Velocity Financial (VEL) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	VEL
Entity Registrant Name	Velocity Financial, Inc.
Entity Central Index Key	0001692376
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		32,602,432
Entity File Number	001-39183
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0659719
Entity Address, Address Line One	30699 Russell Ranch Road
Entity Address, Address Line Two	Suite 295
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91362
City Area Code	818
Local Phone Number	532-3700
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 39,397	$ 45,248
Restricted cash	16,636	16,808
Loans held for sale, at fair value	18,081
Loans held for investment, net	3,169,280	3,272,390
Loans held for investment, at fair value	450,732	276,095
Total loans, net	3,638,093	3,548,485
Accrued interest receivables	20,931	20,463
Receivables due from servicers	64,133	65,644
Other receivables	2,188	1,075
Real estate owned, net	21,778	13,325
Property and equipment, net	3,209	3,356
Deferred tax asset	2,543	5,033
Mortgage servicing rights, at fair value	9,143	9,238
Goodwill	6,775	6,775
Other assets	12,268	13,525
Total assets	3,837,094	3,748,975
LIABILITIES
Accounts payable and accrued expenses	84,976	91,525
Secured financing, net	210,155	209,846
Securitizations, net	2,657,469	2,736,290
Securitizations, at fair value	194,941
Warehouse and repurchase facilities, net	298,313	330,814
Total liabilities	3,445,854	3,368,475
Commitments and contingencies
EQUITY
Common stock ($0.01 par value, 100,000,000 shares authorized; 32,721,653 and 32,523,516 shares issued, 32,602,432 and 32,489,869 shares outstanding at March 31, 2023 and December 31, 2022, respectively)	328	326
Treasury stock, at cost (119,221 and 33,647 common shares at March 31, 2023 and December 31, 2022, respectively)	(1,294)	(458)
Additional paid-in capital	301,308	300,310
Retained earnings	87,282	76,633
Total Velocity Financial Inc. stockholders' equity	387,624	376,811
Noncontrolling interest in subsidiary	3,616	3,689
Total equity	391,240	380,500
Total liabilities and equity	$ 3,837,094	$ 3,748,975

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,721,653	32,523,516
Common stock, shares, outstanding	32,602,432	32,489,869
Treasury stock, common shares	119,221	33,647
ASSETS
Restricted cash	$ 16,636	$ 16,808
Loans held for investment, net	3,169,280	3,272,390
Real estate owned, net	21,778	13,325
Other assets	12,268	13,525
Total assets	3,837,094	3,748,975
LIABILITIES
Accounts payable and accrued expenses	84,976	91,525
Total liabilities	3,445,854	3,368,475
Variable Interest Entity Primary Beneficiary
ASSETS
Restricted cash	2,972	2,968
Loans held for investment, net	3,259,141	3,108,316
Accrued interest and other receivables	80,302	77,191
Real estate owned, net	18,471	10,380
Other assets	9	15
Total assets	3,360,895	3,198,870
LIABILITIES
Accounts payable and accrued expenses	52,585	50,169
Securitizations	2,852,410	2,736,290
Total liabilities	$ 2,904,995	$ 2,786,459

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Interest income	$ 70,521	$ 52,049
Interest expense — portfolio related	42,029	23,556
Net interest income — portfolio related	28,492	28,493
Interest expense — corporate debt	4,139	17,140
Net interest income	24,353	11,353
Provision for loan losses	636	730
Net interest income after provision for loan losses	23,717	10,623
Other operating income
Gain on disposition of loans	1,913	4,540
Unrealized gain on fair value loans	7,354	11
Unrealized loss on fair value securitizations	(170)
Other income	3,461	1,097
Total other operating income	12,558	5,648
Operating expenses
Compensation and employee benefits	10,008	5,323
Origination (income) expenses	(334)	310
Securitizations expenses	2,584
Loan servicing	3,828	2,450
Professional fees	955	1,362
Rent and occupancy	446	442
Real estate owned, net	1,829	(175)
Other operating expenses	2,202	2,538
Total operating expenses	21,518	12,250
Income before income taxes	14,757	4,021
Income tax expense	4,021	790
Net income	10,736	3,231
Net income attributable to noncontrolling interest	87	110
Net income attributable to Velocity Financial, Inc.	10,649	3,121
Less undistributed earnings attributable to participating securities	160	48
Net earnings attributable to common shareholders	$ 10,489	$ 3,073
Earnings per common share
Basic	$ 0.33	$ 0.10
Diluted	$ 0.31	$ 0.09
Weighted average common shares outstanding
Basic	32,098	31,892
Diluted	34,052	34,204

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Parent	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 344,490	$ 323	$ 296,364	$ 44,422		$ 341,109	$ 3,381
Beginning balance, shares at Dec. 31, 2021		32,293,042
Purchase of treasury stock, at cost	(458)				$ (458)	(458)
Purchase of treasury stock, at cost, shares					(33,647)
Restricted stock awarded and earned stock compensation	418	$ 2	416			418
Restricted stock awarded and earned stock compensation, shares		125,250
Stock-based compensation	251		251			251
Net income	3,231			3,121		3,121	110
Ending balance at Mar. 31, 2022	347,932	$ 325	297,031	47,543	$ (458)	344,441	3,491
Ending balance, shares at Mar. 31, 2022		32,418,292			(33,647)
Beginning balance at Dec. 31, 2022	380,500	$ 326	300,310	76,633	$ (458)	376,811	3,689
Beginning balance, shares at Dec. 31, 2022		32,523,516			(33,647)
Purchase of treasury stock, at cost	(836)				$ (836)	(836)
Purchase of treasury stock, at cost, shares					(85,574)
Restricted stock awarded and earned stock compensation	1,000	$ 2	998			1,000
Restricted stock awarded and earned stock compensation, shares		198,137
Distribution to non-controlling interest	(160)						(160)
Net income	10,736			10,649		10,649	87
Ending balance at Mar. 31, 2023	$ 391,240	$ 328	$ 301,308	$ 87,282	$ (1,294)	$ 387,624	$ 3,616
Ending balance, shares at Mar. 31, 2023		32,721,653			(119,221)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 10,736	$ 3,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	195	206
Amortization of right-of-use assets	310	330
Provision for loan losses	636	730
Provision for repurchase of loans	39	228
Origination of loans held for sale	(19,088)
Proceeds from sales of loans held for sale	1,735
Net accretion of discount on purchased loans and amortization of deferred loan origination costs	1,172	1,927
(Reversal of) provision for uncollectible borrower advances	(15)	50
Gain on disposition of loans	(680)	(4,254)
Real estate acquired through foreclosure in excess of recorded investment	(1,233)	(286)
Amortization of debt issuance discount and costs	5,279	12,092
Change in valuation of real estate owned	1,178	(235)
Change in valuation of fair value loans	(7,354)	(10)
Change in valuation of mortgage servicing rights	95	(510)
Change in valuation of fair value securitizations	170
Gain on sale of real estate owned	(121)	(320)
Stock-based compensation	1,000	669
Deferred tax expense	2,490	127
Change in operating assets and liabilities:
Accrued interest and other receivables	(2,458)	(1,870)
Other assets	946	(858)
Accounts payable and accrued expenses	(6,960)	589
Net cash used in (provided by) operating activities	(11,928)	11,836
Cash flows from investing activities:
Purchase of loans held for investment		(4,629)
Origination of loans held for investment	(197,888)	(585,713)
Proceeds from sales of loans originally classified as held for investment	21,489	147,340
Payoffs of loans held for investment and loans at fair value	99,780	146,217
Proceeds from sale of real estate owned	2,121	4,630
Change in advances	2,596	(193)
Change in impounds and deposits	372	(1,244)
Purchase of property and equipment	(48)	(66)
Net cash used in investing activities	(71,578)	(293,658)
Cash flows from financing activities:
Warehouse repurchase facilities advances	246,792	607,760
Warehouse repurchase facilities repayments	(279,579)	(483,600)
Proceeds from secured financing		215,000
Repayment of secured financing		(170,844)
Proceeds of securitizations, net	197,487	268,967
Repayment of securitizations	(86,221)	(145,057)
Debt issuance costs		(10,084)
Purchase of treasury stock	(836)	(458)
Distribution to non-controlling interest	(160)
Net cash provided by financing activities	77,483	281,684
Net decrease in cash, cash equivalents, and restricted cash	(6,023)	(138)
Cash, cash equivalents, and restricted cash at beginning of period	62,056	47,604
Cash, cash equivalents, and restricted cash at end of period	56,033	47,466
Supplemental cash flow information:
Cash paid during the period for interest	44,181	27,316
Cash paid during the period for income taxes	264	277
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to held for sale	25,075	149,379
Transfer of loans held for investment to real estate owned	10,397	2,408
Transfer of accrued interest to loans held for investment	878	466
Discount on issuance of securitizations		4,627
Transfer of loans held for sale to held for investment	4,218	$ 13,975
Recognition of new leases in exchange for lease obligations	$ 377

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization And Description of Business	Note 1 — Organization and Description of Business Velocity Financial, LLC (VF or the Company) was a Delaware limited liability company formed on July 9, 2012 for the purpose of acquiring all membership units in Velocity Commercial Capital, LLC (VCC). On January 16, 2020, Velocity Financial, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to Velocity Financial, Inc. Upon completion of the conversion, Velocity Financial, LLC’s Class A equity units of 97,513,533 and Class D equity units of 60,193,989 were converted to 11,749,994 shares of Velocity Financial, Inc. common stock. On January 22, 2020, the Company completed its initial public offering of 7,250,000 shares of common stock at a price to the public of $ 13.00 per share. On January 28, 2020, the Company completed the sale of an additional 1,087,500 shares of its common stock, representing the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $ 13.00 per share. The Company’s stock trades on The New York Stock Exchange under the symbol “VEL”. VCC, a California LLC formed on June 2, 2004, is a mortgage lender that originates and acquires commercial investor real estate loans, providing capital to the investor real estate loan market. The Company is licensed as a California Finance Lender and, as such, is required to maintain a minimum net worth of $ 250 thousand. The Company does not believe there is any potential risk of not being able to meet this regulatory requirement. The Company uses its equity capital and borrowed funds to originate and invest in investor real estate loans and seeks to generate income based primarily on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company may also sell loans from time to time. The Company does not originate or acquire investments outside of the United States of America. The Company, through its wholly owned subsidiaries, is the sole beneficial owner of the Velocity Commercial Capital Loan Trusts, from the 2016-1 Trust through and including the 2023-1 Trust, all of which are New York common law trusts, with the exception of the VCC 2022-MC1 Trust which is a Delaware statutory trust. The Trusts are bankruptcy remote, variable interest entities (VIE) formed for the purpose of providing secured borrowings to the Company and are consolidated with the accounts of the Company. On December 28, 2021, the Company acquired an 80 % ownership interest in Century Health & Housing Capital, LLC (“Century”). Century is a licensed “Ginnie Mae” issuer/servicer that provides government-insured Federal Housing Administration (FHA) mortgage financing for multifamily housing, senior housing and long-term care/assisted living facilities. Century originates loans through its borrower-direct origination channel and services the loans through its in-house servicing platform, which enables the formation of long-term relationships with its clients and drives strong portfolio retention. Century is a consolidated subsidiary of the Company as of completion of the acquisition. In addition, as a servicer of Ginnie Mae loans, Century is required to maintain a minimum net worth, and Century is in compliance with this requirement as of March 31, 2023.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited Consolidated Financial Statements as of and for the three months ended March 31, 2023 and 2022 have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company’s audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter for the full year. The interim financial information should be read in conjunction with the Company’s audited Consolidated Financial Statements. (a) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period. (b) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2022 Annual Report, other than the election of fair value option accounting on securitizations issued effective January 1, 2023. Certain amounts previously reported have been reclassified to conform to the current presentation. (c) Principles of Consolidation The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The consolidated financial statements as of March 31, 2023 and December 31, 2022 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs. (d) Fair Value Option Accounting The Company has elected to apply fair value option ("FVO") accounting to securitizations issued effective January 1, 2023 when the underlying collateral is also carried at fair value. The fair value option securitizations will be presented on a separate line item in the consolidated balance sheet. The Company will reflect interest expense on the fair value option securitizations as “interest” in the consolidated statements of income and will present the other fair value changes of these securitizations separately in the consolidated financial statements.

Current Accounting Developments

Current Accounting Developments	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments (a) Recently Adopted Accounting Standards ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments in this ASU eliminate the recognition and measurement guidance for troubled debt restructuring by Creditors and require enhanced disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables. The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. The adoption of ASU 2022-02 did not have a significant impact on the Company’s consolidated financial statements.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4 — Cash, Cash Equivalents, and Restricted Cash The Company is required to hold cash for potential future advances due to certain borrowers. In accordance with various mortgage servicing and related agreements, Century maintains escrow accounts for mortgage insurance premium, tax and insurance, working capital, sinking fund and other mortgage related escrows. The total escrow balances payable amounted to $ 72.2 million at March 31, 2023. This amount is not reflected on the consolidated balance sheet of the Company at March 31, 2023. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cash and cash equivalents $ 39,397 $ 36,629 Restricted cash 16,636 10,837 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 56,033 $ 47,466

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans Held for Sale at Fair Value	Note 5 — Loans Held for Sale at Fair Value The following table summarizes loans held for sale as of March 31, 2023 and there were no loans held for sale as of December 31, 2022 (in thousands): Loans held for sale, at fair value: March 31, 2023 Unpaid principal balance $ 17,385 Valuation adjustments on FVO loans held for sale 696 Total loans held for sale and loans held for sale at $ 18,081

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans Held for Investment and Loans Held for Investment at Fair Value	Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value The following tables summarize loans held for investment as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 3,142,181 $ 436,610 $ 3,578,791 Valuation adjustments on FVO loans — 14,122 14,122 Deferred loan origination costs 32,144 — 32,144 3,174,325 450,732 3,625,057 Allowance for loan losses ( 5,045 ) — ( 5,045 ) Total loans held for investment and loans held for investment at $ 3,169,280 $ 450,732 $ 3,620,012 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 $ 3,272,390 $ 276,095 $ 3,548,485 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 months ended March 31, 2023 and the year ended December 31, 2022 ($ in thousands): March 31, 2023 UPB % Amortized Cost % Beginning balance $ 201,005 $ 203,346 Foreclosures ( 99 ) ( 99 ) Repayments ( 5,792 ) ( 5,897 ) Ending balance $ 195,114 $ 197,350 Performing/Accruing $ 156,374 80.1 % $ 158,169 80.1 % Nonperforming/Nonaccrual $ 38,740 19.9 % $ 39,181 19.9 % 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 % Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $ 410.5 million in UPB of loans, which includes capitalized interest of $ 12.3 million. As of March 31, 2023, $ 222.2 million in UPB of modified loans has been paid down, which includes $ 4.4 million of capitalized interest received. T he Company has not forgiven any capitalized interest. Approximately 80.1 % and 80.3 % of the COVID forbearance loans in UPB were performing, and 19.9 % and 19.7 % were on nonaccrual status as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 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 securitizations issued were as follows (in thousands): March 31, 2023 December 31, 2022 The 2013 repurchase agreement $ 112,159 $ 170,185 The 2021 repurchase agreement 79,480 101,024 The Bank credit agreement 34,978 39,087 The 2021 term repurchase agreement 104,709 104,594 The July 2021 term repurchase agreement 16,693 3,859 Total pledged loans $ 348,019 $ 418,749 2016-1 Trust 37,412 39,720 2017-2 Trust 62,799 67,048 2018-1 Trust 45,736 48,139 2018-2 Trust 99,382 104,791 2019-1 Trust 100,086 104,249 2019-2 Trust 88,328 91,025 2019-3 Trust 73,223 75,618 2020-1 Trust 136,303 144,913 2020-2 Trust 78,031 81,259 2021-1 Trust 199,700 208,875 2021-2 Trust 167,075 172,144 2021-3 Trust 173,883 178,861 2021-4 Trust 270,264 275,741 2022-1 Trust 256,507 262,526 2022-2 Trust 243,372 245,339 2022-MC1 Trust 91,122 97,246 2022-3 Trust 294,439 299,638 2022-4 Trust 321,416 326,627 2022-5 Trust 247,813 251,288 2023-1 Trust 236,142 — Total $ 3,223,033 $ 3,075,047 (a) Nonaccrual Loans 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 March 31, 2023 and December 31, 2022. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2023 and December 31, 2022. March 31, 2023 Total 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 $ 19,422 $ 18,486 $ 936 $ 138 1.1 % Commercial - Refinance 87,439 83,418 4,021 416 3.3 Residential 1-4 Unit - Purchase 34,171 34,171 — — — Residential 1-4 Unit - Refinance 124,390 120,732 3,659 204 1.6 Short Term 1-4 Unit - Purchase 8,447 8,447 — — — Short Term 1-4 Unit - Refinance 35,845 31,932 3,912 238 1.9 Total $ 309,714 $ 297,186 $ 12,528 $ 996 7.9 % December 31, 2022 Total 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 $ — $ — $ — $ 25 — The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due. The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date. The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of March 31, 2023 and 2022, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 681,051 $ ( 132 ) $ 609,232 $ ( 115 ) Commercial - Refinance 879,978 ( 517 ) 889,829 ( 253 ) Residential 1-4 Unit - Purchase 574,320 ( 297 ) 448,727 ( 219 ) Residential 1-4 Unit - Refinance 912,313 ( 717 ) 782,105 ( 298 ) Short Term 1-4 Unit - Purchase 62,392 ( 24 ) 38,683 ( 22 ) Short Term 1-4 Unit - Refinance 64,271 ( 96 ) 64,390 ( 238 ) Total $ 3,174,325 $ ( 1,783 ) $ 2,832,966 $ ( 1,145 ) The cash basis interest income recognized on nonaccrual loans was $ 6.2 million and $ 7.3 million for the three months ended March 31, 2023 and 2022, respectively. No accrued interest income was recognized on nonaccrual loans for the three months ended March 31, 2023. The average recorded investment of individually evaluated loans, computed using month-end balances, was $ 302.3 million and $ 281.9 million f or the three months ended March 31, 2023 and 2022, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring as of March 31, 2023 and 2022. (b) Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 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: Beginning Balance - January 1, 2023 $ 639 $ 2,031 $ 542 $ 1,272 $ 21 $ 388 $ 4,893 Provision for loan losses 157 108 ( 48 ) 102 66 251 636 Charge-offs — ( 79 ) ( 26 ) ( 11 ) ( 63 ) ( 305 ) ( 484 ) Ending balance $ 796 $ 2,060 $ 468 $ 1,363 $ 24 $ 334 $ 5,045 Allowance related to: Loans individually evaluated $ 138 $ 416 $ — $ 204 $ — $ 238 $ 996 Loans collectively evaluated $ 659 $ 1,644 $ 467 $ 1,159 $ 24 $ 96 $ 4,049 Amortized cost related to: Loans individually evaluated $ 19,422 $ 87,439 $ 34,171 $ 124,390 $ 8,447 $ 35,845 $ 309,714 Loans collectively evaluated $ 661,629 $ 792,539 $ 540,149 $ 787,923 $ 53,945 $ 28,426 $ 2,864,611 Three Months Ended March 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: Beginning Balance - January 1, 2022 $ 385 $ 2,144 $ 400 $ 948 $ 43 $ 342 $ 4,262 Provision for loan losses 281 1 ( 11 ) 186 7 266 730 Charge-offs ( 147 ) ( 5 ) — ( 105 ) — ( 71 ) ( 328 ) Ending balance $ 519 $ 2,140 $ 389 $ 1,029 $ 50 $ 537 $ 4,664 Allowance related to: Loans individually evaluated $ 28 $ 770 $ 96 $ 198 $ 32 $ 475 $ 1,599 Loans collectively evaluated $ 490 $ 1,370 $ 293 $ 832 $ 17 $ 62 $ 3,064 Amortized cost related to: Loans individually evaluated $ 16,712 $ 83,695 $ 24,934 $ 107,362 $ 2,869 $ 43,231 $ 278,803 Loans collectively evaluated $ 592,520 $ 806,134 $ 423,793 $ 674,743 $ 35,814 $ 21,159 $ 2,554,163 (c) Credit Quality Indicator A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as a credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. Past due status is based on the contractual terms of the loan. The annualized charge-off rates were 0.65 % and 0.47 % of average nonperforming loans for the three months ended March 31, 2023 and 2022, respectively. Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which include $ 197.3 million and $ 203.3 million loans in the Company’s COVID-19 forbearance program as of March 31, 2023 and December 31, 2022, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2023 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 762 $ 317 $ 18,343 $ 19,422 $ — $ 19,422 Commercial - Refinance 4,223 8,249 74,814 87,286 153 87,439 Residential 1-4 Unit - Purchase 725 2,201 31,245 34,171 — 34,171 Residential 1-4 Unit - Refinance 1,215 5,863 117,312 124,390 — 124,390 Short Term 1-4 Unit - Purchase 175 — 8,272 8,447 — 8,447 Short Term 1-4 Unit - Refinance — — 35,845 35,845 — 35,845 Total loans individually evaluated $ 7,100 $ 16,630 $ 285,831 $ 309,561 $ 153 $ 309,714 Loans collectively evaluated Commercial - Purchase $ 14,414 $ 7,385 $ — $ 21,799 $ 639,830 $ 661,629 Commercial - Refinance 37,560 21,189 — 58,749 733,790 792,539 Residential 1-4 Unit - Purchase 23,801 12,001 — 35,802 504,347 540,149 Residential 1-4 Unit - Refinance 50,130 27,805 — 77,935 709,988 787,923 Short Term 1-4 Unit - Purchase 1,805 2,098 — 3,903 50,042 53,945 Short Term 1-4 Unit - Refinance 2,346 3,362 — 5,708 22,718 28,426 Total loans collectively evaluated $ 130,056 $ 73,840 $ — $ 203,896 $ 2,660,715 $ 2,864,611 Ending balance $ 137,156 $ 90,470 $ 285,831 $ 513,457 $ 2,660,868 $ 3,174,325 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. In addition to the aging status, the Company also evaluates credit quality by accrual status. 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 March 31, 2023 and December 31, 2022 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2023: 2022 2021 2020 2019 Pre-2019 Total Commercial - Purchase Payment performance Performing $ 269,878 $ 243,383 $ 34,723 $ 53,188 $ 60,457 $ 661,629 Nonperforming 2,023 5,056 533 4,377 7,433 19,422 Total Commercial - Purchase $ 271,901 $ 248,439 $ 35,256 $ 57,565 $ 67,890 $ 681,051 Commercial - Refinance Payment performance Performing $ 255,280 $ 203,305 $ 54,202 $ 101,057 $ 178,695 $ 792,539 Nonperforming 16,822 12,242 4,422 19,529 34,424 87,439 Total Commercial - Refinance $ 272,102 $ 215,547 $ 58,624 $ 120,586 $ 213,119 $ 879,978 Residential 1-4 Unit - Purchase Payment performance Performing $ 238,003 $ 222,115 $ 10,803 $ 30,910 $ 38,318 $ 540,149 Nonperforming 11,189 11,683 1,809 2,850 6,640 34,171 Total Residential 1-4 $ 249,192 $ 233,798 $ 12,612 $ 33,760 $ 44,958 $ 574,320 Residential 1-4 Unit - Refinance Payment performance Performing $ 324,890 $ 266,570 $ 24,050 $ 81,982 $ 90,431 $ 787,923 Nonperforming 30,768 33,180 6,639 25,477 28,326 124,390 Total Residential 1-4 $ 355,658 $ 299,750 $ 30,689 $ 107,459 $ 118,757 $ 912,313 Short Term 1-4 Unit - Purchase Payment performance Performing $ 32,004 $ 945 $ 16,641 $ 4,355 $ — $ 53,945 Nonperforming 2,171 4,999 995 282 — 8,447 Total Short Term 1-4 $ 34,175 $ 5,944 $ 17,636 $ 4,637 $ — $ 62,392 Short Term 1-4 Unit - Refinance Payment performance Performing $ 28,426 $ — $ — $ — $ — $ 28,426 Nonperforming 3,840 1,023 9,807 16,391 4,784 35,845 Total Short Term 1-4 $ 32,266 $ 1,023 $ 9,807 $ 16,391 $ 4,784 $ 64,271 Total Portfolio $ 1,215,294 $ 1,004,501 $ 164,624 $ 340,398 $ 449,508 $ 3,174,325 Gross charge-offs - quarter-ended March 31, 2023 $ 11 $ 26 $ — $ 447 $ — $ 484 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 $ 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 $ 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 $ 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 $ 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 (d) Nonaccrual Loans for Loans Held for Investment at Fair value 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 March 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 March 31, 2023 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 69,565 $ — $ 69,565 $ 66,046 $ — $ 66,046 $ — Commercial - Refinance 66,651 1,121 67,772 62,793 1,067 63,860 54 Residential 1-4 Unit - Purchase 110,742 — 110,742 109,625 — 109,625 — Residential 1-4 Unit - Refinance 157,747 2,070 159,817 152,933 2,008 154,941 62 Short Term 1-4 Unit - Purchase 18,909 856 19,765 18,634 839 19,473 17 Short Term 1-4 Unit - Refinance 23,071 — 23,071 22,665 — 22,665 — Ending balance $ 446,685 $ 4,047 $ 450,732 $ 432,696 $ 3,914 $ 436,610 $ 133

Receivables Due From Servicers

Receivables Due From Servicers	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Receivables Due From Servicers	Note 7 — Receivables Due From Servicers The following tables summarize receivables due from servicers as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 26,856 $ 88 $ 26,944 Other loan servicing receivables 12,545 2,264 14,809 Loan servicing receivables 39,401 2,352 41,753 Corporate and escrow advances receivable 22,110 270 22,380 Total receivables due from servicers $ 61,511 $ 2,622 $ 64,133 December 31, 2022 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 24,400 $ 664 $ 25,064 Other loan servicing receivables 13,095 2,521 15,616 Loan servicing receivables 37,495 3,185 40,680 Corporate and escrow advances receivable 21,995 2,969 24,964 Total receivables due from servicers $ 59,490 $ 6,154 $ 65,644

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	Note 8 — Mortgage Servicing Rights Mortgage loans serviced are related to the Century business and not included in the consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others amounted to $ 487.7 million and $ 491.9 million as of March 31, 2023 and December 31, 2022, respectively. The Company has elected to record its mortgage servicing rights using the fair value measurement method. Significant assumptions used in determining the fair value of servicing rights as of March 31, 2023 and December 31, 2022 include: 1) Weighted average discount rate of 8.1 %. 2) Weighted average conditional prepayment rate of 6.3 % . The following table presents the Company's mortgage servicing rights as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Balance at the beginning of year $ 9,238 $ 7,152 Mortgage servicing rights acquired, at fair value — — Additions 15 — Fair value adjustments ( 110 ) 2,086 Balance at end of period $ 9,143 $ 9,238

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note 9 — Goodwill The following table presents the activity for goodwill (in thousands): March 31, 2023 December 31, 2022 Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at end of period $ 6,775 $ 6,775

Securitizations and Securitizat

Securitizations and Securitizations at Fair Value	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Securitizations and Securitizations at Fair Value	Note 10 — Securitizations and Securitizations at Fair Value As of March 31, 2023, the Company is the sole beneficial interest holder of twenty Trusts, which are variable interest entities included in the consolidated financial statements. The securitization transactions are accounted for as secured borrowings under U.S. GAAP. The securities are subject to redemption by the Company when the stated principal balance is less than a certain percentage, ranging from 10 %– 30 % of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from July 2045 through December 2052 . The following tables summarize securitizations and securitizations at fair value as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 (in thousands) Securitizations, net Securitizations at fair value Total securitizations Securitizations $ 2,705,404 $ 194,771 $ 2,900,175 Valuation adjustments on FVO securitizations — 170 170 Deferred issuance costs and discounts ( 47,935 ) — ( 47,935 ) Total securitizations and securitizations at fair value $ 2,657,469 $ 194,941 $ 2,852,410 December 31, 2022 (in thousands) Securitizations, net Securitizations at fair value Total securitizations Unpaid principal balance $ 2,788,908 $ — $ 2,788,908 Valuation adjustments on FVO securitizations — — — Deferred issuance costs and discounts ( 52,618 ) — ( 52,618 ) Total securitizations and securitizations at fair value $ 2,736,290 $ — $ 2,736,290 The following table presents the effective interest rate of securitizations and securitizations at fair value for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, Securitizations: 2023 2022 Interest expense $ 37,196 $ 19,791 Average outstanding unpaid principal balance 2,926,153 2,018,186 Effective interest rate (1) 5.08 % 3.92 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 4.44 % and 3.22 %, and debt issuance cost amortization of 0.64 % and 0.70 % for the three months ended March 31, 2023 and 2022 , respectively.

Other Debt

Other Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Other Debt	Note 11 — Other Debt Secured financings and warehouse facilities were utilized to finance the origination and purchase of commercial real estate mortgage loans. Warehouse facilities are designated to fund mortgage loans that are purchased and originated within specified underwriting guidelines. Most of these lines of credit fund less than 100 % of the principal balance of the mortgage loans originated and purchased, requiring the use of working capital to fund the remaining portion. (a) Secured Financing, Net (Corporate Debt) On March 15, 2022, the Company entered into a five-year $ 215.0 million syndicated corporate debt agreement, the (“the 2022 Term Loan”). The 2022 Term Loan bears interest at a fixed rate of 7.125 % and matures on March 15, 2027 . Interest on the 2022 Term Loan is paid every six months . A portion of the net proceeds from the 2022 Term Loan was used to redeem all the amounts owed pursuant to a term loan previously entered into during 2021 (the "2021 Term Loan"). The remaining portion of the net proceeds from the 2022 Term Loan is used for loan originations and general corporate purposes. As of March 31, 2023, the balance of the 2022 Term Loan was $ 210.2 m illion. The balance in the consolidated balance sheets is net of debt issuance costs of $ 4.8 million as of March 31, 2023. The 2022 Term Loan is secured by substantially all assets of the Company not otherwise pledged under a securitization or warehouse facility and contains certain reporting and financial covenants. Should the Company fail to adhere to those covenants, the lenders have the right to demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of March 31, 2023, the Company was in compliance with all covenants. (b) Warehouse Repurchase and Revolving Loan Facilities, Net On January 4, 2011 , Century entered into a Master Participation and Facility Agreement with a bank (“the 2011 Facility Agreement”). The Facility Agreement has a current extended maturity date of July 31, 2023 , and is a short-term borrowing facility, collateralized by performing loans, with a maximum capacity of $ 60.0 million, and bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.60 % with a 0.25 % floor. The effective interest rate was 4.7 % at March 31, 2023 . There was no outstanding balance at December 31, 2022. On August 8, 2016 , Century entered a Promissory Note Revolving Credit Line with a bank (“Revolving Credit Line”). The Revolving Credit Line has a current extended maturity date of July 31, 2023 , and is a short-term unsecured borrowing line, with a maximum capacity of $ 3.0 million, and bears interest at SOFR plus 2.00 % with a 0.25 % floor. There were no outstanding balances at March 31, 2023 and December 31, 2022. On May 17, 2013 , the Company entered into a Repurchase Agreement (“the 2013 Repurchase Agreement”) with a warehouse lender. The 2013 Repurchase Agreement is a modified mark-to-market agreement and has a current maturity date of September 29, 2023 , and is a short-term borrowing facility, collateralized by a pool of performing loans, with a maximum capacity of $ 300.0 million, and bears interest at SOFR plus 3.50 %. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. The effective interest rates were 9.0 % and 5.7 % at March 31, 2023 and December 31, 2022, respectively. On September 12, 2018 , the Company entered into a three-year non-mark-to-market secured revolving loan facility agreement (“the Bank Credit Agreement”) with a bank. The Bank Credit Agreement has a current extended maturity date of November 10, 2025 . During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at SFOR plus 3.61 %, with a floor of 4.25 %. The maximum capacity under this facility is $ 50.0 million. The effective interest rates were 8.7 % and 5.8 % at March 31, 2023 and December 31, 2022, respectively. On January 29, 2021 , the Company entered into a non-mark-to-market Repurchase Agreement (“the 2021 Repurchase Agreement”) with a warehouse lender. The 2021 Repurchase Agreement has a current extended maturity date of May 15, 2023 , and is a short-term borrowing facility, collateralized by a pool of loans, with a maximum capacity of $ 200.0 million, and bears interest at SOFR plus a margin of 3.50 % during the availability period and 4.50 % during the amortization period. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. The effective interest rates were 10.2 % and 6.4 % at March 31, 2023 and December 31, 2022, respectively. On April 16, 2021 , the Company entered into a non-mark-to-market Term Repurchase Agreement (“the 2021 Term Repurchase Agreement”) with a warehouse lender. The 2021 Term Repurchase Agreement has a maturity date of April 16, 2026 , with a borrowing period through April 14, 2025. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at SOFR plus a margin of 3.10 %. The maximum capacity under this facility is $ 100.0 million. The effective interest rates were 7.6 % and 5.6 % at March 31, 2023 and December 31, 2022, respectively. On July 29, 2021, the Company entered into a non-mark-to-market Term Repurchase Agreement (“the July 2021 Term Repurchase Agreement”) with a warehouse lender. The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024 , with an option to extend the term to July 29, 2025 . During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at one-month LIBOR with a 0.5 % floor plus 4.5 % per annum. The maximum capacity under this facility is $ 100.0 million. The effective interest rates were 11.8 % and 10.0 % at March 31, 2023 and December 31, 2022, respectively. On October 7, 2022, the Company entered into a $ 10.2 million short-term repurchase agreement ("the October 2022 Repurchase Agreement) with the 2013 Repurchase Agreement warehouse lender. The October Repurchase Agreement had a maturity date of January 5, 2023 and bore interest at SOFR plus 1.58 %. The maturity date has been extended to June 30, 2023 and the borrowing amount has increased to $ 15.0 million. The maximum capacity under this agreement was $ 18.8 million. The effective interest rates were 6.4 % and 6.1 % at March 31, 2023 and December 31, 2022, respectively. The repurchase agreement was paid off in April 2023 with proceeds from a new securitization. Certain loans are pledged as security under the warehouse repurchase facilities and the revolving loan facility, which contain covenants. Should the Company fail to adhere to those covenants or otherwise default under the facilities, the lenders have the right to terminate the facilities and demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 78,444 $ 100,000 $ 74,334 $ 100,000 The 2021 repurchase agreement 62,008 200,000 79,504 200,000 The July 2021 term repurchase agreement 10,006 100,000 2,185 100,000 The 2013 repurchase agreement 89,863 300,000 136,165 300,000 The bank credit agreement 26,248 50,000 29,495 50,000 The October 2022 repurchase agreement 15,000 18,818 10,057 18,818 The September 2022 term repurchase agreement 17,385 60,000 — 60,000 Revolving credit line — 3,000 — 3,000 Total $ 298,954 $ 831,818 $ 331,740 $ 831,818 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 0.6 million and $ 0.9 million as of March 31, 2023 and December 31, 2022 , respectively. The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Warehouse and repurchase facilities: Average outstanding balance $ 225,497 $ 338,247 Highest outstanding balance at any month-end 298,954 426,959 Effective interest rate (1) 8.57 % 4.45 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.07 % and 3.89 %, and debt issuance cost amortization of 0.50 % and 0.56 %, for the three months ended March 31, 2023 and 2022 , respectively. The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Warehouse and repurchase facilities $ 4,833 $ 3,765 Securitizations 37,196 19,791 Interest expense — portfolio related 42,029 23,556 Interest expense — corporate debt 4,139 17,140 Total interest expense $ 46,168 $ 40,696

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 — Commitments and Contingencies (a) Repurchase Liability When the Company sells loans, it is required to make normal and customary representations and warranties about the loans to the purchaser. The loan sale agreements generally require the Company to repurchase loans if the Company breaches a representation or warranty given to the loan purchaser. In addition, the Company may be required to repurchase loans as a result of borrower fraud or if a payment default occurs on a loan shortly after its sale. The Company records a repurchase liability relating to representations and warranties and early payment defaults. The method used to estimate the liability for repurchase is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults. The Company establishes a liability at the time loans are sold and continually updates the estimated repurchase liability. The level of the repurchase liability for representations and warranties and early payment default requires considerable management judgment. As of March 31, 2023 and December 31, 2022, the balance of repurchase liabili ty was $ 163 thousand and $ 124 thousand, respectively, and it is included in accounts payable and accrued expenses in the consolidated balance sheets. (b) Legal Proceedings The Company is a party to various legal proceedings in the normal course of business. The Company, after consultation with legal counsel, believes the disposition of all pending litigation will not have a material effect on the Company’s consolidated financial condition or results of operations.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 13 — Stock-Based Compensation The Company’s Amended and Restated 2020 Omnibus Incentive Plan, or the 2020 Plan, authorizes grants of stock‑based compensation instruments to purchase or issue up to 2,770,000 shares of Company common stock. In connection with its IPO in January 2020, the Company granted stock options to non-employee directors and certain employees, including named executive officers to purchase approximately 782,500 shares of common stock with an exercise price per share equal to the initial public offering price of $ 13.00 . On December 24, 2020, the Company granted stock options to a non-employee director to purchase 12,500 shares of common stock with an exercise price per share equal to the grant date market price of $ 6.28 . In January 2021, the Company issued 480,000 shares of restricted stock awards to certain employees, including named executive officers at no cost to employees. In May 2021, the Company issued 26,511 shares of restricted stock awards to certain non-employee directors. In February 2022, the Company issued 125,250 shares of restricted stock awards and 102,750 shares of performance stock unit awards to certain employees, including named executive officers at no cost to employees. In May 2022, the Company issued 31,215 shares of restricted stock awards to certain non-employee directors. In January 2023, the Company issued 198,137 shares of restricted stock awards and 153,637 shares of performance stock unit awards to certain employees, including named executive officers at no cost to employees. Restricted stock-based awards vest ratably over a service period of three years from the date of the grant. Performance-based stock unit awards are linked to the average core net income annual growth over the three-year period from the year of grant. Settlement of vested performance-based stock units will be made on the date that the Compensation Committee certifies the average core net income annual growth for the three-year period. Compensation expense related to restricted stock-based awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight-line method. Compensation expense related to performance-based stock unit awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using an estimate of the probability of achieving the performance target. The estimates will be reviewed quarterly, and the expense adjusted accordingly. The Company has an Employee Stock Purchase Plan ("ESPP") which allows permitted eligible employees to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations beginning July 2022. The purchase price of the shares under the ESPP equals 85 % of the lower of the fair market value of the Company's common stock on either the first or last day of each six-month offering period. Compensation expense is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes option valuation model and is recognized as a compensation expense over the offering period. The Company recognized a total of $ 1.0 million and $ 0.6 million compensation expense related to the outstanding stock options, unvested restricted stock awards, ESPP, and unvested performance-based stock unit awards granted to employees for the three months ended March 31, 2023 and 2022, respectively. Such amount is included in “Compensation and employee benefits” on the Consolidated Statement of Income. The amount of unrecognized compensation expense related to unvested restricted stock awards, ESPP, and performance-based stock unit awards tota led $ 6.4 millio n and $ 5.8 million as of March 31, 2023 and 2022, respectively. Treasury share purchases represent shares surrendered to the Company approximately equal in value to the statutory payroll tax withholding obligations and other estimated tax obligations arising from the vesting of employee restricted stock awards. During the three months ended March 31, 2022, the Company purchased treasury shares of 33,647 at an average price of $ 13.61 per share. An additional 85,574 treasury shares were purchased at an average price of $ 9.78 during the three months ended March 31, 2023 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 14 — Earnings Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. The following table presents the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 10,649 $ 3,121 Less: earnings attributable to participating securities 160 48 Net earnings attributable to common shareholders $ 10,489 $ 3,073 Weighted average common shares outstanding 32,098 31,892 Basic earnings per common share $ 0.33 $ 0.10 Diluted EPS: Net income attributable to common stockholders $ 10,649 $ 3,121 Weighted average common shares outstanding 32,098 31,892 Add dilutive effects for warrants 1,871 2,127 Add dilutive effects for stock options 5 5 Add dilutive effects of unvested restricted stock awards 66 180 Add dilutive effects of unvested performance-based stock units 12 — Weighted average diluted common shares outstanding 34,052 34,204 Diluted earnings per common share $ 0.31 $ 0.09 The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Stock options 773 773 Unvested restricted stock awards 282 — Unvested performance-based stock units 154 — Share equivalents excluded from EPS 1,209 773

Warrants

Warrants	3 Months Ended
	Mar. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 15 — Warrants On April 7, 2020, the Company issued and sold in a private placement warrants (the “Warrants”) to purchase additional shares of the Company’s common stock to funds affiliated with Snow Phipps and a fund affiliated with Pacific Investment Management Company LLC (TOBI). Snow Phipps and TOBI are considered affiliates and, therefore, are related parties to the Company. The Warrants are exercisable at the warrant holder’s option at any time and from time to time, in whole or in part, until April 7, 2025 at an exercise price of $ 2.96 per share of common stock, with respect to 2,008,749 of the Warrants, and at an exercise price of $ 4.94 per share of common stock, with respect to 1,004,375 of the Warrants. The exercise price and the number of shares of common stock issuable upon exercise of the Warrants are subject to customary antidilution adjustments and certain issuances of common stock (or securities convertible into or exercisable for common stock) at a price (or having a conversion or exercise price) that is less than the then current exercise price. The Company is not required to affect an exercise of Warrants, if after giving effect to the issuance of common stock upon exercise of such Warrants such warrant holder together with its affiliates would beneficially own 49 % or more of the Company’s outstanding common stock.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 16 — Fair Value Measurements Fair Value Determination ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: o Level 1 - Valuation is based on quoted prices for identical instruments traded in active markets. o Level 2 - Valuation is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. o Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. Given the nature of some of the Company’s assets and liabilities, clearly determinable market-based valuation inputs are often not available; therefore, these assets and liabilities are valued using internal estimates. As subjectivity exists with respect to the valuation estimates used, the fair values disclosed may not equal prices that can ultimately be realized if the assets are sold or the liabilities are settled with third parties. Below is a description of the valuation methods for the assets and liabilities recorded at fair value on either a recurring or nonrecurring basis and for estimating fair value of financial instruments not recorded at fair value for disclosure purposes. While management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the measurement date. Cash and Cash Equivalents and Restricted Cash Cash and restricted cash are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities and interest rates that approximate market, a Level 1 measurement. Loans Held for Investment Loans held for investment originated prior to October 1, 2022 are recorded at amortized cost, which is their outstanding principal balance, net of purchase discounts, deferred loan origination fees/costs, and allowance for credit losses. Effective October 1, 2022, the Company elected to carry its newly originated loans at fair value using FASB ASC Topic 825, Financial Instruments (ASC 825). The Company determined the fair value estimate of loans held for investment using a third-party loan valuation model, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment are discount rates, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs could result in a significant change to the loans’ fair value measurement. Loans Held for Investment, at Fair Value The Company has elected to account for certain purchased distressed loans held for investment, and loans originated subsequent to September 30, 2022, at fair value (the FVO Loans) using FASB ASC Topic 825, Financial Instruments (ASC 825). The FVO loans are measured based on their estimated fair values. Management identified all of these loans to be accounted for at estimated fair value at the instrument level. Changes in fair value are reflected in income as they occur. The Company uses a third-party loan valuation model to estimate the fair value at instrument level, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment, at fair value are discount rate, property values, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are adjusted to the fair value of the collateral when the fair value of the collateral is below the carrying value of the loan. To the extent a loan is collateral dependent, the Company determines the allowance for credit losses based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on appraisals or broker price opinions obtained, less estimated costs to sell, a Level 3 measurement. Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The Company uses a discounted cash flow model to estimate the fair value of loans held for sale, a Level 3 measurement. Loans Held for Sale, at Fair Value The Company has elected to account for certain loans originated with the intent to sell to Ginnie Mae at fair value (the FVO Loans held for sale) using FASB ASC Topic 825, Financial Instruments (ASC 825). The FVO loans held for sale are measured based on the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value, including the value attributable to mortgage servicing and credit risk, and current commitments to purchase loans, a Level 2 measurement. Management identified all of these loans to be accounted for at estimated fair value at the instrument level. Changes in fair value are reflected in income as they occur. Real Estate Owned, Net (REO) Real estate owned, net is initially recorded at the property’s estimated fair value, based on appraisals or broker price opinions obtained, less estimated costs to sell, at the acquisition date, a Level 3 measurement. From time to time, nonrecurring fair value adjustments are made to real estate owned, net based on the current updated appraised value of the property, or management’s judgment and estimation of value based on recent market trends or negotiated sales prices with potential buyers. Mortgage Servicing Rights The Company determined the fair values based on a third-party valuation model that calculates the present value of estimated future net servicing income, a Level 3 measurement. Secured Financing, Net (Corporate Debt) The Company determined the fair values estimate of the secured financing using the estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. Warehouse Repurchase Facilities, Net Warehouse repurchase facilities are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities of one-year or less and interest rates that approximate market plus a spread, a Level 2 measurement. Securitizations, Net The fair value estimate of securities issued is based on third-party valuation models that calculate estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. Securitizations, at Fair Value The Company has elected to apply fair value option accounting to securitizations issued effective January 1, 2023 using FASB ASC Topic 825, Financial Instruments (ASC 825), when the underlying collateral is also carried at fair value. The securitizations at fair value are measured based on their estimated fair values. Management identified all of these securitizations to be accounted for at estimated fair value at the instrument level. Changes in fair value are reflected in income as they occur. The Company obtains the fair value estimates at instrument level from a third-party broker dealer based on trader input on benchmark securities, bond structure and collateral characteristics and performance and pricing factors such as yield, spread, average life, prepayment speeds, default rate and severities, a Level 3 measurement. Significant changes in any of those inputs in isolation could result in a significant change to securitizations’ fair value measurement. Accrued Interest Receivable and Accrued Interest Payable The carrying amounts of accrued interest receivable and accrued interest payable approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. The Company does not have any off-balance sheet financial instruments. Receivables Due From Servicers The carrying amounts of receivables due from servicers approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of March 31, 2023 and December 31, 2022, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2023 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for sale, at fair value $ — $ 18,081 $ — $ 18,081 Loans held for investment, at fair value — — 450,732 450,732 Mortgage servicing rights — — 9,143 9,143 Total recurring fair value measurements — 18,081 459,875 477,956 Nonrecurring fair value measurements: Real estate owned, net — — 21,778 21,778 Individually evaluated loans requiring specific allowance, net — — 11,532 11,532 Total nonrecurring fair value measurements — — 33,310 33,310 Total assets $ — $ 18,081 $ 493,185 $ 511,266 Fair value measurements using Total at December 31, 2022 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 276,095 $ 276,095 Mortgage servicing rights — — 9,238 9,238 Total recurring fair value measurements — — 285,333 285,333 Nonrecurring fair value measurements: Loans held for sale, net — — — — Real estate owned, net — — 13,325 13,325 Individually evaluated loans requiring specific allowance, net — — 11,466 11,466 Total nonrecurring fair value measurements — — 24,791 24,791 Total assets $ — $ — $ 310,124 $ 310,124 The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2023 2022 Real estate held for sale, net $ ( 1,178 ) $ 235 Individually evaluated loans requiring specific allowance, net 101 ( 192 ) Total net gain (loss) $ ( 1,077 ) $ 43 The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,532 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 21,778 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, net 3,169,280 Discounted cash flow Discount rate 9.7 % 9.7 % Prepayment rate 1.0 % - 50.0 % 25.3 % Default rate 0.1 % to 5.5 % 0.7 % Loss severity rate 0.0 % to 18.5 % 3.5 % Loans held for investment, 450,732 Discounted cash flow Discount rate 9.7 % 9.7 % Prepayment rate 1.0 % - 50.0 % 25.3 % Default rate 0.3 % to 8.1 % 2.8 % Loss severity rate 0.0 % to 18.5 % 3.1 % Mortgage servicing rights 9,143 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.1 % Prepayment rate 5.6 % to 16.8 % 6.3 % December 31, 2022 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,466 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 13,325 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 276,095 Discounted cash flow Discount rate 8.35 % to 9.35 % 8.9 % Prepayment rate 1.0 % to 30.0 % 15.1 % Default rate 0.12 % to 6.99 % 0.6 % Loss severity rate 0.00 % to 18.45 % 3.5 % Mortgage servicing rights 9,238 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.1 % Prepayment rate 5.6 % to 16.8 % 6.3 % The following is a rollforward of loans held for investment that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 276,095 $ 1,359 Originations 197,888 — Loans liquidated ( 8,020 ) — Principal paydowns ( 1,032 ) ( 17 ) Total unrealized gain included in net income 6,658 10 Loans transferred to held for sale ( 20,857 ) — Ending balance $ 450,732 $ 1,352 The following is a rollforward of loans held for sale that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance Originations $ 19,088 $ — Loans liquidated ( 22,560 ) Total unrealized gain included in net income 696 — Loans transferred from held for investment 20,857 Ending balance $ 18,081 $ — The following is a rollforward of securitizations that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ — $ — Securitization additions ( 197,487 ) — Securitization paydowns 2,716 — Total unrealized (loss) gain included in net income ( 170 ) — Ending balance $ ( 194,941 ) $ — The Company estimates the fair value of certain financial instruments on a quarterly basis. These instruments are recorded at fair value through the use of a valuation allowance only if they are individually evaluated. As described above, these adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. As of March 31, 2023 and December 31, 2022, the only financial assets measured at fair value, or lower of cost or fair value, were certain individually evaluated loans held for investment, loans held for sale, mortgage servicing rights, REO, FVO loans, and securitizations at fair value, which were measured using unobservable inputs, including appraisals and broker price opinions on the values of the underlying collateral. Individually evaluated loans requiring an allowance were carried at approximately $ 10.3 million and $ 11.5 million as of March 31, 2023 and December 31, 2022 , net of specific allowance for credit losses of approximately $ 1.0 million and $ 1.1 million, respectively. A financial instrument is cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity on potentially favorable terms. The methods and assumptions used in estimating the fair values of the Company’s financial instruments are described above. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2023 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 39,397 $ 39,397 $ — $ — $ 39,397 Restricted cash 16,636 16,636 — — 16,636 Loans held for sale, at fair value 18,081 — 18,081 — 18,081 Loans held for investment, net 3,169,280 — — 3,039,847 3,039,847 Loans held for investment, at fair value 450,732 — — 450,732 450,732 Accrued interest receivables 20,931 20,931 — — 20,931 Mortgage servicing rights 9,143 — — 9,143 9,143 Liabilities: Secured financing, net $ 210,155 $ — $ — $ 212,475 $ 212,475 Warehouse repurchase facilities, net 298,313 — 298,313 — 298,313 Securitizations, net 2,657,469 — — 2,422,432 2,422,432 Securitizations, at fair value 194,941 — — 194,941 194,941 Accrued interest payable 13,078 13,078 — — 13,078 December 31, 2022 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 45,248 $ 45,248 $ — $ — $ 45,248 Restricted cash 16,808 16,808 — — 16,808 Loans held for sale, net — — — — — Loans held for investment, net 3,272,390 — — 3,201,850 3,201,850 Loans held for investment, at fair value 276,095 — — 276,095 276,095 Accrued interest receivable 20,463 20,463 — — 20,463 Mortgage servicing rights 9,238 — — 9,238 9,238 Liabilities: Secured financing, net $ 209,846 $ — $ — $ 211,854 $ 211,854 Warehouse repurchase facilities, net 330,814 — 330,814 — 330,814 Securitizations, net 2,736,290 — — 2,522,010 2,522,010 Accrued interest payable 16,369 16,369 — — 16,369

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 17 — Subsequent Events On April 28, 2023, the Company completed the securitization of $ 64.8 million of retained certificates from prior securitizations, which will be accounted for as secured borrowings during the quarter ended June 30, 2023. The Company has evaluated events that have occurred subsequent to March 31, 2023 through the issuance of the accompanying consolidated financial statements and has concluded there are no other subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	(a) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.
Significant Accounting Policies	(b) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2022 Annual Report, other than the election of fair value option accounting on securitizations issued effective January 1, 2023. Certain amounts previously reported have been reclassified to conform to the current presentation.
Principles of Consolidation	(c) Principles of Consolidation The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The consolidated financial statements as of March 31, 2023 and December 31, 2022 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs.
Fair Value Option Accounting	(d) Fair Value Option Accounting The Company has elected to apply fair value option ("FVO") accounting to securitizations issued effective January 1, 2023 when the underlying collateral is also carried at fair value. The fair value option securitizations will be presented on a separate line item in the consolidated balance sheet. The Company will reflect interest expense on the fair value option securitizations as “interest” in the consolidated statements of income and will present the other fair value changes of these securitizations separately in the consolidated financial statements.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cash and cash equivalents $ 39,397 $ 36,629 Restricted cash 16,636 10,837 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 56,033 $ 47,466

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Summary of Loans Held for Sale and at Fair Value	The following table summarizes loans held for sale as of March 31, 2023 and there were no loans held for sale as of December 31, 2022 (in thousands): Loans held for sale, at fair value: March 31, 2023 Unpaid principal balance $ 17,385 Valuation adjustments on FVO loans held for sale 696 Total loans held for sale and loans held for sale at $ 18,081

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 3,142,181 $ 436,610 $ 3,578,791 Valuation adjustments on FVO loans — 14,122 14,122 Deferred loan origination costs 32,144 — 32,144 3,174,325 450,732 3,625,057 Allowance for loan losses ( 5,045 ) — ( 5,045 ) Total loans held for investment and loans held for investment at $ 3,169,280 $ 450,732 $ 3,620,012 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 $ 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 months ended March 31, 2023 and the year ended December 31, 2022 ($ in thousands): March 31, 2023 UPB % Amortized Cost % Beginning balance $ 201,005 $ 203,346 Foreclosures ( 99 ) ( 99 ) Repayments ( 5,792 ) ( 5,897 ) Ending balance $ 195,114 $ 197,350 Performing/Accruing $ 156,374 80.1 % $ 158,169 80.1 % Nonperforming/Nonaccrual $ 38,740 19.9 % $ 39,181 19.9 % 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 March 31, 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 securitizations issued were as follows (in thousands): March 31, 2023 December 31, 2022 The 2013 repurchase agreement $ 112,159 $ 170,185 The 2021 repurchase agreement 79,480 101,024 The Bank credit agreement 34,978 39,087 The 2021 term repurchase agreement 104,709 104,594 The July 2021 term repurchase agreement 16,693 3,859 Total pledged loans $ 348,019 $ 418,749 2016-1 Trust 37,412 39,720 2017-2 Trust 62,799 67,048 2018-1 Trust 45,736 48,139 2018-2 Trust 99,382 104,791 2019-1 Trust 100,086 104,249 2019-2 Trust 88,328 91,025 2019-3 Trust 73,223 75,618 2020-1 Trust 136,303 144,913 2020-2 Trust 78,031 81,259 2021-1 Trust 199,700 208,875 2021-2 Trust 167,075 172,144 2021-3 Trust 173,883 178,861 2021-4 Trust 270,264 275,741 2022-1 Trust 256,507 262,526 2022-2 Trust 243,372 245,339 2022-MC1 Trust 91,122 97,246 2022-3 Trust 294,439 299,638 2022-4 Trust 321,416 326,627 2022-5 Trust 247,813 251,288 2023-1 Trust 236,142 — Total $ 3,223,033 $ 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 March 31, 2023 and December 31, 2022. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2023 and December 31, 2022. March 31, 2023 Total 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 $ 19,422 $ 18,486 $ 936 $ 138 1.1 % Commercial - Refinance 87,439 83,418 4,021 416 3.3 Residential 1-4 Unit - Purchase 34,171 34,171 — — — Residential 1-4 Unit - Refinance 124,390 120,732 3,659 204 1.6 Short Term 1-4 Unit - Purchase 8,447 8,447 — — — Short Term 1-4 Unit - Refinance 35,845 31,932 3,912 238 1.9 Total $ 309,714 $ 297,186 $ 12,528 $ 996 7.9 % December 31, 2022 Total 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 $ — $ — $ — $ 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 March 31, 2023 and 2022, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 681,051 $ ( 132 ) $ 609,232 $ ( 115 ) Commercial - Refinance 879,978 ( 517 ) 889,829 ( 253 ) Residential 1-4 Unit - Purchase 574,320 ( 297 ) 448,727 ( 219 ) Residential 1-4 Unit - Refinance 912,313 ( 717 ) 782,105 ( 298 ) Short Term 1-4 Unit - Purchase 62,392 ( 24 ) 38,683 ( 22 ) Short Term 1-4 Unit - Refinance 64,271 ( 96 ) 64,390 ( 238 ) Total $ 3,174,325 $ ( 1,783 ) $ 2,832,966 $ ( 1,145 )
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 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: Beginning Balance - January 1, 2023 $ 639 $ 2,031 $ 542 $ 1,272 $ 21 $ 388 $ 4,893 Provision for loan losses 157 108 ( 48 ) 102 66 251 636 Charge-offs — ( 79 ) ( 26 ) ( 11 ) ( 63 ) ( 305 ) ( 484 ) Ending balance $ 796 $ 2,060 $ 468 $ 1,363 $ 24 $ 334 $ 5,045 Allowance related to: Loans individually evaluated $ 138 $ 416 $ — $ 204 $ — $ 238 $ 996 Loans collectively evaluated $ 659 $ 1,644 $ 467 $ 1,159 $ 24 $ 96 $ 4,049 Amortized cost related to: Loans individually evaluated $ 19,422 $ 87,439 $ 34,171 $ 124,390 $ 8,447 $ 35,845 $ 309,714 Loans collectively evaluated $ 661,629 $ 792,539 $ 540,149 $ 787,923 $ 53,945 $ 28,426 $ 2,864,611 Three Months Ended March 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: Beginning Balance - January 1, 2022 $ 385 $ 2,144 $ 400 $ 948 $ 43 $ 342 $ 4,262 Provision for loan losses 281 1 ( 11 ) 186 7 266 730 Charge-offs ( 147 ) ( 5 ) — ( 105 ) — ( 71 ) ( 328 ) Ending balance $ 519 $ 2,140 $ 389 $ 1,029 $ 50 $ 537 $ 4,664 Allowance related to: Loans individually evaluated $ 28 $ 770 $ 96 $ 198 $ 32 $ 475 $ 1,599 Loans collectively evaluated $ 490 $ 1,370 $ 293 $ 832 $ 17 $ 62 $ 3,064 Amortized cost related to: Loans individually evaluated $ 16,712 $ 83,695 $ 24,934 $ 107,362 $ 2,869 $ 43,231 $ 278,803 Loans collectively evaluated $ 592,520 $ 806,134 $ 423,793 $ 674,743 $ 35,814 $ 21,159 $ 2,554,163
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, excluding loans held for investment at fair value, which include $ 197.3 million and $ 203.3 million loans in the Company’s COVID-19 forbearance program as of March 31, 2023 and December 31, 2022, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2023 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 762 $ 317 $ 18,343 $ 19,422 $ — $ 19,422 Commercial - Refinance 4,223 8,249 74,814 87,286 153 87,439 Residential 1-4 Unit - Purchase 725 2,201 31,245 34,171 — 34,171 Residential 1-4 Unit - Refinance 1,215 5,863 117,312 124,390 — 124,390 Short Term 1-4 Unit - Purchase 175 — 8,272 8,447 — 8,447 Short Term 1-4 Unit - Refinance — — 35,845 35,845 — 35,845 Total loans individually evaluated $ 7,100 $ 16,630 $ 285,831 $ 309,561 $ 153 $ 309,714 Loans collectively evaluated Commercial - Purchase $ 14,414 $ 7,385 $ — $ 21,799 $ 639,830 $ 661,629 Commercial - Refinance 37,560 21,189 — 58,749 733,790 792,539 Residential 1-4 Unit - Purchase 23,801 12,001 — 35,802 504,347 540,149 Residential 1-4 Unit - Refinance 50,130 27,805 — 77,935 709,988 787,923 Short Term 1-4 Unit - Purchase 1,805 2,098 — 3,903 50,042 53,945 Short Term 1-4 Unit - Refinance 2,346 3,362 — 5,708 22,718 28,426 Total loans collectively evaluated $ 130,056 $ 73,840 $ — $ 203,896 $ 2,660,715 $ 2,864,611 Ending balance $ 137,156 $ 90,470 $ 285,831 $ 513,457 $ 2,660,868 $ 3,174,325 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 March 31, 2023 and December 31, 2022 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2023: 2022 2021 2020 2019 Pre-2019 Total Commercial - Purchase Payment performance Performing $ 269,878 $ 243,383 $ 34,723 $ 53,188 $ 60,457 $ 661,629 Nonperforming 2,023 5,056 533 4,377 7,433 19,422 Total Commercial - Purchase $ 271,901 $ 248,439 $ 35,256 $ 57,565 $ 67,890 $ 681,051 Commercial - Refinance Payment performance Performing $ 255,280 $ 203,305 $ 54,202 $ 101,057 $ 178,695 $ 792,539 Nonperforming 16,822 12,242 4,422 19,529 34,424 87,439 Total Commercial - Refinance $ 272,102 $ 215,547 $ 58,624 $ 120,586 $ 213,119 $ 879,978 Residential 1-4 Unit - Purchase Payment performance Performing $ 238,003 $ 222,115 $ 10,803 $ 30,910 $ 38,318 $ 540,149 Nonperforming 11,189 11,683 1,809 2,850 6,640 34,171 Total Residential 1-4 $ 249,192 $ 233,798 $ 12,612 $ 33,760 $ 44,958 $ 574,320 Residential 1-4 Unit - Refinance Payment performance Performing $ 324,890 $ 266,570 $ 24,050 $ 81,982 $ 90,431 $ 787,923 Nonperforming 30,768 33,180 6,639 25,477 28,326 124,390 Total Residential 1-4 $ 355,658 $ 299,750 $ 30,689 $ 107,459 $ 118,757 $ 912,313 Short Term 1-4 Unit - Purchase Payment performance Performing $ 32,004 $ 945 $ 16,641 $ 4,355 $ — $ 53,945 Nonperforming 2,171 4,999 995 282 — 8,447 Total Short Term 1-4 $ 34,175 $ 5,944 $ 17,636 $ 4,637 $ — $ 62,392 Short Term 1-4 Unit - Refinance Payment performance Performing $ 28,426 $ — $ — $ — $ — $ 28,426 Nonperforming 3,840 1,023 9,807 16,391 4,784 35,845 Total Short Term 1-4 $ 32,266 $ 1,023 $ 9,807 $ 16,391 $ 4,784 $ 64,271 Total Portfolio $ 1,215,294 $ 1,004,501 $ 164,624 $ 340,398 $ 449,508 $ 3,174,325 Gross charge-offs - quarter-ended March 31, 2023 $ 11 $ 26 $ — $ 447 $ — $ 484 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 $ 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 $ 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 $ 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 $ 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 March 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 March 31, 2023 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 69,565 $ — $ 69,565 $ 66,046 $ — $ 66,046 $ — Commercial - Refinance 66,651 1,121 67,772 62,793 1,067 63,860 54 Residential 1-4 Unit - Purchase 110,742 — 110,742 109,625 — 109,625 — Residential 1-4 Unit - Refinance 157,747 2,070 159,817 152,933 2,008 154,941 62 Short Term 1-4 Unit - Purchase 18,909 856 19,765 18,634 839 19,473 17 Short Term 1-4 Unit - Refinance 23,071 — 23,071 22,665 — 22,665 — Ending balance $ 446,685 $ 4,047 $ 450,732 $ 432,696 $ 3,914 $ 436,610 $ 133

Receivables Due From Servicers

Receivables Due From Servicers (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Summary of Receivables Due from Servicers	The following tables summarize receivables due from servicers as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 26,856 $ 88 $ 26,944 Other loan servicing receivables 12,545 2,264 14,809 Loan servicing receivables 39,401 2,352 41,753 Corporate and escrow advances receivable 22,110 270 22,380 Total receivables due from servicers $ 61,511 $ 2,622 $ 64,133 December 31, 2022 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 24,400 $ 664 $ 25,064 Other loan servicing receivables 13,095 2,521 15,616 Loan servicing receivables 37,495 3,185 40,680 Corporate and escrow advances receivable 21,995 2,969 24,964 Total receivables due from servicers $ 59,490 $ 6,154 $ 65,644

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Summary of Mortgage Servicing Rights	The following table presents the Company's mortgage servicing rights as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Balance at the beginning of year $ 9,238 $ 7,152 Mortgage servicing rights acquired, at fair value — — Additions 15 — Fair value adjustments ( 110 ) 2,086 Balance at end of period $ 9,143 $ 9,238

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity for Goodwill	The following table presents the activity for goodwill (in thousands): March 31, 2023 December 31, 2022 Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at end of period $ 6,775 $ 6,775

Securitizations and Securitiz_2

Securitizations and Securitizations at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Summary of Securitizations and Securitizations at Fair Value	The following tables summarize securitizations and securitizations at fair value as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 (in thousands) Securitizations, net Securitizations at fair value Total securitizations Securitizations $ 2,705,404 $ 194,771 $ 2,900,175 Valuation adjustments on FVO securitizations — 170 170 Deferred issuance costs and discounts ( 47,935 ) — ( 47,935 ) Total securitizations and securitizations at fair value $ 2,657,469 $ 194,941 $ 2,852,410 December 31, 2022 (in thousands) Securitizations, net Securitizations at fair value Total securitizations Unpaid principal balance $ 2,788,908 $ — $ 2,788,908 Valuation adjustments on FVO securitizations — — — Deferred issuance costs and discounts ( 52,618 ) — ( 52,618 ) Total securitizations and securitizations at fair value $ 2,736,290 $ — $ 2,736,290
Summary of Effective Interest Rate of Securitizations and Securitizations at Fair Value	The following table presents the effective interest rate of securitizations and securitizations at fair value for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, Securitizations: 2023 2022 Interest expense $ 37,196 $ 19,791 Average outstanding unpaid principal balance 2,926,153 2,018,186 Effective interest rate (1) 5.08 % 3.92 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 4.44 % and 3.22 %, and debt issuance cost amortization of 0.64 % and 0.70 % for the three months ended March 31, 2023 and 2022 , respectively.

Other Debt (Tables)

Other Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding	The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 78,444 $ 100,000 $ 74,334 $ 100,000 The 2021 repurchase agreement 62,008 200,000 79,504 200,000 The July 2021 term repurchase agreement 10,006 100,000 2,185 100,000 The 2013 repurchase agreement 89,863 300,000 136,165 300,000 The bank credit agreement 26,248 50,000 29,495 50,000 The October 2022 repurchase agreement 15,000 18,818 10,057 18,818 The September 2022 term repurchase agreement 17,385 60,000 — 60,000 Revolving credit line — 3,000 — 3,000 Total $ 298,954 $ 831,818 $ 331,740 $ 831,818 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 0.6 million and $ 0.9 million as of March 31, 2023 and December 31, 2022 , respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2023 and 2022 ($ in thousands): Three Months Ended March 31, 2023 2022 Warehouse and repurchase facilities: Average outstanding balance $ 225,497 $ 338,247 Highest outstanding balance at any month-end 298,954 426,959 Effective interest rate (1) 8.57 % 4.45 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.07 % and 3.89 %, and debt issuance cost amortization of 0.50 % and 0.56 %, for the three months ended March 31, 2023 and 2022 , respectively.
Summary of Interest Expense	The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Warehouse and repurchase facilities $ 4,833 $ 3,765 Securitizations 37,196 19,791 Interest expense — portfolio related 42,029 23,556 Interest expense — corporate debt 4,139 17,140 Total interest expense $ 46,168 $ 40,696

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Calculations	The following table presents the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 10,649 $ 3,121 Less: earnings attributable to participating securities 160 48 Net earnings attributable to common shareholders $ 10,489 $ 3,073 Weighted average common shares outstanding 32,098 31,892 Basic earnings per common share $ 0.33 $ 0.10 Diluted EPS: Net income attributable to common stockholders $ 10,649 $ 3,121 Weighted average common shares outstanding 32,098 31,892 Add dilutive effects for warrants 1,871 2,127 Add dilutive effects for stock options 5 5 Add dilutive effects of unvested restricted stock awards 66 180 Add dilutive effects of unvested performance-based stock units 12 — Weighted average diluted common shares outstanding 34,052 34,204 Diluted earnings per common share $ 0.31 $ 0.09
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Stock options 773 773 Unvested restricted stock awards 282 — Unvested performance-based stock units 154 — Share equivalents excluded from EPS 1,209 773

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Information on Assets Measured and Recorded at Fair Value	The following tables present information on assets measured and recorded at fair value as of March 31, 2023 and December 31, 2022, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2023 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for sale, at fair value $ — $ 18,081 $ — $ 18,081 Loans held for investment, at fair value — — 450,732 450,732 Mortgage servicing rights — — 9,143 9,143 Total recurring fair value measurements — 18,081 459,875 477,956 Nonrecurring fair value measurements: Real estate owned, net — — 21,778 21,778 Individually evaluated loans requiring specific allowance, net — — 11,532 11,532 Total nonrecurring fair value measurements — — 33,310 33,310 Total assets $ — $ 18,081 $ 493,185 $ 511,266 Fair value measurements using Total at December 31, 2022 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 276,095 $ 276,095 Mortgage servicing rights — — 9,238 9,238 Total recurring fair value measurements — — 285,333 285,333 Nonrecurring fair value measurements: Loans held for sale, net — — — — Real estate owned, net — — 13,325 13,325 Individually evaluated loans requiring specific allowance, net — — 11,466 11,466 Total nonrecurring fair value measurements — — 24,791 24,791 Total assets $ — $ — $ 310,124 $ 310,124
Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis	The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2023 2022 Real estate held for sale, net $ ( 1,178 ) $ 235 Individually evaluated loans requiring specific allowance, net 101 ( 192 ) Total net gain (loss) $ ( 1,077 ) $ 43
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2023 and December 31, 2022 ($ in thousands): March 31, 2023 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,532 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 21,778 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, net 3,169,280 Discounted cash flow Discount rate 9.7 % 9.7 % Prepayment rate 1.0 % - 50.0 % 25.3 % Default rate 0.1 % to 5.5 % 0.7 % Loss severity rate 0.0 % to 18.5 % 3.5 % Loans held for investment, 450,732 Discounted cash flow Discount rate 9.7 % 9.7 % Prepayment rate 1.0 % - 50.0 % 25.3 % Default rate 0.3 % to 8.1 % 2.8 % Loss severity rate 0.0 % to 18.5 % 3.1 % Mortgage servicing rights 9,143 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.1 % Prepayment rate 5.6 % to 16.8 % 6.3 % December 31, 2022 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,466 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 13,325 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 276,095 Discounted cash flow Discount rate 8.35 % to 9.35 % 8.9 % Prepayment rate 1.0 % to 30.0 % 15.1 % Default rate 0.12 % to 6.99 % 0.6 % Loss severity rate 0.00 % to 18.45 % 3.5 % Mortgage servicing rights 9,238 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.1 % Prepayment rate 5.6 % to 16.8 % 6.3 %
Rollforward of Loans held for investment and held for sale and Securitizations Measured at Estimated Fair Value on Recurring Basis	The following is a rollforward of loans held for investment that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 276,095 $ 1,359 Originations 197,888 — Loans liquidated ( 8,020 ) — Principal paydowns ( 1,032 ) ( 17 ) Total unrealized gain included in net income 6,658 10 Loans transferred to held for sale ( 20,857 ) — Ending balance $ 450,732 $ 1,352 The following is a rollforward of loans held for sale that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance Originations $ 19,088 $ — Loans liquidated ( 22,560 ) Total unrealized gain included in net income 696 — Loans transferred from held for investment 20,857 Ending balance $ 18,081 $ — The following is a rollforward of securitizations that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ — $ — Securitization additions ( 197,487 ) — Securitization paydowns 2,716 — Total unrealized (loss) gain included in net income ( 170 ) — Ending balance $ ( 194,941 ) $ —
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2023 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 39,397 $ 39,397 $ — $ — $ 39,397 Restricted cash 16,636 16,636 — — 16,636 Loans held for sale, at fair value 18,081 — 18,081 — 18,081 Loans held for investment, net 3,169,280 — — 3,039,847 3,039,847 Loans held for investment, at fair value 450,732 — — 450,732 450,732 Accrued interest receivables 20,931 20,931 — — 20,931 Mortgage servicing rights 9,143 — — 9,143 9,143 Liabilities: Secured financing, net $ 210,155 $ — $ — $ 212,475 $ 212,475 Warehouse repurchase facilities, net 298,313 — 298,313 — 298,313 Securitizations, net 2,657,469 — — 2,422,432 2,422,432 Securitizations, at fair value 194,941 — — 194,941 194,941 Accrued interest payable 13,078 13,078 — — 13,078 December 31, 2022 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 45,248 $ 45,248 $ — $ — $ 45,248 Restricted cash 16,808 16,808 — — 16,808 Loans held for sale, net — — — — — Loans held for investment, net 3,272,390 — — 3,201,850 3,201,850 Loans held for investment, at fair value 276,095 — — 276,095 276,095 Accrued interest receivable 20,463 20,463 — — 20,463 Mortgage servicing rights 9,238 — — 9,238 9,238 Liabilities: Secured financing, net $ 209,846 $ — $ — $ 211,854 $ 211,854 Warehouse repurchase facilities, net 330,814 — 330,814 — 330,814 Securitizations, net 2,736,290 — — 2,522,010 2,522,010 Accrued interest payable 16,369 16,369 — — 16,369

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)			3 Months Ended
	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2023	Dec. 28, 2021	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation			Jul. 09, 2012
Minimum net worth required			$ 250,000
Century
Class Of Stock [Line Items]
Percentage of voting interests acquired				80%
Class A equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					97,513,533
Class D equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					60,193,989
Common Stock
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					11,749,994
Issuance of common stock, shares	1,087,500	7,250,000
Stock price	$ 13	$ 13

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Escrow balances payable	$ 72.2

Cash, Cash Equivalents, and R_4

Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 39,397	$ 45,248	$ 36,629
Restricted cash	16,636	16,808	10,837
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 56,033	$ 62,056	$ 47,466	$ 47,604

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value - Additional Information (Details)	Dec. 31, 2022 USD ($)
Receivables [Abstract]
Loans held for sale	$ 0

Loans Held for Sale at Fair V_4

Loans Held for Sale at Fair Value - Summary of Loans Held for Sale and at Fair Value (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total loans held for sale and loans held for sale at fair value, net		$ 0
Loans Held for Sale and at Fair Value
Financing Receivable, Past Due [Line Items]
Unpaid principal balance	$ 17,385,000
Valuation adjustments on FVO loans held for sale	696,000
Total loans held for sale and loans held for sale at fair value, net	$ 18,081,000

Loans Held for Investment and_3

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,045)	$ (4,893)	$ (4,664)	$ (4,262)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	3,142,181	3,243,854
Deferred loan origination costs	32,144	33,429
Total loans held for investment and loans held for investment at fair value, gross	3,174,325	3,277,283
Allowance for loan losses	(5,045)	(4,893)
Total loans held for investment and loans held for investment at fair value, net	3,169,280	3,272,390
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	436,610	268,632
Valuation adjustments on FVO loans	14,122	7,463
Total loans held for investment and loans held for investment at fair value, gross	450,732	276,095
Total loans held for investment and loans held for investment at fair value, net	450,732	276,095
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	3,578,791	3,512,486
Valuation adjustments on FVO loans	14,122	7,463
Deferred loan origination costs	32,144	33,429
Total loans held for investment and loans held for investment at fair value, gross	3,625,057	3,553,378
Allowance for loan losses	(5,045)	(4,893)
Total loans held for investment and loans held for investment at fair value, net	$ 3,620,012	$ 3,548,485

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program (Details) - COVID 19 Forbearance Program - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
UPB Beginning balance	$ 201,005	$ 292,429
UPB Foreclosures	(99)	(3,593)
UPB Repayments	(5,792)	(87,831)
UPB Ending balance	195,114	201,005
UPB Performing/Accruing, Amount	156,374	161,455
UPB Nonperforming/Nonaccrual, Amount	$ 38,740	$ 39,550
UPB Performing/Accruing, Percentage	80.10%	80.30%
UPB Nonperforming/Nonaccrual, Percentage	19.90%	19.70%
Amortized Cost Beginning balance	$ 203,346	$ 295,990
Amortized Cost Foreclosures	(99)	(3,620)
Amortized Cost Repayments	(5,897)	(89,024)
Amortized Cost Ending balance	197,350	203,346
Amortized Cost Performing/Accruing, Amount	158,169	163,346
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 39,181	$ 40,000
Amortized Cost Performing/Accruing, Percentage	80.10%	80.30%
Amortized Cost Nonperforming/Nonaccrual, Percentage	19.90%	19.70%

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	3 Months Ended		36 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Accrued interest income recognized on nonaccrual loans	$ 0
Cash basis interest income recognized on nonaccrual loans	6,200,000	$ 7,300,000
Average recorded investment of individually evaluated loans, computed using month-end balances	302,300,000	$ 281,900,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 197,300,000		$ 197,300,000	$ 203,300,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.65%	0.47%
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Amount of loan granted for unusual risk forbearance	$ 222,200,000		222,200,000		$ 410,500,000
Accrued interest income recognized on nonaccrual loans	$ 4,400,000		$ 12,300,000
Loans held for investment unpaid principal balance performing and accruing, percentage	80.10%		80.10%	80.30%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	19.90%		19.90%	19.70%

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Total	$ 3,223,033	$ 3,075,047
Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	348,019	418,749
2013 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	112,159	170,185
2021 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	79,480	101,024
Bank Credit Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	34,978	39,087
2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	104,709	104,594
July 2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	16,693	3,859
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	37,412	39,720
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	62,799	67,048
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	45,736	48,139
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	99,382	104,791
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	100,086	104,249
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	88,328	91,025
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	73,223	75,618
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	136,303	144,913
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	78,031	81,259
2021-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	199,700	208,875
2021-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	167,075	172,144
2021-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	173,883	178,861
2021-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	270,264	275,741
2022-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	256,507	262,526
2022-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	243,372	245,339
2022-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	91,122	97,246
2022-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	294,439	299,638
2022-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	321,416	326,627
2022-5 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	247,813	$ 251,288
2023-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 236,142

Loans Held for Investment and_7

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 309,714	$ 295,339
Nonaccrual with No Allowance for Loan Loss	297,186	282,777
Nonaccrual with Allowance for Loan Loss	12,528	12,562
Allowance for Loans Individually Evaluated	$ 996	$ 1,096	$ 1,599
Percentage of Allowance to Total Nonaccrual Loans with Allowance	7.90%	8.70%
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 19,422	$ 22,571
Nonaccrual with No Allowance for Loan Loss	18,486	22,437
Nonaccrual with Allowance for Loan Loss	936	134
Allowance for Loans Individually Evaluated	$ 138	$ 28	28
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.10%	0.20%
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 87,439	$ 87,133
Nonaccrual with No Allowance for Loan Loss	83,418	82,330
Nonaccrual with Allowance for Loan Loss	4,021	4,803
Allowance for Loans Individually Evaluated	$ 416	$ 517	770
Percentage of Allowance to Total Nonaccrual Loans with Allowance	3.30%	4.10%
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 34,171	$ 27,984
Nonaccrual with No Allowance for Loan Loss	34,171	27,516
Nonaccrual with Allowance for Loan Loss		468
Allowance for Loans Individually Evaluated		$ 118	96
Percentage of Allowance to Total Nonaccrual Loans with Allowance		0.90%
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	124,390	$ 113,909
Nonaccrual with No Allowance for Loan Loss	120,732	111,742
Nonaccrual with Allowance for Loan Loss	3,659	2,167
Allowance for Loans Individually Evaluated	$ 204	$ 175	198
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.60%	1.40%
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 8,447	$ 8,140
Nonaccrual with No Allowance for Loan Loss	8,447	8,140
Allowance for Loans Individually Evaluated			32
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	35,845	35,602
Nonaccrual with No Allowance for Loan Loss	31,932	30,612
Nonaccrual with Allowance for Loan Loss	3,912	4,990
Allowance for Loans Individually Evaluated	$ 238	$ 258	$ 475
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.90%	2.10%
Individual Loan Evaluation
Financing Receivable Impaired [Line Items]
Troubled Debt Restructuring included in nonaccrual loans:		$ 25

Loans Held for Investment and_8

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	$ 3,174,325	$ 2,832,966
Financing Receivable, Accrued Interest, Writeoff	(1,783)	(1,145)
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	681,051	609,232
Financing Receivable, Accrued Interest, Writeoff	(132)	(115)
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	879,978	889,829
Financing Receivable, Accrued Interest, Writeoff	(517)	(253)
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	574,320	448,727
Financing Receivable, Accrued Interest, Writeoff	(297)	(219)
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	912,313	782,105
Financing Receivable, Accrued Interest, Writeoff	(717)	(298)
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	62,392	38,683
Financing Receivable, Accrued Interest, Writeoff	(24)	(22)
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	64,271	64,390
Financing Receivable, Accrued Interest, Writeoff	$ (96)	$ (238)

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance for credit losses:
Beginning balance	$ 4,893	$ 4,262
Provision for loan losses	636	730
Charge-offs	(484)	(328)
Ending balance	5,045	4,664
Allowance for Loans Individually Evaluated	996	1,599	$ 1,096
Allowance related to Loans collectively evaluated	4,049	3,064
Amortized cost related to Loans individually evaluated	309,714	278,803
Amortized cost related to Loans collectively evaluated	2,864,611	2,554,163
Commercial - Purchase
Allowance for credit losses:
Beginning balance	639	385
Provision for loan losses	157	281
Charge-offs		(147)
Ending balance	796	519
Allowance for Loans Individually Evaluated	138	28	28
Allowance related to Loans collectively evaluated	659	490
Amortized cost related to Loans individually evaluated	19,422	16,712
Amortized cost related to Loans collectively evaluated	661,629	592,520
Commercial - Refinance
Allowance for credit losses:
Beginning balance	2,031	2,144
Provision for loan losses	108	1
Charge-offs	(79)	(5)
Ending balance	2,060	2,140
Allowance for Loans Individually Evaluated	416	770	517
Allowance related to Loans collectively evaluated	1,644	1,370
Amortized cost related to Loans individually evaluated	87,439	83,695
Amortized cost related to Loans collectively evaluated	792,539	806,134
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	542	400
Provision for loan losses	(48)	11
Charge-offs	(26)
Ending balance	468	389
Allowance for Loans Individually Evaluated		96	118
Allowance related to Loans collectively evaluated	467	293
Amortized cost related to Loans individually evaluated	34,171	24,934
Amortized cost related to Loans collectively evaluated	540,149	423,793
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	1,272	948
Provision for loan losses	102	186
Charge-offs	(11)	(105)
Ending balance	1,363	1,029
Allowance for Loans Individually Evaluated	204	198	175
Allowance related to Loans collectively evaluated	1,159	832
Amortized cost related to Loans individually evaluated	124,390	107,362
Amortized cost related to Loans collectively evaluated	787,923	674,743
Short Term 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	21	43
Provision for loan losses	66	7
Charge-offs	(63)
Ending balance	24	50
Allowance for Loans Individually Evaluated		32
Allowance related to Loans collectively evaluated	24	17
Amortized cost related to Loans individually evaluated	8,447	2,869
Amortized cost related to Loans collectively evaluated	53,945	35,814
Short Term 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	388	342
Provision for loan losses	251	266
Charge-offs	(305)	(71)
Ending balance	334	537
Allowance for Loans Individually Evaluated	238	475	$ 258
Allowance related to Loans collectively evaluated	96	62
Amortized cost related to Loans individually evaluated	35,845	43,231
Amortized cost related to Loans collectively evaluated	$ 28,426	$ 21,159

Loans Held for Investment an_10

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio (Details) - COVID19 Pandemic - Aging Status and Accrual Status - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 3,174,325	$ 3,277,284
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	309,714	295,339
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	19,422	22,571
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	87,439	87,133
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	34,171	27,984
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	124,390	113,909
Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	8,447	8,140
Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	35,845	35,602
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,864,611	2,981,945
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	661,629	678,837
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	792,539	819,964
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	540,149	560,449
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	787,923	825,396
Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	53,945	61,744
Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	28,426	35,555
30-59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	137,156	189,616
30-59 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	7,100	8,418
30-59 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	762	865
30-59 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	4,223	4,415
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	725	590
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,215	1,715
30-59 days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	175	176
30-59 days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		657
30-59 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	130,056	181,198
30-59 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,414	24,899
30-59 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	37,560	41,711
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	23,801	22,840
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	50,130	64,925
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,805	21,273
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,346	5,550
60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	90,470	73,577
60-89 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,630	9,263
60-89 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	317
60-89 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	8,249	5,943
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,201	592
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,863	2,728
60-89 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	73,840	64,314
60-89 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	7,385	5,096
60-89 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,189	20,561
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,001	13,948
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	27,805	23,224
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,098	294
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,362	1,191
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	285,831	277,502
90+days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	285,831	277,502
90+days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	18,343	21,706
90+days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	74,814	76,619
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	31,245	26,802
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	117,312	109,466
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	8,272	7,964
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	35,845	34,945
Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	513,457	540,695
Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	309,561	295,183
Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	19,422	22,571
Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	87,286	86,977
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	34,171	27,984
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	124,390	113,909
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	8,447	8,140
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	35,845	35,602
Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	203,896	245,512
Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,799	29,995
Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	58,749	62,272
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	35,802	36,788
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	77,935	88,149
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,903	21,567
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,708	6,741
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,660,868	2,736,589
Current | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	153	156
Current | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	153	156
Current | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,660,715	2,736,433
Current | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	639,830	648,842
Current | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	733,790	757,692
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	504,347	523,661
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	709,988	737,247
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	50,042	40,177
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 22,718	$ 28,814

Loans Held for Investment an_11

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year (Details) - Accrual Status - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		$ 1,243,841
Term Loans Amortized Cost Basis by Origination Year, 2022	$ 1,215,294	1,033,695
Term Loans Amortized Cost Basis by Origination Year, 2021	1,004,501	168,977
Term Loans Amortized Cost Basis by Origination Year, 2020	164,624	358,100
Term Loans Amortized Cost Basis by Origination Year, 2019	340,398	231,024
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	449,508	241,647
Total	3,174,325	3,277,284
Term Loans Amortized Cost Basis by Origination Year, 2022, Gross Charge-offs	11
Term Loans Amortized Cost Basis by Origination Year, 2021, Gross Charge-offs	26
Term Loans Amortized Cost Basis by Origination Year, 2019, Gross Charge-offs	447
Gross Charge-offs, Total	484
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		275,224
Term Loans Amortized Cost Basis by Origination Year, 2022	271,901	256,059
Term Loans Amortized Cost Basis by Origination Year, 2021	248,439	37,643
Term Loans Amortized Cost Basis by Origination Year, 2020	35,256	62,131
Term Loans Amortized Cost Basis by Origination Year, 2019	57,565	36,398
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	67,890	33,953
Total	681,051	701,408
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		273,950
Term Loans Amortized Cost Basis by Origination Year, 2022	269,878	249,100
Term Loans Amortized Cost Basis by Origination Year, 2021	243,383	36,064
Term Loans Amortized Cost Basis by Origination Year, 2020	34,723	56,322
Term Loans Amortized Cost Basis by Origination Year, 2019	53,188	33,193
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	60,457	30,208
Total	661,629	678,837
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		1,274
Term Loans Amortized Cost Basis by Origination Year, 2022	2,023	6,959
Term Loans Amortized Cost Basis by Origination Year, 2021	5,056	1,579
Term Loans Amortized Cost Basis by Origination Year, 2020	533	5,809
Term Loans Amortized Cost Basis by Origination Year, 2019	4,377	3,205
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	7,433	3,745
Total	19,422	22,571
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		272,766
Term Loans Amortized Cost Basis by Origination Year, 2022	272,102	222,699
Term Loans Amortized Cost Basis by Origination Year, 2021	215,547	59,650
Term Loans Amortized Cost Basis by Origination Year, 2020	58,624	127,056
Term Loans Amortized Cost Basis by Origination Year, 2019	120,586	113,569
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	213,119	111,357
Total	879,978	907,097
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		263,754
Term Loans Amortized Cost Basis by Origination Year, 2022	255,280	210,898
Term Loans Amortized Cost Basis by Origination Year, 2021	203,305	55,795
Term Loans Amortized Cost Basis by Origination Year, 2020	54,202	103,633
Term Loans Amortized Cost Basis by Origination Year, 2019	101,057	93,161
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	178,695	92,723
Total	792,539	819,964
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		9,012
Term Loans Amortized Cost Basis by Origination Year, 2022	16,822	11,801
Term Loans Amortized Cost Basis by Origination Year, 2021	12,242	3,855
Term Loans Amortized Cost Basis by Origination Year, 2020	4,422	23,423
Term Loans Amortized Cost Basis by Origination Year, 2019	19,529	20,408
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	34,424	18,634
Total	87,439	87,133
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		256,906
Term Loans Amortized Cost Basis by Origination Year, 2022	249,192	237,342
Term Loans Amortized Cost Basis by Origination Year, 2021	233,798	12,875
Term Loans Amortized Cost Basis by Origination Year, 2020	12,612	33,998
Term Loans Amortized Cost Basis by Origination Year, 2019	33,760	20,444
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	44,958	26,868
Total	574,320	588,433
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		249,625
Term Loans Amortized Cost Basis by Origination Year, 2022	238,003	227,235
Term Loans Amortized Cost Basis by Origination Year, 2021	222,115	10,710
Term Loans Amortized Cost Basis by Origination Year, 2020	10,803	31,685
Term Loans Amortized Cost Basis by Origination Year, 2019	30,910	18,891
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	38,318	22,303
Total	540,149	560,449
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		7,281
Term Loans Amortized Cost Basis by Origination Year, 2022	11,189	10,107
Term Loans Amortized Cost Basis by Origination Year, 2021	11,683	2,165
Term Loans Amortized Cost Basis by Origination Year, 2020	1,809	2,313
Term Loans Amortized Cost Basis by Origination Year, 2019	2,850	1,553
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	6,640	4,565
Total	34,171	27,984
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		360,350
Term Loans Amortized Cost Basis by Origination Year, 2022	355,658	310,218
Term Loans Amortized Cost Basis by Origination Year, 2021	299,750	31,610
Term Loans Amortized Cost Basis by Origination Year, 2020	30,689	111,954
Term Loans Amortized Cost Basis by Origination Year, 2019	107,459	55,704
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	118,757	69,469
Total	912,313	939,305
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		338,959
Term Loans Amortized Cost Basis by Origination Year, 2022	324,890	285,195
Term Loans Amortized Cost Basis by Origination Year, 2021	266,570	24,703
Term Loans Amortized Cost Basis by Origination Year, 2020	24,050	84,208
Term Loans Amortized Cost Basis by Origination Year, 2019	81,982	39,870
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	90,431	52,461
Total	787,923	825,396
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		21,391
Term Loans Amortized Cost Basis by Origination Year, 2022	30,768	25,023
Term Loans Amortized Cost Basis by Origination Year, 2021	33,180	6,907
Term Loans Amortized Cost Basis by Origination Year, 2020	6,639	27,746
Term Loans Amortized Cost Basis by Origination Year, 2019	25,477	15,834
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	28,326	17,008
Total	124,390	113,909
Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		42,254
Term Loans Amortized Cost Basis by Origination Year, 2022	34,175	6,156
Term Loans Amortized Cost Basis by Origination Year, 2021	5,944	16,654
Term Loans Amortized Cost Basis by Origination Year, 2020	17,636	4,716
Term Loans Amortized Cost Basis by Origination Year, 2019	4,637	104
Total	62,392	69,884
Short Term 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		40,967
Term Loans Amortized Cost Basis by Origination Year, 2022	32,004	944
Term Loans Amortized Cost Basis by Origination Year, 2021	945	15,659
Term Loans Amortized Cost Basis by Origination Year, 2020	16,641	4,174
Term Loans Amortized Cost Basis by Origination Year, 2019	4,355
Total	53,945	61,744
Short Term 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		1,287
Term Loans Amortized Cost Basis by Origination Year, 2022	2,171	5,212
Term Loans Amortized Cost Basis by Origination Year, 2021	4,999	995
Term Loans Amortized Cost Basis by Origination Year, 2020	995	542
Term Loans Amortized Cost Basis by Origination Year, 2019	282	104
Total	8,447	8,140
Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		36,341
Term Loans Amortized Cost Basis by Origination Year, 2022	32,266	1,221
Term Loans Amortized Cost Basis by Origination Year, 2021	1,023	10,545
Term Loans Amortized Cost Basis by Origination Year, 2020	9,807	18,245
Term Loans Amortized Cost Basis by Origination Year, 2019	16,391	4,805
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	4,784
Total	64,271	71,157
Short Term 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		35,555
Term Loans Amortized Cost Basis by Origination Year, 2022	28,426
Total	28,426	35,555
Short Term 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		786
Term Loans Amortized Cost Basis by Origination Year, 2022	3,840	1,221
Term Loans Amortized Cost Basis by Origination Year, 2021	1,023	10,545
Term Loans Amortized Cost Basis by Origination Year, 2020	9,807	18,245
Term Loans Amortized Cost Basis by Origination Year, 2019	16,391	4,805
Term Loans Amortized Cost Basis by Origination Year, Pre-2019	4,784
Total	$ 35,845	$ 35,602

Loans Held for Investment an_12

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of Difference Between Aggregate Fair Value and Aggregate Unpaid Principal Balance by Loan Segments (Details) - Nonaccrual Status $ in Thousands	Mar. 31, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Fair Value	$ 450,732
Unpaid Principal Balance	436,610
Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	446,685
Unpaid Principal Balance	432,696
90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	4,047
Unpaid Principal Balance	3,914
Difference	133
Commercial - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	69,565
Unpaid Principal Balance	66,046
Commercial - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	69,565
Unpaid Principal Balance	66,046
Commercial - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	67,772
Unpaid Principal Balance	63,860
Commercial - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	66,651
Unpaid Principal Balance	62,793
Commercial - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	1,121
Unpaid Principal Balance	1,067
Difference	54
Residential 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	110,742
Unpaid Principal Balance	109,625
Residential 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	110,742
Unpaid Principal Balance	109,625
Residential 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	159,817
Unpaid Principal Balance	154,941
Residential 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	157,747
Unpaid Principal Balance	152,933
Residential 1-4 Unit - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	2,070
Unpaid Principal Balance	2,008
Difference	62
Short Term 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	19,765
Unpaid Principal Balance	19,473
Short Term 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	18,909
Unpaid Principal Balance	18,634
Short Term 1-4 Unit - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	856
Unpaid Principal Balance	839
Difference	17
Short Term 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	23,071
Unpaid Principal Balance	22,665
Short Term 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	23,071
Unpaid Principal Balance	$ 22,665

Receivables Due From Servicer_2

Receivables Due From Servicers - Summary of Receivables Due From Servicers (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Loan principal payments due from servicers	$ 26,944	$ 25,064
Other loan servicing receivables	14,809	15,616
Loan servicing receivables	41,753	40,680
Corporate and escrow advances receivable	22,380	24,964
Total receivables due from servicers	64,133	65,644
Securitizations
Related Party Transaction [Line Items]
Loan principal payments due from servicers	26,856	24,400
Other loan servicing receivables	12,545	13,095
Loan servicing receivables	39,401	37,495
Corporate and escrow advances receivable	22,110	21,995
Total receivables due from servicers	61,511	59,490
Warehouse and Repurchase Facilities and Other
Related Party Transaction [Line Items]
Loan principal payments due from servicers	88	664
Other loan servicing receivables	2,264	2,521
Loan servicing receivables	2,352	3,185
Corporate and escrow advances receivable	270	2,969
Total receivables due from servicers	$ 2,622	$ 6,154

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Transfers and Servicing [Abstract]
Unpaid principal balance of mortgage loans serviced for others, amount	$ 491.9	$ 487.7
Fair value of servicing rights, weighted average discount rate	8.10%
Fair value of servicing rights, weighted average constant prepayment rate	6.30%

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Transfers and Servicing [Abstract]
Balance at the beginning of year	$ 9,238	$ 7,152
Additions	15
Fair value adjustments	(110)	2,086
Balance at end of year	$ 9,143	$ 9,238

Goodwill - Schedule of Activity

Goodwill - Schedule of Activity for Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Balance at the beginning of period	$ 6,775	$ 6,775
Goodwill acquired	0	0
Balance at end of period	$ 6,775	$ 6,775

Securitizations and Securitiz_3

Securitizations and Securitizations at Fair Value - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 Securities
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations	20
Minimum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	10%
Maturity dates of the securities	2045-07
Maximum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	30%
Maturity dates of the securities	2052-12

Securitizations and Securitiz_4

Securitizations and Securitizations at Fair Value - Summary of Securitizations and Securitizations at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitizations, net	$ 2,657,469	$ 2,736,290
Securitizations, at fair value	194,941
Total securitizations	2,852,410	2,736,290
Securitizations at Issuance
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitizations, net	2,705,404
Securitizations, at fair value	194,771
Total securitizations	2,900,175
Unpaid Principal Balance
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitizations, net		2,788,908
Total securitizations		2,788,908
Valuation Adjustments on FVO Securitizations
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitizations, at fair value	(170)
Total securitizations	(170)
Deferred Issuance Costs and Discounts
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitizations, net	(47,935)	(52,618)
Total securitizations	$ (47,935)	$ (52,618)

Securitizations and Securitiz_5

Securitizations and Securitizations at Fair Value - Summary of Effective Interest Rate of Securitizations and Securitizations at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Average outstanding unpaid principal balance	$ 2,926,153	$ 2,018,186
Effective interest rate	5.08%	3.92%
Securitizations
Debt Instrument [Line Items]
Interest expense - portfolio related	$ 37,196	$ 19,791

Securitizations and Securitiz_6

Securitizations and Securitizations at Fair Value - Summary of Effective Interest Rate of Securitizations and Securitizations at Fair Value (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Transfers and Servicing [Abstract]
Average interest rate	4.44%	3.22%
Debt issue cost amortization rate	0.64%	0.70%

Securitizations and Securitiz_7

Securitizations and Securitizations at Fair Value - Summary of UPB and fair value of the loans elected fair value options under the 2023-1 Trust (Details) $ in Millions	Oct. 07, 2022 USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 10.2

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)						1 Months Ended		3 Months Ended
	Oct. 07, 2022	Mar. 15, 2022	Sep. 12, 2018	Aug. 08, 2016	Jan. 04, 2011	Apr. 16, 2021	Jan. 29, 2021	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans								100%
Debt instrument, face amount	$ 10,200,000
Line of credit, maximum capacity								$ 831,818,000	$ 831,818,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years
Debt Instrument, effective interest rate								8.70%	5.80%
Agreement entered date								Sep. 12, 2018
Debt instrument, maturity date								Nov. 10, 2025
Line of credit, maximum capacity			$ 50,000,000					$ 3,000,000	$ 3,000,000
Revolving Credit Line
Debt Instrument [Line Items]
Agreement entered date				Aug. 08, 2016
Debt instrument, maturity date				Jul. 31, 2023
Line of credit, outstanding amount								$ 0	$ 0
Revolving Credit Line | Short-Term Unsecured Borrowing
Debt Instrument [Line Items]
Line of credit, maximum capacity				$ 3,000,000
SOFR | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate								4.25%
Debt instrument, spread rate								3.61%
SOFR | Revolving Credit Line | Short-Term Unsecured Borrowing
Debt Instrument [Line Items]
Debt instrument, floor rate								0.25%
Debt instrument, spread rate								2%
2022 Term Loan
Debt Instrument [Line Items]
Interest payments, frequency								six months
Corporate Debt Agreement | 2022 Term Loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 215,000,000
Term loans, balance								$ 210,200,000
Debt issuance costs, net								$ 4,800,000
Debt instrument, maturity date		Mar. 15, 2027
Debt instrument, fixed interest rate		7.125%
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate								3.50%
Debt Instrument, effective interest rate								9%	5.70%
Agreement entered date								May 17, 2013
Debt instrument, maturity date								Sep. 29, 2023
Line of credit, maximum capacity								$ 300,000,000	$ 300,000,000
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, effective interest rate								10.20%	6.40%
Agreement entered date							Jan. 29, 2021
Debt instrument, maturity date							May 15, 2023
Line of credit, maximum capacity							$ 200,000,000	$ 200,000,000	$ 200,000,000
2021 Repurchase Agreement | Minimum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate							3.50%
2021 Repurchase Agreement | Maximum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate							4.50%
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, effective interest rate								7.60%	5.60%
Agreement entered date						Apr. 16, 2021
Debt instrument, maturity date						Apr. 16, 2026
Line of credit, maximum capacity						$ 100,000,000		$ 100,000,000	$ 100,000,000
2021 Term Repurchase Agreement | Minimum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate						3.10%
July 2021 Term Repurchase Agreement
Debt Instrument [Line Items]
Debt instrument, description								one-month LIBOR
Debt Instrument, effective interest rate								11.80%	10%
Line of credit, maximum capacity								$ 100,000,000
Interest rate description								Each loan advance bears interest at one-month LIBOR with a 0.5% floor plus 4.5% per annum.
Line of credit , maturity date								Jul. 29, 2024
Line of credit facility, description								The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024, with an option to extend the term to July 29, 2025
July 2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum capacity								$ 100,000,000	$ 100,000,000
July 2021 Term Repurchase Agreement | LIBOR | Secured Debt
Debt Instrument [Line Items]
Debt instrument, floor rate								0.50%
Debt instrument, spread rate								4.50%
Facility Agreement
Debt Instrument [Line Items]
Agreement entered date					Jan. 04, 2011
Debt instrument, maturity date					Jul. 31, 2023
Facility Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description								one-month Secured Overnight Financing Rate (“SOFR”)
Debt Instrument, effective interest rate								4.70%
Line of credit, maximum capacity					$ 60,000,000
Line of credit, outstanding amount									$ 0
Facility Agreement | SOFR | Secured Debt
Debt Instrument [Line Items]
Debt instrument, floor rate								0.25%
Debt instrument, spread rate								1.60%
October 2022 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description	SOFR
Debt Instrument, effective interest rate								6.40%	6.10%
Debt instrument, maturity date								Jun. 30, 2023
Line of credit, maximum capacity								$ 18,818,000	$ 18,818,000
Line of credit facility, description	The October Repurchase Agreement had a maturity date of January 5, 2023 and bore interest at SOFR plus 1.58%. The maturity date has been extended to June 30, 2023
Borrowing amount increased								$ 15,000,000
October 2022 Repurchase Agreement | SOFR | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate	1.58%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Apr. 16, 2021	Jan. 29, 2021	Sep. 12, 2018
Debt Instrument [Line Items]
Period end balance	$ 298,954,000	$ 331,740,000
Maximum borrowing capacity	831,818,000	831,818,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	3,000,000	3,000,000			$ 50,000,000
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	78,444,000	74,334,000
Maximum borrowing capacity	100,000,000	100,000,000	$ 100,000,000
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	62,008,000	79,504,000
Maximum borrowing capacity	200,000,000	200,000,000		$ 200,000,000
July 2021 Term Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
July 2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	10,006,000	2,185,000
Maximum borrowing capacity	100,000,000	100,000,000
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	89,863,000	136,165,000
Maximum borrowing capacity	300,000,000	300,000,000
Bank Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Period end balance	26,248,000	29,495,000
Maximum borrowing capacity	50,000,000	50,000,000
October 2022 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	15,000,000	10,057,000
Maximum borrowing capacity	18,818,000	18,818,000
September 2022 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	17,385,000
Maximum borrowing capacity	$ 60,000,000	$ 60,000,000

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 0.6	$ 0.9

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse and Repurchase Facilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Average outstanding balance	$ 225,497	$ 338,247
Highest outstanding balance at any month-end	$ 298,954	$ 426,959
Effective interest rate	8.57%	4.45%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Instrument, average rate	8.07%	3.89%
Debt issue cost amortization percentage	0.50%	0.56%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 42,029	$ 23,556
Interest expense — corporate debt	4,139	17,140
Total interest expense	46,168	40,696
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	4,833	3,765
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 37,196	$ 19,791

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Repurchase liability	$ 163	$ 124

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended					3 Months Ended
	Dec. 24, 2020	Jan. 31, 2020	Jan. 31, 2023	May 31, 2022	Feb. 28, 2022	May 31, 2021	Jan. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares					125,250		480,000
Compensation expense								$ 1	$ 0.6
Amount of unrecognized compensation expense								$ 6.4	$ 5.8
Treasury shares purchased								85,574	33,647
Treasury shares, average price per share								$ 9.78	$ 13.61
Restricted Stock-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted requisite service period								3 years
Description of compensation expense related to stock options								Compensation expense related to restricted stock-based awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight-line method.
Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued			153,637		102,750
Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares				31,215		26,511
Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares			198,137
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of purchase price								85%
Employee Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of payroll deduction								15%
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to grant								2,770,000
Stock options granted	12,500	782,500
Exercise price of unvested stock options	$ 6.28
2020 Omnibus Incentive Plan | Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of unvested stock options		$ 13

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic EPS:
Net income attributable to common shareholders	$ 10,649	$ 3,121
Less: earnings attributable to participating securities	160	48
Net earnings attributable to common shareholders	$ 10,489	$ 3,073
Weighted average common shares outstanding	32,098	31,892
Basic earnings per common share	$ 0.33	$ 0.10
Diluted EPS:
Net income attributable to common stockholders	$ 10,649	$ 3,121
Weighted average common shares outstanding	32,098	31,892
Add dilutive effects for warrants	1,871	2,127
Add dilutive effects for stock options	5	5
Add dilutive effects of unvested restricted stock awards	66	180
Add dilutive effects of unvested performance-based stock units	12
Weighted Average Number of Shares Outstanding, Diluted, Total	34,052	34,204
Diluted earnings per common share	$ 0.31	$ 0.09

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	1,209	773
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	773	773
Unvested restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	282
Unvested performance-based stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	154

Warrants - Additional Informati

Warrants - Additional Information (Details) - $ / shares	Mar. 31, 2023	Jan. 16, 2020
Class of Warrant or Right [Line Items]
Percentage of common stock held by warrant holder and affiliates	49%
Exercise Price of $2.96 per Share of Common Stock
Class of Warrant or Right [Line Items]
Exercise price per share	$ 2.96
Warrants to purchase an aggregate shares	2,008,749
Exercise Price of $4.94 per Share of Common Stock
Class of Warrant or Right [Line Items]
Exercise price per share	$ 4.94
Warrants to purchase an aggregate shares	1,004,375
Common Stock
Class of Warrant or Right [Line Items]
Convertible preferred shares outstanding into common stock		11,749,994

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 18,081
Loans held for investment, at fair value	450,732	$ 276,095
Mortgage servicing rights	9,143	9,238	$ 7,152
Assets	511,266	310,124
Real estate owned, net	21,778	13,325
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	18,081
Loans held for investment, at fair value	450,732	276,095
Mortgage servicing rights	9,143	9,238
Assets	477,956	285,333
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	33,310	24,791
Real estate owned, net	21,778	13,325
Individually evaluated/Impaired loans requiring specific allowance, net	11,532	11,466
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	18,081
Level 2 | Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	18,081
Assets	18,081
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	493,185	310,124
Level 3 | Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	450,732	276,095
Mortgage servicing rights	9,143	9,238
Assets	459,875	285,333
Level 3 | Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	33,310	24,791
Real estate owned, net	21,778	13,325
Individually evaluated/Impaired loans requiring specific allowance, net	$ 11,532	$ 11,466

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net gain (loss)	$ (1,077)	$ 43
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net gain (loss)	(1,178)	235
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net gain (loss)	$ 101	$ (192)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 511,266	$ 310,124
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 493,185	$ 310,124
Level 3 | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	0.080
Level 3 | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.097
Loans held for investment, at fair value	0.097
Level 3 | Minimum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value		0.0835
Mortgage servicing rights, at fair value	0.080	0.080
Level 3 | Minimum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.010
Loans held for investment, at fair value	0.010	0.010
Mortgage servicing rights, at fair value	0.056	0.056
Level 3 | Minimum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.001
Loans held for investment, at fair value	0.003	0.0012
Level 3 | Minimum | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0
Loans held for investment, at fair value	0	0
Level 3 | Maximum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value		0.0935
Mortgage servicing rights, at fair value	0.120	0.120
Level 3 | Maximum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.500
Loans held for investment, at fair value	0.500	0.300
Mortgage servicing rights, at fair value	0.168	0.168
Level 3 | Maximum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.055
Loans held for investment, at fair value	0.081	0.0699
Level 3 | Maximum | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.185
Loans held for investment, at fair value	0.185	0.1845
Level 3 | Weighted Average | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	0.080
Level 3 | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.097
Loans held for investment, at fair value	0.097	0.089
Mortgage servicing rights, at fair value	0.081	0.081
Level 3 | Weighted Average | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.253
Loans held for investment, at fair value	0.253	0.151
Mortgage servicing rights, at fair value	0.063	0.063
Level 3 | Weighted Average | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.007
Loans held for investment, at fair value	0.028	0.006
Level 3 | Weighted Average | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, net	0.035
Loans held for investment, at fair value	0.031	0.035
Level 3 | Real Estate Owned Member
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 21,778	$ 13,325
Level 3 | Individually evaluated loans requiring allowance net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	11,532	11,466
Level 3 | Loans Held for Investment, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	3,169,280
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	450,732	276,095
Level 3 | Mortgage Servicing Rights
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 9,143	$ 9,238

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Loans held for investment and held for sale and Securitizations Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans Held For Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 276,095	$ 1,359
Originations	197,888
Loans liquidated	(8,020)
Principal paydowns	(1,032)	(17)
Total unrealized gain included in net income	6,658	10
Loans transfer (to held for sale) from held for investment	(20,857)
Ending balance	450,732	$ 1,352
Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Originations	19,088
Loans liquidated	(22,560)
Total unrealized gain included in net income	696
Loans transfer (to held for sale) from held for investment	20,857
Ending balance	18,081
Securitizations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securitization additions	197,487
Securitization paydown	2,716
Total unrealized gain included in net income	(170)
Ending balance	$ 194,941

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 10,300	$ 11,500
Allowance for loan losses	$ 996	$ 1,096	$ 1,599

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Restricted cash	$ 16,636	$ 16,808	$ 10,837
Loans held for sale, at fair value	18,081
Loans held for investment, net	3,169,280	3,272,390
Loans held for investment, at fair value	450,732	276,095
Mortgage servicing rights	9,143	9,238		$ 7,152
Liabilities:
Secured financing, net	210,155	209,846
Securitizations, net	2,657,469	2,736,290
Carrying Value
Assets:
Cash	39,397	45,248
Restricted cash	16,636	16,808
Loans held for sale, at fair value	18,081
Loans held for investment, net	3,169,280	3,272,390
Loans held for investment, at fair value	450,732	276,095
Accrued interest receivables	20,931	20,463
Mortgage servicing rights	9,143	9,238
Liabilities:
Secured financing, net	210,155	209,846
Warehouse repurchase facilities, net	298,313	330,814
Securitizations, net	2,657,469	2,736,290
Securitizations, at fair value	194,941
Accrued interest payable	13,078	16,369
Estimate of Fair Value Measurement
Assets:
Cash	39,397	45,248
Restricted cash	16,636	16,808
Loans held for sale, at fair value	18,081
Loans held for investment, net	3,039,847	3,201,850
Loans held for investment, at fair value	450,732	276,095
Accrued interest receivables	20,931	20,463
Mortgage servicing rights	9,143	9,238
Liabilities:
Secured financing, net	212,475	211,854
Warehouse repurchase facilities, net	298,313	330,814
Securitizations, net	2,422,432	2,522,010
Securitizations, at fair value	194,941
Accrued interest payable	13,078	16,369
Level 1 | Estimate of Fair Value Measurement
Assets:
Cash	39,397	45,248
Restricted cash	16,636	16,808
Accrued interest receivables	20,931	20,463
Liabilities:
Accrued interest payable	13,078	16,369
Level 2 | Estimate of Fair Value Measurement
Assets:
Loans held for sale, at fair value	18,081
Liabilities:
Warehouse repurchase facilities, net	298,313	330,814
Level 3 | Estimate of Fair Value Measurement
Assets:
Loans held for investment, net	3,039,847	3,201,850
Loans held for investment, at fair value	450,732	276,095
Mortgage servicing rights	9,143	9,238
Liabilities:
Secured financing, net	212,475	211,854
Securitizations, net	2,422,432	$ 2,522,010
Securitizations, at fair value	$ 194,941

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Apr. 28, 2023 USD ($)
Subsequent Event | Retained Certificates
Subsequent Event [Line Items]
Securitization loans	$ 64.8