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Fair Value (Tables)
 9 Months Ended
Sep. 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):
September 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$13,122,395 $12,892,796 $12,911,172 $14,456,123 $14,254,674 $14,468,418 
Loans held-for-sale, net368,330 364,320 374,534 368,066 354,070 362,054 
Capitalized mortgage servicing rights, netn/a392,203 538,078 n/a401,471 530,913 
Securities held-to-maturity, net231,577 155,172 126,608 234,255 156,547 144,571 
Derivative financial instruments130,778 3,341 3,341 111,950 1,505 1,505 
Financial liabilities:
Credit and repurchase facilities$3,398,451 $3,391,441 $3,382,933 $3,856,009 $3,841,814 $3,828,192 
Securitized debt7,029,202 7,004,634 6,899,147 7,886,066 7,849,270 7,560,541 
Senior unsecured notes1,345,000 1,332,926 1,211,633 1,399,600 1,385,994 1,262,560 
Convertible senior unsecured notes287,500 282,428 290,019 287,500 280,356 287,834 
Junior subordinated notes154,336 143,695 105,821 154,336 143,128 103,977 
Derivative financial instruments431,678 8,161 8,161 273,973 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 September 30, 2023 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$3,341 $3,341 $— $2,379 $962 
Financial liabilities:
Derivative financial instruments$8,161 $8,161 $— $8,161 $— 
Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at September 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)$169,171 $169,171 $— $— $169,171 
Loans held-for-sale (2)17,169 17,169 — 17,169 — 
$186,340 $186,340 $— $17,169 $169,171 
________________________
(1)We had an allowance for credit losses of $111.1 million relating to thirteen impaired loans with an aggregate carrying value, before loan loss reserves, of $280.3 million at September 30, 2023.
(2)We had unrealized impairment losses of $2.9 million related to six held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $20.1 million.
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at September 30, 2023 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:
Multifamily$70,246 Discounted cash flowsCapitalization rate6.53 %
Land50,000 Discounted cash flowsDiscount rate21.50 %
Revenue growth rate3.00 %
Discount rate7.50 %
Office37,074 Discounted cash flowsCapitalization rate5.25 %
Revenue growth rate3.00 %
Discount rate11.25 %
Retail11,851 Discounted cash flowsCapitalization rate9.25 %
Revenue growth rate3.00 %
Derivative financial instruments:
Rate lock commitments962 Discounted cash flowsW/A discount rate12.27 %
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 September 30,Nine Months Ended September 30,
2023202220232022
Derivative assets and liabilities, net
Beginning balance$757 $1,035 $354 $295 
Settlements(13,369)(16,554)(46,123)(47,491)
Realized gains recorded in earnings12,612 15,519 45,769 47,196 
Unrealized gains recorded in earnings962 1,554 962 1,554 
Ending balance$962 $1,554 $962 $1,554 
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):
September 30, 2023Notional/
Principal Amount		Fair Value of
Servicing Rights		Interest Rate
Movement Effect		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$107,093 $962 $(2,339)$— $(1,377)
Forward sale commitments455,363 — 2,339 — 2,339 
Loans held-for-sale, net (1)368,330 4,302 — (2,891)1,411 
Total$5,264 $— $(2,891)$2,373 
________________________
(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 September 30, 2023 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets:
Loans and investments, net$12,892,796 $12,911,172 $— $— $12,911,172 
Loans held-for-sale, net364,320 374,534 — 370,232 4,302 
Capitalized mortgage servicing rights, net392,203 538,078 — — 538,078 
Securities held-to-maturity, net155,172 126,608 — — 126,608 
Financial liabilities:
Credit and repurchase facilities$3,391,441 $3,382,933 $— $354,586 $3,028,347 
Securitized debt7,004,634 6,899,147 — — 6,899,147 
Senior unsecured notes1,332,926 1,211,633 1,211,633 — — 
Convertible senior unsecured notes282,428 290,019 — 290,019 — 
Junior subordinated notes143,695 105,821 — — 105,821