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v3.24.3

Fair Value - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023
--- | --- | ---
Financial assets |  |
Mortgage loans held-for-sale, net | $ 31,315 | $ 55,718
Investment in debt securities held-to-maturity | 45,058 | 59,173
Financial liabilities |  |
Borrowings under repurchase transactions | 231,464 | 375,745
Level 1 - Quoted prices in active markets |  |
Financial assets |  |
Mortgage loans held-for-investment, net | 0 | 0
Mortgage loans held-for-sale, net | 0 | 0
Investment in debt securities held-to-maturity | 0 | 0
Financial liabilities |  |
Secured borrowings, net | 0 | 0
Borrowings under repurchase transactions | 0 | 0
Convertible senior notes |  | 101,777
Notes payable, net | 0 | 0
Level 1 - Quoted prices in active markets | Investment in other affiliates |  |
Financial assets |  |
Investments, fair value disclosure |  | 0
Level 1 - Quoted prices in active markets | Investment in Former Manager |  |
Financial assets |  |
Investments, fair value disclosure | 0 | 0
Level 1 - Quoted prices in active markets | Investment in Gaea |  |
Financial assets |  |
Investments, fair value disclosure |  | 0
Level 1 - Quoted prices in active markets | Investment in beneficial interests |  |
Financial assets |  |
Investments, fair value disclosure | 0 | 0
Level 2 - Observable inputs other than Level 1 prices |  |
Financial assets |  |
Mortgage loans held-for-investment, net | 0 | 0
Mortgage loans held-for-sale, net | 0 | 0
Investment in debt securities held-to-maturity | 45,058 | 59,173
Financial liabilities |  |
Secured borrowings, net | 247,601 | 370,882
Borrowings under repurchase transactions | 231,464 | 375,745
Convertible senior notes |  | 0
Notes payable, net | 110,100 | 103,697
Level 2 - Observable inputs other than Level 1 prices | Investment in other affiliates |  |
Financial assets |  |
Investments, fair value disclosure |  | 2,335
Level 2 - Observable inputs other than Level 1 prices | Investment in Former Manager |  |
Financial assets |  |
Investments, fair value disclosure | 0 | 0
Level 2 - Observable inputs other than Level 1 prices | Investment in Gaea |  |
Financial assets |  |
Investments, fair value disclosure |  | 0
Level 2 - Observable inputs other than Level 1 prices | Investment in beneficial interests |  |
Financial assets |  |
Investments, fair value disclosure | 0 | 0
Level 3 - Unobservable inputs |  |
Financial assets |  |
Mortgage loans held-for-investment, net | 366,296 | 770,419
Mortgage loans held-for-sale, net | 31,315 | 60,444
Investment in debt securities held-to-maturity | 0 | 0
Financial liabilities |  |
Secured borrowings, net | 0 | 0
Borrowings under repurchase transactions | 0 | 0
Convertible senior notes |  | 0
Notes payable, net | 0 | 0
Level 3 - Unobservable inputs | Investment in other affiliates |  |
Financial assets |  |
Investments, fair value disclosure |  | 674
Level 3 - Unobservable inputs | Investment in Former Manager |  |
Financial assets |  |
Investments, fair value disclosure | 538 | 4,527
Level 3 - Unobservable inputs | Investment in Gaea |  |
Financial assets |  |
Investments, fair value disclosure |  | 21,678
Level 3 - Unobservable inputs | Investment in beneficial interests |  |
Financial assets |  |
Investments, fair value disclosure | 64,185 | 81,316
Carrying value |  |
Financial assets |  |
Mortgage loans held-for-investment, net | 403,056 | 864,551
Mortgage loans held-for-sale, net | 31,315 | 55,718
Investment in debt securities held-to-maturity | 47,144 | 59,691
Financial liabilities |  |
Secured borrowings, net | 266,776 | 411,212
Borrowings under repurchase transactions | 231,464 | 375,745
Convertible senior notes |  | 103,516
Notes payable, net | 107,432 | 106,844
Carrying value | Investment in other affiliates |  |
Financial assets |  |
Investments, fair value disclosure |  | 5,319
Carrying value | Investment in Former Manager |  |
Financial assets |  |
Investments, fair value disclosure | 538 | 440
Carrying value | Investment in Gaea |  |
Financial assets |  |
Investments, fair value disclosure |  | 22,241
Carrying value | Investment in beneficial interests |  |
Financial assets |  |
Investments, fair value disclosure | $ 88,996 | $ 104,162

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