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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value		Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value
Financial assets:
Loans and investments, net$11,489,393 $11,215,625 $11,248,443 $11,304,956 $11,033,997 $11,122,205 
Loans held-for-sale, net315,700 314,635 324,521 438,233 435,759 449,339 
Capitalized mortgage servicing rights, netn/a357,220 492,930 n/a368,678 511,282 
Securities held-to-maturity, net229,961 158,658 149,283 230,012 157,154 144,508 
Derivative financial instruments249,585 1,549 1,549 41,724 95 95 
Financial liabilities:
Credit and repurchase facilities$4,791,967 $4,780,753 $4,796,367 $3,568,361 $3,559,490 $3,592,120 
Securitized debt3,291,733 3,286,395 3,285,150 4,632,015 4,622,489 4,616,409 
Senior unsecured notes1,245,000 1,237,160 1,136,669 1,245,000 1,236,147 1,160,154 
Convertible senior unsecured notes287,500 286,555 287,213 287,500 285,853 287,500 
Junior subordinated notes154,336 144,890 109,821 154,336 144,686 109,099 
Mortgage notes payable - real estate owned123,851 123,851 122,975 74,897 74,897 74,495 
Derivative financial instruments58,454 657 657 354,300 4,209 4,209 
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, 2025 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$1,549 $1,549 $— $1,240 $309 
Financial liabilities:
Derivative financial instruments$657 $657 $— $657 $— 
Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at March 31, 2025 (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)$516,961 $516,961 $— $— $516,961 
Loans held-for-sale (2)12,896 12,896 — 12,896 — 
$529,857 $529,857 $— $12,896 $516,961 
________________________
(1)We had an allowance for credit losses of $153.1 million relating to 28 impaired loans with an aggregate carrying value, before loan loss reserves, of $670.1 million at March 31, 2025. The fair values of these impaired loans are based on the value of the underlying collateral.
(2)We have an impairment loss of $1.2 million related to 3 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.1 million.
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at March 31, 2025 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$455,187 Discounted cash flowsCapitalization rate6.08 %
5.75 % - 7.00 %
Land49,999 Discounted cash flowsDiscount rate21.50 %21.50 %
Revenue growth rate3.00 %3.00 %
Retail11,775 Sales comparativePrice per acre$165$165
Derivative financial instruments:
Rate lock commitments$309 Discounted cash flowsW/A discount rate11.13 %11.13 %
Schedule of Roll Forward of Level 3 Derivative Instruments A roll-forward of Level 3 derivative instruments is as follows (in thousands):
Fair Value Measurements Using Significant Unobservable Inputs
Three Months Ended March 31,
20252024
Derivative assets and liabilities, net
Beginning balance$— $428 
Settlements(7,822)(9,436)
Realized gains recorded in earnings7,822 9,008 
Unrealized gains recorded in earnings309 1,071 
Ending balance$309 $1,071 
Schedule of Components of Fair 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):
March 31, 2025Notional/
Principal Amount		Fair Value of
Servicing Rights		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$39,493 $309 $— $309 
Forward sale commitments268,546 — — — 
Loans held-for-sale, net (1)315,700 3,554 581 4,135 
Total$3,863 $581 $4,444 
________________________
(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 values of these assets and liabilities are determined using the following input levels at March 31, 2025 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets: 
Loans and investments, net$11,215,625 $11,248,443 $— $— $11,248,443 
Loans held-for-sale, net314,635 324,521 — 320,967 3,554 
Capitalized mortgage servicing rights, net357,220 492,930 — — 492,930 
Securities held-to-maturity, net158,658 149,283 — — 149,283 
Financial liabilities:
Credit and repurchase facilities$4,780,753 $4,796,367 $— $279,404 $4,516,963 
Securitized debt3,286,395 3,285,150 — — 3,285,150 
Senior unsecured notes1,237,160 1,136,669 1,136,669 — — 
Convertible senior unsecured notes286,555 287,213 — 287,213 — 
Junior subordinated notes144,890 109,821 — — 109,821 
Mortgage notes payable - real estate owned123,851 122,975 — — 122,975