| Maryland | 47-0934168 | ||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
| Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | |||||||||||||||
| Common Stock, par value $0.01 per share | NYMT | NASDAQ | Stock Market | ||||||||||||||
| 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTN | NASDAQ | Stock Market | ||||||||||||||
| 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTM | NASDAQ | Stock Market | ||||||||||||||
| 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTL | NASDAQ | Stock Market | ||||||||||||||
| 7.000% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share, $25.00 Liquidation Preference | NYMTZ | NASDAQ | Stock Market | ||||||||||||||
| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| NET INTEREST INCOME: | |||||||||||
| Interest income | $ | 83,892 | $ | 57,136 | |||||||
| Interest expense | 66,029 | 39,335 | |||||||||
| Total net interest income | 17,863 | 17,801 | |||||||||
| NET LOSS FROM REAL ESTATE: | |||||||||||
| Rental income | 33,153 | 36,281 | |||||||||
| Other real estate income | 4,923 | 5,465 | |||||||||
| Total income from real estate | 38,076 | 41,746 | |||||||||
| Interest expense, mortgages payable on real estate | 20,769 | 22,478 | |||||||||
| Depreciation and amortization | 12,576 | 6,039 | |||||||||
| Other real estate expenses | 21,100 | 22,180 | |||||||||
| Total expenses related to real estate | 54,445 | 50,697 | |||||||||
| Total net loss from real estate | (16,369) | (8,951) | |||||||||
OTHER (LOSS) INCOME: | |||||||||||
Realized (losses) gains, net | (10,533) | 1,081 | |||||||||
Unrealized (losses) gains, net | (39,390) | 32,851 | |||||||||
Gains (losses) on derivative instruments, net | 49,211 | (4,362) | |||||||||
(Loss) income from equity investments | (2,136) | 4,511 | |||||||||
Impairment of real estate | (36,247) | (10,275) | |||||||||
Loss on reclassification of disposal group | (14,636) | — | |||||||||
Other (loss) income | (3,592) | 1,275 | |||||||||
Total other (loss) income | (57,323) | 25,081 | |||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||
General and administrative expenses | 13,054 | 12,683 | |||||||||
| Portfolio operating expenses | 11,287 | 7,070 | |||||||||
Total general, administrative and operating expenses | 24,341 | 19,753 | |||||||||
(LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES | (80,170) | 14,178 | |||||||||
Income tax (benefit) expense | (111) | 16 | |||||||||
NET (LOSS) INCOME | (80,059) | 14,162 | |||||||||
| Net loss attributable to non-controlling interests | 22,158 | 6,701 | |||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY | (57,901) | 20,863 | |||||||||
| Preferred stock dividends | (10,439) | (10,484) | |||||||||
| Gain on repurchase of preferred stock | — | 142 | |||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (68,340) | $ | 10,521 | |||||||
Basic (loss) earnings per common share | $ | (0.75) | $ | 0.12 | |||||||
Diluted (loss) earnings per common share | $ | (0.75) | $ | 0.11 | |||||||
| Weighted average shares outstanding-basic | 91,117 | 91,314 | |||||||||
| Weighted average shares outstanding-diluted | 91,117 | 91,672 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (68,340) | $ | 10,521 | |||||||
OTHER COMPREHENSIVE INCOME | |||||||||||
Increase in fair value of available for sale securities | — | 591 | |||||||||
Reclassification adjustment for net loss included in net loss | 4 | — | |||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 4 | 591 | |||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (68,336) | $ | 11,112 | |||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Company's Stockholders' Equity | Non-Controlling Interest in Consolidated VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2023 | $ | 907 | $ | 535,445 | $ | 2,297,081 | $ | (1,253,817) | $ | (4) | $ | 1,579,612 | $ | 20,453 | $ | 1,600,065 | |||||||||||||||||||||||||||||||
Net loss ($(14,400) allocated to redeemable non-controlling interest) | — | — | — | (57,901) | — | (57,901) | (7,758) | (65,659) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense (benefit), net | 5 | — | (1,201) | — | — | (1,196) | — | (1,196) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (18,246) | — | (18,246) | — | (18,246) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,439) | — | (10,439) | — | (10,439) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (150) | — | (150) | — | (150) | |||||||||||||||||||||||||||||||||||||||
| Reclassification adjustment for net loss included in net loss | — | — | — | — | 4 | 4 | — | 4 | |||||||||||||||||||||||||||||||||||||||
Increase in non-controlling interest related to de-consolidation of VIEs | — | — | — | — | — | — | 1,598 | 1,598 | |||||||||||||||||||||||||||||||||||||||
| Contributions of non-controlling interest in Consolidated VIEs | — | — | — | — | — | — | 436 | 436 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (779) | (779) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable non-controlling interest to estimated redemption value | — | — | (6,428) | — | — | (6,428) | — | (6,428) | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2024 | $ | 912 | $ | 535,445 | $ | 2,289,452 | $ | (1,340,553) | $ | — | $ | 1,485,256 | $ | 13,950 | $ | 1,499,206 | |||||||||||||||||||||||||||||||
| Balance, December 31, 2022 | $ | 912 | $ | 538,351 | $ | 2,282,691 | $ | (1,052,768) | $ | (1,970) | $ | 1,767,216 | $ | 33,092 | $ | 1,800,308 | |||||||||||||||||||||||||||||||
Net income (loss) ($(5,501) allocated to redeemable non-controlling interest) | — | — | — | 20,863 | — | 20,863 | (1,200) | 19,663 | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | (4) | — | (3,606) | — | — | (3,610) | — | (3,610) | |||||||||||||||||||||||||||||||||||||||
Preferred stock repurchases | — | (462) | — | 142 | — | (320) | — | (320) | |||||||||||||||||||||||||||||||||||||||
Stock based compensation expense, net | 4 | — | 46 | — | — | 50 | — | 50 | |||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (36,562) | — | (36,562) | — | (36,562) | |||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | (10,484) | — | (10,484) | — | (10,484) | |||||||||||||||||||||||||||||||||||||||
| Dividends attributable to dividend equivalents | — | — | — | (238) | — | (238) | — | (238) | |||||||||||||||||||||||||||||||||||||||
Increase in fair value of available for sale securities | — | — | — | — | 591 | 591 | — | 591 | |||||||||||||||||||||||||||||||||||||||
| Contributions of non-controlling interest in Consolidated VIEs | — | — | — | — | — | — | 300 | 300 | |||||||||||||||||||||||||||||||||||||||
| Decrease in non-controlling interest related to distributions from Consolidated VIEs | — | — | — | — | — | — | (758) | (758) | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2023 | $ | 912 | $ | 537,889 | $ | 2,279,131 | $ | (1,079,047) | $ | (1,379) | $ | 1,737,506 | $ | 31,434 | $ | 1,768,940 | |||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | $ | (80,059) | $ | 14,162 | |||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||
| Net amortization | 2,311 | 7,744 | |||||||||
| Depreciation and amortization expense related to operating real estate | 12,576 | 6,039 | |||||||||
Realized losses (gains), net | 10,533 | (1,081) | |||||||||
Unrealized losses (gains), net | 39,390 | (32,851) | |||||||||
(Gains) losses on derivative instruments, net | (49,211) | 4,362 | |||||||||
| Gain on sale of real estate | (134) | — | |||||||||
Gain on de-consolidation of joint venture equity investment in Consolidated VIE | (50) | — | |||||||||
| Impairment of real estate | 36,247 | 10,275 | |||||||||
Loss on reclassification of disposal group | 14,636 | — | |||||||||
Loss (gain) on extinguishment of collateralized debt obligations and mortgages payable on real estate | 692 | (1,170) | |||||||||
| Income from preferred equity, mezzanine loan and equity investments | (604) | (6,948) | |||||||||
| Distributions of income from preferred equity, mezzanine loan and equity investments | 3,886 | 4,209 | |||||||||
Stock based compensation (benefit) expense, net | (1,196) | 50 | |||||||||
Cash reclassified to assets of disposal group held for sale | 3,061 | 1,708 | |||||||||
| Changes in operating assets and liabilities | (5,208) | (17,903) | |||||||||
Net cash used in operating activities | (13,130) | (11,404) | |||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Principal paydowns received on investment securities | 35,842 | 3,789 | |||||||||
| Purchases of investment securities | (297,553) | (106,146) | |||||||||
| Principal repayments received on residential loans | 230,260 | 279,089 | |||||||||
| Proceeds from sales of residential loans | 28,912 | 166 | |||||||||
| Purchases of residential loans | (303,694) | (87,334) | |||||||||
| Return of capital from equity investments | 5,000 | 4,902 | |||||||||
| Funding of preferred equity, mezzanine loan and equity investments | (172) | (21,948) | |||||||||
Net variation margin received (paid) for derivative instruments | 34,441 | (2,487) | |||||||||
| Net payments received from derivative instruments | 15,306 | 4,092 | |||||||||
| Net proceeds from sale of real estate | 4,772 | 1,114 | |||||||||
Proceeds from sale of joint venture equity investment in Consolidated VIE | 50 | — | |||||||||
Cash removed in de-consolidation of Consolidated VIE | (1,150) | — | |||||||||
| Purchases of and capital expenditures on real estate | (5,988) | (18,138) | |||||||||
| Purchases of other assets | (10) | (34) | |||||||||
Net cash (used in) provided by investing activities | (253,984) | 57,065 | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Net proceeds received from repurchase agreements | 39,711 | 50,055 | |||||||||
| Proceeds from issuance of collateralized debt obligations, net | 500,543 | — | |||||||||
| Repurchases of common stock | — | (3,610) | |||||||||
| Repurchases of preferred stock | — | (320) | |||||||||
| Dividends paid on common stock and dividend equivalents | (20,465) | (37,659) | |||||||||
| Dividends paid on preferred stock | (10,420) | (10,493) | |||||||||
Net distributions to non-controlling interests in Consolidated VIEs | (304) | (4,408) | |||||||||
| Payments made on and extinguishment of collateralized debt obligations | (170,085) | (80,509) | |||||||||
| Payments made on Consolidated SLST CDOs | (12,506) | (10,493) | |||||||||
Net proceeds received from mortgages payable on real estate | 729 | 13,840 | |||||||||
Net cash provided by (used in) financing activities | 327,203 | (83,597) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 60,089 | (37,936) | |||||||||
| Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 330,642 | 380,938 | |||||||||
| Cash, Cash Equivalents and Restricted Cash - End of Period | $ | 390,731 | $ | 343,002 | |||||||
| Supplemental Disclosure: | |||||||||||
| Cash paid for interest | $ | 75,001 | $ | 55,042 | |||||||
Cash refunds received for income taxes | $ | (145) | $ | — | |||||||
| Non-Cash Investment Activities: | |||||||||||
De-consolidation of real estate held in Consolidated VIEs | $ | 193,168 | $ | — | |||||||
De-consolidation of mortgages payable on real estate held in Consolidated VIEs | $ | 194,256 | $ | — | |||||||
| Transfer from residential loans to real estate owned | $ | 17,948 | $ | 326 | |||||||
Transfer from residential loans to real estate, net | $ | 2,640 | $ | — | |||||||
| Non-Cash Financing Activities: | |||||||||||
| Dividends declared on common stock and dividend equivalents to be paid in subsequent period | $ | 19,647 | $ | 38,644 | |||||||
| Dividends declared on preferred stock to be paid in subsequent period | $ | 10,454 | $ | 10,484 | |||||||
| Cash, Cash Equivalents and Restricted Cash Reconciliation: | |||||||||||
| Cash and cash equivalents | $ | 226,939 | $ | 227,753 | |||||||
| Restricted cash included in other assets | 163,792 | 115,249 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 390,731 | $ | 343,002 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 674,109 | $ | 875,562 | $ | 1,861,671 | $ | 3,411,342 | $ | 891,283 | $ | 892,546 | $ | 1,609,006 | $ | 3,392,835 | |||||||||||||||||||||||||||||||
Discount | (11,060) | (7,673) | (64,304) | (83,037) | (22,667) | (7,418) | (55,709) | (85,794) | |||||||||||||||||||||||||||||||||||||||
Unrealized losses | (22,320) | (129,763) | (73,117) | (225,200) | (41,081) | (130,268) | (51,389) | (222,738) | |||||||||||||||||||||||||||||||||||||||
| Carrying value | $ | 640,729 | $ | 738,126 | $ | 1,724,250 | $ | 3,103,105 | $ | 827,535 | $ | 754,860 | $ | 1,501,908 | $ | 3,084,303 | |||||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||
| March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | Residential loans | Consolidated SLST (1) | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
Unrealized gains (losses), net | $ | 283 | $ | 506 | $ | (3,251) | $ | (1,307) | $ | 15,807 | $ | 30,554 | |||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Residential loans | Consolidated SLST | Residential loans held in securitization trusts | ||||||||||||||||||||||||||||||
| California | 20.5 | % | 10.7 | % | 19.2 | % | 22.4 | % | 10.7 | % | 18.4 | % | |||||||||||||||||||||||
| Florida | 13.9 | % | 10.1 | % | 12.8 | % | 15.5 | % | 10.3 | % | 11.0 | % | |||||||||||||||||||||||
| New York | 9.6 | % | 10.0 | % | 7.3 | % | 7.0 | % | 10.0 | % | 8.5 | % | |||||||||||||||||||||||
Texas | 5.8 | % | 3.8 | % | 8.7 | % | 8.1 | % | 3.9 | % | 7.1 | % | |||||||||||||||||||||||
New Jersey | 5.2 | % | 7.6 | % | 5.7 | % | 4.9 | % | 7.6 | % | 6.0 | % | |||||||||||||||||||||||
| Illinois | 3.1 | % | 7.2 | % | 3.4 | % | 3.0 | % | 7.2 | % | 3.5 | % | |||||||||||||||||||||||
| Greater than 90 days past due | Less than 90 days past due | ||||||||||||||||||||||
| Fair Value | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | ||||||||||||||||||||
| March 31, 2024 | $ | 181,732 | $ | 209,601 | $ | 9,632 | $ | 10,254 | |||||||||||||||
| December 31, 2023 | 199,485 | 220,577 | 9,362 | 9,948 | |||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost | Unrealized | Fair Value | Amortized Cost | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
| Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Option | |||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | |||||||||||||||||||||||||||||||||||||||||||||||
| Fannie Mae | $ | 1,152,811 | $ | 10,475 | $ | (2,349) | $ | 1,160,937 | $ | 1,084,702 | $ | 15,902 | $ | (723) | $ | 1,099,881 | |||||||||||||||||||||||||||||||
| Freddie Mac | 862,267 | 3,915 | (4,463) | 861,719 | 676,436 | 5,679 | (1,106) | 681,009 | |||||||||||||||||||||||||||||||||||||||
Total Fixed rate | 2,015,078 | 14,390 | (6,812) | 2,022,656 | 1,761,138 | 21,581 | (1,829) | 1,780,890 | |||||||||||||||||||||||||||||||||||||||
Adjustable rate | |||||||||||||||||||||||||||||||||||||||||||||||
| Fannie Mae | 108,212 | 1,301 | — | 109,513 | 110,036 | 1,299 | — | 111,335 | |||||||||||||||||||||||||||||||||||||||
| Freddie Mac | 37,157 | 440 | — | 37,597 | 37,424 | 442 | — | 37,866 | |||||||||||||||||||||||||||||||||||||||
Total Adjustable rate | 145,369 | 1,741 | — | 147,110 | 147,460 | 1,741 | — | 149,201 | |||||||||||||||||||||||||||||||||||||||
Interest-only | |||||||||||||||||||||||||||||||||||||||||||||||
Ginnie Mae | 62,222 | — | (14,503) | 47,719 | 52,623 | 6,813 | (203) | 59,233 | |||||||||||||||||||||||||||||||||||||||
Total Interest-only | 62,222 | — | (14,503) | 47,719 | 52,623 | 6,813 | (203) | 59,233 | |||||||||||||||||||||||||||||||||||||||
Total Agency RMBS | 2,222,669 | 16,131 | (21,315) | 2,217,485 | 1,961,221 | 30,135 | (2,032) | 1,989,324 | |||||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | 21,447 | 6,443 | (4,035) | 23,855 | 22,097 | 6,646 | (4,281) | 24,462 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - fair value option | 2,244,116 | 22,574 | (25,350) | 2,241,340 | 1,983,318 | 36,781 | (6,313) | 2,013,786 | |||||||||||||||||||||||||||||||||||||||
| CECL Securities | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | — | — | — | — | 35 | — | (4) | 31 | |||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale - CECL Securities | — | — | — | — | 35 | — | (4) | 31 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,244,116 | $ | 22,574 | $ | (25,350) | $ | 2,241,340 | $ | 1,983,353 | $ | 36,781 | $ | (6,317) | $ | 2,013,817 | |||||||||||||||||||||||||||||||
| Weighted Average Life | March 31, 2024 | December 31, 2023 | |||||||||
| 0 to 5 years | $ | 374,823 | $ | 283,554 | |||||||
| Over 5 to 10 years | 1,863,538 | 1,727,269 | |||||||||
| 10+ years | 2,979 | 2,994 | |||||||||
| Total | $ | 2,241,340 | $ | 2,013,817 | |||||||
| December 31, 2023 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||||||||
| Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | Carrying Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| Non-Agency RMBS | $ | — | $ | — | $ | 31 | $ | (4) | $ | 31 | $ | (4) | |||||||||||||||||||||||
| Total | $ | — | $ | — | $ | 31 | $ | (4) | $ | 31 | $ | (4) | |||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Investment amount | $ | 96,314 | $ | 95,434 | |||||||
| Unrealized (losses) gains, net | (4,409) | 358 | |||||||||
| Total, at Fair Value | $ | 91,905 | 95,792 | ||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
| Days Late | Fair Value (1) | Unpaid Principal Balance | Fair Value | Unpaid Principal Balance | |||||||||||||||||||
| 90 + | $ | — | $ | 3,363 | $ | 4,753 | $ | 3,363 | |||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Texas | 32.7 | % | 32.6 | % | |||||||
| Tennessee | 15.3 | % | 15.2 | % | |||||||
| Florida | 10.6 | % | 10.5 | % | |||||||
| Arkansas | 9.5 | % | 9.5 | % | |||||||
| Louisiana | 7.7 | % | 7.5 | % | |||||||
| Alabama | 6.7 | % | 6.7 | % | |||||||
| North Carolina | 5.8 | % | 5.8 | % | |||||||
| Indiana | 5.2 | % | 5.3 | % | |||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
| Investment Name | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||
| Multi-Family Preferred Equity Ownership Interests | ||||||||||||||||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | 57% | $ | 20,129 | 57% | $ | 19,703 | ||||||||||||||||||||
| Lucie at Tradition Holdings, LLC | 70% | 19,955 | 70% | 19,442 | ||||||||||||||||||||||
| Syracuse Apartments and Townhomes, LLC | 58% | 22,055 | 58% | 21,642 | ||||||||||||||||||||||
| 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% | 10,046 | 58% | 9,882 | ||||||||||||||||||||||
| Tides on 27th Investors, LLC | 54% | 18,577 | 54% | 17,937 | ||||||||||||||||||||||
Rapid City RMI JV LLC | 50% | 10,046 | 50% | 9,804 | ||||||||||||||||||||||
| Palms at Cape Coral, LLC | — | — | 34% | 5,832 | ||||||||||||||||||||||
| Total - Multi-Family Preferred Equity Ownership Interests | 100,808 | 104,242 | ||||||||||||||||||||||||
Joint Venture Equity Investments in Multi-Family Properties | ||||||||||||||||||||||||||
GWR Cedars Partners, LLC | 70% | 277 | 70% | 1,897 | ||||||||||||||||||||||
GWR Gateway Partners, LLC | 70% | 1,393 | 70% | 3,823 | ||||||||||||||||||||||
Total - Joint Venture Equity Investments in Multi-Family Properties | 1,670 | 5,720 | ||||||||||||||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||||||||||||||
Constructive Loans, LLC (1) | 50% | 35,465 | 50% | 37,154 | ||||||||||||||||||||||
| Total - Single-Family Equity Ownership Interests | 35,465 | 37,154 | ||||||||||||||||||||||||
| Total | $ | 137,943 | $ | 147,116 | ||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Investment Name | 2024 | 2023 | ||||||||||||
| EHOF-NYMT Sunset Apartments Preferred, LLC | $ | 679 | $ | 625 | ||||||||||
| Lucie at Tradition Holdings, LLC | 757 | 684 | ||||||||||||
| Syracuse Apartments and Townhomes, LLC | 705 | 654 | ||||||||||||
| 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) | 321 | 301 | ||||||||||||
| Tides on 27th Investors, LLC | 641 | 797 | ||||||||||||
Rapid City RMI JV LLC | 431 | — | ||||||||||||
| Palms at Cape Coral, LLC | 69 | 177 | ||||||||||||
| FF/RMI 20 Midtown, LLC | — | 799 | ||||||||||||
| America Walks at Port St. Lucie, LLC | — | 1,126 | ||||||||||||
1122 Chicago DE, LLC | — | 251 | ||||||||||||
| Bighaus, LLC | — | 537 | ||||||||||||
| Total Income - Multi-Family Preferred Equity Ownership Interests | $ | 3,603 | $ | 5,951 | ||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Investment Name | 2024 | 2023 | ||||||||||||
| Single-Family Equity Ownership Interests | ||||||||||||||
Constructive Loans, LLC (1) | $ | (1,689) | $ | (2,500) | ||||||||||
Total Loss - Single-Family Equity Ownership Interests | $ | (1,689) | $ | (2,500) | ||||||||||
Joint Venture Equity Investments in Multi-Family Properties (2) | ||||||||||||||
| GWR Cedars Partners, LLC | $ | (1,620) | $ | 413 | ||||||||||
| GWR Gateway Partners, LLC | (2,430) | 647 | ||||||||||||
Total (Loss) Income - Joint Venture Equity Investments in Multi-Family Properties | $ | (4,050) | $ | 1,060 | ||||||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 14,325 | $ | 14,325 | |||||||||||||||
| Residential loans, at fair value | 1,724,250 | 738,126 | — | 2,462,376 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 1,005,161 | 1,005,161 | |||||||||||||||||||
Assets of disposal group held for sale (2) | — | — | 146,363 | 146,363 | |||||||||||||||||||
| Other assets | 166,374 | 2,905 | 31,679 | 200,958 | |||||||||||||||||||
| Total assets | $ | 1,890,624 | $ | 741,031 | $ | 1,197,528 | $ | 3,829,183 | |||||||||||||||
Collateralized debt obligations ($1,108,594 at amortized cost, net and $1,079,768 at fair value) | $ | 1,605,735 | $ | 582,627 | $ | — | $ | 2,188,362 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (3) | — | — | 850,743 | 850,743 | |||||||||||||||||||
Liabilities of disposal group held for sale (2) | — | — | 122,318 | 122,318 | |||||||||||||||||||
| Other liabilities | 9,909 | 5,897 | 15,163 | 30,969 | |||||||||||||||||||
| Total liabilities | $ | 1,615,644 | $ | 588,524 | $ | 988,224 | $ | 3,192,392 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 20,128 | $ | 20,128 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (5) | $ | — | $ | — | $ | 13,825 | $ | 13,825 | |||||||||||||||
Net investment (6) | $ | 274,980 | $ | 152,507 | $ | 175,351 | $ | 602,838 | |||||||||||||||
| Financing VIEs | Other VIEs | ||||||||||||||||||||||
| Residential Loan Securitizations | Consolidated SLST | Consolidated Real Estate | Total | ||||||||||||||||||||
| Cash and cash equivalents | $ | — | $ | — | $ | 15,612 | $ | 15,612 | |||||||||||||||
| Residential loans, at fair value | 1,501,908 | 754,860 | — | 2,256,768 | |||||||||||||||||||
Real estate, net held in Consolidated VIEs (1) | — | — | 979,934 | 979,934 | |||||||||||||||||||
Assets of disposal group held for sale (2) | — | — | 426,017 | 426,017 | |||||||||||||||||||
| Other assets | 98,451 | 2,960 | 37,035 | 138,446 | |||||||||||||||||||
| Total assets | $ | 1,600,359 | $ | 757,820 | $ | 1,458,598 | $ | 3,816,777 | |||||||||||||||
Collateralized debt obligations ($1,276,780 at amortized cost, net and $593,737 at fair value) | $ | 1,276,780 | $ | 593,737 | $ | — | $ | 1,870,517 | |||||||||||||||
Mortgages payable on real estate, net in Consolidated VIEs (3) | — | — | 784,421 | 784,421 | |||||||||||||||||||
Liabilities of disposal group held for sale (2) | — | — | 386,024 | 386,024 | |||||||||||||||||||
| Other liabilities | 8,421 | 5,638 | 21,797 | 35,856 | |||||||||||||||||||
| Total liabilities | $ | 1,285,201 | $ | 599,375 | $ | 1,192,242 | $ | 3,076,818 | |||||||||||||||
Redeemable non-controlling interest in Consolidated VIEs (4) | $ | — | $ | — | $ | 28,061 | $ | 28,061 | |||||||||||||||
Non-controlling interest in Consolidated VIEs (5) | $ | — | $ | — | $ | 20,328 | $ | 20,328 | |||||||||||||||
Net investment (6) | $ | 315,158 | $ | 158,445 | $ | 217,967 | $ | 691,570 | |||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||||||||||||||||
| Consolidated SLST | Consolidated Real Estate | Total | Consolidated SLST | Consolidated Real Estate | Total | |||||||||||||||||||||||||||||||||
| Interest income | $ | 8,127 | $ | — | $ | 8,127 | $ | 8,733 | $ | — | $ | 8,733 | ||||||||||||||||||||||||||
| Interest expense | 5,801 | — | 5,801 | 6,315 | — | 6,315 | ||||||||||||||||||||||||||||||||
| Total net interest income | 2,326 | — | 2,326 | 2,418 | — | 2,418 | ||||||||||||||||||||||||||||||||
| Income from real estate | — | 35,093 | 35,093 | — | 39,075 | 39,075 | ||||||||||||||||||||||||||||||||
| Expenses related to real estate | — | 51,761 | 51,761 | — | 48,062 | 48,062 | ||||||||||||||||||||||||||||||||
| Total net loss from real estate | — | (16,668) | (16,668) | — | (8,987) | (8,987) | ||||||||||||||||||||||||||||||||
Unrealized (losses) gains, net | (36) | — | (36) | 2,299 | — | 2,299 | ||||||||||||||||||||||||||||||||
Gains (losses) on derivative instruments, net | — | 2,518 | 2,518 | — | (1,298) | (1,298) | ||||||||||||||||||||||||||||||||
Impairment of real estate | — | (32,214) | (32,214) | — | (10,275) | (10,275) | ||||||||||||||||||||||||||||||||
Loss on reclassification of disposal group | — | (14,636) | (14,636) | — | — | — | ||||||||||||||||||||||||||||||||
Other income | — | 3 | 3 | — | 16 | 16 | ||||||||||||||||||||||||||||||||
Total other (loss) income | (36) | (44,329) | (44,365) | 2,299 | (11,557) | (9,258) | ||||||||||||||||||||||||||||||||
Net income (loss) | 2,290 | (60,997) | (58,707) | 4,717 | (20,544) | (15,827) | ||||||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interest in Consolidated VIEs | — | 22,158 | 22,158 | — | 6,701 | 6,701 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Company | $ | 2,290 | $ | (38,839) | $ | (36,549) | $ | 4,717 | $ | (13,843) | $ | (9,126) | ||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Beginning balance | $ | 28,061 | $ | 63,803 | |||||||
| Contributions | 39 | — | |||||||||
| Distributions | — | (3,950) | |||||||||
| Net loss attributable to redeemable non-controlling interest in Consolidated VIEs | (14,400) | (5,501) | |||||||||
Adjustment of redeemable non-controlling interest to estimated redemption value (1) | 6,428 | — | |||||||||
| Ending balance | $ | 20,128 | $ | 54,352 | |||||||
| March 31, 2024 | |||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Total | ||||||||||||||||||||
| Non-Agency RMBS | $ | — | $ | 23,855 | $ | — | $ | 23,855 | |||||||||||||||
Preferred equity investments in multi-family properties | 91,905 | — | 100,808 | 192,713 | |||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | 1,670 | 1,670 | |||||||||||||||||||
| Maximum exposure | $ | 91,905 | $ | 23,855 | $ | 102,478 | $ | 218,238 | |||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Multi-family loans | Investment securities available for sale, at fair value | Equity investments | Total | ||||||||||||||||||||
| Non-Agency RMBS | $ | — | $ | 24,462 | $ | — | $ | 24,462 | |||||||||||||||
Preferred equity investments in multi-family properties | 95,792 | — | 104,242 | 200,034 | |||||||||||||||||||
Joint venture equity investments in multi-family properties | — | — | 5,720 | 5,720 | |||||||||||||||||||
| Maximum exposure | $ | 95,792 | $ | 24,462 | $ | 109,962 | $ | 230,216 | |||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
| Land | $ | 133,522 | $ | 137,883 | ||||||||||
| Building and improvements | 1,005,596 | 1,020,477 | ||||||||||||
| Furniture, fixture and equipment | 41,792 | 38,706 | ||||||||||||
Operating real estate | $ | 1,180,910 | $ | 1,197,066 | ||||||||||
| Accumulated depreciation | (74,229) | (65,247) | ||||||||||||
| Operating real estate, net | $ | 1,106,681 | $ | 1,131,819 | ||||||||||
Real estate held for sale, net (1) | $ | 47,540 | $ | — | ||||||||||
Real estate, net (2) | $ | 1,154,221 | $ | 1,131,819 | ||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
| Lease intangibles | $ | 56,656 | $ | 54,581 | ||||||||||
| Accumulated amortization | (55,705) | (52,203) | ||||||||||||
Lease intangibles, net | $ | 951 | $ | 2,378 | ||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Depreciation expense on operating real estate | $ | 11,149 | $ | 6,039 | ||||||||||
| Amortization of lease intangibles related to operating real estate | 1,427 | — | ||||||||||||
Total depreciation and amortization | $ | 12,576 | $ | 6,039 | ||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
Cash and cash equivalents (1) | $ | 2,615 | $ | 5,676 | ||||||||||
Real estate, net (1) | 138,984 | 407,834 | ||||||||||||
Other assets (1) | 4,764 | 12,507 | ||||||||||||
| Total assets of disposal group held for sale | $ | 146,363 | $ | 426,017 | ||||||||||
Mortgages payable on real estate, net | $ | 119,640 | $ | 378,386 | ||||||||||
| Other liabilities | 2,678 | 7,638 | ||||||||||||
Total liabilities of disposal group held for sale (1) | $ | 122,318 | $ | 386,024 | ||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
Pretax income (loss) of disposal group held for sale | $ | 651 | $ | (11,978) | ||||||||||
Pretax income (loss) of disposal group attributable to non-controlling interest in Consolidated VIEs | (30) | 670 | ||||||||||||
Pretax income (loss) of disposal group attributable to Company's common stockholders | $ | 621 | $ | (11,308) | ||||||||||
| Fair Value | ||||||||||||||||||||
| Type of Derivative Instrument | Consolidated Balance Sheet Location | March 31, 2024 | December 31, 2023 | |||||||||||||||||
Interest rate caps | Other assets | $ | 7,123 | $ | 6,510 | |||||||||||||||
| Options | Other assets | 20 | — | |||||||||||||||||
| Interest rate swaps | Other assets | — | — | |||||||||||||||||
U.S. Treasury futures | Other assets | — | — | |||||||||||||||||
Total derivative assets (1) | $ | 7,143 | $ | 6,510 | ||||||||||||||||
Credit default swaps | Other liabilities | $ | — | $ | — | |||||||||||||||
Total derivative liabilities | $ | — | $ | — | ||||||||||||||||
| March 31, 2024 | |||||||||||||||||||||||
| 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 | $ | 7,123 | $ | — | $ | — | $ | 7,123 | |||||||||||||||
| Options | 20 | — | — | 20 | |||||||||||||||||||
| Interest rate swaps | 30,879 | (14,617) | (16,262) | — | |||||||||||||||||||
U.S. Treasury futures | 26 | (3) | (23) | — | |||||||||||||||||||
| Total derivative assets | $ | 38,048 | $ | (14,620) | $ | (16,285) | $ | 7,143 | |||||||||||||||
| Derivative liabilities | |||||||||||||||||||||||
Credit default swaps | $ | (9,268) | $ | — | $ | 9,268 | $ | — | |||||||||||||||
| Interest rate swaps | (14,617) | 14,617 | — | — | |||||||||||||||||||
U.S. Treasury futures | (3) | 3 | — | — | |||||||||||||||||||
| Total derivative liabilities | $ | (23,888) | $ | 14,620 | $ | 9,268 | $ | — | |||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Gross Amount of Recognized Assets (Liabilities) | Gross Amounts Offset in Balance Sheets | Variation Margin | Net Amounts of Assets (Liabilities) Presented in Balance Sheets | ||||||||||||||||||||
| Derivative assets | |||||||||||||||||||||||
| Interest rate caps | $ | 6,510 | $ | — | $ | — | $ | 6,510 | |||||||||||||||
| Interest rate swaps | 13,094 | (13,094) | — | — | |||||||||||||||||||
| Total derivative assets | $ | 19,604 | $ | (13,094) | $ | — | $ | 6,510 | |||||||||||||||
| Derivative liabilities | |||||||||||||||||||||||
| Interest rate swaps | $ | (40,541) | $ | 13,094 | $ | 27,447 | $ | — | |||||||||||||||
| Total derivative liabilities | $ | (40,541) | $ | 13,094 | $ | 27,447 | $ | — | |||||||||||||||
Initial Margin Collateral | Consolidated Balance Sheet Location | March 31, 2024 | December 31, 2023 | |||||||||||||||||
Agency RMBS | Investment securities available for sale, at fair value | $ | 35,020 | $ | — | |||||||||||||||
Restricted cash | Other assets | 31,620 | 53,458 | |||||||||||||||||
Total initial margin collateral | $ | 66,640 | $ | 53,458 | ||||||||||||||||
| Notional Amount For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
| Type of Derivative Instrument | December 31, 2023 | Additions | Terminations | March 31, 2024 | ||||||||||||||||||||||
| Interest rate caps | $ | 550,025 | $ | 148,044 | $ | (161,165) | $ | 536,904 | ||||||||||||||||||
| Options | — | 202 | (102) | 100 | ||||||||||||||||||||||
| Interest rate swaps | 2,778,015 | 904,180 | (305,450) | 3,376,745 | ||||||||||||||||||||||
Credit default swaps | — | 400,000 | — | 400,000 | ||||||||||||||||||||||
U.S. Treasury futures | — | 280,750 | (255,450) | 25,300 | ||||||||||||||||||||||
| Notional Amount For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
| Type of Derivative Instrument | December 31, 2022 | Additions | Terminations | March 31, 2023 | ||||||||||||||||||||||
| Options | — | 500,053 | — | 500,053 | ||||||||||||||||||||||
| Interest rate swaps | — | 341,300 | — | 341,300 | ||||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2024 | March 31, 2023 | |||||||||||||||||||||||||
| Type of Derivative Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||||||||||||||||||
Interest rate caps (1) | $ | — | $ | 2,806 | $ | — | $ | (1,455) | ||||||||||||||||||
| Options | (211) | (509) | — | (420) | ||||||||||||||||||||||
| Interest rate swaps | 5,230 | 43,709 | — | (2,487) | ||||||||||||||||||||||
Credit default swaps | (1,011) | (995) | — | — | ||||||||||||||||||||||
U.S. Treasury futures | 169 | 23 | — | — | ||||||||||||||||||||||
| Total | $ | 4,177 | $ | 45,034 | $ | — | $ | (4,362) | ||||||||||||||||||
| March 31, 2024 | ||||||||||||||||||||||||||
Financing Type | Weighted Average SOFR Strike Price | SOFR Strike Price/Range | Notional Amount | Expiration Date/Range | ||||||||||||||||||||||
Repurchase agreement | 4.10 | % | 4.10 | % | $ | 111,000 | November 17, 2024 | |||||||||||||||||||
Mortgages payable on real estate | 2.43 | % | 1.50% - 3.22% | 425,904 | April 1, 2024 - January 15, 2025 | |||||||||||||||||||||
| December 31, 2023 | ||||||||||||||||||||||||||
Financing Type | Weighted Average SOFR Strike Price | SOFR Strike Price/Range | Notional Amount | Expiration Date/Range | ||||||||||||||||||||||
Repurchase agreement | 4.10 | % | 4.10 | % | $ | 111,000 | November 17, 2024 | |||||||||||||||||||
Mortgages payable on real estate | 2.13 | % | 1.50% - 3.22% | 439,025 | January 9, 2024 - January 15, 2025 | |||||||||||||||||||||
| March 31, 2024 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2025 | $ | 1,426,370 | 4.62 | % | 5.38 | % | ||||||||||||||
| 2026 | 323,985 | 4.19 | % | 5.36 | % | |||||||||||||||
| 2027 | 218,090 | 3.96 | % | 5.33 | % | |||||||||||||||
| 2028 | 674,804 | 4.03 | % | 5.39 | % | |||||||||||||||
| 2029 | 105,580 | 3.80 | % | 5.33 | % | |||||||||||||||
| 2033 | 358,806 | 4.04 | % | 5.38 | % | |||||||||||||||
| 2034 | 46,060 | 3.79 | % | 5.33 | % | |||||||||||||||
| Total | $ | 3,153,695 | 4.30 | % | 5.38 | % | ||||||||||||||
| December 31, 2023 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2025 | $ | 1,476,370 | 4.62 | % | 5.33 | % | ||||||||||||||
| 2026 | 214,985 | 4.19 | % | 5.33 | % | |||||||||||||||
| 2028 | 674,804 | 4.03 | % | 5.35 | % | |||||||||||||||
| 2033 | 358,806 | 4.04 | % | 5.34 | % | |||||||||||||||
| Total | $ | 2,724,965 | 4.36 | % | 5.34 | % | ||||||||||||||
| March 31, 2024 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2026 | $ | 109,000 | 4.08 | % | 5.34 | % | ||||||||||||||
| 2027 | 61,000 | 3.79 | % | 5.34 | % | |||||||||||||||
| 2028 | 9,550 | 3.48 | % | 5.35 | % | |||||||||||||||
| 2033 | 43,500 | 3.64 | % | 5.38 | % | |||||||||||||||
| Total | $ | 223,050 | 3.89 | % | 5.35 | % | ||||||||||||||
| December 31, 2023 | ||||||||||||||||||||
| Swap Maturities | Notional Amount | Weighted Average Fixed Interest Rate | Weighted Average Variable Interest Rate | |||||||||||||||||
| 2028 | $ | 9,550 | 3.48 | % | 5.29 | % | ||||||||||||||
| 2033 | 43,500 | 3.64 | % | 5.33 | % | |||||||||||||||
| Total | $ | 53,050 | 3.61 | % | 5.33 | % | ||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
Restricted cash (1) | $ | 163,792 | $ | 143,535 | ||||||||||
| Real estate owned | 41,397 | 34,353 | ||||||||||||
| Accrued interest receivable | 39,936 | 37,312 | ||||||||||||
| Other assets in consolidated multi-family properties | 24,321 | 28,923 | ||||||||||||
| Recoverable advances on residential loans | 18,093 | 18,328 | ||||||||||||
| Other receivables | 16,781 | 12,593 | ||||||||||||
| Collections receivable from residential loan servicers | 16,732 | 14,956 | ||||||||||||
Derivative assets (2) | 7,143 | 6,510 | ||||||||||||
| 6,308 | 6,581 | |||||||||||||
| Deferred tax assets | 4,162 | 4,510 | ||||||||||||
| Lease intangibles, net in consolidated multi-family properties | 951 | 2,378 | ||||||||||||
| Other | 5,383 | 5,378 | ||||||||||||
| Total | $ | 344,999 | $ | 315,357 | ||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
| Dividends and dividend equivalents payable | $ | 30,101 | $ | 32,151 | ||||||||||
| Accrued interest payable | 27,836 | 23,653 | ||||||||||||
| Accrued expenses and other liabilities in consolidated multi-family properties | 15,163 | 21,797 | ||||||||||||
| 6,823 | 7,102 | |||||||||||||
| Accrued expenses | 6,303 | 11,515 | ||||||||||||
| Swap margin payable | 6,193 | — | ||||||||||||
| Deferred revenue | 5,220 | 5,469 | ||||||||||||
| Advanced remittances from residential loan servicers | 4,999 | 4,332 | ||||||||||||
| Unfunded commitments for residential and multi-family investments | 3,701 | 6,587 | ||||||||||||
| Deferred tax liabilities | 1,391 | 2,012 | ||||||||||||
| Other | 3,021 | 3,398 | ||||||||||||
| Total | $ | 110,751 | $ | 118,016 | ||||||||||
| Repurchase Agreements Secured By: | March 31, 2024 | December 31, 2023 | ||||||||||||
| Investment securities | $ | 2,057,361 | $ | 1,862,063 | ||||||||||
Residential loans and real estate owned | 380,641 | 534,754 | ||||||||||||
| Single-family rental properties | 74,006 | 74,296 | ||||||||||||
| Total carrying value | $ | 2,512,008 | $ | 2,471,113 | ||||||||||
| Unencumbered Securities | March 31, 2024 | ||||
| Agency RMBS | $ | 85,101 | |||
Non-Agency RMBS (1) (2) | 65,972 | ||||
| Total | $ | 151,073 | |||
| 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) | |||||||||||||||||||||||||||||||||||
| March 31, 2024 | $ | 2,225,000 | $ | 456,038 | $ | (1,391) | $ | 454,647 | $ | 607,904 | 7.91 | % | 12.82 | ||||||||||||||||||||||||||||
| December 31, 2023 | $ | 2,225,000 | $ | 611,055 | $ | (2,005) | $ | 609,050 | $ | 805,082 | 7.87 | % | 13.89 | ||||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
| 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 | $ | 1,991,485 | $ | 2,097,364 | $ | 2,098,851 | $ | 1,771,436 | $ | 1,894,052 | $ | 1,869,415 | |||||||||||||||||||||||
Non-Agency RMBS (1) (2) | 65,876 | 141,967 | 191,810 | 90,627 | 182,383 | 232,997 | |||||||||||||||||||||||||||||
| Balance at end of the period | $ | 2,057,361 | $ | 2,239,331 | $ | 2,290,661 | $ | 1,862,063 | $ | 2,076,435 | $ | 2,102,412 | |||||||||||||||||||||||
| Contractual Maturity | March 31, 2024 | December 31, 2023 | |||||||||
| Within 30 days | $ | 667,429 | $ | 505,446 | |||||||
Over 30 days to 90 days | 1,389,932 | 1,263,000 | |||||||||
| Over 90 days | — | 93,617 | |||||||||
| Total | $ | 2,057,361 | $ | 1,862,063 | |||||||
| March 31, 2024 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) (2) | Stated Maturity (3) | ||||||||||||||||||||
Consolidated SLST at fair value (4) | $ | 640,426 | $ | 582,627 | 2.75 | % | 2059 | ||||||||||||||||
Residential loan securitizations at fair value (4) | 528,534 | 497,141 | 5.28 | % | 2029 - 2068 | ||||||||||||||||||
Residential loan securitizations at amortized cost | 1,123,696 | 1,108,594 | 3.73 | % | 2026 - 2062 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 2,292,656 | $ | 2,188,362 | |||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (3) | ||||||||||||||||||||
Consolidated SLST at fair value (4) | $ | 652,933 | $ | 593,737 | 2.75 | % | 2059 | ||||||||||||||||
Residential loan securitizations at amortized cost | 1,292,015 | 1,276,780 | 4.00 | % | 2026 - 2062 | ||||||||||||||||||
| Total collateralized debt obligations | $ | 1,944,948 | $ | 1,870,517 | |||||||||||||||||||
Outstanding Balance | Step-Up | Step-Up Date | Additional Step-Up | Additional Step-Up Date | ||||||||||||||||||||||
| $ | 389,685 | 3.00% | August 2024 - July 2025 | 1.00% | August 2025 - July 2026 | |||||||||||||||||||||
| $ | 721,455 | 1.00%, 1.50%, or 2.00% | May 2024 - December 2026 | N/A | N/A | |||||||||||||||||||||
| Year ending December 31, | Total | |||||||
2024 | $ | — | ||||||
2025 | — | |||||||
2026 | 45,738 | |||||||
2027 | 222,888 | |||||||
2028 | — | |||||||
| Thereafter | 2,024,030 | |||||||
| Total | $ | 2,292,656 | ||||||
| Redemption Period | Multiple | |||||||
April 30, 2023 - April 29, 2024 | 2.875 | % | ||||||
April 30, 2024 - April 29, 2025 | 1.4375 | % | ||||||
April 30, 2025 - April 29, 2026 | — | |||||||
| NYM Preferred Trust I | NYM Preferred Trust II | |||||||||||||
| Principal value of trust preferred securities | $ | 25,000 | $ | 20,000 | ||||||||||
| Interest rate | Three-month 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 | ||||||||||||
| Maximum Committed Mortgage Principal Amount | Outstanding Mortgage Balance | Net Deferred Finance Cost | Mortgage Payable, Net (1) | Stated Maturity | Weighted Average Interest Rate (2) (3) | ||||||||||||||||||||||||||||||
| March 31, 2024 | $ | 879,354 | $ | 855,217 | $ | (4,474) | $ | 850,743 | 2024 - 2032 | 6.57 | % | ||||||||||||||||||||||||
| December 31, 2023 | 810,047 | 789,053 | (4,632) | 784,421 | 2024 - 2032 | 6.41 | % | ||||||||||||||||||||||||||||
| Year Ending December 31, | Outstanding Balance | |||||||
| 2024 | $ | 53,615 | ||||||
| 2025 | 386,175 | |||||||
| 2026 | 126,595 | |||||||
| 2027 | — | |||||||
| 2028 | — | |||||||
| 2029 | 244,796 | |||||||
| Thereafter | 189,036 | |||||||
| $ | 1,000,217 | |||||||
| Measured at Fair Value on a Recurring Basis at | |||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Residential loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential loans | $ | — | $ | — | $ | 640,729 | $ | 640,729 | $ | — | $ | — | $ | 827,535 | $ | 827,535 | |||||||||||||||||||||||||||||||
Consolidated SLST | — | — | 738,126 | 738,126 | — | — | 754,860 | 754,860 | |||||||||||||||||||||||||||||||||||||||
Residential loans held in securitization trusts | — | — | 1,724,250 | 1,724,250 | — | — | 1,501,908 | 1,501,908 | |||||||||||||||||||||||||||||||||||||||
| Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | — | 2,217,485 | — | 2,217,485 | — | 1,989,324 | — | 1,989,324 | |||||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | — | 23,855 | — | 23,855 | — | 24,493 | — | 24,493 | |||||||||||||||||||||||||||||||||||||||
| Multi-family loans | — | — | 91,905 | 91,905 | — | — | 95,792 | 95,792 | |||||||||||||||||||||||||||||||||||||||
Equity investments | — | — | 137,943 | 137,943 | — | — | 147,116 | 147,116 | |||||||||||||||||||||||||||||||||||||||
| Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate caps (1) (2) | — | 7,123 | — | 7,123 | — | 6,510 | — | 6,510 | |||||||||||||||||||||||||||||||||||||||
Options (2) | — | 20 | — | 20 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps (2) (4) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury futures (2) (4) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Assets of disposal group held for sale (3) | — | 740 | — | 740 | — | 2,960 | — | 2,960 | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 2,249,223 | $ | 3,332,953 | $ | 5,582,176 | $ | — | $ | 2,023,287 | $ | 3,327,211 | $ | 5,350,498 | |||||||||||||||||||||||||||||||
Liabilities carried at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
CDOs: | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated SLST | $ | — | $ | — | $ | 582,627 | $ | 582,627 | $ | — | $ | — | $ | 593,737 | $ | 593,737 | |||||||||||||||||||||||||||||||
Residential loan securitizations | — | 497,141 | — | 497,141 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps (2) (4) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 497,141 | $ | 582,627 | $ | 1,079,768 | $ | — | $ | — | $ | 593,737 | $ | 593,737 | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Multi-family loans | Equity investments | Total | ||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 827,535 | $ | 754,860 | $ | 1,501,908 | $ | 95,792 | $ | 147,116 | $ | 3,327,211 | |||||||||||||||||||||||
Total losses (realized/unrealized) | |||||||||||||||||||||||||||||||||||
| (2,924) | (138) | (1,773) | (2,137) | (2,037) | (9,009) | ||||||||||||||||||||||||||||||
Transfers out (1) | (18,180) | — | (2,886) | — | — | (21,066) | |||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (370,804) | — | 370,804 | — | — | — | |||||||||||||||||||||||||||||
| Paydowns/Distributions | (62,718) | (16,596) | (152,806) | (1,750) | (7,136) | (241,006) | |||||||||||||||||||||||||||||
| Sales | (22,204) | — | (6,708) | — | — | (28,912) | |||||||||||||||||||||||||||||
| Purchases | 290,024 | — | 15,711 | — | — | 305,735 | |||||||||||||||||||||||||||||
| Balance at the end of period | $ | 640,729 | $ | 738,126 | $ | 1,724,250 | $ | 91,905 | $ | 137,943 | $ | 3,332,953 | |||||||||||||||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Residential loans | |||||||||||||||||||||||||||||||||||||||||
| Residential loans | Consolidated SLST | Residential loans held in securitization trusts | Multi-family loans | Equity investments | Equity investments in disposal group held for sale | Total | |||||||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 1,081,384 | $ | 827,582 | $ | 1,616,114 | $ | 87,534 | $ | 179,746 | $ | 9,010 | $ | 3,801,370 | |||||||||||||||||||||||||||
| Total (losses)/gains (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||
| (599) | 15,121 | 33,041 | 2,889 | 3,451 | 1,060 | 54,963 | |||||||||||||||||||||||||||||||||||
Transfers out (1) | (93) | — | (233) | — | — | — | (326) | ||||||||||||||||||||||||||||||||||
Transfer to securitization trust, net (2) | (86,110) | — | 86,110 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Funding/Contributions | — | — | — | 6,420 | 15,528 | — | 21,948 | ||||||||||||||||||||||||||||||||||
| Paydowns/Distributions | (141,355) | (13,550) | (130,911) | (1,534) | (7,577) | — | (294,927) | ||||||||||||||||||||||||||||||||||
| Sales | (166) | — | — | — | — | — | (166) | ||||||||||||||||||||||||||||||||||
| Purchases | 67,939 | — | 20,582 | — | — | — | 88,521 | ||||||||||||||||||||||||||||||||||
| Balance at the end of period | $ | 921,000 | $ | 829,153 | $ | 1,624,703 | $ | 95,309 | $ | 191,148 | $ | 10,070 | $ | 3,671,383 | |||||||||||||||||||||||||||
| Consolidated SLST CDOs | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Balance at beginning of period | $ | 593,737 | $ | 634,495 | |||||||
| Total gains (realized/unrealized) | |||||||||||
| Included in earnings | 1,396 | 14,511 | |||||||||
| Paydowns | (12,506) | (10,493) | |||||||||
| Balance at the end of period | $ | 582,627 | $ | 638,513 | |||||||
| March 31, 2024 | Fair Value | Valuation Technique | Unobservable Input | Weighted Average | Range | |||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||
| Residential loans: | ||||||||||||||||||||||||||||||||||||||
Residential loans and residential loans held in securitization trusts (1) | $2,164,114 | Discounted cash flow | Lifetime CPR | 4.8% | — | - | 56.5% | |||||||||||||||||||||||||||||||
| Lifetime CDR | 0.7% | — | - | 22.1% | ||||||||||||||||||||||||||||||||||
| Loss severity | 11.9% | — | - | 100.0% | ||||||||||||||||||||||||||||||||||
| Yield | 7.6% | 5.1% | - | 43.2% | ||||||||||||||||||||||||||||||||||
| $200,865 | Liquidation model | Annual home price appreciation/(depreciation) | 0.2% | — | - | 13.6% | ||||||||||||||||||||||||||||||||
| Liquidation timeline (months) | 18 | 9 | - | 50 | ||||||||||||||||||||||||||||||||||
| Property value | $2,064,802 | $14,000 | - | $12,750,000 | ||||||||||||||||||||||||||||||||||
| Yield | 7.5% | 7.5% | - | 26.9% | ||||||||||||||||||||||||||||||||||
Consolidated SLST (3) | $738,126 | Liability price | N/A | |||||||||||||||||||||||||||||||||||
| Total | $3,103,105 | |||||||||||||||||||||||||||||||||||||
Multi-family loans (1) | $91,905 | Discounted cash flow | Discount rate | 12.2% | 11.0% | - | 20.5% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 31 | 2 | - | 54 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
Equity investments (1) (2) | $102,478 | Discounted cash flow | Discount rate | 14.0% | 13.0% | - | 15.5% | |||||||||||||||||||||||||||||||
| Months to assumed redemption | 20 | 5 | - | 52 | ||||||||||||||||||||||||||||||||||
| Loss severity | — | |||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||
Consolidated SLST CDOs (3) (4) | $582,627 | Discounted cash flow | Yield | 5.9% | 5.0% | - | 10.0% | |||||||||||||||||||||||||||||||
| Collateral prepayment rate | 6.1% | 2.6% | - | 7.0% | ||||||||||||||||||||||||||||||||||
| Collateral default rate | 1.3% | — | - | 8.6% | ||||||||||||||||||||||||||||||||||
| Loss severity | 21.1% | 10.8% | - | 51.3% | ||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Residential loans: | |||||||||||
Residential loans (1) | $ | (8,303) | $ | (3,320) | |||||||
| 506 | 15,807 | ||||||||||
Residential loans held in securitization trusts (1) | (4,362) | 30,077 | |||||||||
Multi-family loans (1) | (4,777) | 453 | |||||||||
Equity investments (2) | (6,161) | (2,577) | |||||||||
Equity investments in disposal group held for sale (2) | — | 1,060 | |||||||||
| Liabilities | |||||||||||
| (542) | (13,508) | ||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||
| Fair Value Hierarchy Level | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||
| Financial Assets: | |||||||||||||||||||||||||||||
| Cash and cash equivalents | Level 1 | $ | 226,939 | $ | 226,939 | $ | 187,107 | $ | 187,107 | ||||||||||||||||||||
| Residential loans | Level 3 | 3,103,105 | 3,103,105 | 3,084,303 | 3,084,303 | ||||||||||||||||||||||||
| Investment securities available for sale | Level 2 | 2,241,340 | 2,241,340 | 2,013,817 | 2,013,817 | ||||||||||||||||||||||||
| Multi-family loans | Level 3 | 91,905 | 91,905 | 95,792 | 95,792 | ||||||||||||||||||||||||
| Equity investments | Level 3 | 137,943 | 137,943 | 147,116 | 147,116 | ||||||||||||||||||||||||
| Level 2 | 7,143 | 7,143 | 6,510 | 6,510 | |||||||||||||||||||||||||
| Derivative assets in disposal group held for sale | Level 2 | 740 | 740 | 2,960 | 2,960 | ||||||||||||||||||||||||
| Financial Liabilities: | |||||||||||||||||||||||||||||
| Repurchase agreements | Level 2 | 2,512,008 | 2,512,008 | 2,471,113 | 2,471,113 | ||||||||||||||||||||||||
| Collateralized debt obligations: | |||||||||||||||||||||||||||||
| Residential loan securitizations at amortized cost, net | Level 3 | 1,108,594 | 1,082,924 | 1,276,780 | 1,237,531 | ||||||||||||||||||||||||
Residential loan securitizations at fair value | Level 2 | 497,141 | 497,141 | — | — | ||||||||||||||||||||||||
| Consolidated SLST | Level 3 | 582,627 | 582,627 | 593,737 | 593,737 | ||||||||||||||||||||||||
| Subordinated debentures | Level 3 | 45,000 | 28,518 | 45,000 | 32,137 | ||||||||||||||||||||||||
| Senior unsecured notes | Level 2 | 98,299 | 95,861 | 98,111 | 94,952 | ||||||||||||||||||||||||
| Mortgages payable on real estate | Level 3 | 850,743 | 825,042 | 784,421 | 761,194 | ||||||||||||||||||||||||
| Mortgages payable on real estate in disposal group held for sale | Level 3 | 119,640 | 118,669 | 378,386 | 377,735 | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Dividend Per Share | ||||||||||||||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | ||||||||||||||||||||||||||||||||
| March 13, 2024 | April 1, 2024 | April 15, 2024 | $ | 0.50 | $ | 0.4921875 | $ | 0.4296875 | $ | 0.43750 | ||||||||||||||||||||||||||||
| December 14, 2023 | January 1, 2024 | January 15, 2024 | 0.50 | 0.4921875 | 0.4296875 | 0.43750 | ||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Period | Declaration Date | Record Date | Payment Date | Cash Dividend Per Share | ||||||||||||||||||||||
| First Quarter 2024 | March 13, 2024 | March 25, 2024 | April 25, 2024 | $ | 0.20 | |||||||||||||||||||||
| Fourth Quarter 2023 | December 14, 2023 | December 26, 2023 | January 26, 2024 | 0.20 | ||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Basic (Loss) Earnings per Common Share: | |||||||||||
Net (loss) income attributable to Company | $ | (57,901) | $ | 20,863 | |||||||
| Less: Preferred Stock dividends | (10,439) | (10,484) | |||||||||
| Plus: Gain on repurchase of Preferred Stock | — | 142 | |||||||||
Net (loss) income attributable to Company's common stockholders | $ | (68,340) | $ | 10,521 | |||||||
Basic weighted average common shares outstanding | 91,117 | 91,314 | |||||||||
Basic (Loss) Earnings per Common Share | $ | (0.75) | $ | 0.12 | |||||||
Diluted (Loss) Earnings per Common Share: | |||||||||||
Net (loss) income attributable to Company | $ | (57,901) | $ | 20,863 | |||||||
| Less: Preferred Stock dividends | (10,439) | (10,484) | |||||||||
| Plus: Gain on repurchase of Preferred Stock | — | 142 | |||||||||
Net (loss) income attributable to Company's common stockholders | $ | (68,340) | $ | 10,521 | |||||||
Weighted average common shares outstanding | 91,117 | 91,314 | |||||||||
| Net effect of assumed PSUs vested | — | 358 | |||||||||
Diluted weighted average common shares outstanding | 91,117 | 91,672 | |||||||||
Diluted (Loss) Earnings per Common Share | $ | (0.75) | $ | 0.11 | |||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Number of Non-vested Restricted Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Restricted Shares | Weighted Average Per Share Grant Date Fair Value (1) | ||||||||||||||||||||
| Non-vested shares as of January 1 | 524,570 | $ | 13.57 | 526,074 | $ | 16.34 | |||||||||||||||||
| Granted | 342,628 | 8.23 | 275,248 | 12.36 | |||||||||||||||||||
| Vested | (246,917) | 13.90 | (244,015) | 18.18 | |||||||||||||||||||
| Forfeited | (3,529) | 11.33 | (6,771) | 13.04 | |||||||||||||||||||
Non-vested shares as of March 31 | 616,752 | $ | 10.45 | 550,536 | $ | 13.57 | |||||||||||||||||
Restricted stock granted during the period | 342,628 | $ | 8.23 | 275,248 | $ | 12.36 | |||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Number of Non-vested Target Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Target Shares | Weighted Average Per Share Grant Date Fair Value (1) | ||||||||||||||||||||
| Non-vested target PSUs as of January 1 | 905,825 | $ | 18.12 | 786,577 | $ | 23.06 | |||||||||||||||||
| Vested | (350,886) | 22.31 | (201,978) | 28.18 | |||||||||||||||||||
Non-vested target PSUs as of March 31 | 554,939 | $ | 15.47 | 584,599 | $ | 21.29 | |||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||||
| Number of Non-vested Shares | Weighted Average Per Share Grant Date Fair Value (1) | Number of Non-vested Shares | Weighted Average Per Share Grant Date Fair Value (1) | |||||||||||||||||||||||
| Non-vested RSUs as of January 1 | 351,974 | $ | 11.65 | 263,708 | $ | 16.11 | ||||||||||||||||||||
| Vested | (157,763) | 12.45 | (131,094) | 17.40 | ||||||||||||||||||||||
| Forfeited | — | — | (13,550) | 14.76 | ||||||||||||||||||||||
Non-vested RSUs as of March 31 | 194,211 | $ | 10.99 | 119,064 | $ | 14.83 | ||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Current income tax expense | $ | 163 | $ | 187 | |||||||
| Deferred income tax benefit | (274) | (171) | |||||||||
Total income tax (benefit) expense | $ | (111) | $ | 16 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Deferred tax assets | |||||||||||
| Net operating loss carryforward | $ | 8,777 | $ | 7,128 | |||||||
| Capital loss carryover | 25,397 | 19,597 | |||||||||
| GAAP/Tax basis differences | 6,275 | 2,989 | |||||||||
Deferred tax assets | 40,449 | 29,714 | |||||||||
Less: Valuation allowance | (36,287) | (25,204) | |||||||||
Net deferred tax assets (1) | 4,162 | 4,510 | |||||||||
| Deferred tax liabilities | |||||||||||
| GAAP/Tax basis differences | 1,391 | 2,012 | |||||||||
Deferred tax liabilities (2) | 1,391 | 2,012 | |||||||||
| Total net deferred tax asset | $ | 2,771 | $ | 2,498 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Interest income | |||||||||||
| Residential loans | |||||||||||
| Residential loans | $ | 11,689 | $ | 16,954 | |||||||
| Consolidated SLST | 8,127 | 8,733 | |||||||||
| Residential loans held in securitization trusts | 26,931 | 24,721 | |||||||||
| Total residential loans | 46,747 | 50,408 | |||||||||
| Investment securities available for sale | 32,903 | 3,169 | |||||||||
| Multi-family loans | 2,642 | 2,436 | |||||||||
| Other | 1,600 | 1,123 | |||||||||
| Total interest income | 83,892 | 57,136 | |||||||||
| Interest expense | |||||||||||
| Repurchase agreements | 39,153 | 13,068 | |||||||||
| Collateralized debt obligations | |||||||||||
| Consolidated SLST | 5,801 | 6,315 | |||||||||
| Residential loan securitizations | 18,376 | 17,376 | |||||||||
| Total collateralized debt obligations | 24,177 | 23,691 | |||||||||
| Senior unsecured notes | 1,626 | 1,614 | |||||||||
| Subordinated debentures | 1,073 | 962 | |||||||||
| Total interest expense | 66,029 | 39,335 | |||||||||
| Net interest income | $ | 17,863 | $ | 17,801 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Preferred equity and mezzanine loan premiums resulting from early redemption | $ | 98 | $ | — | |||||||
Gain on sale of real estate | 134 | — | |||||||||
Gain on de-consolidation of joint venture equity investment in Consolidated VIE | 50 | — | |||||||||
(Loss) gain on extinguishment of collateralized debt obligations and mortgages payable on real estate | (692) | 1,170 | |||||||||
Provision for uncollectible accounts receivable (1) | (3,207) | — | |||||||||
Miscellaneous income | 25 | 105 | |||||||||
Total other (loss) income | $ | (3,592) | $ | 1,275 | |||||||
| December 31, 2023 | Acquisitions (1) | Repayments (2) | Sales | Transfers from Disposal Group Held for Sale (3) | Fair Value Changes and Other (4) | March 31, 2024 | |||||||||||||||||||||||||||||||||||
Residential loans | $ | 2,329,443 | $ | 305,735 | $ | (215,524) | $ | (28,912) | $ | — | $ | (25,763) | $ | 2,364,979 | |||||||||||||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | 1,989,324 | 297,553 | (35,841) | — | — | (33,551) | 2,217,485 | ||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | 24,493 | — | — | — | — | (638) | 23,855 | ||||||||||||||||||||||||||||||||||
| Total investment securities available for sale | 2,013,817 | 297,553 | (35,841) | — | — | (34,189) | 2,241,340 | ||||||||||||||||||||||||||||||||||
Consolidated SLST (5) | 157,154 | — | (4,380) | — | — | (1,535) | 151,239 | ||||||||||||||||||||||||||||||||||
| Total investment securities | 2,170,971 | 297,553 | (40,221) | — | — | (35,724) | 2,392,579 | ||||||||||||||||||||||||||||||||||
| Preferred equity investments, mezzanine loans and equity investments | 242,908 | — | (5,000) | — | — | (8,060) | 229,848 | ||||||||||||||||||||||||||||||||||
Equity investments in consolidated multi-family properties (6) | 211,214 | 4,453 | (320) | — | (658) | (25,159) | 189,530 | ||||||||||||||||||||||||||||||||||
Equity investments in disposal group held for sale (3) | 36,815 | — | (1,166) | (50) | 658 | (13,947) | 22,310 | ||||||||||||||||||||||||||||||||||
| Single-family rental properties | 151,885 | 433 | — | (757) | — | (2,501) | 149,060 | ||||||||||||||||||||||||||||||||||
| Total investment portfolio | $ | 5,143,236 | $ | 608,174 | $ | (262,231) | $ | (29,719) | $ | — | $ | (111,154) | $ | 5,348,306 | |||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Residential loans, at fair value | $ | 738,126 | $ | 754,860 | |||||||
Deferred interest (a) | (4,260) | (3,969) | |||||||||
| Less: Collateralized debt obligations, at fair value | (582,627) | (593,737) | |||||||||
| Consolidated SLST investment securities owned by NYMT | $ | 151,239 | $ | 157,154 | |||||||
| Three Months Ended March 31, 2024 | |||||
| Net loss attributable to Company's common stockholders | $ | (68,340) | |||
| Net loss attributable to Company's common stockholders per share (basic) | $ | (0.75) | |||
Undepreciated loss (1) | $ | (62,014) | |||
Undepreciated loss per common share (1) | $ | (0.68) | |||
| Comprehensive loss attributable to Company's common stockholders | $ | (68,336) | |||
| Comprehensive loss attributable to Company's common stockholders per share (basic) | $ | (0.75) | |||
Yield on average interest earning assets (1) (2) | 6.38 | % | |||
| Interest income | $ | 83,892 | |||
| Interest expense | $ | 66,029 | |||
| Net interest income | $ | 17,863 | |||
Net interest spread (1) (3) | 1.31 | % | |||
| Book value per common share at the end of the period | $ | 10.21 | |||
Adjusted book value per common share at the end of the period (1) | $ | 11.51 | |||
Economic return on book value (4) | (7.96) | % | |||
Economic return on adjusted book value (5) | (7.50) | % | |||
| Dividends per common share | $ | 0.20 | |||
| Single-Family | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
| Residential loans | $ | 3,103,105 | $ | — | $ | — | $ | 3,103,105 | |||||||||||||||
| Consolidated SLST CDOs | (582,627) | — | — | (582,627) | |||||||||||||||||||
| Investment securities available for sale | 2,241,340 | — | — | 2,241,340 | |||||||||||||||||||
| Multi-family loans | — | 91,905 | — | 91,905 | |||||||||||||||||||
| Equity investments | — | 102,478 | 35,465 | 137,943 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 189,530 | — | 189,530 | |||||||||||||||||||
Equity investments in disposal group held for sale (2) | — | 22,310 | — | 22,310 | |||||||||||||||||||
| Single-family rental properties | 149,060 | — | — | 149,060 | |||||||||||||||||||
| Total investment portfolio carrying value | 4,910,878 | 406,223 | 35,465 | 5,352,566 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (2,512,008) | — | — | (2,512,008) | |||||||||||||||||||
| Residential loan securitization CDOs | (1,605,735) | — | — | (1,605,735) | |||||||||||||||||||
| Senior unsecured notes | — | — | (98,299) | (98,299) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (3) | 156,560 | — | 219,846 | 376,406 | |||||||||||||||||||
| Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | — | (36,489) | — | (36,489) | |||||||||||||||||||
| Other | 93,454 | (3,642) | (35,997) | 53,815 | |||||||||||||||||||
| Net Company capital allocated | $ | 1,043,149 | $ | 366,092 | $ | 76,015 | $ | 1,485,256 | |||||||||||||||
Company Recourse Leverage Ratio (4) | 1.7x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (5) | 1.6x | ||||||||||||||||||||||
| Single-Family | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
| Residential loans | $ | 3,084,303 | $ | — | $ | — | $ | 3,084,303 | |||||||||||||||
| Consolidated SLST CDOs | (593,737) | — | — | (593,737) | |||||||||||||||||||
| Investment securities available for sale | 2,013,817 | — | — | 2,013,817 | |||||||||||||||||||
| Multi-family loans | — | 95,792 | — | 95,792 | |||||||||||||||||||
| Equity investments | — | 109,962 | 37,154 | 147,116 | |||||||||||||||||||
Equity investments in consolidated multi-family properties (1) | — | 211,214 | — | 211,214 | |||||||||||||||||||
Equity investments in disposal group held for sale (2) | — | 36,815 | — | 36,815 | |||||||||||||||||||
| Single-family rental properties | 151,885 | — | — | 151,885 | |||||||||||||||||||
| Total investment portfolio carrying value | 4,656,268 | 453,783 | 37,154 | 5,147,205 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Repurchase agreements | (2,471,113) | — | — | (2,471,113) | |||||||||||||||||||
| Residential loan securitization CDOs | (1,276,780) | — | — | (1,276,780) | |||||||||||||||||||
| Senior unsecured notes | — | — | (98,111) | (98,111) | |||||||||||||||||||
| Subordinated debentures | — | — | (45,000) | (45,000) | |||||||||||||||||||
Cash, cash equivalents and restricted cash (3) | 139,562 | — | 175,468 | 315,030 | |||||||||||||||||||
| Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | — | (30,062) | — | (30,062) | |||||||||||||||||||
| Other | 74,716 | (1,352) | (34,921) | 38,443 | |||||||||||||||||||
| Net Company capital allocated | $ | 1,122,653 | $ | 422,369 | $ | 34,590 | $ | 1,579,612 | |||||||||||||||
Company Recourse Leverage Ratio (4) | 1.6x | ||||||||||||||||||||||
Portfolio Recourse Leverage Ratio (5) | 1.5x | ||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Interest income | $ | 83,892 | $ | 57,136 | $ | 26,756 | |||||||||||
| Interest expense | 66,029 | 39,335 | 26,694 | ||||||||||||||
| Net interest income | 17,863 | 17,801 | 62 | ||||||||||||||
| Net loss from real estate | (16,369) | (8,951) | (7,418) | ||||||||||||||
Total other (loss) income | (57,323) | 25,081 | (82,404) | ||||||||||||||
| General and administrative expenses | 13,054 | 12,683 | 371 | ||||||||||||||
| Portfolio operating expenses | 11,287 | 7,070 | 4,217 | ||||||||||||||
(Loss) income from operations before income taxes | (80,170) | 14,178 | (94,348) | ||||||||||||||
Income tax (benefit) expense | (111) | 16 | (127) | ||||||||||||||
| Net loss attributable to non-controlling interests | 22,158 | 6,701 | 15,457 | ||||||||||||||
Net (loss) income attributable to Company | (57,901) | 20,863 | (78,764) | ||||||||||||||
Preferred stock dividends | (10,439) | (10,484) | 45 | ||||||||||||||
| Gain on repurchase of preferred stock | — | 142 | (142) | ||||||||||||||
Net (loss) income attributable to Company's common stockholders | (68,340) | 10,521 | (78,861) | ||||||||||||||
Basic (loss) income per common share | $ | (0.75) | $ | 0.12 | $ | (0.87) | |||||||||||
Diluted (loss) income per common share | $ | (0.75) | $ | 0.11 | $ | (0.86) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Income from real estate | $ | 38,076 | $ | 41,746 | $ | (3,670) | |||||||||||
| Expenses related to real estate: | |||||||||||||||||
| Interest expense, mortgages payable on real estate | (20,769) | (22,478) | 1,709 | ||||||||||||||
| Depreciation expense on operating real estate | (11,149) | (6,039) | (5,110) | ||||||||||||||
| Amortization of lease intangibles related to operating real estate | (1,427) | — | (1,427) | ||||||||||||||
Other real estate expenses | (21,100) | (22,180) | 1,080 | ||||||||||||||
| Total expenses related to real estate | (54,445) | (50,697) | (3,748) | ||||||||||||||
Net loss from real estate | $ | (16,369) | $ | (8,951) | $ | (7,418) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
Residential loans and real estate owned | $ | (10,164) | $ | 1,081 | $ | (11,245) | |||||||||||
Investment securities | (369) | — | (369) | ||||||||||||||
Total realized (losses) gains, net | $ | (10,533) | $ | 1,081 | $ | (11,614) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Residential loans | $ | (2,968) | $ | 29,247 | $ | (32,215) | |||||||||||
| Consolidated SLST | (36) | 2,299 | (2,335) | ||||||||||||||
CDOs at fair value | 1,637 | — | 1,637 | ||||||||||||||
| Preferred equity and mezzanine loan investments | (4,777) | 452 | (5,229) | ||||||||||||||
Investment securities | (33,246) | 853 | (34,099) | ||||||||||||||
Total unrealized (losses) gains, net | $ | (39,390) | $ | 32,851 | $ | (72,241) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
Unrealized gains (losses) on derivative instruments | $ | 45,034 | $ | (4,362) | $ | 49,396 | |||||||||||
Realized gains on derivative instruments | 4,177 | — | 4,177 | ||||||||||||||
Total gains (losses) on derivative instruments, net | $ | 49,211 | $ | (4,362) | $ | 53,573 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Preferred return on preferred equity investments accounted for as equity | $ | 3,517 | $ | 5,313 | $ | (1,796) | |||||||||||
Unrealized gains on preferred equity investments accounted for as equity | 86 | 638 | (552) | ||||||||||||||
(Loss) income from unconsolidated joint venture equity investments in multi-family properties | (4,050) | 1,060 | (5,110) | ||||||||||||||
Loss from entity that originates residential loans | (1,689) | (2,500) | 811 | ||||||||||||||
Total (loss) income from equity investments | $ | (2,136) | $ | 4,511 | $ | (6,647) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Impairment of real estate | $ | (36,247) | $ | (10,275) | $ | (25,972) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
Loss on reclassification of disposal group | $ | (14,636) | $ | — | $ | (14,636) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
Preferred equity and mezzanine loan premiums resulting from early redemption | $ | 98 | $ | — | $ | 98 | |||||||||||
| Gain on sale of real estate | 134 | — | 134 | ||||||||||||||
Gain on de-consolidation of joint venture equity investment in Consolidated VIE | 50 | — | 50 | ||||||||||||||
(Loss) gain on extinguishment of collateralized debt obligations and mortgages payable on real estate | (692) | 1,170 | (1,862) | ||||||||||||||
Provision for uncollectible accounts receivable | (3,207) | — | (3,207) | ||||||||||||||
Miscellaneous income | 25 | 105 | (80) | ||||||||||||||
Total other (loss) income | $ | (3,592) | $ | 1,275 | $ | (4,867) | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
General and Administrative Expenses | |||||||||||||||||
Salaries, benefits and directors’ compensation | $ | 9,273 | $ | 9,367 | $ | (94) | |||||||||||
| Professional fees | 1,624 | 1,251 | 373 | ||||||||||||||
| Other | 2,157 | 2,065 | 92 | ||||||||||||||
| Total general and administrative expenses | $ | 13,054 | $ | 12,683 | $ | 371 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
| Portfolio operating expenses | $ | 7,742 | $ | 7,070 | $ | 672 | |||||||||||
Residential loan securitization transaction costs | 3,545 | — | 3,545 | ||||||||||||||
Total portfolio operating expenses | $ | 11,287 | $ | 7,070 | $ | 4,217 | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | $ Change | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (68,340) | $ | 10,521 | $ | (78,861) | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||||
Increase in fair value of available for sale securities | |||||||||||||||||
| Non-Agency RMBS | — | 591 | (591) | ||||||||||||||
| Total | — | 591 | (591) | ||||||||||||||
Reclassification adjustment for net loss included in net loss | 4 | — | 4 | ||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 4 | 591 | (587) | ||||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | (68,336) | $ | 11,112 | $ | (79,448) | |||||||||||
| Three Months Ended March 31, 2024 | |||||||||||||||||
| Amount | Shares | Per Share (1) | |||||||||||||||
| Beginning Balance | $ | 1,025,502 | 90,675 | $ | 11.31 | ||||||||||||
Common stock issuance, net (2) | (1,196) | 556 | |||||||||||||||
| Balance after share activity | 1,024,306 | 91,231 | 11.23 | ||||||||||||||
| Adjustment of redeemable non-controlling interest to estimated redemption value | (6,428) | (0.07) | |||||||||||||||
| Dividends and dividend equivalents declared | (18,396) | (0.20) | |||||||||||||||
| Net change in accumulated other comprehensive loss: | |||||||||||||||||
Investment securities available for sale (3) | 4 | — | |||||||||||||||
| Net loss attributable to Company's common stockholders | (68,340) | (0.75) | |||||||||||||||
| Ending Balance | $ | 931,146 | 91,231 | $ | 10.21 | ||||||||||||
Single-Family (8) | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
Adjusted Interest Income (1) (2) | $ | 75,426 | $ | 2,665 | $ | — | $ | 78,091 | |||||||||||||||
Adjusted Interest Expense (1) | (48,762) | — | (3,134) | (51,896) | |||||||||||||||||||
Adjusted Net Interest Income (Loss) (1) | $ | 26,664 | $ | 2,665 | $ | (3,134) | $ | 26,195 | |||||||||||||||
Average Interest Earning Assets (3) | $ | 4,798,871 | $ | 95,382 | $ | 1,000 | $ | 4,895,253 | |||||||||||||||
Average Interest Bearing Liabilities (4) | $ | 3,895,156 | $ | — | $ | 219,298 | $ | 4,114,454 | |||||||||||||||
Yield on Average Interest Earning Assets (1) (5) | 6.29 | % | 11.18 | % | — | 6.38 | % | ||||||||||||||||
Average Financing Cost (1) (6) | (5.03) | % | — | (5.75) | % | (5.07) | % | ||||||||||||||||
Net Interest Spread (1) (7) | 1.26 | % | 11.18 | % | (5.75) | % | 1.31 | % | |||||||||||||||
Single-Family (8) | Multi- Family | Corporate/Other | Total | ||||||||||||||||||||
Adjusted Interest Income (1) (2) | $ | 47,204 | $ | 3,569 | $ | 48 | $ | 50,821 | |||||||||||||||
Adjusted Interest Expense (1) | (30,407) | — | (2,547) | (32,954) | |||||||||||||||||||
Adjusted Net Interest Income (Loss) (1) | $ | 16,797 | $ | 3,569 | $ | (2,499) | $ | 17,867 | |||||||||||||||
Average Interest Earning Assets (3) | $ | 3,132,910 | $ | 123,671 | $ | 1,806 | $ | 3,258,387 | |||||||||||||||
Average Interest Bearing Liabilities (4) | $ | 2,150,130 | $ | — | $ | 145,000 | $ | 2,295,130 | |||||||||||||||
Yield on Average Interest Earning Assets (1) (5) | 6.03 | % | 11.54 | % | 10.63 | % | 6.24 | % | |||||||||||||||
Average Financing Cost (1) (6) | (5.74) | % | — | (7.20) | % | (5.83) | % | ||||||||||||||||
Net Interest Spread (1) (7) | 0.29 | % | 11.54 | % | 3.43 | % | 0.41 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Single-Family | Multi-Family | Corporate/Other | Total | Single-Family | Multi-Family | Corporate/Other | Total | ||||||||||||||||||||||||||||||||||||||||
GAAP interest income | $ | 81,227 | $ | 2,665 | $ | — | $ | 83,892 | $ | 53,519 | $ | 3,569 | $ | 48 | $ | 57,136 | |||||||||||||||||||||||||||||||
| GAAP interest expense | (61,740) | — | (4,289) | (66,029) | (36,759) | — | (2,576) | (39,335) | |||||||||||||||||||||||||||||||||||||||
GAAP total net interest income (loss) | $ | 19,487 | $ | 2,665 | $ | (4,289) | $ | 17,863 | $ | 16,760 | $ | 3,569 | $ | (2,528) | $ | 17,801 | |||||||||||||||||||||||||||||||
| GAAP interest income | $ | 81,227 | $ | 2,665 | $ | — | $ | 83,892 | $ | 53,519 | $ | 3,569 | $ | 48 | $ | 57,136 | |||||||||||||||||||||||||||||||
| Adjusted for: | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDO interest expense | (5,801) | — | — | (5,801) | (6,315) | — | — | (6,315) | |||||||||||||||||||||||||||||||||||||||
| Adjusted interest income | $ | 75,426 | $ | 2,665 | $ | — | $ | 78,091 | $ | 47,204 | $ | 3,569 | $ | 48 | $ | 50,821 | |||||||||||||||||||||||||||||||
| GAAP interest expense | $ | (61,740) | $ | — | $ | (4,289) | $ | (66,029) | $ | (36,759) | $ | — | $ | (2,576) | $ | (39,335) | |||||||||||||||||||||||||||||||
| Adjusted for: | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated SLST CDO interest expense | 5,801 | — | — | 5,801 | 6,315 | — | — | 6,315 | |||||||||||||||||||||||||||||||||||||||
| Net interest benefit of interest rate swaps | 7,177 | — | 1,155 | 8,332 | 37 | — | 29 | 66 | |||||||||||||||||||||||||||||||||||||||
| Adjusted interest expense | $ | (48,762) | $ | — | $ | (3,134) | $ | (51,896) | $ | (30,407) | $ | — | $ | (2,547) | $ | (32,954) | |||||||||||||||||||||||||||||||
Adjusted net interest income (loss) (1) | $ | 26,664 | $ | 2,665 | $ | (3,134) | $ | 26,195 | $ | 16,797 | $ | 3,569 | $ | (2,499) | $ | 17,867 | |||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
Net (loss) income attributable to Company's common stockholders | $ | (68,340) | $ | 10,521 | |||||||
| Add: | |||||||||||
| Depreciation expense on operating real estate | 6,326 | 2,120 | |||||||||
Undepreciated (loss) earnings | $ | (62,014) | $ | 12,641 | |||||||
| Weighted average shares outstanding - basic | 91,117 | 91,314 | |||||||||
Undepreciated (loss) earnings per common share | $ | (0.68) | $ | 0.14 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Company's stockholders' equity | $ | 1,485,256 | $ | 1,579,612 | |||||||
| Preferred stock liquidation preference | (554,110) | (554,110) | |||||||||
| GAAP book value | 931,146 | 1,025,502 | |||||||||
| Add: | |||||||||||
Cumulative depreciation expense on real estate (1) | 24,451 | 21,801 | |||||||||
Cumulative amortization of lease intangibles related to real estate (1) | 13,000 | 14,897 | |||||||||
| Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | 36,489 | 30,062 | |||||||||
| Adjustment of amortized cost liabilities to fair value | 44,590 | 55,271 | |||||||||
| Adjusted book value | $ | 1,049,676 | $ | 1,147,533 | |||||||
| Common shares outstanding | 91,231 | 90,675 | |||||||||
GAAP book value per common share (2) | $ | 10.21 | $ | 11.31 | |||||||
Adjusted book value per common share (3) | $ | 11.51 | $ | 12.66 | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Acquired residential loans | $ | 2,364,979 | $ | 2,329,443 | |||||||
| Consolidated SLST | 738,126 | 754,860 | |||||||||
| Total | $ | 3,103,105 | $ | 3,084,303 | |||||||
| March 31, 2024 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 4,591 | $ | 614,765 | $ | 588,062 | 634 | 54% | 5.1% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 2,707 | 617,479 | 531,369 | 716 | 59% | 4.0% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 1,831 | 971,218 | 940,623 | 736 | 64% | 10.0% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 1,247 | 332,318 | 304,925 | 748 | 69% | 5.3% | |||||||||||||||||||||||||||||
| Total | 10,376 | $ | 2,535,780 | $ | 2,364,979 | ||||||||||||||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Number of Loans | Unpaid Principal | Fair Value | Weighted Average FICO | Weighted Average LTV (1) | Weighted Average Coupon | ||||||||||||||||||||||||||||||
| Re-performing residential loan strategy | 4,687 | $ | 626,316 | $ | 601,239 | 630 | 60% | 5.1% | |||||||||||||||||||||||||||
| Performing residential loan strategy | 2,803 | 642,320 | 548,736 | 717 | 62% | 4.0% | |||||||||||||||||||||||||||||
| Business purpose bridge loan strategy | 1,720 | 919,990 | 896,988 | 735 | 65% | 9.6% | |||||||||||||||||||||||||||||
| Business purpose rental loan strategy | 1,111 | 311,663 | 282,480 | 749 | 68% | 5.1% | |||||||||||||||||||||||||||||
| Total | 10,321 | $ | 2,500,289 | $ | 2,329,443 | ||||||||||||||||||||||||||||||
Loan to Value at Purchase (1) | March 31, 2024 | December 31, 2023 | |||||||||
| 50% or less | 12.3 | % | 13.6 | % | |||||||
| >50% - 60% | 10.7 | % | 10.9 | % | |||||||
| >60% - 70% | 22.2 | % | 22.4 | % | |||||||
| >70% - 80% | 31.1 | % | 29.5 | % | |||||||
| >80% - 90% | 12.5 | % | 11.8 | % | |||||||
| >90% - 100% | 5.7 | % | 6.0 | % | |||||||
| >100% | 5.5 | % | 5.8 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| FICO Scores at Purchase | March 31, 2024 | December 31, 2023 | |||||||||
| 550 or less | 8.8 | % | 9.1 | % | |||||||
| 551 to 600 | 7.6 | % | 7.9 | % | |||||||
| 601 to 650 | 7.9 | % | 8.3 | % | |||||||
| 651 to 700 | 15.6 | % | 15.6 | % | |||||||
| 701 to 750 | 24.7 | % | 24.0 | % | |||||||
| 751 to 800 | 28.2 | % | 28.0 | % | |||||||
| 801 and over | 7.2 | % | 7.1 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Current Coupon | March 31, 2024 | December 31, 2023 | |||||||||
| 3.00% or less | 7.2 | % | 7.6 | % | |||||||
| 3.01% - 4.00% | 15.7 | % | 16.5 | % | |||||||
| 4.01% - 5.00% | 19.9 | % | 20.9 | % | |||||||
| 5.01% - 6.00% | 8.7 | % | 9.3 | % | |||||||
| 6.01% - 7.00% | 7.2 | % | 7.2 | % | |||||||
| 7.01% - 8.00% | 7.0 | % | 8.1 | % | |||||||
| 8.01% and over | 34.3 | % | 30.4 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Delinquency Status | March 31, 2024 | December 31, 2023 | |||||||||
| Current | 87.5 | % | 88.0 | % | |||||||
| 31 – 60 days | 2.5 | % | 2.2 | % | |||||||
| 61 – 90 days | 1.7 | % | 1.0 | % | |||||||
| 90+ days | 8.3 | % | 8.8 | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| Origination Year | March 31, 2024 | December 31, 2023 | |||||||||
| 2007 or earlier | 21.7 | % | 22.4 | % | |||||||
| 2008 - 2016 | 4.3 | % | 4.4 | % | |||||||
2017 - 2020 | 14.8 | % | 15.7 | % | |||||||
2021 | 16.3 | % | 19.3 | % | |||||||
2022 | 18.6 | % | 21.4 | % | |||||||
2023 | 16.1 | % | 16.8 | % | |||||||
2024 | 8.2 | % | — | % | |||||||
| Total | 100.0 | % | 100.0 | % | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
| Current fair value | $ | 738,126 | $ | 754,860 | |||||||
| Current unpaid principal balance | $ | 875,562 | $ | 892,546 | |||||||
| Number of loans | 5,733 | 5,813 | |||||||||
| Current average loan size | $ | 152,723 | $ | 153,543 | |||||||
| Weighted average original loan term (in months) at purchase | 352 | 352 | |||||||||
| Weighted average LTV at purchase | 68 | % | 68 | % | |||||||
| Weighted average credit score at purchase | 702 | 701 | |||||||||
| Current Coupon: | |||||||||||
| 3.00% or less | 2.5 | % | 2.5 | % | |||||||
| 3.01% – 4.00% | 38.4 | % | 38.5 | % | |||||||
| 4.01% – 5.00% | 39.5 | % | 39.5 | % | |||||||
| 5.01% – 6.00% | 11.9 | % | 11.8 | % | |||||||
| 6.01% and over | 7.7 | % | 7.7 | % | |||||||
| Delinquency Status: | |||||||||||
| Current | 72.4 | % | 72.6 | % | |||||||
| 31 - 60 | 12.7 | % | 12.9 | % | |||||||
| 61 - 90 | 5.4 | % | 5.0 | % | |||||||
| 90+ | 9.5 | % | 9.5 | % | |||||||
| Origination Year: | |||||||||||
| 2005 or earlier | 31.1 | % | 31.1 | % | |||||||
| 2006 | 15.6 | % | 15.7 | % | |||||||
| 2007 | 21.6 | % | 21.5 | % | |||||||
| 2008 or later | 31.7 | % | 31.7 | % | |||||||
| Geographic state concentration (greater than 5.0%): | |||||||||||
| California | 10.7 | % | 10.7 | % | |||||||
| Florida | 10.1 | % | 10.3 | % | |||||||
| New York | 10.0 | % | 10.0 | % | |||||||
| New Jersey | 7.6 | % | 7.6 | % | |||||||
| Illinois | 7.2 | % | 7.2 | % | |||||||
| 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) | |||||||||||||||||||||||||||||||||||
| March 31, 2024 | $ | 2,225,000 | $ | 456,038 | $ | (1,391) | $ | 454,647 | $ | 607,904 | 7.91 | % | 12.82 | ||||||||||||||||||||||||||||
| December 31, 2023 | $ | 2,225,000 | $ | 611,055 | $ | (2,005) | $ | 609,050 | $ | 805,082 | 7.87 | % | 13.89 | ||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| March 31, 2024 | $ | 437,826 | $ | 456,038 | $ | 456,038 | ||||||||||||||
| December 31, 2023 | 559,118 | 611,055 | 611,055 | |||||||||||||||||
| September 30, 2023 | 469,393 | 505,477 | 505,477 | |||||||||||||||||
| June 30, 2023 | 524,264 | 481,947 | 579,475 | |||||||||||||||||
| March 31, 2023 | 579,271 | 562,371 | 609,885 | |||||||||||||||||
| December 31, 2022 | 833,517 | 688,487 | 1,076,747 | |||||||||||||||||
| September 30, 2022 | 1,324,819 | 1,163,408 | 1,554,993 | |||||||||||||||||
| June 30, 2022 | 1,386,714 | 1,566,926 | 1,566,926 | |||||||||||||||||
| March 31, 2022 | 682,867 | 783,168 | 783,168 | |||||||||||||||||
| March 31, 2024 | ||||||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1)(2) | Stated Maturity (3) | |||||||||||||||||||||||
Consolidated SLST (4) | $ | 640,426 | $ | 582,627 | 2.75 | % | 2059 | |||||||||||||||||||
Residential loan securitizations at fair value (4) | $ | 528,534 | $ | 497,141 | 5.28 | % | 2029 - 2068 | |||||||||||||||||||
Residential loan securitizations at amortized cost | $ | 1,123,696 | $ | 1,108,594 | 3.73 | % | 2026 - 2062 | |||||||||||||||||||
| December 31, 2023 | ||||||||||||||||||||||||||
| Outstanding Face Amount | Carrying Value | Weighted Average Interest Rate (1) | Stated Maturity (3) | |||||||||||||||||||||||
Consolidated SLST (4) | $ | 652,933 | $ | 593,737 | 2.75 | % | 2059 | |||||||||||||||||||
Residential loan securitizations at amortized cost | $ | 1,292,015 | $ | 1,276,780 | 4.00 | % | 2026 - 2062 | |||||||||||||||||||
| Outstanding Balance | Step-Up | Step-Up Date | Additional Step-Up | Additional Step-Up Date | ||||||||||||||||||||||
| $ | 389,685 | 3.00% | August 2024 - July 2025 | 1.00% | August 2025 - July 2026 | |||||||||||||||||||||
| $ | 721,455 | 1.00%, 1.50%, 2.00% | May 2024 - December 2026 | N/A | N/A | |||||||||||||||||||||
| March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Current Par Value | Amortized Cost | Gains | Losses | Fair Value | Coupon (1) | Yield (2) | Outstanding Repurchase Agreements (3) | |||||||||||||||||||||||||||||||||||||||
Available for Sale (“AFS”) | |||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 2,008,771 | $ | 2,015,078 | $ | 14,390 | $ | (6,812) | $ | 2,022,656 | 5.86 | % | 5.78 | % | $ | 1,820,331 | |||||||||||||||||||||||||||||||
Adjustable rate | 146,980 | 145,369 | 1,741 | — | 147,110 | 5.47 | % | 5.46 | % | 137,819 | |||||||||||||||||||||||||||||||||||||
IO | 1,204,503 | 62,222 | — | (14,503) | 47,719 | 0.72 | % | 13.90 | % | 33,335 | |||||||||||||||||||||||||||||||||||||
Total Agency RMBS | 3,360,254 | 2,222,669 | 16,131 | (21,315) | 2,217,485 | 3.94 | % | 5.98 | % | 1,991,485 | |||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | 7,830 | 7,198 | — | (4,035) | 3,163 | 3.92 | % | 4.53 | % | — | |||||||||||||||||||||||||||||||||||||
| IO | 368,390 | 14,249 | 6,443 | — | 20,692 | 1.47 | % | 28.86 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 376,220 | 21,447 | 6,443 | (4,035) | 23,855 | 1.52 | % | 20.67 | % | — | |||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 3,736,474 | $ | 2,244,116 | $ | 22,574 | $ | (25,350) | $ | 2,241,340 | 3.69 | % | 6.13 | % | $ | 1,991,485 | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 233,636 | $ | 184,929 | $ | — | $ | (49,843) | $ | 135,086 | 4.46 | % | 4.18 | % | $ | 60,457 | |||||||||||||||||||||||||||||||
| IO | 137,234 | 17,091 | — | (938) | 16,153 | 3.50 | % | 8.22 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 370,870 | 202,020 | — | (50,781) | 151,239 | 4.10 | % | 4.53 | % | 60,457 | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 370,870 | $ | 202,020 | $ | — | $ | (50,781) | $ | 151,239 | 4.10 | % | 4.53 | % | $ | 60,457 | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 4,107,344 | $ | 2,446,136 | $ | 22,574 | $ | (76,131) | $ | 2,392,579 | 3.73 | % | 5.99 | % | $ | 2,051,942 | |||||||||||||||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Current Par Value | Amortized Cost | Gains | Losses | Fair Value | Coupon (1) | Yield (2) | Outstanding Repurchase Agreements (3) | |||||||||||||||||||||||||||||||||||||||
Available for Sale (“AFS”) | |||||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 1,756,343 | $ | 1,761,138 | $ | 21,581 | $ | (1,829) | $ | 1,780,890 | 5.74 | % | 5.64 | % | $ | 1,602,695 | |||||||||||||||||||||||||||||||
| Adjustable rate | 149,052 | 147,460 | 1,741 | — | 149,201 | 5.48 | % | 5.35 | % | 137,084 | |||||||||||||||||||||||||||||||||||||
IO | 1,139,828 | 52,623 | 6,813 | (203) | 59,233 | 0.76 | % | 14.81 | % | 31,657 | |||||||||||||||||||||||||||||||||||||
| Total Agency RMBS | 3,045,223 | 1,961,221 | 30,135 | (2,032) | 1,989,324 | 4.34 | % | 5.79 | % | 1,771,436 | |||||||||||||||||||||||||||||||||||||
Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
Senior | 35 | 35 | — | (4) | 31 | 3.65 | % | 3.60 | % | — | |||||||||||||||||||||||||||||||||||||
| Subordinated | 8,164 | 7,526 | — | (4,281) | 3,245 | 4.61 | % | 7.39 | % | — | |||||||||||||||||||||||||||||||||||||
| IO | 375,563 | 14,571 | 6,646 | — | 21,217 | 1.63 | % | 27.42 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 383,762 | 22,132 | 6,646 | (4,285) | 24,493 | 1.70 | % | 20.27 | % | — | |||||||||||||||||||||||||||||||||||||
| Total - AFS | $ | 3,428,985 | $ | 1,983,353 | $ | 36,781 | $ | (6,317) | $ | 2,013,817 | 3.64 | % | 6.20 | % | $ | 1,771,436 | |||||||||||||||||||||||||||||||
| Consolidated SLST | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated | $ | 238,017 | $ | 189,962 | $ | — | $ | (49,684) | $ | 140,278 | 4.44 | % | 4.01 | % | $ | 55,881 | |||||||||||||||||||||||||||||||
| IO | 139,914 | 17,937 | — | (1,061) | 16,876 | 3.50 | % | 7.43 | % | — | |||||||||||||||||||||||||||||||||||||
| Total Non-Agency RMBS | 377,931 | 207,899 | — | (50,745) | 157,154 | 4.09 | % | 4.32 | % | 55,881 | |||||||||||||||||||||||||||||||||||||
| Total - Consolidated SLST | $ | 377,931 | $ | 207,899 | $ | — | $ | (50,745) | $ | 157,154 | 4.09 | % | 4.32 | % | $ | 55,881 | |||||||||||||||||||||||||||||||
| Total Investment Securities | $ | 3,806,916 | $ | 2,191,252 | $ | 36,781 | $ | (57,062) | $ | 2,170,971 | 3.74 | % | 5.80 | % | $ | 1,827,317 | |||||||||||||||||||||||||||||||
| Quarter Ended | Quarterly Average Balance | End of Quarter Balance | Maximum Balance at any Month-End | |||||||||||||||||
| March 31, 2024 | $ | 2,078,041 | $ | 2,057,361 | $ | 2,126,993 | ||||||||||||||
| December 31, 2023 | 1,851,577 | 1,862,063 | 1,870,941 | |||||||||||||||||
| September 30, 2023 | 1,184,714 | 1,490,996 | 1,490,996 | |||||||||||||||||
| June 30, 2023 | 492,473 | 664,459 | 664,459 | |||||||||||||||||
| March 31, 2023 | 131,174 | 226,778 | 226,778 | |||||||||||||||||
| December 31, 2022 | 50,077 | 50,077 | 50,077 | |||||||||||||||||
| September 30, 2022 | 53,159 | 53,159 | 53,159 | |||||||||||||||||
| June 30, 2022 | 132,712 | 129,331 | 138,301 | |||||||||||||||||
| March 31, 2022 | 116,766 | 144,852 | 144,852 | |||||||||||||||||
| March 31, 2024 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 20 | $ | 192,713 | $ | 197,975 | 12.42 | % | 4.0 | |||||||||||||||||||||
Preferred equity investment in Consolidated VIE (4) | 1 | 14,103 | 14,128 | 13.50 | % | 7.8 | |||||||||||||||||||||||
| Total | 21 | $ | 206,816 | $ | 212,103 | 12.50 | % | 4.3 | |||||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||||||||
| Count | Fair Value (1) (2) | Investment Amount (2) | Weighted Average Preferred Return Rate (3) | Weighted Average Remaining Life (Years) | |||||||||||||||||||||||||
| Preferred equity investments | 21 | $ | 200,034 | $ | 200,690 | 12.40 | % | 4.2 | |||||||||||||||||||||
Preferred equity investment in Consolidated VIE (4) | 1 | 11,706 | 11,732 | 13.50 | % | 8.0 | |||||||||||||||||||||||
| Total | 22 | $ | 211,740 | $ | 212,422 | 12.46 | % | 4.4 | |||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
Cash and cash equivalents | $ | 1,600 | $ | 1,300 | ||||||||||
Real estate, net | 54,003 | 54,439 | ||||||||||||
Lease intangible, net (a) | 951 | 2,378 | ||||||||||||
| Other assets | 4,893 | 4,722 | ||||||||||||
| Total assets | 61,447 | 62,839 | ||||||||||||
Mortgage payable on real estate, net | 45,112 | 45,142 | ||||||||||||
| Other liabilities | 1,531 | 2,403 | ||||||||||||
| Total liabilities | 46,643 | 47,545 | ||||||||||||
| Non-controlling interest in Consolidated VIE | 701 | 3,588 | ||||||||||||
| Preferred equity investment in Consolidated VIE | $ | 14,103 | $ | 11,706 | ||||||||||
| March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV (1) | Weighted Average DSCR (2) | |||||||||||||||||||||||||||||||||||
| Florida | 3 | $ | 50,901 | 24.0 | % | 13.1 | % | 82 | % | 1.08x | |||||||||||||||||||||||||||||||
| Texas | 6 | 45,625 | 21.5 | % | 12.0 | % | 93 | % | 1.30x | ||||||||||||||||||||||||||||||||
| Utah | 1 | 22,347 | 10.5 | % | 12.0 | % | 69 | % | N/A | (3) | |||||||||||||||||||||||||||||||
| Arizona | 1 | 18,449 | 8.7 | % | 14.0 | % | 86 | % | 1.22x | ||||||||||||||||||||||||||||||||
| Tennessee | 1 | 14,736 | 7.0 | % | 11.0 | % | 90 | % | 1.07x | ||||||||||||||||||||||||||||||||
| Other | 9 | 60,045 | 28.3 | % | 12.5 | % | 83 | % | 1.31x | ||||||||||||||||||||||||||||||||
| Total | 21 | $ | 212,103 | 100.0 | % | 12.5 | % | 84 | % | 1.26x | |||||||||||||||||||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| State | Count | Investment Amount | % Total | Weighted Average Coupon | Weighted Average LTV (1) | Weighted Average DSCR (2) | |||||||||||||||||||||||||||||||||||
| Florida | 4 | $ | 55,753 | 26.3 | % | 13.0 | % | 77 | % | 1.27x | |||||||||||||||||||||||||||||||
| Texas | 6 | 42,854 | 20.2 | % | 11.9 | % | 92 | % | 1.21x | ||||||||||||||||||||||||||||||||
| Utah | 1 | 21,970 | 10.3 | % | 12.0 | % | 68 | % | N/A | (3) | |||||||||||||||||||||||||||||||
| Arizona | 1 | 17,811 | 8.4 | % | 14.0 | % | 85 | % | 0.45x | (4) | |||||||||||||||||||||||||||||||
| Tennessee | 1 | 14,525 | 6.8 | % | 11.0 | % | 90 | % | 1.27x | ||||||||||||||||||||||||||||||||
| Other | 9 | 59,509 | 28.0 | % | 12.5 | % | 83 | % | 1.36x | ||||||||||||||||||||||||||||||||
| Total | 22 | $ | 212,422 | 100.0 | % | 12.5 | % | 83 | % | 1.24x | |||||||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
| Cash and cash equivalents | $ | 14,325 | $ | 15,612 | ||||||||||
Real estate, net (1) | 1,005,161 | 979,934 | ||||||||||||
Lease intangible, net (2) | 951 | 2,378 | ||||||||||||
Assets of disposal group held for sale (3) | 146,363 | 426,017 | ||||||||||||
| Other assets | 30,728 | 34,657 | ||||||||||||
| Total assets | $ | 1,197,528 | $ | 1,458,598 | ||||||||||
Mortgages payable on real estate, net (4) | $ | 850,743 | $ | 784,421 | ||||||||||
Liabilities of disposal group held for sale (3) | 122,318 | 386,024 | ||||||||||||
| Other liabilities | 15,163 | 21,797 | ||||||||||||
| Total liabilities | $ | 988,224 | $ | 1,192,242 | ||||||||||
| Redeemable non-controlling interest in Consolidated VIEs | $ | 20,128 | $ | 28,061 | ||||||||||
| Less: Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | (36,489) | (30,062) | ||||||||||||
| Non-controlling interest in Consolidated VIEs | 12,089 | 17,150 | ||||||||||||
| Non-controlling interest in disposal group held for sale | 1,736 | 3,178 | ||||||||||||
Net equity investment (5) | $ | 211,840 | $ | 248,029 | ||||||||||
Less: Net equity in preferred equity investment in Consolidated VIE (6) | (14,103) | (11,706) | ||||||||||||
Net equity investment in Consolidated JVs and disposal group held for sale | $ | 197,737 | $ | 236,323 | ||||||||||
| March 31, 2024 | ||||||||||||||||||||
| State | Property Count | Ownership Interest | Fair Value | |||||||||||||||||
| Texas | 2 | 70% | $ | 1,670 | ||||||||||||||||
| December 31, 2023 | ||||||||||||||||||||
| State | Property Count | Ownership Interest | Fair Value | |||||||||||||||||
| Texas | 2 | 70% | $ | 5,720 | ||||||||||||||||
| Market | Property Count | Occupancy % | Units | Rent per Unit (1) | LTV (2) | |||||||||||||||||||||||||||
| Apopka, FL | 1 | 91.7 | % | 240 | $ | 1,740 | 77.5 | % | ||||||||||||||||||||||||
| Beaufort, SC | 1 | 93.1 | % | 248 | 1,558 | 71.8 | % | |||||||||||||||||||||||||
| Birmingham, AL | 1 | 93.7 | % | 429 | 1,333 | 75.9 | % | |||||||||||||||||||||||||
| Brandon, FL | 1 | 82.8 | % | 285 | 1,613 | 77.8 | % | |||||||||||||||||||||||||
| Collierville, TN | 1 | 85.8 | % | 324 | 1,514 | 87.5 | % | |||||||||||||||||||||||||
| Columbia, SC | 1 | 93.5 | % | 276 | 1,184 | 83.3 | % | |||||||||||||||||||||||||
| Dallas, TX | 2 | 92.8 | % | 401 | 1,888 | 83.4 | % | |||||||||||||||||||||||||
| Houston, TX | 2 | 93.6 | % | 392 | 1,181 | 77.6 | % | |||||||||||||||||||||||||
| Kissimmee, FL | 1 | 89.1 | % | 320 | 1,785 | 77.7 | % | |||||||||||||||||||||||||
| Little Rock, AR | 1 | 95.0 | % | 202 | 1,326 | 87.9 | % | |||||||||||||||||||||||||
| Louisville, KY | 1 | 93.7 | % | 300 | 1,397 | 82.6 | % | |||||||||||||||||||||||||
| Memphis, TN | 1 | 66.5 | % | (3) | 242 | 1,087 | 75.0 | % | ||||||||||||||||||||||||
| Montgomery, AL | 1 | 89.7 | % | 252 | 1,004 | 77.0 | % | |||||||||||||||||||||||||
| Oklahoma City, OK | 2 | 87.5 | % | 957 | 776 | 76.0 | % | |||||||||||||||||||||||||
| Orlando, FL | 1 | 93.6 | % | 220 | 1,579 | 76.4 | % | |||||||||||||||||||||||||
| San Antonio, TX | 2 | 91.2 | % | 684 | 1,278 | 85.9 | % | |||||||||||||||||||||||||
| St. Petersburg, FL | 1 | 96.6 | % | 326 | 2,467 | 71.9 | % | |||||||||||||||||||||||||
| Tampa, FL | 1 | 80.8 | % | 400 | 1,701 | 77.6 | % | |||||||||||||||||||||||||
| Webster, TX | 1 | 90.2 | % | 366 | 961 | 78.2 | % | |||||||||||||||||||||||||
| Total Count/Average | 23 | 89.5 | % | 6,864 | $ | 1,382 | 78.8 | % | ||||||||||||||||||||||||
| Market | Property Count | Occupancy % | Units | Rent per Unit (1) | LTV (2) | |||||||||||||||||||||||||||
| Birmingham, AL | 1 | 92.4 | % | 264 | $ | 1,703 | 66.6 | % | ||||||||||||||||||||||||
| Fort Myers, FL | 1 | 91.1 | % | 338 | 1,534 | 78.1 | % | |||||||||||||||||||||||||
| Pensacola, FL | 1 | 88.3 | % | 240 | 1,419 | 76.2 | % | |||||||||||||||||||||||||
| Total Count/Average | 3 | 90.7 | % | 842 | $ | 1,556 | 74.0 | % | ||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
| Strategy | Ownership Interest | Fair Value | Ownership Interest | Fair Value | ||||||||||||||||||||||||||||
Constructive Loans, LLC | Residential Loans | 50% | $ | 35,465 | 50% | $ | 37,154 | |||||||||||||||||||||||||
| Total | $ | 35,465 | $ | 37,154 | ||||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | |||||||||||||
| 8.000% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | $ | 147,745 | $ | 147,745 | ||||||||||
| 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | 177,697 | 177,697 | ||||||||||||
| 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | 138,418 | 138,418 | ||||||||||||
| 7.000% Series G Cumulative Redeemable Preferred Stock | 71,585 | 71,585 | ||||||||||||
| Common stock | 912 | 907 | ||||||||||||
| Additional paid-in capital | 2,289,452 | 2,297,081 | ||||||||||||
| Accumulated other comprehensive loss | — | (4) | ||||||||||||
| Accumulated deficit | (1,340,553) | (1,253,817) | ||||||||||||
| Company's stockholders' equity | $ | 1,485,256 | $ | 1,579,612 | ||||||||||
| Changes in Interest Rates (basis points) | Changes in Adjusted Net Interest Income (1) (2) | |||||||
| +200 | $ | (50,950) | ||||||
| +100 | $ | (25,450) | ||||||
| -100 | $ | 25,365 | ||||||
| -200 | $ | 50,669 | ||||||
| Fair Value Changes | ||||||||||||||
| Changes in Interest Rates | Changes in Fair Value (1) | Percentage Change in Portfolio Fair Value (1) | ||||||||||||
| (basis points) | (dollar amounts in thousands) | |||||||||||||
| +200 | $(130,566) | (2.91)% | ||||||||||||
| +100 | $(71,584) | (1.59)% | ||||||||||||
| Base | — | |||||||||||||
| -100 | $85,828 | 1.91% | ||||||||||||
| -200 | $120,941 | 2.69% | ||||||||||||
Exhibit | Description | |||||||
Articles of Amendment and Restatement of the Company, as amended (Incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2023). | ||||||||
Third Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 22, 2022). | ||||||||
Articles Supplementary designating the Company’s 7.75% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (Incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 31, 2013). | ||||||||
Articles Supplementary classifying and designating 2,550,000 additional shares of the Series B Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2015). | ||||||||
Articles Supplementary classifying and designating the Company's 7.875% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) (Incorporated by reference to Exhibit 3.5 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on April 21, 2015). | ||||||||
Articles Supplementary classifying and designating the Company's 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series D Preferred Stock”) (Incorporated by reference to Exhibit 3.6 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 10, 2017). | ||||||||
Articles Supplementary classifying and designating 2,460,000 additional shares of the Series C Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2019). | ||||||||
Articles Supplementary classifying and designating 2,650,000 additional shares of the Series D Preferred Stock (Incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 29, 2019). | ||||||||
Articles Supplementary classifying and designating the Company's 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”) (Incorporated by reference to Exhibit 3.9 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 15, 2019). | ||||||||
Articles Supplementary classifying and designating 3,000,000 additional shares of the Series E Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 27, 2019). | ||||||||
Articles Supplementary classifying and designating the Company’s 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”) (Incorporated by reference to Exhibit 3.9 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on July 6, 2021). | ||||||||
Articles Supplementary reclassifying and designating 6,600,000 authorized but unissued shares of the Series C Preferred Stock as additional shares of undesignated preferred stock, $0.01 par value per share, of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 5, 2021). | ||||||||
Articles Supplementary classifying and designating 2,000,000 additional shares of the Series F Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2021). | ||||||||
Articles Supplementary classifying and designating the Company’s 7.000% Series G Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”) (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on November 23, 2021). | ||||||||
Articles Supplementary reclassifying and designating 6,000,000 authorized but unissued shares of the Series B Preferred Stock as additional shares of undesignated preferred stock, $0.01 par value per share, of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021). | ||||||||
Articles Supplementary classifying and designating 2,000,000 additional shares of the Series G Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 2, 2022). | ||||||||
| Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11 (Registration No. 333-111668) filed with the Securities and Exchange Commission on June 18, 2004). | ||||||||
Form of Certificate representing the Series D Preferred Stock (Incorporated by reference to Exhibit 3.7 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 10, 2017). | ||||||||
Form of Certificate representing the Series E Preferred Stock (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on October 15, 2019). | ||||||||
| Form of Certificate representing the Series F Preferred Stock (Incorporated by reference to Exhibit 3.10 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on July 6, 2021). | ||||||||
Form of Certificate representing the Series G Preferred Stock (Incorporated by reference to Exhibit 3.11 to the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on November 23, 2021). | ||||||||
Indenture, dated January 23, 2017, between the Company and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2017). | ||||||||
| Indenture, dated as of April 27, 2021, between the Company and UMB Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2021). | ||||||||
Form of 5.75% Senior Notes due 2026 (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 27, 2021). | ||||||||
Certain instruments defining the rights of holders of long-term debt securities of the Company and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the Securities and Exchange Commission, upon request, copies of any such instruments. | ||||||||
10.1*† | Form of 2024 Performance Stock Unit Award Agreement. | |||||||
10.2*† | Form of 2024 Restricted Stock Unit Award Agreement. | |||||||
10.3*† | The Company's 2024 Annual Incentive Plan. | |||||||
31.1* | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
31.2* | Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
32.1** | Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
101.INS*** | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH*** | Taxonomy Extension Schema Document | |||||||
101.CAL*** | Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF XBRL*** | Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB*** | Taxonomy Extension Label Linkbase Document | |||||||
101.PRE*** | Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | The cover page for the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (formatted in Inline XBRL and contained in Exhibit 101). | |||||||
| NEW YORK MORTGAGE TRUST, INC. | |||||||||||
| Date: | May 3, 2024 | By: | /s/ Jason T. Serrano | ||||||||
| Jason T. Serrano | |||||||||||
| Chief Executive Officer | |||||||||||
| (Principal Executive Officer) | |||||||||||
| Date: | May 3, 2024 | By: | /s/ Kristine R. Nario-Eng | ||||||||
| Kristine R. Nario-Eng | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
| Participant: | [●] | |||||||
Date of Grant: | [●], 2024 | |||||||
Award Type and Description: | Performance Award granted pursuant to Article X of the Plan. This Award represents the right to receive shares of Common Stock in an amount up to 200% of the Target PSUs (defined below), subject to the terms and conditions set forth herein and in the Agreement. | |||||||
Your right to receive settlement of this Award in an amount ranging from 0% to 200% of the Target PSUs shall vest and become earned and nonforfeitable upon (i) your satisfaction of the continued employment or service requirements described below under “Service Requirement” and (ii) the Committee’s certification of the level of achievement of the Performance Goal (defined below). The portion of the Target PSUs actually earned upon satisfaction of the foregoing requirements is referred to herein as the “Earned PSUs." | ||||||||
Target Number of PSUs: | [●] (the “Target PSUs”). | |||||||
Performance Period: | January 1, 2024 (the “Performance Period Commencement Date”) through December 31, 2026 (the “Performance Period End Date”). The period described in the preceding sentence is referred to herein as the “Performance Period.” | |||||||
Service Requirement: | Except as expressly provided in Sections 3 and 4 of the Agreement, you must remain continuously employed by, or continuously provide services to, the Company or an Affiliate, as applicable, from the Date of Grant through the Performance Period End Date to be eligible to receive payment of this Award, which is based on the level of achievement with respect to the Performance Goal (as defined below). | |||||||
Performance Goal: | Subject to the terms and conditions set forth in the Plan, the Agreement and herein, the number of Target PSUs, if any, that become Earned PSUs during the Performance Period will be determined in accordance with the following table: | |||||||
| Level of Achievement | Percentage of Target PSUs Earned* | |||||||
| < Threshold | 0% | |||||||
| Threshold | 50% | |||||||
| Target | 100% | |||||||
| Maximum | 200% | |||||||
* The percentage of Target PSUs that become Earned PSUs for performance between the threshold, target, and maximum achievement levels shall be calculated using linear interpolation. | ||||||||
The “Performance Goal” for the Performance Period is based on the Company’s achievement with respect to relative total shareholder return, as described in Exhibit B attached hereto. Notwithstanding the foregoing, in the event that the Company’s absolute total shareholder return is negative for the Performance Period, the number of Target PSUs that become Earned PSUs shall not exceed 100% of the Target PSUs regardless of the Company’s achievement with respect to relative total shareholder return. | ||||||||
Settlement: | Settlement of the Earned PSUs shall be made solely in shares of Common Stock, which shall be delivered to you in accordance with Section 6 of the Agreement. | |||||||
IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above. | |||||||||||
New York Mortgage Trust, Inc. | |||||||||||
| By: | |||||||||||
| Name: | |||||||||||
| Title: | |||||||||||
PARTICIPANT | |||||||||||
Name: | |||||||||||
[●] | |||||||||||
| Level | Relative TSR Performance (Percentile Rank vs. Peers) | Earned PSUs (% of Target)*^ | ||||||
| < Threshold | < 25th Percentile | 0% | ||||||
| Threshold | 25th Percentile | 50% | ||||||
| Target | 55th Percentile | 100% | ||||||
| ≥ Maximum | ≥ 75th Percentile | 200% | ||||||
| Ticker Symbol | Name | ||||
| MITT | AG Mortgage Investment Trust | ||||
| AGNC | AGNC Investment Corp | ||||
| NLY | Annaly Capital Management | ||||
| ARR | ARMOUR Residential REIT, Inc. | ||||
| CHMI | Cherry Hill Mortgage Investment Corporation | ||||
| CIM | Chimera Investment Corporation | ||||
| DX | Dynex Capital, Inc. | ||||
| EFC | Ellington Financial Inc. | ||||
| AJX | Great Ajax | ||||
| IVR | Invesco Mortgage Capital Inc. | ||||
| MFA | MFA Financial, Inc. | ||||
| RITM | Rithm Capital Corp. | ||||
| ORC | Orchid Island Capital, Inc. | ||||
| PMT | PennyMac Mortgage Investment Trust | ||||
| RWT | Redwood Trust, Inc. | ||||
| RC | Ready Capital Corp. | ||||
| TWO | Two Harbors Investment Corp. | ||||
New York Mortgage Trust, Inc. | |||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: | |||||||||||
PARTICIPANT | |||||||||||
Name: | [●] | ||||||||||
| Absolute TER Measure Hurdles | Payout as a % of Target Bonus Upon Achievement of Absolute TER Measure Hurdles | ||||
| Less than 4% | 0% | ||||
| 4% | 50% | ||||
| 9% | 100% | ||||
| 14% | 200% | ||||
| Ticker Symbol | Name | ||||
| MITT | AG Mortgage Investment Trust | ||||
| AGNC | AGNC Investment Corp | ||||
| NLY | Annaly Capital Management | ||||
| ARR | ARMOUR Residential REIT, Inc. | ||||
| CHMI | Cherry Hill Mortgage Investment Corporation | ||||
| CIM | Chimera Investment Corporation | ||||
| DX | Dynex Capital, Inc. | ||||
| EFC | Ellington Financial Inc. | ||||
| AJX | Great Ajax | ||||
| IVR | Invesco Mortgage Capital Inc. | ||||
| MFA | MFA Financial, Inc. | ||||
| RITM | Rithm Capital Corp. | ||||
| ORC | Orchid Island Capital, Inc. | ||||
| PMT | PennyMac Mortgage Investment Trust | ||||
| RWT | Redwood Trust, Inc. | ||||
| RC | Ready Capital Corp. | ||||
| TWO | Two Harbors Investment Corp. | ||||
| Relative TER Measure Hurdles | Payout as a % of Target Bonus Upon Achievement of Relative TER Measure Hurdles (2) | ||||
| Less than 25% | 0% | ||||
| 25% | 50% | ||||
| 55% | 100% | ||||
| 75% | 200% | ||||
| Qualitative Component Hurdles | Payout as a % of Target Bonus Upon Achievement of Qualitative Component Hurdles (1) | |||||||
Below Threshold | 0% | |||||||
| Threshold | 50% | |||||||
| Target | 100% | |||||||
| Maximum | 200% | |||||||
| Name | Bonus Award Target Amount Expressed as a Multiple of Base Salary | |||||||
Jason Serrano..................................................................... | 2.5x | |||||||
Nick Mah........................................................................... | 2.5x | |||||||
Kristine Nario-Eng............................................................. | 1.35x | |||||||
| Date: | May 3, 2024 | |||||||
| /s/ Jason T. Seranno | ||||||||
| Jason T. Serrano | ||||||||
| Chief Executive Officer (Principal Executive Officer) | ||||||||
| Date: | May 3, 2024 | |||||||
| /s/ Kristine R. Nario-Eng | ||||||||
| Kristine R. Nario-Eng | ||||||||
| Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||||
| Date: | May 3, 2024 | |||||||
| /s/ Jason T. Serrano | ||||||||
| Jason T. Serrano | ||||||||
| Chief Executive Officer (Principal Executive Officer) | ||||||||
| Date: | May 3, 2024 | |||||||
| /s/ Kristine R. Nario-Eng | ||||||||
| Kristine R. Nario-Eng | ||||||||
| Chief Financial Officer (Principal Financial and Accounting Officer) | ||||||||