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Real Estate Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Values of Real Estate Securities by Type | The following table presents the fair values of our real estate securities by type at September 30, 2024 and December 31, 2023. Table 9.1 – Fair Value of Real Estate Securities by Type
(In Thousands) |  | September 30, 2024 |  | December 31, 2023
Trading |  | $ | 128,780 |  |  | $ | 40,424 |
Available-for-sale |  | 205,361 |  |  | 87,373 |
Total Real Estate Securities |  | $ | 334,141 |  |  | $ | 127,797 |
Schedule of Available-for-Sale Securities by Position and Collateral Type | The following tables present the detail of our AFS securities, by position and collateral type, at September 30, 2024 and December 31, 2023. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
September 30, 2024 |  |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total |
Amortized cost |  | $ | 32,217 |  |  | $ | 34,143 |  |  | $ | 114,181 |  |  | $ | 180,541 |  |
Gross unrealized gains |  | 139 |  |  | 916 |  |  | 28,945 |  |  | 30,000 |  |
Gross unrealized losses |  | — |  |  | — |  |  | (4,313) |  |  | (4,313) |  |
Allowance for credit losses |  | — |  |  | — |  |  | (867) |  |  | (867) |  |
Total Carrying Value |  | $ | 32,356 |  |  | $ | 35,059 |  |  | $ | 137,946 |  |  | $ | 205,361 |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total |
Amortized cost |  | $ | — |  |  | $ | — |  |  | $ | 79,635 |  |  | $ | 79,635 |  |
Gross unrealized gains |  | — |  |  | — |  |  | 16,973 |  |  | 16,973 |  |
Gross unrealized losses |  | — |  |  | — |  |  | (6,753) |  |  | (6,753) |  |
Allowance for credit losses |  | — |  |  | — |  |  | (2,482) |  |  | (2,482) |  |
Total Carrying Value |  | $ | — |  |  | $ | — |  |  | $ | 87,373 |  |  | $ | 87,373 |  |
September 30, 2024 |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total
Other third-party securities |  | $ | 32,356 |  |  | $ | 32,178 |  |  | $ | 38,208 |  |  | $ | 102,742 |
Multifamily securities |  | — |  |  | 2,881 |  |  | 4,504 |  |  | 7,385 |
Sequoia securities |  | — |  |  | — |  |  | 95,234 |  |  | 95,234 |
Total Fair Value |  | $ | 32,356 |  |  | $ | 35,059 |  |  | $ | 137,946 |  |  | $ | 205,361 |
December 31, 2023 |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total
Other third-party securities |  | $ | — |  |  | $ | — |  |  | $ | 3,971 |  |  | $ | 3,971 |
Multifamily securities |  | — |  |  | — |  |  | 4,460 |  |  | 4,460 |
Sequoia securities |  | — |  |  | — |  |  | 78,942 |  |  | 78,942 |
Total Fair Value |  | $ | — |  |  | $ | — |  |  | $ | 87,373 |  |  | $ | 87,373 |
Schedule of Components of Fair Value of Available for Sale Securities by Holding Periods | The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at September 30, 2024 and December 31, 2023. Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods
|  | Less Than 12 Consecutive Months |  | 12 Consecutive Months or Longer
|  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses |  |
(In Thousands) |  |  |  |  |  |
September 30, 2024 |  | $ | 15,077 |  |  | $ | (44) |  |  |  |  | $ | 20,809 |  |  | $ | (4,269) |  |  |
December 31, 2023 |  | 2,374 |  |  | (128) |  |  |  |  | 27,299 |  |  | (6,625) |  |  |
Schedule of Activity of Allowance for Credit Losses for Available-for-sale Securities | The following table details the activity related to the allowance for credit losses for AFS securities for the three and nine months ended September 30, 2024. Table 9.4 – Rollforward of Allowance for Credit Losses
|  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(In Thousands) |  |
Beginning balance allowance for credit losses |  | $ | 1,339 |  |  | $ | 2,482 |
Additions to allowance for credit losses on securities for which credit losses were not previously recorded |  | 25 |  |  | 25 |
Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period |  | (497) |  |  | (1,640) |
Reduction to allowance for securities sold during the period |  | — |  |  | — |
Ending balance of allowance for credit losses |  | $ | 867 |  |  | $ | 867 |

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