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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 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):
| December 31, 2023 |  | December 31, 2022
| Principal / Notional Amount |  | Carrying Value |  | Estimated Fair Value |  | Principal / Notional Amount |  | Carrying Value |  | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Loans and investments, net | $ | 12,615,006 |  |  | $ | 12,377,806 |  |  | $ | 12,452,563 |  |  | $ | 14,456,123 |  |  | $ | 14,254,674 |  |  | $ | 14,468,418 |
Loans held-for-sale, net | 552,325 |  |  | 551,707 |  |  | 566,451 |  |  | 368,066 |  |  | 354,070 |  |  | 362,054 |
Capitalized mortgage servicing rights, net | n/a |  | 391,254 |  |  | 510,472 |  |  | n/a |  | 401,471 |  |  | 530,913 |
Securities held-to-maturity, net | 230,495 |  |  | 155,279 |  |  | 129,390 |  |  | 234,255 |  |  | 156,547 |  |  | 144,571 |
Derivative financial instruments | 447,609 |  |  | 6,547 |  |  | 6,547 |  |  | 111,950 |  |  | 1,505 |  |  | 1,505 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Credit and repurchase facilities | $ | 3,242,939 |  |  | $ | 3,237,827 |  |  | $ | 3,228,324 |  |  | $ | 3,856,009 |  |  | $ | 3,841,814 |  |  | $ | 3,828,192 |
Securitized debt | 6,956,284 |  |  | 6,935,010 |  |  | 6,864,557 |  |  | 7,886,066 |  |  | 7,849,270 |  |  | 7,560,541 |
Senior unsecured notes | 1,345,000 |  |  | 1,333,968 |  |  | 1,214,331 |  |  | 1,399,600 |  |  | 1,385,994 |  |  | 1,262,560 |
Convertible senior unsecured notes, net | 287,500 |  |  | 283,118 |  |  | 301,156 |  |  | 287,500 |  |  | 280,356 |  |  | 287,834 |
Junior subordinated notes | 154,336 |  |  | 143,896 |  |  | 106,444 |  |  | 154,336 |  |  | 143,128 |  |  | 103,977 |
Derivative financial instruments | 138,270 |  |  | 1,021 |  |  | 1,021 |  |  | 273,973 |  |  | 4,897 |  |  | 4,897 |
Schedule of Certain Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The fair values of these financial assets and liabilities are determined using the following input levels at December 31, 2023 (in thousands):
| Carrying Value |  | Fair Value |  | Fair Value Measurements Using Fair Value Hierarchy
|  |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | 6,547 |  |  | $ | 6,547 |  |  | $ | — |  |  | $ | 6,119 |  |  | $ | 428 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | 1,021 |  |  | $ | 1,021 |  |  | $ | — |  |  | $ | 1,021 |  |  | $ | — |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at December 31, 2023 (in thousands):
|  |  |  |  | Fair Value Measurements Using Fair Value Hierarchy
| Net Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Impaired loans, net |  |  |  |  |  |  |  |  |
Loans held-for-investment (1) | $ | 284,285 |  |  | $ | 284,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 284,285 |
Loans held-for-sale (2) | 18,057 |  |  | 18,057 |  |  | — |  |  | 18,057 |  |  | — |
| $ | 302,342 |  |  | $ | 302,342 |  |  | $ | — |  |  | $ | 18,057 |  |  | $ | 284,285 |
________________________________________ (1)We had an allowance for credit losses of $120.6 million relating to nineteen impaired loans with an aggregate carrying value, before loan loss reserves, of $404.9 million at December 31, 2023. (2)We have an impairment of $2.0 million related to 6 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $20.0 million.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | Quantitative information about Level 3 fair value measurements at December 31, 2023 is as follows ($ in thousands):
| Fair Value |  | Valuation Techniques |  | Significant Unobservable Inputs
Financial assets: |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Multifamily | $ | 222,540 |  |  | Discounted cash flows |  | Capitalization rate |  | 6.35 | %
Land | 50,000 |  |  | Discounted cash flows |  | Discount rate |  | 21.50 | %
|  |  |  |  | Revenue growth rate |  | 3.00 | %
|  |  |  |  | Discount rate |  | 11.25 | %
Retail | 11,745 |  |  | Discounted cash flows |  | Capitalization rate |  | 9.25 | %
|  |  |  |  | Revenue growth rate |  | 3.00 | %
Derivative financial instruments: |  |  |  |  |  |  |
Rate lock commitments | 428 |  |  | Discounted cash flows |  | W/A discount rate |  | 13.38 | %
Schedule of Roll Forward of Level 3 Derivative Instruments |
| Fair Value Measurements Using Significant Unobservable Inputs for the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Derivative assets and liabilities, net |  |  |  |  |
Beginning balance | $ | 354 |  |  | $ | 295 |  |  | $ | 1,967 |
Settlements | (66,407) |  |  | (64,896) |  |  | (112,836) |
Realized gains recorded in earnings | 66,053 |  |  | 64,601 |  |  | 110,869 |
Unrealized gains recorded in earnings | 428 |  |  | 354 |  |  | 295 |
Ending balance | $ | 428 |  |  | $ | 354 |  |  | $ | 295 |
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):
December 31, 2023 |  | Notional/ Principal Amount |  | Fair Value of Servicing Rights |  | Interest Rate Movement Effect |  | Unrealized Impairment Loss |  | Total Fair Value Adjustment
Rate lock commitments |  | $ | 26,800 |  |  | $ | 428 |  |  | $ | 759 |  |  | $ | — |  |  | $ | 1,187 |
Forward sale commitments |  | 559,079 |  |  | — |  |  | (759) |  |  | — |  |  | (759) |
Loans held-for-sale, net (1) |  | 552,325 |  |  | 7,784 |  |  | — |  |  | (1,989) |  |  | 5,795 |
Total |  |  |  | $ | 8,212 |  |  | $ | — |  |  | $ | (1,989) |  |  | $ | 6,223 |
________________________________________ (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 Measurements, Recurring and Nonrecurring |
|  |  |  |  | Fair Value Measurements Using Fair Value Hierarchy
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Loans and investments, net | $ | 12,377,806 |  |  | $ | 12,452,563 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,452,563 |
Loans held-for-sale, net | 551,707 |  |  | 566,451 |  |  | — |  |  | 558,667 |  |  | 7,784 |
Capitalized mortgage servicing rights, net | 391,254 |  |  | 510,472 |  |  | — |  |  | — |  |  | 510,472 |
Securities held-to-maturity, net | 155,279 |  |  | 129,390 |  |  | — |  |  | — |  |  | 129,390 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Credit and repurchase facilities | $ | 3,237,827 |  |  | $ | 3,228,324 |  |  | $ | — |  |  | $ | 413,326 |  |  | $ | 2,814,998 |
Securitized debt | 6,935,010 |  |  | 6,864,557 |  |  | — |  |  | — |  |  | 6,864,557 |
Senior unsecured notes | 1,333,968 |  |  | 1,214,331 |  |  | 1,214,331 |  |  | — |  |  | — |
Convertible senior unsecured notes, net | 283,118 |  |  | 301,156 |  |  | — |  |  | 301,156 |  |  | — |
Junior subordinated notes | 143,896 |  |  | 106,444 |  |  | — |  |  | — |  |  | 106,444 |

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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