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Real Estate Securities (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023.
Table 9.1 – Fair Values of Real Estate Securities by Type
(In Thousands)December 31, 2024December 31, 2023
Trading$193,749 $40,424 
Available-for-sale211,474 87,373 
Total Real Estate Securities$405,223 $127,797 
Schedule of Carrying Value and Fair Value of AFS Securities by Type
The following tables present the detail of our AFS securities, by position and collateral type, at December 31, 2024 and 2023.
Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
December 31, 2024
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$39,135 $31,250 $121,053 $191,438 
Gross unrealized gains230 668 25,733 26,631 
Gross unrealized losses— (51)(5,623)(5,674)
Allowance for credit losses— — (921)(921)
Total Carrying Value$39,365 $31,867 $140,242 $211,474 
December 31, 2023
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$— $— $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 
December 31, 2024
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$39,365 $28,948 $40,191 $108,504 
Multifamily securities— 2,919 8,830 11,749 
Sequoia securities— — 91,221 91,221 
Total Fair Value$39,365 $31,867 $140,242 $211,474 
December 31, 2023
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$— $— $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 AFS Securities in Gross Unrealized Loss Position 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 December 31, 2024 and 2023.
Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods
Less Than 12 Consecutive Months12 Consecutive Months or Longer
Fair
Value		Unrealized
Losses		Fair ValueUnrealized
Losses
(In Thousands)
December 31, 2024$30,351 $(391)$19,817 $(5,283)
December 31, 20232,374 (128)27,299 (6,625)
Schedule of Rollforward of Allowance for Credit Losses
The following table details the activity related to the allowance for credit losses for AFS securities for the years ended December 31, 2024 and 2023.
Table 9.4 – Rollforward of Allowance for Credit Losses
Year EndedYear Ended
(In Thousands)December 31, 2024December 31, 2023
Beginning balance allowance for credit losses$2,482 $2,540 
Additions to allowance for credit losses on securities for which credit losses were not previously recorded88 300 
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period(1,649)(50)
Reduction to allowance for securities sold during the period— (308)
Ending balance of allowance for credit losses$921 $2,482