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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026December 31, 2025
Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value		Principal /
Notional Amount		Carrying
Value		Estimated
Fair Value
Financial assets:
Loans and investments, net$11,997,293 $11,835,381 $11,821,573 $12,113,107 $11,934,248 $11,964,280 
Loans held-for-sale, net444,956 443,218 456,125 408,386 409,081 421,398 
Capitalized mortgage servicing rights, netn/a331,929 465,856 n/a340,842 474,767 
Securities held-to-maturity, net225,461 155,469 149,237 229,521 156,087 150,147 
Derivative financial instruments88,438 822 822 94,319 585 585 
Financial liabilities:
Credit and repurchase facilities$4,977,857 $4,967,952 $4,961,310 $5,161,707 $5,149,651 $5,143,472 
Securitized debt3,953,223 3,931,468 3,954,507 3,485,786 3,468,258 3,487,773 
Senior unsecured notes2,050,000 2,030,947 1,968,663 2,050,000 2,029,078 2,009,938 
Junior subordinated notes154,336 145,707 112,772 154,336 145,497 111,992 
Notes payable - real estate owned253,189 253,189 252,010 222,965 222,965 221,893 
Derivative financial instruments387,786 2,457 2,457 292,734 1,082 1,082 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The fair values of these financial assets and liabilities are determined using the following input levels at March 31, 2026 ($ in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$822 $822 $— $189 $633 
Financial liabilities:
Derivative financial instruments$2,457 $2,457 $— $2,457 $— 
Schedule of Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at March 31, 2026 ($ 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)$303,114 $303,114 $— $— $303,114 
Loans held-for-sale (2)12,993 12,993 — 12,993 — 
$316,107 $316,107 $— $12,993 $303,114 
________________________
(1)We had an allowance for credit losses of $31.6 million relating to 17 impaired loans with an aggregate carrying value, before loan loss reserves, of $334.7 million at March 31, 2026. The fair values of these impaired loans are based on the value of the underlying collateral.
(2)We have an impairment loss of $1.0 million related to 3 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.0 million.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at March 31, 2026 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$289,106 Discounted cash flowsCapitalization rate5.89 %
5.50 % - 7.00 %
Retail$14,008 Sales comparativePrice per acre$165$165
Derivative financial instruments:
Rate lock commitments$633 Discounted cash flowsW/A discount rate13.82 %13.82 %
Schedule of Roll Forward of Level 3 Derivative Instruments A roll-forward of Level 3 derivative instruments is as follows ($ in thousands):
Fair Value Measurements Using Significant Unobservable Inputs
Three Months Ended March 31,
20262025
Derivative assets and liabilities, net
Beginning balance$473 $— 
Settlements(9,500)(7,822)
Realized gains recorded in earnings9,027 7,822 
Unrealized gains recorded in earnings633 309 
Ending balance$633 $309 
Schedule of Components of Fair and Other Relevant Information
The components of fair value and other relevant information associated with our forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows ($ in thousands):
March 31, 2026Notional/
Principal Amount		Fair Value of
Servicing Rights		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$55,904 $633 $— $633 
Forward sale commitments420,320 — — — 
Loans held-for-sale, net (1)444,956 4,994 1,224 6,218 
Total$5,627 $1,224 $6,851 
________________________
(1)Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.
Schedule of Fair Value Measurements, Recurring and Nonrecurring The fair values of these assets and liabilities are determined using the following input levels at March 31, 2026 ($ in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets: 
Loans and investments, net$11,835,381 $11,821,573 $— $— $11,821,573 
Loans held-for-sale, net443,218 456,125 — 451,131 4,994 
Capitalized mortgage servicing rights, net331,929 465,856 — — 465,856 
Securities held-to-maturity, net155,469 149,237 — — 149,237 
Financial liabilities:
Credit and repurchase facilities$4,967,952 $4,961,310 $— $424,865 $4,536,445 
Securitized debt3,931,468 3,954,507 — — 3,954,507 
Senior unsecured notes2,030,947 1,968,663 1,968,663 — — 
Junior subordinated notes145,707 112,772 — — 112,772 
Notes payable - real estate owned253,189 252,010 — — 252,010