Real Estate Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and 2024.

Table 9.1 – Fair Value of Real Estate Securities by Type

(In Thousands)	December 31, 2025		December 31, 2024
Trading	$	135,459	$	193,749
AFS	287,557		211,474
Total Real Estate Securities	$	423,016	$	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 December 31, 2025 and 2024.

Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type

December 31, 2025
(In Thousands)	Senior		Mezzanine		Subordinate		Total
Amortized cost	$	—	$	—	$	260,381	$	260,381
Gross unrealized gains	—		—		31,334		31,334
Gross unrealized losses	—		—		(3,092)		(3,092)
Allowance for credit losses	—		—		(1,066)		(1,066)
Total Carrying Value	$	—	$	—	$	287,557	$	287,557
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

December 31, 2025
(In Thousands)	Senior		Mezzanine		Subordinate		Total
Other third-party securities	$	—	$	—	$	185,737	$	185,737
Sequoia securities	—		—		101,820		101,820
Total Fair Value	$	—	$	—	$	287,557	$	287,557
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 December 31, 2025 and 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)
December 31, 2025	$	—	$	—	$	22,079	$	(3,092)
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 years ended December 31, 2025 and 2024.

Table 9.4 – Rollforward of Allowance for Credit Losses

	Year Ended		Year Ended
(In Thousands)	December 31, 2025		December 31, 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	270		88
Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period	(125)		(1,649)
Ending balance of allowance for credit losses	$	1,066	$	921