrances | $ 394,707 | |||
Initial Cost to Company | ||||
Land | 62,121 | |||
Buildings and Improvements | 491,020 | |||
Total Adjustment to Basis | 9,299 | |||
Gross Amount at Close of Period | ||||
Land | 62,121 | |||
Buildings and Improvements | 500,319 | |||
Total | 562,440 | |||
Accumulated Depreciation | $ (18,702) | |||
Multi-Family - Operating | Beaufort, SC | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 24,327 | |||
Initial Cost to Company | ||||
Land | 6,113 | |||
Buildings and Improvements | 30,894 | |||
Total Adjustment to Basis | 954 | |||
Gross Amount at Close of Period | ||||
Land | 6,113 | |||
Buildings and Improvements | 31,848 | |||
Total | 37,961 | |||
Accumulated Depreciation | $ (1,228) | |||
Multi-Family - Operating | Beaufort, SC | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Beaufort, SC | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Dallas, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 30,587 | |||
Initial Cost to Company | ||||
Land | 3,616 | |||
Buildings and Improvements | 40,497 | |||
Total Adjustment to Basis | 779 | |||
Gross Amount at Close of Period | ||||
Land | 3,616 | |||
Buildings and Improvements | 41,276 | |||
Total | 44,892 | |||
Accumulated Depreciation | $ (1,622) | |||
Multi-Family - Operating | Dallas, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Dallas, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Dallas, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 27,234 | |||
Initial Cost to Company | ||||
Land | 5,728 | |||
Buildings and Improvements | 34,635 | |||
Total Adjustment to Basis | 750 | |||
Gross Amount at Close of Period | ||||
Land | 5,728 | |||
Buildings and Improvements | 35,385 | |||
Total | 41,113 | |||
Accumulated Depreciation | $ (1,392) | |||
Multi-Family - Operating | Dallas, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Dallas, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | San Antonio, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 35,803 | |||
Initial Cost to Company | ||||
Land | 6,827 | |||
Buildings and Improvements | 43,240 | |||
Total Adjustment to Basis | 1,424 | |||
Gross Amount at Close of Period | ||||
Land | 6,827 | |||
Buildings and Improvements | 44,664 | |||
Total | 51,491 | |||
Accumulated Depreciation | $ (1,633) | |||
Multi-Family - Operating | San Antonio, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | San Antonio, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | San Antonio, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 24,046 | |||
Initial Cost to Company | ||||
Land | 3,116 | |||
Buildings and Improvements | 35,223 | |||
Total Adjustment to Basis | 301 | |||
Gross Amount at Close of Period | ||||
Land | 3,116 | |||
Buildings and Improvements | 35,524 | |||
Total | 38,640 | |||
Accumulated Depreciation | $ (1,335) | |||
Multi-Family - Operating | San Antonio, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | San Antonio, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Collierville, TN | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 39,510 | |||
Initial Cost to Company | ||||
Land | 3,113 | |||
Buildings and Improvements | 45,616 | |||
Total Adjustment to Basis | 1,215 | |||
Gross Amount at Close of Period | ||||
Land | 3,113 | |||
Buildings and Improvements | 46,831 | |||
Total | 49,944 | |||
Accumulated Depreciation | $ (1,858) | |||
Multi-Family - Operating | Collierville, TN | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Collierville, TN | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Little Rock, AR | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 25,371 | |||
Initial Cost to Company | ||||
Land | 2,366 | |||
Buildings and Improvements | 27,229 | |||
Total Adjustment to Basis | 431 | |||
Gross Amount at Close of Period | ||||
Land | 2,366 | |||
Buildings and Improvements | 27,660 | |||
Total | 30,026 | |||
Accumulated Depreciation | $ (1,097) | |||
Multi-Family - Operating | Little Rock, AR | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Little Rock, AR | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Columbia, SC | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 17,216 | |||
Initial Cost to Company | ||||
Land | 2,420 | |||
Buildings and Improvements | 21,363 | |||
Total Adjustment to Basis | 742 | |||
Gross Amount at Close of Period | ||||
Land | 2,420 | |||
Buildings and Improvements | 22,105 | |||
Total | 24,525 | |||
Accumulated Depreciation | $ (811) | |||
Multi-Family - Operating | Columbia, SC | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Columbia, SC | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | St. Petersburg, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 56,253 | |||
Initial Cost to Company | ||||
Land | 9,823 | |||
Buildings and Improvements | 74,801 | |||
Total Adjustment to Basis | 1,000 | |||
Gross Amount at Close of Period | ||||
Land | 9,823 | |||
Buildings and Improvements | 75,801 | |||
Total | 85,624 | |||
Accumulated Depreciation | $ (2,991) | |||
Multi-Family - Operating | St. Petersburg, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | St. Petersburg, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Louisville, KY | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 43,155 | |||
Initial Cost to Company | ||||
Land | 5,567 | |||
Buildings and Improvements | 52,819 | |||
Total Adjustment to Basis | 303 | |||
Gross Amount at Close of Period | ||||
Land | 5,567 | |||
Buildings and Improvements | 53,122 | |||
Total | 58,689 | |||
Accumulated Depreciation | $ (1,936) | |||
Multi-Family - Operating | Louisville, KY | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Louisville, KY | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Houston, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 22,854 | |||
Initial Cost to Company | ||||
Land | 6,406 | |||
Buildings and Improvements | 25,211 | |||
Total Adjustment to Basis | 714 | |||
Gross Amount at Close of Period | ||||
Land | 6,406 | |||
Buildings and Improvements | 25,925 | |||
Total | 32,331 | |||
Accumulated Depreciation | $ (1,117) | |||
Multi-Family - Operating | Houston, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Houston, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Montgomery, AL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 20,898 | |||
Initial Cost to Company | ||||
Land | 3,367 | |||
Buildings and Improvements | 26,967 | |||
Total Adjustment to Basis | 211 | |||
Gross Amount at Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 27,178 | |||
Total | 30,545 | |||
Accumulated Depreciation | $ (819) | |||
Multi-Family - Operating | Montgomery, AL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Montgomery, AL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Operating | Memphis, TN | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 27,453 | |||
Initial Cost to Company | ||||
Land | 3,659 | |||
Buildings and Improvements | 32,525 | |||
Total Adjustment to Basis | 475 | |||
Gross Amount at Close of Period | ||||
Land | 3,659 | |||
Buildings and Improvements | 33,000 | |||
Total | 36,659 | |||
Accumulated Depreciation | $ (863) | |||
Multi-Family - Operating | Memphis, TN | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Operating | Memphis, TN | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 491 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 27,429 | |||
Buildings and Improvements | 106,394 | |||
Total Adjustment to Basis | 17,929 | |||
Gross Amount at Close of Period | ||||
Land | 27,429 | |||
Buildings and Improvements | 124,323 | |||
Total | 151,752 | |||
Accumulated Depreciation | $ (2,522) | |||
Single-Family Rental - Operating | Chicago, IL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 232 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 10,359 | |||
Buildings and Improvements | 50,114 | |||
Total Adjustment to Basis | 9,371 | |||
Gross Amount at Close of Period | ||||
Land | 10,359 | |||
Buildings and Improvements | 59,485 | |||
Total | 69,844 | |||
Accumulated Depreciation | $ (1,660) | |||
Single-Family Rental - Operating | Chicago, IL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Chicago, IL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Baltimore, MD | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 132 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 10,587 | |||
Buildings and Improvements | 28,062 | |||
Total Adjustment to Basis | 4,378 | |||
Gross Amount at Close of Period | ||||
Land | 10,587 | |||
Buildings and Improvements | 32,440 | |||
Total | 43,027 | |||
Accumulated Depreciation | $ (362) | |||
Single-Family Rental - Operating | Baltimore, MD | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Baltimore, MD | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Houston, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 83 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,390 | |||
Buildings and Improvements | 19,912 | |||
Total Adjustment to Basis | 2,266 | |||
Gross Amount at Close of Period | ||||
Land | 4,390 | |||
Buildings and Improvements | 22,178 | |||
Total | 26,568 | |||
Accumulated Depreciation | $ (371) | |||
Single-Family Rental - Operating | Houston, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Houston, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Pittsburgh, PA | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 29 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,098 | |||
Buildings and Improvements | 4,777 | |||
Total Adjustment to Basis | 1,401 | |||
Gross Amount at Close of Period | ||||
Land | 1,098 | |||
Buildings and Improvements | 6,178 | |||
Total | 7,276 | |||
Accumulated Depreciation | $ (84) | |||
Single-Family Rental - Operating | Pittsburgh, PA | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Pittsburgh, PA | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Tampa, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 12 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 890 | |||
Buildings and Improvements | 3,036 | |||
Total Adjustment to Basis | 390 | |||
Gross Amount at Close of Period | ||||
Land | 890 | |||
Buildings and Improvements | 3,426 | |||
Total | 4,316 | |||
Accumulated Depreciation | $ (39) | |||
Single-Family Rental - Operating | Tampa, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Tampa, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Bedford, OH | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 61 | |||
Buildings and Improvements | 263 | |||
Total Adjustment to Basis | 103 | |||
Gross Amount at Close of Period | ||||
Land | 61 | |||
Buildings and Improvements | 366 | |||
Total | 427 | |||
Accumulated Depreciation | $ (3) | |||
Single-Family Rental - Operating | Bedford, OH | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Bedford, OH | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Single-Family Rental - Operating | Milwaukee, WI | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 44 | |||
Buildings and Improvements | 230 | |||
Total Adjustment to Basis | 20 | |||
Gross Amount at Close of Period | ||||
Land | 44 | |||
Buildings and Improvements | 250 | |||
Total | 294 | |||
Accumulated Depreciation | $ (3) | |||
Single-Family Rental - Operating | Milwaukee, WI | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 7 years 6 months | |||
Single-Family Rental - Operating | Milwaukee, WI | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Real Estate in Disposal Group Held for Sale | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | ||||
Encumbrances | ||||
Initial Cost to Company | ||||
Land | ||||
Buildings and Improvements | ||||
Total Adjustment to Basis | ||||
Gross Amount at Close of Period | ||||
Land | ||||
Buildings and Improvements | ||||
Total | ||||
Accumulated Depreciation | ||||
Multi-Family - Disposal Group | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 17 | |||
Encumbrances | $ 865,412 | |||
Initial Cost to Company | ||||
Land | 129,085 | |||
Buildings and Improvements | 944,023 | |||
Total Adjustment to Basis | 34,877 | |||
Gross Amount at Close of Period | ||||
Land | 128,929 | |||
Buildings and Improvements | 979,056 | |||
Total | 1,107,985 | |||
Accumulated Depreciation | $ (28,043) | |||
Multi-Family - Disposal Group | Fort Myers, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 37,882 | |||
Initial Cost to Company | ||||
Land | 7,546 | |||
Buildings and Improvements | 34,504 | |||
Total Adjustment to Basis | 4,467 | |||
Gross Amount at Close of Period | ||||
Land | 7,546 | |||
Buildings and Improvements | 38,971 | |||
Total | 46,517 | |||
Accumulated Depreciation | $ (1,865) | |||
Multi-Family - Disposal Group | Fort Myers, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Fort Myers, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Fort Worth, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 23,176 | |||
Initial Cost to Company | ||||
Land | 3,202 | |||
Buildings and Improvements | 23,614 | |||
Total Adjustment to Basis | 2,289 | |||
Gross Amount at Close of Period | ||||
Land | 3,202 | |||
Buildings and Improvements | 25,903 | |||
Total | 29,105 | |||
Accumulated Depreciation | $ (1,162) | |||
Multi-Family - Disposal Group | Fort Worth, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Fort Worth, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Tampa, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 52,164 | |||
Initial Cost to Company | ||||
Land | 10,152 | |||
Buildings and Improvements | 53,668 | |||
Total Adjustment to Basis | 3,359 | |||
Gross Amount at Close of Period | ||||
Land | 10,152 | |||
Buildings and Improvements | 57,027 | |||
Total | 67,179 | |||
Accumulated Depreciation | $ (2,633) | |||
Multi-Family - Disposal Group | Tampa, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Tampa, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Birmingham, AL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 32,040 | |||
Initial Cost to Company | ||||
Land | 2,823 | |||
Buildings and Improvements | 42,373 | |||
Total Adjustment to Basis | 438 | |||
Gross Amount at Close of Period | ||||
Land | 2,823 | |||
Buildings and Improvements | 42,811 | |||
Total | 45,634 | |||
Accumulated Depreciation | $ (1,685) | |||
Multi-Family - Disposal Group | Birmingham, AL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Birmingham, AL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Pearland, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 6,082 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,351 | |||
Total Adjustment to Basis | 447 | |||
Gross Amount at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 8,798 | |||
Total | 8,798 | |||
Accumulated Depreciation | $ (326) | |||
Multi-Family - Disposal Group | Pearland, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Pearland, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Pearland, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 21,375 | |||
Initial Cost to Company | ||||
Land | 2,744 | |||
Buildings and Improvements | 27,590 | |||
Total Adjustment to Basis | 703 | |||
Gross Amount at Close of Period | ||||
Land | 2,744 | |||
Buildings and Improvements | 28,293 | |||
Total | 31,037 | |||
Accumulated Depreciation | $ (1,123) | |||
Multi-Family - Disposal Group | Pearland, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Pearland, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Orlando, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 37,722 | |||
Initial Cost to Company | ||||
Land | 9,012 | |||
Buildings and Improvements | 36,435 | |||
Total Adjustment to Basis | 1,876 | |||
Gross Amount at Close of Period | ||||
Land | 9,012 | |||
Buildings and Improvements | 38,311 | |||
Total | 47,323 | |||
Accumulated Depreciation | $ (1,273) | |||
Multi-Family - Disposal Group | Orlando, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Orlando, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Birmingham, AL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 73,547 | |||
Initial Cost to Company | ||||
Land | 5,875 | |||
Buildings and Improvements | 88,029 | |||
Total Adjustment to Basis | (1,092) | |||
Gross Amount at Close of Period | ||||
Land | 5,719 | |||
Buildings and Improvements | 87,093 | |||
Total | 92,812 | |||
Accumulated Depreciation | $ (2,766) | |||
Multi-Family - Disposal Group | Birmingham, AL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Birmingham, AL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Brandon, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 42,109 | |||
Initial Cost to Company | ||||
Land | 3,884 | |||
Buildings and Improvements | 48,869 | |||
Total Adjustment to Basis | 2,763 | |||
Gross Amount at Close of Period | ||||
Land | 3,884 | |||
Buildings and Improvements | 51,632 | |||
Total | 55,516 | |||
Accumulated Depreciation | $ (1,578) | |||
Multi-Family - Disposal Group | Brandon, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Brandon, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Plano, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 55,646 | |||
Initial Cost to Company | ||||
Land | 11,229 | |||
Buildings and Improvements | 60,404 | |||
Total Adjustment to Basis | 2,278 | |||
Gross Amount at Close of Period | ||||
Land | 11,229 | |||
Buildings and Improvements | 62,682 | |||
Total | 73,911 | |||
Accumulated Depreciation | $ (1,707) | |||
Multi-Family - Disposal Group | Plano, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Plano, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Plano, TX | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 65,399 | |||
Initial Cost to Company | ||||
Land | 12,543 | |||
Buildings and Improvements | 70,444 | |||
Total Adjustment to Basis | 2,476 | |||
Gross Amount at Close of Period | ||||
Land | 12,543 | |||
Buildings and Improvements | 72,920 | |||
Total | 85,463 | |||
Accumulated Depreciation | $ (1,981) | |||
Multi-Family - Disposal Group | Plano, TX | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Plano, TX | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Oklahoma City, OK | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 37,351 | |||
Initial Cost to Company | ||||
Land | 4,377 | |||
Buildings and Improvements | 42,322 | |||
Total Adjustment to Basis | 2,839 | |||
Gross Amount at Close of Period | ||||
Land | 4,377 | |||
Buildings and Improvements | 45,161 | |||
Total | 49,538 | |||
Accumulated Depreciation | $ (1,352) | |||
Multi-Family - Disposal Group | Oklahoma City, OK | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Oklahoma City, OK | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Oklahoma City, OK | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 36,593 | |||
Initial Cost to Company | ||||
Land | 4,581 | |||
Buildings and Improvements | 40,885 | |||
Total Adjustment to Basis | 2,628 | |||
Gross Amount at Close of Period | ||||
Land | 4,581 | |||
Buildings and Improvements | 43,513 | |||
Total | 48,094 | |||
Accumulated Depreciation | $ (1,355) | |||
Multi-Family - Disposal Group | Oklahoma City, OK | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Oklahoma City, OK | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Brandon, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 184,944 | |||
Initial Cost to Company | ||||
Land | 29,821 | |||
Buildings and Improvements | 185,610 | |||
Total Adjustment to Basis | 6,780 | |||
Gross Amount at Close of Period | ||||
Land | 29,821 | |||
Buildings and Improvements | 192,390 | |||
Total | 222,211 | |||
Accumulated Depreciation | $ (3,956) | |||
Multi-Family - Disposal Group | Brandon, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Brandon, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Apopka, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 51,611 | |||
Initial Cost to Company | ||||
Land | 8,009 | |||
Buildings and Improvements | 58,247 | |||
Total Adjustment to Basis | 889 | |||
Gross Amount at Close of Period | ||||
Land | 8,009 | |||
Buildings and Improvements | 59,136 | |||
Total | 67,145 | |||
Accumulated Depreciation | $ (1,086) | |||
Multi-Family - Disposal Group | Apopka, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Apopka, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Kissimmee, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 61,560 | |||
Initial Cost to Company | ||||
Land | 10,586 | |||
Buildings and Improvements | 68,003 | |||
Total Adjustment to Basis | 988 | |||
Gross Amount at Close of Period | ||||
Land | 10,586 | |||
Buildings and Improvements | 68,991 | |||
Total | 79,577 | |||
Accumulated Depreciation | $ (1,266) | |||
Multi-Family - Disposal Group | Kissimmee, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Kissimmee, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years | |||
Multi-Family - Disposal Group | Pensacola, FL | ||||
Real estate properties and accumulated depreciation | ||||
Number of Properties | realEstateProperty | 1 | |||
Encumbrances | $ 46,211 | |||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Improvements | 54,675 | |||
Total Adjustment to Basis | 749 | |||
Gross Amount at Close of Period | ||||
Land | 2,701 | |||
Buildings and Improvements | 55,424 | |||
Total | 58,125 | |||
Accumulated Depreciation | $ (929) | |||
Multi-Family - Disposal Group | Pensacola, FL | Minimum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 5 years | |||
Multi-Family - Disposal Group | Pensacola, FL | Maximum | ||||
Gross Amount at Close of Period | ||||
Depreciable Period (Years) | 30 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation III - Notes to Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Operating Real Estate | |||
Balance at end of period | $ 1,822,177 | ||
Reconciliation of Accumulated Depreciation for Operating Real Estate | |||
Depreciation | (126,824) | $ (19,250) | $ (386) |
Balance at end of period | 49,267 | ||
Total Operating Real Estate | |||
Reconciliation of Operating Real Estate | |||
Balance at beginning of period | 970,363 | 50,686 | 0 |
Acquisitions | 827,882 | 963,651 | 50,480 |
Improvements | 49,468 | 9,219 | 206 |
Reclassification to held for sale or disposal group held for sale | (1,133,521) | (53,193) | 0 |
Balance at end of period | 714,192 | 970,363 | 50,686 |
Reconciliation of Accumulated Depreciation for Operating Real Estate | |||
Balance at beginning of period | 3,890 | 154 | 0 |
Depreciation | (47,179) | (5,662) | (154) |
Reclassification to held for sale or disposal group held for sale | 29,845 | 1,926 | 0 |
Balance at end of period | $ 21,224 | $ 3,890 | $ 154 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan counterparty | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fair Value of Loans Pledged | $ 3,525,080 | $ 3,575,601 | $ 3,049,166 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 303,157 | ||
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate | |||
Beginning balance | 3,575,601 | 3,049,166 | 20,780,548 |
Additions during period: | |||
Purchases | 1,733,265 | 1,581,979 | 569,557 |
Accretion of purchase discount | 5,292 | 4,154 | 5,265 |
Change in realized and unrealized gains | (404,524) | 44,564 | 101,957 |
Deductions during period: | |||
Repayments of principal | (1,362,294) | (1,018,176) | (674,337) |
Collection of interest | 0 | 0 | 0 |
Transfer to investment securities available for sale | 0 | 0 | (237,297) |
Transfer to REO | (18,858) | (4,133) | (8,509) |
Cost of loans sold | 0 | (77,127) | (17,478,478) |
Provision for loan loss | 0 | 0 | 0 |
Amortization of premium | (3,402) | (4,826) | (15,352) |
Balance at end of period | 3,525,080 | 3,575,601 | 3,049,166 |
Cumulative Effect, Period of Adoption, Adjustment | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Fair Value of Loans Pledged | 0 | 0 | |
Reconciliation of Balance Sheet Reported Amounts of Mortgage Loans on Real Estate | |||
Beginning balance | $ 0 | 0 | 5,812 |
Deductions during period: | |||
Balance at end of period | $ 0 | $ 0 | |
Mortgage Loans Under $100,000 | First lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 333 | ||
Fair Value of Loans Pledged | $ 9,272 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 462 | ||
Deductions during period: | |||
Balance at end of period | $ 9,272 | ||
Mortgage Loans Under $100,000 | First lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 2% | ||
Mortgage Loans Under $100,000 | First lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 14.99% | ||
Mortgage Loans Under $100,000 | First lien loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 1,776 | ||
Fair Value of Loans Pledged | $ 86,794 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 8,923 | ||
Deductions during period: | |||
Balance at end of period | $ 86,794 | ||
Mortgage Loans Under $100,000 | First lien loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 1.38% | ||
Mortgage Loans Under $100,000 | First lien loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 14.29% | ||
Mortgage Loans Under $100,000 | Second lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 187 | ||
Fair Value of Loans Pledged | $ 6,281 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 450 | ||
Deductions during period: | |||
Balance at end of period | $ 6,281 | ||
Mortgage Loans Under $100,000 | Second lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.75% | ||
Mortgage Loans Under $100,000 | Second lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 8.88% | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 276 | ||
Fair Value of Loans Pledged | $ 45,808 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 1,853 | ||
Deductions during period: | |||
Balance at end of period | $ 45,808 | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.25% | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13% | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | counterparty | 380 | ||
Fair Value of Loans Pledged | $ 53,978 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 1,425 | ||
Deductions during period: | |||
Balance at end of period | $ 53,978 | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4% | ||
Mortgage Loans Under $100,000 | Business purpose loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13% | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 333 | ||
Fair Value of Loans Pledged | $ 37,214 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 405 | ||
Deductions during period: | |||
Balance at end of period | $ 37,214 | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 2.13% | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.72% | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 2,236 | ||
Fair Value of Loans Pledged | $ 227,081 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 20,136 | ||
Deductions during period: | |||
Balance at end of period | $ 227,081 | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 0% | ||
Mortgage Loans Between $100,000 - $199,999 | First lien loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.85% | ||
Mortgage Loans Between $100,000 - $199,999 | Second lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 12 | ||
Fair Value of Loans Pledged | $ 1,259 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Deductions during period: | |||
Balance at end of period | $ 1,259 | ||
Mortgage Loans Between $100,000 - $199,999 | Second lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.25% | ||
Mortgage Loans Between $100,000 - $199,999 | Second lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 8.63% | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 255 | ||
Fair Value of Loans Pledged | $ 50,122 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 5,023 | ||
Deductions during period: | |||
Balance at end of period | $ 50,122 | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.25% | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13% | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | counterparty | 527 | ||
Fair Value of Loans Pledged | $ 74,963 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 510 | ||
Deductions during period: | |||
Balance at end of period | $ 74,963 | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 3.75% | ||
Mortgage Loans Between $100,000 - $199,999 | Business purpose loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12.25% | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 270 | ||
Fair Value of Loans Pledged | $ 49,466 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 866 | ||
Deductions during period: | |||
Balance at end of period | $ 49,466 | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 1.88% | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.50% | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 1,092 | ||
Fair Value of Loans Pledged | $ 188,444 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 15,714 | ||
Deductions during period: | |||
Balance at end of period | $ 188,444 | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 0% | ||
Mortgage Loans Between $200,000 - $299,999 | First lien loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.90% | ||
Mortgage Loans Between $200,000 - $299,999 | Second lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 4 | ||
Fair Value of Loans Pledged | $ 714 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Deductions during period: | |||
Balance at end of period | $ 714 | ||
Mortgage Loans Between $200,000 - $299,999 | Second lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.75% | ||
Mortgage Loans Between $200,000 - $299,999 | Second lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.75% | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 171 | ||
Fair Value of Loans Pledged | $ 50,510 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 6,240 | ||
Deductions during period: | |||
Balance at end of period | $ 50,510 | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.63% | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12.49% | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | counterparty | 281 | ||
Fair Value of Loans Pledged | $ 66,168 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 1,070 | ||
Deductions during period: | |||
Balance at end of period | $ 66,168 | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 3.50% | ||
Mortgage Loans Between $200,000 - $299,999 | Business purpose loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12% | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 390 | ||
Fair Value of Loans Pledged | $ 141,546 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 648 | ||
Deductions during period: | |||
Balance at end of period | $ 141,546 | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 1.99% | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 8.50% | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 1,305 | ||
Fair Value of Loans Pledged | $ 420,189 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 31,884 | ||
Deductions during period: | |||
Balance at end of period | $ 420,189 | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 1.88% | ||
Mortgage Loans Over $299,999 | First lien loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.75% | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 651 | ||
Fair Value of Loans Pledged | $ 689,192 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 54,065 | ||
Deductions during period: | |||
Balance at end of period | $ 689,192 | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4% | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13% | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans held in securitization trusts | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | counterparty | 586 | ||
Fair Value of Loans Pledged | $ 498,497 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 10,307 | ||
Deductions during period: | |||
Balance at end of period | $ 498,497 | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans held in securitization trusts | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 3.49% | ||
Mortgage Loans Over $299,999 | Business purpose loans | Residential loans held in securitization trusts | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12.25% | ||
First lien loans | Consolidated SLST | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Number of Loans | loan | 6,160 | ||
Fair Value of Loans Pledged | $ 827,582 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 143,176 | ||
Deductions during period: | |||
Balance at end of period | $ 827,582 | ||
First lien loans | Consolidated SLST | Minimum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 1.38% | ||
First lien loans | Consolidated SLST | Maximum | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.50% |