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Fair Value (Tables)
 12 Months Ended
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, 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$12,615,006 $12,377,806 $12,452,563 $14,456,123 $14,254,674 $14,468,418 
Loans held-for-sale, net552,325 551,707 566,451 368,066 354,070 362,054 
Capitalized mortgage servicing rights, netn/a391,254 510,472 n/a401,471 530,913 
Securities held-to-maturity, net230,495 155,279 129,390 234,255 156,547 144,571 
Derivative financial instruments447,609 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 debt6,956,284 6,935,010 6,864,557 7,886,066 7,849,270 7,560,541 
Senior unsecured notes1,345,000 1,333,968 1,214,331 1,399,600 1,385,994 1,262,560 
Convertible senior unsecured notes, net287,500 283,118 301,156 287,500 280,356 287,834 
Junior subordinated notes154,336 143,896 106,444 154,336 143,128 103,977 
Derivative financial instruments138,270 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 ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 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 ValueFair ValueLevel 1Level 2Level 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 ValueValuation TechniquesSignificant Unobservable Inputs
Financial assets:
Impaired loans:
Multifamily$222,540 Discounted cash flowsCapitalization rate6.35 %
Land50,000 Discounted cash flowsDiscount rate21.50 %
Revenue growth rate3.00 %
Discount rate11.25 %
Retail11,745 Discounted cash flowsCapitalization rate9.25 %
Revenue growth rate3.00 %
Derivative financial instruments:
Rate lock commitments428 Discounted cash flowsW/A discount rate13.38 %
Schedule of Roll Forward of Level 3 Derivative Instruments
Fair Value Measurements Using Significant Unobservable Inputs
for the Year Ended December 31,
202320222021
Derivative assets and liabilities, net
Beginning balance$354 $295 $1,967 
Settlements(66,407)(64,896)(112,836)
Realized gains recorded in earnings66,053 64,601 110,869 
Unrealized gains recorded in earnings428 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, 2023Notional/
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 commitments559,079 — (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 ValueFair ValueLevel 1Level 2Level 3
Financial assets:
Loans and investments, net$12,377,806 $12,452,563 $— $— $12,452,563 
Loans held-for-sale, net551,707 566,451 — 558,667 7,784 
Capitalized mortgage servicing rights, net391,254 510,472 — — 510,472 
Securities held-to-maturity, net155,279 129,390 — — 129,390 
Financial liabilities:
Credit and repurchase facilities$3,237,827 $3,228,324 $— $413,326 $2,814,998 
Securitized debt6,935,010 6,864,557 — — 6,864,557 
Senior unsecured notes1,333,968 1,214,331 1,214,331 — — 
Convertible senior unsecured notes, net 283,118 301,156 — 301,156 — 
Junior subordinated notes143,896 106,444 — — 106,444