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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Principal Amounts, Carrying Values, and Estimated Fair Values of Financial Instruments The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands):
June 30, 2023December 31, 2022
Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value		Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value
Financial assets:
Loans and investments, net$13,491,607 $13,271,359 $13,411,621 $14,456,123 $14,254,674 $14,468,418 
Loans held-for-sale, net485,485 485,126 496,747 368,066 354,070 362,054 
Capitalized mortgage servicing rights, netn/a394,410 516,162 n/a401,471 530,913 
Securities held-to-maturity, net231,708 155,210 127,895 234,255 156,547 144,571 
Derivative financial instruments56,545 1,342 1,342 111,950 1,505 1,505 
Financial liabilities:
Credit and repurchase facilities$3,588,538 $3,579,080 $3,571,464 $3,856,009 $3,841,814 $3,828,192 
Securitized debt7,196,350 7,168,104 7,007,274 7,886,066 7,849,270 7,560,541 
Senior unsecured notes1,345,000 1,331,875 1,188,425 1,399,600 1,385,994 1,262,560 
Convertible senior unsecured notes287,500 281,737 285,775 287,500 280,356 287,834 
Junior subordinated notes154,336 143,506 105,210 154,336 143,128 103,977 
Derivative financial instruments493,328 5,365 5,365 273,973 4,897 4,897 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The fair values of these financial assets and liabilities are determined using the following input levels at June 30, 2023 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$1,342 $1,342 $— $585 $757 
Financial liabilities:
Derivative financial instruments$5,365 $5,365 $— $5,365 $— 
Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at June 30, 2023 (in thousands):
Net Carrying ValueFair Value
Fair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Impaired loans, net
Loans held-for-investment (1)$129,835 $129,835 $— $— $129,835 
Loans held-for-sale (2)17,768 17,768 — 17,768 — 
$147,603 $147,603 $— $17,768 $129,835 
________________________
(1)We had an allowance for credit losses of $98.3 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $228.2 million at June 30, 2023.
(2)We had unrealized impairment losses of $2.3 million related to six held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $20.1 million.
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at June 30, 2023 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:
Land$50,000 Discounted cash flowsDiscount rate21.50 %
Revenue growth rate3.00 %
Discount rate7.50 %
Office36,674 Discounted cash flowsCapitalization rate5.25 %
Revenue growth rate3.00 %
Multifamily31,202 Discounted cash flowsCapitalization rate6.00 %
Discount rate11.25 %
Retail11,959 Discounted cash flowsCapitalization rate9.25 %
Revenue growth rate3.00 %
Derivative financial instruments:
Rate lock commitments757 Discounted cash flowsW/A discount rate13.00 %
Schedule of Roll Forward of Level 3 Derivative Instruments A roll-forward of Level 3 derivative instruments is as follows (in thousands):
Fair Value Measurements Using Significant Unobservable Inputs
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Derivative assets and liabilities, net
Beginning balance$3,097 $1,355 $354 $295 
Settlements(17,688)(17,254)(32,754)(30,937)
Realized gains recorded in earnings14,591 15,899 32,400 30,642 
Unrealized gains recorded in earnings757 1,035 757 1,035 
Ending balance$757 $1,035 $757 $1,035 
Schedule of Components of Fair 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):
June 30, 2023Notional/
Principal Amount		Fair Value of
Servicing Rights		Interest Rate
Movement Effect		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$45,595 $757 $(532)$— $225 
Forward sale commitments504,278 — 532 — 532 
Loans held-for-sale, net (1)485,485 6,948 — (2,305)4,643 
Total$7,705 $— $(2,305)$5,400 
________________________
(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.
Fair Value Measurements, Recurring and Nonrecurring The fair value of these assets and liabilities are determined using the following input levels at June 30, 2023 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets:
Loans and investments, net$13,271,359 $13,411,621 $— $— $13,411,621 
Loans held-for-sale, net485,126 496,747 — 489,799 6,948 
Capitalized mortgage servicing rights, net394,410 516,162 — — 516,162 
Securities held-to-maturity, net155,210 127,895 — — 127,895 
Financial liabilities:
Credit and repurchase facilities$3,579,080 $3,571,464 $— $463,288 $3,108,176 
Securitized debt7,168,104 7,007,274 — — 7,007,274 
Senior unsecured notes1,331,875 1,188,425 1,188,425 — — 
Convertible senior unsecured notes281,737 285,775 — 285,775 — 
Junior subordinated notes143,506 105,210 — — 105,210