v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Notes The following tables present a summary of the Company's CDOs as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):
December 31, 2025
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1) (2)
Stated Maturity (3)
Consolidated SLST at fair value (4)
$1,055,791 $1,006,919 3.30 %2059 - 2065
Residential loan securitizations at fair value (4)
2,103,164 2,075,962 5.35 %2029 - 2069
Residential loan securitizations at amortized cost, net
363,712 363,645 3.74 %2035 - 2061
Non-Agency RMBS re-securitization at fair value (4)
65,331 65,276 7.38 %2064
Total collateralized debt obligations$3,587,998 $3,511,802 

December 31, 2024
Outstanding Face AmountCarrying Value
Weighted Average Interest Rate (1)(2)
Stated Maturity (3)
Consolidated SLST at fair value (4)
$867,004 $811,591 3.49 %2059 - 2064
Residential loan securitizations at fair value (4)
1,281,896 1,253,332 5.72 %2029 - 2069
Residential loan securitizations at amortized cost, net
850,547 842,764 4.35 %2027 - 2062
Non-Agency RMBS re-securitization at fair value (4)
70,867 70,757 7.38 %2064
Total collateralized debt obligations$3,070,314 $2,978,444 

(1)Weighted average interest rate is calculated using the outstanding face amount and stated interest rate of notes issued by the securitization and not owned by the Company.
(2)Certain of the Company's CDOs contain interest rate step-up features whereby the interest rate increases if the outstanding notes are not redeemed by expected redemption dates, as defined in the respective governing documents. As of December 31, 2025, CDOs with an aggregate outstanding face amount of $1.9 billion contain an interest rate step-up feature whereby the interest rate increases by either 1.00%, 1.50%, or 3.00% on defined dates ranging between 24 months and 48 months after issuance, if the notes are not redeemed before such dates.
(3)The actual maturity of the Company's CDOs are primarily determined by the rate of principal prepayments on the assets of the issuing entity. The CDOs are also subject to redemption prior to the stated maturity according to the terms of the respective governing documents. As a result, the actual maturity of the CDOs may occur earlier than the stated maturity.
(4)The Company has elected the fair value option for CDOs issued by Consolidated SLST, residential loan securitizations completed after January 1, 2024 and a non-Agency RMBS re-securitization (see Note 17). See Note 7 for unrealized gains or losses recognized on CDOs issued by Consolidated SLST. For the years ended December 31, 2025 and 2024, the Company recognized $23.1 million and $1.5 million in net unrealized losses, respectively, on residential loan securitizations and a non-Agency RMBS re-securitization at fair value, which are included in unrealized gains (losses), net on the accompanying consolidated statements of operations.
The following table presents a summary of the Senior Unsecured Notes as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):

December 31, 2025December 31, 2024
Outstanding Face Amount
Carrying Value
Outstanding Face Amount
Carrying Value
9.875% 2030 Senior Notes at fair value
$115,000 $118,496 $— $— 
9.125% 2030 Senior Notes at fair value
82,500 82,431 — — 
2029 Senior Notes at fair value
60,000 59,925 60,000 60,310 
2026 Senior Notes at amortized cost, net
100,000 99,585 100,000 98,886 
Total Senior Unsecured Notes
$357,500 $360,437 $160,000 $159,196 
Schedule of Key Term and Mortgage Payable in Consolidated VIE The following table presents a summary of the key terms of the notes carried at fair value as of December 31, 2025:
Interest Rate
First Interest Payment Date
Maturity Date
Optional Redemption Date
9.875% 2030 Senior Notes at fair value
9.875 %October 1, 2025October 1, 2030October 1, 2027
9.125% 2030 Senior Notes at fair value
9.125 %April 1, 2025April 1, 2030April 1, 2027
2029 Senior Notes at fair value
9.125 %October 1, 2024July 1, 2029July 1, 2026
The following table presents detailed information for these mortgages payable on real estate as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):
Maximum Committed Mortgage Principal AmountOutstanding Mortgage BalanceNet Deferred Finance Cost
Mortgage Payable, Net (1)
Stated Maturity
Weighted Average Interest Rate (2) (3)
December 31, 2025$333,332 $333,332 $(1,201)$332,131 2026 - 20324.46 %
December 31, 2024368,158 368,158 (1,552)366,606 2026 - 20324.48 %

(1)The Company repositioned its business through the opportunistic disposition over time of the Company's joint venture equity investments in multi-family properties and reallocation of its capital away from such assets to its targeted assets. Accordingly, mortgages payable on real estate related to certain joint venture equity investments in multi-family properties are included in liabilities of disposal group held for sale on the accompanying consolidated balance sheets as of December 31, 2024. See Note 9 for additional information.
(2)Weighted average interest rate is calculated using the outstanding mortgage balance and interest rate as of the date indicated.
(3)For variable-rate mortgages payable, the applicable entities, as required by the loan agreements, entered into interest rate cap contracts with counterparties that limit the indexed portion of the interest rate to a fixed rate. See Note 10 for additional information.
Schedule of Debt Instrument Redemption After April 30, 2023, the Company has the right to redeem the 2026 Senior Notes, in whole or in part, at 100% of the principal amount of the 2026 Senior Notes to be redeemed, plus accrued but unpaid interest, if any, to, but excluding, the redemption date, plus an amount equal to the principal amount of such 2026 Senior Notes multiplied by a date-dependent multiple as detailed in the following table:
Redemption PeriodMultiple
April 30, 2023 - April 29, 2024
2.875 %
April 30, 2024 - April 29, 2025
1.4375 %
April 30, 2025 - April 29, 2026
— 
Schedule of Subordinated Debentures
The following table summarizes the key details of the Company’s subordinated debentures as of December 31, 2025 and 2024 (dollar amounts in thousands):

NYM Preferred Trust INYM 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 maturityMarch 30, 2035October 30, 2035
Schedule of Components of Interest Income and Interest Expense
The following table details the components of the Company's interest income and interest expense for the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands):
For the Years Ended December 31,
202520242023
Interest income
Investment securities available for sale$316,737 $163,977 $57,514 
Residential loans
Residential loans34,347 50,266 54,188 
Consolidated SLST50,970 39,194 34,061 
Residential loans held in securitization trusts179,178 129,905 97,492 
Total residential loans
264,495 219,365 185,741 
Residential loans held for sale5,244 — — 
Multi-family loans
8,528 10,589 10,519 
Other
6,944 7,349 4,886 
Total interest income601,948 401,280 258,660 
Interest expense
Repurchase agreements and warehouse facilities
253,960 183,285 91,814 
Collateralized debt obligations
Consolidated SLST37,547 26,491 24,506 
Residential loan securitizations127,333 91,884 65,184 
Non-Agency RMBS re-securitization5,007 2,221 — 
Total collateralized debt obligations
169,887 120,596 89,690 
Senior unsecured notes24,998 9,308 6,476 
Subordinated debentures3,802 4,236 4,154 
Total interest expense452,647 317,425 192,134 
Net interest income$149,301 $83,855 $66,526 
Schedule of Maturities of Long-term Debt
The Company's CDOs as of December 31, 2025 had stated maturities as follows:

Year Ending December 31,Total
2026
$— 
2027
— 
2028
— 
2029
225,000 
2030
12,546 
Thereafter3,350,452 
Total$3,587,998 
As of December 31, 2025, maturities for debt on the Company's consolidated balance sheet are as follows (dollar amounts in thousands):

Year Ending December 31,Total
2026$125,461 
2027— 
2028— 
2029279,113 
2030197,500 
Thereafter133,758 
   Total$735,832