Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32216 | |
Entity Registrant Name | NEW YORK MORTGAGE TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-0934168 | |
Entity Address, Address Line One | 90 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10016 | |
City Area Code | 212 | |
Local Phone Number | 792-0107 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,683,228 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001273685 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Common Stock, par value $0.01 per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NYMT | |
Security Exchange Name | NASDAQ | |
8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTN | |
Security Exchange Name | NASDAQ | |
7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTM | |
Security Exchange Name | NASDAQ | |
6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTL | |
Security Exchange Name | NASDAQ | |
7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | |
Trading Symbol | NYMTZ | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Investment securities available for sale, at fair value | $ 1,602,215 | $ 99,559 | |
Equity investments, at fair value | 155,583 | 179,746 | |
Cash and cash equivalents | 228,333 | 244,718 | |
Real estate, net | 704,508 | 692,968 | |
Assets of disposal group held for sale | 909,731 | 1,151,784 | |
Other assets | 245,170 | 259,356 | |
Total Assets | [1] | 6,937,870 | 6,240,745 |
Liabilities: | |||
Senior unsecured notes | 97,924 | 97,384 | |
Subordinated debentures | 45,000 | 45,000 | |
Mortgages payable on real estate, net | 396,810 | 394,707 | |
Liabilities of disposal group held for sale | 767,329 | 883,812 | |
Other liabilities | 116,626 | 115,991 | |
Total Liabilities | [1] | 5,321,289 | 4,376,634 |
Commitments and Contingencies (See Note 15) | |||
Redeemable Non-Controlling Interest in Consolidated Variable Interest Entities | 21,026 | 63,803 | |
Stockholders' Equity: | |||
Preferred stock, par value $0.01 per share, 31,500,000 shares authorized, 22,164,414 and 22,284,994 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively ($554,110 and $557,125 aggregate liquidation preference as of September 30, 2023 and December 31, 2022, respectively) | 535,445 | 538,351 | |
Common stock, par value $0.01 per share, 200,000,000 shares authorized, 90,684,441 and 91,193,688 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 907 | 912 | |
Additional paid-in capital | 2,307,195 | 2,282,691 | |
Accumulated other comprehensive loss | (1,827) | (1,970) | |
Accumulated deficit | (1,266,492) | (1,052,768) | |
Company's stockholders' equity | 1,575,228 | 1,767,216 | |
Non-controlling interests | 20,327 | 33,092 | |
Total equity | 1,595,555 | 1,800,308 | |
Total Liabilities and Equity | 6,937,870 | 6,240,745 | |
Repurchase agreements | |||
Liabilities: | |||
Repurchase agreements | 1,994,728 | 737,023 | |
Collateralized Debt Obligations | |||
Liabilities: | |||
Collateralized debt obligations ($584,741 at fair value and $1,318,131 at amortized cost, net as of September 30, 2023 and $634,495 at fair value and $1,468,222 at amortized cost, net as of December 31, 2022) | 1,902,872 | 2,102,717 | |
Residential loans, at fair value | |||
ASSETS | |||
Residential loans, at fair value | 2,993,895 | 3,525,080 | |
Multi-family loans | |||
ASSETS | |||
Multi-family loans, at fair value | $ 98,435 | $ 87,534 | |
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $3,822,228 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,092,097 and $3,403,257, respectively. See Note 7 for further discussion. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($) | Sep. 30, 2023 | Feb. 22, 2023 | Feb. 21, 2023 | Dec. 31, 2022 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 800,000,000 | 200,000,000 | |
Common stock, shares, issued (in shares) | 90,684,441 | 91,193,688 | |||
Common stock, shares outstanding (in shares) | 90,684,441 | 91,193,688 | |||
Assets | [1] | $ 6,937,870,000 | $ 6,240,745,000 | ||
Liabilities | [1] | 5,321,289,000 | 4,376,634,000 | ||
VIE, Primary Beneficiary | |||||
Assets | 3,822,228,000 | 4,261,097,000 | |||
Liabilities | $ 3,092,097,000 | $ 3,403,257,000 | |||
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 | 31,500,000 | |||
Preferred stock, shares issued (in shares) | 22,164,414 | 22,284,994 | |||
Preferred stock, shares outstanding (in shares) | 22,164,414 | 22,284,994 | |||
Preferred Stock, aggregate liquidation preference | $ 554,110,000 | $ 557,125,000 | |||
Consolidated SLST CDOs | |||||
Carrying Value | 584,741,000 | 634,495,000 | |||
Consolidated SLST CDOs | VIE, Primary Beneficiary | |||||
Carrying Value | 584,741,000 | 634,495,000 | |||
Residential collateralized debt obligations | |||||
Carrying Value | 1,318,131,000 | 1,468,222,000 | |||
Residential collateralized debt obligations | VIE, Primary Beneficiary | |||||
Carrying Value | $ 1,318,131,000 | $ 1,468,222,000 | |||
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $3,822,228 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,092,097 and $3,403,257, respectively. See Note 7 for further discussion. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
NET INTEREST INCOME: | ||||
Interest income | $ 65,195 | $ 68,920 | $ 179,871 | $ 195,441 |
Interest expense | 48,406 | 38,563 | 130,145 | 88,767 |
Total net interest income | 16,789 | 30,357 | 49,726 | 106,674 |
NET LOSS FROM REAL ESTATE: | ||||
Rental income | 34,176 | 35,354 | 107,427 | 90,779 |
Other real estate income | 8,215 | 5,430 | 21,486 | 11,464 |
Total income from real estate | 42,391 | 40,784 | 128,913 | 102,243 |
Interest expense, mortgages payable on real estate | 21,604 | 16,136 | 68,158 | 36,445 |
Depreciation and amortization | 6,204 | 32,933 | 18,371 | 120,914 |
Other real estate expenses | 22,371 | 20,750 | 66,878 | 51,517 |
Total expenses related to real estate | 50,179 | 69,819 | 153,407 | 208,876 |
Total net loss from real estate | (7,788) | (29,035) | (24,494) | (106,633) |
OTHER INCOME (LOSS): | ||||
Realized (losses) gains, net | (3,679) | 19,674 | (2,220) | 25,867 |
Unrealized losses, net | (61,295) | (152,078) | (55,738) | (303,430) |
Gains on derivative instruments, net | 20,993 | 24,943 | 38,204 | 24,943 |
Income (loss) from equity investments | 2,056 | (3,098) | 9,223 | 11,056 |
Impairment of real estate | (44,157) | 0 | (71,296) | 0 |
Other income | 139 | 12,747 | 1,712 | 15,275 |
Total other (loss) income | (85,943) | (97,812) | (80,115) | (226,289) |
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | ||||
General and administrative expenses | 11,826 | 11,610 | 37,824 | 39,143 |
Portfolio operating expenses | 5,161 | 10,124 | 17,882 | 32,303 |
Total general, administrative and operating expenses | 16,987 | 21,734 | 55,706 | 71,446 |
LOSS FROM OPERATIONS BEFORE INCOME TAXES | (93,929) | (118,224) | (110,589) | (297,694) |
Income tax benefit | (56) | (330) | (59) | (262) |
NET LOSS | (93,873) | (117,894) | (110,530) | (297,432) |
Net loss attributable to non-controlling interests | 9,364 | 2,617 | 19,957 | 36,409 |
Net (loss) income attributable to Company | (84,509) | (115,277) | (90,573) | (261,023) |
Preferred stock dividends | (10,435) | (10,493) | (31,394) | (31,478) |
Gain on repurchase of preferred stock | 125 | 0 | 467 | 0 |
Net loss attributable to Company's common stockholders | (94,819) | (125,770) | (121,500) | (292,501) |
Net loss attributable to Company's common stockholders | $ (94,819) | $ (125,770) | $ (121,500) | $ (292,501) |
Basic loss per common share (in dollars per share) | $ (1.04) | $ (1.33) | $ (1.33) | $ (3.08) |
Diluted loss per common share (in dollars per share) | $ (1.04) | $ (1.33) | $ (1.33) | $ (3.08) |
Weighted average shares outstanding-basic (in shares) | 90,984 | 94,269 | 91,163 | 94,919 |
Weighted average shares outstanding-diluted (in shares) | 90,984 | 94,269 | 91,163 | 94,919 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
NET LOSS ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (94,819) | $ (125,770) | $ (121,500) | $ (292,501) |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
(Decrease) increase in fair value of available for sale securities | (65) | (1,109) | 143 | (3,832) |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (65) | (1,109) | 143 | (3,832) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (94,884) | $ (126,879) | $ (121,357) | $ (296,333) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Total Company's Stockholders' Equity | Total Company's Stockholders' Equity Common Stock | Total Company's Stockholders' Equity Preferred Stock | Common Stock | Common Stock Common Stock | Preferred Stock | Preferred Stock Preferred Stock | Additional Paid-In Capital | Additional Paid-In Capital Common Stock | Accumulated Deficit | Accumulated Deficit Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest in Consolidated VIEs |
Beginning balance at Dec. 31, 2021 | $ 2,365,390 | $ 2,341,031 | $ 949 | $ 538,221 | $ 2,359,421 | $ (559,338) | $ 1,778 | $ 24,359 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) income allocated to redeemable non-controlling interest | (264,436) | (261,023) | (261,023) | (3,413) | ||||||||||||
Common and preferred stock repurchases | $ (21,855) | $ (21,855) | $ (21) | $ (21,834) | ||||||||||||
Stock based compensation expense, net | 8,612 | 8,612 | 5 | 8,607 | ||||||||||||
Dividends declared on common stock | (113,629) | (113,629) | (113,629) | |||||||||||||
Dividends declared on preferred stock | (31,478) | (31,478) | (31,478) | |||||||||||||
Dividends attributable to dividend equivalents | (320) | (320) | (320) | |||||||||||||
(Decrease) increase in fair value of available for sale securities | (3,832) | (3,832) | (3,832) | |||||||||||||
Increase in non-controlling interest related to initial consolidation of VIEs | 16,293 | 16,293 | ||||||||||||||
Contributions of non-controlling interest in Consolidated VIEs | 210 | 210 | ||||||||||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (835) | (835) | ||||||||||||||
Ending balance at Sep. 30, 2022 | 1,954,120 | 1,917,506 | 933 | 538,221 | 2,346,194 | (965,788) | (2,054) | 36,614 | ||||||||
Beginning balance at Jun. 30, 2022 | 2,127,071 | 2,092,991 | 947 | 538,221 | 2,357,216 | (802,448) | (945) | 34,080 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) income allocated to redeemable non-controlling interest | (112,694) | (115,277) | (115,277) | 2,583 | ||||||||||||
Common and preferred stock repurchases | (14,314) | (14,314) | (14) | (14,300) | ||||||||||||
Stock based compensation expense, net | 3,278 | 3,278 | 3,278 | |||||||||||||
Dividends declared on common stock | (37,465) | (37,465) | (37,465) | |||||||||||||
Dividends declared on preferred stock | (10,493) | (10,493) | (10,493) | |||||||||||||
Dividends attributable to dividend equivalents | (105) | (105) | (105) | |||||||||||||
(Decrease) increase in fair value of available for sale securities | (1,109) | (1,109) | (1,109) | |||||||||||||
Contributions of non-controlling interest in Consolidated VIEs | 210 | 210 | ||||||||||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (259) | (259) | ||||||||||||||
Ending balance at Sep. 30, 2022 | 1,954,120 | 1,917,506 | 933 | 538,221 | 2,346,194 | (965,788) | (2,054) | 36,614 | ||||||||
Beginning balance at Dec. 31, 2022 | 1,800,308 | 1,767,216 | 912 | 538,351 | 2,282,691 | (1,052,768) | (1,970) | 33,092 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) income allocated to redeemable non-controlling interest | (98,938) | (90,573) | (90,573) | (8,365) | ||||||||||||
Common and preferred stock repurchases | (8,615) | $ (2,439) | (8,615) | $ (2,439) | (9) | $ (2,906) | (8,606) | $ 467 | ||||||||
Stock based compensation expense, net | 5,920 | 5,920 | 4 | 5,916 | ||||||||||||
Dividends declared on common stock | (91,142) | (91,142) | (91,142) | |||||||||||||
Dividends declared on preferred stock | (31,394) | (31,394) | (31,394) | |||||||||||||
Dividends attributable to dividend equivalents | (1,082) | (1,082) | (1,082) | |||||||||||||
(Decrease) increase in fair value of available for sale securities | 143 | 143 | 143 | |||||||||||||
Contributions of non-controlling interest in Consolidated VIEs | 827 | 827 | ||||||||||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (5,227) | (5,227) | ||||||||||||||
Adjustment of redeemable non-controlling interest to estimated redemption value | 27,194 | 27,194 | 27,194 | |||||||||||||
Ending balance at Sep. 30, 2023 | 1,595,555 | 1,575,228 | 907 | 535,445 | 2,307,195 | (1,266,492) | (1,827) | 20,327 | ||||||||
Beginning balance at Jun. 30, 2023 | 1,719,117 | 1,690,712 | 913 | 536,983 | 2,298,669 | (1,144,091) | (1,762) | 28,405 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net (loss) income allocated to redeemable non-controlling interest | (90,966) | (84,509) | (84,509) | (6,457) | ||||||||||||
Common and preferred stock repurchases | $ (5,005) | $ (1,413) | $ (5,005) | $ (1,413) | $ (6) | $ (1,538) | $ (4,999) | $ 125 | ||||||||
Stock based compensation expense, net | 2,928 | 2,928 | 2,928 | |||||||||||||
Dividends declared on common stock | (27,205) | (27,205) | (27,205) | |||||||||||||
Dividends declared on preferred stock | (10,435) | (10,435) | (10,435) | |||||||||||||
Dividends attributable to dividend equivalents | (377) | (377) | (377) | |||||||||||||
(Decrease) increase in fair value of available for sale securities | (65) | (65) | (65) | |||||||||||||
Contributions of non-controlling interest in Consolidated VIEs | 287 | 287 | ||||||||||||||
Decrease in non-controlling interest related to distributions from Consolidated VIEs | (1,908) | (1,908) | ||||||||||||||
Adjustment of redeemable non-controlling interest to estimated redemption value | 10,597 | 10,597 | 10,597 | |||||||||||||
Ending balance at Sep. 30, 2023 | $ 1,595,555 | $ 1,575,228 | $ 907 | $ 535,445 | $ 2,307,195 | $ (1,266,492) | $ (1,827) | $ 20,327 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Net (loss) income allocated to redeemable non-controlling interest | $ (2,907) | $ (5,200) | $ (11,592) | $ (32,996) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (110,530) | $ (297,432) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Net amortization | 21,385 | 18,732 |
Depreciation and amortization expense related to operating real estate | 18,371 | 120,914 |
Realized losses (gains), net | 2,220 | (25,867) |
Unrealized losses, net | 55,738 | 303,430 |
Gains on derivative instruments, net | (38,204) | (24,943) |
Gain on sale of real estate | (1,879) | (17,132) |
Impairment of real estate | 71,296 | 0 |
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | 693 | 1,092 |
Income from preferred equity, mezzanine loan and equity investments | (17,427) | (23,494) |
Distributions of income from preferred equity, mezzanine loan and equity investments | 16,664 | 36,976 |
Stock based compensation expense, net | 5,920 | 8,612 |
Cash reclassified to assets of disposal group held for sale | (915) | (15,200) |
Changes in operating assets and liabilities | (6,458) | (2,317) |
Net cash provided by operating activities | 16,874 | 83,371 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of investment securities | 25,367 | 60,589 |
Principal paydowns received on investment securities | 27,232 | 24,355 |
Purchases of investment securities | (1,593,094) | 0 |
Principal repayments received on preferred equity and mezzanine loan investments | 8,460 | 20,400 |
Return of capital from equity investments | 50,775 | 39,325 |
Funding of preferred equity, mezzanine loan and equity investments | (39,147) | (28,086) |
Funding of joint venture investments in Consolidated VIEs | 0 | (177,570) |
Net variation margin received for derivative instruments | 34,683 | 0 |
Net payments received from derivative instruments | 18,756 | 130 |
Net proceeds from sale of real estate | 191,304 | 100,203 |
Cash received from initial consolidation of VIEs | 0 | 6,897 |
Purchases of and capital expenditures on real estate | (44,804) | (196,621) |
Purchases of other assets | (59) | (95) |
Net cash used in investing activities | (822,540) | (800,251) |
Cash Flows from Financing Activities: | ||
Net proceeds received from repurchase agreements | 1,255,385 | 658,173 |
Proceeds from issuance of collateralized debt obligations, net | 0 | 741,720 |
Repayment of convertible notes | 0 | (138,000) |
Repurchases of common stock | (8,615) | (21,855) |
Repurchases of preferred stock | (2,439) | 0 |
Dividends paid on common stock and dividend equivalents | (101,595) | (114,288) |
Dividends paid on preferred stock | (31,451) | (30,910) |
Net distributions to non-controlling interest in Consolidated VIEs | (8,391) | (6,551) |
Payments made on and extinguishment of collateralized debt obligations | (161,065) | (118,644) |
Payments made on Consolidated SLST CDOs | (33,439) | (97,604) |
Net payments made on mortgages payable on real estate | (128,232) | (13,105) |
Net cash provided by financing activities | 780,158 | 858,936 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (25,508) | 142,056 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 380,938 | 337,861 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 355,430 | 479,917 |
Supplemental Disclosure: | ||
Cash paid for interest | 175,120 | 106,005 |
Cash paid for income taxes | 268 | 277 |
Non-Cash Investment Activities: | ||
Purchase of investment securities not yet settled | 4,916 | 0 |
Consolidation of real estate held in Consolidated VIEs | 0 | 664,437 |
Consolidation of mortgages payable on real estate held in Consolidated VIEs | 0 | 524,217 |
Transfer from residential loans to real estate owned | 13,913 | 2,741 |
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 40,568 | |
Cash, Cash Equivalents and Restricted Cash Reconciliation: | ||
Cash and cash equivalents | 228,333 | 355,276 |
Restricted cash included in other assets | 127,097 | 124,641 |
Total cash, cash equivalents, and restricted cash | 355,430 | 479,917 |
Common Stock | ||
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 30,132 | 38,065 |
Preferred Stock | ||
Non-Cash Financing Activities: | ||
Dividends declared on stock to be paid in subsequent period | 10,435 | 10,493 |
Residential loans | ||
Cash Flows from Investing Activities: | ||
Principal repayments received on residential loans | 853,557 | 1,016,213 |
Proceeds from sales of residential loans | 19,210 | 0 |
Purchases of residential loans | $ (374,780) | $ (1,665,991) |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
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, as well as more traditional types of fixed-income investments that provide coupon income, such as Agency RMBS. The Company conducts its business through the parent company, New York Mortgage Trust, Inc., and several subsidiaries, including taxable REIT subsidiaries (“TRSs”), qualified REIT subsidiaries (“QRSs”) and special purpose subsidiaries established for securitization purposes. The Company consolidates all of its subsidiaries under generally accepted accounting principles in the United States of America (“GAAP”). The Company is organized and conducts its operations to qualify as a REIT for U.S. federal income tax purposes. As such, the Company will generally not be subject to federal income taxes on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by the due date of its federal income tax return and complies with various other requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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; “ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; “CMBS” refers to commercial mortgage-backed securities comprised of commercial mortgage pass-through securities issued by a GSE, as well as PO, IO or mezzanine securities that represent the right to a specific component of the cash flow from a pool of commercial mortgage loans; “CDO” refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST and the Company's residential loans held in securitization trusts 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 that we consolidate in our financial statements in accordance with GAAP; and “SOFR” refers to Secured Overnight Funding Rate. Basis of Presentation – On March 9, 2023, the Company effected a one-for-four reverse stock split of its issued, outstanding and authorized shares of common stock (the "Reverse Stock Split"). Accordingly, all common share and per common share data for all periods presented in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. The accompanying condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2023, the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, the accompanying condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and nine months ended September 30, 2023. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full year. The accompanying condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management has made significant estimates in several areas, including fair valuation of its residential loans, multi-family loans, certain equity investments, Consolidated SLST CDOs, real estate held by Consolidated VIEs and redemption value of redeemable non-controlling interests in Consolidated VIEs. 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 – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. In particular, prior period disclosures have been adjusted for the aforementioned Reverse Stock Split. Additionally, prior period disclosures have been conformed to the current period presentation of net loss from real estate. Beginning in the third quarter of 2023, the components of net loss from real estate, inclusive of rental income and other real estate income and interest expense, mortgages payable on real estate, depreciation and amortization and other real estate expenses, are presented as total net loss from real estate on the Company's condensed consolidated statements of operations. Previously, rental income, other real estate income and total income from real estate was presented in other income (loss) and interest expense, mortgages payable on real estate, depreciation and amortization, other real estate expenses and total expenses related to real estate were presented in general, administrative and operating expenses on the Company's condensed consolidated statements of operations. Prior to the fourth quarter of 2022, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's condensed consolidated statements of operations. Also beginning in the third quarter of 2023, unrealized gains (losses) and realized gains (losses) on derivative instruments are presented in gains on derivative instruments, net on the Company's condensed consolidated statements of operations. Previously, unrealized gains (losses) on derivative instruments were presented in unrealized gains (losses), net and realized gains (losses) on derivative instruments were presented in realized gains (losses), net on the Company's condensed consolidated statements of operations. Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation ( 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 condensed consolidated balance sheets. Derivative Financial Instruments – The Company enters into various types of derivative financial instruments in connection with its risk management activities which are recorded on the accompanying condensed consolidated balance sheets as assets or liabilities at fair value in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Changes in fair value are accounted for depending on the use of the derivative financial instruments and whether they qualify for hedge accounting treatment. The Company elected not to apply hedge accounting for its derivative financial instruments; accordingly, all changes in fair value are reported on the accompanying condensed consolidated statements of operations as gains (losses) on derivative instruments, net. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company may enter into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. All of the Company’s interest rate swaps are cleared through a central clearing house which requires that the Company post an initial margin amount determined by the central clearing house, which is generally intended to be set at a level sufficient to protect the exchange from the derivative financial instrument’s maximum estimated single-day price movement. The Company also exchanges variation margin based upon daily changes in fair value, as measured by the central clearing house. The exchange of variation margin is treated as a legal settlement of the exposure under the interest rate swap contract, as opposed to pledged collateral. Accordingly, the Company accounts for the receipt or payment of variation margin as a direct reduction to or increase in the carrying value of the interest rate swap asset or liability. The receipt or payment of initial margin is accounted for separate from the interest rate swap asset or liability and classified within restricted cash and included in other assets on the accompanying condensed consolidated balance sheets. Any additional amounts due from or due to counterparties in connection with the Company's interest rate swaps, are included in other assets or other liabilities, respectively, on the accompanying condensed consolidated balance sheets. Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Residential Loans, at Fair Valu
Residential Loans, at Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
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 condensed consolidated balance sheets as a result of a fair value election. Subsequent changes in fair value are reported in current period earnings and presented in unrealized gains (losses), net on the Company’s condensed consolidated statements of operations. The following table presents t he Company’s residential loans, at fair value, which consist of residential loans held by the Company, Consolidated SLST and other securitization trusts, as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 815,311 $ 910,222 $ 1,675,797 $ 3,401,330 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 (Discount)/premium (22,336) (7,206) (56,079) (85,621) (22,179) (5,815) (60,745) (88,739) Unrealized losses (56,036) (160,412) (105,366) (321,814) (48,939) (122,182) (113,320) (284,441) Carrying value $ 736,939 $ 742,604 $ 1,514,352 $ 2,993,895 $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of September 30, 2023 and December 31, 2022 ( see Note 12) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 13 ). (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 13) . The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, 2023 September 30, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (7,172) $ (30,705) $ (14,246) $ (57,134) $ (33,188) $ (67,141) For the Nine Months Ended September 30, 2023 September 30, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (8,174) $ (38,230) $ 9,033 $ (112,736) $ (110,631) $ (139,798) (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 16). 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 $1.4 million and $3.7 million of net realized gains on the payoff of residential loans, at fair value during the three and nine months ended September 30, 2023, respectively. The Company recognized $1.9 million and $9.0 million of net realized gains on the payoff of residential loans, at fair value during the three and nine months ended September 30, 2022, respectively. The Company also recognized $0.8 million and $0.7 million of net realized losses on the sale of residential loans, at fair value during the three and nine months ended September 30, 2023, respectively. The Company did not sell any residential loans during the three and nine months ended September 30, 2022. The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.7 % 10.7 % 18.0 % 24.3 % 10.6 % 19.2 % Florida 14.6 % 10.3 % 11.3 % 13.2 % 10.3 % 10.2 % New York 7.4 % 9.9 % 8.3 % 8.0 % 9.8 % 8.6 % Texas 7.4 % 3.9 % 7.2 % 7.0 % 4.0 % 7.3 % Washington 5.2 % 1.8 % 2.6 % 5.7 % 1.8 % 2.9 % New Jersey 5.1 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Illinois 3.2 % 7.2 % 3.4 % 2.6 % 7.2 % 3.2 % 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 $ 218,545 $ 243,718 $ 9,685 $ 10,389 December 31, 2022 149,076 159,981 8,382 9,132 |
Investment Securities Available
Investment Securities Available For Sale, at Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available For Sale, at Fair Value | 4. Investment Securities Available For Sale, at Fair Value The Company accounts for certain of its investment securities available for sale using the fair value election pursuant to ASC 825, Financial Instruments ("ASC 825"), where changes in fair value are recorded in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. The Company also has investment securities available for sale where the fair value option has not been elected, which we refer to as CECL Securities. CECL Securities are reported at fair value with unrealized gains and losses recorded in other comprehensive income (loss) on the Company's condensed consolidated statements of comprehensive income (loss). The Company's investment securities available for sale consisted of the following as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS Fixed rate Fannie Mae $ 868,656 $ 64 $ (18,193) $ 850,527 $ — $ — $ — $ — Freddie Mac 591,245 — (18,977) 572,268 — — — — Total Fixed rate 1,459,901 64 (37,170) 1,422,795 — — — — Adjustable rate Fannie Mae 43,377 — (1,036) 42,341 — — — — Freddie Mac 28,803 — (522) 28,281 — — — — Total Adjustable rate 72,180 — (1,558) 70,622 — — — — Interest-only Ginnie Mae 42,205 107 (725) 41,587 — — — — Total Interest-only 42,205 107 (725) 41,587 — — — — Total Agency RMBS 1,574,286 171 (39,453) 1,535,004 — — — — Non-Agency RMBS 42,059 8,729 (13,161) 37,627 48,958 9,436 (13,469) 44,925 CMBS 6,000 — (352) 5,648 32,033 — (1,900) 30,133 ABS — — — — 797 59 — 856 Total investment securities available for sale - fair value option 1,622,345 8,900 (52,966) 1,578,279 81,788 9,495 (15,369) 75,914 CECL Securities Non-Agency RMBS 25,763 — (1,827) 23,936 25,616 — (1,971) 23,645 Total investment securities available for sale - CECL Securities 25,763 — (1,827) 23,936 25,616 — (1,971) 23,645 Total $ 1,648,108 $ 8,900 $ (54,793) $ 1,602,215 $ 107,404 $ 9,495 $ (17,340) $ 99,559 Accrued interest receivable for investment securities available for sale in the amount of $8.0 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively, is included in other assets on the Company's condensed consolidated balance sheets. Realized Gain and Loss Activity The following table summarizes our investment securities sold during the three months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, 2023 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 24,772 $ — $ (1,035) $ (1,035) Total $ 24,772 $ — $ (1,035) $ (1,035) Three Months Ended September 30, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) ABS $ 36,215 $ 18,001 $ — $ 18,001 Total $ 36,215 $ 18,001 $ — $ 18,001 The following table summarizes our investment securities sold during the nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Nine Months Ended September 30, 2023 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) ABS $ 595 $ — $ (41) $ (41) CMBS 24,772 — (1,035) (1,035) Total $ 25,367 $ — $ (1,076) $ (1,076) Nine Months Ended September 30, 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 Total $ 60,589 $ 18,375 $ — $ 18,375 Weighted Average Life Actual maturities of our investment securities available for sale are generally shorter than stated contractual maturities (with contractual maturities up to 36 years), as they are affected by periodic payments and prepayments of principal on the underlying mortgages. As of September 30, 2023 and December 31, 2022, based on management’s estimates, the weighted average life of the Company’s investment securities available for sale portfolio was approximately 7.0 years and 7.6 years, respectively. The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Weighted Average Life September 30, 2023 December 31, 2022 0 to 5 years $ 42,759 $ 39,655 Over 5 to 10 years 1,546,244 46,558 10+ years 13,212 13,346 Total $ 1,602,215 $ 99,559 Unrealized Losses in Other Comprehensive Income (Loss) The Company evaluated its CECL Securities that were in an unrealized loss position as of September 30, 2023 and December 31, 2022, respectively, and determined that no allowance for credit losses was necessary. The Company did not recognize credit losses for its CECL Securities through earnings for the three and nine months ended September 30, 2023 and 2022. 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ — $ — $ 23,936 $ (1,827) $ 23,936 $ (1,827) Total $ — $ — $ 23,936 $ (1,827) $ 23,936 $ (1,827) 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) At September 30, 2023, 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. |
Multi-family Loans, at Fair Val
Multi-family Loans, at Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Multi-family Loans, at Fair Value | 5. Multi-family Loans, at Fair Value The Company's multi-family loans consisting of its preferred equity in, and mezzanine loans to, entities that have multi-family real estate assets are presented at fair value on the Company's condensed consolidated balance sheets as a result of a fair value election. Accordingly, changes in fair value are presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. Multi-family loans consist of the following as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Investment amount $ 98,246 $ 88,249 Deferred loan fees, net (473) (428) Unrealized gains (losses), net 662 (287) Total, at Fair Value $ 98,435 $ 87,534 For the three and nine months ended September 30, 2023, the Company recognized $16.8 thousand in net unrealized losses and $0.9 million in net unrealized gains on multi-family loans, respectively. For the three and nine months ended September 30, 2022, the Company recognized $2.5 million and $3.0 million in net unrealized losses on multi-family loans, respectively. For the nine months ended September 30, 2023, the Company recognized $0.2 million in premiums resulting from early redemption of multi-family loans. The Company did not recognize premiums resulting from early redemption of multi-family loans for the three months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized $7.1 thousand and $1.0 million in premiums resulting from early redemption of multi-family loans, respectively. Premiums resulting from early redemption of multi-family loans are included in other income on the accompanying condensed consolidated statements of operations. The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loans in non-accrual status as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,753 $ 3,363 $ 4,523 $ 3,363 The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Texas 35.1 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.1 % 10.9 % Arkansas 9.3 % — Louisiana 7.1 % 7.5 % Alabama 6.5 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.1 % 5.7 % |
Equity Investments, at Fair Val
Equity Investments, at Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
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 originate residential loans (or single-family equity ownership interests) and joint venture equity investments in multi-family properties. The Company's equity investments are accounted for under the equity method and are presented at fair value on its condensed consolidated balance sheets as a result of a fair value election. The following table presents the Company's equity investments as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests FF/RMI 20 Midtown, LLC 51% $ 28,711 51% $ 27,079 Palms at Cape Coral, LLC 34% 5,721 34% 5,429 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 19,292 57% 18,139 Lucie at Tradition Holdings, LLC 70% 18,948 70% 17,576 Syracuse Apartments and Townhomes, LLC 58% 21,241 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% 9,724 58% 9,277 Tides on 27th Investors, LLC 54% 17,320 — — Rapid City RMI JV LLC 50% 9,626 — — America Walks at Port St. Lucie, LLC — — 62% 29,873 1122 Chicago DE, LLC — — 53% 8,276 Bighaus, LLC — — 42% 16,482 Total - Multi-Family Preferred Equity Ownership Interests 130,583 152,246 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) 50% 25,000 — 27,500 Total - Single-Family Equity Ownership Interests 25,000 27,500 Total $ 155,583 $ 179,746 (1) The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the nine months ended September 30, 2023. The Company purchased $15.3 million and $55.2 million of residential loans from the entity during the three and nine months ended September 30, 2023, respectively, and $5.5 million and $257.8 million of residential loans from the entity during the three and nine months ended September 30, 2022, respectively. The Company records its equity in earnings or losses from its multi-family preferred equity ownership interests under the hypothetical liquidation of book value method of accounting due to the structures and the preferences it receives on the distributions from these entities pursuant to the respective agreements. Under this method, the Company recognizes income or loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment. Pursuant to the fair value election, changes in fair value of the Company's multi-family preferred equity ownership interests are reported in current period earnings. The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and nine months ended September 30, 2023 includes $0.2 million and $0.8 million of net unrealized gains, respectively. Income from these investments during the three and nine months ended September 30, 2022 includes $4.2 million and $3.8 million of net unrealized losses, respectively. Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2023 2022 2023 2022 FF/RMI 20 Midtown, LLC $ 955 $ 287 $ 2,690 $ 1,897 Palms at Cape Coral, LLC 183 68 540 381 America Walks at Port St. Lucie, LLC 345 376 2,243 2,180 EHOF-NYMT Sunset Apartments Preferred, LLC 651 219 1,914 1,327 Lucie at Tradition Holdings, LLC 719 126 2,103 1,342 Syracuse Apartments and Townhomes, LLC 679 67 2,000 1,174 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) 311 243 918 243 Tides on 27th Investors, LLC 599 — 1,896 — Rapid City RMI JV LLC 236 — 236 — 1122 Chicago DE, LLC — 212 419 690 Bighaus, LLC — 388 701 1,325 Lurin-RMI, LLC — (1,242) — 558 Somerset Deerfield Investor, LLC — 548 — 1,731 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) — 163 — 485 DCP Gold Creek, LLC — — — 254 Rigsbee Ave Holdings, LLC — — — (174) Walnut Creek Properties Holdings, L.L.C. — — — (153) Total Income - Multi-Family Preferred Equity Ownership Interests $ 4,678 $ 1,455 $ 15,660 $ 13,260 For the three and nine months ended September 30, 2023, the Company recognized $0.1 million in premiums resulting from early redemption of multi-family preferred equity ownership interests included in equity investments. For the three and nine months ended September 30, 2022, the Company recognized $1.3 million and $2.8 million in premiums, respectively, resulting from early redemption of multi-family preferred equity ownership interests included in equity investments, which are included in other income on the accompanying condensed consolidated statement of operations. Income from single-family equity ownership interests and joint venture equity investments in multi-family properties that are accounted for under the equity method using the fair value option is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. The following table presents income (loss) from these investments for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2023 2022 2023 2022 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) $ — $ (3,500) $ (2,500) $ (1,750) Morrocroft Neighborhood Stabilization Fund II, LP (2) — — — 50 Total Loss - Single-Family Equity Ownership Interests $ — $ (3,500) $ (2,500) $ (1,700) Joint Venture Equity Investments in Multi-Family Properties (3) GWR Cedars Partners, LLC $ (1,020) $ (1,141) $ (1,220) $ (930) GWR Gateway Partners, LLC (1,602) 88 (2,717) 426 Total Loss - Joint Venture Equity Investments in Multi-Family Properties $ (2,622) $ (1,053) $ (3,937) $ (504) (1) Includes net unrealized losses of $1.3 million and $5.6 million for the three and nine months ended September 30, 2023, respectively. Includes net unrealized losses of $3.5 million and $1.8 million for the three and nine months ended September 30, 2022, respectively. (2) The Company's equity investment was redeemed during the year ended December 31, 2022. (3) 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 ). Includes net unrealized losses of $2.6 million and $3.9 million for the three and nine months ended September 30, 2023, respectively, and net unrealized losses of $1.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively. |
Use of Special Purpose Entities
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) | Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) Financing VIEs The Company uses SPEs to facilitate transactions that involve securitizing financial assets or re-securitizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company has entered into financing transactions, including residential loan securitizations and re-securitizations, which required the Company to analyze and determine whether the SPEs that were created to facilitate the transactions are VIEs in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. As of September 30, 2023 and December 31, 2022, the Company evaluated its residential loan securitizations and concluded that the entities created to facilitate each of the financing transactions are VIEs and that the Company is the primary beneficiary of these VIEs (each a “Financing VIE” and collectively, the “Financing VIEs”). Accordingly, the Company consolidated the then-outstanding Financing VIEs as of September 30, 2023 and December 31, 2022. 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 September 30, 2023 and December 31, 2022, and that the Company is the primary beneficiary of the VIE within Consolidated SLST. Accordingly, the Company has consolidated the assets, liabilities, income and expenses of such VIE in the accompanying condensed consolidated financial statements ( see Notes 2, 3 and 13 ). The Company has elected the fair value option on the assets and liabilities held within Consolidated SLST, which requires that changes in valuations in the assets and liabilities of Consolidated SLST be reflected in the Company’s condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the Consolidated SLST securities owned by the Company had a fair value of $154.4 million and $191.5 million, respectively ( see Note 16 ). The Company’s investments in Consolidated SLST securities were not included as collateral to any Financing VIE as of September 30, 2023 and December 31, 2022. 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 condensed 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 condensed 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 nine months ended September 30, 2022 (dollar amounts in thousands): Nine Months Ended September 30, 2022 Cash (1) $ 8,576 Operating real estate (1) (2) 730,988 Lease intangibles (1) (3) 41,892 Other assets (1) 8,258 Total assets 789,714 Mortgages payable on real estate, net (1) 570,682 Other liabilities (1) 4,662 Total liabilities 575,344 Non-controlling interests (4) 16,293 Net assets consolidated $ 198,077 (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 condensed consolidated balance sheets. 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 condensed 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 condensed consolidated balance sheets. (4) 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 and Consolidated Real Estate VIEs, the Company considered its involvement in each of the VIEs, including the design and purpose of each VIE, and whether its involvement reflected a controlling financial interest that resulted in the Company being deemed the primary beneficiary of the VIEs. In determining whether the Company would be considered the primary beneficiary, the following factors were assessed: • whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and • whether the Company has a right to receive benefits or absorb losses of the entity that could be potentially significant to the VIE. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of September 30, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 7,120 $ 7,120 Residential loans, at fair value 1,514,352 742,604 — 2,256,956 Real estate, net held in Consolidated VIEs (1) — — 542,797 542,797 Assets of disposal group held for sale (2) — — 904,658 904,658 Other assets 90,223 3,018 17,456 110,697 Total assets $ 1,604,575 $ 745,622 $ 1,472,031 $ 3,822,228 Collateralized debt obligations ($1,318,131 at amortized cost, net and $584,741 at fair value) $ 1,318,131 $ 584,741 $ — $ 1,902,872 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 396,810 396,810 Liabilities of disposal group held for sale (2) — — 767,329 767,329 Other liabilities 7,575 5,138 12,373 25,086 Total liabilities $ 1,325,706 $ 589,879 $ 1,176,512 $ 3,092,097 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 21,026 $ 21,026 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 20,202 $ 20,202 Net investment (6) $ 278,869 $ 155,743 $ 254,291 $ 688,903 (1) Included in real estate, net in the accompanying condensed 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 condensed 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 the carrying value of 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, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 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 condensed 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 condensed 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 the carrying value of total assets and total liabilities held by VIEs, less non-controlling interests, if any. The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,370 $ — $ 8,370 $ 9,013 $ — $ 9,013 Interest expense 5,957 — 5,957 6,611 — 6,611 Total net interest income 2,413 — 2,413 2,402 — 2,402 Income from real estate — 39,287 39,287 — 39,261 39,261 Expenses related to real estate — 47,367 47,367 — 67,319 67,319 Total net loss from real estate — (8,080) (8,080) — (28,058) (28,058) Unrealized losses, net (9,325) — (9,325) (7,925) — (7,925) Gains on derivative instruments, net — 315 315 — 24,943 24,943 Impairment of real estate — (44,157) (44,157) — — — Other (losses) income — (103) (103) — 16,287 16,287 Total other (loss) income (9,325) (43,945) (53,270) (7,925) 41,230 33,305 Net (loss) income (6,912) (52,025) (58,937) (5,523) 13,172 7,649 Net loss attributable to non-controlling interest in Consolidated VIEs — 9,364 9,364 — 2,617 2,617 Net (loss) income attributable to Company $ (6,912) $ (42,661) $ (49,573) $ (5,523) $ 15,789 $ 10,266 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Nine Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 25,543 $ — $ 25,543 $ 27,648 $ — $ 27,648 Interest expense 18,238 — 18,238 18,796 — 18,796 Total net interest income 7,305 — 7,305 8,852 — 8,852 Income from real estate — 120,247 120,247 — 97,308 97,308 Expenses related to real estate — 145,310 145,310 — 202,084 202,084 Total net loss from real estate — (25,063) (25,063) — (104,776) (104,776) Unrealized losses, net (19,354) — (19,354) (27,480) — (27,480) Gains on derivative instruments, net — 5,572 5,572 — 24,943 24,943 Impairment of real estate — (71,296) (71,296) — — — Other (losses) income — (61) (61) — 16,287 16,287 Total other (loss) income (19,354) (65,785) (85,139) (27,480) 41,230 13,750 Net loss (12,049) (90,848) (102,897) (18,628) (63,546) (82,174) Net loss attributable to non-controlling interest in Consolidated VIEs — 19,957 19,957 — 36,409 36,409 Net loss attributable to Company $ (12,049) $ (70,891) $ (82,940) $ (18,628) $ (27,137) $ (45,765) Redeemable Non-Controlling Interest in Consolidated VIEs The third-party owners of certain of the non-controlling interests in Consolidated VIEs have the ability to sell their ownership interests to the Company, at their election. The Company has classified these third-party ownership interests as redeemable non-controlling interests in Consolidated VIEs in mezzanine equity on the accompanying condensed consolidated balance sheets. The holders of the redeemable non-controlling interests may elect to sell their ownership interests to the Company at fair value once a year and the sales are subject to annual minimum and maximum amount limitations. The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 34,571 $ 37,101 $ 63,803 $ 66,392 Contributions — — — 315 Distributions (41) (4,115) (3,991) (5,925) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (2,907) (5,200) (11,592) (32,996) Adjustment of redeemable non-controlling interest to estimated redemption value (1) (10,597) — (27,194) — Ending balance $ 21,026 $ 27,786 $ 21,026 $ 27,786 (1) The Company determines the fair value of the redeemable non-controlling interest 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 allocatable 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 5.7% (ranges from 5.3% to 6.5%) and a weighted average discount rate of 14.8% (ranges from 13.9% to 15.6%). Unconsolidated VIEs As of September 30, 2023 and December 31, 2022, the Company evaluated its investment securities available for sale, preferred equity and other equity investments to determine whether they are VIEs and should be consolidated by the Company. Based on a number of factors, the Company determined that, as of September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total Non-Agency RMBS $ — $ 25,796 $ — $ — $ 25,796 Preferred equity investments in multi-family properties 98,435 — 130,583 — 229,018 Joint venture equity investments in multi-family properties — — — 5,073 5,073 Maximum exposure $ 98,435 $ 25,796 $ 130,583 $ 5,073 $ 259,887 December 31, 2022 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936 |
Real Estate, Net
Real Estate, Net | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Real Estate, Net | 8. Real Estate, Net The following is a summary of real estate, net, collectively, as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Land $ 89,550 $ 89,550 Building and improvements 638,433 611,102 Furniture, fixture and equipment 16,119 13,540 Real estate $ 744,102 $ 714,192 Accumulated depreciation (39,594) (21,224) Real estate, net (1) $ 704,508 $ 692,968 (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 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 condensed consolidated balance sheets. See Note 9 for additional information. Multi-family Apartment Properties As of September 30, 2023 and December 31, 2022, 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 condensed 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 condensed consolidated statements of operations, resulting in a net gain attributable to the Company's common shareholders of approximately $14.4 million. In March 2022, a wholly-owned subsidiary of the Company 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 ( see Note 7 ). The sale generated a net gain of approximately $0.4 million and a loss on extinguishment of debt of approximately $0.6 million, both of which are included in other income on the accompanying condensed consolidated statements of operations. The multi-family apartment communities 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 September 30, 2023 and December 31, 2022, the Company owned single-family rental homes. These units are leased to individual tenants for the production of rental income and are generally leased at a fixed monthly rate with no option for the lessee to purchase the leased unit at any point. Lease Intangibles Intangibles related to multi-family properties consist of the value of in-place leases and are included in other assets on the accompanying condensed consolidated balance sheets. Lease intangibles included in other assets were fully amortized as of September 30, 2023 and December 31, 2022. 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 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 condensed consolidated balance sheets. See Note 9 for additional information. Depreciation and Amortization Expense The following table presents depreciation and amortization expenses for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation expense on operating real estate $ 6,204 $ 16,025 $ 18,371 $ 41,269 Amortization of lease intangibles related to operating real estate — 16,908 — 79,645 Total depreciation and amortization (1) $ 6,204 $ 32,933 $ 18,371 $ 120,914 (1) Amounts for the three and nine months ended September 30, 2022 include depreciation and amortization of multi-family properties that have been reclassified to assets held in disposal group held for sale. |
Assets and Liabilities of Dispo
Assets and Liabilities of Disposal Group Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
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 condensed consolidated balance sheets and recognized no loss. During the nine months ended September 30, 2023, four of the joint ventures in which the Company held a common equity investment sold their multi-family apartment communities for approximately $187.7 million, subject to certain prorations and adjustments typical in such real estate transactions, and repaid the related mortgages payable in the amount of approximately $150.2 million. The sales generated net gains of approximately $3.1 million and losses on extinguishment of debt of approximately $2.0 million, both of which are primarily included in other income on the accompanying condensed consolidated statements of operations. The sales also generated net income attributable to non-controlling interest of approximately $1.9 million, resulting in net losses attributable to the Company's common shareholders of approximately $0.8 million. The following table presents the carrying values of the major classes of assets and liabilities of disposal group held for sale as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Cash and cash equivalents (1) $ 14,859 $ 13,944 Equity investments 5,073 9,010 Real estate, net (1) 852,277 1,079,942 Other assets (1) 37,522 48,888 Total assets of disposal group held for sale $ 909,731 $ 1,151,784 Mortgages payable on real estate $ 740,187 $ 865,414 Other liabilities 27,142 18,398 Total liabilities of disposal group held for sale (1) $ 767,329 $ 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 $12.1 million and $23.9 million as of September 30, 2023 and December 31, 2022, respectively. 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 September 30, 2023, the fair value, net of selling costs of multi-family properties owned by seven of the joint venture equity investments was less than the properties' net carrying values. The Company recognized net impairments of $44.2 million and $71.3 million in the three and nine months ended September 30, 2023, respectively, which are included in impairment of real estate on the accompanying condensed consolidated statements of operations. See Note 16 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 three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Pretax loss of disposal group held for sale $ (54,969) $ (2,648) $ (92,054) $ (50,621) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 6,431 248 8,388 5,313 Pretax loss of disposal group attributable to Company's common stockholders $ (48,538) $ (2,400) $ (83,666) $ (45,308) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company enters into derivative financial instruments in connection with its risk management activities. These derivative instruments may include interest rate swaps, interest rate caps, futures and options contracts such as options on credit default swap indices, equity index options, swaptions and options on futures. The Company may also pursue forward-settling purchases or sales of Agency RMBS where the underlying pools of mortgage loans are “To-Be-Announced,” or TBAs, purchase options on U.S. Treasury futures or invest in other types of mortgage derivative securities. The Company elected not to apply hedge accounting for its derivative instruments. Derivatives Not Designated as Hedging Instruments The Company and the entities that own multi-family properties in which the Company owns joint venture equity investments are required by lenders on certain repurchase agreement financing and variable-rate mortgages payable on real estate to enter into interest rate cap contracts that limit the indexed portion of the interest rate on the respective related financing to a strike rate based upon Term SOFR. The Company uses interest rate swaps to hedge the variable cash flows associated with our variable-rate borrowings. Interest rate swaps generally involve the receipt of variable-rate amounts from a counterparty, based on SOFR, in exchange for the Company making fixed-rate payments over the life of the interest rate swap without exchange of the underlying notional amount. Notwithstanding the foregoing, in order to manage its position with regard to its liabilities, the Company may enter into interest rate swaps which involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments, based on SOFR, over the life of the interest rate swap without exchange of the underlying notional amount. The variable rate the Company pays or receives under its swap agreements has the effect of offsetting the repricing characteristics and cash flows of the Company's financing arrangements. The Company may purchase equity index put options that gives the Company the right to sell or buy the underlying index at a specified strike price, as well as credit default swap index options that allow the Company to enter into a fixed rate payor position in the underlying credit default swap index at the agreed strike level. The Company did not have any interest rate swap or option transactions in 2022. The following table summarizes the Company's derivative instruments as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Fair Value Type of Derivative Instrument Consolidated Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate caps Other assets $ 2,031 $ 2,473 Interest rate swaps Other assets — — Total derivative assets (1) $ 2,031 $ 2,473 (1) Excludes interest rate cap contracts held by certain Consolidated VIEs included in other assets in disposal group held for sale. The Company elects to net the fair value of its derivative contracts by counterparty when appropriate. These contracts contain legally enforceable provisions that allow for netting or setting off of all individual derivative receivables and payables with each counterparty and therefore, the fair values of those derivative contracts are reported net by counterparty. All of the Company’s interest rate swaps are cleared through a central clearing house, CME Group Inc. ("CME Clearing"), which is the parent company of the Chicago Mercantile Exchange Inc. CME Clearing serves as the counterparty to every cleared transaction, becoming the buyer to each seller and the seller to each buyer, limiting the credit risk by guaranteeing the financial performance of both parties and netting down exposures. The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,031 $ — $ — $ 2,031 Interest rate swaps 37,729 (3,046) (34,683) — Total derivative assets $ 39,760 $ (3,046) $ (34,683) $ 2,031 Derivative liabilities Interest rate swaps $ (3,046) $ 3,046 $ — $ — Total derivative liabilities $ (3,046) $ 3,046 $ — $ — December 31, 2022 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,473 $ — $ — $ 2,473 Total derivative assets $ 2,473 $ — $ — $ 2,473 The use of derivatives exposes the Company to counterparty credit risks in the event of a default by a counterparty. If a counterparty defaults under the applicable derivative agreement, the Company may be unable to collect payments to which it is entitled under its derivative agreements and may have difficulty collecting the assets it pledged as collateral against such derivatives. The Company is required to post an initial margin amount for its interest rate swaps determined by CME Clearing, which is generally intended to be set at a level sufficient to protect the exchange from the derivative financial instrument’s maximum estimated single-day price movement. As of September 30, 2023, an initial margin account balance of approximately $44.7 million is included in other assets and margin deficit in the amount of approximately $3.0 million is included in other liabilities on the accompanying condensed consolidated balance sheets. The tables below summarize the activity of derivative instruments not designated as hedging instruments for the three and nine months ended September 30, 2023, respectively (dollar amounts in thousands): Notional Amount For the Three Months Ended September 30, 2023 Type of Derivative Instrument June 30, 2023 Additions Terminations September 30, 2023 Options $ 81 $ — $ (81) $ — Interest rate swaps 900,925 1,356,309 — 2,257,234 Notional Amount For the Nine Months Ended September 30, 2023 Type of Derivative Instrument December 31, 2022 Additions Terminations September 30, 2023 Options $ — $ 500,148 $ (500,148) $ — Interest rate swaps — 2,257,234 — 2,257,234 The following tables present the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in gains (losses) on derivative instruments, net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate caps (1) $ 1,568 $ (1,143) $ 6,388 $ (130) Options (1,130) 974 (2,737) — Interest rate swaps — 20,724 — 34,683 Total $ 438 $ 20,555 $ 3,651 $ 34,553 For the Three Months Ended September 30, 2022 For the Nine Months Ended September 30, 2022 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate caps (1) $ 921 $ 24,022 $ 921 $ 24,022 Total $ 921 $ 24,022 $ 921 $ 24,022 (1) Includes interest rate caps held by certain Consolidated VIEs included in other assets in disposal group held for sale. The following table presents information about our interest rate cap contracts related to certain repurchase agreement financing and variable-rate mortgages payable on real estate that are not included in disposal group held for sale as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Financing Type Term SOFR Strike Price Notional Amount Expiration Date Repurchase agreement 4.10 % $ 111,000 November 17, 2024 Mortgage payable on real estate 2.00 % 29,000 April 1, 2024 The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of September 30, 2023 (dollar amounts in thousands): September 30, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2025 $ 1,364,705 4.59 % 5.26 % 2026 80,000 3.51 % 5.20 % 2028 543,058 3.94 % 5.28 % 2033 216,421 3.77 % 5.27 % Total $ 2,204,184 4.31 % 5.27 % The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of September 30, 2023 (dollar amounts in thousands): September 30, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2028 $ 9,550 3.48 % 5.19 % 2033 43,500 3.64 % 5.26 % Total $ 53,050 3.61 % 5.25 % Certain of the Company’s derivative contracts are subject to International Swaps and Derivatives Association Master Agreements or other similar agreements which may contain provisions that grant counterparties certain rights with respect to the applicable agreement upon the occurrence of certain events including a decline in Company's stockholders’ equity (as defined in the respective agreements) in excess of specified thresholds or dollar amounts over set periods of time, the Company’s failure to maintain its REIT status, the Company’s failure to comply with limits on the amount of leverage and the Company’s stock being delisted from Nasdaq. Cash flow activity related to derivative instruments is reflected within the operating activities and investing activities sections of the Company's condensed consolidated statements of cash flows. Realized gains or losses, if any, and unrealized gains or losses, if any, on the Company's derivative instruments are included in the gains (losses) on derivative instruments, net line item within the operating activities section of the condensed consolidated statements of cash flows. Additionally, any changes in amounts due from or due to counterparties in connection with the Company's interest rate swaps are included in the changes in operating assets and liabilities line item of the condensed consolidated statements of cash flows. The remaining cash flow activity related to derivative instruments is reflected within the net payments received from (made on) derivative instruments and net variation margin received for derivative instruments line items within the investing activities section of the condensed consolidated statements of cash flows. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Offsetting [Abstract] | |
Other Assets and Other Liabilities | 11. Other Assets and Other Liabilities Other Assets The following table presents the components of the Company's other assets as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Restricted cash (1) $ 127,097 $ 136,220 Accrued interest receivable 34,108 34,067 Other assets in consolidated multi-family properties 16,965 13,681 Recoverable advances on residential loans 16,666 13,979 Other receivables 11,638 11,357 Real estate owned 11,502 18,588 Collections receivable from residential loan servicers 9,882 15,374 Operating lease right-of-use assets 6,900 7,831 Deferred tax assets 3,350 2,671 Derivative assets (2) 2,031 2,473 Other 5,031 3,115 Total $ 245,170 $ 259,356 (1) Restricted cash represents cash held by third parties, initial margin for interest rate swap contracts, cash held by the Company's securitization trusts and restricted cash held by consolidated multi-family properties. (2) Includes derivative asset held in a consolidated multi-family property. Other Liabilities The following table presents the components of the Company's other liabilities as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Dividends and dividend equivalents payable $ 40,568 $ 49,996 Accrued interest payable 19,434 10,629 Accrued expenses and other liabilities in consolidated multi-family properties 12,373 10,511 Accrued expenses 10,654 15,576 Operating lease liabilities 7,430 8,383 Deferred revenue 5,342 7,131 Securities purchased but not settled 4,916 — Unfunded commitments for residential loans 4,249 2,950 Advanced remittances from residential loan servicers 4,077 9,098 Swap margin payable 2,980 — Deferred tax liabilities 761 394 Other 3,842 1,323 Total $ 116,626 $ 115,991 |
Repurchase Agreements
Repurchase Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract] | |
Repurchase Agreements | 12. Repurchase Agreements The following table presents the carrying value of the Company's repurchase agreements as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: September 30, 2023 December 31, 2022 Investment securities $ 1,490,996 $ 50,077 Residential loans 427,342 686,946 Single-family rental properties 76,390 — Total carrying value $ 1,994,728 $ 737,023 As of September 30, 2023, the Company had repurchase agreement exposure where the amount at risk was in excess of 5% of the Company's stockholders’ equity with Atlas SP and Bank of America at 7.91% and 5.68%, respectively. 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 the repurchase agreement falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. As of September 30, 2023, 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 September 30, 2023, the Company had $221.2 million included in cash and cash equivalents and $172.8 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 September 30, 2023 (dollar amounts in thousands): Unencumbered Securities September 30, 2023 Agency RMBS $ 47,610 Non-Agency RMBS (1) (2) 119,503 CMBS 5,648 Total $ 172,761 (1) Includes IOs in Consolidated SLST with a fair value of $17.8 million as of September 30, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes CDOs repurchased from our residential loan securitizations with a fair value of $40.2 million as of September 30, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. The Company also had unencumbered residential loans with a fair value of $201.2 million at September 30, 2023. Residential Loans and Single-family Rental Properties The Company has repurchase agreements with five financial institutions to fund the purchase of residential loans and single-family rental properties. The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Carrying Value of Assets Pledged (3) Weighted Average Rate Weighted Average Months to Maturity (4) September 30, 2023 $ 2,175,000 $ 505,477 $ (1,745) $ 503,732 $ 683,204 7.81 % 8.21 December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $169.7 million, a weighted average rate of 8.09%, and weighted average months to maturity of 17.27 months as of September 30, 2023. 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. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) Includes residential loans with an aggregate fair value of $535.8 million and single-family rental properties with a net carrying value of $147.4 million as of September 30, 2023. Includes residential loans with an aggregate fair value of $867.0 million as of December 31, 2022. (4) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. During the terms of the repurchase agreements, proceeds from the residential loans will be applied to pay any price differential and to reduce the aggregate repurchase price of the collateral. The financings under the repurchase agreements with two of the counterparties with an aggregate outstanding balance of $335.7 million as of September 30, 2023 are subject to margin calls to the extent the market value of the collateral falls below specified levels and repurchase may be accelerated upon an event of default under the repurchase agreements. The Company’s accrued interest payable on outstanding repurchase agreements secured by residential loans and single-family rental properties at September 30, 2023 and December 31, 2022 amounted to $2.8 million and $3.6 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets. The Company, as required by a repurchase agreement with one counterparty, has entered into an interest rate cap contract that limits the indexed portion of the interest rate on the related repurchase agreement to a fixed rate ( see Note 10) . As of September 30, 2023, the Company's repurchase agreements contain various covenants, including among other things, the maintenance of certain amounts of liquidity and total stockholders' equity as defined in the respective agreements. The Company is in compliance with such covenants as of September 30, 2023 and through the date of this Quarterly Report on Form 10-Q. Investment Securities The Company has entered into repurchase agreements with financial institutions to finance certain investment securities available for sale, securities owned in Consolidated SLST and CDOs repurchased from our residential loan securitizations. 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 September 30, 2023 and December 31, 2022 , the Company had amounts outstanding under repurchase agreements with six counterparties and one counterparty, respectively. 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency RMBS $ 1,406,824 $ 1,487,394 $ 1,525,702 $ — $ — $ — Non-Agency RMBS (1) (2) 84,172 184,868 245,503 50,077 170,551 210,733 Balance at end of the period $ 1,490,996 $ 1,672,262 $ 1,771,205 $ 50,077 $ 170,551 $ 210,733 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $136.7 million as of September 30, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes securities repurchased from our residential loan securitizations with a fair value of $48.2 million as of September 30, 2023. Amounts included in amortized cost of collateral pledged for repurchased securities represent the current par value of the securities. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. As of September 30, 2023 and December 31, 2022, the outstanding balances under our repurchase agreements secured by investment securities were funded at a weighted average advance rate of 92.9% and 30.0%, respectively, that implies an average "haircut" of 7.1% and 70.0%, respectively. As of September 30, 2023, the weighted average "haircut" related to our repurchase agreement financing for our Agency RMBS and non-Agency RMBS was approximately 4.8% and 46.9%, respectively. As of September 30, 2023 and December 31, 2022, the average days to maturity for repurchase agreements secured by investment securities were 52 days and 9 days, respectively, and the weighted average interest rates were 5.61% and 5.28%, respectively. The Company’s accrued interest payable on outstanding repurchase agreements secured by investment securities at September 30, 2023 and December 31, 2022 amounted to $9.2 million and $0.6 million, respectively, and is included in other liabilities on the Company’s condensed consolidated balance sheets. The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Contractual Maturity September 30, 2023 December 31, 2022 Within 30 days $ 229,384 $ 50,077 Over 30 day to 90 days 1,261,612 — Over 90 days — — Total $ 1,490,996 $ 50,077 |
Collateralized Debt Obligations
Collateralized Debt Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Collateralized Debt Obligations | 13. 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) (2) Stated Maturity (3) Consolidated SLST (4) $ 665,970 $ 584,741 2.75 % 2059 Residential loan securitizations 1,335,598 1,318,131 3.63 % 2026 - 2062 Total collateralized debt obligations $ 2,001,568 $ 1,902,872 December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) (2) Stated Maturity (3) Consolidated SLST (4) $ 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 (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) As of September 30, 2023 and December 31, 2022, $560.8 million and $647.1 million, respectively, of the Company's CDOs contained an initial interest rate step-up feature whereby the interest rate increases by 3.00% if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents, ranging from October 2023 to July 2025, with potential additional interest rate step-ups of 1.00% if the outstanding notes are not redeemed by expected redemption dates ranging from October 2024 to July 2026. As of September 30, 2023 and December 31, 2022, $548.4 million and $603.8 million, respectively, of the Company's CDOs contained a contractual interest rate step-up feature whereby the interest rate increases by either 1.00% or 2.00% at step-up dates, as defined in the respective governing documents, ranging from May 2024 to December 2026. (3) 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. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 16). The Company's CDOs as of September 30, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 84,659 2027 225,000 Thereafter 1,691,909 Total $ 2,001,568 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 14. Debt 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 September 30, 2023, the Company had $100.0 million aggregate principal amount of its Senior Unsecured Notes outstanding. Costs related to the issuance of the Senior Unsecured Notes which include underwriting, legal, accounting and other fees, are reflected as deferred charges. The deferred charges, net of amortization, are presented as a deduction from the corresponding debt liability on the Company's accompanying condensed consolidated balance sheets in the amount of $2.1 million and $2.6 million as of September 30, 2023 and December 31, 2022, respectively. The deferred charges are amortized as an adjustment to interest expense using the effective interest method, resulting in a total cost to the Company of approximately 6.64%. The Senior Unsecured Notes bear interest at a rate of 5.75% per year, subject to adjustment from time to time based on changes in the ratings of the Senior Unsecured Notes by one or more nationally recognized statistical rating organizations (a “NRSRO”). The annual interest rate on the Senior Unsecured Notes will increase by (i) 0.50% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of BB+ or below and above B+ from any NRSRO and (ii) 0.75% per year beginning on the first day of any six-month interest period if as of such day the Senior Unsecured Notes have a rating of B+ or below or no rating from any NRSRO. Interest on the Senior Unsecured Notes is paid semi-annually in arrears on April 30 and October 30 of each year and the Senior Unsecured Notes will mature on April 30, 2026. The Company had 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 was 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%. The Company did not exercise its redemption right prior to April 30, 2023. On and after April 30, 2023, the Company has the right to redeem the Senior Unsecured Notes, in whole or in part, at 100% of the principal amount of the Senior Unsecured Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such Senior Unsecured Notes multiplied by a date-dependent multiple as detailed in the following table: Redemption Period Multiple April 30, 2023 - April 29, 2024 2.875 % April 30, 2024 - April 29, 2025 1.4375 % April 30, 2025 - April 29, 2026 — No sinking fund is provided for the Senior Unsecured Notes. The Senior Unsecured Notes are senior unsecured obligations of the Company that are structurally subordinated in right of payment to the Company's subordinated debentures. As of September 30, 2023, 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 September 30, 2023 and through the date of this Quarterly Report on Form 10-Q. Subordinated Debentures Subordinated debentures are trust preferred securities that are fully guaranteed by the Company with respect to distributions and amounts payable upon liquidation, redemption or repayment. Prior to July 2023, each of the Company's subordinated debentures incurred interest at a floating rate equal to three-month LIBOR plus an applicable spread, resetting quarterly. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the terms of each of the Company's subordinated debentures, as of September 30, 2023, the floating rate for each of the Company's subordinated debentures is equal to three-month CME Term SOFR plus both a tenor spread adjustment of 0.26161% per annum and the applicable spread. The following tables summarize the key details of the Company’s subordinated debentures as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.75%, resetting quarterly Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 December 31, 2022 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 November 3, 2023, the Company has not been notified, and is not aware, of any event of default under the indenture for the subordinated debentures. Convertible Notes The Company redeemed its $138.0 million aggregate principal amount of 6.25% Senior Convertible Notes (the "Convertible Notes") at maturity on January 15, 2022. None of the Convertible Notes were converted prior to maturity. The following table presents interest expense from the Convertible Notes for the nine months ended September 30, 2022 (dollar amounts in thousands): For the Nine Months Ended September 30, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 Mortgages Payable on Real Estate As of September 30, 2023 and December 31, 2022, 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 condensed consolidated financial statements ( see Note 7) . In March 2022, a wholly-owned subsidiary of the Company completed the sale of its multi-family apartment community and redeemed the Company's preferred equity investment ( see Note 7 ). In conjunction with the sale, the entity repaid the related mortgage payable in the amount of approximately $37.0 million and recorded a loss on extinguishment of debt of approximately $0.6 million, which is included in other income on the accompanying condensed consolidated statements of operations. The consolidated multi-family apartment communities are subject to mortgages payable collateralized by the associated real estate assets. The Company has no obligation for repayment of the mortgages payable but, with respect to certain of the mortgages payable, 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 September 30, 2023 and December 31, 2022, 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) September 30, 2023 $ 400,601 $ 399,351 $ (2,541) $ 396,810 2025 - 2032 4.34 % December 31, 2022 398,703 397,453 (2,746) 394,707 2025 - 2032 4.21 % (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 mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets. 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 a variable-rate mortgage payable, the applicable joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty that limits the indexed portion of the interest rate to a fixed rate. See Note 10 for additional information. Debt Maturities As of September 30, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 126,901 2027 — 2028 — Thereafter 389,700 $ 544,351 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Outstanding Litigation The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of September 30, 2023, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows. Investment Commitment |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST – Residential loans held in Consolidated SLST are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST based on the fair value of the CDOs issued by the securitization and its investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in the securitization are generally illiquid and trade infrequently. As such, they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. The Company independently calculates valuations for residential loans based on discounted cash flows using an internal pricing model to validate all third party valuations of residential loans. 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. 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 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 or (ii) using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. 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 fair values of 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 caps 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 are classified as Level 2 fair values and are measured using valuations reported by CME Clearing. The derivatives are presented net of variation margin payments pledged or received. The Company's options were classified as Level 2 fair values and were measured using prices obtained from the counterparty. The Company obtains additional third-party valuations for interest rate swaps, interest rate cap agreements and option contracts. The Company has established thresholds to compare different independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing services. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST that are eliminated in consolidation. Management reviews all prices used in determining fair value to ensure they represent current market conditions. This review includes surveying similar market transactions and comparisons to interest pricing models as well as offerings of like securities by dealers. Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products develop and the pricing for certain products becomes more transparent, the Company continues to refine its valuation methodologies. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of each reporting date, which may include periods of market dislocation, during which time price transparency may be reduced. This condition could cause the Company’s financial instruments to be reclassified from Level 2 to Level 3 in future periods. The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 736,939 $ 736,939 $ — $ — $ 1,081,384 $ 1,081,384 Consolidated SLST — — 742,604 742,604 — — 827,582 827,582 Residential loans held in securitization trusts — — 1,514,352 1,514,352 — — 1,616,114 1,616,114 Multi-family loans — — 98,435 98,435 — — 87,534 87,534 Investment securities available for sale: Agency RMBS — 1,535,004 — 1,535,004 — — — — Non-Agency RMBS — 61,563 — 61,563 — 68,570 — 68,570 CMBS — 5,648 — 5,648 — 30,133 — 30,133 ABS — — — — — 856 — 856 Equity investments (1) — — 155,583 155,583 — — 179,746 179,746 Derivative assets: Interest rate caps (1) (2) — 2,031 — 2,031 — 2,473 — 2,473 Assets of disposal group held for sale (3) — 14,624 5,073 19,697 — 29,418 9,010 38,428 Total $ — $ 1,618,870 $ 3,252,986 $ 4,871,856 $ — $ 131,450 $ 3,801,370 $ 3,932,820 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 584,741 $ 584,741 $ — $ — $ 634,495 $ 634,495 Derivative liabilities: Interest rate swaps (2) (4) — — — — — — — — Total $ — $ — $ 584,741 $ 584,741 $ — $ — $ 634,495 $ 634,495 (1) Excludes assets of disposal group held for sale (see Note 9 ). (2) Included in other assets in the condensed consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $14.6 million and $29.4 million as of September 30, 2023 and December 31, 2022, respectively, and equity investments classified as Level 3 instruments in the amount of $5.1 million and $9.0 million as of September 30, 2023 and December 31, 2022, respectively. (4) All of the Company’s interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. Includes derivative assets of $37.7 million and derivative liabilities of $3.0 million netted against a variation margin of $34.7 million at September 30, 2023. The following tables detail changes in valuation for the Level 3 assets for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Assets: Three Months Ended September 30, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 757,264 $ 789,969 $ 1,589,579 $ 97,422 $ 168,755 $ 7,695 $ 3,410,684 Total (losses)/gains (realized/unrealized) Included in earnings (7,392) (31,425) (11,788) 2,695 4,806 (2,622) (45,726) Transfers out (1) (7,441) — (1,978) — — — (9,419) Transfer to securitization trust, net (2) (54,332) — 54,332 — — — — Funding/Contributions — — — — 9,390 — 9,390 Paydowns/Distributions (103,660) (15,940) (132,518) (1,682) (27,368) — (281,168) Sales (18,604) — — — — — (18,604) Purchases 171,104 — 16,725 — — — 187,829 Balance at the end of period $ 736,939 $ 742,604 $ 1,514,352 $ 98,435 $ 155,583 $ 5,073 $ 3,252,986 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended September 30, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Three Months Ended September 30, 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 $ 2,193,319 $ 920,778 $ 1,215,095 $ 106,825 $ 223,651 $ — $ 4,659,668 Total (losses)/gains (realized/unrealized) Included in earnings (56,870) (33,965) (64,282) 360 (1,749) — (156,506) Transfers out (1) (636) — (250) — — (886) Transfer to securitization trust, net (2) (373,113) — 373,113 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 8,895 — 8,895 Paydowns/Distributions (175,105) (26,028) (139,451) (11,356) (15,047) — (366,987) Sales — — — — — — — Purchases 73,723 — 26,848 — — — 100,571 Balance at the end of period $ 1,661,318 $ 860,785 $ 1,411,073 $ 95,829 $ 205,814 $ 9,936 $ 4,244,755 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended September 30, 2022, the Company transferred certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 30, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 Total (losses)/gains (realized/unrealized) Included in earnings (7,220) (40,458) 16,114 9,024 13,289 (3,937) (13,188) Transfers out (1) (10,198) — (3,715) — — — (13,913) Transfer to securitization trust, net (2) (244,414) — 244,414 — — — — Funding/Contributions — — — 15,405 24,918 — 40,323 Paydowns/Distributions (389,032) (44,520) (415,562) (13,528) (62,370) — (925,012) Sales (18,769) — (441) — — — (19,210) Purchases 325,188 — 57,428 — — — 382,616 Balance at the end of period $ 736,939 $ 742,604 $ 1,514,352 $ 98,435 $ 155,583 $ 5,073 $ 3,252,986 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the nine months ended September 30, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 30, 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 (109,846) (113,257) (130,217) 6,658 13,884 — (332,778) Transfers out (1) (1,511) — (1,230) — — — (2,741) Transfer to securitization trust, net (2) (1,049,673) — 1,049,673 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 28,086 — 28,086 Paydowns/Distributions (468,669) (96,840) (377,163) (30,850) (65,851) — (1,039,373) Purchases 1,587,727 — 68,581 — — — 1,656,308 Balance at the end of period $ 1,661,318 $ 860,785 $ 1,411,073 $ 95,829 $ 205,814 $ 9,936 $ 4,244,755 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the nine months ended September 30, 2022, the Company transferred certain performing, re-performing and business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). The following table details changes in valuation for the Level 3 liabilities for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Liabilities: Consolidated SLST CDOs Three Months Ended September 30, 2023 2022 Balance at beginning of period $ 617,168 $ 710,233 Total gains (realized/unrealized) Included in earnings (20,560) (24,214) Paydowns (11,867) (25,950) Balance at the end of period $ 584,741 $ 660,069 Consolidated SLST CDOs Nine Months Ended September 30, 2023 2022 Balance at beginning of period $ 634,495 $ 839,419 Total gains (realized/unrealized) Included in earnings (16,315) (81,746) Paydowns (33,439) (97,604) Balance at the end of period $ 584,741 $ 660,069 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): September 30, 2023 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,043,488 Discounted cash flow Lifetime CPR 4.1% — - 26.7% Lifetime CDR 0.7% — - 24.3% Loss severity 13.0% — - 100.0% Yield 8.0% 5.4% - 27.8% $207,803 Liquidation model Annual home price appreciation/(depreciation) 0.1% (0.8)% - 5.8% Liquidation timeline (months) 19 9 - 54 Property value $2,271,659 $9,000 - $13,750,000 Yield 7.6% 6.9% - 26.6% Consolidated SLST (3) $742,604 Liability price N/A Total $2,993,895 Multi-family loans (1) $98,435 Discounted cash flow Discount rate 12.5% 11.0% - 20.5% Months to assumed redemption 31 4 - 57 Loss severity — Equity investments (1) (2) $130,583 Discounted cash flow Discount rate 13.9% 13.0% - 15.5% Months to assumed redemption 24 10 - 56 Loss severity — Equity investments in disposal group held for sale (2) $5,073 Discounted cash flow Discount rate 14.8% 14.8% - 14.8% Months to assumed redemption 13 13 - 13 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $584,741 Discounted cash flow Yield 6.5% 5.7% - 10.0% Collateral prepayment rate 5.6% 2.4% - 6.7% Collateral default rate 1.2% — - 1.6% Loss severity 21.6% 10.1% - 47.8% (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 September 30, 2023, the fair value of investment securities we own in Consolidated SLST amounts to $154.4 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 three and nine months ended September 30, 2023 and 2022, respectively, for our Level 3 assets and liabilities held as of September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Assets Residential loans: Residential loans (1) $ (8,986) $ (57,296) $ (12,927) $ (90,749) Consolidated SLST (1) (30,705) (33,188) (38,230) (110,631) Residential loans held in securitization trusts (1) (15,178) (66,697) 4,698 (150,664) Multi-family loans (1) (17) (2,490) 762 (2,117) Equity investments (2) (1,105) (6,387) (5,027) (4,581) Equity investments in disposal group held for sale (2) (2,622) (1,054) (3,937) (504) Liabilities Consolidated SLST CDOs (1) 21,380 25,263 18,876 83,151 (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations. The following table presents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 228,333 $ 228,333 $ 244,718 $ 244,718 Residential loans Level 3 2,993,895 2,993,895 3,525,080 3,525,080 Multi-family loans Level 3 98,435 98,435 87,534 87,534 Investment securities available for sale Level 2 1,602,215 1,602,215 99,559 99,559 Equity investments Level 3 155,583 155,583 179,746 179,746 Equity investments in disposal group held for sale Level 3 5,073 5,073 9,010 9,010 Derivative assets Level 2 2,031 2,031 2,473 2,473 Derivative assets in disposal group held for sale Level 2 14,624 14,624 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 1,994,728 1,994,728 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,318,131 1,242,804 1,468,222 1,383,715 Consolidated SLST Level 3 584,741 584,741 634,495 634,495 Subordinated debentures Level 3 45,000 35,803 45,000 32,721 Senior unsecured notes Level 2 97,924 91,520 97,384 91,104 Mortgages payable on real estate Level 3 396,810 361,520 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 740,187 738,639 865,414 864,758 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. Senior unsecured notes – The fair value is based on quoted prices provided by dealers who make markets in similar financial instruments. f. Mortgages payable on real estate – The fair value of consolidated variable-rate mortgages payable approximates the carrying value of such liabilities. The fair value of consolidated fixed-rate mortgages payable is estimated based upon discounted cash flows at current borrowing rates. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 17. 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 22,164,414 and 22,284,994 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, 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 March 2023, the Board of Directors approved a $100.0 million preferred stock repurchase program. The program, which expires March 31, 2024, allows the Company to make repurchases of shares of Preferred Stock from time to time in open market transactions, including through block purchases or privately negotiated transactions. During the three months ended September 30, 2023, the Company repurchased 60,058 shares of Series E Preferred Stock, 3,000 shares of Series F Preferred Stock and 482 shares of Series G Preferred Stock pursuant to the preferred stock repurchase program for a total cost of approximately $1.4 million, including fees and commissions paid to the broker, representing an average repurchase price of $22.23 per preferred share. The difference between the consideration transferred and the carrying value of the preferred stock resulted in a gain attributable to common stockholders of approximately $0.1 million during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 16,177 shares of Series D Preferred Stock, 68,348 shares of Series E Preferred Stock, 9,791 shares of Series F Preferred Stock and 26,264 shares of Series G Preferred Stock pursuant to the preferred stock repurchase program for a total cost of approximately $2.4 million, including fees and commissions paid to the broker, representing an average repurchase price of $20.29 per preferred share. The difference between the consideration transferred and the carrying value of the preferred stock resulted in a gain attributable to common stockholders of approximately $0.5 million during the nine months ended September 30, 2023. As of September 30, 2023, $97.6 million of the approved amount remained available for the repurchase of shares of Preferred Stock under the preferred stock repurchase program. The following tables summarize the Company’s Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): September 30, 2023 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) (5) Fixed-to-Floating Rate Series D 8,400,000 6,107,318 $ 147,745 $ 152,683 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,343,151 177,697 183,579 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,740,209 138,418 143,505 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 2,973,736 71,585 74,343 7.000 % January 15, 2027 Total 31,500,000 22,164,414 $ 535,445 $ 554,110 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) (5) 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 (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 footnotes (4) and (5) below. (4) Prior to July 2023, on and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock were 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. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the Articles Supplementary for each of the Series D Preferred Stock and Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series D Preferred Stock and Series E Preferred Stock, given all of the information available to the Company to date, the Company believes that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum will automatically replace three-month LIBOR as the reference rate for calculations of the dividend rate payable on the Series D Preferred Stock and Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. (5) On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective optional redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a change of control, the Company may, at its option, redeem the Preferred Stock in whole or in part, within 120 days after the first date on which such change of control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a change of control. Upon the occurrence of a change of control, each holder of Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. (b) Dividends on Preferred Stock The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2022 through September 30, 2023: Cash Dividend Per Share Declaration Date Record Date Payment Date Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock September 11, 2023 October 1, 2023 October 15, 2023 $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 June 6, 2023 July 1, 2023 July 15, 2023 0.50 0.4921875 0.4296875 0.43750 March 9, 2023 April 1, 2023 April 15, 2023 0.50 0.4921875 0.4296875 0.43750 December 12, 2022 January 1, 2023 January 15, 2023 0.50 0.4921875 0.4296875 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 0.50 0.4921875 0.4296875 0.43750 (c) Common Stock The Company had 200,000,000 authorized shares of common stock, par value $0.01 per share, with 90,684,441 and 91,193,688 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. On February 22, 2023, the Company announced that the Board of Directors approved the Reverse Stock Split. The Reverse Stock Split was effected as of 12:01 a.m., New York City time, on March 9, 2023 (the “Effective Time”). Accordingly, at the Effective Time, every four issued and outstanding shares of the Company’s common stock were 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 Company's 2017 Equity Incentive Plan (as amended, the "2017 Plan") . In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-four basis, from 800,000,000 to 200,000,000. The par value of each share of common stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder holding fractional shares as a result of the Reverse Stock Split was entitled to receive, in lieu of such fractional shares, cash in an amount based on the closing price of the Company's common stock on the Nasdaq Global Select Market on March 8, 2023. The Reverse Stock Split applied to all of the Company’s outstanding shares of common stock and therefore did not affect any stockholder’s ownership percentage of shares of the Company’s common stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. A ll common share and per common share data included in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. In February 2022, the Board of Directors approved a $200.0 million stock repurchase program. The program, which expires March 31, 2024, 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. In March 2023, the Board of Directors approved an upsize of the stock repurchase program to $246.0 million. During the three months ended September 30, 2023, the Company repurchased 560,342 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $5.0 million, including fees and commissions paid to the broker, representing an average repurchase price of $8.93 per common share. During the nine months ended September 30, 2023, the Company repurchased 937,850 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $8.6 million, including fees and commissions paid to the broker, representing an average repurchase price of $9.19 per common share. During the three months ended September 30, 2022, the Company repurchased 1,367,329 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $14.3 million, including fees and commissions paid to the broker, representing an average repurchase price of $10.47 per common share. During the nine months ended September 30, 2022, the Company repurchased 2,066,035 shares of its common stock pursuant to the stock repurchase program for a total cost of approximately $21.9 million, including fees and commissions paid to the broker, representing an average repurchase price of $10.58 per common share. As of September 30, 2023, $193.2 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the stock repurchase program. (d) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2022 through September 30, 2023: Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2023 September 11, 2023 September 21, 2023 October 26, 2023 $ 0.30 Second Quarter 2023 June 6, 2023 June 16, 2023 July 26, 2023 0.30 First Quarter 2023 March 9, 2023 March 20, 2023 April 26, 2023 0.40 Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 0.40 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.40 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.40 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.40 (e) Equity Distribution Agreements On August 10, 2021, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with a sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million from time to time through the sales agent. The Company has no obligation to sell any of the shares of common stock issuable under the Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, approximately $100.0 million of common stock remains available for issuance under the Common Equity Distribution Agreement. |
Loss Per Common Share
Loss Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Common Share | 18. Loss Per Common Share The Company calculates basic loss per common share by dividing net loss attributable to the Company's common stockholders for the period by weighted-average shares of common stock outstanding for that period. Diluted loss per common share takes into account the effect of dilutive instruments, such as convertible notes, performance share units ("PSUs") and restricted stock units ("RSUs"), and the number of incremental shares that are to be added to the weighted-average number of shares outstanding. The Company redeemed the Convertible Notes at maturity in the amount of $138.0 million on January 15, 2022. During the nine months ended September 30, 2022, the Company's Convertible Notes were determined to be anti-dilutive and were not included in the calculation of diluted loss per common share. During the three and nine months ended September 30, 2023 and 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 under the treasury stock method. The following table presents the computation of basic and diluted loss per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Loss per Common Share: Net loss attributable to Company $ (84,509) $ (115,277) $ (90,573) $ (261,023) Less: Preferred Stock dividends (10,435) (10,493) (31,394) (31,478) Plus: Gain on repurchase of Preferred Stock 125 — 467 — Net loss attributable to Company's common stockholders $ (94,819) $ (125,770) $ (121,500) $ (292,501) Basic weighted average common shares outstanding 90,984 94,269 91,163 94,919 Basic Loss per Common Share $ (1.04) $ (1.33) $ (1.33) $ (3.08) Diluted Loss per Common Share: Net loss attributable to Company $ (84,509) $ (115,277) $ (90,573) $ (261,023) Less: Preferred Stock dividends (10,435) (10,493) (31,394) (31,478) Plus: Gain on repurchase of Preferred Stock 125 — 467 — Net loss attributable to Company's common stockholders $ (94,819) $ (125,770) $ (121,500) $ (292,501) Weighted average common shares outstanding 90,984 94,269 91,163 94,919 Diluted weighted average common shares outstanding 90,984 94,269 91,163 94,919 Diluted Loss per Common Share $ (1.04) $ (1.33) $ (1.33) $ (3.08) |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 19. Stock Based Compensation Pursuant to the 2017 Plan, as approved by the Company's stockholders, eligible employees, officers and directors of the Company and individuals who provide services to the Company are offered the opportunity to acquire the Company's common stock through equity awards under the 2017 Plan. The maximum number of shares that may be issued under the 2017 Plan is 10,792,500 . Of the common stock authorized at September 30, 2023, 6,240,884 shares remain available for issuance under the 2017 Plan. The Company’s non-employee directors have been issued 301,472 shares under the 2017 Plan as of September 30, 2023. The Company’s employees have been issued 1,213,819 shares of restricted stock under the 2017 Plan as of September 30, 2023. At September 30, 2023, there were 543,505 shares of non-vested restricted stock outstanding, 1,802,352 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 351,974 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. Of the common stock authorized at December 31, 2022, 7,199,024 shares were reserved for issuance under the 2017 Plan. The Company's non-employee directors had been issued 229,754 shares under the 2017 Plan as of December 31, 2022. The Company’s employees had been issued 952,350 shares of restricted stock under the 2017 Plan as of December 31, 2022. At December 31, 2022, there were 526,074 shares of non-vested restricted stock outstanding, 1,558,343 common shares reserved for issuance in connection with outstanding PSUs under the 2017 Plan and 263,708 common shares reserved for issuance in connection with outstanding RSUs under the 2017 Plan. (a) Restricted Common Stock Awards During the three and nine months ended September 30, 2023, the Company recognized non-cash compensation expense on its restricted common stock awards of $0.9 million and $2.8 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized non-cash compensation expense on its restricted common stock awards of $1.1 million and $3.4 million, respectively. Dividends are paid on all restricted stock issued, whether those shares have vested or not. Non-vested restricted stock is forfeited upon the recipient's termination of employment, subject to certain exceptions. A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 526,074 $ 16.34 477,276 $ 20.20 Granted 275,248 12.36 304,417 14.36 Vested (244,015) 18.18 (221,239) 21.97 Forfeited (13,802) 12.79 (21,952) 15.68 Non-vested shares as of September 30 543,505 $ 13.57 538,502 $ 16.35 Restricted stock granted during the period 275,248 $ 12.36 304,417 $ 14.36 (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 September 30, 2023 and 2022, the Company had unrecognized compensation expense of $4.9 million and $5.7 million, respectively, related to the non-vested shares of restricted common stock under the 2017 Plan. The unrecognized compensation expense at September 30, 2023 is expected to be recognized over a weighted average period of 1.8 years. The total fair value of restricted shares vested during the nine months ended September 30, 2023 and 2022 was approximately $3.0 million and $3.2 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 nine months ended September 30, 2023 and 2022, the Company granted PSUs that had been approved by the Compensation Committee and the Board of Directors. Under the 2017 Plan, PSUs are instruments that provide the holder the right to receive one share of the Company's common stock once a performance condition has been satisfied. The awards were issued pursuant to and are consistent with the terms and conditions of the 2017 Plan. 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 total shareholder return 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 include dividend equivalent rights ("DERs") which shall remain outstanding from the grant date until the earlier of the settlement or forfeiture of the PSU to which the DER corresponds. Each vested DER entitles the holder to receive payments in an amount equal to any dividends paid by the Company in respect of the share of the Company’s common stock underlying the PSU to which such DER relates. Upon vesting of the PSUs, the DER will also vest. DERs will be forfeited upon forfeiture of the corresponding PSUs. The DERs may be settled in cash or stock at the discretion of the Compensation Committee. A summary of the activity of the target PSU awards under the 2017 Plan for the nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 786,577 $ 23.06 844,185 $ 21.70 Granted 366,210 13.41 211,133 19.47 Vested (201,978) 28.18 (268,729) 16.00 Forfeited (44,984) (20.89) — — Non-vested target PSUs as of September 30 905,825 $ 18.12 786,589 $ 23.05 (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 total shareholder return of the Company’s common stock over a future period of three years. The three-year performance period for PSUs granted in 2020 ended on December 31, 2022, resulting in the vesting of 161,583 shares of common stock during the nine months ended September 30, 2023 with a fair value of $2.0 million on the vesting date. The number of vested shares related to PSUs granted in 2020 was less than the target PSUs of 201,978. The three-year performance period for PSUs granted in 2019 ended on December 31, 2021, resulting in the vesting of 183,374 shares of common stock during the nine months ended September 30, 2022 with a fair value of $2.6 million on the vesting date. The number of vested shares related to PSUs granted in 2019 was less than the target PSUs of 268,729. Non-vested PSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of September 30, 2023 and 2022, there was $6.4 million and $7.2 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 September 30, 2023 is expected to be recognized over a weighted average period of 1.8 years. Compensation expense related to the PSUs was $1.5 million and $3.3 million for the three and nine months ended September 30, 2023, respectively. Compensation expense related to the PSUs was $1.6 million and $4.5 million for the three and nine months ended September 30, 2022, respectively. (c) Restricted Stock Units During the nine months ended September 30, 2023 and 2022, the Company granted RSUs that had been approved by the Compensation Committee and the Board of Directors. Under the 2017 Plan, 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 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 nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 263,708 $ 16.11 254,052 $ 17.45 Granted 244,140 10.24 105,566 14.88 Vested (131,094) 17.40 (95,910) 18.32 Forfeited (24,780) 14.80 — — Non-vested RSUs as of September 30 351,974 $ 11.65 263,708 $ 16.10 (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 nine months ended September 30, 2023, 131,094 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 nine months ended September 30, 2022, 95,910 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. Non-vested RSUs are forfeited upon the recipient's termination of employment, subject to certain exceptions. As of September 30, 2023 and 2022, there was $2.7 million and $2.6 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 September 30, 2023 is expected to be recognized over a weighted average period of 1.9 years. Compensation expense related to the RSUs was $0.6 million and $1.4 million for the three and nine months ended September 30, 2023, respectively. Compensation expense related to the RSUs was $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes For the three and nine months ended September 30, 2023 and 2022, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the condensed consolidated financial statements. The income tax benefit for the three and nine months ended September 30, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current income tax (benefit) expense $ (2) $ 2,089 $ 254 $ 2,320 Deferred income tax benefit (54) (2,419) (313) (2,582) Total income tax benefit $ (56) $ (330) $ (59) $ (262) 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 September 30, 2023 and December 31, 2022, respectively, are as follows (dollar amounts in thousands): September 30, 2023 December 31, 2022 Deferred tax assets Net operating loss carryforward $ 6,327 $ 3,513 Capital loss carryover 17,330 16,045 GAAP/Tax basis differences 4,911 1,869 Deferred tax assets 28,568 21,427 Less: Valuation allowance (25,218) (18,756) Net deferred tax assets (1) 3,350 2,671 Deferred tax liabilities GAAP/Tax basis differences 761 394 Deferred tax liabilities (2) 761 394 Total net deferred tax asset $ 2,589 $ 2,277 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. As of September 30, 2023, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $18.6 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of September 30, 2023, the Company, through its wholly-owned TRSs, had also incurred approximately $50.9 million in capital losses. The Company's carryforward capital losses will expire between 2025 and 2028 if they are not offset by future capital gains. At September 30, 2023, 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 $6.5 million. We will continue to monitor positive and negative evidence related to the utilization of the remaining deferred tax assets for which a valuation allowance continues to be provided. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. To the extent that the Company incurs interest and accrued penalties in connection with its tax obligations, including expenses related to the Company’s evaluation of unrecognized tax positions, such amounts will be included in income tax expense. |
Net Interest Income
Net Interest Income | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | 21. Net Interest Income The following table details the components of the Company's interest income and interest expense for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Interest income Residential loans Residential loans $ 11,574 $ 32,374 $ 40,817 $ 89,875 Consolidated SLST 8,370 9,013 25,543 27,648 Residential loans held in securitization trusts 24,183 20,437 74,041 55,923 Total residential loans 44,127 61,824 140,401 173,446 Multi-family loans 2,712 2,862 7,890 8,646 Investment securities available for sale 17,203 3,916 27,862 12,922 Other 1,153 318 3,718 427 Total interest income 65,195 68,920 179,871 195,441 Interest expense Repurchase agreements 24,169 18,448 54,084 35,625 Collateralized debt obligations Consolidated SLST 5,957 6,611 18,238 18,796 Residential loan securitizations 15,582 11,192 49,908 27,377 Total collateralized debt obligations 21,539 17,803 68,146 46,173 Convertible notes — — — 438 Senior unsecured notes 1,620 1,608 4,852 4,818 Subordinated debentures 1,078 704 3,063 1,713 Total interest expense 48,406 38,563 130,145 88,767 Net interest income $ 16,789 $ 30,357 $ 49,726 $ 106,674 |
Other Income
Other Income | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income | 22. Other Income The following table details the components of the Company's other income for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Preferred equity and mezzanine loan premiums resulting from early redemption (1) $ 128 $ 1,356 $ 315 $ 3,839 Gain on sale of real estate (2) — 16,759 1,879 17,132 Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate — (489) (693) (1,092) Miscellaneous income (loss) 11 (4,879) 211 (4,604) Total other income $ 139 $ 12,747 $ 1,712 $ 15,275 (1) Includes premiums resulting from early redemptions of preferred equity and mezzanine loan investments accounted for as loans. (2) See Notes 8 and 9 for description of nature of transactions out of which items arose. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – On March 9, 2023, the Company effected a one-for-four reverse stock split of its issued, outstanding and authorized shares of common stock (the "Reverse Stock Split"). Accordingly, all common share and per common share data for all periods presented in these condensed consolidated financial statements and notes thereto have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split. The accompanying condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements. The accompanying condensed consolidated balance sheet as of September 30, 2023, the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, the accompanying condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022, the accompanying condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 are unaudited. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X and the instructions to Form 10-Q. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (“SEC”). Accordingly, significant accounting policies and other disclosures have been omitted since such items are disclosed in Note 2 in the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Provided in this section is a summary of additional accounting policies that are significant to, or newly adopted by, the Company for the three and nine months ended September 30, 2023. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full year. |
Reclassifications | Reclassifications – Certain prior period amounts have been reclassified in the accompanying condensed consolidated financial statements to conform to current period presentation. In particular, prior period disclosures have been adjusted for the aforementioned Reverse Stock Split. Additionally, prior period disclosures have been conformed to the current period presentation of net loss from real estate. Beginning in the third quarter of 2023, the components of net loss from real estate, inclusive of rental income and other real estate income and interest expense, mortgages payable on real estate, depreciation and amortization and other real estate expenses, are presented as total net loss from real estate on the Company's condensed consolidated statements of operations. Previously, rental income, other real estate income and total income from real estate was presented in other income (loss) and interest expense, mortgages payable on real estate, depreciation and amortization, other real estate expenses and total expenses related to real estate were presented in general, administrative and operating expenses on the Company's condensed consolidated statements of operations. Prior to the fourth quarter of 2022, interest expense, mortgages payable on real estate was presented in interest expense and net interest income on the Company's condensed consolidated statements of operations. Also beginning in the third quarter of 2023, unrealized gains (losses) and realized gains (losses) on derivative instruments are presented in gains on derivative instruments, net on the Company's condensed consolidated statements of operations. Previously, unrealized gains (losses) on derivative instruments were presented in unrealized gains (losses), net and realized gains (losses) on derivative instruments were presented in realized gains (losses), net on the Company's condensed consolidated statements of operations. |
Principles of Consolidation and Variable Interest Entities | Principles of Consolidation and Variable Interest Entities – The accompanying condensed consolidated financial statements of the Company include the accounts of all its subsidiaries which are majority-owned, controlled by the Company or a variable interest entity (“VIE”) where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation ( 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 |
Derivative Financial Instruments | Derivative Financial Instruments – The Company enters into various types of derivative financial instruments in connection with its risk management activities which are recorded on the accompanying condensed consolidated balance sheets as assets or liabilities at fair value in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). Changes in fair value are accounted for depending on the use of the derivative financial instruments and whether they qualify for hedge accounting treatment. The Company elected not to apply hedge accounting for its derivative financial instruments; accordingly, all changes in fair value are reported on the accompanying condensed consolidated statements of operations as gains (losses) on derivative instruments, net. The Company is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Primarily to help mitigate interest rate risk, the Company may enter into interest rate swaps. Interest rate swaps are contractual agreements whereby one party pays a floating interest rate on a notional principal amount and receives a fixed-rate payment on the same notional principal, or vice versa, for a fixed period of time. Interest rate swaps change in value with movements in interest rates. All of the Company’s interest rate swaps are cleared through a central clearing house which requires that the Company post an initial margin amount determined by the central clearing house, which is generally intended to be set at a level sufficient to protect the exchange from the derivative financial instrument’s maximum estimated single-day price movement. The Company also exchanges variation margin based upon daily changes in fair value, as measured by the central clearing house. The exchange of variation margin is treated as a legal settlement of the exposure under the interest rate swap contract, as opposed to pledged collateral. Accordingly, the Company accounts for the receipt or payment of variation margin as a direct reduction to or increase in the carrying value of the interest rate swap asset or liability. The receipt or payment of initial margin is accounted for separate from the interest rate swap asset or liability and classified within restricted cash and included in other assets on the accompanying condensed consolidated balance sheets. Any additional amounts due from or due to counterparties in connection with the Company's interest rate swaps, are included in other assets or other liabilities, respectively, on the accompanying condensed consolidated balance sheets. |
Summary of Recent Accounting Pronouncements | Summary of Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Fair Value of Financial Instruments | The Company has established and documented processes for determining fair values. Fair value is based upon quoted market prices, where available. If listed prices or quotes are not available, then fair value is based upon internally developed models that primarily use inputs that are market-based or independently-sourced market parameters, including interest rate yield curves. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following describes the valuation methodologies used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. a. Residential Loans Held in Consolidated SLST – Residential loans held in Consolidated SLST are carried at fair value and classified as Level 3 fair values. In accordance with the practical expedient in ASC 810, the Company determines the fair value of residential loans held in Consolidated SLST based on the fair value of the CDOs issued by the securitization and its investment in the securitization (eliminated in consolidation in accordance with GAAP), as the fair value of these instruments is more observable. The investment securities (eliminated in consolidation in accordance with GAAP) that we own in the securitization are generally illiquid and trade infrequently. As such, they are classified as Level 3 in the fair value hierarchy. The fair valuation of these investment securities is determined based on an internal valuation model that considers expected cash flows from the underlying loans and yields required by market participants. The significant unobservable inputs used in the measurement of these investments are projected losses within the pool of loans and a discount rate. The discount rate used in determining fair value incorporates default rate, loss severity, prepayment rate and current market interest rates. Significant increases or decreases in these inputs would result in a significantly lower or higher fair value measurement. b. Residential Loans and Residential Loans Held in Securitization Trusts – The Company’s acquired residential loans are recorded at fair value and classified as Level 3 in the fair value hierarchy. The fair value for residential loans is determined using valuations obtained from a third party that specializes in providing valuations of residential loans. The valuation approach depends on whether the residential loan is considered performing, re-performing or non-performing at the date the valuation is performed. For performing and re-performing loans, estimates of fair value are derived using a discounted cash flow model, where estimates of cash flows are determined from scheduled payments for each loan, adjusted using forecast prepayment rates, default rates and rates for loss upon default. For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, expected liquidation costs and home price appreciation. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Indications of loan value such as actual trades, bids, offers and generic market color may be used in determining the appropriate discount yield. The Company independently calculates valuations for residential loans based on discounted cash flows using an internal pricing model to validate all third party valuations of residential loans. 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. 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 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 or (ii) using weighted multiples of origination volume and earnings before taxes, depreciation and amortization of the entity. 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 fair values of 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 caps 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 are classified as Level 2 fair values and are measured using valuations reported by CME Clearing. The derivatives are presented net of variation margin payments pledged or received. The Company's options were classified as Level 2 fair values and were measured using prices obtained from the counterparty. The Company obtains additional third-party valuations for interest rate swaps, interest rate cap agreements and option contracts. The Company has established thresholds to compare different independent third-party prices and any differences that exceed the thresholds are reviewed both internally and with the third-party pricing services. The Company reconciles and resolves all pricing differences in excess of the thresholds before a final price is established. g. Collateralized Debt Obligations – CDOs issued by Consolidated SLST are classified as Level 3 fair values for which fair value is determined by considering several market data points, including prices obtained from third-party pricing services or dealers who make markets in similar financial instruments. The third-party pricing service or dealers incorporate common market pricing methods, including a spread measurement to the Treasury curve or interest rate swap curve as well as underlying characteristics of the particular security. They will also consider contractual cash payments and yields expected by market participants. Refer to a . above for a description of the fair valuation of CDOs issued by Consolidated SLST that are eliminated in consolidation. |
Residential Loans, at Fair Va_2
Residential Loans, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Residential Mortgage Loans Held in Securitization Trusts, Net | 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Residential loans (1) Consolidated SLST (2) Residential loans held in securitization trusts (3) Total Principal $ 815,311 $ 910,222 $ 1,675,797 $ 3,401,330 $ 1,152,502 $ 955,579 $ 1,790,179 $ 3,898,260 (Discount)/premium (22,336) (7,206) (56,079) (85,621) (22,179) (5,815) (60,745) (88,739) Unrealized losses (56,036) (160,412) (105,366) (321,814) (48,939) (122,182) (113,320) (284,441) Carrying value $ 736,939 $ 742,604 $ 1,514,352 $ 2,993,895 $ 1,081,384 $ 827,582 $ 1,616,114 $ 3,525,080 (1) Certain of the Company's residential loans, at fair value are pledged as collateral for repurchase agreements as of September 30, 2023 and December 31, 2022 ( see Note 12) . (2) The Company invests in first loss subordinated securities and certain IOs issued by a Freddie Mac-sponsored residential loan securitization. In accordance with GAAP, the Company has consolidated the underlying seasoned re-performing and non-performing residential loans held in the securitization and the CDOs issued to permanently finance these residential loans, representing Consolidated SLST. Consolidated SLST CDOs are included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 13 ). (3) The Company's residential loans held in securitization trusts are pledged as collateral for CDOs issued by the Company. These CDOs are accounted for as financings and included in collateralized debt obligations on the Company's condensed consolidated balance sheets ( see Note 13) |
Schedule of Components of Net Gain on Residential Mortgage Loans at Fair Value | The following table presents the unrealized gains (losses), net attributable to residential loans, at fair value for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, 2023 September 30, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (7,172) $ (30,705) $ (14,246) $ (57,134) $ (33,188) $ (67,141) For the Nine Months Ended September 30, 2023 September 30, 2022 Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Residential loans Consolidated SLST (1) Residential loans held in securitization trusts Unrealized (losses) gains, net $ (8,174) $ (38,230) $ 9,033 $ (112,736) $ (110,631) $ (139,798) (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 16). See Note 7 for unrealized gains (losses), net recognized by the Company on its investment in Consolidated SLST, which include unrealized gains (losses) on the residential loans held in Consolidated SLST presented in the table above and unrealized gains (losses) on the CDOs issued by Consolidated SLST. |
Schedule of Geographic Concentration of Credit Risk | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.7 % 10.7 % 18.0 % 24.3 % 10.6 % 19.2 % Florida 14.6 % 10.3 % 11.3 % 13.2 % 10.3 % 10.2 % New York 7.4 % 9.9 % 8.3 % 8.0 % 9.8 % 8.6 % Texas 7.4 % 3.9 % 7.2 % 7.0 % 4.0 % 7.3 % Washington 5.2 % 1.8 % 2.6 % 5.7 % 1.8 % 2.9 % New Jersey 5.1 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Illinois 3.2 % 7.2 % 3.4 % 2.6 % 7.2 % 3.2 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Texas 35.1 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.1 % 10.9 % Arkansas 9.3 % — Louisiana 7.1 % 7.5 % Alabama 6.5 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.1 % 5.7 % |
Schedule of Residential Mortgage Loans, Fair Value Compared to Unpaid Principal | The following table presents the fair value and aggregate unpaid principal balance of the Company's residential loans and residential loans held in securitization trusts in non-accrual status as of September 30, 2023 and December 31, 2022, 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 September 30, 2023 $ 218,545 $ 243,718 $ 9,685 $ 10,389 December 31, 2022 149,076 159,981 8,382 9,132 |
Investment Securities Availab_2
Investment Securities Available For Sale, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Amortized Cost Unrealized Fair Value Amortized Cost Unrealized Fair Value Gains Losses Gains Losses Fair Value Option Agency RMBS Fixed rate Fannie Mae $ 868,656 $ 64 $ (18,193) $ 850,527 $ — $ — $ — $ — Freddie Mac 591,245 — (18,977) 572,268 — — — — Total Fixed rate 1,459,901 64 (37,170) 1,422,795 — — — — Adjustable rate Fannie Mae 43,377 — (1,036) 42,341 — — — — Freddie Mac 28,803 — (522) 28,281 — — — — Total Adjustable rate 72,180 — (1,558) 70,622 — — — — Interest-only Ginnie Mae 42,205 107 (725) 41,587 — — — — Total Interest-only 42,205 107 (725) 41,587 — — — — Total Agency RMBS 1,574,286 171 (39,453) 1,535,004 — — — — Non-Agency RMBS 42,059 8,729 (13,161) 37,627 48,958 9,436 (13,469) 44,925 CMBS 6,000 — (352) 5,648 32,033 — (1,900) 30,133 ABS — — — — 797 59 — 856 Total investment securities available for sale - fair value option 1,622,345 8,900 (52,966) 1,578,279 81,788 9,495 (15,369) 75,914 CECL Securities Non-Agency RMBS 25,763 — (1,827) 23,936 25,616 — (1,971) 23,645 Total investment securities available for sale - CECL Securities 25,763 — (1,827) 23,936 25,616 — (1,971) 23,645 Total $ 1,648,108 $ 8,900 $ (54,793) $ 1,602,215 $ 107,404 $ 9,495 $ (17,340) $ 99,559 |
Schedule of Investments Securities Sold | The following table summarizes our investment securities sold during the three months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, 2023 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) CMBS $ 24,772 $ — $ (1,035) $ (1,035) Total $ 24,772 $ — $ (1,035) $ (1,035) Three Months Ended September 30, 2022 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) ABS $ 36,215 $ 18,001 $ — $ 18,001 Total $ 36,215 $ 18,001 $ — $ 18,001 The following table summarizes our investment securities sold during the nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Nine Months Ended September 30, 2023 Sales Proceeds Realized Gains Realized Losses Net Realized Gains (Losses) ABS $ 595 $ — $ (41) $ (41) CMBS 24,772 — (1,035) (1,035) Total $ 25,367 $ — $ (1,076) $ (1,076) Nine Months Ended September 30, 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 Total $ 60,589 $ 18,375 $ — $ 18,375 |
Schedule of Weighted Average Lives of Investment Securities | The following table sets forth the weighted average lives of our investment securities available for sale as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Weighted Average Life September 30, 2023 December 31, 2022 0 to 5 years $ 42,759 $ 39,655 Over 5 to 10 years 1,546,244 46,558 10+ years 13,212 13,346 Total $ 1,602,215 $ 99,559 |
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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Less than 12 months Greater than 12 months Total Carrying Gross Carrying Gross Carrying Gross Non-Agency RMBS $ — $ — $ 23,936 $ (1,827) $ 23,936 $ (1,827) Total $ — $ — $ 23,936 $ (1,827) $ 23,936 $ (1,827) 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) |
Multi-family Loans, at Fair V_2
Multi-family Loans, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Mezzanine Loans and Preferred Equity Investments | Multi-family loans consist of the following as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Investment amount $ 98,246 $ 88,249 Deferred loan fees, net (473) (428) Unrealized gains (losses), net 662 (287) Total, at Fair Value $ 98,435 $ 87,534 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,370 $ — $ 8,370 $ 9,013 $ — $ 9,013 Interest expense 5,957 — 5,957 6,611 — 6,611 Total net interest income 2,413 — 2,413 2,402 — 2,402 Income from real estate — 39,287 39,287 — 39,261 39,261 Expenses related to real estate — 47,367 47,367 — 67,319 67,319 Total net loss from real estate — (8,080) (8,080) — (28,058) (28,058) Unrealized losses, net (9,325) — (9,325) (7,925) — (7,925) Gains on derivative instruments, net — 315 315 — 24,943 24,943 Impairment of real estate — (44,157) (44,157) — — — Other (losses) income — (103) (103) — 16,287 16,287 Total other (loss) income (9,325) (43,945) (53,270) (7,925) 41,230 33,305 Net (loss) income (6,912) (52,025) (58,937) (5,523) 13,172 7,649 Net loss attributable to non-controlling interest in Consolidated VIEs — 9,364 9,364 — 2,617 2,617 Net (loss) income attributable to Company $ (6,912) $ (42,661) $ (49,573) $ (5,523) $ 15,789 $ 10,266 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Nine Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 25,543 $ — $ 25,543 $ 27,648 $ — $ 27,648 Interest expense 18,238 — 18,238 18,796 — 18,796 Total net interest income 7,305 — 7,305 8,852 — 8,852 Income from real estate — 120,247 120,247 — 97,308 97,308 Expenses related to real estate — 145,310 145,310 — 202,084 202,084 Total net loss from real estate — (25,063) (25,063) — (104,776) (104,776) Unrealized losses, net (19,354) — (19,354) (27,480) — (27,480) Gains on derivative instruments, net — 5,572 5,572 — 24,943 24,943 Impairment of real estate — (71,296) (71,296) — — — Other (losses) income — (61) (61) — 16,287 16,287 Total other (loss) income (19,354) (65,785) (85,139) (27,480) 41,230 13,750 Net loss (12,049) (90,848) (102,897) (18,628) (63,546) (82,174) Net loss attributable to non-controlling interest in Consolidated VIEs — 19,957 19,957 — 36,409 36,409 Net loss attributable to Company $ (12,049) $ (70,891) $ (82,940) $ (18,628) $ (27,137) $ (45,765) |
Schedule of 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Days Late Fair Value Unpaid Principal Balance Fair Value Unpaid Principal Balance 90 + $ 4,753 $ 3,363 $ 4,523 $ 3,363 |
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Residential loans Consolidated SLST Residential loans held in securitization trusts Residential loans Consolidated SLST Residential loans held in securitization trusts California 21.7 % 10.7 % 18.0 % 24.3 % 10.6 % 19.2 % Florida 14.6 % 10.3 % 11.3 % 13.2 % 10.3 % 10.2 % New York 7.4 % 9.9 % 8.3 % 8.0 % 9.8 % 8.6 % Texas 7.4 % 3.9 % 7.2 % 7.0 % 4.0 % 7.3 % Washington 5.2 % 1.8 % 2.6 % 5.7 % 1.8 % 2.9 % New Jersey 5.1 % 7.5 % 5.6 % 6.3 % 7.4 % 5.6 % Illinois 3.2 % 7.2 % 3.4 % 2.6 % 7.2 % 3.2 % The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of September 30, 2023 and December 31, 2022, respectively, are as follows: September 30, 2023 December 31, 2022 Texas 35.1 % 30.1 % Tennessee 14.6 % 15.6 % Florida 10.1 % 10.9 % Arkansas 9.3 % — Louisiana 7.1 % 7.5 % Alabama 6.5 % 7.1 % North Carolina 5.7 % 6.1 % Indiana 5.1 % 5.7 % |
Equity Investments, at Fair V_2
Equity Investments, at Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Unconsolidated Entities | The following table presents the Company's equity investments as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Investment Name Ownership Interest Fair Value Ownership Interest Fair Value Multi-Family Preferred Equity Ownership Interests FF/RMI 20 Midtown, LLC 51% $ 28,711 51% $ 27,079 Palms at Cape Coral, LLC 34% 5,721 34% 5,429 EHOF-NYMT Sunset Apartments Preferred, LLC 57% 19,292 57% 18,139 Lucie at Tradition Holdings, LLC 70% 18,948 70% 17,576 Syracuse Apartments and Townhomes, LLC 58% 21,241 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% 9,724 58% 9,277 Tides on 27th Investors, LLC 54% 17,320 — — Rapid City RMI JV LLC 50% 9,626 — — America Walks at Port St. Lucie, LLC — — 62% 29,873 1122 Chicago DE, LLC — — 53% 8,276 Bighaus, LLC — — 42% 16,482 Total - Multi-Family Preferred Equity Ownership Interests 130,583 152,246 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) 50% 25,000 — 27,500 Total - Single-Family Equity Ownership Interests 25,000 27,500 Total $ 155,583 $ 179,746 (1) The Company exercised its option to purchase 50% of the issued and outstanding interests of an entity that originates residential loans during the nine months ended September 30, 2023. The Company purchased $15.3 million and $55.2 million of residential loans from the entity during the three and nine months ended September 30, 2023, respectively, and $5.5 million and $257.8 million of residential loans from the entity during the three and nine months ended September 30, 2022, respectively. The following table presents income from multi-family preferred equity ownership interests for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). Income from these investments is presented in income from equity investments in the Company's accompanying condensed consolidated statements of operations. Income from these investments during the three and nine months ended September 30, 2023 includes $0.2 million and $0.8 million of net unrealized gains, respectively. Income from these investments during the three and nine months ended September 30, 2022 includes $4.2 million and $3.8 million of net unrealized losses, respectively. Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2023 2022 2023 2022 FF/RMI 20 Midtown, LLC $ 955 $ 287 $ 2,690 $ 1,897 Palms at Cape Coral, LLC 183 68 540 381 America Walks at Port St. Lucie, LLC 345 376 2,243 2,180 EHOF-NYMT Sunset Apartments Preferred, LLC 651 219 1,914 1,327 Lucie at Tradition Holdings, LLC 719 126 2,103 1,342 Syracuse Apartments and Townhomes, LLC 679 67 2,000 1,174 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) 311 243 918 243 Tides on 27th Investors, LLC 599 — 1,896 — Rapid City RMI JV LLC 236 — 236 — 1122 Chicago DE, LLC — 212 419 690 Bighaus, LLC — 388 701 1,325 Lurin-RMI, LLC — (1,242) — 558 Somerset Deerfield Investor, LLC — 548 — 1,731 RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) — 163 — 485 DCP Gold Creek, LLC — — — 254 Rigsbee Ave Holdings, LLC — — — (174) Walnut Creek Properties Holdings, L.L.C. — — — (153) Total Income - Multi-Family Preferred Equity Ownership Interests $ 4,678 $ 1,455 $ 15,660 $ 13,260 Three Months Ended September 30, Nine Months Ended September 30, Investment Name 2023 2022 2023 2022 Single-Family Equity Ownership Interests Constructive Loans, LLC (1) $ — $ (3,500) $ (2,500) $ (1,750) Morrocroft Neighborhood Stabilization Fund II, LP (2) — — — 50 Total Loss - Single-Family Equity Ownership Interests $ — $ (3,500) $ (2,500) $ (1,700) Joint Venture Equity Investments in Multi-Family Properties (3) GWR Cedars Partners, LLC $ (1,020) $ (1,141) $ (1,220) $ (930) GWR Gateway Partners, LLC (1,602) 88 (2,717) 426 Total Loss - Joint Venture Equity Investments in Multi-Family Properties $ (2,622) $ (1,053) $ (3,937) $ (504) (1) Includes net unrealized losses of $1.3 million and $5.6 million for the three and nine months ended September 30, 2023, respectively. Includes net unrealized losses of $3.5 million and $1.8 million for the three and nine months ended September 30, 2022, respectively. (2) The Company's equity investment was redeemed during the year ended December 31, 2022. (3) 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 ). Includes net unrealized losses of $2.6 million and $3.9 million for the three and nine months ended September 30, 2023, respectively, and net unrealized losses of $1.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively. |
Use of Special Purpose Entiti_2
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Assets and Liabilities of Consolidated VIE's | The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the nine months ended September 30, 2022 (dollar amounts in thousands): Nine Months Ended September 30, 2022 Cash (1) $ 8,576 Operating real estate (1) (2) 730,988 Lease intangibles (1) (3) 41,892 Other assets (1) 8,258 Total assets 789,714 Mortgages payable on real estate, net (1) 570,682 Other liabilities (1) 4,662 Total liabilities 575,344 Non-controlling interests (4) 16,293 Net assets consolidated $ 198,077 (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 condensed consolidated balance sheets. 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 condensed 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 condensed consolidated balance sheets. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of September 30, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 7,120 $ 7,120 Residential loans, at fair value 1,514,352 742,604 — 2,256,956 Real estate, net held in Consolidated VIEs (1) — — 542,797 542,797 Assets of disposal group held for sale (2) — — 904,658 904,658 Other assets 90,223 3,018 17,456 110,697 Total assets $ 1,604,575 $ 745,622 $ 1,472,031 $ 3,822,228 Collateralized debt obligations ($1,318,131 at amortized cost, net and $584,741 at fair value) $ 1,318,131 $ 584,741 $ — $ 1,902,872 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 396,810 396,810 Liabilities of disposal group held for sale (2) — — 767,329 767,329 Other liabilities 7,575 5,138 12,373 25,086 Total liabilities $ 1,325,706 $ 589,879 $ 1,176,512 $ 3,092,097 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 21,026 $ 21,026 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 20,202 $ 20,202 Net investment (6) $ 278,869 $ 155,743 $ 254,291 $ 688,903 (1) Included in real estate, net in the accompanying condensed 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 condensed 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 the carrying value of 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, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 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 condensed 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 condensed 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 the carrying value of 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 228,333 $ 228,333 $ 244,718 $ 244,718 Residential loans Level 3 2,993,895 2,993,895 3,525,080 3,525,080 Multi-family loans Level 3 98,435 98,435 87,534 87,534 Investment securities available for sale Level 2 1,602,215 1,602,215 99,559 99,559 Equity investments Level 3 155,583 155,583 179,746 179,746 Equity investments in disposal group held for sale Level 3 5,073 5,073 9,010 9,010 Derivative assets Level 2 2,031 2,031 2,473 2,473 Derivative assets in disposal group held for sale Level 2 14,624 14,624 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 1,994,728 1,994,728 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,318,131 1,242,804 1,468,222 1,383,715 Consolidated SLST Level 3 584,741 584,741 634,495 634,495 Subordinated debentures Level 3 45,000 35,803 45,000 32,721 Senior unsecured notes Level 2 97,924 91,520 97,384 91,104 Mortgages payable on real estate Level 3 396,810 361,520 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 740,187 738,639 865,414 864,758 |
Schedule of Statement of Operations of Variable Interest Entities | Multi-family loans consist of the following as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Investment amount $ 98,246 $ 88,249 Deferred loan fees, net (473) (428) Unrealized gains (losses), net 662 (287) Total, at Fair Value $ 98,435 $ 87,534 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the three months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Three Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 8,370 $ — $ 8,370 $ 9,013 $ — $ 9,013 Interest expense 5,957 — 5,957 6,611 — 6,611 Total net interest income 2,413 — 2,413 2,402 — 2,402 Income from real estate — 39,287 39,287 — 39,261 39,261 Expenses related to real estate — 47,367 47,367 — 67,319 67,319 Total net loss from real estate — (8,080) (8,080) — (28,058) (28,058) Unrealized losses, net (9,325) — (9,325) (7,925) — (7,925) Gains on derivative instruments, net — 315 315 — 24,943 24,943 Impairment of real estate — (44,157) (44,157) — — — Other (losses) income — (103) (103) — 16,287 16,287 Total other (loss) income (9,325) (43,945) (53,270) (7,925) 41,230 33,305 Net (loss) income (6,912) (52,025) (58,937) (5,523) 13,172 7,649 Net loss attributable to non-controlling interest in Consolidated VIEs — 9,364 9,364 — 2,617 2,617 Net (loss) income attributable to Company $ (6,912) $ (42,661) $ (49,573) $ (5,523) $ 15,789 $ 10,266 The following table presents condensed statements of operations for non-Company-sponsored VIEs for the nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands). The following table includes net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation. Nine Months Ended September 30, 2023 2022 Consolidated SLST Consolidated Real Estate Total Consolidated SLST Consolidated Real Estate Total Interest income $ 25,543 $ — $ 25,543 $ 27,648 $ — $ 27,648 Interest expense 18,238 — 18,238 18,796 — 18,796 Total net interest income 7,305 — 7,305 8,852 — 8,852 Income from real estate — 120,247 120,247 — 97,308 97,308 Expenses related to real estate — 145,310 145,310 — 202,084 202,084 Total net loss from real estate — (25,063) (25,063) — (104,776) (104,776) Unrealized losses, net (19,354) — (19,354) (27,480) — (27,480) Gains on derivative instruments, net — 5,572 5,572 — 24,943 24,943 Impairment of real estate — (71,296) (71,296) — — — Other (losses) income — (61) (61) — 16,287 16,287 Total other (loss) income (19,354) (65,785) (85,139) (27,480) 41,230 13,750 Net loss (12,049) (90,848) (102,897) (18,628) (63,546) (82,174) Net loss attributable to non-controlling interest in Consolidated VIEs — 19,957 19,957 — 36,409 36,409 Net loss attributable to Company $ (12,049) $ (70,891) $ (82,940) $ (18,628) $ (27,137) $ (45,765) |
Schedule of Redeemable Noncontrolling Interest in Consolidated VIEs | The following table presents activity in redeemable non-controlling interest in Consolidated VIEs for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 34,571 $ 37,101 $ 63,803 $ 66,392 Contributions — — — 315 Distributions (41) (4,115) (3,991) (5,925) Net loss attributable to redeemable non-controlling interest in Consolidated VIEs (2,907) (5,200) (11,592) (32,996) Adjustment of redeemable non-controlling interest to estimated redemption value (1) (10,597) — (27,194) — Ending balance $ 21,026 $ 27,786 $ 21,026 $ 27,786 (1) The Company determines the fair value of the redeemable non-controlling interest 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 allocatable 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 5.7% (ranges from 5.3% to 6.5%) and a weighted average discount rate of 14.8% (ranges from 13.9% to 15.6%). |
Schedule of Classification and Carrying Value of Unconsolidated VIEs | The following tables present the classification and carrying value of unconsolidated VIEs as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total Non-Agency RMBS $ — $ 25,796 $ — $ — $ 25,796 Preferred equity investments in multi-family properties 98,435 — 130,583 — 229,018 Joint venture equity investments in multi-family properties — — — 5,073 5,073 Maximum exposure $ 98,435 $ 25,796 $ 130,583 $ 5,073 $ 259,887 December 31, 2022 Multi-family loans Investment Equity investments Assets of disposal group held for sale Total ABS $ — $ 856 $ — $ — $ 856 Non-Agency RMBS — 29,290 — — 29,290 Preferred equity investments in multi-family properties 87,534 — 152,246 — 239,780 Joint venture equity investments in multi-family properties — — — 9,010 9,010 Maximum exposure $ 87,534 $ 30,146 $ 152,246 $ 9,010 $ 278,936 |
Real Estate, Net (Tables)
Real Estate, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment | The following is a summary of real estate, net, collectively, as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Land $ 89,550 $ 89,550 Building and improvements 638,433 611,102 Furniture, fixture and equipment 16,119 13,540 Real estate $ 744,102 $ 714,192 Accumulated depreciation (39,594) (21,224) Real estate, net (1) $ 704,508 $ 692,968 (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 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 condensed 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 three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation expense on operating real estate $ 6,204 $ 16,025 $ 18,371 $ 41,269 Amortization of lease intangibles related to operating real estate — 16,908 — 79,645 Total depreciation and amortization (1) $ 6,204 $ 32,933 $ 18,371 $ 120,914 (1) Amounts for the three and nine months ended September 30, 2022 include depreciation and amortization of multi-family properties that have been reclassified to assets held in disposal group held for sale. |
Assets and Liabilities of Dis_2
Assets and Liabilities of Disposal Group Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Cash and cash equivalents (1) $ 14,859 $ 13,944 Equity investments 5,073 9,010 Real estate, net (1) 852,277 1,079,942 Other assets (1) 37,522 48,888 Total assets of disposal group held for sale $ 909,731 $ 1,151,784 Mortgages payable on real estate $ 740,187 $ 865,414 Other liabilities 27,142 18,398 Total liabilities of disposal group held for sale (1) $ 767,329 $ 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 three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Pretax loss of disposal group held for sale $ (54,969) $ (2,648) $ (92,054) $ (50,621) Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs 6,431 248 8,388 5,313 Pretax loss of disposal group attributable to Company's common stockholders $ (48,538) $ (2,400) $ (83,666) $ (45,308) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the Company's derivative instruments as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Fair Value Type of Derivative Instrument Consolidated Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate caps Other assets $ 2,031 $ 2,473 Interest rate swaps Other assets — — Total derivative assets (1) $ 2,031 $ 2,473 |
Schedule of Reconciliation of Gross Derivative Assets and Liabilities | The following tables present a reconciliation of gross derivative assets and liabilities to net amounts presented in the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,031 $ — $ — $ 2,031 Interest rate swaps 37,729 (3,046) (34,683) — Total derivative assets $ 39,760 $ (3,046) $ (34,683) $ 2,031 Derivative liabilities Interest rate swaps $ (3,046) $ 3,046 $ — $ — Total derivative liabilities $ (3,046) $ 3,046 $ — $ — December 31, 2022 Gross Amount of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheets Variation Margin Net Amounts of Assets (Liabilities) Presented in Balance Sheets Derivative assets Interest rate caps $ 2,473 $ — $ — $ 2,473 Total derivative assets $ 2,473 $ — $ — $ 2,473 |
Schedule of Activity of Derivative Instruments | The tables below summarize the activity of derivative instruments not designated as hedging instruments for the three and nine months ended September 30, 2023, respectively (dollar amounts in thousands): Notional Amount For the Three Months Ended September 30, 2023 Type of Derivative Instrument June 30, 2023 Additions Terminations September 30, 2023 Options $ 81 $ — $ (81) $ — Interest rate swaps 900,925 1,356,309 — 2,257,234 Notional Amount For the Nine Months Ended September 30, 2023 Type of Derivative Instrument December 31, 2022 Additions Terminations September 30, 2023 Options $ — $ 500,148 $ (500,148) $ — Interest rate swaps — 2,257,234 — 2,257,234 |
Schedule of Components of Realized and Unrealized Gains and Losses | The following tables present the components of realized gains (losses), net and unrealized gains (losses), net related to our derivative instruments that were not designated as hedging instruments, which are included in gains (losses) on derivative instruments, net in our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate caps (1) $ 1,568 $ (1,143) $ 6,388 $ (130) Options (1,130) 974 (2,737) — Interest rate swaps — 20,724 — 34,683 Total $ 438 $ 20,555 $ 3,651 $ 34,553 For the Three Months Ended September 30, 2022 For the Nine Months Ended September 30, 2022 Type of Derivative Instrument Realized Gains (Losses) Unrealized Gains (Losses) Realized Gains (Losses) Unrealized Gains (Losses) Interest rate caps (1) $ 921 $ 24,022 $ 921 $ 24,022 Total $ 921 $ 24,022 $ 921 $ 24,022 (1) Includes interest rate caps held by certain Consolidated VIEs included in other assets in disposal group held for sale. |
Schedule of Interest Rate Cap Contracts Strike Price and Notional Amounts | The following table presents information about our interest rate cap contracts related to certain repurchase agreement financing and variable-rate mortgages payable on real estate that are not included in disposal group held for sale as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): Financing Type Term SOFR Strike Price Notional Amount Expiration Date Repurchase agreement 4.10 % $ 111,000 November 17, 2024 Mortgage payable on real estate 2.00 % 29,000 April 1, 2024 |
Schedule of Interest Rate Derivatives | The following table presents information about our interest rate swaps whereby we receive floating rate payments in exchange for fixed rate payments as of September 30, 2023 (dollar amounts in thousands): September 30, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2025 $ 1,364,705 4.59 % 5.26 % 2026 80,000 3.51 % 5.20 % 2028 543,058 3.94 % 5.28 % 2033 216,421 3.77 % 5.27 % Total $ 2,204,184 4.31 % 5.27 % The following table presents information about our interest rate swaps whereby we receive fixed rate payments in exchange for floating rate payments as of September 30, 2023 (dollar amounts in thousands): September 30, 2023 Swap Maturities Notional Amount Weighted Average Fixed Interest Rate Weighted Average Variable Interest Rate 2028 $ 9,550 3.48 % 5.19 % 2033 43,500 3.64 % 5.26 % Total $ 53,050 3.61 % 5.25 % |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Offsetting [Abstract] | |
Schedule of Other Assets | The following table presents the components of the Company's other assets as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Restricted cash (1) $ 127,097 $ 136,220 Accrued interest receivable 34,108 34,067 Other assets in consolidated multi-family properties 16,965 13,681 Recoverable advances on residential loans 16,666 13,979 Other receivables 11,638 11,357 Real estate owned 11,502 18,588 Collections receivable from residential loan servicers 9,882 15,374 Operating lease right-of-use assets 6,900 7,831 Deferred tax assets 3,350 2,671 Derivative assets (2) 2,031 2,473 Other 5,031 3,115 Total $ 245,170 $ 259,356 (1) Restricted cash represents cash held by third parties, initial margin for interest rate swap contracts, cash held by the Company's securitization trusts and restricted cash held by consolidated multi-family properties. (2) Includes derivative asset held in a consolidated multi-family property. |
Schedule of Other Liabilities | The following table presents the components of the Company's other liabilities as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Dividends and dividend equivalents payable $ 40,568 $ 49,996 Accrued interest payable 19,434 10,629 Accrued expenses and other liabilities in consolidated multi-family properties 12,373 10,511 Accrued expenses 10,654 15,576 Operating lease liabilities 7,430 8,383 Deferred revenue 5,342 7,131 Securities purchased but not settled 4,916 — Unfunded commitments for residential loans 4,249 2,950 Advanced remittances from residential loan servicers 4,077 9,098 Swap margin payable 2,980 — Deferred tax liabilities 761 394 Other 3,842 1,323 Total $ 116,626 $ 115,991 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Carrying Value of Federal Funds Sold, Securities Purchased under Agreements to Resell, and Deposits Paid for Securities Borrowed [Abstract] | |
Schedule of Company's Repurchase Agreements | The following table presents the carrying value of the Company's repurchase agreements as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Repurchase Agreements Secured By: September 30, 2023 December 31, 2022 Investment securities $ 1,490,996 $ 50,077 Residential loans 427,342 686,946 Single-family rental properties 76,390 — Total carrying value $ 1,994,728 $ 737,023 |
Schedule of Unencumbered Securities | The following table presents information about the Company's unencumbered securities at September 30, 2023 (dollar amounts in thousands): Unencumbered Securities September 30, 2023 Agency RMBS $ 47,610 Non-Agency RMBS (1) (2) 119,503 CMBS 5,648 Total $ 172,761 (1) Includes IOs in Consolidated SLST with a fair value of $17.8 million as of September 30, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes CDOs repurchased from our residential loan securitizations with a fair value of $40.2 million as of September 30, 2023. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. |
Schedule of Borrowings Under Financing Arrangements and Assets Pledged as Collateral | The following table presents detailed information about the Company’s financings under these repurchase agreements and associated assets pledged as collateral at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Maximum Aggregate Uncommitted Principal Amount Outstanding Repurchase Agreements (1) Net Deferred Finance Costs (2) Carrying Value of Repurchase Agreements Carrying Value of Assets Pledged (3) Weighted Average Rate Weighted Average Months to Maturity (4) September 30, 2023 $ 2,175,000 $ 505,477 $ (1,745) $ 503,732 $ 683,204 7.81 % 8.21 December 31, 2022 $ 2,030,879 $ 688,487 $ (1,541) $ 686,946 $ 867,033 6.65 % 16.69 (1) Includes non-mark-to-market repurchase agreements with an aggregate outstanding balance of $169.7 million, a weighted average rate of 8.09%, and weighted average months to maturity of 17.27 months as of September 30, 2023. 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. (2) Costs related to the repurchase agreements, which include commitment, underwriting, legal, accounting and other fees, are reflected as deferred charges. Such costs are presented as a deduction from the corresponding debt liability on the Company’s accompanying condensed consolidated balance sheets and are amortized as an adjustment to interest expense using the effective interest method, or straight line-method, if the result is not materially different. (3) Includes residential loans with an aggregate fair value of $535.8 million and single-family rental properties with a net carrying value of $147.4 million as of September 30, 2023. Includes residential loans with an aggregate fair value of $867.0 million as of December 31, 2022. (4) The Company expects to roll outstanding amounts under these repurchase agreements into new repurchase agreements or other financings, or to repay outstanding amounts, prior to or at maturity. |
Schedule of Repurchase Agreements Secured by Investment Securities | The following table presents detailed information about the amounts outstanding under the Company’s repurchase agreements secured by investment securities and associated assets pledged as collateral at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Outstanding Repurchase Agreements Fair Value of Collateral Pledged Amortized Cost of Collateral Pledged Agency RMBS $ 1,406,824 $ 1,487,394 $ 1,525,702 $ — $ — $ — Non-Agency RMBS (1) (2) 84,172 184,868 245,503 50,077 170,551 210,733 Balance at end of the period $ 1,490,996 $ 1,672,262 $ 1,771,205 $ 50,077 $ 170,551 $ 210,733 (1) Includes first loss subordinated securities in Consolidated SLST with a fair value of $136.7 million as of September 30, 2023. Consolidated SLST securities owned by the Company are eliminated in consolidation in accordance with GAAP. (2) Includes securities repurchased from our residential loan securitizations with a fair value of $48.2 million as of September 30, 2023. Amounts included in amortized cost of collateral pledged for repurchased securities represent the current par value of the securities. Repurchased CDOs are eliminated in consolidation in accordance with GAAP. |
Schedule Of Repurchase Agreements, Maturities | The following table presents contractual maturity information about the Company’s outstanding repurchase agreements secured by investment securities at September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): Contractual Maturity September 30, 2023 December 31, 2022 Within 30 days $ 229,384 $ 50,077 Over 30 day to 90 days 1,261,612 — Over 90 days — — Total $ 1,490,996 $ 50,077 |
Collateralized Debt Obligatio_2
Collateralized Debt Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable in Consolidated VIEs | The following tables present a summary of the Company's CDOs as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) (2) Stated Maturity (3) Consolidated SLST (4) $ 665,970 $ 584,741 2.75 % 2059 Residential loan securitizations 1,335,598 1,318,131 3.63 % 2026 - 2062 Total collateralized debt obligations $ 2,001,568 $ 1,902,872 December 31, 2022 Outstanding Face Amount Carrying Value Weighted Average Interest Rate (1) (2) Stated Maturity (3) Consolidated SLST (4) $ 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 (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) As of September 30, 2023 and December 31, 2022, $560.8 million and $647.1 million, respectively, of the Company's CDOs contained an initial interest rate step-up feature whereby the interest rate increases by 3.00% if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents, ranging from October 2023 to July 2025, with potential additional interest rate step-ups of 1.00% if the outstanding notes are not redeemed by expected redemption dates ranging from October 2024 to July 2026. As of September 30, 2023 and December 31, 2022, $548.4 million and $603.8 million, respectively, of the Company's CDOs contained a contractual interest rate step-up feature whereby the interest rate increases by either 1.00% or 2.00% at step-up dates, as defined in the respective governing documents, ranging from May 2024 to December 2026. (3) 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. (4) The Company has elected the fair value option for CDOs issued by Consolidated SLST ( see Note 16). |
Schedule of Maturities of Collateralized Debt Obligations | The Company's CDOs as of September 30, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 84,659 2027 225,000 Thereafter 1,691,909 Total $ 2,001,568 As of September 30, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 126,901 2027 — 2028 — Thereafter 389,700 $ 544,351 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
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 tables summarize the key details of the Company’s subordinated debentures as of September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 NYM Preferred Trust I NYM Preferred Trust II Principal value of trust preferred securities $ 25,000 $ 20,000 Interest rate Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.75%, resetting quarterly Three-month CME Term SOFR plus tenor spread adjustment of 0.26161% plus 3.95%, resetting quarterly Scheduled maturity March 30, 2035 October 30, 2035 December 31, 2022 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 Interest Expense from Convertible Debt | The following table presents interest expense from the Convertible Notes for the nine months ended September 30, 2022 (dollar amounts in thousands): For the Nine Months Ended September 30, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 The following table details the components of the Company's interest income and interest expense for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Interest income Residential loans Residential loans $ 11,574 $ 32,374 $ 40,817 $ 89,875 Consolidated SLST 8,370 9,013 25,543 27,648 Residential loans held in securitization trusts 24,183 20,437 74,041 55,923 Total residential loans 44,127 61,824 140,401 173,446 Multi-family loans 2,712 2,862 7,890 8,646 Investment securities available for sale 17,203 3,916 27,862 12,922 Other 1,153 318 3,718 427 Total interest income 65,195 68,920 179,871 195,441 Interest expense Repurchase agreements 24,169 18,448 54,084 35,625 Collateralized debt obligations Consolidated SLST 5,957 6,611 18,238 18,796 Residential loan securitizations 15,582 11,192 49,908 27,377 Total collateralized debt obligations 21,539 17,803 68,146 46,173 Convertible notes — — — 438 Senior unsecured notes 1,620 1,608 4,852 4,818 Subordinated debentures 1,078 704 3,063 1,713 Total interest expense 48,406 38,563 130,145 88,767 Net interest income $ 16,789 $ 30,357 $ 49,726 $ 106,674 |
Schedule of Mortgage Payable in Consolidated VIE | The following table presents detailed information for these mortgages payable on real estate as of September 30, 2023 and December 31, 2022, 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) September 30, 2023 $ 400,601 $ 399,351 $ (2,541) $ 396,810 2025 - 2032 4.34 % December 31, 2022 398,703 397,453 (2,746) 394,707 2025 - 2032 4.21 % (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 mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying condensed consolidated balance sheets. 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 a variable-rate mortgage payable, the applicable joint venture entity, as required by the loan agreement, entered into an interest rate cap contract with a counterparty that limits the indexed portion of the interest rate to a fixed rate. See Note 10 |
Schedule of Maturities of Long-term Debt | The Company's CDOs as of September 30, 2023 had stated maturities as follows: Year ending December 31, Total 2023 $ — 2024 — 2025 — 2026 84,659 2027 225,000 Thereafter 1,691,909 Total $ 2,001,568 As of September 30, 2023, maturities for debt on the Company's condensed consolidated balance sheet are as follows (dollar amounts in thousands): Year Ending December 31, Outstanding Balance 2023 $ — 2024 — 2025 27,750 2026 126,901 2027 — 2028 — Thereafter 389,700 $ 544,351 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, respectively, on the Company’s condensed consolidated balance sheets (dollar amounts in thousands): Measured at Fair Value on a Recurring Basis at September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets carried at fair value Residential loans: Residential loans $ — $ — $ 736,939 $ 736,939 $ — $ — $ 1,081,384 $ 1,081,384 Consolidated SLST — — 742,604 742,604 — — 827,582 827,582 Residential loans held in securitization trusts — — 1,514,352 1,514,352 — — 1,616,114 1,616,114 Multi-family loans — — 98,435 98,435 — — 87,534 87,534 Investment securities available for sale: Agency RMBS — 1,535,004 — 1,535,004 — — — — Non-Agency RMBS — 61,563 — 61,563 — 68,570 — 68,570 CMBS — 5,648 — 5,648 — 30,133 — 30,133 ABS — — — — — 856 — 856 Equity investments (1) — — 155,583 155,583 — — 179,746 179,746 Derivative assets: Interest rate caps (1) (2) — 2,031 — 2,031 — 2,473 — 2,473 Assets of disposal group held for sale (3) — 14,624 5,073 19,697 — 29,418 9,010 38,428 Total $ — $ 1,618,870 $ 3,252,986 $ 4,871,856 $ — $ 131,450 $ 3,801,370 $ 3,932,820 Liabilities carried at fair value Consolidated SLST CDOs $ — $ — $ 584,741 $ 584,741 $ — $ — $ 634,495 $ 634,495 Derivative liabilities: Interest rate swaps (2) (4) — — — — — — — — Total $ — $ — $ 584,741 $ 584,741 $ — $ — $ 634,495 $ 634,495 (1) Excludes assets of disposal group held for sale (see Note 9 ). (2) Included in other assets in the condensed consolidated balance sheets. (3) Includes derivative assets classified as Level 2 instruments in the amount of $14.6 million and $29.4 million as of September 30, 2023 and December 31, 2022, respectively, and equity investments classified as Level 3 instruments in the amount of $5.1 million and $9.0 million as of September 30, 2023 and December 31, 2022, respectively. (4) All of the Company’s interest rate swaps outstanding are cleared through a central clearing house. The Company exchanges variation margin for swaps based upon daily changes in fair value. Includes derivative assets of $37.7 million and derivative liabilities of $3.0 million netted against a variation margin of $34.7 million at September 30, 2023. |
Schedule of Changes in Valuation of Level 3 Assets | The following tables detail changes in valuation for the Level 3 assets for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Assets: Three Months Ended September 30, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 757,264 $ 789,969 $ 1,589,579 $ 97,422 $ 168,755 $ 7,695 $ 3,410,684 Total (losses)/gains (realized/unrealized) Included in earnings (7,392) (31,425) (11,788) 2,695 4,806 (2,622) (45,726) Transfers out (1) (7,441) — (1,978) — — — (9,419) Transfer to securitization trust, net (2) (54,332) — 54,332 — — — — Funding/Contributions — — — — 9,390 — 9,390 Paydowns/Distributions (103,660) (15,940) (132,518) (1,682) (27,368) — (281,168) Sales (18,604) — — — — — (18,604) Purchases 171,104 — 16,725 — — — 187,829 Balance at the end of period $ 736,939 $ 742,604 $ 1,514,352 $ 98,435 $ 155,583 $ 5,073 $ 3,252,986 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended September 30, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Three Months Ended September 30, 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 $ 2,193,319 $ 920,778 $ 1,215,095 $ 106,825 $ 223,651 $ — $ 4,659,668 Total (losses)/gains (realized/unrealized) Included in earnings (56,870) (33,965) (64,282) 360 (1,749) — (156,506) Transfers out (1) (636) — (250) — — (886) Transfer to securitization trust, net (2) (373,113) — 373,113 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 8,895 — 8,895 Paydowns/Distributions (175,105) (26,028) (139,451) (11,356) (15,047) — (366,987) Sales — — — — — — — Purchases 73,723 — 26,848 — — — 100,571 Balance at the end of period $ 1,661,318 $ 860,785 $ 1,411,073 $ 95,829 $ 205,814 $ 9,936 $ 4,244,755 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the three months ended September 30, 2022, the Company transferred certain performing, re-performing and business purpose loans ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 30, 2023 Residential loans Residential loans Consolidated SLST Residential loans held in securitization trusts Multi-family loans Equity investments Equity investments in disposal group held for sale Total Balance at beginning of period $ 1,081,384 $ 827,582 $ 1,616,114 $ 87,534 $ 179,746 $ 9,010 $ 3,801,370 Total (losses)/gains (realized/unrealized) Included in earnings (7,220) (40,458) 16,114 9,024 13,289 (3,937) (13,188) Transfers out (1) (10,198) — (3,715) — — — (13,913) Transfer to securitization trust, net (2) (244,414) — 244,414 — — — — Funding/Contributions — — — 15,405 24,918 — 40,323 Paydowns/Distributions (389,032) (44,520) (415,562) (13,528) (62,370) — (925,012) Sales (18,769) — (441) — — — (19,210) Purchases 325,188 — 57,428 — — — 382,616 Balance at the end of period $ 736,939 $ 742,604 $ 1,514,352 $ 98,435 $ 155,583 $ 5,073 $ 3,252,986 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the nine months ended September 30, 2023, the Company transferred certain business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). Nine Months Ended September 30, 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 (109,846) (113,257) (130,217) 6,658 13,884 — (332,778) Transfers out (1) (1,511) — (1,230) — — — (2,741) Transfer to securitization trust, net (2) (1,049,673) — 1,049,673 — — — — Transfer to disposal group held for sale — — — — (9,936) 9,936 — Funding/Contributions — — — — 28,086 — 28,086 Paydowns/Distributions (468,669) (96,840) (377,163) (30,850) (65,851) — (1,039,373) Purchases 1,587,727 — 68,581 — — — 1,656,308 Balance at the end of period $ 1,661,318 $ 860,785 $ 1,411,073 $ 95,829 $ 205,814 $ 9,936 $ 4,244,755 (1) Transfers out of Level 3 assets represents the transfer of residential loans to real estate owned. (2) During the nine months ended September 30, 2022, the Company transferred certain performing, re-performing and business purpose loans into residential loan securitizations ( see Note 7 for further discussion of the Company's residential loan securitizations). |
Schedule of Changes in Valuation of Level 3 Liabilities | The following table details changes in valuation for the Level 3 liabilities for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Level 3 Liabilities: Consolidated SLST CDOs Three Months Ended September 30, 2023 2022 Balance at beginning of period $ 617,168 $ 710,233 Total gains (realized/unrealized) Included in earnings (20,560) (24,214) Paydowns (11,867) (25,950) Balance at the end of period $ 584,741 $ 660,069 Consolidated SLST CDOs Nine Months Ended September 30, 2023 2022 Balance at beginning of period $ 634,495 $ 839,419 Total gains (realized/unrealized) Included in earnings (16,315) (81,746) Paydowns (33,439) (97,604) Balance at the end of period $ 584,741 $ 660,069 |
Schedule of Quantitative Information Regarding Significant and Unobservable Inputs used in Valuation of Level 3 Assets and Liabilities | The following table discloses quantitative information regarding the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value (dollar amounts in thousands, except input values): September 30, 2023 Fair Value Valuation Technique Unobservable Input Weighted Average Range Assets Residential loans: Residential loans and residential loans held in securitization trusts (1) $2,043,488 Discounted cash flow Lifetime CPR 4.1% — - 26.7% Lifetime CDR 0.7% — - 24.3% Loss severity 13.0% — - 100.0% Yield 8.0% 5.4% - 27.8% $207,803 Liquidation model Annual home price appreciation/(depreciation) 0.1% (0.8)% - 5.8% Liquidation timeline (months) 19 9 - 54 Property value $2,271,659 $9,000 - $13,750,000 Yield 7.6% 6.9% - 26.6% Consolidated SLST (3) $742,604 Liability price N/A Total $2,993,895 Multi-family loans (1) $98,435 Discounted cash flow Discount rate 12.5% 11.0% - 20.5% Months to assumed redemption 31 4 - 57 Loss severity — Equity investments (1) (2) $130,583 Discounted cash flow Discount rate 13.9% 13.0% - 15.5% Months to assumed redemption 24 10 - 56 Loss severity — Equity investments in disposal group held for sale (2) $5,073 Discounted cash flow Discount rate 14.8% 14.8% - 14.8% Months to assumed redemption 13 13 - 13 Loss severity — Liabilities Consolidated SLST CDOs (3) (4) $584,741 Discounted cash flow Yield 6.5% 5.7% - 10.0% Collateral prepayment rate 5.6% 2.4% - 6.7% Collateral default rate 1.2% — - 1.6% Loss severity 21.6% 10.1% - 47.8% (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 September 30, 2023, the fair value of investment securities we own in Consolidated SLST amounts to $154.4 million. |
Schedule of Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities | The following table details the changes in unrealized gains (losses) included in earnings for the three and nine months ended September 30, 2023 and 2022, respectively, for our Level 3 assets and liabilities held as of September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Assets Residential loans: Residential loans (1) $ (8,986) $ (57,296) $ (12,927) $ (90,749) Consolidated SLST (1) (30,705) (33,188) (38,230) (110,631) Residential loans held in securitization trusts (1) (15,178) (66,697) 4,698 (150,664) Multi-family loans (1) (17) (2,490) 762 (2,117) Equity investments (2) (1,105) (6,387) (5,027) (4,581) Equity investments in disposal group held for sale (2) (2,622) (1,054) (3,937) (504) Liabilities Consolidated SLST CDOs (1) 21,380 25,263 18,876 83,151 (1) Presented in unrealized gains (losses), net on the Company's condensed consolidated statements of operations. (2) Presented in income from equity investments on the Company's condensed consolidated statements of operations. |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table summarizes the aggregate estimated fair value of the assets, liabilities and non-controlling interests associated with the initial consolidation of the joint venture entities and real estate acquisitions by a Consolidated VIE during the nine months ended September 30, 2022 (dollar amounts in thousands): Nine Months Ended September 30, 2022 Cash (1) $ 8,576 Operating real estate (1) (2) 730,988 Lease intangibles (1) (3) 41,892 Other assets (1) 8,258 Total assets 789,714 Mortgages payable on real estate, net (1) 570,682 Other liabilities (1) 4,662 Total liabilities 575,344 Non-controlling interests (4) 16,293 Net assets consolidated $ 198,077 (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 condensed consolidated balance sheets. 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 condensed 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 condensed consolidated balance sheets. (4) Represents third-party ownership of membership interests in Consolidated Real Estate VIEs. The following table presents a summary of the assets, liabilities and non-controlling interests of the Company's residential loan securitizations, Consolidated SLST and Consolidated Real Estate VIEs as of September 30, 2023 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 7,120 $ 7,120 Residential loans, at fair value 1,514,352 742,604 — 2,256,956 Real estate, net held in Consolidated VIEs (1) — — 542,797 542,797 Assets of disposal group held for sale (2) — — 904,658 904,658 Other assets 90,223 3,018 17,456 110,697 Total assets $ 1,604,575 $ 745,622 $ 1,472,031 $ 3,822,228 Collateralized debt obligations ($1,318,131 at amortized cost, net and $584,741 at fair value) $ 1,318,131 $ 584,741 $ — $ 1,902,872 Mortgages payable on real estate, net in Consolidated VIEs (3) — — 396,810 396,810 Liabilities of disposal group held for sale (2) — — 767,329 767,329 Other liabilities 7,575 5,138 12,373 25,086 Total liabilities $ 1,325,706 $ 589,879 $ 1,176,512 $ 3,092,097 Redeemable non-controlling interest in Consolidated VIEs (4) $ — $ — $ 21,026 $ 21,026 Non-controlling interest in Consolidated VIEs (5) $ — $ — $ 20,202 $ 20,202 Net investment (6) $ 278,869 $ 155,743 $ 254,291 $ 688,903 (1) Included in real estate, net in the accompanying condensed 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 condensed 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 the carrying value of 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, 2022 (dollar amounts in thousands). Intercompany balances have been eliminated for purposes of this presentation. Financing VIEs Other VIEs Residential Consolidated SLST Consolidated Real Estate Total Cash and cash equivalents $ — $ — $ 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 condensed 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 condensed 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 the carrying value of 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 September 30, 2023 and December 31, 2022, respectively (dollar amounts in thousands): September 30, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated Financial Assets: Cash and cash equivalents Level 1 $ 228,333 $ 228,333 $ 244,718 $ 244,718 Residential loans Level 3 2,993,895 2,993,895 3,525,080 3,525,080 Multi-family loans Level 3 98,435 98,435 87,534 87,534 Investment securities available for sale Level 2 1,602,215 1,602,215 99,559 99,559 Equity investments Level 3 155,583 155,583 179,746 179,746 Equity investments in disposal group held for sale Level 3 5,073 5,073 9,010 9,010 Derivative assets Level 2 2,031 2,031 2,473 2,473 Derivative assets in disposal group held for sale Level 2 14,624 14,624 29,418 29,418 Financial Liabilities: Repurchase agreements Level 2 1,994,728 1,994,728 737,023 737,023 Collateralized debt obligations: Residential loan securitizations at amortized cost, net Level 3 1,318,131 1,242,804 1,468,222 1,383,715 Consolidated SLST Level 3 584,741 584,741 634,495 634,495 Subordinated debentures Level 3 45,000 35,803 45,000 32,721 Senior unsecured notes Level 2 97,924 91,520 97,384 91,104 Mortgages payable on real estate Level 3 396,810 361,520 394,707 377,327 Mortgages payable on real estate in disposal group held for sale Level 3 740,187 738,639 865,414 864,758 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Stock Issued and Outstanding | The following tables summarize the Company’s Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands): September 30, 2023 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) (5) Fixed-to-Floating Rate Series D 8,400,000 6,107,318 $ 147,745 $ 152,683 8.000 % October 15, 2027 October 15, 2027 3M LIBOR + 5.695% Series E 9,900,000 7,343,151 177,697 183,579 7.875 % January 15, 2025 January 15, 2025 3M LIBOR + 6.429% Series F 7,750,000 5,740,209 138,418 143,505 6.875 % October 15, 2026 October 15, 2026 3M SOFR + 6.130% Fixed Rate Series G 5,450,000 2,973,736 71,585 74,343 7.000 % January 15, 2027 Total 31,500,000 22,164,414 $ 535,445 $ 554,110 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) (5) 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 (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 footnotes (4) and (5) below. (4) Prior to July 2023, on and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock were 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. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the Articles Supplementary for each of the Series D Preferred Stock and Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series D Preferred Stock and Series E Preferred Stock, given all of the information available to the Company to date, the Company believes that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum will automatically replace three-month LIBOR as the reference rate for calculations of the dividend rate payable on the Series D Preferred Stock and Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. (5) 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, 2022 through September 30, 2023: Cash Dividend Per Share Declaration Date Record Date Payment Date Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Series G Preferred Stock September 11, 2023 October 1, 2023 October 15, 2023 $ 0.50 $ 0.4921875 $ 0.4296875 $ 0.43750 June 6, 2023 July 1, 2023 July 15, 2023 0.50 0.4921875 0.4296875 0.43750 March 9, 2023 April 1, 2023 April 15, 2023 0.50 0.4921875 0.4296875 0.43750 December 12, 2022 January 1, 2023 January 15, 2023 0.50 0.4921875 0.4296875 0.43750 September 16, 2022 October 1, 2022 October 15, 2022 0.50 0.4921875 0.4296875 0.43750 June 17, 2022 July 1, 2022 July 15, 2022 0.50 0.4921875 0.4296875 0.43750 March 14, 2022 April 1, 2022 April 15, 2022 0.50 0.4921875 0.4296875 0.43750 Period Declaration Date Record Date Payment Date Cash Dividend Per Share Third Quarter 2023 September 11, 2023 September 21, 2023 October 26, 2023 $ 0.30 Second Quarter 2023 June 6, 2023 June 16, 2023 July 26, 2023 0.30 First Quarter 2023 March 9, 2023 March 20, 2023 April 26, 2023 0.40 Fourth Quarter 2022 December 12, 2022 December 27, 2022 January 26, 2023 0.40 Third Quarter 2022 September 16, 2022 September 26, 2022 October 26, 2022 0.40 Second Quarter 2022 June 17, 2022 June 27, 2022 July 25, 2022 0.40 First Quarter 2022 March 14, 2022 March 24, 2022 April 25, 2022 0.40 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Dilutive Earnings (Loss) Per Share | The following table presents the computation of basic and diluted loss per common share for the periods indicated (dollar and share amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Loss per Common Share: Net loss attributable to Company $ (84,509) $ (115,277) $ (90,573) $ (261,023) Less: Preferred Stock dividends (10,435) (10,493) (31,394) (31,478) Plus: Gain on repurchase of Preferred Stock 125 — 467 — Net loss attributable to Company's common stockholders $ (94,819) $ (125,770) $ (121,500) $ (292,501) Basic weighted average common shares outstanding 90,984 94,269 91,163 94,919 Basic Loss per Common Share $ (1.04) $ (1.33) $ (1.33) $ (3.08) Diluted Loss per Common Share: Net loss attributable to Company $ (84,509) $ (115,277) $ (90,573) $ (261,023) Less: Preferred Stock dividends (10,435) (10,493) (31,394) (31,478) Plus: Gain on repurchase of Preferred Stock 125 — 467 — Net loss attributable to Company's common stockholders $ (94,819) $ (125,770) $ (121,500) $ (292,501) Weighted average common shares outstanding 90,984 94,269 91,163 94,919 Diluted weighted average common shares outstanding 90,984 94,269 91,163 94,919 Diluted Loss per Common Share $ (1.04) $ (1.33) $ (1.33) $ (3.08) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | A summary of the activity of the Company's non-vested restricted stock under the 2017 Plan for the nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 526,074 $ 16.34 477,276 $ 20.20 Granted 275,248 12.36 304,417 14.36 Vested (244,015) 18.18 (221,239) 21.97 Forfeited (13,802) 12.79 (21,952) 15.68 Non-vested shares as of September 30 543,505 $ 13.57 538,502 $ 16.35 Restricted stock granted during the period 275,248 $ 12.36 304,417 $ 14.36 (1) The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date. |
Schedule of PSU Award Activity | A summary of the activity of the target PSU awards under the 2017 Plan for the nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 786,577 $ 23.06 844,185 $ 21.70 Granted 366,210 13.41 211,133 19.47 Vested (201,978) 28.18 (268,729) 16.00 Forfeited (44,984) (20.89) — — Non-vested target PSUs as of September 30 905,825 $ 18.12 786,589 $ 23.05 (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 total shareholder return of the Company’s common stock over a future period of three years. |
Schedule of RSU Award Activity | A summary of the activity of the RSU awards under the 2017 Plan for the nine months ended September 30, 2023 and 2022, respectively, is presented below: 2023 2022 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 1 263,708 $ 16.11 254,052 $ 17.45 Granted 244,140 10.24 105,566 14.88 Vested (131,094) 17.40 (95,910) 18.32 Forfeited (24,780) 14.80 — — Non-vested RSUs as of September 30 351,974 $ 11.65 263,708 $ 16.10 (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) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax (Benefit)/Provision | The income tax benefit for the three and nine months ended September 30, 2023 and 2022, respectively, is comprised of the following components (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current income tax (benefit) expense $ (2) $ 2,089 $ 254 $ 2,320 Deferred income tax benefit (54) (2,419) (313) (2,582) Total income tax benefit $ (56) $ (330) $ (59) $ (262) |
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 September 30, 2023 and December 31, 2022, respectively, are as follows (dollar amounts in thousands): September 30, 2023 December 31, 2022 Deferred tax assets Net operating loss carryforward $ 6,327 $ 3,513 Capital loss carryover 17,330 16,045 GAAP/Tax basis differences 4,911 1,869 Deferred tax assets 28,568 21,427 Less: Valuation allowance (25,218) (18,756) Net deferred tax assets (1) 3,350 2,671 Deferred tax liabilities GAAP/Tax basis differences 761 394 Deferred tax liabilities (2) 761 394 Total net deferred tax asset $ 2,589 $ 2,277 (1) Included in other assets in the accompanying condensed consolidated balance sheets. (2) Included in other liabilities in the accompanying condensed consolidated balance sheets. |
Net Interest Income (Tables)
Net Interest Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Components of Interest Income and Interest Expense | The following table presents interest expense from the Convertible Notes for the nine months ended September 30, 2022 (dollar amounts in thousands): For the Nine Months Ended September 30, 2022 Contractual interest expense $ 335 Amortization of underwriter's discount and deferred charges 103 Total $ 438 The following table details the components of the Company's interest income and interest expense for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Interest income Residential loans Residential loans $ 11,574 $ 32,374 $ 40,817 $ 89,875 Consolidated SLST 8,370 9,013 25,543 27,648 Residential loans held in securitization trusts 24,183 20,437 74,041 55,923 Total residential loans 44,127 61,824 140,401 173,446 Multi-family loans 2,712 2,862 7,890 8,646 Investment securities available for sale 17,203 3,916 27,862 12,922 Other 1,153 318 3,718 427 Total interest income 65,195 68,920 179,871 195,441 Interest expense Repurchase agreements 24,169 18,448 54,084 35,625 Collateralized debt obligations Consolidated SLST 5,957 6,611 18,238 18,796 Residential loan securitizations 15,582 11,192 49,908 27,377 Total collateralized debt obligations 21,539 17,803 68,146 46,173 Convertible notes — — — 438 Senior unsecured notes 1,620 1,608 4,852 4,818 Subordinated debentures 1,078 704 3,063 1,713 Total interest expense 48,406 38,563 130,145 88,767 Net interest income $ 16,789 $ 30,357 $ 49,726 $ 106,674 |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | The following table details the components of the Company's other income for the three and nine months ended September 30, 2023 and 2022, respectively (dollar amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Preferred equity and mezzanine loan premiums resulting from early redemption (1) $ 128 $ 1,356 $ 315 $ 3,839 Gain on sale of real estate (2) — 16,759 1,879 17,132 Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate — (489) (693) (1,092) Miscellaneous income (loss) 11 (4,879) 211 (4,604) Total other income $ 139 $ 12,747 $ 1,712 $ 15,275 (1) Includes premiums resulting from early redemptions of preferred equity and mezzanine loan investments accounted for as loans. (2) See Notes 8 and 9 for description of nature of transactions out of which items arose. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | Mar. 09, 2023 shares |
Accounting Policies [Abstract] | |
Reverse stock split (in shares) | 0.25 |
Residential Loans, at Fair Va_3
Residential Loans, at Fair Value - Schedule of Residential Loans at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | $ 3,401,330 | $ 3,898,260 |
(Discount)/premium | (85,621) | (88,739) |
Unrealized losses | (321,814) | (284,441) |
Carrying value | 2,993,895 | 3,525,080 |
Consolidated SLST | VIE, Primary Beneficiary | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 910,222 | 955,579 |
(Discount)/premium | (7,206) | (5,815) |
Unrealized losses | (160,412) | (122,182) |
Carrying value | 742,604 | 827,582 |
Residential loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 815,311 | 1,152,502 |
(Discount)/premium | (22,336) | (22,179) |
Unrealized losses | (56,036) | (48,939) |
Carrying value | 736,939 | 1,081,384 |
Residential loans held in securitization trusts | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Principal | 1,675,797 | 1,790,179 |
(Discount)/premium | (56,079) | (60,745) |
Unrealized losses | (105,366) | (113,320) |
Carrying value | $ 1,514,352 | $ 1,616,114 |
Residential Loans, at Fair Va_4
Residential Loans, at Fair Value - Components of Net Gain (Loss) on Residential Mortgages (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated SLST | VIE, Primary Beneficiary | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | $ (30,705) | $ (33,188) | $ (38,230) | $ (110,631) |
Residential loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | (7,172) | (57,134) | (8,174) | (112,736) |
Residential loans held in securitization trusts | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized (losses) gains, net | $ (14,246) | $ (67,141) | $ 9,033 | $ (139,798) |
Residential Loans, at Fair Va_5
Residential Loans, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Net realized gain on payoff of residential loans | $ 1,400,000 | $ 1,900,000 | $ 3,700,000 | $ 9,000,000 | |
Residential loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Realized losses, net | (800,000) | $ 0 | (700,000) | $ 0 | |
90 days or greater delinquent | Residential loans | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Principal amount of delinquent loans | 243,718,000 | 243,718,000 | $ 159,981,000 | ||
Consolidated SLST | VIE, Primary Beneficiary | Residential loans | 90 days or greater delinquent | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Principal amount of delinquent loans | $ 90,200,000 | $ 90,200,000 | $ 143,200,000 |
Residential Loans, at Fair Va_6
Residential Loans, at Fair Value - Concentration of Risk (Details) - Geographic Concentration Risk | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Residential loans | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 21.70% | 24.30% |
Residential loans | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 14.60% | 13.20% |
Residential loans | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.40% | 8% |
Residential loans | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.40% | 7% |
Residential loans | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.20% | 5.70% |
Residential loans | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.10% | 6.30% |
Residential loans | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 3.20% | 2.60% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.70% | 10.60% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.30% | 10.30% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 9.90% | 9.80% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 3.90% | 4% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 1.80% | 1.80% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.50% | 7.40% |
Consolidated SLST | Consolidated SLST | VIE, Primary Beneficiary | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.20% | 7.20% |
Residential loans held in securitization trusts | California | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 18% | 19.20% |
Residential loans held in securitization trusts | Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 11.30% | 10.20% |
Residential loans held in securitization trusts | New York | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 8.30% | 8.60% |
Residential loans held in securitization trusts | Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.20% | 7.30% |
Residential loans held in securitization trusts | Washington | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 2.60% | 2.90% |
Residential loans held in securitization trusts | New Jersey | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.60% | 5.60% |
Residential loans held in securitization trusts | Illinois | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 3.40% | 3.20% |
Residential Loans, at Fair Va_7
Residential Loans, at Fair Value - Differences Between Fair Value and Aggregate Unpaid Principal (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | $ 2,993,895 | $ 3,525,080 |
Residential loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 736,939 | 1,081,384 |
Residential loans | Greater than 90 days past due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 218,545 | 149,076 |
Unpaid Principal Balance | 243,718 | 159,981 |
Residential loans | Less than 90 days past due | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Fair Value | 9,685 | 8,382 |
Unpaid Principal Balance | $ 10,389 | $ 9,132 |
Investment Securities Availab_3
Investment Securities Available For Sale, at Fair Value - Schedule of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Option | ||
Amortized Cost | $ 1,622,345 | $ 81,788 |
Unrealized Gains | 8,900 | 9,495 |
Unrealized Losses | (52,966) | (15,369) |
Fair Value | 1,578,279 | 75,914 |
CECL Securities | ||
Amortized Cost | 25,763 | 25,616 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,827) | (1,971) |
Fair Value | 23,936 | 23,645 |
Total CECL Securities and Fair Value Option | ||
Amortized Cost | 1,648,108 | 107,404 |
Unrealized Gains | 8,900 | 9,495 |
Unrealized Losses | (54,793) | (17,340) |
Fair Value | 1,602,215 | 99,559 |
Agency RMBS | ||
Fair Value Option | ||
Amortized Cost | 1,574,286 | 0 |
Unrealized Gains | 171 | 0 |
Unrealized Losses | (39,453) | 0 |
Fair Value | 1,535,004 | 0 |
Agency RMBS | Fixed rate | ||
Fair Value Option | ||
Amortized Cost | 1,459,901 | 0 |
Unrealized Gains | 64 | 0 |
Unrealized Losses | (37,170) | 0 |
Fair Value | 1,422,795 | 0 |
Agency RMBS | Fixed rate | Fannie Mae | ||
Fair Value Option | ||
Amortized Cost | 868,656 | 0 |
Unrealized Gains | 64 | 0 |
Unrealized Losses | (18,193) | 0 |
Fair Value | 850,527 | 0 |
Agency RMBS | Fixed rate | Freddie Mac | ||
Fair Value Option | ||
Amortized Cost | 591,245 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (18,977) | 0 |
Fair Value | 572,268 | 0 |
Agency RMBS | Adjustable rate | ||
Fair Value Option | ||
Amortized Cost | 72,180 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,558) | 0 |
Fair Value | 70,622 | 0 |
Agency RMBS | Adjustable rate | Fannie Mae | ||
Fair Value Option | ||
Amortized Cost | 43,377 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,036) | 0 |
Fair Value | 42,341 | 0 |
Agency RMBS | Adjustable rate | Freddie Mac | ||
Fair Value Option | ||
Amortized Cost | 28,803 | 0 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (522) | 0 |
Fair Value | 28,281 | 0 |
Agency RMBS | Interest-only | ||
Fair Value Option | ||
Amortized Cost | 42,205 | 0 |
Unrealized Gains | 107 | 0 |
Unrealized Losses | (725) | 0 |
Fair Value | 41,587 | 0 |
Agency RMBS | Interest-only | Ginnie Mae | ||
Fair Value Option | ||
Amortized Cost | 42,205 | 0 |
Unrealized Gains | 107 | 0 |
Unrealized Losses | (725) | 0 |
Fair Value | 41,587 | 0 |
Non-Agency RMBS | ||
Fair Value Option | ||
Amortized Cost | 42,059 | 48,958 |
Unrealized Gains | 8,729 | 9,436 |
Unrealized Losses | (13,161) | (13,469) |
Fair Value | 37,627 | 44,925 |
CECL Securities | ||
Amortized Cost | 25,763 | 25,616 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,827) | (1,971) |
Fair Value | 23,936 | 23,645 |
CMBS | ||
Fair Value Option | ||
Amortized Cost | 6,000 | 32,033 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (352) | (1,900) |
Fair Value | 5,648 | 30,133 |
ABS | ||
Fair Value Option | ||
Amortized Cost | 0 | 797 |
Unrealized Gains | 0 | 59 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 0 | $ 856 |
Investment Securities Availab_4
Investment Securities Available For Sale, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Accrued interest | $ 8,000,000 | $ 8,000,000 | $ 400,000 | ||
Unrealized losses and reversal of gains on investments | 30,500,000 | $ 17,400,000 | $ 38,200,000 | $ 20,500,000 | |
Contractual maturities (up to) | 36 years | ||||
Weighted average life of available for sale securities portfolio | 7 years | 7 years 7 months 6 days | |||
Allowance for credit loss | 0 | $ 0 | $ 0 | ||
Debt securities, allowance for credit loss, period increase (decrease) | $ 0 | 0 | $ 0 | 0 | |
ABS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized losses and reversal of gains on investments | $ 15,900,000 | $ 15,900,000 |
Investment Securities Availab_5
Investment Securities Available For Sale, at Fair Value - Proceeds from Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | $ 24,772 | $ 36,215 | $ 25,367 | $ 60,589 |
Realized Gains | 0 | 18,001 | 0 | 18,375 |
Realized Losses | (1,035) | 0 | (1,076) | 0 |
Net Realized Gains (Losses) | (1,035) | 18,001 | (1,076) | 18,375 |
CMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | 24,772 | 24,772 | ||
Realized Gains | 0 | 0 | ||
Realized Losses | (1,035) | (1,035) | ||
Net Realized Gains (Losses) | $ (1,035) | (1,035) | ||
ABS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | 36,215 | 595 | 36,215 | |
Realized Gains | 18,001 | 0 | 18,001 | |
Realized Losses | 0 | (41) | 0 | |
Net Realized Gains (Losses) | $ 18,001 | $ (41) | 18,001 | |
Non-Agency RMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Sales Proceeds | 24,374 | |||
Realized Gains | 374 | |||
Realized Losses | 0 | |||
Net Realized Gains (Losses) | $ 374 |
Investment Securities Availab_6
Investment Securities Available For Sale, at Fair Value - Weighted Average Lives for Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
0 to 5 years | $ 42,759 | $ 39,655 |
Over 5 to 10 years | 1,546,244 | 46,558 |
10+ years | 13,212 | 13,346 |
Total | $ 1,602,215 | $ 99,559 |
Investment Securities Availab_7
Investment Securities Available For Sale, at Fair Value - Schedule of Investment Securities Available for Sale in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Carrying Value | $ 0 | $ 23,609 |
Less Than 12 months, Gross Unrealized Losses | 0 | (1,966) |
Greater Than 12 months, Carrying Value | 23,936 | 36 |
Greater Than 12 months, Gross Unrealized Losses | (1,827) | (5) |
Total, Carrying Value | 23,936 | 23,645 |
Total Gross Unrealized Losses | (1,827) | (1,971) |
Non-Agency RMBS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Carrying Value | 0 | 23,609 |
Less Than 12 months, Gross Unrealized Losses | 0 | (1,966) |
Greater Than 12 months, Carrying Value | 23,936 | 36 |
Greater Than 12 months, Gross Unrealized Losses | (1,827) | (5) |
Total, Carrying Value | 23,936 | 23,645 |
Total Gross Unrealized Losses | $ (1,827) | $ (1,971) |
Multi-family Loans, at Fair V_3
Multi-family Loans, at Fair Value - Preferred Equity and Mezzanine Loan Investments (Details) - Preferred Equity and Mezzanine Loan Investments - VIE, Not Primary Beneficiary - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Investment amount | $ 98,246 | $ 88,249 |
Deferred loan fees, net | (473) | (428) |
Unrealized gains (losses), net | 662 | (287) |
Total, at Fair Value | $ 98,435 | $ 87,534 |
Multi-family Loans, at Fair V_4
Multi-family Loans, at Fair Value - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loan premiums, early redemption | $ 128,000 | $ 1,356,000 | $ 315,000 | $ 3,839,000 |
Multi-family loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Unrealized gains (losses) | (16,800) | (2,500,000) | 900,000 | (3,000,000) |
Loan premiums, early redemption | $ 0 | $ 7,100 | $ 200,000 | $ 1,000,000 |
Multi-family Loans, at Fair V_5
Multi-family Loans, at Fair Value - Unpaid Principal Balance (Details) - 90 Days or greater past due - Multi-family loans - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Fair Value | $ 4,753 | $ 4,523 |
Unpaid Principal Balance | $ 3,363 | $ 3,363 |
Multi-family Loans, at Fair V_6
Multi-family Loans, at Fair Value - Geographic Concentration Risk (Details) - Preferred Equity and Mezzanine Loan Investments - Geographic Concentration Risk | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Texas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 35.10% | 30.10% |
Tennessee | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 14.60% | 15.60% |
Florida | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 10.10% | 10.90% |
Arkansas | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 9.30% | 0% |
Louisiana | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 7.10% | 7.50% |
Alabama | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 6.50% | 7.10% |
North Carolina | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.70% | 6.10% |
Indiana | ||
Concentration Risk [Line Items] | ||
Geographic concentration, percent | 5.10% | 5.70% |
Equity Investments, at Fair V_3
Equity Investments, at Fair Value - Schedule of Equity Investments Accounted under the Equity Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair Value | $ 130,583 | $ 130,583 | $ 152,246 | ||
Equity investments | Single-Family Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair Value | 25,000 | 25,000 | 27,500 | ||
Equity investments | Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair Value | $ 155,583 | $ 155,583 | $ 179,746 | ||
FF/RMI 20 Midtown, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 51% | 51% | 51% | ||
Fair Value | $ 28,711 | $ 28,711 | $ 27,079 | ||
Palms at Cape Coral, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 34% | 34% | 34% | ||
Fair Value | $ 5,721 | $ 5,721 | $ 5,429 | ||
EHOF-NYMT Sunset Apartments Preferred, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 57% | 57% | 57% | ||
Fair Value | $ 19,292 | $ 19,292 | $ 18,139 | ||
Lucie at Tradition Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 70% | 70% | 70% | ||
Fair Value | $ 18,948 | $ 18,948 | $ 17,576 | ||
Syracuse Apartments and Townhomes, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 58% | 58% | 58% | ||
Fair Value | $ 21,241 | $ 21,241 | $ 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) | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 58% | 58% | 58% | ||
Fair Value | $ 9,724 | $ 9,724 | $ 9,277 | ||
Tides on 27th Investors, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 54% | 54% | 0% | ||
Fair Value | $ 17,320 | $ 17,320 | $ 0 | ||
Rapid City RMI JV LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 50% | 50% | 0% | ||
Fair Value | $ 9,626 | $ 9,626 | $ 0 | ||
America Walks at Port St. Lucie, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 0% | 0% | 62% | ||
Fair Value | $ 0 | $ 0 | $ 29,873 | ||
1122 Chicago DE, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 0% | 0% | 53% | ||
Fair Value | $ 0 | $ 0 | $ 8,276 | ||
Bighaus, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 0% | 0% | 42% | ||
Fair Value | $ 0 | $ 0 | $ 16,482 | ||
Constructive Loans, LLC | Single-Family Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase of residential loans | $ 15,300 | $ 5,500 | $ 55,200 | $ 257,800 | |
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest | 50% | 50% | 0% | ||
Fair Value | $ 25,000 | $ 25,000 | $ 27,500 | ||
Option to purchase issued and outstanding interests, percentage | 50% | 50% |
Equity Investments, at Fair V_4
Equity Investments, at Fair Value - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) from equity investments | $ 2,056 | $ (3,098) | $ 9,223 | $ 11,056 |
Preferred Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain (loss) from equity investments | 200 | (4,200) | 800 | (3,800) |
Multi-Family Preferred Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other income | $ 100 | $ 1,300 | $ 100 | $ 2,800 |
Equity Investments, at Fair V_5
Equity Investments, at Fair Value - Schedule of Income From Multi-Family Preferred Equity Ownership Interests (Details) - Multi-Family Preferred Equity Ownership Interests - Equity investments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | $ 4,678 | $ 1,455 | $ 15,660 | $ 13,260 |
FF/RMI 20 Midtown, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 955 | 287 | 2,690 | 1,897 |
Palms at Cape Coral, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 183 | 68 | 540 | 381 |
America Walks at Port St. Lucie, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 345 | 376 | 2,243 | 2,180 |
EHOF-NYMT Sunset Apartments Preferred, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 651 | 219 | 1,914 | 1,327 |
Lucie at Tradition Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 719 | 126 | 2,103 | 1,342 |
Syracuse Apartments and Townhomes, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 679 | 67 | 2,000 | 1,174 |
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) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 311 | 243 | 918 | 243 |
Tides on 27th Investors, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 599 | 0 | 1,896 | 0 |
Rapid City RMI JV LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 236 | 0 | 236 | 0 |
1122 Chicago DE, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 212 | 419 | 690 |
Bighaus, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 388 | 701 | 1,325 |
Lurin-RMI, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | (1,242) | 0 | 558 |
Somerset Deerfield Investor, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 548 | 0 | 1,731 |
RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 163 | 0 | 485 |
DCP Gold Creek, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 0 | 0 | 254 |
Rigsbee Ave Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 0 | 0 | (174) |
Walnut Creek Properties Holdings, L.L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | $ 0 | $ 0 | $ 0 | $ (153) |
Equity Investments, at Fair V_6
Equity Investments, at Fair Value - Schedule of Income (Loss) From Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Unrealized losses | $ 61,295 | $ 152,078 | $ 55,738 | $ 303,430 |
Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | (3,500) | (2,500) | (1,700) |
Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | (2,622) | (1,053) | (3,937) | (504) |
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | (3,500) | (2,500) | (1,750) |
Unrealized losses | 1,300 | 3,500 | 5,600 | 1,800 |
Morrocroft Neighborhood Stabilization Fund II, LP | Equity investments | Single-Family Equity Ownership Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | 0 | 0 | 0 | 50 |
GWR Cedars Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | (1,020) | (1,141) | (1,220) | (930) |
GWR Gateway Partners, LLC | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Change in fair value, gain (loss) | (1,602) | 88 | (2,717) | 426 |
Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) | Equity investments | Joint venture equity investments in multi-family properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unrealized losses | $ 2,600 | $ 1,100 | $ 3,900 | $ 500 |
Use of Special Purpose Entiti_3
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
VIE, Primary Beneficiary | Consolidated SLST | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | $ 154.4 | $ 191.5 |
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 $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash | $ 8,576 |
Operating real estate | 730,988 |
Lease intangibles | 41,892 |
Other assets | 8,258 |
Total Assets | 789,714 |
Mortgages payable on real estate, net | 570,682 |
Other liabilities | 4,662 |
Total Liabilities | 575,344 |
Non-controlling interest | 16,293 |
Net assets consolidated | $ 198,077 |
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 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | $ 228,333 | $ 244,718 | $ 355,276 | ||||
Assets of disposal group held for sale | 909,731 | 1,151,784 | |||||
Other assets | 245,170 | 259,356 | |||||
Total Assets | [1] | 6,937,870 | 6,240,745 | ||||
Liabilities of disposal group held for sale | 767,329 | 883,812 | |||||
Other liabilities | 116,626 | 115,991 | |||||
Total Liabilities | [1] | 5,321,289 | 4,376,634 | ||||
Non-controlling interest in Consolidated VIEs | 20,327 | 33,092 | |||||
Residential collateralized debt obligations | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Multi-family CDOs, at fair value | 1,318,131 | 1,468,222 | |||||
Consolidated SLST CDOs | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Multi-family CDOs, at fair value | 584,741 | 634,495 | |||||
VIE, Primary Beneficiary | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total Assets | 3,822,228 | 4,261,097 | |||||
Total Liabilities | 3,092,097 | 3,403,257 | |||||
Redeemable non-controlling interest in Consolidated VIEs | 21,026 | $ 34,571 | 63,803 | $ 27,786 | $ 37,101 | $ 66,392 | |
VIE, Primary Beneficiary | Financing And Other VIEs | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | 7,120 | 21,129 | |||||
Real estate, net held in Consolidated VIEs | 542,797 | 543,739 | |||||
Assets of disposal group held for sale | 904,658 | 1,142,773 | |||||
Other assets | 110,697 | 109,760 | |||||
Total Assets | 3,822,228 | 4,261,097 | |||||
Multi-family CDOs, at fair value | 1,902,872 | 2,102,717 | |||||
Mortgages payable on real estate, net in Consolidated VIEs | 396,810 | 394,707 | |||||
Liabilities of disposal group held for sale | 767,329 | 883,812 | |||||
Other liabilities | 25,086 | 22,021 | |||||
Total Liabilities | 3,092,097 | 3,403,257 | |||||
Redeemable non-controlling interest in Consolidated VIEs | 21,026 | 63,803 | |||||
Non-controlling interest in Consolidated VIEs | 20,202 | 32,967 | |||||
Net investment | 688,903 | 761,070 | |||||
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 | 0 | |||||
Other assets | 90,223 | 92,906 | |||||
Total Assets | 1,604,575 | 1,709,020 | |||||
Multi-family CDOs, at fair value | 1,318,131 | 1,468,222 | |||||
Mortgages payable on real estate, net in Consolidated VIEs | 0 | 0 | |||||
Liabilities of disposal group held for sale | 0 | 0 | |||||
Other liabilities | 7,575 | 8,168 | |||||
Total Liabilities | 1,325,706 | 1,476,390 | |||||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | |||||
Non-controlling interest in Consolidated VIEs | 0 | 0 | |||||
Net investment | 278,869 | 232,630 | |||||
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 | 0 | |||||
Other assets | 3,018 | 3,168 | |||||
Total Assets | 745,622 | 830,750 | |||||
Multi-family CDOs, at fair value | 584,741 | 634,495 | |||||
Mortgages payable on real estate, net in Consolidated VIEs | 0 | 0 | |||||
Liabilities of disposal group held for sale | 0 | 0 | |||||
Other liabilities | 5,138 | 3,342 | |||||
Total Liabilities | 589,879 | 637,837 | |||||
Redeemable non-controlling interest in Consolidated VIEs | 0 | 0 | |||||
Non-controlling interest in Consolidated VIEs | 0 | 0 | |||||
Net investment | 155,743 | 192,913 | |||||
VIE, Primary Beneficiary | Consolidated Real Estate | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash and cash equivalents | 7,120 | 21,129 | |||||
Real estate, net held in Consolidated VIEs | 542,797 | 543,739 | |||||
Assets of disposal group held for sale | 904,658 | 1,142,773 | |||||
Other assets | 17,456 | 13,686 | |||||
Total Assets | 1,472,031 | 1,721,327 | |||||
Multi-family CDOs, at fair value | 0 | 0 | |||||
Mortgages payable on real estate, net in Consolidated VIEs | 396,810 | 394,707 | |||||
Liabilities of disposal group held for sale | 767,329 | 883,812 | |||||
Other liabilities | 12,373 | 10,511 | |||||
Total Liabilities | 1,176,512 | 1,289,030 | |||||
Redeemable non-controlling interest in Consolidated VIEs | 21,026 | 63,803 | |||||
Non-controlling interest in Consolidated VIEs | 20,202 | 32,967 | |||||
Net investment | 254,291 | 335,527 | |||||
VIE, Primary Beneficiary | Residential collateralized debt obligations | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Multi-family CDOs, at fair value | 1,318,131 | 1,468,222 | |||||
VIE, Primary Beneficiary | Consolidated SLST CDOs | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Multi-family CDOs, at fair value | 584,741 | 634,495 | |||||
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 | 2,256,956 | 2,443,696 | |||||
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 | 1,514,352 | 1,616,114 | |||||
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 | 742,604 | 827,582 | |||||
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 condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $3,822,228 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,092,097 and $3,403,257, respectively. See Note 7 for further discussion. |
Use of Special Purpose Entiti_6
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Schedule of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Variable Interest Entity [Line Items] | ||||
Interest expense | $ 48,406 | $ 38,563 | $ 130,145 | $ 88,767 |
Total net interest income | 16,789 | 30,357 | 49,726 | 106,674 |
Expenses related to real estate | 50,179 | 69,819 | 153,407 | 208,876 |
Total net loss from real estate | (7,788) | (29,035) | (24,494) | (106,633) |
Unrealized losses, net | (61,295) | (152,078) | (55,738) | (303,430) |
Gains on derivative instruments, net | 20,993 | 24,943 | 38,204 | 24,943 |
Impairment of real estate | (44,157) | 0 | (71,296) | 0 |
Other (losses) income | 139 | 12,747 | 1,712 | 15,275 |
Total other (loss) income | (85,943) | (97,812) | (80,115) | (226,289) |
NET LOSS | (93,873) | (117,894) | (110,530) | (297,432) |
Net loss attributable to non-controlling interest in Consolidated VIEs | 9,364 | 2,617 | 19,957 | 36,409 |
Net (loss) income attributable to Company | (84,509) | (115,277) | (90,573) | (261,023) |
VIE, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Net loss attributable to non-controlling interest in Consolidated VIEs | 2,907 | 5,200 | 11,592 | 32,996 |
VIE, Primary Beneficiary | Financing And Other VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 8,370 | 9,013 | 25,543 | 27,648 |
Interest expense | 5,957 | 6,611 | 18,238 | 18,796 |
Total net interest income | 2,413 | 2,402 | 7,305 | 8,852 |
Income from real estate | 39,287 | 39,261 | 120,247 | 97,308 |
Expenses related to real estate | 47,367 | 67,319 | 145,310 | 202,084 |
Total net loss from real estate | (8,080) | (28,058) | (25,063) | (104,776) |
Unrealized losses, net | (9,325) | (7,925) | (19,354) | (27,480) |
Gains on derivative instruments, net | 315 | 24,943 | 5,572 | 24,943 |
Impairment of real estate | (44,157) | 0 | (71,296) | 0 |
Other (losses) income | (103) | 16,287 | (61) | 16,287 |
Total other (loss) income | (53,270) | 33,305 | (85,139) | 13,750 |
NET LOSS | (58,937) | 7,649 | (102,897) | (82,174) |
Net loss attributable to non-controlling interest in Consolidated VIEs | 9,364 | 2,617 | 19,957 | 36,409 |
Net (loss) income attributable to Company | (49,573) | 10,266 | (82,940) | (45,765) |
VIE, Primary Beneficiary | Consolidated SLST | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 8,370 | 9,013 | 25,543 | 27,648 |
Interest expense | 5,957 | 6,611 | 18,238 | 18,796 |
Total net interest income | 2,413 | 2,402 | 7,305 | 8,852 |
Income from real estate | 0 | 0 | 0 | 0 |
Expenses related to real estate | 0 | 0 | 0 | 0 |
Total net loss from real estate | 0 | 0 | 0 | 0 |
Unrealized losses, net | (9,325) | (7,925) | (19,354) | (27,480) |
Gains on derivative instruments, net | 0 | 0 | 0 | 0 |
Impairment of real estate | 0 | 0 | 0 | 0 |
Other (losses) income | 0 | 0 | 0 | 0 |
Total other (loss) income | (9,325) | (7,925) | (19,354) | (27,480) |
NET LOSS | (6,912) | (5,523) | (12,049) | (18,628) |
Net (loss) income attributable to Company | (6,912) | (5,523) | (12,049) | (18,628) |
VIE, Primary Beneficiary | Consolidated Real Estate | ||||
Variable Interest Entity [Line Items] | ||||
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Total net interest income | 0 | 0 | 0 | 0 |
Income from real estate | 39,287 | 39,261 | 120,247 | 97,308 |
Expenses related to real estate | 47,367 | 67,319 | 145,310 | 202,084 |
Total net loss from real estate | (8,080) | (28,058) | (25,063) | (104,776) |
Unrealized losses, net | 0 | 0 | 0 | 0 |
Gains on derivative instruments, net | 315 | 24,943 | 5,572 | 24,943 |
Impairment of real estate | (44,157) | 0 | (71,296) | 0 |
Other (losses) income | (103) | 16,287 | (61) | 16,287 |
Total other (loss) income | (43,945) | 41,230 | (65,785) | 41,230 |
NET LOSS | (52,025) | 13,172 | (90,848) | (63,546) |
Net loss attributable to non-controlling interest in Consolidated VIEs | 9,364 | 2,617 | 19,957 | 36,409 |
Net (loss) income attributable to Company | $ (42,661) | $ 15,789 | $ (70,891) | $ (27,137) |
Use of Special Purpose Entiti_7
Use of Special Purpose Entities (SPE) and Variable Interest Entities (VIE) - Redeemable Noncontrolling Interest in Consolidated VIEs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Net loss attributable to non-controlling interest in Consolidated VIEs | $ (9,364) | $ (2,617) | $ (19,957) | $ (36,409) |
Adjustment of redeemable non-controlling interest to estimated redemption value | 10,597 | $ 27,194 | ||
Weighted Average | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Capitalization rate | 5.70% | |||
Discount rate | 14.80% | |||
Minimum | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Capitalization rate | 5.30% | |||
Discount rate | 13.90% | |||
Maximum | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Capitalization rate | 6.50% | |||
Discount rate | 15.60% | |||
VIE, Primary Beneficiary | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 34,571 | 37,101 | $ 63,803 | 66,392 |
Contributions | 0 | 0 | 0 | 315 |
Distributions | (41) | (4,115) | (3,991) | (5,925) |
Net loss attributable to non-controlling interest in Consolidated VIEs | (2,907) | (5,200) | (11,592) | (32,996) |
Adjustment of redeemable non-controlling interest to estimated redemption value | (10,597) | 0 | (27,194) | 0 |
Ending balance | $ 21,026 | $ 27,786 | $ 21,026 | $ 27,786 |
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 | Sep. 30, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | $ 6,937,870 | $ 6,240,745 |
Maximum exposure | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 259,887 | 278,936 | |
Maximum exposure | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 98,435 | 87,534 | |
Maximum exposure | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 25,796 | 30,146 | |
Maximum exposure | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 130,583 | 152,246 | |
Maximum exposure | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 5,073 | 9,010 | |
ABS | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 856 | ||
ABS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
ABS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 856 | ||
ABS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
ABS | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | ||
Non-Agency RMBS | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 25,796 | 29,290 | |
Non-Agency RMBS | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-Agency RMBS | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 25,796 | 29,290 | |
Non-Agency RMBS | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-Agency RMBS | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Preferred equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 229,018 | 239,780 | |
Preferred equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 98,435 | 87,534 | |
Preferred equity investments in multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Preferred equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 130,583 | 152,246 | |
Preferred equity investments in multi-family properties | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 5,073 | 9,010 | |
Joint venture equity investments in multi-family properties | Multi-family loans | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Investment securities available for sale, at fair value | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Joint venture equity investments in multi-family properties | Assets of disposal group held for sale | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 5,073 | $ 9,010 | |
[1] Our condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of September 30, 2023 and December 31, 2022, assets of consolidated VIEs totaled $3,822,228 and $4,261,097, respectively, and the liabilities of consolidated VIEs totaled $3,092,097 and $3,403,257, respectively. See Note 7 for further discussion. |
Real Estate, Net - Summary of I
Real Estate, Net - Summary of Investments (Details) - VIE, Primary Beneficiary - Real Estate Investment - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Real Estate [Line Items] | ||
Land | $ 89,550 | $ 89,550 |
Building and improvements | 638,433 | 611,102 |
Furniture, fixture and equipment | 16,119 | 13,540 |
Real estate | 744,102 | 714,192 |
Accumulated depreciation | (39,594) | (21,224) |
Real estate, net | $ 704,508 | $ 692,968 |
Real Estate, Net - Narrative (D
Real Estate, Net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Real Estate [Line Items] | ||||||
Net payments made on mortgages payable on real estate | $ 128,232 | $ 13,105 | ||||
Loss on extinguishment of debt | $ 600 | $ 0 | $ 489 | 693 | 1,092 | |
Net gain attributable to common shareholders | (110,530) | $ (297,432) | ||||
VIE, Primary Beneficiary | Multifamily | ||||||
Real Estate [Line Items] | ||||||
Net proceeds from sale of real estate | $ 48,000 | 52,000 | ||||
Net payments made on mortgages payable on real estate | 26,000 | 37,000 | (150,200) | |||
Sale generated a net gain | 16,800 | 400 | ||||
Loss on extinguishment of debt | 500 | $ 600 | $ 2,000 | |||
Net gain attributable to common shareholders | $ 14,400 |
Real Estate, Net - Components o
Real Estate, Net - Components of Income From Real Estate and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Real Estate [Line Items] | ||||
Total depreciation and amortization | $ 6,204 | $ 32,933 | $ 18,371 | $ 120,914 |
Real Estate | ||||
Real Estate [Line Items] | ||||
Depreciation and amortization expense related to operating real estate | 6,204 | 16,025 | 18,371 | 41,269 |
Amortization of lease intangibles related to operating real estate | 0 | 16,908 | 0 | 79,645 |
Total depreciation and amortization | $ 6,204 | $ 32,933 | $ 18,371 | $ 120,914 |
Assets and Liabilities of Dis_3
Assets and Liabilities of Disposal Group Held for Sale - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) jointVenture | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) jointVenture | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Realized loss | $ 0 | |||||||
Net payments made on mortgages payable on real estate | $ (128,232,000) | $ (13,105,000) | ||||||
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | $ 600,000 | $ 0 | $ 489,000 | 693,000 | 1,092,000 | |||
Net income attributable to noncontrolling interest | (9,364,000) | (2,617,000) | (19,957,000) | (36,409,000) | ||||
Net (loss) income attributable to Company | (84,509,000) | (115,277,000) | (90,573,000) | (261,023,000) | ||||
VIE, Primary Beneficiary | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net income attributable to noncontrolling interest | $ (2,907,000) | $ (5,200,000) | $ (11,592,000) | $ (32,996,000) | ||||
Discontinued Operations, Held-for-sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of joint ventures owned | jointVenture | 7 | 7 | ||||||
Impairment of real estate, recovery impairment value | $ 44,200,000 | $ 71,300,000 | ||||||
Discontinued Operations, Held-for-sale | VIE, Primary Beneficiary | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Noncontrolling interest in VIE | $ 12,100,000 | $ 12,100,000 | $ 23,900,000 | |||||
Multifamily | VIE, Primary Beneficiary | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of joint ventures which sold property | jointVenture | 4 | |||||||
Proceeds from sale of real estate | $ 187,700,000 | |||||||
Net payments made on mortgages payable on real estate | $ (26,000,000) | (37,000,000) | 150,200,000 | |||||
Gains on sale of real estate | (3,100,000) | |||||||
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | $ 500,000 | $ 600,000 | 2,000,000 | |||||
Net income attributable to noncontrolling interest | 1,900,000 | |||||||
Net (loss) income attributable to Company | $ (800,000) |
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) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash and cash equivalents | $ 14,859 | $ 13,944 |
Equity investments | 5,073 | 9,010 |
Real estate, net | 852,277 | 1,079,942 |
Other assets | 37,522 | 48,888 |
Total assets of disposal group held for sale | 909,731 | 1,151,784 |
Mortgages payable on real estate | 740,187 | 865,414 |
Other liabilities | 27,142 | 18,398 |
Total liabilities of disposal group held for sale | $ 767,329 | $ 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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Pretax loss of disposal group held for sale | $ (54,969) | $ (2,648) | $ (92,054) | $ (50,621) |
Pretax loss of disposal group attributable to non-controlling interest in Consolidated VIEs | 6,431 | 248 | 8,388 | 5,313 |
Pretax loss of disposal group attributable to Company's common stockholders | $ (48,538) | $ (2,400) | $ (83,666) | $ (45,308) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 transaction | Sep. 30, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of interest rate swap or option transactions | transaction | 0 | |
Margin deposit assets, initial amount | $ 44.7 | |
Margin deposit asset, deficit amount | $ 3 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | $ 2,031 | $ 2,473 |
Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 2,031 | |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 0 | 2,473 |
Other assets | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 2,031 | 2,473 |
Other assets | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Reconciliation of Gross Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative assets | ||
Gross Amount of Recognized Assets (Liabilities) | $ 39,760 | $ 2,473 |
Gross Amounts Offset in Balance Sheets | (3,046) | 0 |
Variation Margin | (34,683) | 0 |
Net Amounts of Assets (Liabilities) Presented in Balance Sheets | 2,031 | 2,473 |
Derivative liabilities | ||
Gross Amount of Recognized Assets (Liabilities) | (3,046) | |
Gross Amounts Offset in Balance Sheets | 3,046 | |
Variation Margin | 0 | |
Net Amounts of Assets (Liabilities) Presented in Balance Sheets | 0 | |
Interest rate caps | ||
Derivative assets | ||
Gross Amount of Recognized Assets (Liabilities) | 2,031 | |
Gross Amounts Offset in Balance Sheets | 0 | |
Variation Margin | 0 | |
Net Amounts of Assets (Liabilities) Presented in Balance Sheets | 2,031 | |
Interest rate swaps | ||
Derivative assets | ||
Gross Amount of Recognized Assets (Liabilities) | 37,729 | 2,473 |
Gross Amounts Offset in Balance Sheets | (3,046) | 0 |
Variation Margin | (34,683) | 0 |
Net Amounts of Assets (Liabilities) Presented in Balance Sheets | 0 | $ 2,473 |
Derivative liabilities | ||
Gross Amount of Recognized Assets (Liabilities) | (3,046) | |
Gross Amounts Offset in Balance Sheets | 3,046 | |
Variation Margin | 0 | |
Net Amounts of Assets (Liabilities) Presented in Balance Sheets | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Activity of Derivative Instruments Not Designated as Hedges (Details) - Trading - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Options | ||
Derivative Instruments and Hedging Activities Disclosures [Roll Forward] | ||
Beginning balance | $ 81 | $ 0 |
Additions | 0 | 500,148 |
Terminations | (81) | (500,148) |
Ending balance | 0 | 0 |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Roll Forward] | ||
Beginning balance | 900,925 | 0 |
Additions | 1,356,309 | 2,257,234 |
Terminations | 0 | 0 |
Ending balance | $ 2,257,234 | $ 2,257,234 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Components of Investment Fair Value Changes (Details) - Trading - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized Gains (Losses) | $ 438 | $ 921 | $ 3,651 | $ 921 |
Unrealized Gains (Losses) | 20,555 | 24,022 | 34,553 | 24,022 |
Interest rate caps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized Gains (Losses) | 1,568 | 921 | 6,388 | 921 |
Unrealized Gains (Losses) | (1,143) | $ 24,022 | (130) | $ 24,022 |
Options | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized Gains (Losses) | (1,130) | (2,737) | ||
Unrealized Gains (Losses) | 974 | 0 | ||
Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized Gains (Losses) | 0 | 0 | ||
Unrealized Gains (Losses) | $ 20,724 | $ 34,683 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Interest Rate Cap Contracts (Details) - Interest rate caps - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Mortgage payable on real estate | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Term SOFR Strike Price | 2% | 2% |
Notional Amount | $ 29,000,000 | $ 29,000,000 |
Repurchase agreements | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Term SOFR Strike Price | 4.10% | 4.10% |
Notional Amount | $ 111,000,000 | $ 111,000,000 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Floating Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 2,204,184 |
Weighted Average Fixed Interest Rate | 4.31% |
Weighted Average Variable Interest Rate | 5.27% |
Fixed Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 53,050 |
Weighted Average Fixed Interest Rate | 3.61% |
Weighted Average Variable Interest Rate | 5.25% |
2025 | Floating Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 1,364,705 |
Weighted Average Fixed Interest Rate | 4.59% |
Weighted Average Variable Interest Rate | 5.26% |
2026 | Floating Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 80,000 |
Weighted Average Fixed Interest Rate | 3.51% |
Weighted Average Variable Interest Rate | 5.20% |
2028 | Floating Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 543,058 |
Weighted Average Fixed Interest Rate | 3.94% |
Weighted Average Variable Interest Rate | 5.28% |
2028 | Fixed Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 9,550 |
Weighted Average Fixed Interest Rate | 3.48% |
Weighted Average Variable Interest Rate | 5.19% |
2033 | Floating Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 216,421 |
Weighted Average Fixed Interest Rate | 3.77% |
Weighted Average Variable Interest Rate | 5.27% |
2033 | Fixed Rate Payments | |
Derivative [Line Items] | |
Notional Amount | $ 43,500 |
Weighted Average Fixed Interest Rate | 3.64% |
Weighted Average Variable Interest Rate | 5.26% |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Offsetting [Abstract] | |||
Restricted cash | $ 127,097 | $ 136,220 | $ 124,641 |
Accrued interest receivable | 34,108 | 34,067 | |
Other assets in consolidated multi-family properties | 16,965 | 13,681 | |
Recoverable advances on residential loans | 16,666 | 13,979 | |
Other receivables | 11,638 | 11,357 | |
Real estate owned | 11,502 | 18,588 | |
Collections receivable from residential loan servicers | 9,882 | 15,374 | |
Operating lease right-of-use assets | 6,900 | 7,831 | |
Deferred tax assets | 3,350 | 2,671 | |
Derivative assets | 2,031 | 2,473 | |
Other | 5,031 | 3,115 | |
Other assets | $ 245,170 | $ 259,356 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Offsetting [Abstract] | ||
Dividends and dividend equivalents payable | $ 40,568 | $ 49,996 |
Accrued interest payable | 19,434 | 10,629 |
Accrued expenses and other liabilities in consolidated multi-family properties | 12,373 | 10,511 |
Accrued expenses | 10,654 | 15,576 |
Operating lease liabilities | 7,430 | 8,383 |
Deferred revenue | 5,342 | 7,131 |
Securities purchased but not settled | 4,916 | 0 |
Unfunded commitments for residential loans | 4,249 | 2,950 |
Advanced remittances from residential loan servicers | 4,077 | 9,098 |
Swap margin payable | 2,980 | 0 |
Deferred tax liabilities | 761 | 394 |
Other | 3,842 | 1,323 |
Total | $ 116,626 | $ 115,991 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Repurchase Agreements - Company
Repurchase Agreements - Company's Repurchase Agreements (Details) - Repurchase agreements - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | $ 1,994,728 | $ 737,023 |
Investment securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | 1,490,996 | 50,077 |
Residential loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | 427,342 | 686,946 |
Single-family rental properties | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total carrying value | $ 76,390 | $ 0 |
Repurchase Agreements - Narrati
Repurchase Agreements - Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) counterparty | Dec. 31, 2022 USD ($) counterparty | Sep. 30, 2022 USD ($) | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | $ 228,333 | $ 244,718 | $ 355,276 |
Number of counterparties with amounts outstanding under repurchase agreements | counterparty | 6 | 1 | |
Repurchase agreements, number of counterparties | counterparty | 2 | ||
Financings under repurchase agreements, aggregate outstanding balance | $ 335,700 | ||
Interest rate caps | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreements, number of counterparties | counterparty | 1 | ||
Residential loans | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Number of counterparties with amounts outstanding under repurchase agreements | counterparty | 5 | ||
Repurchase agreements | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Cash and cash equivalents | $ 221,200 | ||
Securities borrowed | $ 172,761 | ||
Weighted average advance rate | 92.90% | 30% | |
Average interest rate haircut | 7.10% | 70% | |
Average days to maturity | 52 days | 9 days | |
Weighted average interest rate | 5.61% | 5.28% | |
Accrued interest payable | $ 9,200 | $ 600 | |
Repurchase agreements | Residential loans | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities borrowed | 201,200 | ||
Accrued interest payable | 2,800 | $ 3,600 | |
Repurchase agreements | Agency RMBS | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities borrowed | $ 47,610 | ||
Average interest rate haircut | 4.80% | ||
Repurchase agreements | Non-Agency RMBS | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities borrowed | $ 119,503 | ||
Average interest rate haircut | 46.90% | ||
Atlas SP | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreement percentage at risk | 7.91% | ||
Bank of America | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Repurchase agreement percentage at risk | 5.68% |
Repurchase Agreements - Schedul
Repurchase Agreements - Schedule of Unencumbered Securities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Repurchase agreements | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 172,761 |
Agency RMBS | Repurchase agreements | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 47,610 |
Non-Agency RMBS | Residential Loan Securitizations | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Collateralized debt obligations, repurchased residential loan securitization | 40,200 |
Non-Agency RMBS | Repurchase agreements | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 119,503 |
Non-Agency RMBS | Repurchase agreements | Consolidated SLST | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | 17,800 |
CMBS | Repurchase agreements | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities borrowed | $ 5,648 |
Repurchase Agreements - Borrowi
Repurchase Agreements - Borrowings Under Financing Arrangements and Associated Assets Pledged as Collateral (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | $ 1,490,996 | $ 50,077 |
Value of Assets Pledged | 2,993,895 | 3,525,080 |
Single Family | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Value of Assets Pledged | 147,400 | |
Residential Loans | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Value of Assets Pledged | 535,800 | 867,000 |
Repurchase agreements | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | 1,490,996 | 50,077 |
Carrying Value of Repurchase Agreements | 1,994,728 | 737,023 |
Value of Assets Pledged | $ 1,672,262 | $ 170,551 |
Weighted Average Months to Maturity | 52 days | 9 days |
Residential loans | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Maximum Aggregate Uncommitted Principal Amount | $ 2,175,000 | $ 2,030,879 |
Outstanding Repurchase Agreements | 505,477 | 688,487 |
Net Deferred Finance Costs | (1,745) | (1,541) |
Value of Assets Pledged | $ 683,204 | $ 867,033 |
Weighted Average Rate | 7.81% | 6.65% |
Weighted Average Months to Maturity | 8 years 2 months 15 days | 16 years 8 months 8 days |
Residential loans | Repurchase agreements | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Carrying Value of Repurchase Agreements | $ 503,732 | $ 686,946 |
Residential loans | Repurchase Agreement, Non Mark-to Market | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Outstanding Repurchase Agreements | $ 169,700 | $ 446,800 |
Weighted Average Rate | 8.09% | 6.77% |
Weighted Average Months to Maturity | 17 years 3 months 7 days | 23 years 11 months 15 days |
Repurchase Agreements - Repurch
Repurchase Agreements - Repurchase Agreements Secured by Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | $ 1,490,996 | $ 50,077 |
Value of Assets Pledged | 2,993,895 | 3,525,080 |
Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 1,490,996 | 50,077 |
Value of Assets Pledged | 1,672,262 | 170,551 |
Amortized Cost of Collateral Pledged | 1,771,205 | 210,733 |
Agency RMBS | Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 1,406,824 | 0 |
Value of Assets Pledged | 1,487,394 | 0 |
Amortized Cost of Collateral Pledged | 1,525,702 | 0 |
Non-Agency RMBS | Repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Outstanding Repurchase Agreements | 84,172 | 50,077 |
Value of Assets Pledged | 184,868 | 170,551 |
Amortized Cost of Collateral Pledged | 245,503 | $ 210,733 |
Non-Agency RMBS | Repurchase agreements | Residential Loan Securitizations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Amortized Cost of Collateral Pledged | 48,200 | |
Non-Agency RMBS | Repurchase agreements | Consolidated SLST | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Amortized Cost of Collateral Pledged | $ 136,700 |
Repurchase Agreements - Maturit
Repurchase Agreements - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, maturities | $ 1,490,996 | $ 50,077 |
Within 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, maturities | 229,384 | 50,077 |
Over 30 day to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, maturities | 1,261,612 | 0 |
Over 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, maturities | $ 0 | $ 0 |
Collateralized Debt Obligatio_3
Collateralized Debt Obligations - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument, Redemption, Period One | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate increase, non-redemption | 3% | |
Debt Instrument, Redemption, Period Two | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate increase, non-redemption | 1% | |
Debt Instrument, Redemption, Period Three | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate increase, non-redemption | 1% | |
Debt Instrument, Redemption, Period Three | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate increase, non-redemption | 2% | |
Collateralized Debt Obligations | Secured Debt | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 2,001,568 | $ 2,197,606 |
Carrying Value | 1,902,872 | 2,102,717 |
Collateralized Debt Obligations | Secured Debt | Consolidated SLST | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | 665,970 | 699,408 |
Carrying Value | $ 584,741 | $ 634,495 |
Weighted average interest rate | 2.75% | 2.75% |
Collateralized Debt Obligations | Secured Debt | Consolidated SLST | Debt Instrument, Redemption, Periods One And Two | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 560,800 | $ 647,100 |
Collateralized Debt Obligations | Secured Debt | Consolidated SLST | Debt Instrument, Redemption, Period Three | ||
Debt Instrument [Line Items] | ||
Carrying Value | 548,400 | 603,800 |
Collateralized Debt Obligations | Secured Debt | Residential loan securitizations | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | 1,335,598 | 1,498,198 |
Carrying Value | $ 1,318,131 | $ 1,468,222 |
Weighted average interest rate | 3.63% | 3.54% |
Collateralized Debt Obligatio_4
Collateralized Debt Obligations - Maturities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 0 |
2024 | 0 |
2025 | 27,750 |
2026 | 126,901 |
2027 | 0 |
Total | 544,351 |
Secured Debt | Collateralized Debt Obligations | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 84,659 |
2027 | 225,000 |
Thereafter | 1,691,909 |
Total | $ 2,001,568 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2023 | Jan. 15, 2022 | Apr. 27, 2021 | Aug. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 544,351,000 | $ 544,351,000 | ||||||||
Net payments made on mortgages payable on real estate | 128,232,000 | $ 13,105,000 | ||||||||
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | $ 600,000 | $ 0 | $ 489,000 | 693,000 | $ 1,092,000 | |||||
VIE, Primary Beneficiary | Multifamily | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net payments made on mortgages payable on real estate | $ 26,000,000 | 37,000,000 | (150,200,000) | |||||||
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | $ 500,000 | $ 600,000 | $ 2,000,000 | |||||||
CME Term, SOFR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on variable interest rate | 0.26161% | 0.26161% | ||||||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal value of trust preferred securities | $ 100,000,000 | |||||||||
Interest rate | 5.75% | |||||||||
Debt instrument, percentage of principal issued | 100% | |||||||||
Proceeds from issuance of senior unsecured notes, net | $ 96,300,000 | |||||||||
Long-term debt | $ 100,000,000 | $ 100,000,000 | ||||||||
Deferred loan fees, net | $ 2,100,000 | $ 2,100,000 | $ 2,600,000 | |||||||
Debt issuance costs, amortization rate | 6.64% | 6.64% | ||||||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, redemption price, percentage | 100% | |||||||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | April 30, 2023 - April 29, 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, redemption price, percentage | 100% | |||||||||
Debt instrument, redemption price, percentage multiplyer | 2.875% | |||||||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | Between BB+ and B+ Credit Rating | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate increase | 0.50% | |||||||||
5.75% Senior Notes Due 2026 | Senior unsecured notes | B+ or Below Credit Rating | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate increase | 0.75% | |||||||||
6.25% senior convertible notes due 2022 | Convertible notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 6.25% | |||||||||
Extinguishment of debt, amount | $ 138,000,000 |
Debt - Schedule of Debt Redempt
Debt - Schedule of Debt Redemption Details (Details) - 5.75% Senior Notes Due 2026 - Senior unsecured notes | Apr. 27, 2021 |
April 30, 2023 - April 29, 2024 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 2.875% |
April 30, 2024 - April 29, 2025 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 1.4375% |
April 30, 2025 - April 29, 2026 | |
Debt Instrument [Line Items] | |
Debt instrument, redemption price, percentage multiplyer | 0% |
Debt - Preferred Securities (De
Debt - Preferred Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
CME Term, SOFR | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.26161% | 0.26161% | |
NYM Preferred Trust I | |||
Debt Instrument [Line Items] | |||
Principal value of trust preferred securities | $ 25,000 | $ 25,000 | $ 25,000 |
NYM Preferred Trust I | CME Term, SOFR | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.26161% | ||
NYM Preferred Trust I | SOFR | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.75% | ||
NYM Preferred Trust I | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.75% | ||
NYM Preferred Trust II | |||
Debt Instrument [Line Items] | |||
Principal value of trust preferred securities | $ 20,000 | $ 20,000 | $ 20,000 |
NYM Preferred Trust II | CME Term, SOFR | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.26161% | ||
NYM Preferred Trust II | SOFR | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.95% | ||
NYM Preferred Trust II | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.95% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense from Convertible Debt (Details) - Convertible notes - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 335 | |||
Amortization of underwriter's discount and deferred charges | 103 | |||
Total | $ 0 | $ 0 | $ 0 | $ 438 |
Debt - Schedule of Mortgage Not
Debt - Schedule of Mortgage Notes Payable On Operating Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Mortgage Payable, Net | $ 544,351 | |
VIE, Primary Beneficiary | Mortgage payable on real estate | Joint Venture Investment | ||
Debt Instrument [Line Items] | ||
Maximum Committed Mortgage Principal Amount | 400,601 | $ 398,703 |
Outstanding Mortgage Balance | 399,351 | 397,453 |
Net Deferred Finance Cost | (2,541) | (2,746) |
Mortgage Payable, Net | $ 396,810 | $ 394,707 |
Weighted Average Interest Rate | 4.34% | 4.21% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 0 |
2024 | 0 |
2025 | 27,750 |
2026 | 126,901 |
2027 | 0 |
2028 | 0 |
Thereafter | 389,700 |
Total | $ 544,351 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 07, 2021 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Amount agreed to fund joint venture equity investments | $ 40 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets carried at fair value | ||
Investment securities available for sale: | $ 23,936 | $ 23,645 |
Derivative assets: | ||
Interest rate caps | 39,760 | 2,473 |
Derivative liabilities | ||
Derivative assets | 2,031 | 2,473 |
Variation Margin | 0 | |
Interest rate caps | ||
Derivative assets: | ||
Interest rate caps | 2,031 | |
Interest rate swaps | ||
Derivative assets: | ||
Interest rate caps | 37,729 | 2,473 |
Derivative liabilities | ||
Variation Margin | 0 | |
Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Fair Value | 155,583 | 179,746 |
Assets of disposal group held for sale | 19,697 | 38,428 |
Total | 4,871,856 | 3,932,820 |
Derivative liabilities | ||
Total | 584,741 | 634,495 |
Fair Value, Measurements, Recurring | Interest rate caps | ||
Derivative assets: | ||
Interest rate caps | 2,031 | 2,473 |
Fair Value, Measurements, Recurring | Interest rate swaps | ||
Derivative liabilities | ||
Derivative liability | 0 | 0 |
Variation Margin | 34,700 | |
Fair Value, Measurements, Recurring | Interest rate swaps | Central Clearing House | ||
Derivative liabilities | ||
Derivative liability | (3,000) | |
Derivative assets | 37,700 | |
Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 736,939 | 1,081,384 |
Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 742,604 | 827,582 |
Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 1,514,352 | 1,616,114 |
Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 98,435 | 87,534 |
Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 1,535,004 | 0 |
Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 61,563 | 68,570 |
Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 5,648 | 30,133 |
Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 856 |
Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 584,741 | 634,495 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Fair Value | 0 | 0 |
Assets of disposal group held for sale | 0 | 0 |
Total | 0 | 0 |
Derivative liabilities | ||
Total | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate caps | ||
Derivative assets: | ||
Interest rate caps | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Derivative liabilities | ||
Derivative liability | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 0 | 0 |
Level 2 | ||
Assets carried at fair value | ||
Investment securities available for sale: | 1,602,215 | 99,559 |
Derivative liabilities | ||
Derivative assets | 2,031 | 2,473 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Fair Value | 0 | 0 |
Assets of disposal group held for sale | 14,624 | 29,418 |
Total | 1,618,870 | 131,450 |
Derivative liabilities | ||
Total | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate caps | ||
Derivative assets: | ||
Interest rate caps | 2,031 | 2,473 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Derivative liabilities | ||
Derivative liability | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Derivative Asset | ||
Assets carried at fair value | ||
Assets of disposal group held for sale | 14,600 | 29,400 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | |
Level 2 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 61,563 | 68,570 |
Level 2 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 5,648 | 30,133 |
Level 2 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 856 |
Level 2 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 0 | 0 |
Level 3 | ||
Assets carried at fair value | ||
Fair Value | 155,583 | 179,746 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets carried at fair value | ||
Fair Value | 155,583 | 179,746 |
Assets of disposal group held for sale | 5,073 | 9,010 |
Total | 3,252,986 | 3,801,370 |
Derivative liabilities | ||
Total | 584,741 | 634,495 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate caps | ||
Derivative assets: | ||
Interest rate caps | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Derivative liabilities | ||
Derivative liability | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans | ||
Assets carried at fair value | ||
Residential loans, at fair value | 736,939 | 1,081,384 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||
Assets carried at fair value | ||
Residential loans, at fair value | 742,604 | 827,582 |
Level 3 | Fair Value, Measurements, Recurring | Residential loans held in securitization trusts | ||
Assets carried at fair value | ||
Residential loans, at fair value | 1,514,352 | 1,616,114 |
Level 3 | Fair Value, Measurements, Recurring | Multi-family loans | ||
Assets carried at fair value | ||
Multi-family loans | 98,435 | 87,534 |
Level 3 | Fair Value, Measurements, Recurring | Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | CMBS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ABS | ||
Assets carried at fair value | ||
Investment securities available for sale: | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Consolidated SLST CDOs | Consolidated SLST | VIE, Primary Beneficiary | ||
Liabilities carried at fair value | ||
Consolidated SLST CDOs | 584,741 | 634,495 |
Level 3 | Fair Value, Measurements, Recurring | Equity investments | ||
Assets carried at fair value | ||
Assets of disposal group held for sale | $ 5,100 | $ 9,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Valuation for Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 3,410,684 | $ 4,659,668 | $ 3,801,370 | $ 3,935,253 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | (45,726) | (156,506) | (13,188) | (332,778) |
Transfers out | (9,419) | (886) | (13,913) | (2,741) |
Transfers to securitization trust, net | 0 | 0 | 0 | 0 |
Transfer to disposal group held for sale | 0 | 0 | ||
Funding/Contributions | 9,390 | 8,895 | 40,323 | 28,086 |
Paydowns/Distributions | (281,168) | (366,987) | (925,012) | (1,039,373) |
Sales | (18,604) | 0 | (19,210) | |
Purchases | 187,829 | 100,571 | 382,616 | 1,656,308 |
Balance at the end of period | $ 3,252,986 | $ 4,244,755 | $ 3,252,986 | $ 4,244,755 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net |
Consolidated SLST | VIE, Primary Beneficiary | ||||
Total (losses)/gains (realized/unrealized) | ||||
Sales | $ 0 | |||
Purchases | $ 0 | |||
Residential loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 757,264 | $ 2,193,319 | 1,081,384 | 1,703,290 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | (7,392) | (56,870) | (7,220) | (109,846) |
Transfers out | (7,441) | (636) | (10,198) | (1,511) |
Transfers to securitization trust, net | (54,332) | (373,113) | (244,414) | (1,049,673) |
Transfer to disposal group held for sale | 0 | 0 | ||
Funding/Contributions | 0 | 0 | 0 | 0 |
Paydowns/Distributions | (103,660) | (175,105) | (389,032) | (468,669) |
Sales | (18,604) | 0 | (18,769) | |
Purchases | 171,104 | 73,723 | 325,188 | 1,587,727 |
Balance at the end of period | 736,939 | 1,661,318 | 736,939 | 1,661,318 |
Residential loans | Consolidated SLST | VIE, Primary Beneficiary | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 789,969 | 920,778 | 827,582 | 1,070,882 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | (31,425) | (33,965) | (40,458) | (113,257) |
Transfers out | 0 | 0 | 0 | 0 |
Transfers to securitization trust, net | 0 | 0 | 0 | 0 |
Transfer to disposal group held for sale | 0 | 0 | ||
Funding/Contributions | 0 | 0 | 0 | 0 |
Paydowns/Distributions | (15,940) | (26,028) | (44,520) | (96,840) |
Sales | 0 | 0 | ||
Purchases | 0 | 0 | 0 | |
Balance at the end of period | 742,604 | 860,785 | 742,604 | 860,785 |
Residential loans held in securitization trusts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 1,589,579 | 1,215,095 | 1,616,114 | 801,429 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | (11,788) | (64,282) | 16,114 | (130,217) |
Transfers out | (1,978) | (250) | (3,715) | (1,230) |
Transfers to securitization trust, net | 54,332 | 373,113 | 244,414 | 1,049,673 |
Transfer to disposal group held for sale | 0 | 0 | ||
Funding/Contributions | 0 | 0 | 0 | 0 |
Paydowns/Distributions | (132,518) | (139,451) | (415,562) | (377,163) |
Sales | 0 | 0 | (441) | |
Purchases | 16,725 | 26,848 | 57,428 | 68,581 |
Balance at the end of period | 1,514,352 | 1,411,073 | 1,514,352 | 1,411,073 |
Multi-family loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 97,422 | 106,825 | 87,534 | 120,021 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | 2,695 | 360 | 9,024 | 6,658 |
Transfers out | 0 | 0 | 0 | 0 |
Transfers to securitization trust, net | 0 | 0 | 0 | 0 |
Transfer to disposal group held for sale | 0 | 0 | ||
Funding/Contributions | 0 | 0 | 15,405 | 0 |
Paydowns/Distributions | (1,682) | (11,356) | (13,528) | (30,850) |
Sales | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 |
Balance at the end of period | 98,435 | 95,829 | 98,435 | 95,829 |
Equity investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 168,755 | 223,651 | 179,746 | 239,631 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | 4,806 | (1,749) | 13,289 | 13,884 |
Transfers out | 0 | 0 | 0 | 0 |
Transfers to securitization trust, net | 0 | 0 | 0 | 0 |
Transfer to disposal group held for sale | (9,936) | (9,936) | ||
Funding/Contributions | 9,390 | 8,895 | 24,918 | 28,086 |
Paydowns/Distributions | (27,368) | (15,047) | (62,370) | (65,851) |
Sales | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 |
Balance at the end of period | 155,583 | 205,814 | 155,583 | 205,814 |
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 | 7,695 | 0 | 9,010 | 0 |
Total (losses)/gains (realized/unrealized) | ||||
Included in earnings | (2,622) | 0 | (3,937) | 0 |
Transfers out | 0 | 0 | 0 | |
Transfers to securitization trust, net | 0 | 0 | 0 | 0 |
Transfer to disposal group held for sale | 9,936 | 9,936 | ||
Funding/Contributions | 0 | 0 | 0 | 0 |
Paydowns/Distributions | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | 0 |
Balance at the end of period | $ 5,073 | $ 9,936 | $ 5,073 | $ 9,936 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Valuation for Level 3 Liabilities (Details) - Consolidated SLST - VIE, Primary Beneficiary - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 617,168 | $ 710,233 | $ 634,495 | $ 839,419 |
Total gains (realized/unrealized) | ||||
Included in earnings | (20,560) | (24,214) | (16,315) | (81,746) |
Paydowns | (11,867) | (25,950) | (33,439) | (97,604) |
Balance at the end of period | $ 584,741 | $ 660,069 | $ 584,741 | $ 660,069 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant and Unobservable Inputs Used in the Valuation of Level 3 Assets and Liabilities Measured at Fair Value (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Consolidated SLST CDOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Carrying Value | $ 584,741,000 | $ 634,495,000 |
Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Carrying Value | 584,741,000 | 634,495,000 |
Consolidated SLST | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 154,400,000 | 191,500,000 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 2,993,895,000 | |
Fair Value | 155,583,000 | 179,746,000 |
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Carrying Value | 584,741,000 | $ 634,495,000 |
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 130,583,000 | |
Level 3 | Valuation Technique, Discounted Cash Flow | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | $ 5,073,000 | |
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0 | |
Level 3 | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.139 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.148 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.130 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.148 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.155 | |
Level 3 | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 0.148 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 24 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 13 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 10 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 13 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 56 | |
Level 3 | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | Equity investments in disposal group held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity method investment, measurement input | 13 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 2,043,488,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Valuation Technique, Liquidation Model | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 207,803,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.041 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CPR | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.267 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.007 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Lifetime CDR | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.243 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.130 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 1 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.080 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.054 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.278 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.076 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.069 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Yield | Valuation Technique, Liquidation Model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.266 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.001 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | (0.008) | |
Level 3 | Residential loans and residential loans held in securitization trusts | Annual home price appreciation/(depreciation) | Valuation Technique, Liquidation Model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input | 0.058 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 19 years | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 9 years | |
Level 3 | Residential loans and residential loans held in securitization trusts | Liquidation timeline (months) | Valuation Technique, Liquidation Model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, measurement input, liquidation timeline (in months) | 54 years | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 2,271,659 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 9,000 | |
Level 3 | Residential loans and residential loans held in securitization trusts | Property value | Valuation Technique, Liquidation Model | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | 13,750,000 | |
Level 3 | Multi-family loans | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Multi-family loans | $ 98,435,000 | |
Level 3 | Multi-family loans | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0 | |
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.125 | |
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.110 | |
Level 3 | Multi-family loans | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, measurement input | 0.205 | |
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 31 years | |
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 4 years | |
Level 3 | Multi-family loans | Months to assumed redemption | Valuation Technique, Discounted Cash Flow | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial instruments owned, assumed redemption period (in months) | 57 years | |
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Residential mortgage loans, at fair value | $ 742,604,000 | |
Variable interest entity, primary beneficiary, maximum loss exposure, amount | 154,400,000 | |
Level 3 | Consolidated SLST | Valuation Technique, Discounted Cash Flow | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Carrying Value | $ 584,741,000 | |
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.216 | |
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.101 | |
Level 3 | Consolidated SLST | Loss severity | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.478 | |
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.065 | |
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.057 | |
Level 3 | Consolidated SLST | Yield | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.100 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.056 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.024 | |
Level 3 | Consolidated SLST | Collateral prepayment rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.067 | |
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Weighted Average | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.012 | |
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Minimum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0 | |
Level 3 | Consolidated SLST | Collateral default rate | Valuation Technique, Discounted Cash Flow | Maximum | Consolidated SLST CDOs | VIE, Primary Beneficiary | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt, measurement input | 0.016 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in Earnings for Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Assets | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized losses, net | Unrealized losses, net | Unrealized losses, net | Unrealized losses, net |
Liabilities | ||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized losses, net | Unrealized losses, net | Unrealized losses, net | Unrealized losses, net |
Level 3 | Consolidated SLST | VIE, Primary Beneficiary | ||||
Assets | ||||
Unrealized gains (losses) | $ (30,705) | $ (33,188) | $ (38,230) | $ (110,631) |
Residential loans | Level 3 | ||||
Assets | ||||
Unrealized gains (losses) | (8,986) | (57,296) | (12,927) | (90,749) |
Residential Loans Held in Securitization Trusts | Level 3 | ||||
Assets | ||||
Unrealized gains (losses) | (15,178) | (66,697) | 4,698 | (150,664) |
Preferred Equity and Mezzanine Loan Investments | Level 3 | ||||
Assets | ||||
Unrealized gains (losses) | (17) | (2,490) | 762 | (2,117) |
Equity investments | Level 3 | ||||
Assets | ||||
Unrealized gains (losses) | (1,105) | (6,387) | (5,027) | (4,581) |
Equity investments in disposal group held for sale | Level 3 | ||||
Assets | ||||
Unrealized gains (losses) | (2,622) | (1,054) | (3,937) | (504) |
Collateralized Debt Obligations | Level 3 | Consolidated SLST | VIE, Primary Beneficiary | ||||
Liabilities | ||||
Unrealized gains (losses) | $ 21,380 | $ 25,263 | $ 18,876 | $ 83,151 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of the Company's Financial Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Financial Assets: | |||
Cash and cash equivalents | $ 228,333 | $ 244,718 | $ 355,276 |
Investment securities available for sale: | 23,936 | 23,645 | |
Equity Investments, carrying value | 155,583 | 179,746 | |
Equity investments in disposal group held for sale, carrying value | 5,073 | 9,010 | |
Derivative Asset, carrying value | 2,031 | 2,473 | |
Financial Liabilities: | |||
Subordinated debentures, carrying value | 45,000 | 45,000 | |
Senior unsecured notes, carrying value | 97,924 | $ 97,384 | |
Mortgages payable on operating real estate, carrying value | $ 544,351 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Residential collateralized debt obligations | |||
Financial Liabilities: | |||
Carrying Value | $ 1,318,131 | $ 1,468,222 | |
Residential collateralized debt obligations | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Carrying Value | 1,318,131 | 1,468,222 | |
Consolidated SLST CDOs | |||
Financial Liabilities: | |||
Carrying Value | 584,741 | 634,495 | |
Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Carrying Value | 584,741 | 634,495 | |
Level 1 | |||
Financial Assets: | |||
Cash and cash equivalents | 228,333 | 244,718 | |
Cash and cash equivalents, estimated fair value | 228,333 | 244,718 | |
Level 3 | |||
Financial Assets: | |||
Equity Investments, carrying value | 155,583 | 179,746 | |
Equity Investment, estimated fair value | 155,583 | 179,746 | |
Equity investments in disposal group held for sale, carrying value | 5,073 | 9,010 | |
Equity investments in disposal group held for sale, estimated fair value | 5,073 | 9,010 | |
Financial Liabilities: | |||
Subordinated debentures, carrying value | 45,000 | 45,000 | |
Subordinated debentures, estimated fair value | 35,803 | 32,721 | |
Level 3 | Mortgage payable on real estate | |||
Financial Liabilities: | |||
Mortgages payable on operating real estate, carrying value | 396,810 | 394,707 | |
Mortgages payable on operating real estate, estimated fair value | 361,520 | 377,327 | |
Mortgages payable on real estate in disposal group held for sale, carrying value | 740,187 | 865,414 | |
Mortgages payable on real estate in disposal group held for sale, estimated fair value | 738,639 | 864,758 | |
Level 3 | Residential collateralized debt obligations | |||
Financial Liabilities: | |||
Carrying Value | 1,318,131 | 1,468,222 | |
Secured debt, estimated fair value | 1,242,804 | 1,383,715 | |
Level 3 | Consolidated SLST CDOs | VIE, Primary Beneficiary | |||
Financial Liabilities: | |||
Carrying Value | 584,741 | 634,495 | |
Secured debt, estimated fair value | 584,741 | 634,495 | |
Level 3 | Residential loans | |||
Financial Assets: | |||
Residential loans | 2,993,895 | 3,525,080 | |
Residential mortgage loans, estimated fair value | 2,993,895 | 3,525,080 | |
Level 3 | Multi-family loans | |||
Financial Assets: | |||
Preferred equity and mezzanine loan investments, carrying value | 98,435 | 87,534 | |
Preferred equity and mezzanine loan investments, estimated fair value | 98,435 | 87,534 | |
Level 2 | |||
Financial Assets: | |||
Investment securities available for sale: | 1,602,215 | 99,559 | |
Derivative Asset, carrying value | 2,031 | 2,473 | |
Derivative Asset, estimated fair value | 2,031 | 2,473 | |
Derivative assets in disposal group held for sale, carrying value | 14,624 | 29,418 | |
Derivative assets in disposal group held for sale, estimated fair value | 14,624 | 29,418 | |
Financial Liabilities: | |||
Senior unsecured notes, carrying value | 97,924 | 97,384 | |
Senior unsecured notes, estimated fair value | 91,520 | 91,104 | |
Level 2 | Portfolio Investments | |||
Financial Liabilities: | |||
Outstanding repurchase agreements | $ 1,994,728 | $ 737,023 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Feb. 22, 2023 shares | Sep. 30, 2023 USD ($) seriesOfPreferredStock quarter director $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) seriesOfPreferredStock quarter director $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Mar. 31, 2023 USD ($) | Feb. 21, 2023 shares | Feb. 28, 2022 USD ($) | Aug. 10, 2021 USD ($) $ / shares | Nov. 27, 2019 USD ($) | Mar. 29, 2019 USD ($) | |
Class of Stock [Line Items] | ||||||||||||
Number of series of cumulative redeemable preferred stock outstanding | seriesOfPreferredStock | 4 | 4 | ||||||||||
Net income attributable to company's common stockholders | $ | $ (94,819,000) | $ (125,770,000) | $ (121,500,000) | $ (292,501,000) | ||||||||
Redemption price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||||
Preferred stock redemption period | 120 days | |||||||||||
Number of elected directors pending preferred stock voting rights | director | 2 | 2 | ||||||||||
Percent of outstanding shares affirmative votes needed for material and adverse changes to preferred stock terms | 66.67% | |||||||||||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 800,000,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Common stock, shares, issued (in shares) | 90,684,441 | 90,684,441 | 91,193,688 | |||||||||
Common stock, shares outstanding (in shares) | 90,684,441 | 90,684,441 | 91,193,688 | |||||||||
Reverse stock split (in shares) | 0.25 | |||||||||||
Equity Distribution Agreements | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||
Common stock that may be sold (up to) | $ | $ 100,000,000 | |||||||||||
Shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||||
Common stock reserved for issuance | $ | $ 100,000,000 | $ 100,000,000 | ||||||||||
Equity agreement for preferred stock maximum aggregate sales price (up to) | $ | $ 149,100,000 | $ 131,500,000 | ||||||||||
Preferred Equity Distribution Agreement | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares issued (in shares) | 0 | 0 | 0 | 0 | ||||||||
Equity agreement for preferred stock maximum aggregate sales price (up to) | $ | $ 50,000,000 | |||||||||||
Preferred stock available for future issuance, value | $ | $ 100,000,000 | $ 100,000,000 | ||||||||||
Preferred Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred stock, shares outstanding (in shares) | 22,164,414 | 22,164,414 | 22,284,994 | |||||||||
Preferred stock, shares issued (in shares) | 22,164,414 | 22,164,414 | 22,284,994 | |||||||||
Common stock repurchases | $ | $ 1,413,000 | $ 2,439,000 | ||||||||||
Number of quarters with no dividends that results in voting rights | quarter | 6 | 6 | ||||||||||
Preferred Stock | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ | $ 100,000,000 | |||||||||||
Average cost per share (in dollars per share) | $ / shares | $ 22.23 | $ 20.29 | ||||||||||
Net income attributable to company's common stockholders | $ | $ 100,000 | $ 500,000 | ||||||||||
Remaining authorized repurchase amount | $ | $ 97,600,000 | $ 97,600,000 | ||||||||||
Series D | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 8,400,000 | 8,400,000 | 8,400,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 6,107,318 | 6,107,318 | 6,123,495 | |||||||||
Preferred stock, shares issued (in shares) | 6,107,318 | 6,107,318 | 6,123,495 | |||||||||
Preferred stock, contractual rate, percentage | 8% | 8% | ||||||||||
Series D | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares repurchased (in shares) | 16,177 | |||||||||||
Series E | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 9,900,000 | 9,900,000 | 9,900,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 7,343,151 | 7,343,151 | 7,411,499 | |||||||||
Preferred stock, shares issued (in shares) | 7,343,151 | 7,343,151 | 7,411,499 | |||||||||
Preferred stock, contractual rate, percentage | 7.875% | 7.875% | ||||||||||
Series E | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares repurchased (in shares) | 60,058 | 68,348 | ||||||||||
Series F | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 7,750,000 | 7,750,000 | 7,750,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 5,740,209 | 5,740,209 | 5,750,000 | |||||||||
Preferred stock, shares issued (in shares) | 5,740,209 | 5,740,209 | 5,750,000 | |||||||||
Preferred stock, contractual rate, percentage | 6.875% | 6.875% | ||||||||||
Series F | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares repurchased (in shares) | 3,000 | 9,791 | ||||||||||
Series G | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 5,450,000 | 5,450,000 | 5,450,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 2,973,736 | 2,973,736 | 3,000,000 | |||||||||
Preferred stock, shares issued (in shares) | 2,973,736 | 2,973,736 | 3,000,000 | |||||||||
Preferred stock, contractual rate, percentage | 7% | 7% | ||||||||||
Series G | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares repurchased (in shares) | 482 | 26,264 | ||||||||||
Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares repurchased (in shares) | 1,367,329 | 2,066,035 | ||||||||||
Common stock repurchases | $ | $ 5,005,000 | $ 14,314,000 | $ 8,615,000 | $ 21,855,000 | ||||||||
Average cost per share (in dollars per share) | $ / shares | $ 10.47 | $ 10.58 | ||||||||||
Common Stock | Stock Repurchase Plan | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ | $ 246,000,000 | $ 200,000,000 | ||||||||||
Shares repurchased (in shares) | 560,342 | 937,850 | ||||||||||
Common stock repurchases | $ | $ 5,000,000 | $ 8,600,000 | ||||||||||
Average cost per share (in dollars per share) | $ / shares | $ 8.93 | $ 9.19 | ||||||||||
Remaining authorized repurchase amount | $ | $ 193,200,000 | $ 193,200,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Carrying Value | $ 535,445,000 | $ 535,445,000 | $ 538,351,000 |
CME Term, SOFR | |||
Class of Stock [Line Items] | |||
Spread on variable interest rate | 0.26161% | 0.26161% | |
Series D | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 8,400,000 | 8,400,000 | 8,400,000 |
Preferred stock, shares issued (in shares) | 6,107,318 | 6,107,318 | 6,123,495 |
Preferred stock, shares outstanding (in shares) | 6,107,318 | 6,107,318 | 6,123,495 |
Carrying Value | $ 147,745,000 | $ 147,745,000 | $ 148,134,000 |
Liquidation Preference | $ 152,683,000 | $ 152,683,000 | $ 153,087,000 |
Preferred stock, contractual rate, percentage | 8% | 8% | |
Series D | LIBOR | |||
Class of Stock [Line Items] | |||
Preferred stock, floating annual rate, percentage | 5.695% | 5.695% | |
Series E | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 9,900,000 | 9,900,000 | 9,900,000 |
Preferred stock, shares issued (in shares) | 7,343,151 | 7,343,151 | 7,411,499 |
Preferred stock, shares outstanding (in shares) | 7,343,151 | 7,343,151 | 7,411,499 |
Carrying Value | $ 177,697,000 | $ 177,697,000 | $ 179,349,000 |
Liquidation Preference | $ 183,579,000 | $ 183,579,000 | $ 185,288,000 |
Preferred stock, contractual rate, percentage | 7.875% | 7.875% | |
Series E | LIBOR | |||
Class of Stock [Line Items] | |||
Preferred stock, floating annual rate, percentage | 6.429% | 6.429% | |
Series F | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 7,750,000 | 7,750,000 | 7,750,000 |
Preferred stock, shares issued (in shares) | 5,740,209 | 5,740,209 | 5,750,000 |
Preferred stock, shares outstanding (in shares) | 5,740,209 | 5,740,209 | 5,750,000 |
Carrying Value | $ 138,418,000 | $ 138,418,000 | $ 138,650,000 |
Liquidation Preference | $ 143,505,000 | $ 143,505,000 | $ 143,750,000 |
Preferred stock, contractual rate, percentage | 6.875% | 6.875% | |
Series F | Underwritten Public Offering | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | |
Series F | SOFR | |||
Class of Stock [Line Items] | |||
Preferred stock, floating annual rate, percentage | 6.13% | 6.13% | |
Series G | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 5,450,000 | 5,450,000 | 5,450,000 |
Preferred stock, shares issued (in shares) | 2,973,736 | 2,973,736 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 2,973,736 | 2,973,736 | 3,000,000 |
Carrying Value | $ 71,585,000 | $ 71,585,000 | $ 72,218,000 |
Liquidation Preference | $ 74,343,000 | $ 74,343,000 | $ 75,000,000 |
Preferred stock, contractual rate, percentage | 7% | 7% | |
Preferred Stock, Series Shares | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 31,500,000 | 31,500,000 | 31,500,000 |
Preferred stock, shares issued (in shares) | 22,164,414 | 22,164,414 | 22,284,994 |
Preferred stock, shares outstanding (in shares) | 22,164,414 | 22,164,414 | 22,284,994 |
Carrying Value | $ 535,445,000 | $ 535,445,000 | $ 538,351,000 |
Liquidation Preference | $ 554,110,000 | $ 554,110,000 | $ 557,125,000 |
Stockholders' Equity - Cash Div
Stockholders' Equity - Cash Dividends Declared - Preferred Stock (Details) - $ / shares | Oct. 15, 2023 | Jul. 15, 2023 | Apr. 15, 2023 | Jan. 15, 2023 | Oct. 15, 2022 | Jul. 15, 2022 | Apr. 15, 2022 |
Series D | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | |
Series D | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | $ 0.50 | ||||||
Series E | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | 0.4921875 | |
Series E | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | 0.4921875 | ||||||
Series F | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | 0.4296875 | 0.4296875 | 0.4296875 | 0.4296875 | 0.4296875 | 0.4296875 | |
Series F | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | 0.4296875 | ||||||
Series G | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | |
Series G | Subsequent Event | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividend per share (in dollars per share) | $ 0.43750 |
Stockholders' Equity - Cash D_2
Stockholders' Equity - Cash Dividends Declared - Common Stock (Details) - $ / shares | 3 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |||||||
Cash dividend per share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 |
Loss Per Common Share - Narrati
Loss Per Common Share - Narrative (Details) | Jan. 15, 2022 USD ($) |
6.25% senior convertible notes due 2022 | Convertible notes | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Extinguishment of debt, amount | $ 138,000,000 |
Loss Per Common Share - Computa
Loss Per Common Share - Computation of Basic and Diluted (Loss) Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic Loss per Common Share: | ||||
Net loss attributable to Company | $ (84,509) | $ (115,277) | $ (90,573) | $ (261,023) |
Less: Preferred Stock dividends | (10,435) | (10,493) | (31,394) | (31,478) |
Plus: Gain on repurchase of Preferred Stock | 125 | 0 | 467 | 0 |
Net loss attributable to Company's common stockholders | $ (94,819) | $ (125,770) | $ (121,500) | $ (292,501) |
Basic weighted average shares outstanding (in shares) | 90,984 | 94,269 | 91,163 | 94,919 |
Basic Loss Per Common Share (in dollars per share) | $ (1.04) | $ (1.33) | $ (1.33) | $ (3.08) |
Diluted Loss per Common Share: | ||||
Net loss attributable to Company | $ (84,509) | $ (115,277) | $ (90,573) | $ (261,023) |
Less: Preferred Stock dividends | (10,435) | (10,493) | (31,394) | (31,478) |
Plus: Gain on repurchase of Preferred Stock | 125 | 0 | 467 | 0 |
Net loss attributable to Company's common stockholders | $ (94,819) | $ (125,770) | $ (121,500) | $ (292,501) |
Basic weighted average shares outstanding (in shares) | 90,984 | 94,269 | 91,163 | 94,919 |
Diluted weighted average common shares outstanding (in shares) | 90,984 | 94,269 | 91,163 | 94,919 |
Diluted Loss per Common Share (in dollars per share) | $ (1.04) | $ (1.33) | $ (1.33) | $ (3.08) |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested shares (in shares) | 543,505 | 538,502 | 543,505 | 538,502 | 526,074 | 477,276 |
Share-based compensation expense | $ 0.9 | $ 1.1 | $ 2.8 | $ 3.4 | ||
Unrecognized compensation cost | $ 4.9 | 5.7 | $ 4.9 | 5.7 | ||
Unrecognized compensation cost, period for recognition | 1 year 9 months 18 days | |||||
Fair value of vested shares | $ 3 | $ 3.2 | ||||
Requisite service period | 3 years | |||||
Shares vested (in shares) | 244,015 | 221,239 | ||||
2017 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares that may be issued (in shares) | 10,792,500 | 10,792,500 | ||||
Shares available for grant (in shares) | 6,240,884 | 6,240,884 | 7,199,024 | |||
2017 Incentive Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested shares (in shares) | 543,505 | 543,505 | 526,074 | |||
2017 Incentive Plan | Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (in shares) | 1,802,352 | 1,802,352 | 1,558,343 | |||
Share-based compensation expense | $ 1.5 | 1.6 | $ 3.3 | $ 4.5 | ||
Unrecognized compensation cost | $ 6.4 | $ 7.2 | $ 6.4 | 7.2 | ||
Unrecognized compensation cost, period for recognition | 1 year 9 months 18 days | |||||
Fair value of vested shares | $ 2 | $ 2.6 | ||||
Fair value, expected term | 3 years | |||||
Fair value, expected term for volatility rate | 3 years | |||||
Award vesting period | 3 years | 3 years | ||||
Shares vested (in shares) | 161,583 | 183,374 | ||||
Vested shares target (in shares) | 201,978 | 268,729 | 201,978 | 268,729 | ||
2017 Incentive Plan | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (in shares) | 351,974 | 351,974 | 263,708 | |||
Non-vested shares (in shares) | 351,974 | 263,708 | 351,974 | 263,708 | 263,708 | 254,052 |
Share-based compensation expense | $ 0.6 | $ 0.6 | $ 1.4 | $ 1.7 | ||
Unrecognized compensation cost | $ 2.7 | $ 2.6 | $ 2.7 | 2.6 | ||
Unrecognized compensation cost, period for recognition | 1 year 10 months 24 days | |||||
Fair value of vested shares | $ 1.4 | $ 1.4 | ||||
Requisite service period | 3 years | |||||
Shares vested (in shares) | 131,094 | 95,910 | ||||
2017 Incentive Plan | Share-Based Payment Arrangement, Employee | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 952,350 | |||||
2017 Incentive Plan | Director | Share-Based Payment Arrangement, Nonemployee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 301,472 | 229,754 | ||||
2017 Incentive Plan | Employee | Share-Based Payment Arrangement, Employee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued (in shares) | 1,213,819 |
Stock Based Compensation - Non-
Stock Based Compensation - Non-vested Restricted Stock, PSU and RSU Award Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Stock | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 526,074 | 477,276 |
Granted (in shares) | 275,248 | 304,417 |
Vested (in shares) | (244,015) | (221,239) |
Forfeited (in shares) | (13,802) | (21,952) |
Non-vested shares at end of period (in shares) | 543,505 | 538,502 |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 16.34 | $ 20.20 |
Granted (in dollars per share) | 12.36 | 14.36 |
Vested (in dollars per share) | 18.18 | 21.97 |
Forfeited (in dollars per share) | (12.79) | (15.68) |
Non-vested shares at end of period (in dollars per share) | $ 13.57 | $ 16.35 |
Restricted Stock | 2017 Incentive Plan | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 526,074 | |
Non-vested shares at end of period (in shares) | 543,505 | |
PSUs, Target | 2017 Incentive Plan | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 786,577 | 844,185 |
Granted (in shares) | 366,210 | 211,133 |
Vested (in shares) | (201,978) | (268,729) |
Forfeited (in shares) | (44,984) | 0 |
Non-vested shares at end of period (in shares) | 905,825 | 786,589 |
PSUs | 2017 Incentive Plan | ||
Number of Non-vested Restricted Shares | ||
Vested (in shares) | (161,583) | (183,374) |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 23.06 | $ 21.70 |
Granted (in dollars per share) | 13.41 | 19.47 |
Vested (in dollars per share) | 28.18 | 16 |
Forfeited (in dollars per share) | (20.89) | 0 |
Non-vested shares at end of period (in dollars per share) | $ 18.12 | $ 23.05 |
Fair value, expected term | 3 years | |
RSUs | 2017 Incentive Plan | ||
Number of Non-vested Restricted Shares | ||
Non-vested shares at beginning of period (in shares) | 263,708 | 254,052 |
Granted (in shares) | 244,140 | 105,566 |
Vested (in shares) | (131,094) | (95,910) |
Forfeited (in shares) | (24,780) | 0 |
Non-vested shares at end of period (in shares) | 351,974 | 263,708 |
Weighted Average Per Share Grant Date Fair Value | ||
Non-vested shares at beginning of period (in dollars per share) | $ 16.11 | $ 17.45 |
Granted (in dollars per share) | 10.24 | 14.88 |
Vested (in dollars per share) | 17.40 | 18.32 |
Forfeited (in dollars per share) | (14.80) | 0 |
Non-vested shares at end of period (in dollars per share) | $ 11.65 | $ 16.10 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax (benefit) expense | $ (2) | $ 2,089 | $ 254 | $ 2,320 |
Deferred income tax benefit | (54) | (2,419) | (313) | (2,582) |
Total income tax benefit | $ (56) | $ (330) | $ (59) | $ (262) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Net operating loss carryforward | $ 6,327 | $ 3,513 |
Capital loss carryover | 17,330 | 16,045 |
GAAP/Tax basis differences | 4,911 | 1,869 |
Deferred tax assets | 28,568 | 21,427 |
Less: Valuation allowance | (25,218) | (18,756) |
Net deferred tax assets | 3,350 | 2,671 |
Deferred tax liabilities | ||
GAAP/Tax basis differences | 761 | 394 |
Deferred tax liabilities | 761 | 394 |
Total net deferred tax asset | $ 2,589 | $ 2,277 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Change in valuation allowance | $ 6.5 |
Taxable REIT Subsidiaries | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 18.6 |
Capital losses | $ 50.9 |
Net Interest Income - Schedule
Net Interest Income - Schedule of Components of Interest Income and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | $ 65,195 | $ 68,920 | $ 179,871 | $ 195,441 |
Interest expense | 48,406 | 38,563 | 130,145 | 88,767 |
Total net interest income | 16,789 | 30,357 | 49,726 | 106,674 |
Convertible notes | ||||
Interest expense | 0 | 0 | 0 | 438 |
Senior unsecured notes | ||||
Senior unsecured notes | 1,620 | 1,608 | 4,852 | 4,818 |
Subordinated debentures | ||||
Subordinated debentures | 1,078 | 704 | 3,063 | 1,713 |
Residential loans | ||||
Interest income | 11,574 | 32,374 | 40,817 | 89,875 |
Consolidated SLST | VIE, Primary Beneficiary | ||||
Interest income | 8,370 | 9,013 | 25,543 | 27,648 |
Interest expense | 5,957 | 6,611 | 18,238 | 18,796 |
Residential loans held in securitization trusts | ||||
Interest income | 24,183 | 20,437 | 74,041 | 55,923 |
Total residential loans | ||||
Interest income | 44,127 | 61,824 | 140,401 | 173,446 |
Multi-family loans | ||||
Interest income | 2,712 | 2,862 | 7,890 | 8,646 |
Investment securities available for sale | ||||
Investment securities available for sale | 17,203 | 3,916 | 27,862 | 12,922 |
Other | ||||
Other | 1,153 | 318 | 3,718 | 427 |
Repurchase agreements | ||||
Interest expense | 24,169 | 18,448 | 54,084 | 35,625 |
Residential Loan Securitizations | ||||
Interest expense | 15,582 | 11,192 | 49,908 | 27,377 |
Total collateralized debt obligations | ||||
Interest expense | $ 21,539 | $ 17,803 | $ 68,146 | $ 46,173 |
Other Income - Schedule of Othe
Other Income - Schedule of Other Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |||||
Preferred equity and mezzanine loan premiums resulting from early redemption | $ 128 | $ 1,356 | $ 315 | $ 3,839 | |
Gain on sale of real estate | 0 | 16,759 | 1,879 | 17,132 | |
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate | $ (600) | 0 | (489) | (693) | (1,092) |
Miscellaneous income (loss) | 11 | (4,879) | 211 | (4,604) | |
Total other income | $ 139 | $ 12,747 | $ 1,712 | $ 15,275 |