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v3.25.3

Real Estate Securities (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024. Table 9.1 – Fair Value of Real Estate Securities by Type
(In Thousands) |  | September 30, 2025 |  | December 31, 2024
Trading |  | $ | 134,546 |  |  | $ | 193,749 |
AFS |  | 284,372 |  |  | 211,474 |
Total Real Estate Securities |  | $ | 418,918 |  |  | $ | 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 September 30, 2025 and December 31, 2024. Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
September 30, 2025 |  |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total |
Amortized cost |  | $ | — |  |  | $ | — |  |  | $ | 259,915 |  |  | $ | 259,915 |  |
Gross unrealized gains |  | — |  |  | — |  |  | 29,104 |  |  | 29,104 |  |
Gross unrealized losses |  | — |  |  | — |  |  | (3,852) |  |  | (3,852) |  |
Allowance for credit losses |  | — |  |  | — |  |  | (795) |  |  | (795) |  |
Total Carrying Value |  | $ | — |  |  | $ | — |  |  | $ | 284,372 |  |  | $ | 284,372 |  |
December 31, 2024 |  |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total |
Amortized cost |  | $ | 39,135 |  |  | $ | 31,250 |  |  | $ | 121,053 |  |  | $ | 191,438 |  |
Gross unrealized gains |  | 230 |  |  | 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 |  |
September 30, 2025 |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total
Other third-party securities |  | $ | — |  |  | $ | — |  |  | $ | 185,983 |  |  | $ | 185,983 |
Sequoia securities |  | — |  |  | — |  |  | 98,389 |  |  | 98,389 |
Total Fair Value |  | $ | — |  |  | $ | — |  |  | $ | 284,372 |  |  | $ | 284,372 |
December 31, 2024 |  |  |  |  |  |  |  |
(In Thousands) |  | Senior |  | Mezzanine |  | Subordinate |  | Total
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 September 30, 2025 and December 31, 2024. 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, 2025 |  | $ | — |  |  | $ | — |  |  |  |  | $ | 21,315 |  |  | $ | (3,852) |  |  |
December 31, 2024 |  | 30,351 |  |  | (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 and nine months ended September 30, 2025 and 2024. Table 9.4 – Rollforward of Allowance for Credit Losses
|  | Three Months Ended September 30,
(In Thousands) |  | 2025 |  | 2024
Beginning balance allowance for credit losses |  | $ | 839 |  |  | $ | 1,339 |
Additions to allowance for credit losses on securities for which credit losses were not previously recorded |  | — |  |  | 25 |
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period |  | (44) |  |  | (497) |
Ending balance of allowance for credit losses |  | $ | 795 |  |  | $ | 867 |
|  | Nine Months Ended September 30,
(In Thousands) |  | 2025 |  | 2024
Beginning balance allowance for credit losses |  | $ | 921 |  |  | $ | 2,482 |
Additions to allowance for credit losses on securities for which credit losses were not previously recorded |  | — |  |  | 25 |
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period |  | (126) |  |  | (1,640) |
Ending balance of allowance for credit losses |  | $ | 795 |  |  | $ | 867 |

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