v3.26.1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 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$12,107,031 $11,915,216 $11,916,632 $12,113,107 $11,934,248 $11,964,280 
Loans held-for-sale, net378,247 375,797 385,894 408,386 409,081 421,398 
Capitalized mortgage servicing rights, netn/a323,887 462,029 n/a340,842 474,767 
Securities held-to-maturity, net224,761 157,137 150,321 229,521 156,087 150,147 
Derivative financial instruments231,927 1,594 1,594 94,319 585 585 
Financial liabilities:
Credit and repurchase facilities$5,821,983 $5,812,258 $5,800,728 $5,161,707 $5,149,651 $5,143,472 
Securitized debt2,992,050 2,972,246 2,999,104 3,485,786 3,468,258 3,487,773 
Senior unsecured notes1,875,000 1,857,769 1,789,738 2,050,000 2,029,078 2,009,938 
Junior subordinated notes154,336 145,907 113,551 154,336 145,497 111,992 
Notes payable - real estate owned270,410 270,410 269,131 222,965 222,965 221,893 
Derivative financial instruments447,896 2,637 2,637 292,734 1,082 1,082 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The fair values of these financial assets and liabilities are determined using the following input levels at June 30, 2026 ($ in thousands):
Carrying ValueFair ValueFair Value Measurements Using Fair Value Hierarchy
Level 1Level 2Level 3
Financial assets:
Derivative financial instruments$1,594 $1,594 $— $846 $748 
Financial liabilities:
Derivative financial instruments$2,637 $2,637 $— $2,637 $— 
Schedule of Fair Value Measurements, Nonrecurring The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at June 30, 2026 ($ 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)$399,189 $399,189 $— $— $399,189 
Loans held-for-sale (2)12,937 12,937 — 12,937 — 
$412,126 $412,126 $— $12,937 $399,189 
________________________
(1)We had an allowance for credit losses of $46.5 million relating to 19 impaired loans with an aggregate carrying value, before loan loss reserves, of $445.7 million at June 30, 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 $13.9 million.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Quantitative information about Level 3 fair value measurements at June 30, 2026 is as follows ($ in thousands):
Fair ValueValuation Techniques
Significant Unobservable Inputs
Financial assets:
Impaired loans:Weighted AverageMinimum / Maximum
Multifamily$237,717 Discounted cash flowsCapitalization rate5.95 %
5.50 % - 7.50 %
147,464 Price quotesN/AN/AN/A
$385,181 
Retail$14,008 Sales comparativePrice per acre$165$165
Derivative financial instruments:
Rate lock commitments$748 Discounted cash flowsW/A discount rate6.36 %
0.00% - 9.00%
Schedule of Roll Forward of Level 3 Derivative Instruments A roll-forward of Level 3 derivative instruments is as follows ($ in thousands):
Fair Value Measurements Using Significant Unobservable Inputs
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivative assets and liabilities, net
Beginning balance$633 $309 $473 $— 
Settlements(11,996)(10,856)(21,496)(18,678)
Realized gains recorded in earnings11,363 10,547 21,023 18,678 
Unrealized gains recorded in earnings748 382 748 382 
Ending balance$748 $382 $748 $382 
Schedule of Components of Fair and Other Relevant Information
The components of fair value and other relevant information associated with our forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows ($ in thousands):
June 30, 2026Notional/
Principal Amount		Fair Value of
Servicing Rights		Unrealized
Impairment Recovery (Loss)		Total Fair Value
Adjustment
Rate lock commitments$191,041 $748 $— $748 
Forward sale commitments488,782 — — — 
Loans held-for-sale, net (1)378,247 3,939 1,002 4,941 
Total$4,687 $1,002 $5,689 
________________________
(1)Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.
Schedule of Fair Value Measurements, Recurring and Nonrecurring The fair values of these assets and liabilities are determined using the following input levels at June 30, 2026 ($ in thousands):
Fair Value Measurements Using Fair Value Hierarchy
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets: 
Loans and investments, net$11,915,216 $11,916,632 $— $— $11,916,632 
Loans held-for-sale, net375,797 385,894 — 381,955 3,939 
Capitalized mortgage servicing rights, net323,887 462,029 — — 462,029 
Securities held-to-maturity, net157,137 150,321 — — 150,321 
Financial liabilities:
Credit and repurchase facilities$5,812,258 $5,800,728 $— $359,277 $5,441,451 
Securitized debt2,972,246 2,999,104 — — 2,999,104 
Senior unsecured notes1,857,769 1,789,738 1,789,738 — — 
Junior subordinated notes145,907 113,551 — — 113,551 
Notes payable - real estate owned270,410 269,131 — — 269,131