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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value |
Schedule of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ | ​ | Principal / | ​ | Carrying | ​ | Estimated | ​ | Principal / | ​ | Carrying | ​ | Estimated
​ |  | Notional Amount |  | Value |  | Fair Value |  | Notional Amount |  | Value |  | Fair Value
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and investments, net | ​ | $ | 7,385,929 | ​ | $ | 7,213,915 | ​ | $ | 7,421,181 | ​ | $ | 5,475,082 | ​ | $ | 5,285,868 | ​ | $ | 5,428,141
Loans held-for-sale, net | ​ | ​ | 448,940 | ​ | ​ | 457,647 | ​ | ​ | 469,195 | ​ | ​ | 968,595 | ​ | ​ | 986,919 | ​ | ​ | 1,007,294
Capitalized mortgage servicing rights, net | ​ | ​ | n/a | ​ | ​ | 418,653 | ​ | ​ | 471,275 | ​ | ​ | n/a | ​ | ​ | 379,974 | ​ | ​ | 415,495
Securities held-to-maturity, net | ​ | ​ | 171,001 | ​ | ​ | 114,696 | ​ | ​ | 125,003 | ​ | ​ | 140,124 | ​ | ​ | 95,524 | ​ | ​ | 94,128
Derivative financial instruments | ​ | ​ | 308,421 | ​ |  | 2,387 | ​ |  | 2,387 | ​ | ​ | 865,975 | ​ |  | 3,892 | ​ |  | 3,892
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit and repurchase facilities | ​ | $ | 2,021,412 | ​ | $ | 2,015,188 | ​ | $ | 2,016,291 | ​ | $ | 2,238,722 | ​ | $ | 2,234,883 | ​ | $ | 2,235,668
Collateralized loan obligations | ​ | ​ | 3,506,080 | ​ |  | 3,484,088 | ​ |  | 3,506,460 | ​ | ​ | 2,532,343 | ​ |  | 2,517,309 | ​ |  | 2,495,195
Senior unsecured notes | ​ | ​ | 845,750 | ​ |  | 836,074 | ​ |  | 853,814 | ​ | ​ | 670,750 | ​ |  | 662,843 | ​ |  | 670,117
Convertible senior unsecured notes, net | ​ | ​ | 278,300 | ​ | ​ | 270,917 | ​ | ​ | 304,689 | ​ | ​ | 278,300 | ​ | ​ | 267,973 | ​ | ​ | 280,636
Junior subordinated notes | ​ | ​ | 154,336 | ​ |  | 142,013 | ​ |  | 100,650 | ​ | ​ | 154,336 | ​ |  | 141,656 | ​ |  | 99,594
Derivative financial instruments | ​ | ​ | 36,198 | ​ |  | 393 | ​ |  | 393 | ​ | ​ | 319,142 | ​ |  | 1,221 | ​ |  | 1,221
​
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using Fair
​ | ​ | Carrying | ​ | ​ | ​ | ​ | Value Hierarchy
​ |  | Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments | ​ | $ | 2,387 | ​ | $ | 2,387 | ​ | $ | — | ​ | $ | 2,263 | ​ | $ | 124
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments | ​ | $ | 393 | ​ | $ | 393 | ​ | $ | — | ​ | $ | 393 | ​ | $ | —
​
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using Fair
​ | ​ | Net Carrying | ​ | ​ | ​ | Value Hierarchy
​ |  | Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans, net (1) | ​ | $ | 66,935 | ​ | $ | 66,935 | ​ | $ | — | ​ | $ | — | ​ | $ | 66,935
(1) | We had an allowance for credit losses of $98.7 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $165.7 million at June 30, 2021.
​
Schedule of quantitative information about Level 3 fair value measurements | Quantitative information about Level 3 fair value measurements at June 30, 2021 is as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Valuation | ​ | ​ |  | ​ | ​
​ |  | Fair Value |  | Techniques |  | Significant Unobservable Inputs |
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 49,960 |  | Discounted cash flows |  | Discount rate | ​ | 21.50 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Revenue growth rate | ​ | 3.00 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount rate | ​ | 10.15 | %
Retail | ​ | ​ | 15,511 | ​ | Discounted cash flows | ​ | Capitalization rate | ​ | 9.25 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Revenue growth rate | ​ | 1.68 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Healthcare | ​ | ​ | 828 | ​ | Discounted cash flows | ​ | Capitalization rate | ​ | 14.30 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |  | Discount rate | ​ | 11.00 | %
Office | ​ | ​ | 636 | ​ | Discounted cash flows |  | Capitalization rate | ​ | 9.00 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Revenue growth rate | ​ | 2.50 | %
Derivative financial instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rate lock commitments | ​ | ​ | 124 | ​ | Discounted cash flows | ​ | W/A discount rate | ​ | 8.44 | %
​
Schedule of roll forward of Level 3 derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using | ​ | Fair Value Measurements Using
​ | ​ | Significant Unobservable Inputs | ​ | Significant Unobservable Inputs
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivative assets and liabilities, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 1,439 | ​ | $ | 2,069 | ​ | $ | 1,967 | ​ | $ | 1,066
Settlements | ​ | ​ | (23,045) | ​ | ​ | (33,936) | ​ | ​ | (58,074) | ​ | ​ | (54,867)
Realized gains recorded in earnings | ​ | ​ | 21,606 | ​ | ​ | 31,867 | ​ | ​ | 56,107 | ​ | ​ | 53,801
Unrealized gains recorded in earnings | ​ | ​ | 124 | ​ | ​ | 549 | ​ | ​ | 124 | ​ | ​ | 549
Ending balance | ​ | $ | 124 | ​ | $ | 549 | ​ | $ | 124 | ​ | $ | 549
​
Schedule of components of fair value and other relevant information | The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional/ | ​ | Fair Value of | ​ | Interest Rate | ​ | Total Fair Value
June 30, 2021 |  | Principal Amount |  | Servicing Rights |  | Movement Effect |  | Adjustment
Rate lock commitments | ​ | $ | 16,550 | ​ | $ | 124 | ​ | $ | 127 | ​ | $ | 251
Forward sale commitments | ​ | ​ | 328,069 | ​ | ​ | — | ​ | ​ | (127) | ​ | ​ | (127)
Loans held-for-sale, net (1) | ​ | ​ | 448,940 | ​ | ​ | 9,669 | ​ | ​ | — | ​ | ​ | 9,669
Total | ​ | ​ | ​ | ​ | $ | 9,793 | ​ | $ | — | ​ | $ | 9,793
(1) | Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.
​
Schedule of fair value of assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Fair Value Measurements Using Fair Value Hierarchy
​ |  | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and investments, net | ​ | $ | 7,213,915 | ​ | $ | 7,421,181 | ​ | $ | — | ​ | $ | — | ​ | $ | 7,421,181
Loans held-for-sale, net | ​ | ​ | 457,647 | ​ | ​ | 469,195 | ​ | ​ | — | ​ | ​ | 459,526 | ​ | ​ | 9,669
Capitalized mortgage servicing rights, net | ​ | ​ | 418,653 | ​ | ​ | 471,275 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 471,275
Securities held-to-maturity, net | ​ | ​ | 114,696 | ​ | ​ | 125,003 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 125,003
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit and repurchase facilities | ​ | $ | 2,015,188 | ​ | $ | 2,016,291 | ​ | $ | — | ​ | $ | 391,790 | ​ | $ | 1,624,501
Collateralized loan obligations | ​ |  | 3,484,088 | ​ |  | 3,506,460 | ​ |  | — | ​ |  | — | ​ |  | 3,506,460
Senior unsecured notes | ​ |  | 836,074 | ​ |  | 853,814 | ​ |  | 853,814 | ​ |  | — | ​ |  | —
Convertible senior unsecured notes, net | ​ | ​ | 270,917 | ​ | ​ | 304,689 | ​ | ​ | — | ​ | ​ | 304,689 | ​ | ​ | —
Junior subordinated notes | ​ |  | 142,013 | ​ |  | 100,650 | ​ |  | — | ​ |  | — | ​ |  | 100,650

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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