XML 51 R40.htm IDEA: XBRL DOCUMENT v3.25.1
Real Estate Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.
Table 9.1 – Fair Value of Real Estate Securities by Type
(In Thousands)March 31, 2025December 31, 2024
Trading$171,363 $193,749 
AFS204,602 211,474 
Total Real Estate Securities$375,965 $405,223 
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 March 31, 2025 and December 31, 2024.
Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
March 31, 2025
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$39,106 $29,364 $113,293 $181,763 
Gross unrealized gains212 862 27,506 28,580 
Gross unrealized losses— (29)(4,858)(4,887)
Allowance for credit losses— — (854)(854)
Total Carrying Value$39,318 $30,197 $135,087 $204,602 
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 
March 31, 2025
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$39,318 $30,197 $40,535 $110,050 
Multifamily securities— — — — 
Sequoia securities— — 94,552 94,552 
Total Fair Value$39,318 $30,197 $135,087 $204,602 
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 
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 March 31, 2025 and December 31, 2024.
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
Value		Unrealized
Losses
(In Thousands)
March 31, 2025$28,098 $(205)$20,450 $(4,682)
December 31, 202430,351 (391)19,817 (5,283)
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 three months ended March 31, 2025 and 2024.
Table 9.4 – Rollforward of Allowance for Credit Losses
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(In Thousands)
Beginning balance allowance for credit losses$921 $2,482 
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period(67)(629)
Ending balance of allowance for credit losses$854 $1,853