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Real Estate Securities (Tables)
 9 Months Ended
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, 2025December 31, 2024
Trading$134,546 $193,749 
AFS284,372 211,474 
Total Real Estate Securities$418,918 $405,223 
Schedule of Carrying Value and Fair Value of AFS Securities by Type
The following tables present the detail of our AFS securities, by position and collateral type, at September 30, 2025 and December 31, 2024.
Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
September 30, 2025
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$— $— $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)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 $211,474 
September 30, 2025
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$— $— $185,983 $185,983 
Sequoia securities— — 98,389 98,389 
Total Fair Value$— $— $284,372 $284,372 
December 31, 2024
(In Thousands)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 $211,474 
Schedule of AFS Securities in Gross Unrealized Loss Position by Holding Periods
The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at September 30, 2025 and December 31, 2024.
Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods
Less Than 12 Consecutive Months12 Consecutive Months or Longer
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In Thousands)
September 30, 2025$— $— $21,315 $(3,852)
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 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)20252024
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)20252024
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