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Fair Value (Tables)
 9 Months Ended
Sep. 30, 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):
September 30, 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$11,565,538 $11,292,647 $11,236,801 $12,615,006 $12,377,806 $12,452,563 
Loans held-for-sale, net326,910 326,141 334,884 552,325 551,707 566,451 
Capitalized mortgage servicing rights, netn/a376,403 499,630 n/a391,254 510,472 
Securities held-to-maturity, net230,190 156,027 145,000 230,495 155,279 129,390 
Derivative financial instruments134,688 1,912 1,912 447,609 6,547 6,547 
Financial liabilities:
Credit and repurchase facilities$3,264,033 $3,257,719 $3,247,500 $3,242,939 $3,237,827 $3,228,324 
Securitized debt5,327,245 5,315,079 5,281,765 6,956,284 6,935,010 6,864,557 
Senior unsecured notes1,255,000 1,246,908 1,161,256 1,345,000 1,333,968 1,214,331 
Convertible senior unsecured notes287,500 285,170 292,712 287,500 283,118 301,156 
Junior subordinated notes154,336 144,480 107,761 154,336 143,896 106,444 
Mortgage notes payable - real estate owned35,350 35,350 35,132 44,339 44,339 44,103 
Derivative financial instruments227,478 1,115 1,115 138,270 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 September 30, 2024 (in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$1,912 $1,912 $— $1,536 $376 
Financial liabilities:
Derivative financial instruments$1,115 $1,115 $— $1,115 $— 
Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at September 30, 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)$451,114 $451,114 $— $— $451,114 
Loans held-for-sale (2)14,054 14,054 — 14,054 — 
$465,168 $465,168 $— $14,054 $451,114 
________________________
(1)We had an allowance for credit losses of $145.7 million related to twenty-seven impaired loans with a total carrying value, before loan loss reserves, of $596.9 million at September 30, 2024. The fair values of these impaired loans are based on the value of the underlying collateral.
(2)We had unrealized impairment losses of $0.9 million related to four held-for-sale loans with a total carrying value, before unrealized impairment losses, of $14.9 million.
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at September 30, 2024 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$389,350 Discounted cash flowsCapitalization rate6.20%
5.75% - 7.25%
Land49,999 Discounted cash flowsDiscount rate21.50%21.50%
Revenue growth rate3.00%3.00%
Retail11,765 Sales comparativePrice per acre$165,128$165,128
Derivative financial instruments:
Rate lock commitments376 Discounted cash flowsW/A discount rate13.37%13.37%
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 September 30,Nine Months Ended September 30,
2024202320242023
Derivative assets and liabilities, net
Beginning balance$1,066 $757 $428 $354 
Settlements(13,460)(13,369)(36,902)(46,123)
Realized gains recorded in earnings12,394 12,612 36,474 45,769 
Unrealized gains recorded in earnings376 962 376 962 
Ending balance$376 $962 $376 $962 
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):
September 30, 2024Notional/
Principal Amount		Fair Value of
Servicing Rights		Interest Rate
Movement Effect		Unrealized
Impairment Loss		Total Fair Value
Adjustment
Rate lock commitments$25,093 $376 $20 $— $396 
Forward sale commitments337,073 — (20)— (20)
Loans held-for-sale, net (1)326,910 3,887 — (876)3,011 
Total$4,263 $— $(876)$3,387 
________________________
(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 September 30, 2024 (in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets: 
Loans and investments, net$11,292,647 $11,236,801 $— $— $11,236,801 
Loans held-for-sale, net326,141 334,884 — 330,997 3,887 
Capitalized mortgage servicing rights, net376,403 499,630 — — 499,630 
Securities held-to-maturity, net156,027 145,000 — — 145,000 
Financial liabilities:
Credit and repurchase facilities$3,257,719 $3,247,500 $— $319,419 $2,928,081 
Securitized debt5,315,079 5,281,765 — — 5,281,765 
Senior unsecured notes1,246,908 1,161,256 1,161,256 — — 
Convertible senior unsecured notes285,170 292,712 — 292,712 — 
Junior subordinated notes144,480 107,761 — — 107,761 
Mortgage notes payable - real estate owned35,350 35,132 — — 35,132