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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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):
March 31, 2024December 31, 2023
Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value		Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value
Financial assets:
Loans and investments, net$12,249,862 $12,001,544 $12,158,245 $12,615,006 $12,377,806 $12,452,563 
Loans held-for-sale, net324,743 322,875 327,487 552,325 551,707 566,451 
Capitalized mortgage servicing rights, netn/a385,520 518,391 n/a391,254 510,472 
Securities held-to-maturity, net230,448 155,413 133,800 230,495 155,279 129,390 
Derivative financial instruments241,538 1,678 1,678 447,609 6,547 6,547 
Financial liabilities:
Credit and repurchase facilities$2,921,206 $2,913,483 $2,908,678 $3,242,939 $3,237,827 $3,228,324 
Securitized debt6,710,119 6,691,958 6,620,181 6,956,284 6,935,010 6,864,557 
Senior unsecured notes1,345,000 1,335,013 1,216,241 1,345,000 1,333,968 1,214,331 
Convertible senior unsecured notes287,500 283,776 287,500 287,500 283,118 301,156 
Junior subordinated notes154,336 144,096 107,096 154,336 143,896 106,444 
Derivative financial instruments292,740 1,032 1,032 138,270 1,021 1,021 
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 March 31, 2024 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$1,678 $1,678 $— $607 $1,071 
Financial liabilities:
Derivative financial instruments$1,032 $1,032 $— $1,032 $— 
Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at March 31, 2024 (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)$350,016 $350,016 $— $— $350,016 
Loans held-for-sale (2)18,062 18,062 — 18,062 — 
$368,078 $368,078 $— $18,062 $350,016 
________________________
(1)We had an allowance for credit losses of $133.4 million related to twenty-two impaired loans with a total carrying value, before loan loss reserves, of $483.4 million at March 31, 2024.
(2)We had unrealized impairment losses of $2.0 million related to six held-for-sale loans with a total carrying value, before unrealized impairment losses, of $20.0 million.
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at March 31, 2024 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$288,272 Discounted cash flowsCapitalization rate6.31%
6.00% - 7.00%
Land49,999 Discounted cash flowsDiscount rate21.50%21.50%
Revenue growth rate3.00%3.00%
Retail11,745 Sales comparativePrice per acre$165,128$165,128
Derivative financial instruments:
Rate lock commitments1,071 Discounted cash flowsW/A discount rate13.60%13.60%
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 March 31,
20242023
Derivative assets and liabilities, net
Beginning balance$428 $354 
Settlements(9,436)(15,066)
Realized gains recorded in earnings9,008 14,712 
Unrealized gains recorded in earnings1,071 3,097 
Ending balance$1,071 $3,097 
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):
March 31, 2024Notional/
Principal Amount		Fair Value of
Servicing Rights		Interest Rate
Movement Effect		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$114,784 $1,071 $84 $— $1,155 
Forward sale commitments419,494 — (84)— (84)
Loans held-for-sale, net (1)324,743 4,656 — (1,971)2,685 
Total$5,727 $— $(1,971)$3,756 
________________________
(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 March 31, 2024 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets: 
Loans and investments, net$12,001,544 $12,158,245 $— $— $12,158,245 
Loans held-for-sale, net322,875 327,487 — 322,831 4,656 
Capitalized mortgage servicing rights, net385,520 518,391 — — 518,391 
Securities held-to-maturity, net155,413 133,800 — — 133,800 
Financial liabilities:
Credit and repurchase facilities$2,913,483 $2,908,678 $— $311,963 $2,596,715 
Securitized debt6,691,958 6,620,181 — — 6,620,181 
Senior unsecured notes1,335,013 1,216,241 1,216,241 — — 
Convertible senior unsecured notes283,776 287,500 — 287,500 — 
Junior subordinated notes144,096 107,096 — — 107,096