v3.26.1
Real Estate Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025.
Table 9.1 – Fair Value of Real Estate Securities by Type
(In Thousands)June 30, 2026December 31, 2025
Trading$193,550 $135,459 
AFS287,347 287,557 
Total Real Estate Securities$480,897 $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 June 30, 2026 and December 31, 2025.
Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
June 30, 2026December 31, 2025
(In Thousands)SubordinateSubordinate
Amortized cost$271,546 $260,381 
Gross unrealized gains30,092 31,334 
Gross unrealized losses(3,286)(3,092)
Allowance for credit losses(11,005)(1,066)
Total Carrying Value$287,347 $287,557 
June 30, 2026December 31, 2025
(In Thousands)SubordinateSubordinate
Other third-party securities$185,928 $185,737 
Sequoia securities101,419 101,820 
Total Fair Value$287,347 $287,557 
Schedule of AFS Securities in Gross Unrealized Loss Position by Holding Periods
The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at June 30, 2026 and December 31, 2025.
Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods
Less Than 12 Consecutive Months12 Consecutive Months or Longer
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In Thousands)
June 30, 2026$— $— $21,878 $(3,286)
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 and six months ended June 30, 2026 and 2025.
Table 9.4 – Rollforward of Allowance for Credit Losses
Three Months Ended June 30,
(In Thousands)20262025
Beginning balance allowance for credit losses$4,359 $854 
Additional increase (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period6,646 (15)
Ending balance of allowance for credit losses$11,005 $839 
Six Months Ended June 30,
(In Thousands)20262025
Beginning balance allowance for credit losses$1,066 $921 
Additional increase (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period9,939 (82)
Ending balance of allowance for credit losses$11,005 $839