Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Loans Held for Investment

The following tables summarize loans held for investment as of December 31, 2023 and 2022 (in thousands):

	December 31, 2023
	Loans held for			Loans held for		Total loans
	investment,			investment, at		held for
	net			fair value		investment
Unpaid principal balance	$	2,804,541		$	1,251,395	$	4,055,936
Valuation adjustments on FVO loans		—			54,677		54,677
Deferred loan origination costs		28,351			—		28,351
		2,832,892			1,306,072		4,138,964
Allowance for loan losses		(4,769	)		—		(4,769	)
Total loans held for investment, net	$	2,828,123		$	1,306,072	$	4,134,195

	December 31, 2022
	Loans held for			Loans held for		Total loans
	investment,			investment, at		held for
	net			fair value		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, 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 activity, the UPB, and amortized cost basis of the loans in the Company's COVID-19 forbearance program for the years ended December 31, 2023 and 2022 ($ in thousands):

	December 31, 2023
	UPB			%	Amortized Cost			%
Beginning balance	$	201,005			$	203,346
Foreclosures		(833	)			(830	)
Repayments		(25,601	)			(26,001	)
Ending balance	$	174,571			$	176,515
Performing/Accruing	$	132,389		75.8%	$	133,771		75.8%
Nonperforming/Nonaccrual	$	42,182		24.2%	$	42,744		24.2%

	December 31, 2022
	UPB			%	Amortized Cost			%
Beginning balance	$	292,429			$	295,990
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 Facility Agreements and Securitized Debt Issued

As of December 31, 2023 and 2022, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitized debt issued were as follows (in thousands):

	December 31,
	2023		2022
The 2013 repurchase agreement	$	132,505	$	170,185
The 2021 repurchase agreement		103,787		101,024
The Bank credit agreement		39,619		39,087
The 2021 term repurchase agreement		41,628		104,594
The July 2021 term repurchase agreement		30,923		3,859
The 2023 repurchase agreement		29,501		—
Total pledged loans	$	377,963	$	418,749
2016-1 Trust	$	—	$	39,720
2017-2 Trust		50,554		67,048
2018-1 Trust		37,810		48,139
2018-2 Trust		85,122		104,791
2019-1 Trust		87,677		104,249
2019-2 Trust		73,166		91,025
2019-3 Trust		64,403		75,618
2020-1 Trust		116,843		144,913
2020-2 Trust		69,085		81,259
2021-1 Trust		182,184		208,875
2021-2 Trust		148,989		172,144
2021-3 Trust		159,565		178,861
2021-4 Trust		245,945		275,741
2022-1 Trust		245,372		262,526
2022-2 Trust		222,333		245,339
2022-MC1 Trust		73,840		97,246
2022-3 Trust		278,268		299,638
2022-4 Trust		298,758		326,627
2022-5 Trust		223,112		251,288
2023-1 Trust		217,220		—
2023-2 Trust		214,221		—
2023-3 Trust		255,699		—
2023-RTL1 Trust		79,465		—
2023-4 Trust		227,940		—
Total	$	3,657,571	$	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 December 31, 2023 and 2022.

	December 31, 2023
	Total Nonaccrual		Nonaccrual with No Allowance for Loan Loss		Nonaccrual with Allowance for Loan Loss		Allowance for Loans Individually Evaluated
Commercial - Purchase	$	28,221	$	27,037	$	1,184	$	156
Commercial - Refinance		86,890		84,575		2,315		444
Residential 1-4 Unit - Purchase		36,253		36,253		—		—
Residential 1-4 Unit - Refinance		137,925		134,579		3,346		245
Short Term 1-4 Unit - Purchase		6,402		6,403		—		—
Short Term 1-4 Unit - Refinance		29,663		27,059		2,604		129
Total	$	325,354	$	315,906	$	9,449	$	974

	December 31, 2022
	Total Nonaccrual		Nonaccrual with No Allowance for Loan Loss		Nonaccrual with Allowance for Loan Loss		Allowance for Loans Individually Evaluated
Commercial - Purchase	$	22,571	$	22,437	$	134	$	28
Commercial - Refinance		87,133		82,330		4,803		517
Residential 1-4 Unit - Purchase		27,984		27,516		468		118
Residential 1-4 Unit - Refinance		113,909		111,742		2,167		175
Short Term 1-4 Unit - Purchase		8,140		8,140		—		—
Short Term 1-4 Unit - Refinance		35,602		30,612		4,990		258
Total	$	295,339	$	282,777	$	12,562	$	1,096
Troubled debt restructuring included in nonaccrual loans:	$	165	$	—	$	—	$	25

Schedule Of Accrued Interest Receivable Written Off By Reversing Interest Income Table [Text Block]

The following table presents the amortized cost basis in the loans held for investment as of December 31, 2023 and 2022, and the amount of accrued interest receivable written off by reversing interest income by portfolio segment loans that have been placed on nonaccrual for the years ended December 31, 2023 and 2022 (in thousands):

	December 31,
	2023					2022
	Amortized Cost		Interest Reversal			Amortized Cost		Interest Reversal
Commercial - Purchase	$	631,925	$	(788	)	$	701,408	$	(640	)
Commercial - Refinance		799,816		(2,084	)		907,097		(1,343	)
Residential 1-4 Unit - Purchase		511,080		(1,239	)		588,433		(596	)
Residential 1-4 Unit - Refinance		808,149		(2,918	)		939,305		(1,602	)
Short Term 1-4 Unit - Purchase		41,111		(174	)		69,884		(189	)
Short Term 1-4 Unit - Refinance		40,811		(459	)		71,157		(502	)
Total	$	2,832,892	$	(7,662	)	$	3,277,284	$	(4,872	)

Schedule of Activity in Allowance for Loan Losses

The following tables present the activity in the allowance for loan losses for the years ended December 31, 2023 and 2022 (in thousands):

	December 31, 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:
Balance - January 1, 2023	$	639	$	2,031		$	542		$	1,272		$	21		$	388		$	4,893
Provision for loan losses		296		6			180			(5	)		388			1,050			1,915
Charge-offs, net		—		(232	)		(137	)		(11	)		(386	)		(1,273	)		(2,039	)
Ending balance	$	935	$	1,805		$	585		$	1,256		$	23		$	165		$	4,769
Allowance related to:
Loans individually evaluated	$	156	$	444		$	—		$	245		$	—		$	129		$	974
Loans collectively evaluated	$	779	$	1,361		$	585		$	1,011		$	23		$	36		$	3,795
Amortized cost related to:
Loans individually evaluated	$	28,221	$	86,890		$	36,253		$	137,925		$	6,402		$	29,663		$	325,354
Loans collectively evaluated	$	603,704	$	712,926		$	474,827		$	670,224		$	34,709		$	11,148		$	2,507,538

	December 31, 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:
Balance - January 1, 2022	$	385		$	2,144		$	400		$	948		$	43		$	342		$	4,262
Provision for loan losses		401			(88	)		149			429			(22	)		283			1,152
Charge-offs, net		(147	)		(25	)		(7	)		(105	)		—			(237	)		(521	)
Ending balance	$	639		$	2,031		$	542		$	1,272		$	21		$	388		$	4,893
Allowance related to:
Loans individually evaluated	$	28		$	517		$	118		$	175		$	—		$	258		$	1,096
Loans collectively evaluated	$	611		$	1,514		$	424		$	1,097		$	21		$	130		$	3,797
Amortized cost related to:
Loans individually evaluated	$	22,571		$	87,133		$	27,984		$	113,909		$	8,140		$	35,602		$	295,339
Loans collectively evaluated	$	678,837		$	819,964		$	560,449		$	825,396		$	61,744		$	35,555		$	2,981,945

Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio

The following tables present the aging status of the amortized cost basis in the loans held for investment portfolio, which include $176.5 million and $203.3 million loans in the Company’s COVID-19 forbearance program as of December 31, 2023 and 2022, respectively (in thousands):

	30–59 days		60–89 days		90+days		Total				Total
December 31, 2023	past due		past due		past due(1)		past due		Current		loans
Loans individually evaluated
Commercial - Purchase	$	2,329	$	668	$	25,224	$	28,221	$	—	$	28,221
Commercial - Refinance		4,716		2,405		79,769		86,890				86,890
Residential 1-4 Unit - Purchase		544		—		35,709		36,253		—		36,253
Residential 1-4 Unit - Refinance		2,988		1,923		133,014		137,925		—		137,925
Short Term 1-4 Unit - Purchase		—		—		6,402		6,402		—		6,402
Short Term 1-4 Unit - Refinance		55		—		29,608		29,663		—		29,663
Total loans individually evaluated	$	10,632	$	4,996	$	309,726	$	325,354	$	—	$	325,354
Loans collectively evaluated
Commercial - Purchase	$	21,342	$	8,352	$	—	$	29,694	$	574,010	$	603,704
Commercial - Refinance		47,430		14,002		—		61,432		651,494		712,926
Residential 1-4 Unit - Purchase		29,236		6,850		—		36,086		438,741		474,827
Residential 1-4 Unit - Refinance		52,510		20,828		—		73,338		596,886		670,224
Short Term 1-4 Unit - Purchase		1,169		658		—		1,827		32,882		34,709
Short Term 1-4 Unit - Refinance		2,978		213		—		3,191		7,957		11,148
Total loans collectively evaluated	$	154,665	$	50,903	$	—	$	205,568	$	2,301,970	$	2,507,538
Ending balance	$	165,297	$	55,899	$	309,726	$	530,922	$	2,301,970	$	2,832,892

(1)Includes loans in bankruptcy and foreclosure less than 90 days past due.

	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.

The following table presents the aging of the amortized cost basis of loans held for investment in the Company's COVID-19 forbearance program as of December 31, 2023 and 2022 (in thousands):

	30–59 days		60–89 days		90+days		Total				Total
December 31, 2023	past due		past due		past due(1)		past due		Current		loans
Loans individually evaluated
Commercial - Purchase	$	—	$	—	$	2,803	$	2,803	$	—	$	2,803
Commercial - Refinance		349		—		17,054		17,403		—		17,403
Residential 1-4 Unit - Purchase		—		—		523		523		—		523
Residential 1-4 Unit - Refinance		467		779		12,910		14,156		—		14,156
Short Term 1-4 Unit - Purchase		—		—		—		—		—		—
Short Term 1-4 Unit - Refinance		—		—		7,860		7,860		—		7,860
Total loans individually evaluated	$	816	$	779	$	41,150	$	42,745	$	—	$	42,745
Loans collectively evaluated
Commercial - Purchase	$	1,016	$	1,959	$	—	$	2,975	$	16,608	$	19,583
Commercial - Refinance		8,102		1,433		—		9,535		47,257		56,792
Residential 1-4 Unit - Purchase		1,615		227		—		1,842		8,808		10,650
Residential 1-4 Unit - Refinance		1,423		789		—		2,212		21,462		23,674
Short Term 1-4 Unit - Purchase		—		—		—		—		23,071		23,071
Short Term 1-4 Unit - Refinance		—		—		—		—		—		—
Total loans collectively evaluated	$	12,156	$	4,408	$	—	$	16,564	$	117,206	$	133,770
Ending balance	$	12,972	$	5,187	$	41,150	$	59,309	$	117,206	$	176,515

(1)Includes loans in bankruptcy and foreclosure less than 90 days past due.

	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	$	—	$	—	$	2,880	$	2,880	$	—	$	2,880
Commercial - Refinance		767		186		16,194		17,147		—		17,147
Residential 1-4 Unit - Purchase		—		—		1,116		1,116		—		1,116
Residential 1-4 Unit - Refinance		—		—		10,039		10,039		—		10,039
Short Term 1-4 Unit - Purchase		—		—		279		279		—		279
Short Term 1-4 Unit - Refinance		180		—		8,359		8,539		—		8,539
Total loans individually evaluated	$	947	$	186	$	38,867	$	40,000	$	—	$	40,000
Loans collectively evaluated
Commercial - Purchase	$	1,682	$	656	$	—	$	2,338	$	22,323	$	24,661
Commercial - Refinance		5,874		3,786		—		9,660		62,699		72,359
Residential 1-4 Unit - Purchase		2,346		1,036		—		3,382		7,277		10,659
Residential 1-4 Unit - Refinance		4,118		1,539		—		5,657		30,178		35,835
Short Term 1-4 Unit - Purchase		19,832		—		—		19,832		—		19,832
Short Term 1-4 Unit - Refinance		—		—		—		—		—		—
Total loans collectively evaluated	$	33,852	$	7,017	$	—	$	40,869	$	122,477	$	163,346
Ending balance	$	34,799	$	7,203	$	38,867	$	80,869	$	122,477	$	203,346

(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 December 31, 2023 and 2022 (in thousands).

	Term Loans Amortized Cost Basis by Origination Year
December 31, 2023:	2022		2021		2020		2019		Pre-2019		Total
Commercial - Purchase
Payment performance
Performing	$	248,153	$	226,467	$	31,692	$	43,829	$	53,563	$	603,704
Nonperforming		9,600		6,104		567		4,773		7,177		28,221
Total Commercial - Purchase	$	257,753	$	232,571	$	32,259	$	48,602	$	60,740	$	631,925
Commercial - Refinance
Payment performance
Performing	$	233,052	$	188,723	$	47,883	$	92,819	$	150,449	$	712,926
Nonperforming		20,462		14,168		4,207		14,167		33,886		86,890
Total Commercial - Refinance	$	253,514	$	202,891	$	52,090	$	106,986	$	184,335	$	799,816
Residential 1-4 Unit - Purchase
Payment performance
Performing	$	208,456	$	198,110	$	9,581	$	24,429	$	34,251	$	474,827
Nonperforming		17,287		10,740		701		1,421		6,104		36,253
Total Residential 1-4    Unit - Purchase	$	225,743	$	208,850	$	10,282	$	25,850	$	40,355	$	511,080
Residential 1-4 Unit - Refinance
Payment performance
Performing	$	277,980	$	237,159	$	19,752	$	61,136	$	74,197	$	670,224
Nonperforming		43,272		36,344		7,835		28,252		22,222		137,925
Total Residential 1-4    Unit - Refinance	$	321,252	$	273,503	$	27,587	$	89,388	$	96,419	$	808,149
Short Term 1-4 Unit - Purchase
Payment performance
Performing	$	11,458	$	180	$	18,510	$	4,561	$	—	$	34,709
Nonperforming		5,533		165		704		—		—		6,402
Total Short Term 1-4    Unit - Purchase	$	16,991	$	345	$	19,214	$	4,561	$	—	$	41,111
Short Term 1-4 Unit - Refinance
Payment performance
Performing	$	11,148	$	—	$	—	$	—	$	—	$	11,148
Nonperforming		4,313		153		7,435		13,612		4,150		29,663
Total Short Term 1-4    Unit - Refinance	$	15,461	$	153	$	7,435	$	13,612	$	4,150	$	40,811
Total Portfolio	$	1,090,714	$	918,313	$	148,867	$	288,999	$	385,999	$	2,832,892
Gross charge-offs - quarter-ended December 31, 2023	$	744	$	—	$	—	$	—	$	—	$	744
Gross charge-offs - year-ended December 31, 2023	$	1,120	$	473	$	—	$	446	$	—	$	2,039

	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 December 31, 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
December 31, 2023	past due		or nonaccrual		Total		past due		or nonaccrual		Total		or nonaccrual
Commercial - Purchase	$	204,282	$	4,651	$	208,933	$	188,924	$	5,635	$	194,559	$	(984	)
Commercial - Refinance		230,034		7,399		237,433		210,716		8,962		219,678		(1,563	)
Residential 1-4 Unit - Purchase		238,215		12,886		251,101		231,494		15,428		246,922		(2,542	)
Residential 1-4 Unit - Refinance		472,615		29,335		501,950		448,780		35,119		483,899		(5,784	)
Short Term 1-4 Unit - Purchase		46,312		1,769		48,081		45,695		2,143		47,838		(374	)
Short Term 1-4 Unit - Refinance		54,041		4,533		58,574		53,008		5,491		58,499		(958	)
Ending balance	$	1,245,499	$	60,573	$	1,306,072	$	1,178,617	$	72,778	$	1,251,395	$	(12,205	)