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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis | Recurring financial assets and liabilities measured and carried at fair value by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 ($ in thousands):
|  |  |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2024 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Recurring financial assets |  |  |  |  |  |  |  |
Investment in debt securities available-for-sale |  | $ | 166,650 |  |  | $ | — |  |  | $ | 166,650 |  |  | $ | — |
Investment in equity securities at fair value |  | 21,918 |  |  | — |  |  | 21,918 |  |  | — |
|  |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Recurring financial assets |  |  |  |  |  |  |  |
Investment in debt securities available-for-sale |  | $ | 131,558 |  |  | $ | — |  |  | $ | 131,558 |  |  | $ | — |
Recurring financial liabilities |  |  |  |  |  |  |  |
Warrant liability |  | $ | 16,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,644 |
Schedule Of Fair Value Of Financial Assets And Liabilities | The following tables set forth the fair value of financial instruments by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 ($ in thousands):
|  |  |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2024 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Financial assets |  |  |  |  |  |  |  |
Mortgage loans held-for-investment, net |  | $ | 403,056 |  |  | $ | — |  |  | $ | — |  |  | $ | 366,296 |
Mortgage loans held-for-sale, net |  | 31,315 |  |  | — |  |  | — |  |  | 31,315 |
Investment in debt securities held-to-maturity |  | 47,144 |  |  | — |  |  | 45,058 |  |  | — |
Investment in beneficial interests |  | 88,996 |  |  | — |  |  | — |  |  | 64,185 |
Investment in Former Manager |  | 538 |  |  | — |  |  | — |  |  | 538 |
Financial liabilities |  |  |  |  |  |  |  |
Secured borrowings, net |  | $ | 266,776 |  |  | $ | — |  |  | $ | 247,601 |  |  | $ | — |
Borrowings under repurchase transactions |  | 231,464 |  |  | — |  |  | 231,464 |  |  | — |
Notes payable, net |  | 107,432 |  |  | — |  |  | 110,100 |  |  | — |
|  |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Financial assets |  |  |  |  |  |  |  |
Mortgage loans held-for-investment, net |  | $ | 864,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 770,419 |
Mortgage loans held-for-sale, net |  | 55,718 |  |  | — |  |  | — |  |  | 60,444 |
Investment in debt securities held-to-maturity |  | 59,691 |  |  | — |  |  | 59,173 |  |  | — |
Investment in beneficial interests |  | 104,162 |  |  | — |  |  | — |  |  | 81,316 |
Investment in Former Manager |  | 440 |  |  | — |  |  | — |  |  | 4,527 |
Investment in Gaea |  | 22,241 |  |  | — |  |  | — |  |  | 21,678 |
Investment in other affiliates |  | 5,319 |  |  | — |  |  | 2,335 |  |  | 674 |
Financial liabilities |  |  |  |  |  |  |  |
Secured borrowings, net |  | $ | 411,212 |  |  | $ | — |  |  | $ | 370,882 |  |  | $ | — |
Borrowings under repurchase transactions |  | 375,745 |  |  | — |  |  | 375,745 |  |  | — |
Convertible senior notes |  | 103,516 |  |  | 101,777 |  |  | — |  |  | — |
Notes payable, net |  | 106,844 |  |  | — |  |  | 103,697 |  |  | — |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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