Real Estate Securities (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025.

Table 9.1 – Fair Value of Real Estate Securities by Type

(In Thousands)	March 31, 2026		December 31, 2025
Trading	$	182,137	$	135,459
AFS	294,250		287,557
Total Real Estate Securities	$	476,387	$	423,016

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 March 31, 2026 and December 31, 2025.

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

	March 31, 2026		December 31, 2025
(In Thousands)	Subordinate		Subordinate
Amortized cost	$	271,082	$	260,381
Gross unrealized gains	30,721		31,334
Gross unrealized losses	(3,194)		(3,092)
Allowance for credit losses	(4,359)		(1,066)
Total Carrying Value	$	294,250	$	287,557

	March 31, 2026		December 31, 2025
(In Thousands)	Subordinate		Subordinate
Other third-party securities	$	192,610	$	185,737
Sequoia securities	101,640		101,820
Total Fair Value	$	294,250	$	287,557

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 March 31, 2026 and December 31, 2025.

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)
March 31, 2026	$	—	$	—	$	21,969	$	(3,194)
December 31, 2025	—		—		22,079		(3,092)

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 months ended March 31, 2026 and 2025.

Table 9.4 – Rollforward of Allowance for Credit Losses

	Three Months Ended March 31,
(In Thousands)	2026		2025
Beginning balance allowance for credit losses	$	1,066	$	921
Additional increase (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	3,293		(67)
Ending balance of allowance for credit losses	$	4,359	$	854