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Loans Held for Investment and Loans Held for Investment at Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Summary of Loans Held for Investment | The following tables summarize loans held for investment as of September 30, 2023, and December 31, 2022 (in thousands):
|  | September 30, 2023 |
|  | Loans held for investment, net |  |  | Loans held for investment, at fair value |  |  | Total loans held for investment |
Unpaid principal balance |  | $ | 2,921,146 |  |  | $ | 936,633 |  |  | $ | 3,857,779 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | 15,357 |  |  |  | 15,357 |
Deferred loan origination costs |  |  | 29,379 |  |  |  | — |  |  |  | 29,379 |
|  |  | 2,950,525 |  |  |  | 951,990 |  |  |  | 3,902,515 |
Allowance for loan losses |  |  | (4,685 | ) |  |  | — |  |  |  | (4,685 | )
Total loans held for investment and loans held for investment at fair value, net |  | $ | 2,945,840 |  |  | $ | 951,990 |  |  | $ | 3,897,830 |
|  | December 31, 2022 |
|  | Loans held for investment, net |  |  | Loans held for investment, at fair value |  |  | Total loans held for investment |
Unpaid principal balance |  | $ | 3,243,854 |  |  | $ | 268,632 |  |  | $ | 3,512,486 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | 7,463 |  |  |  | 7,463 |
Deferred loan origination costs |  |  | 33,429 |  |  |  | — |  |  |  | 33,429 |
|  |  | 3,277,283 |  |  |  | 276,095 |  |  |  | 3,553,378 |
Allowance for loan losses |  |  | (4,893 | ) |  |  | — |  |  |  | (4,893 | )
Total loans held for investment and loans held for investment at fair value, net |  | $ | 3,272,390 |  |  | $ | 276,095 |  |  | $ | 3,548,485 |
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program | The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and nine months ended September 30, 2023, and the year ended December 31, 2022 ($ in thousands):
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
|  | UPB |  |  | % |  | Amortized Cost |  |  | % |  | UPB |  |  | % |  | Amortized Cost |  |  | %
Beginning balance |  | $ | 181,939 |  |  |  |  | $ | 184,007 |  |  |  |  | $ | 201,005 |  |  |  |  | $ | 203,346 |  |  |
Foreclosures |  |  | (333 | ) |  |  |  |  | (333 | ) |  |  |  |  | (432 | ) |  |  |  |  | (433 | ) |  |
Repayments |  |  | (4,560 | ) |  |  |  |  | (4,634 | ) |  |  |  |  | (23,527 | ) |  |  |  |  | (23,873 | ) |  |
Ending balance |  | $ | 177,046 |  |  |  |  | $ | 179,040 |  |  |  |  | $ | 177,046 |  |  |  |  | $ | 179,040 |  |  |
Performing/Accruing |  | $ | 135,719 |  |  | 76.7% |  | $ | 137,173 |  |  | 76.6% |  | $ | 135,719 |  |  | 76.7% |  | $ | 137,173 |  |  | 76.6%
Nonperforming/Nonaccrual |  | $ | 41,327 |  |  | 23.3% |  | $ | 41,867 |  |  | 23.4% |  | $ | 41,327 |  |  | 23.3% |  | $ | 41,867 |  |  | 23.4%
|  | December 31, 2022
|  | UPB |  |  | % |  | Amortized Cost |  |  | %
Beginning balance |  | $ | 292,429 |  |  |  |  | $ | 295,990 |  |  |
Additions |  |  | — |  |  |  |  |  | — |  |  |
Foreclosures |  |  | (3,593 | ) |  |  |  |  | (3,620 | ) |  |
Repayments |  |  | (87,831 | ) |  |  |  |  | (89,024 | ) |  |
Ending balance |  | $ | 201,005 |  |  |  |  | $ | 203,346 |  |  |
Performing/Accruing |  | $ | 161,455 |  |  | 80.3% |  | $ | 163,346 |  |  | 80.3%
Nonperforming/Nonaccrual |  | $ | 39,550 |  |  | 19.7% |  | $ | 40,000 |  |  | 19.7%
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued | As of September 30, 2023, and December 31, 2022, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
The 2013 repurchase agreement |  | $ | 108,834 |  |  | $ | 170,185 |
The 2021 repurchase agreement |  |  | 90,033 |  |  |  | 101,024 |
The Bank credit agreement |  |  | 34,687 |  |  |  | 39,087 |
The 2021 term repurchase agreement |  |  | 32,300 |  |  |  | 104,594 |
The July 2021 term repurchase agreement |  |  | 18,760 |  |  |  | 3,859 |
Total pledged loans |  | $ | 284,614 |  |  | $ | 418,749 |
2016-1 Trust |  | $ | — |  |  | $ | 39,720 |
2017-2 Trust |  |  | 53,046 |  |  |  | 67,048 |
2018-1 Trust |  |  | 39,417 |  |  |  | 48,139 |
2018-2 Trust |  |  | 88,773 |  |  |  | 104,791 |
2019-1 Trust |  |  | 91,032 |  |  |  | 104,249 |
2019-2 Trust |  |  | 76,091 |  |  |  | 91,025 |
2019-3 Trust |  |  | 67,745 |  |  |  | 75,618 |
2020-1 Trust |  |  | 122,479 |  |  |  | 144,913 |
2020-2 Trust |  |  | 72,678 |  |  |  | 81,259 |
2021-1 Trust |  |  | 187,743 |  |  |  | 208,875 |
2021-2 Trust |  |  | 153,896 |  |  |  | 172,144 |
2021-3 Trust |  |  | 164,120 |  |  |  | 178,861 |
2021-4 Trust |  |  | 253,720 |  |  |  | 275,741 |
2022-1 Trust |  |  | 249,184 |  |  |  | 262,526 |
2022-2 Trust |  |  | 231,470 |  |  |  | 245,339 |
2022-MC1 Trust |  |  | 75,338 |  |  |  | 97,246 |
2022-3 Trust |  |  | 283,716 |  |  |  | 299,638 |
2022-4 Trust |  |  | 312,002 |  |  |  | 326,627 |
2022-5 Trust |  |  | 236,366 |  |  |  | 251,288 |
2023-1 Trust |  |  | 223,410 |  |  |  | — |
2023-2 Trust |  |  | 218,116 |  |  |  | — |
2023-3 Trust |  |  | 260,389 |  |  |  | — |
2023-RTL1 Trust |  |  | 77,922 |  |  |  | — |
Total |  | $ | 3,538,653 |  |  | $ | 3,075,047 |
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment | The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment, excluding loans carried at fair value, that were nonperforming and on nonaccrual status as of September 30, 2023 and December 31, 2022. There were no loans accruing interest that were greater than 90 days past due as of September 30, 2023 and December 31, 2022.
|  | September 30, 2023
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Loan Loss |  |  | Nonaccrual with Allowance for Loan Loss |  |  | Allowance for Loans Individually Evaluated |  |  | % of Allowance to Total Nonaccrual Loans with Allowance |  |
|  | ($ in thousands)
Commercial - Purchase |  | $ | 24,013 |  |  | $ | 23,077 |  |  | $ | 936 |  |  | $ | 137 |  |  |  | 1.6 |  | %
Commercial - Refinance |  |  | 93,080 |  |  |  | 89,247 |  |  |  | 3,833 |  |  |  | 415 |  |  |  | 4.8 |  |
Residential 1-4 Unit - Purchase |  |  | 40,235 |  |  |  | 40,235 |  |  |  | — |  |  |  | — |  |  |  | - |  |
Residential 1-4 Unit - Refinance |  |  | 138,951 |  |  |  | 137,249 |  |  |  | 1,702 |  |  |  | 171 |  |  |  | 2.0 |  |
Short Term 1-4 Unit - Purchase |  |  | 7,804 |  |  |  | 7,644 |  |  |  | 160 |  |  |  | 23 |  |  |  | 0.3 |  |
Short Term 1-4 Unit - Refinance |  |  | 43,217 |  |  |  | 41,135 |  |  |  | 2,082 |  |  |  | 108 |  |  |  | 1.2 |  |
Total |  | $ | 347,300 |  |  | $ | 338,587 |  |  | $ | 8,713 |  |  | $ | 854 |  |  |  | 9.9 |  | %
|  | December 31, 2022
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Loan Loss |  |  | Nonaccrual with Allowance for Loan Loss |  |  | Allowance for Loans Individually Evaluated |  |  | % of Allowance to Total Nonaccrual Loans with Allowance |  |
|  | ($ in thousands)
Commercial - Purchase |  | $ | 22,571 |  |  | $ | 22,437 |  |  | $ | 134 |  |  | $ | 28 |  |  |  | 0.2 |  | %
Commercial - Refinance |  |  | 87,133 |  |  |  | 82,330 |  |  |  | 4,803 |  |  |  | 517 |  |  |  | 4.1 |  |
Residential 1-4 Unit - Purchase |  |  | 27,984 |  |  |  | 27,516 |  |  |  | 468 |  |  |  | 118 |  |  |  | 0.9 |  |
Residential 1-4 Unit - Refinance |  |  | 113,909 |  |  |  | 111,742 |  |  |  | 2,167 |  |  |  | 175 |  |  |  | 1.4 |  |
Short Term 1-4 Unit - Purchase |  |  | 8,140 |  |  |  | 8,140 |  |  |  | — |  |  |  | — |  |  |  | — |  |
Short Term 1-4 Unit - Refinance |  |  | 35,602 |  |  |  | 30,612 |  |  |  | 4,990 |  |  |  | 258 |  |  |  | 2.1 |  |
Total |  | $ | 295,339 |  |  | $ | 282,777 |  |  | $ | 12,562 |  |  | $ | 1,096 |  |  |  | 8.7 |  | %
Troubled Debt Restructuring included in nonaccrual loans: |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  |  | — |  |
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment | The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of September 30, 2023 and 2022, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
Commercial - Purchase |  | $ | 647,124 |  |  | $ | 174 |  |  | $ | 722,868 |  |  | $ | 207 |
Commercial - Refinance |  |  | 828,037 |  |  |  | 515 |  |  |  | 933,486 |  |  |  | 328 |
Residential 1-4 Unit - Purchase |  |  | 532,033 |  |  |  | 261 |  |  |  | 630,069 |  |  |  | 93 |
Residential 1-4 Unit - Refinance |  |  | 845,640 |  |  |  | 642 |  |  |  | 1,013,626 |  |  |  | 326 |
Short Term 1-4 Unit - Purchase |  |  | 44,616 |  |  |  | 109 |  |  |  | 73,005 |  |  |  | 134 |
Short Term 1-4 Unit - Refinance |  |  | 53,075 |  |  |  | 8 |  |  |  | 77,839 |  |  |  | 67 |
Total |  | $ | 2,950,525 |  |  | $ | 1,709 |  |  | $ | 3,450,893 |  |  | $ | 1,155 |
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
Commercial - Purchase |  | $ | 647,124 |  |  | $ | 442 |  |  | $ | 722,868 |  |  | $ | 400 |
Commercial - Refinance |  |  | 828,037 |  |  |  | 1,698 |  |  |  | 933,486 |  |  |  | 915 |
Residential 1-4 Unit - Purchase |  |  | 532,033 |  |  |  | 1,035 |  |  |  | 630,069 |  |  |  | 374 |
Residential 1-4 Unit - Refinance |  |  | 845,640 |  |  |  | 2,277 |  |  |  | 1,013,626 |  |  |  | 892 |
Short Term 1-4 Unit - Purchase |  |  | 44,616 |  |  |  | 140 |  |  |  | 73,005 |  |  |  | 159 |
Short Term 1-4 Unit - Refinance |  |  | 53,075 |  |  |  | 450 |  |  |  | 77,839 |  |  |  | 437 |
Total |  | $ | 2,950,525 |  |  | $ | 6,042 |  |  | $ | 3,450,893 |  |  | $ | 3,177 |
Schedule of Activity in Allowance for Credit Losses | The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Three Months Ended September 30, 2023 |
|  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Short Term |  |  | Short Term |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - July 1, 2023 |  | $ | 732 |  |  | $ | 2,026 |  |  | $ | 403 |  |  | $ | 1,264 |  |  | $ | 59 |  |  | $ | 142 |  |  | $ | 4,626 |
Provision for loan losses |  |  | 228 |  |  |  | (312 | ) |  |  | 217 |  |  |  | (1 | ) |  |  | (407 | ) |  |  | 429 |  |  |  | 154 |
Recoveries (charge-offs) |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | — |  |  |  | 393 |  |  |  | (429 | ) |  |  | (95 | )
Ending balance |  | $ | 960 |  |  | $ | 1,714 |  |  | $ | 561 |  |  | $ | 1,263 |  |  | $ | 45 |  |  | $ | 142 |  |  | $ | 4,685 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 137 |  |  | $ | 415 |  |  | $ | — |  |  | $ | 171 |  |  | $ | 23 |  |  | $ | 108 |  |  | $ | 854 |
Loans collectively evaluated |  | $ | 823 |  |  | $ | 1,299 |  |  | $ | 561 |  |  | $ | 1,092 |  |  | $ | 22 |  |  | $ | 34 |  |  | $ | 3,831 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 24,013 |  |  | $ | 93,080 |  |  | $ | 40,235 |  |  | $ | 138,951 |  |  | $ | 7,804 |  |  | $ | 43,217 |  |  | $ | 347,300 |
Loans collectively evaluated |  | $ | 623,111 |  |  | $ | 734,957 |  |  | $ | 491,798 |  |  | $ | 706,689 |  |  | $ | 36,812 |  |  | $ | 9,858 |  |  | $ | 2,603,225 |
|  | Three Months Ended September 30, 2022 |
|  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Short Term |  |  | Short Term |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - July 1, 2022 |  | $ | 612 |  |  | $ | 1,996 |  |  | $ | 440 |  |  | $ | 1,270 |  |  | $ | 34 |  |  | $ | 553 |  |  | $ | 4,905 |
Provision for loan losses |  |  | 78 |  |  |  | 66 |  |  |  | 182 |  |  |  | 227 |  |  |  | 9 |  |  |  | 18 |  |  |  | 580 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | (148 | ) |  |  | (155 | )
Ending balance |  | $ | 690 |  |  | $ | 2,062 |  |  | $ | 615 |  |  | $ | 1,497 |  |  | $ | 43 |  |  | $ | 423 |  |  | $ | 5,330 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 6 |  |  | $ | 369 |  |  | $ | 118 |  |  | $ | 176 |  |  | $ | — |  |  | $ | 205 |  |  | $ | 874 |
Loans collectively evaluated |  | $ | 684 |  |  | $ | 1,693 |  |  | $ | 497 |  |  | $ | 1,321 |  |  | $ | 43 |  |  | $ | 218 |  |  | $ | 4,456 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 19,033 |  |  | $ | 81,204 |  |  | $ | 21,731 |  |  | $ | 91,368 |  |  | $ | 7,076 |  |  | $ | 35,845 |  |  | $ | 256,257 |
Loans collectively evaluated |  | $ | 703,835 |  |  | $ | 852,282 |  |  | $ | 608,338 |  |  | $ | 922,258 |  |  | $ | 65,929 |  |  | $ | 41,994 |  |  | $ | 3,194,636 |
|  | Nine Months Ended September 30, 2023 |
|  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Short Term |  |  | Short Term |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2023 |  | $ | 639 |  |  | $ | 2,031 |  |  | $ | 542 |  |  | $ | 1,272 |  |  | $ | 21 |  |  | $ | 388 |  |  | $ | 4,893 |
Provision for loan losses |  |  | 321 |  |  |  | (238 | ) |  |  | 104 |  |  |  | 2 |  |  |  | 410 |  |  |  | 489 |  |  |  | 1,088 |
Charge-offs |  |  | — |  |  |  | (79 | ) |  |  | (85 | ) |  |  | (11 | ) |  |  | (386 | ) |  |  | (735 | ) |  |  | (1,296 | )
Ending balance |  | $ | 960 |  |  | $ | 1,714 |  |  | $ | 561 |  |  | $ | 1,263 |  |  | $ | 45 |  |  | $ | 142 |  |  | $ | 4,685 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 137 |  |  | $ | 415 |  |  | $ | — |  |  | $ | 171 |  |  | $ | 23 |  |  | $ | 108 |  |  | $ | 854 |
Loans collectively evaluated |  | $ | 823 |  |  | $ | 1,299 |  |  | $ | 561 |  |  | $ | 1,092 |  |  | $ | 22 |  |  | $ | 34 |  |  | $ | 3,831 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 24,013 |  |  | $ | 93,080 |  |  | $ | 40,235 |  |  | $ | 138,951 |  |  | $ | 7,804 |  |  | $ | 43,217 |  |  | $ | 347,300 |
Loans collectively evaluated |  | $ | 623,111 |  |  | $ | 734,957 |  |  | $ | 491,798 |  |  | $ | 706,689 |  |  | $ | 36,812 |  |  | $ | 9,858 |  |  | $ | 2,603,225 |
|  | Nine Months Ended September 30, 2022 |
|  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Short Term |  |  | Short Term |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance - January 1, 2022 |  | $ | 385 |  |  | $ | 2,144 |  |  | $ | 400 |  |  | $ | 948 |  |  | $ | 43 |  |  | $ | 342 |  |  | $ | 4,262 |
Provision for loan losses |  |  | 452 |  |  |  | (57 | ) |  |  | 222 |  |  |  | 654 |  |  |  | — |  |  |  | 318 |  |  |  | 1,589 |
Charge-offs |  |  | (147 | ) |  |  | (25 | ) |  |  | (7 | ) |  |  | (105 | ) |  |  | — |  |  |  | (237 | ) |  |  | (521 | )
Ending balance |  | $ | 690 |  |  | $ | 2,062 |  |  | $ | 615 |  |  | $ | 1,497 |  |  | $ | 43 |  |  | $ | 423 |  |  | $ | 5,330 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 6 |  |  | $ | 369 |  |  | $ | 118 |  |  | $ | 176 |  |  | $ | — |  |  | $ | 205 |  |  | $ | 874 |
Loans collectively evaluated |  | $ | 684 |  |  | $ | 1,693 |  |  | $ | 497 |  |  | $ | 1,321 |  |  | $ | 43 |  |  | $ | 218 |  |  | $ | 4,456 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 19,033 |  |  | $ | 81,204 |  |  | $ | 21,731 |  |  | $ | 91,368 |  |  | $ | 7,076 |  |  | $ | 35,845 |  |  | $ | 256,257 |
Loans collectively evaluated |  | $ | 703,835 |  |  | $ | 852,282 |  |  | $ | 608,338 |  |  | $ | 922,258 |  |  | $ | 65,929 |  |  | $ | 41,994 |  |  | $ | 3,194,636 |
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio | The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, which include $179.0 million and $203.3 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of September 30, 2023 and December 31, 2022, respectively (in thousands):
|  | 30–59 days |  |  | 60–89 days |  |  | 90+days |  |  | Total |  |  |  |  |  | Total |
September 30, 2023 |  | past due |  |  | past due |  |  | past due(1) |  |  | past due |  |  | Current |  |  | loans |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 399 |  |  | $ | 1,494 |  |  | $ | 22,120 |  |  | $ | 24,013 |  |  | $ | — |  |  | $ | 24,013 |
Commercial - Refinance |  |  | 3,059 |  |  |  | 2,224 |  |  |  | 87,797 |  |  |  | 93,080 |  |  |  |  |  |  | 93,080 |
Residential 1-4 Unit - Purchase |  |  | 2,615 |  |  |  | 1,757 |  |  |  | 35,863 |  |  |  | 40,235 |  |  |  | — |  |  |  | 40,235 |
Residential 1-4 Unit - Refinance |  |  | 3,002 |  |  |  | 1,884 |  |  |  | 134,065 |  |  |  | 138,951 |  |  |  | — |  |  |  | 138,951 |
Short Term 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | 7,804 |  |  |  | 7,804 |  |  |  | — |  |  |  | 7,804 |
Short Term 1-4 Unit - Refinance |  |  | — |  |  |  | — |  |  |  | 43,217 |  |  |  | 43,217 |  |  |  | — |  |  |  | 43,217 |
Total loans individually evaluated |  | $ | 9,075 |  |  | $ | 7,359 |  |  | $ | 330,866 |  |  | $ | 347,300 |  |  | $ | — |  |  | $ | 347,300 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 19,144 |  |  | $ | 19,751 |  |  | $ | — |  |  | $ | 38,895 |  |  | $ | 584,216 |  |  | $ | 623,111 |
Commercial - Refinance |  |  | 45,677 |  |  |  | 19,795 |  |  |  | — |  |  |  | 65,472 |  |  |  | 669,485 |  |  |  | 734,957 |
Residential 1-4 Unit - Purchase |  |  | 20,095 |  |  |  | 6,733 |  |  |  | — |  |  |  | 26,828 |  |  |  | 464,970 |  |  |  | 491,798 |
Residential 1-4 Unit - Refinance |  |  | 50,670 |  |  |  | 20,588 |  |  |  | — |  |  |  | 71,258 |  |  |  | 635,431 |  |  |  | 706,689 |
Short Term 1-4 Unit - Purchase |  |  | 24,077 |  |  |  | 2,080 |  |  |  | — |  |  |  | 26,157 |  |  |  | 10,655 |  |  |  | 36,812 |
Short Term 1-4 Unit - Refinance |  |  | 2,004 |  |  |  | 944 |  |  |  | — |  |  |  | 2,948 |  |  |  | 6,910 |  |  |  | 9,858 |
Total loans collectively evaluated |  | $ | 161,667 |  |  | $ | 69,891 |  |  | $ | — |  |  | $ | 231,558 |  |  | $ | 2,371,667 |  |  | $ | 2,603,225 |
Ending balance |  | $ | 170,742 |  |  | $ | 77,250 |  |  | $ | 330,866 |  |  | $ | 578,858 |  |  | $ | 2,371,667 |  |  | $ | 2,950,525 |
|  | 30–59 days |  |  | 60–89 days |  |  | 90+days |  |  | Total |  |  |  |  |  | Total |
December 31, 2022 |  | past due |  |  | past due |  |  | past due(1) |  |  | past due |  |  | Current |  |  | loans |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 865 |  |  | $ | — |  |  | $ | 21,706 |  |  | $ | 22,571 |  |  | $ | — |  |  | $ | 22,571 |
Commercial - Refinance |  |  | 4,415 |  |  |  | 5,943 |  |  |  | 76,619 |  |  |  | 86,977 |  |  |  | 156 |  |  |  | 87,133 |
Residential 1-4 Unit - Purchase |  |  | 590 |  |  |  | 592 |  |  |  | 26,802 |  |  |  | 27,984 |  |  |  | — |  |  |  | 27,984 |
Residential 1-4 Unit - Refinance |  |  | 1,715 |  |  |  | 2,728 |  |  |  | 109,466 |  |  |  | 113,909 |  |  |  | — |  |  |  | 113,909 |
Short Term 1-4 Unit - Purchase |  |  | 176 |  |  |  | — |  |  |  | 7,964 |  |  |  | 8,140 |  |  |  | — |  |  |  | 8,140 |
Short Term 1-4 Unit - Refinance |  |  | 657 |  |  |  | — |  |  |  | 34,945 |  |  |  | 35,602 |  |  |  | — |  |  |  | 35,602 |
Total loans individually evaluated |  | $ | 8,418 |  |  | $ | 9,263 |  |  | $ | 277,502 |  |  | $ | 295,183 |  |  | $ | 156 |  |  | $ | 295,339 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 24,899 |  |  | $ | 5,096 |  |  | $ | — |  |  | $ | 29,995 |  |  | $ | 648,842 |  |  | $ | 678,837 |
Commercial - Refinance |  |  | 41,711 |  |  |  | 20,561 |  |  |  | — |  |  |  | 62,272 |  |  |  | 757,692 |  |  |  | 819,964 |
Residential 1-4 Unit - Purchase |  |  | 22,840 |  |  |  | 13,948 |  |  |  | — |  |  |  | 36,788 |  |  |  | 523,661 |  |  |  | 560,449 |
Residential 1-4 Unit - Refinance |  |  | 64,925 |  |  |  | 23,224 |  |  |  | — |  |  |  | 88,149 |  |  |  | 737,247 |  |  |  | 825,396 |
Short Term 1-4 Unit - Purchase |  |  | 21,273 |  |  |  | 294 |  |  |  | — |  |  |  | 21,567 |  |  |  | 40,177 |  |  |  | 61,744 |
Short Term 1-4 Unit - Refinance |  |  | 5,550 |  |  |  | 1,191 |  |  |  | — |  |  |  | 6,741 |  |  |  | 28,814 |  |  |  | 35,555 |
Total loans collectively evaluated |  | $ | 181,198 |  |  | $ | 64,314 |  |  | $ | — |  |  | $ | 245,512 |  |  | $ | 2,736,433 |  |  | $ | 2,981,945 |
Ending balance |  | $ | 189,616 |  |  | $ | 73,577 |  |  | $ | 277,502 |  |  | $ | 540,695 |  |  | $ | 2,736,589 |  |  | $ | 3,277,284 |
(1) Includes loans in bankruptcy and foreclosure less than 90 days past due.
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year | The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of September 30, 2023 and December 31, 2022 (in thousands).
|  | Term Loans Amortized Cost Basis by Origination Year |
September 30, 2023: |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Pre-2019 |  |  | Total |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 258,084 |  |  | $ | 230,472 |  |  | $ | 32,582 |  |  | $ | 46,101 |  |  | $ | 55,872 |  |  | $ | 623,111 |
Nonperforming |  |  | 6,485 |  |  |  | 6,241 |  |  |  | 532 |  |  |  | 4,273 |  |  |  | 6,482 |  |  |  | 24,013 |
Total Commercial - Purchase |  | $ | 264,569 |  |  | $ | 236,713 |  |  | $ | 33,114 |  |  | $ | 50,374 |  |  | $ | 62,354 |  |  | $ | 647,124 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 240,627 |  |  | $ | 195,968 |  |  | $ | 50,490 |  |  | $ | 92,007 |  |  | $ | 155,865 |  |  | $ | 734,957 |
Nonperforming |  |  | 22,342 |  |  |  | 12,363 |  |  |  | 4,614 |  |  |  | 18,171 |  |  |  | 35,590 |  |  |  | 93,080 |
Total Commercial - Refinance |  | $ | 262,969 |  |  | $ | 208,331 |  |  | $ | 55,104 |  |  | $ | 110,178 |  |  | $ | 191,455 |  |  | $ | 828,037 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 217,835 |  |  | $ | 203,026 |  |  | $ | 9,775 |  |  | $ | 25,710 |  |  | $ | 35,452 |  |  | $ | 491,798 |
Nonperforming |  |  | 19,703 |  |  |  | 12,323 |  |  |  | 1,023 |  |  |  | 1,423 |  |  |  | 5,763 |  |  |  | 40,235 |
Total Residential 1-4 Unit - Purchase |  | $ | 237,538 |  |  | $ | 215,349 |  |  | $ | 10,798 |  |  | $ | 27,133 |  |  | $ | 41,215 |  |  | $ | 532,033 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 291,195 |  |  | $ | 248,864 |  |  | $ | 20,577 |  |  | $ | 67,145 |  |  | $ | 78,908 |  |  | $ | 706,689 |
Nonperforming |  |  | 45,631 |  |  |  | 33,741 |  |  |  | 7,273 |  |  |  | 28,362 |  |  |  | 23,944 |  |  |  | 138,951 |
Total Residential 1-4 Unit - Refinance |  | $ | 336,826 |  |  | $ | 282,605 |  |  | $ | 27,850 |  |  | $ | 95,507 |  |  | $ | 102,852 |  |  | $ | 845,640 |
Short Term 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 14,760 |  |  | $ | 180 |  |  | $ | 17,466 |  |  | $ | 4,406 |  |  | $ | — |  |  | $ | 36,812 |
Nonperforming |  |  | 6,279 |  |  |  | 530 |  |  |  | 995 |  |  |  | — |  |  |  | — |  |  |  | 7,804 |
Total Short Term 1-4 Unit - Purchase |  | $ | 21,039 |  |  | $ | 710 |  |  | $ | 18,461 |  |  | $ | 4,406 |  |  | $ | — |  |  | $ | 44,616 |
Short Term 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 9,858 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,858 |
Nonperforming |  |  | 16,913 |  |  |  | 153 |  |  |  | 8,479 |  |  |  | 13,521 |  |  |  | 4,151 |  |  |  | 43,217 |
Total Short Term 1-4 Unit - Refinance |  | $ | 26,771 |  |  | $ | 153 |  |  | $ | 8,479 |  |  | $ | 13,521 |  |  | $ | 4,151 |  |  | $ | 53,075 |
Total Portfolio |  | $ | 1,149,712 |  |  | $ | 943,861 |  |  | $ | 153,806 |  |  | $ | 301,119 |  |  | $ | 402,027 |  |  | $ | 2,950,525 |
Gross charge-offs - quarter-ended September 30, 2023 |  | $ | 365 |  |  | $ | (270 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 95 |
Gross charge-offs - year-to-date September 30, 2023 |  | $ | 376 |  |  | $ | 473 |  |  | $ | — |  |  | $ | 447 |  |  | $ | — |  |  | $ | 1,296 |
|  | Term Loans Amortized Cost Basis by Origination Year |
December 31, 2022 |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | Pre-2018 |  |  | Total |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 273,950 |  |  | $ | 249,100 |  |  | $ | 36,064 |  |  | $ | 56,322 |  |  | $ | 33,193 |  |  | $ | 30,208 |  |  | $ | 678,837 |
Nonperforming |  |  | 1,274 |  |  |  | 6,959 |  |  |  | 1,579 |  |  |  | 5,809 |  |  |  | 3,205 |  |  |  | 3,745 |  |  |  | 22,571 |
Total Commercial - Purchase |  | $ | 275,224 |  |  | $ | 256,059 |  |  | $ | 37,643 |  |  | $ | 62,131 |  |  | $ | 36,398 |  |  | $ | 33,953 |  |  | $ | 701,408 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 263,754 |  |  | $ | 210,898 |  |  | $ | 55,795 |  |  | $ | 103,633 |  |  | $ | 93,161 |  |  | $ | 92,723 |  |  | $ | 819,964 |
Nonperforming |  |  | 9,012 |  |  |  | 11,801 |  |  |  | 3,855 |  |  |  | 23,423 |  |  |  | 20,408 |  |  |  | 18,634 |  |  |  | 87,133 |
Total Commercial - Refinance |  | $ | 272,766 |  |  | $ | 222,699 |  |  | $ | 59,650 |  |  | $ | 127,056 |  |  | $ | 113,569 |  |  | $ | 111,357 |  |  | $ | 907,097 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 249,625 |  |  | $ | 227,235 |  |  | $ | 10,710 |  |  | $ | 31,685 |  |  | $ | 18,891 |  |  | $ | 22,303 |  |  | $ | 560,449 |
Nonperforming |  |  | 7,281 |  |  |  | 10,107 |  |  |  | 2,165 |  |  |  | 2,313 |  |  |  | 1,553 |  |  |  | 4,565 |  |  |  | 27,984 |
Total Residential 1-4 Unit - Purchase |  | $ | 256,906 |  |  | $ | 237,342 |  |  | $ | 12,875 |  |  | $ | 33,998 |  |  | $ | 20,444 |  |  | $ | 26,868 |  |  | $ | 588,433 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 338,959 |  |  | $ | 285,195 |  |  | $ | 24,703 |  |  | $ | 84,208 |  |  | $ | 39,870 |  |  | $ | 52,461 |  |  | $ | 825,396 |
Nonperforming |  |  | 21,391 |  |  |  | 25,023 |  |  |  | 6,907 |  |  |  | 27,746 |  |  |  | 15,834 |  |  |  | 17,008 |  |  |  | 113,909 |
Total Residential 1-4 Unit - Refinance |  | $ | 360,350 |  |  | $ | 310,218 |  |  | $ | 31,610 |  |  | $ | 111,954 |  |  | $ | 55,704 |  |  | $ | 69,469 |  |  | $ | 939,305 |
Short Term 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 40,967 |  |  | $ | 944 |  |  | $ | 15,659 |  |  | $ | 4,174 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,744 |
Nonperforming |  |  | 1,287 |  |  |  | 5,212 |  |  |  | 995 |  |  |  | 542 |  |  |  | 104 |  |  |  | — |  |  |  | 8,140 |
Total Short Term 1-4 Unit - Purchase |  | $ | 42,254 |  |  | $ | 6,156 |  |  | $ | 16,654 |  |  | $ | 4,716 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 69,884 |
Short Term 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 35,555 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,555 |
Nonperforming |  |  | 786 |  |  |  | 1,221 |  |  |  | 10,545 |  |  |  | 18,245 |  |  |  | 4,805 |  |  |  | — |  |  |  | 35,602 |
Total Short Term 1-4 Unit - Refinance |  | $ | 36,341 |  |  | $ | 1,221 |  |  | $ | 10,545 |  |  | $ | 18,245 |  |  | $ | 4,805 |  |  | $ | — |  |  | $ | 71,157 |
Total Portfolio |  | $ | 1,243,841 |  |  | $ | 1,033,695 |  |  | $ | 168,977 |  |  | $ | 358,100 |  |  | $ | 231,024 |  |  | $ | 241,647 |  |  | $ | 3,277,284 |
Summary of Difference Between Aggregate Fair Value and Aggregate Unpaid Principal Balance by Loan Segments | The following table presents the aggregate fair value of loans held for investment at fair value that are 90 days or more past due and/or in nonaccrual status, and the difference between the aggregate fair value and the aggregate unpaid principal balance as of September 30, 2023 by loan segments (in thousands):
|  | Fair Value |  |  | Unpaid Principal Balance |  |  | Difference |
|  | Current–89 days |  |  | 90+days past due |  |  |  |  |  | Current–89 days |  |  | 90+days past due |  |  |  |  |  | 90+days past due |
September 30, 2023 |  | past due |  |  | or nonaccrual |  |  | Total |  |  | past due |  |  | or nonaccrual |  |  | Total |  |  | or nonaccrual |
Commercial - Purchase |  | $ | 129,854 |  |  | $ | 3,233 |  |  | $ | 133,087 |  |  | $ | 123,247 |  |  | $ | 3,894 |  |  | $ | 127,141 |  |  | $ | (661 | )
Commercial - Refinance |  |  | 156,931 |  |  |  | 2,624 |  |  |  | 159,555 |  |  |  | 147,492 |  |  |  | 3,161 |  |  |  | 150,653 |  |  |  | (537 | )
Residential 1-4 Unit - Purchase |  |  | 189,247 |  |  |  | 8,153 |  |  |  | 197,400 |  |  |  | 190,128 |  |  |  | 9,761 |  |  |  | 199,889 |  |  |  | (1,608 | )
Residential 1-4 Unit - Refinance |  |  | 356,278 |  |  |  | 19,110 |  |  |  | 375,388 |  |  |  | 349,909 |  |  |  | 22,680 |  |  |  | 372,589 |  |  |  | (3,570 | )
Short Term 1-4 Unit - Purchase |  |  | 37,224 |  |  |  | 1,077 |  |  |  | 38,301 |  |  |  | 36,915 |  |  |  | 1,298 |  |  |  | 38,213 |  |  |  | (221 | )
Short Term 1-4 Unit - Refinance |  |  | 45,773 |  |  |  | 2,486 |  |  |  | 48,259 |  |  |  | 45,152 |  |  |  | 2,996 |  |  |  | 48,148 |  |  |  | (510 | )
Ending balance |  | $ | 915,307 |  |  | $ | 36,683 |  |  | $ | 951,990 |  |  | $ | 892,843 |  |  | $ | 43,790 |  |  | $ | 936,633 |  |  | $ | (7,107 | )

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
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- Definition Tabular disclosure of financing receivable on nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-16 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 + Details
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