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Fair Value (Tables)
 12 Months Ended
Dec. 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):
December 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$11,304,956 $11,033,997 $11,122,205 $12,615,006 $12,377,806 $12,452,563 
Loans held-for-sale, net438,233 435,759 449,339 552,325 551,707 566,451 
Capitalized mortgage servicing rights, netn/a368,678 511,282 n/a391,254 510,472 
Securities held-to-maturity, net230,012 157,154 144,508 230,495 155,279 129,390 
Derivative financial instruments41,724 95 95 447,609 6,547 6,547 
Financial liabilities:
Credit and repurchase facilities$3,568,361 $3,559,490 $3,592,120 $3,242,939 $3,237,827 $3,228,324 
Securitized debt4,632,015 4,622,489 4,616,409 6,956,284 6,935,010 6,864,557 
Senior unsecured notes1,245,000 1,236,147 1,160,154 1,345,000 1,333,968 1,214,331 
Convertible senior unsecured notes287,500 285,853 287,500 287,500 283,118 301,156 
Junior subordinated notes154,336 144,686 109,099 154,336 143,896 106,444 
Mortgage notes payable - real estate owned74,897 74,897 74,495 44,339 44,339 44,103 
Derivative financial instruments354,300 4,209 4,209 138,270 1,021 1,021 
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, 2024 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$95 $95 $— $95 $— 
Financial liabilities:
Derivative financial instruments$4,209 $4,209 $— $4,209 $— 
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, 2024 (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)$445,287 $445,287 $— $— $445,287 
Loans held-for-sale (2)13,178 13,178 — 13,178 — 
$458,465 $458,465 $— $13,178 $445,287 
________________________________________
(1)We had an allowance for credit losses of $143.7 million relating to twenty-seven impaired loans with an aggregate carrying value, before loan loss reserves, of $589.0 million at December 31, 2024. The fair values of these impaired loans are based on the value of the underlying collateral.
(2)We have an impairment of $1.4 million related to four loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.6 million.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at December 31, 2024 is as follows ($ in thousands):
Fair ValueValuation TechniquesSignificant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$383,513 Discounted cash flowsCapitalization rate6.19 %
5.75% - 7.25%
Land$49,999 Discounted cash flowsDiscount rate21.50 %21.50%
Revenue growth rate3.00 %3.00%
Retail$11,775 Sales comparativePrice per acre$165$165
Schedule of Roll Forward of Level 3 Derivative Instruments
The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments is as follows (in thousands):
Fair Value Measurements Using Significant Unobservable Inputs
for the Year Ended December 31,
202420232022
Derivative assets and liabilities, net
Beginning balance$428 $354 $295 
Settlements(50,492)(66,407)(64,896)
Realized gains recorded in earnings50,064 66,053 64,601 
Unrealized gains recorded in earnings— 428 354 
Ending balance$— $428 $354 
Schedule of Components of Fair Value and Other Relevant Information
The components of fair value and other relevant information associated with our 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, 2024Notional/
Principal Amount		Fair Value of
Servicing Rights		Interest Rate
Movement Effect		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Forward sale commitments$396,024 $— $— $— $— 
Loans held-for-sale, net (1)438,233 5,138 — (1,381)3,757 
Total$5,138 $— $(1,381)$3,757 
________________________________________
(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
We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels at December 31, 2024 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets:
Loans and investments, net$11,033,997 $11,122,205 $— $— $11,122,205 
Loans held-for-sale, net435,759 449,339 — 444,201 5,138 
Capitalized mortgage servicing rights, net368,678 511,282 — — 511,282 
Securities held-to-maturity, net157,154 144,508 — — 144,508 
Financial liabilities:
Credit and repurchase facilities$3,559,490 $3,592,120 $— $422,661 $3,169,459 
Securitized debt4,622,489 4,616,409 — — 4,616,409 
Senior unsecured notes1,236,147 1,160,154 1,160,154 — — 
Convertible senior unsecured notes, net 285,853 287,500 — 287,500 — 
Junior subordinated notes144,686 109,099 — — 109,099