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Fair Value (Tables)

9 Months Ended

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						—

X

- 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

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- References

No definition available.

+ Details

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X

- 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

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