Velocity Financial (VEL) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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		32,985,794
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, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 34,829	$ 40,566
Restricted cash	24,216	21,361
Loans held for sale, at fair value		17,590
Loans held for investment, net	2,727,518	2,828,123
Loans held for investment, at fair value	1,649,540	1,306,072
Total loans, net	4,377,058	4,151,785
Accrued interest receivables	29,374	27,028
Receivables due from servicers	87,523	85,077
Other receivables	2,113	8,763
Real estate owned, net	46,280	44,268
Property and equipment, net	2,013	2,785
Deferred tax asset	1,580	2,339
Mortgage servicing rights, at fair value	9,022	8,578
Derivative assets	1,967
Goodwill	6,775	6,775
Other assets	5,468	5,248
Total assets	4,628,218	4,404,573
LIABILITIES
Accounts payable and accrued expenses	123,988	121,969
Secured financing, net	283,813	211,083
Securitized debt, net	2,329,906	2,418,811
Securitized debt, at fair value	1,073,843	877,417
Warehouse and repurchase facilities, net	360,216	334,755
Derivative liability		3,665
Total liabilities	4,171,766	3,967,700
Commitments and contingencies
EQUITY
Common stock ($0.01 par value, 100,000,000 shares authorized; 33,186,464 and 32,987,248 shares issued, 32,985,794 and 32,865,836 shares outstanding as of March 31, 2024 and December 31, 2023, respectively)	334	331
Additional paid-in capital	308,259	306,736
Retained earnings	146,157	128,906
Treasury stock, at cost (200,670 and 121,412 common shares as of March 31, 2024 and December 31, 2023, respectively)	(2,603)	(1,319)
Accumulated other comprehensive income (loss)	794	(1,210)
Total Velocity Financial Inc. stockholders' equity	452,941	433,444
Noncontrolling interest in subsidiary	3,511	3,429
Total equity	456,452	436,873
Total liabilities and equity	$ 4,628,218	$ 4,404,573

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	33,186,464	32,987,248
Common stock, shares, outstanding	32,985,794	32,865,836
Treasury stock, common shares	200,670	121,412
ASSETS
Restricted cash	$ 24,216	$ 21,361
Loans held for investment, net	2,727,518	2,828,123
Real estate owned, net	46,280	44,268
Deferred tax asset	1,580	2,339
Other assets	5,468	5,248
Total assets	4,628,218	4,404,573
LIABILITIES
Accounts payable and accrued expenses	123,988	121,969
Total liabilities	4,171,766	3,967,700
Variable Interest Entity Primary Beneficiary
ASSETS
Restricted cash	11,037	11,428
Loans held for investment, net	3,825,664	3,720,506
Accrued interest and other receivables	107,949	104,663
Real estate owned, net	38,308	36,133
Deferred tax asset	203
Other assets	4	9
Total assets	3,983,165	3,872,739
LIABILITIES
Accounts payable and accrued expenses	76,846	74,153
Securitized debt	3,403,749	3,296,228
Total liabilities	$ 3,480,595	$ 3,370,381

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest income	$ 90,529	$ 70,521
Interest expense — portfolio related	55,675	42,029
Net interest income — portfolio related	34,854	28,492
Interest expense — corporate debt	5,380	4,139
Net interest income	29,474	24,353
Provision for loan losses	1,002	636
Net interest income after provision for loan losses	28,472	23,717
Other operating income
Gain on disposition of loans	1,699	1,913
Unrealized gain on fair value loans	18,925	7,354
Unrealized gain (loss) on mortgage servicing rights	444	(95)
Unrealized loss on fair value securitized debt	(2,318)	(170)
Origination fee income	4,986	2,411
Interest income on cash balance	1,631	948
Other income	408	481
Total other operating income	25,775	12,842
Operating expenses
Compensation and employee benefits	15,357	10,008
Origination expenses (income)	646	(50)
Securitization expenses	2,874	2,584
Loan servicing	4,824	3,828
Professional fees	2,115	955
Rent and occupancy	498	446
Real estate owned, net	2,455	1,829
Other operating expenses	2,242	2,202
Total operating expenses	31,011	21,802
Income before income taxes	23,236	14,757
Income tax expense	5,903	4,021
Net income	17,333	10,736
Net income attributable to noncontrolling interest	82	87
Net income attributable to Velocity Financial, Inc.	17,251	10,649
Less undistributed earnings attributable to unvested restricted stock awards	217	160
Net earnings attributable to common shareholders	$ 17,034	$ 10,489
Earnings per common share
Basic	$ 0.52	$ 0.33
Diluted	$ 0.49	$ 0.31
Weighted average common shares outstanding
Basic	32,541	32,098
Diluted	35,439	34,052

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to Velocity Financial, Inc.	$ 17,251	$ 10,649
Other comprehensive income, net of tax:
Net unrealized gain on cash flow hedges arising during the period	1,891
Reclassification adjustments included in net income	113
Total other comprehensive income, net of tax	2,004
Total comprehensive income attributable to Velocity Financial, Inc.	$ 19,255	$ 10,649

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	Accumulated Other Comprehensive Income, Net of Tax	Parent	Noncontrolling Interest
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)
Beginning balance at Dec. 31, 2023	436,873	$ 331	306,736	128,906	$ (1,319)	$ (1,210)	433,444	3,429
Beginning balance, shares at Dec. 31, 2023		32,987,248			(121,412)
Issuance of common stock	155	$ 3	152				155
Issuance of common stock, shares		9,537
Purchase of treasury stock, at cost	(1,284)				$ (1,284)		(1,284)
Purchase of treasury stock, at cost, shares					(79,258)
Restricted stock awarded and earned stock compensation	1,371		1,371				1,371
Restricted stock awarded and earned stock compensation, shares		189,679
Net income	17,333			17,251			17,251	82
Other comprehensive income	2,004					2,004	2,004
Ending balance at Mar. 31, 2024	$ 456,452	$ 334	$ 308,259	$ 146,157	$ (2,603)	$ 794	$ 452,941	$ 3,511
Ending balance, shares at Mar. 31, 2024		33,186,464			(200,670)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 17,333	$ 10,736
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	182	195
Amortization of right-of-use assets	344	310
Provision for loan losses	1,002	636
Reversal of loan repurchase reserve		39
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	1,082	1,172
Reversal of uncollectible borrower advances	(4)	(15)
Gain on disposition of loans	(539)	(680)
Real estate acquired through foreclosure in excess of recorded investment	(1,160)	(1,233)
Amortization of debt issuance discount and costs	3,284	5,279
Gain on disposal of property and equipment	(9)
Change in valuation of real estate owned	1,722	1,178
Change in valuation of fair value loans	(18,925)	(7,354)
Change in valuation of mortgage servicing rights	(444)	95
Change in valuation of fair value securitized debt	2,318	170
Gain on sale of real estate owned	(286)	(121)
Stock-based compensation	1,371	1,000
Deferred tax expense	480	2,490
Change in operating assets and liabilities:
Accrued interest and other receivables	456	(2,458)
Other assets	(286)	946
Accounts payable and accrued expenses	2,660	(6,960)
Net cash provided by operating activities	10,581	(11,928)
Cash flows from investing activities:
Purchase of loans held for investment	(11,591)
Origination of loans held for investment	(378,671)	(197,888)
Proceeds from sales of loans originally classified as held for investment	15,072	21,489
Payoffs of loans held for investment	158,549	99,780
Proceeds from sale of real estate owned	5,741	2,121
Change in advances	(1,503)	2,596
Change in impounds and deposits	(640)	372
Purchase of property and equipment	(41)	(48)
Proceeds from sale of property and equipment	640
Net cash used in investing activities	(212,444)	(71,578)
Cash flows from financing activities:
Warehouse repurchase facilities advances	329,011	246,792
Warehouse repurchase facilities repayments	(303,686)	(279,579)
Proceeds from secured financing	74,311
Proceeds of securitized debt, net	229,368	197,487
Repayment of securitized debt	(126,568)	(86,221)
Debt issuance costs	(2,326)
Proceeds from issuance of common stocks, net	155
Purchase of treasury stock	(1,284)	(836)
Distribution to non-controlling interest		(160)
Net cash provided by financing activities	198,981	77,483
Net decrease in cash, cash equivalents, and restricted cash	(2,882)	(6,023)
Cash, cash equivalents, and restricted cash at beginning of period	61,927	62,056
Cash, cash equivalents, and restricted cash at end of period	59,045	56,033
Supplemental cash flow information:
Cash paid during the period for interest	58,917	44,181
Cash paid during the period for income taxes, net	17	264
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to held for sale		25,075
Transfer of loans held for investment to real estate owned	8,029	10,397
Transfer of accrued interest to loans held for investment	219	878
Transfer of loans held for sale to held for investment	$ 2,481	4,218
Recognition of new leases in exchange for lease obligations		$ 377

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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 residential and 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 2017-2 Trust through and including the 2024-1 Trust, all of which are New York common law trusts, with the exception of the VCC 2022-MC1 Trust, VCC 2023-1R Trust, and VCC 2023-RTL1 Trust which are Delaware statutory trusts. 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, 2024 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 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, 2023. 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, 2023 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 2023 Annual Report. 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, 2024 and December 31, 2023 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 originated mortgage loans effective October 1, 2022. The fair value option loans are presented on a separate line item in the consolidated balance sheet. Interest income on FVO loans is recorded on an accrual basis in the consolidated statements of income under the heading interest income. The Company will not record a CECL loan loss reserve on fair value option loans. The Company has elected to apply fair value option ("FVO") accounting to securitized debt issued effective January 1, 2023 when the underlying collateral is also carried at fair value. The FVO securitized debt is presented on a separate line item in the consolidated balance sheet. The Company reflects interest expense on the fair value option securitized debt as “interest” in the consolidated statements of income and presents the other fair value changes of the FVO securitized debt separately in the consolidated financial statements. (e) Derivative Instruments and Hedge Accounting The Company issues fixed rate debt at regular intervals during the year through the securitization of its fixed rate mortgage assets. The Company is subject to interest rate risk on its forecasted debt issuances as these fixed rate debt issuances are priced at then-current market rates. The Company’s risk management objective is to hedge the risk of variability in its interest payment cash flows attributable to changes in the benchmark Secured Overnight Financing Rate ("SOFR") between the time the fixed rate mortgages are originated and the fixed rate debt is issued. To accomplish this hedging strategy, the Company may from time to time enter into derivative instruments such as forward starting payer interest rate swaps or interest rate payer swaptions designated as cash flow hedges that are designed to be highly correlated to the underlying terms of the forecasted debt instruments. To qualify for hedge accounting, the Company formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. The Company also formally assesses effectiveness both at the hedge's inception and on an ongoing basis. The Company's policy is to present all derivative balances on a gross basis, without regard to counterparty master netting agreements or similar arrangements. The fair value of the derivative instruments is recorded as a separate line item on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive income ("AOCI"). Beginning in the period in which the forecasted debt issuance occurs and the related derivative instruments are terminated, the gains or losses accumulated in AOCI are then reclassified into interest expense over the term of the related debt. If the Company determines it is not probable that the forecasted transaction will occur, gains and losses are reclassified immediately to earnings. The related cash flows are recognized on the cash flows from operating activities section on the consolidated statements of cash flows. The Company uses hedge accounting based on the exposure being hedged as cash flow hedges in operations. (f) Other Comprehensive Income Other comprehensive income ("OCI") is reported in the consolidated statements of comprehensive income. OCI is comprised of net income and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, net of tax, less amounts reclassified into earnings. Accumulated other comprehensive income represents the cumulative balance of OCI, net of tax, as of the end of the reporting period and relates to unrealized gains or losses on cash flow hedges, net of tax.

Current Accounting Developments

Current Accounting Developments	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Recently Issued Accounting Standards Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures , which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Although the Company has only one reportable segment, the Company is currently assessing the impact of this ASU on the Company’s consolidated financial statements. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 240): Improvements to Income Tax Disclosures, ” which requires additional disclosure and disaggregated information in the Income Tax Rate reconciliation using both percentages and reporting currency amounts, with additional qualitative explanations of individually significant reconciling items. The updated guidance also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by jurisdictional categories (federal (national), state, and foreign). The accounting update is effective January 1, 2025, for the Company. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. Codification Improvements In March 2024, the FASB issued ASU 2024-02, “ Codification Improvements—Amendments to Remove References to the Concepts Statements ,” which amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024 - 02 are not intended to result in significant accounting changes for most entities. The accounting update is effective January 1, 2025, for the Company. The adoption of this standard is not expected to 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, 2024
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 $ 86.7 million and $ 72.2 million as of March 31, 2024 and 2023, respectively. These amounts are not reflected on the consolidated balance sheets of the Company. 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, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 34,829 $ 39,397 Restricted cash 24,216 16,636 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 59,045 $ 56,033

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	3 Months Ended
	Mar. 31, 2024
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 at fair value as of March 31, 2024 and December 31, 2023 (in thousands): Loans held for sale, at fair value: March 31, 2024 December 31, 2023 Unpaid principal balance $ — $ 16,954 Valuation adjustments on FVO loans held for sale — 636 Ending balance $ — $ 17,590

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	3 Months Ended
	Mar. 31, 2024
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, 2024, and December 31, 2023 (in thousands): March 31, 2024 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,705,612 $ 1,575,921 $ 4,281,533 Valuation adjustments on FVO loans — 73,619 73,619 Deferred loan origination costs 27,173 — 27,173 2,732,785 1,649,540 4,382,325 Allowance for loan losses ( 5,267 ) — ( 5,267 ) Total loans held for investment and loans held for investment at $ 2,727,518 $ 1,649,540 $ 4,377,058 December 31, 2023 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,804,541 $ 1,251,395 $ 4,055,936 Valuation adjustments on FVO loans — 54,677 54,677 Deferred loan origination costs 28,351 — 28,351 2,832,892 1,306,072 4,138,964 Allowance for loan losses ( 4,769 ) — ( 4,769 ) Total loans held for investment and loans held for investment at $ 2,828,123 $ 1,306,072 $ 4,134,195 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, 2024, and the year ended December 31, 2023 ($ in thousands): March 31, 2024 UPB % Amortized Cost % Beginning balance $ 174,571 $ 176,515 Foreclosures ( 1,633 ) ( 1,677 ) Repayments ( 7,797 ) ( 7,855 ) Ending balance $ 165,141 $ 166,983 Performing/Accruing $ 120,077 72.7 % $ 121,370 72.7 % Nonperforming/Nonaccrual $ 45,064 27.3 % $ 45,613 27.3 % December 31, 2023 UPB % Amortized Cost % Beginning balance $ 201,005 $ 203,346 Foreclosures ( 833 ) ( 830 ) Repayments ( 25,601 ) ( 26,001 ) Ending balance $ 174,571 $ 176,515 Performing/Accruing $ 132,389 75.8 % $ 133,771 75.8 % Nonperforming/Nonaccrual $ 42,182 24.2 % $ 42,744 24.2 % Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $ 411.8 million in UPB of loans, which includes capitalized interest of $ 13.6 million. As of March 31, 2024, $ 249.5 million in UPB of modified loans has been paid down, which includes $ 5.8 million of capitalized interest received. The Company has not forgiven any capitalized interest. Approximately 72.7 % and 75.8 % of the COVID forbearance loans in UPB were performing, and 27.3 % and 24.2 % were on nonaccrual status as of March 31, 2024, and December 31, 2023, respectively. As of March 31, 2024, and December 31, 2023, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows (in thousands): March 31, 2024 December 31, 2023 The 2013 repurchase agreement $ 128,294 $ 132,505 The 2021 repurchase agreement 119,362 103,787 The Bank credit agreement 62,222 39,619 The 2021 term repurchase agreement 60,510 41,628 The July 2021 term repurchase agreement 39,805 30,923 The 2023 repurchase agreement 68,281 29,501 Total pledged loans $ 478,474 $ 377,963 2017-2 Trust $ 46,500 $ 50,554 2018-1 Trust 35,474 37,810 2018-2 Trust 80,183 85,122 2019-1 Trust 82,526 87,677 2019-2 Trust 67,536 73,166 2019-3 Trust 62,325 64,403 2020-1 Trust 110,147 116,843 2020-2 Trust 66,331 69,085 2021-1 Trust 175,819 182,184 2021-2 Trust 145,314 148,989 2021-3 Trust 155,463 159,565 2021-4 Trust 239,094 245,945 2022-1 Trust 242,899 245,372 2022-2 Trust 218,411 222,333 2022-MC1 Trust 64,654 73,840 2022-3 Trust 273,486 278,268 2022-4 Trust 291,804 298,758 2022-5 Trust 216,322 223,112 2023-1 Trust 211,047 217,220 2023-2 Trust 203,676 214,221 2023-3 Trust 249,396 255,699 2023-RTL1 Trust 77,761 79,465 2023-4 Trust 217,925 227,940 2024-1 Trust 218,810 — Total $ 3,752,903 $ 3,657,571 (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, 2024 and December 31, 2023. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2024 and December 31, 2023. March 31, 2024 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated ($ in thousands) Commercial - Purchase $ 28,127 $ 26,843 $ 1,284 $ 130 Commercial - Refinance 97,571 93,511 4,060 642 Residential 1-4 Unit - Purchase 38,090 36,962 1,128 185 Residential 1-4 Unit - Refinance 130,052 124,779 5,273 253 Short Term 1-4 Unit - Purchase 5,584 5,584 — — Short Term 1-4 Unit - Refinance 28,140 25,536 2,604 221 Total $ 327,564 $ 313,215 $ 14,349 $ 1,431 December 31, 2023 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated ($ in thousands) Commercial - Purchase $ 28,221 $ 27,037 $ 1,184 $ 156 Commercial - Refinance 86,890 84,575 2,315 444 Residential 1-4 Unit - Purchase 36,253 36,253 — — Residential 1-4 Unit - Refinance 137,925 134,579 3,346 245 Short Term 1-4 Unit - Purchase 6,402 6,403 — — Short Term 1-4 Unit - Refinance 29,663 27,059 2,604 129 Total $ 325,354 $ 315,906 $ 9,449 $ 974 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. Any future payments received for these loans will be recognized on a cash basis. The Company continues 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, 2024 and 2023, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 613,661 $ ( 136 ) $ 681,051 $ ( 132 ) Commercial - Refinance 779,302 ( 545 ) 879,978 ( 517 ) Residential 1-4 Unit - Purchase 495,611 ( 264 ) 574,320 ( 297 ) Residential 1-4 Unit - Refinance 774,982 ( 305 ) 912,313 ( 717 ) Short Term 1-4 Unit - Purchase 33,254 ( 30 ) 62,392 ( 24 ) Short Term 1-4 Unit - Refinance 35,975 ( 31 ) 64,271 ( 96 ) Total $ 2,732,785 $ ( 1,311 ) $ 3,174,325 $ ( 1,783 ) The cash basis interest income recognized on nonaccrual loans was $ 7.3 million and $ 6.2 million for the three months ended March 31, 2024 and 2023, respectively. No accrued interest income was recognized on nonaccrual loans for the three months ended March 31, 2024 and 2023. The average recorded investment of individually evaluated loans, computed using month-end balances, was $ 325.0 million and $ 302.3 million f or the three months ended March 31, 2024 and 2023, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring as of March 31, 2024 and 2023. (b) Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 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, 2024 $ 935 $ 1,805 $ 585 $ 1,256 $ 23 $ 165 $ 4,769 Provision for loan losses ( 74 ) 91 684 120 93 88 1,002 Charge-offs — ( 2 ) ( 296 ) ( 107 ) ( 99 ) — ( 504 ) Ending balance $ 861 $ 1,894 $ 973 $ 1,269 $ 17 $ 253 $ 5,267 Allowance related to: Loans individually evaluated $ 130 $ 642 $ 185 $ 253 $ — $ 221 $ 1,431 Loans collectively evaluated $ 731 $ 1,252 $ 788 $ 1,016 $ 17 $ 32 $ 3,836 Amortized cost related to: Loans individually evaluated $ 28,127 $ 97,571 $ 38,090 $ 130,052 $ 5,584 $ 28,140 $ 327,564 Loans collectively evaluated $ 585,534 $ 681,731 $ 457,521 $ 644,930 $ 27,670 $ 7,835 $ 2,405,221 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 (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 0.63 % and 0.65 % of average nonperforming loans for the three months ended March 31, 2024 and 2023, 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, which include $ 167.0 million and $ 176.5 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of March 31, 2024 and December 31, 2023, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2024 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 1,273 $ 724 $ 26,130 $ 28,127 $ — $ 28,127 Commercial - Refinance 5,407 1,127 91,037 97,571 97,571 Residential 1-4 Unit - Purchase 1,229 579 36,282 38,090 — 38,090 Residential 1-4 Unit - Refinance 3,292 3,381 123,379 130,052 — 130,052 Short Term 1-4 Unit - Purchase — — 5,584 5,584 — 5,584 Short Term 1-4 Unit - Refinance — — 28,140 28,140 — 28,140 Total loans individually evaluated $ 11,201 $ 5,811 $ 310,552 $ 327,564 $ — $ 327,564 Loans collectively evaluated Commercial - Purchase $ 23,807 $ 9,331 $ — $ 33,138 $ 552,396 $ 585,534 Commercial - Refinance 38,035 12,592 — 50,627 631,104 681,731 Residential 1-4 Unit - Purchase 21,406 10,807 — 32,213 425,308 457,521 Residential 1-4 Unit - Refinance 59,779 21,041 — 80,820 564,110 644,930 Short Term 1-4 Unit - Purchase 15,797 1,144 — 16,941 10,729 27,670 Short Term 1-4 Unit - Refinance 520 690 — 1,210 6,625 7,835 Total loans collectively evaluated $ 159,344 $ 55,605 $ — $ 214,949 $ 2,190,272 $ 2,405,221 Ending balance $ 170,545 $ 61,416 $ 310,552 $ 542,513 $ 2,190,272 $ 2,732,785 30–59 days 60–89 days 90+days Total Total December 31, 2023 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 2,329 $ 668 $ 25,224 $ 28,221 $ — $ 28,221 Commercial - Refinance 4,716 2,405 79,769 86,890 — 86,890 Residential 1-4 Unit - Purchase 544 — 35,709 36,253 — 36,253 Residential 1-4 Unit - Refinance 2,988 1,923 133,014 137,925 — 137,925 Short Term 1-4 Unit - Purchase — — 6,402 6,402 — 6,402 Short Term 1-4 Unit - Refinance 55 — 29,608 29,663 — 29,663 Total loans individually evaluated $ 10,632 $ 4,996 $ 309,726 $ 325,354 $ — $ 325,354 Loans collectively evaluated Commercial - Purchase $ 21,342 $ 8,352 $ — $ 29,694 $ 574,010 $ 603,704 Commercial - Refinance 47,430 14,002 — 61,432 651,494 712,926 Residential 1-4 Unit - Purchase 29,236 6,850 — 36,086 438,741 474,827 Residential 1-4 Unit - Refinance 52,510 20,828 — 73,338 596,886 670,224 Short Term 1-4 Unit - Purchase 1,169 658 — 1,827 32,882 34,709 Short Term 1-4 Unit - Refinance 2,978 213 — 3,191 7,957 11,148 Total loans collectively evaluated $ 154,665 $ 50,903 $ — $ 205,568 $ 2,301,970 $ 2,507,538 Ending balance $ 165,297 $ 55,899 $ 309,726 $ 530,922 $ 2,301,970 $ 2,832,892 (1) Includes loans in bankruptcy and foreclosure less than 90 days past due. 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, 2024 and December 31, 2023 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2024: 2022 2021 2020 Pre-2020 Total Commercial - Purchase Payment performance Performing $ 243,606 $ 222,524 $ 29,363 $ 90,041 $ 585,534 Nonperforming 10,924 5,743 1,681 9,779 28,127 Total Commercial - Purchase $ 254,530 $ 228,267 $ 31,044 $ 99,820 $ 613,661 Commercial - Refinance Payment performance Performing $ 225,875 $ 179,412 $ 47,595 $ 228,849 $ 681,731 Nonperforming 25,820 18,262 4,199 49,290 97,571 Total Commercial - Refinance $ 251,695 $ 197,674 $ 51,794 $ 278,139 $ 779,302 Residential 1-4 Unit - Purchase Payment performance Performing $ 200,471 $ 194,441 $ 8,544 $ 54,065 $ 457,521 Nonperforming 16,754 10,772 1,616 8,948 38,090 Total Residential 1-4 $ 217,225 $ 205,213 $ 10,160 $ 63,013 $ 495,611 Residential 1-4 Unit - Refinance Payment performance Performing $ 265,199 $ 234,380 $ 18,147 $ 127,204 $ 644,930 Nonperforming 44,635 32,601 7,872 44,944 130,052 Total Residential 1-4 $ 309,834 $ 266,981 $ 26,019 $ 172,148 $ 774,982 Short Term 1-4 Unit - Purchase Payment performance Performing $ 8,516 $ 180 $ 14,413 $ 4,561 $ 27,670 Nonperforming 4,714 166 704 — 5,584 Total Short Term 1-4 $ 13,230 $ 346 $ 15,117 $ 4,561 $ 33,254 Short Term 1-4 Unit - Refinance Payment performance Performing $ 7,835 $ — $ — $ — $ 7,835 Nonperforming 5,048 153 5,954 16,985 28,140 Total Short Term 1-4 $ 12,883 $ 153 $ 5,954 $ 16,985 $ 35,975 Total Portfolio $ 1,059,397 $ 898,634 $ 140,088 $ 634,666 $ 2,732,785 Gross charge-offs - quarter-ended March 31, 2024 $ 456 $ 34 $ — $ 13 $ 503 Gross charge-offs - year-to-date March 31, 2024 $ 456 $ 34 $ — $ 13 $ 503 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2022 2021 2020 2019 Pre-2019 Total Commercial - Purchase Payment performance Performing $ 248,153 $ 226,467 $ 31,692 $ 43,829 $ 53,563 $ 603,704 Nonperforming 9,600 6,104 567 4,773 7,177 28,221 Total Commercial - Purchase $ 257,753 $ 232,571 $ 32,259 $ 48,602 $ 60,740 $ 631,925 Commercial - Refinance Payment performance Performing $ 233,052 $ 188,723 $ 47,883 $ 92,819 $ 150,449 $ 712,926 Nonperforming 20,462 14,168 4,207 14,167 33,886 86,890 Total Commercial - Refinance $ 253,514 $ 202,891 $ 52,090 $ 106,986 $ 184,335 $ 799,816 Residential 1-4 Unit - Purchase Payment performance Performing $ 208,456 $ 198,110 $ 9,581 $ 24,429 $ 34,251 $ 474,827 Nonperforming 17,287 10,740 701 1,421 6,104 36,253 Total Residential 1-4 $ 225,743 $ 208,850 $ 10,282 $ 25,850 $ 40,355 $ 511,080 Residential 1-4 Unit - Refinance Payment performance Performing $ 277,980 $ 237,159 $ 19,752 $ 61,136 $ 74,197 $ 670,224 Nonperforming 43,272 36,344 7,835 28,252 22,222 137,925 Total Residential 1-4 $ 321,252 $ 273,503 $ 27,587 $ 89,388 $ 96,419 $ 808,149 Short Term 1-4 Unit - Purchase Payment performance Performing $ 11,458 $ 180 $ 18,510 $ 4,561 $ — $ 34,709 Nonperforming 5,533 165 704 — — 6,402 Total Short Term 1-4 $ 16,991 $ 345 $ 19,214 $ 4,561 $ — $ 41,111 Short Term 1-4 Unit - Refinance Payment performance Performing $ 11,148 $ — $ — $ — $ — $ 11,148 Nonperforming 4,313 153 7,435 13,612 4,150 29,663 Total Short Term 1-4 $ 15,461 $ 153 $ 7,435 $ 13,612 $ 4,150 $ 40,811 Total Portfolio $ 1,090,714 $ 918,313 $ 148,867 $ 288,999 $ 385,999 $ 2,832,892 Gross charge-offs - quarter-ended December 31, 2023 $ 744 $ — $ — $ — $ — $ 744 Gross charge-offs - year-ended December 31, 2023 $ 1,120 $ 473 $ — $ 446 $ — $ 2,039 (d) Nonaccrual Loans - Loans Held for Investment at Fair Value The following tables present 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, 2024 and December 31, 2023 by loan segments (in thousands): Fair Value Unpaid Principal Balance Difference Current–89 days 90+days past due Current–89 days 90+days past due 90+days past due March 31, 2024 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 271,532 $ 6,428 $ 277,960 $ 249,586 $ 7,840 $ 257,426 $ ( 1,412 ) Commercial - Refinance 323,638 10,737 334,375 295,590 13,093 308,683 ( 2,356 ) Residential 1-4 Unit - Purchase 282,270 15,206 297,476 272,156 18,350 290,506 ( 3,144 ) Residential 1-4 Unit - Refinance 559,417 48,748 608,165 527,354 59,453 586,807 ( 10,705 ) Short Term 1-4 Unit - Purchase 59,361 1,247 60,608 59,256 1,417 60,673 ( 170 ) Short Term 1-4 Unit - Refinance 64,149 6,807 70,956 63,525 8,301 71,826 ( 1,494 ) Ending balance $ 1,560,367 $ 89,173 $ 1,649,540 $ 1,467,467 $ 108,454 $ 1,575,921 $ ( 19,281 ) Fair Value Unpaid Principal Balance Difference Current–89 days 90+days past due Current–89 days 90+days past due 90+days past due December 31, 2023 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 204,282 $ 4,651 $ 208,933 $ 188,924 $ 5,635 $ 194,559 $ ( 984 ) Commercial - Refinance 230,034 7,399 237,433 210,716 8,962 219,678 ( 1,563 ) Residential 1-4 Unit - Purchase 238,215 12,886 251,101 231,494 15,428 246,922 ( 2,542 ) Residential 1-4 Unit - Refinance 472,615 29,335 501,950 448,780 35,119 483,899 ( 5,784 ) Short Term 1-4 Unit - Purchase 46,312 1,769 48,081 45,695 2,143 47,838 ( 374 ) Short Term 1-4 Unit - Refinance 54,041 4,533 58,574 53,008 5,491 58,499 ( 958 ) Ending balance $ 1,245,499 $ 60,573 $ 1,306,072 $ 1,178,617 $ 72,778 $ 1,251,395 $ ( 12,205 )

Receivables Due From Servicers

Receivables Due From Servicers	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Receivables Due From Servicers	Note 7 — Receivables Due From Servicers The following tables summarize receivables due from servicers as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Securitized debt Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 41,871 $ 180 $ 42,051 Other loan servicing receivables 13,087 3,596 16,683 Loan servicing receivables 54,958 3,776 58,734 Corporate and escrow advances receivable 26,863 1,926 28,789 Total receivables due from servicers $ 81,821 $ 5,702 $ 87,523 December 31, 2023 Securitized debt Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 41,289 $ 136 $ 41,425 Other loan servicing receivables 13,122 3,249 16,371 Loan servicing receivables 54,411 3,385 57,796 Corporate and escrow advances receivable 25,736 1,545 27,281 Total receivables due from servicers $ 80,147 $ 4,930 $ 85,077

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2024
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 $ 485.9 million and $ 487.7 million as of March 31, 2024 and 2023, 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, 2024 and December 31, 2023 include: 1) Weighted average discount rates of 8.0 %. 2) Weighted average conditional prepayment rates of 6.0 % and 6.5 %. The following table presents the Company's mortgage servicing rights activity during the period of March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Balance at the beginning of year $ 8,578 $ 9,238 Additions — 15 Fair value adjustments 444 ( 110 ) Balance at end of period $ 9,022 $ 9,143

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note 9 — Goodwill The following table presents the activity for goodwill as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at end of period $ 6,775 $ 6,775

Securitized Debt and Securitize

Securitized Debt and Securitized Debt at Fair Value	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Securitized Debt and Securitized Debt at Fair Value	Note 10 — Securitized Debt and Securitized Debt at Fair Value As of March 31, 2024, the Company is the sole beneficial interest holder of twenty-five 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 October 2047 through January 2054. The following tables summarize securitized debt and securitized debt at fair value as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 (in thousands) Securitized debt, net Securitized debt at fair value Total securitized debt Securitized debt $ 2,367,132 $ 1,073,793 $ 3,440,925 Valuation adjustments on FVO securitized debt — 11,320 11,320 Valuation at issuance on FVO securitized debt — ( 11,270 ) ( 11,270 ) Deferred issuance costs and discounts ( 37,226 ) — ( 37,226 ) Total securitized debt and securitized debt at fair value $ 2,329,906 $ 1,073,843 $ 3,403,749 December 31, 2023 (in thousands) Securitized debt, net Securitized debt at fair value Total securitized debt Securitized debt $ 2,458,439 $ 876,704 $ 3,335,143 Valuation adjustments on FVO securitized debt — 9,002 9,002 Valuation at issuance on FVO securitized debt — ( 8,289 ) ( 8,289 ) Deferred issuance costs and discounts ( 39,628 ) — ( 39,628 ) Total securitized debt and securitized debt at fair value $ 2,418,811 $ 877,417 $ 3,296,228 The following table presents the effective interest rate of securitized debt and securitized debt at fair value for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, Securitized debt: 2024 2023 Interest expense $ 49,283 $ 37,196 Average outstanding unpaid principal balance 3,486,173 2,926,153 Effective interest rate (1) 5.65 % 5.08 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.38 % and 4.44 %, and debt issuance cost amortization of 0.27 % and 0.64 % for the three months ended March 31, 2024 and 2023 , respectively.

Other Debt

Other Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Other Debt	Note 11 — Other Debt Secured financings and warehouse facilities are 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, 2024 and December 31, 2023, the balance of the 2022 Term Loan was $ 215.0 m illion. On February 5, 2024, the Company entered into a five-year $ 75.0 million syndicated corporate debt agreement, the (“the 2024 Term Loan”). The 2024 Term Loan bears interest at 9.875 % and matures on February 15, 2029 . Interest on the 2024 Term Loan is paid every six months. As of March 31, 2024, the balance of the 2024 Term Loan was $ 75.0 million. The total balance of the 2022 Term Loan and the 2024 Term Loan ("Corporate Debt") in the consolidated balance sheets is net of debt issuance costs and discount of $ 6.2 million as of March 31, 2024. The Corporate Debt is secured by substantially all assets of the Company not otherwise pledged under a securitized debt 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, 2024, 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 September 2022 Term Repurchase Agreement”). The Facility Agreement has a current extended maturity date of July 31, 2024 , 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. There was no outstanding balance as of March 31, 2024 and the effective interest rates was 6.2 % as of December 31, 2023. 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 26, 2024 , 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 3.25 %. 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 9.5 % and 9.8 % as of March 31, 2024 and December 31, 2023, 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 SOFR plus 3.61 %, with a floor of 4.25 %. The maximum capacity under this facility is $ 50.0 million. The effective interest rates were 9.4 % and 9.2 % as of March 31, 2024 and December 31, 2023, 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, 2024 , 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 3.00 % during the availability period and 4.00 % 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 10.3 % and 10.0 % as of March 31, 2024 and December 31, 2023, 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 8.7 % and 8.3 % as of March 31, 2024 and December 31, 2023, 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 American Interbank Offered Rate ("AMERIBOR") with a 0.5 % floor plus 4.50 % per annum. The maximum capacity under this facility is $ 100.0 million. The effective interest rates were 10.8 % and 14.2 % as of March 31, 2024 and December 31, 2023, respectively. On October 12, 2023 , the Company entered into a $ 9.5 million short-term repurchase agreement (“the October 2023 Repurchase Agreement”), and bore interest at 7.0 %. On December 14, 2023, the Company entered into two $ 10.0 million short-term repurchase agreements, one agreement bore interest at 7.6%, and the other agreement bore interest at 7.5%. These repurchase agreements were paid off in February 2024. On December 27, 2023, the Company entered into a loan facility agreement (“the 2023 Repurchase Agreement”) with a bank. The 2023 Repurchase Agreement has a maturity date of December 27, 2026 . 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 3.00 %. The maximum loan amount under this facility is $ 75.0 million. The effective interest rates were 9.2 % and 8.6 % as of March 31, 2024 and December 31, 2023. 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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 41,845 $ 100,000 $ 30,460 $ 100,000 The 2021 repurchase agreement 93,303 200,000 88,817 200,000 The July 2021 term repurchase agreement 27,979 100,000 22,516 100,000 The 2013 repurchase agreement 102,967 300,000 111,086 300,000 The bank credit agreement 46,583 50,000 31,950 50,000 The October 2023 repurchase agreement — — 29,522 30,530 The 2023 repurchase agreement 49,000 75,000 22,000 50,000 The September 2022 term repurchase agreement — 60,000 — 60,000 Total $ 361,677 $ 885,000 $ 336,351 $ 890,530 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 1.5 million and $ 1.6 million as of March 31, 2024 and December 31, 2023 , respectively. The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, 2024 2023 Warehouse and repurchase facilities: Average outstanding balance $ 267,559 $ 225,497 Highest outstanding balance at any month-end 361,677 298,954 Effective interest rate (1) 9.56 % 8.57 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.83 % and 8.07 %, and debt issuance cost amortization of 0.72 % and 0.50 %, for the three months ended March 31, 2024 and 2023 , respectively. The following table provides a summary of interest expense that includes interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Warehouse and repurchase facilities $ 6,392 $ 4,833 Securitized debt 49,283 37,196 Interest expense — portfolio related 55,675 42,029 Interest expense — corporate debt 5,380 4,139 Total interest expense $ 61,055 $ 46,168

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, the balance of repurchase liability was $ 66 thousand, which 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. (c) Employee Retention Credit Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law on March 27, 2020 and the subsequent extension of the CARES Act, the Company, with the guidance from a third-party specialist, determined it was eligible for a refundable employee retention credit (“ERC”) subject to certain criteria. The Company applied for ERC for the first three quarters’ wages paid in calendar year 2021. During the second quarter of 2023, the Company received approximately $ 4.2 million of ERC. Due to the subjectivity of the credit, the Company elected to account for the ERC as a gain analogizing to ASC 450-30, Gain Contingencies. Accordingly, the $ 4.2 million ERC, net of the third-party specialist fees of $ 0.6 million , is deferred until the uncertainty surrounding ERC is resolved. The net amount is included in accounts payable and accrued expenses on the consolidated balance sheets as of March 31, 2024 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 including but not limited to non-qualified stock options, restricted stock awards and performance stock units ("PSUs") to certain employees and non-employee directors of the Company, to purchase or issue up to 2,770,000 shares of Company common stock. Stock Options Stock options granted generally vest ratably over three years and are exercisable for a period up to ten years from the date of the grant. The Company uses the Black-Scholes option pricing model to value stock options in determining the stock-based compensation expense. Forfeitures are recognized as they occur. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield is zero as the Company is not expected to pay dividends in the foreseeable future. Expected volatility is based on historical volatility of the Company’s stock. The table below summarizes stock option activity during the period ended March 31, 2024: Three Months Ended March 31, 2024 ($ in thousands, except per share amounts) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (2) Options outstanding at December 31, 2023 752,964 $ 12.88 Granted 100 15.86 Exercised — — Forfeited — — Options outstanding at March 31, 2024 753,064 $ 12.88 5.8 years $ 3,857 Options exercisable at March 31, 2024 747,500 $ 12.89 5.8 years $ 3,822 Options expected to vest (1) 5,564 $ 12.89 9.5 years $ 35 (1) The number of options expected to vest reflects no expected forfeiture. (2) The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price. Restricted Stock Awards (RSAs) The fair value of restricted stock awards is determined based on the fair market value of the Company's common shares on the grant date. The estimated fair value of restricted stock awards is amortized as an expense over the three-year requisite service period. The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period. The table below summarizes RSA activity during the period ended March 31, 2024: Employee Non-Employee Director Total March 31, 2024 Restricted Stock Awards Restricted Stock Awards Restricted Stock Awards Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2023 409,137 $ 9.39 61,276 $ 9.31 470,413 $ 9.38 Granted 189,679 15.86 — — 189,679 15.86 Vested ( 248,796 ) 8.61 — — ( 248,796 ) 8.61 Forfeited — — — — — — Nonvested at March 31, 2024 350,020 $ 13.45 61,276 $ 9.31 411,296 $ 12.83 Performance Stock Units In February 2022, the Company began granting performance stock units ("PSUs") to certain employees, including named executive officers under the 2020 Plan. PSUs are linked to the average core net income annual growth over the three-year period from the year of grant. Settlement of vested PSUs will be made on the date that the Compensation Committee certifies the average core net income annual growth for the three-year period. PSUs are subject to forfeiture until predetermined performance conditions have been achieved. The number of shares issued at the end of any performance period could range between 0 % and 200 % of the original target award amount. Compensation expense related to PSUs 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. Adjustments to compensation expense are made each year based on changes in estimate of the number of PSUs that are probable of vesting. During the quarter ended March 31, 2024, the Company recorded stock-based compensation expense for the number of PSUs considered probable of vesting based on the attainment of the performance targets. The table below summarizes PSU activity during the period ended March 31, 2024: March 31, 2024 Shares (1) Weighted Average Grant Date Fair Value (per share) Outstanding at December 31, 2023, nonvested 256,387 $ 11.05 Granted 157,994 15.86 Vested — — Forfeited — — Outstanding at March 31, 2024, nonvested 414,381 $ 12.88 (1) The number of PSUs are presented at 100 % of the specified target shares. Employee Stock Purchase Plan ("ESPP") In July 2022, the Company initiated an 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. 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 for the ESPP 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 $ 1.3 million and $ 1.0 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, 2024 and 2023, respectively. Such amount is included in “Compensation and employee benefits” on the consolidated statements of income. The amount of unrecognized compensation expense related to unvested restricted stock awards, ESPP, and performance-based stock unit awards tota led $ 9.6 millio n and $ 6.4 million as of March 31, 2024 and 2023, 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 quarters ended March 31, 2024 and 2023, the Company purchased 79,258 and 85,574 treasury shares at an average price of $ 16.20 and $ 9.78 per share, respectively .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 17,251 $ 10,649 Less: earnings attributable to participating securities 217 160 Net earnings attributable to common shareholders $ 17,034 $ 10,489 Weighted average common shares outstanding 32,541 32,098 Basic earnings per common share $ 0.52 $ 0.33 Diluted EPS: Net income attributable to common stockholders $ 17,251 $ 10,649 Weighted average common shares outstanding 32,541 32,098 Add dilutive effects for warrants 2,344 1,871 Add dilutive effects for stock options 157 5 Add dilutive effects of unvested restricted stock awards 151 66 Add dilutive effects of unvested performance-based stock units 246 12 Weighted average diluted common shares outstanding 35,439 34,052 Diluted earnings per common share $ 0.49 $ 0.31 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, 2024 2023 Stock options 108 773 Unvested restricted stock awards 190 282 Unvested performance-based stock units — 154 Share equivalents excluded from EPS 298 1,209

Warrants

Warrants	3 Months Ended
	Mar. 31, 2024
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 TruArc Partners (TruArc), formerly Snow Phipps, and a fund affiliated with Pacific Investment Management Company LLC (TOBI). TruArc 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.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 16 — Derivative Instruments In September 2023, the Company began utilizing forward starting interest rate swap derivative instruments designated as cash flow hedges to manage the exposure to interest rate volatility related to its forecasted issuances of fixed-rate debt through its securitization process. The Company’s risk management objective is to hedge the risk of variability in its interest payment cash flows attributable to changes in the benchmark Secured Overnight Financing Rate ("SOFR") between the time the fixed rate mortgages are originated and the fixed rate debt is issued. As of March 31, 2024 , the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed four years . The gains or losses on the derivative instruments that are designated and qualify as cash flow hedges are reported as a component of AOCI. Beginning in the period in which the forecasted debt is issued and the related derivative instruments are terminated, the accumulated gains or losses associated with the terminated derivatives are then reclassified into interest expense as a yield adjustment over the term of the related debt. For the quarter ended March 31, 2024, $ 113 thousand after-tax net loss on terminated derivative instruments was reclassified from AOCI to interest expense . As of March 31, 2024, the Company had $ 0.8 million in after-tax net unrealized gain associated with cash flow hedging instruments recorded in AOCI. As of March 31, 2024, the Company expects to reclassify an estimated $ 0.3 million of after-tax net unrealized loss on derivative instruments designated as cash flow hedges from AOCI into earnings over the next 12 months. The following table presents the fair value of the Company’s derivative financial instruments on a gross basis, as well as its classification on the Company’s consolidated balance sheets as of March 31, 2024 and December, 31, 2023: March 31, 2024 (in thousands) Fair Value (1) Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Derivative Assets Derivative Liabilities Cash flow hedges: Forward starting payer interest rate swaps Derivative asset $ 226,000 $ 1,967 $ — December 31, 2023 (in thousands) Fair Value (1) Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Derivative Assets Derivative Liabilities Cash flow hedges: Forward starting payer interest rate swaps Derivative liability $ 166,000 $ — $ ( 3,665 ) (1) Fair value reported is exclusive of collateral held and pledged. As of March 31, 2024 and December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty were $ 0.5 million and $ 4.2 million, respectively, and is recorded in other receivables . The counterparty to the financial derivatives that the Company enters into is a major institution. The Company is exposed to credit-related losses in the event of non-performance by the counterparty. This credit risk is generally limited to the unrealized gains in such contracts, less collateral held, should the counterparty fail to perform as contracted.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Income) Loss	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive (Income) Loss	Note 17 — Accumulated Other Comprehensive (Income) Loss The following table presents the changes in the component of accumulated other comprehensive (income) loss balances for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Beginning balance $ 1,210 $ — Net unrealized (gain) on cash flow hedges arising during the period, net of tax ( 1,891 ) — Reclassification adjustments included in net income ( 113 ) — Ending balance $ ( 794 ) $ — The following table presents the component of other comprehensive (income) and the related tax effect for the quarter ended March 31, 2024: March 31, 2024 (in thousands) Before-Tax Tax Effect Net-of-Tax Cash flow hedges: Forward starting payer interest rate swaps: Net unrealized (gain) arising during the period $ ( 2,627 ) $ 736 $ ( 1,891 ) Reclassification adjustments included in net income ( 155 ) 42 ( 113 ) Other comprehensive income $ ( 2,782 ) $ 778 $ ( 2,004 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 18 — 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. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period in which a change in valuation technique or methodology occurs. 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, Net, and Loans Held for Investment, at Fair Value The Company uses a third-party loan valuation model to estimate the fair value of its nonperforming mortgage loans, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s nonperforming mortgage loans are interest rates, market yield requirements, the probability of default, loss given default, voluntary prepayment speed and loss timing. The Company uses an in-house loan valuation model to estimate the fair value of its performing mortgage loans, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s performing mortgage loans are discount rate, constant prepayment rate, constant default rate, and loss severity rate. Significant changes in any of those inputs in isolation could result in a significant change to the mortgage 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, at Fair Value The Company has elected to account for certain loans originated with the intent to sell at fair value using FASB ASC Topic 825, Financial Instruments (ASC 825). The FVO loans held for sale are measured based a discounted cash flow model, or 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. Derivative Instruments Derivative financial instruments are measured at fair value using readily observable market inputs and the overall fair value measurement is classified as Level 2. 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. Securitized Debt, Net, and Securitized Debt, at Fair Value The Company obtains the fair value estimates at instrument level from a third-party broker dealer based on trader input on benchmark securities. The fair values take into consideration input factors such as bond structure and collateral characteristics and performance and pricing factors such as yield, spread, average life, prepayment speeds, default rate, and severity. The fair values are considered a Level 2 measurement. Significant changes in any of the input factors in isolation could result in a significant change to securitized debt’s 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 and liabilities measured and recorded at fair value as of March 31, 2024 and December 31, 2023, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2024 Level 1 Level 2 Level 3 fair value Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 12,918 $ 12,918 Real estate owned, net — — 46,280 46,280 Total nonrecurring fair value measurements — — 59,198 59,198 Recurring fair value measurements: Loans held for investment, at fair value — — 1,649,540 1,649,540 Mortgage servicing rights — — 9,022 9,022 Derivative assets — 1,967 — 1,967 Total recurring fair value measurements — 1,967 1,658,562 1,660,529 Total assets $ — $ 1,967 $ 1,717,760 $ 1,719,727 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 1,073,843 $ — $ 1,073,843 Total recurring fair value measurements — 1,073,843 — 1,073,843 Total liabilities $ — $ 1,073,843 $ — $ 1,073,843 Fair value measurements using Total at December 31, 2023 Level 1 Level 2 Level 3 fair value Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 8,475 $ 8,475 Real estate owned, net — — 44,268 44,268 Total nonrecurring fair value measurements — — 52,743 52,743 Recurring fair value measurements: Loans held for sale, at fair value — 17,590 — 17,590 Loans held for investment, at fair value — — 1,306,072 1,306,072 Mortgage servicing rights — — 8,578 8,578 Total recurring fair value measurements — 17,590 1,314,650 1,332,240 Total assets $ — $ 17,590 $ 1,367,393 $ 1,384,983 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 877,417 $ — $ 877,417 Derivative liabilities — 3,665 — 3,665 Total recurring fair value measurements — 881,082 — 881,082 Total liabilities $ — $ 881,082 $ — $ 881,082 The following table presents gains (losses) recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2024 2023 Real estate owned, net $ ( 1,722 ) $ ( 1,178 ) Individually evaluated loans requiring specific allowance, net ( 457 ) 101 Total net loss $ ( 2,179 ) $ ( 1,077 ) The following table presents the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2024 ($ in thousands): March 31, 2024 Asset category Fair value Primary Unobservable Range Weighted Nonrecurring: Individually evaluated $ 12,918 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 46,280 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,649,540 Discounted cash flow Discount rate 9.1 % 9.1 % Prepayment rate 1.3 % to 50.0 % 6.6 % Default rate 0.1 % to 1.8 % 0.8 % Loss severity rate 0.0 % to 11.8 % 0.5 % Mortgage servicing rights 9,022 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 5.3 % to 15.4 % 6.0 % (1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB. The following table presents the primary valuation techniques and unobservable inputs related to Level 3 assets as of December 31, 2023 ($ in thousands): December 31, 2023 Asset category Fair value Primary Unobservable Range Weighted Nonrecurring: Individually evaluated $ 8,475 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 44,268 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,306,072 Discounted cash flow Discount rate 9.3 % 9.3 % Prepayment rate 0.7 % to 50.0 % 5.8 % Default rate 0.0 % to 1.7 % 0.7 % Loss severity rate 0.0 % to 14.8 % 2.1 % Mortgage servicing rights 8,578 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 5.3 % to 16.0 % 6.5 % (1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB. The following is a roll-forward 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, 2024 2023 Beginning balance $ 1,306,072 $ 276,095 Originations 378,671 197,888 Loans liquidated ( 61,753 ) ( 8,020 ) Acquisition 11,591 — REO Transfer ( 925 ) — Principal paydowns ( 6,069 ) ( 1,032 ) Total unrealized gain included in net income 19,472 6,658 Loans transferred from (to) held for sale 2,481 ( 20,857 ) Ending balance $ 1,649,540 $ 450,732 The following is a roll-forward 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, 2024 2023 Beginning balance $ 17,590 $ — Originations — 19,088 Loans liquidated ( 14,533 ) ( 22,560 ) Principal paydowns ( 29 ) — Total unrealized (loss) gain included in net income ( 547 ) 696 Loans transferred (to) from held for investment ( 2,481 ) 20,857 Ending balance $ — $ 18,081 The following is a roll-forward of mortgage servicing rights that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 8,578 $ 9,238 Additions — 15 Total unrealized gain (loss) included in net income 444 ( 110 ) Ending balance $ 9,022 $ 9,143 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, 2024 and December 31, 2023, financial assets and liabilities measured at fair value include loans held for investment at fair value, loans held for sale at fair value, mortgage servicing rights, derivative instruments, and securitized debt at fair value. Financial assets measured at the lower of cost or estimated fair value include certain individually evaluated loans held for investment and REO, which are measured using unobservable inputs, including appraisals and broker price opinions on the values of the underlying collateral. Individually evaluated loans requiring an allowance are carried at approximatel y $ 12.9 million and $ 8.5 million as of March 31, 2024 and December 31, 2023, net of specific allowance for credit losses of approximately $ 1.4 million and $ 1.0 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, 2024 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 34,829 $ 34,829 $ — $ — $ 34,829 Restricted cash 24,216 24,216 — — 24,216 Loans held for investment, net 2,727,518 — — 2,587,648 2,587,648 Loans held for investment, at fair value 1,649,540 — — 1,649,540 1,649,540 Accrued interest receivables 29,374 29,374 — — 29,374 Mortgage servicing rights 9,022 — — 9,022 9,022 Derivative assets 1,967 — 1,967 — 1,967 Liabilities: Secured financing, net $ 283,813 $ — $ — $ 287,752 $ 287,752 Warehouse repurchase facilities, net 360,216 — 360,216 — 360,216 Securitized debt, net 2,329,906 — 2,089,608 — 2,089,608 Securitized debt, at fair value 1,073,843 — 1,073,843 — 1,073,843 Accrued interest payable 19,172 19,172 — — 19,172 December 31, 2023 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 40,566 $ 40,566 $ — $ — $ 40,566 Restricted cash 21,361 21,361 — — 21,361 Loans held for sale, at fair value 17,590 — 17,590 — 17,590 Loans held for investment, net 2,828,123 — — 2,672,705 2,672,705 Loans held for investment, at fair value 1,306,072 — — 1,306,072 1,306,072 Accrued interest receivable 27,028 27,028 — — 27,028 Mortgage servicing rights 8,578 — — 8,578 8,578 Liabilities: Secured financing, net $ 211,083 $ — $ — $ 212,625 $ 212,625 Warehouse repurchase facilities, net 334,755 — 334,755 — 334,755 Securitized debt, net 2,418,811 — 2,155,718 — 2,155,718 Securitized debt, at fair value 877,417 877,417 — 877,417 Accrued interest payable 20,473 20,473 — — 20,473 Derivative liability 3,665 — 3,665 — 3,665

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 19 — Subsequent Events The Company completed the securitization of $ 295.1 million of investor real estate loans on April 11, 2024, which will be accounted for as secured borrowings during the quarter ending June 30, 2024. Century, a consolidating subsidiary of the Company, purchased a servicing loan portfolio with a total UPB of $ 227.6 million for $ 3.6 million on April 30, 2024. The Company has evaluated events that have occurred subsequent to March 31, 2024 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, 2024
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, 2023 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 2023 Annual Report. 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, 2024 and December 31, 2023 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 originated mortgage loans effective October 1, 2022. The fair value option loans are presented on a separate line item in the consolidated balance sheet. Interest income on FVO loans is recorded on an accrual basis in the consolidated statements of income under the heading interest income. The Company will not record a CECL loan loss reserve on fair value option loans. The Company has elected to apply fair value option ("FVO") accounting to securitized debt issued effective January 1, 2023 when the underlying collateral is also carried at fair value. The FVO securitized debt is presented on a separate line item in the consolidated balance sheet. The Company reflects interest expense on the fair value option securitized debt as “interest” in the consolidated statements of income and presents the other fair value changes of the FVO securitized debt separately in the consolidated financial statements.
Derivative Instruments and Hedge Accounting	(e) Derivative Instruments and Hedge Accounting The Company issues fixed rate debt at regular intervals during the year through the securitization of its fixed rate mortgage assets. The Company is subject to interest rate risk on its forecasted debt issuances as these fixed rate debt issuances are priced at then-current market rates. The Company’s risk management objective is to hedge the risk of variability in its interest payment cash flows attributable to changes in the benchmark Secured Overnight Financing Rate ("SOFR") between the time the fixed rate mortgages are originated and the fixed rate debt is issued. To accomplish this hedging strategy, the Company may from time to time enter into derivative instruments such as forward starting payer interest rate swaps or interest rate payer swaptions designated as cash flow hedges that are designed to be highly correlated to the underlying terms of the forecasted debt instruments. To qualify for hedge accounting, the Company formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. The Company also formally assesses effectiveness both at the hedge's inception and on an ongoing basis. The Company's policy is to present all derivative balances on a gross basis, without regard to counterparty master netting agreements or similar arrangements. The fair value of the derivative instruments is recorded as a separate line item on the consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive income ("AOCI"). Beginning in the period in which the forecasted debt issuance occurs and the related derivative instruments are terminated, the gains or losses accumulated in AOCI are then reclassified into interest expense over the term of the related debt. If the Company determines it is not probable that the forecasted transaction will occur, gains and losses are reclassified immediately to earnings. The related cash flows are recognized on the cash flows from operating activities section on the consolidated statements of cash flows. The Company uses hedge accounting based on the exposure being hedged as cash flow hedges in operations.
Other Comprehensive Income	(f) Other Comprehensive Income Other comprehensive income ("OCI") is reported in the consolidated statements of comprehensive income. OCI is comprised of net income and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, net of tax, less amounts reclassified into earnings. Accumulated other comprehensive income represents the cumulative balance of OCI, net of tax, as of the end of the reporting period and relates to unrealized gains or losses on cash flow hedges, net of tax.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 34,829 $ 39,397 Restricted cash 24,216 16,636 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 59,045 $ 56,033

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Loans Held for Sale and at Fair Value	The following table summarizes loans held for sale at fair value as of March 31, 2024 and December 31, 2023 (in thousands): Loans held for sale, at fair value: March 31, 2024 December 31, 2023 Unpaid principal balance $ — $ 16,954 Valuation adjustments on FVO loans held for sale — 636 Ending balance $ — $ 17,590

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of March 31, 2024, and December 31, 2023 (in thousands): March 31, 2024 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,705,612 $ 1,575,921 $ 4,281,533 Valuation adjustments on FVO loans — 73,619 73,619 Deferred loan origination costs 27,173 — 27,173 2,732,785 1,649,540 4,382,325 Allowance for loan losses ( 5,267 ) — ( 5,267 ) Total loans held for investment and loans held for investment at $ 2,727,518 $ 1,649,540 $ 4,377,058 December 31, 2023 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,804,541 $ 1,251,395 $ 4,055,936 Valuation adjustments on FVO loans — 54,677 54,677 Deferred loan origination costs 28,351 — 28,351 2,832,892 1,306,072 4,138,964 Allowance for loan losses ( 4,769 ) — ( 4,769 ) Total loans held for investment and loans held for investment at $ 2,828,123 $ 1,306,072 $ 4,134,195
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, 2024, and the year ended December 31, 2023 ($ in thousands): March 31, 2024 UPB % Amortized Cost % Beginning balance $ 174,571 $ 176,515 Foreclosures ( 1,633 ) ( 1,677 ) Repayments ( 7,797 ) ( 7,855 ) Ending balance $ 165,141 $ 166,983 Performing/Accruing $ 120,077 72.7 % $ 121,370 72.7 % Nonperforming/Nonaccrual $ 45,064 27.3 % $ 45,613 27.3 % December 31, 2023 UPB % Amortized Cost % Beginning balance $ 201,005 $ 203,346 Foreclosures ( 833 ) ( 830 ) Repayments ( 25,601 ) ( 26,001 ) Ending balance $ 174,571 $ 176,515 Performing/Accruing $ 132,389 75.8 % $ 133,771 75.8 % Nonperforming/Nonaccrual $ 42,182 24.2 % $ 42,744 24.2 %
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued	As of March 31, 2024, and December 31, 2023, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows (in thousands): March 31, 2024 December 31, 2023 The 2013 repurchase agreement $ 128,294 $ 132,505 The 2021 repurchase agreement 119,362 103,787 The Bank credit agreement 62,222 39,619 The 2021 term repurchase agreement 60,510 41,628 The July 2021 term repurchase agreement 39,805 30,923 The 2023 repurchase agreement 68,281 29,501 Total pledged loans $ 478,474 $ 377,963 2017-2 Trust $ 46,500 $ 50,554 2018-1 Trust 35,474 37,810 2018-2 Trust 80,183 85,122 2019-1 Trust 82,526 87,677 2019-2 Trust 67,536 73,166 2019-3 Trust 62,325 64,403 2020-1 Trust 110,147 116,843 2020-2 Trust 66,331 69,085 2021-1 Trust 175,819 182,184 2021-2 Trust 145,314 148,989 2021-3 Trust 155,463 159,565 2021-4 Trust 239,094 245,945 2022-1 Trust 242,899 245,372 2022-2 Trust 218,411 222,333 2022-MC1 Trust 64,654 73,840 2022-3 Trust 273,486 278,268 2022-4 Trust 291,804 298,758 2022-5 Trust 216,322 223,112 2023-1 Trust 211,047 217,220 2023-2 Trust 203,676 214,221 2023-3 Trust 249,396 255,699 2023-RTL1 Trust 77,761 79,465 2023-4 Trust 217,925 227,940 2024-1 Trust 218,810 — Total $ 3,752,903 $ 3,657,571
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, 2024 and December 31, 2023. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2024 and December 31, 2023. March 31, 2024 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated ($ in thousands) Commercial - Purchase $ 28,127 $ 26,843 $ 1,284 $ 130 Commercial - Refinance 97,571 93,511 4,060 642 Residential 1-4 Unit - Purchase 38,090 36,962 1,128 185 Residential 1-4 Unit - Refinance 130,052 124,779 5,273 253 Short Term 1-4 Unit - Purchase 5,584 5,584 — — Short Term 1-4 Unit - Refinance 28,140 25,536 2,604 221 Total $ 327,564 $ 313,215 $ 14,349 $ 1,431 December 31, 2023 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated ($ in thousands) Commercial - Purchase $ 28,221 $ 27,037 $ 1,184 $ 156 Commercial - Refinance 86,890 84,575 2,315 444 Residential 1-4 Unit - Purchase 36,253 36,253 — — Residential 1-4 Unit - Refinance 137,925 134,579 3,346 245 Short Term 1-4 Unit - Purchase 6,402 6,403 — — Short Term 1-4 Unit - Refinance 29,663 27,059 2,604 129 Total $ 325,354 $ 315,906 $ 9,449 $ 974
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, 2024 and 2023, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 613,661 $ ( 136 ) $ 681,051 $ ( 132 ) Commercial - Refinance 779,302 ( 545 ) 879,978 ( 517 ) Residential 1-4 Unit - Purchase 495,611 ( 264 ) 574,320 ( 297 ) Residential 1-4 Unit - Refinance 774,982 ( 305 ) 912,313 ( 717 ) Short Term 1-4 Unit - Purchase 33,254 ( 30 ) 62,392 ( 24 ) Short Term 1-4 Unit - Refinance 35,975 ( 31 ) 64,271 ( 96 ) Total $ 2,732,785 $ ( 1,311 ) $ 3,174,325 $ ( 1,783 )
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, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 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, 2024 $ 935 $ 1,805 $ 585 $ 1,256 $ 23 $ 165 $ 4,769 Provision for loan losses ( 74 ) 91 684 120 93 88 1,002 Charge-offs — ( 2 ) ( 296 ) ( 107 ) ( 99 ) — ( 504 ) Ending balance $ 861 $ 1,894 $ 973 $ 1,269 $ 17 $ 253 $ 5,267 Allowance related to: Loans individually evaluated $ 130 $ 642 $ 185 $ 253 $ — $ 221 $ 1,431 Loans collectively evaluated $ 731 $ 1,252 $ 788 $ 1,016 $ 17 $ 32 $ 3,836 Amortized cost related to: Loans individually evaluated $ 28,127 $ 97,571 $ 38,090 $ 130,052 $ 5,584 $ 28,140 $ 327,564 Loans collectively evaluated $ 585,534 $ 681,731 $ 457,521 $ 644,930 $ 27,670 $ 7,835 $ 2,405,221 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
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, which include $ 167.0 million and $ 176.5 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of March 31, 2024 and December 31, 2023, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2024 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 1,273 $ 724 $ 26,130 $ 28,127 $ — $ 28,127 Commercial - Refinance 5,407 1,127 91,037 97,571 97,571 Residential 1-4 Unit - Purchase 1,229 579 36,282 38,090 — 38,090 Residential 1-4 Unit - Refinance 3,292 3,381 123,379 130,052 — 130,052 Short Term 1-4 Unit - Purchase — — 5,584 5,584 — 5,584 Short Term 1-4 Unit - Refinance — — 28,140 28,140 — 28,140 Total loans individually evaluated $ 11,201 $ 5,811 $ 310,552 $ 327,564 $ — $ 327,564 Loans collectively evaluated Commercial - Purchase $ 23,807 $ 9,331 $ — $ 33,138 $ 552,396 $ 585,534 Commercial - Refinance 38,035 12,592 — 50,627 631,104 681,731 Residential 1-4 Unit - Purchase 21,406 10,807 — 32,213 425,308 457,521 Residential 1-4 Unit - Refinance 59,779 21,041 — 80,820 564,110 644,930 Short Term 1-4 Unit - Purchase 15,797 1,144 — 16,941 10,729 27,670 Short Term 1-4 Unit - Refinance 520 690 — 1,210 6,625 7,835 Total loans collectively evaluated $ 159,344 $ 55,605 $ — $ 214,949 $ 2,190,272 $ 2,405,221 Ending balance $ 170,545 $ 61,416 $ 310,552 $ 542,513 $ 2,190,272 $ 2,732,785 30–59 days 60–89 days 90+days Total Total December 31, 2023 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 2,329 $ 668 $ 25,224 $ 28,221 $ — $ 28,221 Commercial - Refinance 4,716 2,405 79,769 86,890 — 86,890 Residential 1-4 Unit - Purchase 544 — 35,709 36,253 — 36,253 Residential 1-4 Unit - Refinance 2,988 1,923 133,014 137,925 — 137,925 Short Term 1-4 Unit - Purchase — — 6,402 6,402 — 6,402 Short Term 1-4 Unit - Refinance 55 — 29,608 29,663 — 29,663 Total loans individually evaluated $ 10,632 $ 4,996 $ 309,726 $ 325,354 $ — $ 325,354 Loans collectively evaluated Commercial - Purchase $ 21,342 $ 8,352 $ — $ 29,694 $ 574,010 $ 603,704 Commercial - Refinance 47,430 14,002 — 61,432 651,494 712,926 Residential 1-4 Unit - Purchase 29,236 6,850 — 36,086 438,741 474,827 Residential 1-4 Unit - Refinance 52,510 20,828 — 73,338 596,886 670,224 Short Term 1-4 Unit - Purchase 1,169 658 — 1,827 32,882 34,709 Short Term 1-4 Unit - Refinance 2,978 213 — 3,191 7,957 11,148 Total loans collectively evaluated $ 154,665 $ 50,903 $ — $ 205,568 $ 2,301,970 $ 2,507,538 Ending balance $ 165,297 $ 55,899 $ 309,726 $ 530,922 $ 2,301,970 $ 2,832,892 (1) Includes loans in bankruptcy and foreclosure less than 90 days past due.
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, 2024 and December 31, 2023 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2024: 2022 2021 2020 Pre-2020 Total Commercial - Purchase Payment performance Performing $ 243,606 $ 222,524 $ 29,363 $ 90,041 $ 585,534 Nonperforming 10,924 5,743 1,681 9,779 28,127 Total Commercial - Purchase $ 254,530 $ 228,267 $ 31,044 $ 99,820 $ 613,661 Commercial - Refinance Payment performance Performing $ 225,875 $ 179,412 $ 47,595 $ 228,849 $ 681,731 Nonperforming 25,820 18,262 4,199 49,290 97,571 Total Commercial - Refinance $ 251,695 $ 197,674 $ 51,794 $ 278,139 $ 779,302 Residential 1-4 Unit - Purchase Payment performance Performing $ 200,471 $ 194,441 $ 8,544 $ 54,065 $ 457,521 Nonperforming 16,754 10,772 1,616 8,948 38,090 Total Residential 1-4 $ 217,225 $ 205,213 $ 10,160 $ 63,013 $ 495,611 Residential 1-4 Unit - Refinance Payment performance Performing $ 265,199 $ 234,380 $ 18,147 $ 127,204 $ 644,930 Nonperforming 44,635 32,601 7,872 44,944 130,052 Total Residential 1-4 $ 309,834 $ 266,981 $ 26,019 $ 172,148 $ 774,982 Short Term 1-4 Unit - Purchase Payment performance Performing $ 8,516 $ 180 $ 14,413 $ 4,561 $ 27,670 Nonperforming 4,714 166 704 — 5,584 Total Short Term 1-4 $ 13,230 $ 346 $ 15,117 $ 4,561 $ 33,254 Short Term 1-4 Unit - Refinance Payment performance Performing $ 7,835 $ — $ — $ — $ 7,835 Nonperforming 5,048 153 5,954 16,985 28,140 Total Short Term 1-4 $ 12,883 $ 153 $ 5,954 $ 16,985 $ 35,975 Total Portfolio $ 1,059,397 $ 898,634 $ 140,088 $ 634,666 $ 2,732,785 Gross charge-offs - quarter-ended March 31, 2024 $ 456 $ 34 $ — $ 13 $ 503 Gross charge-offs - year-to-date March 31, 2024 $ 456 $ 34 $ — $ 13 $ 503 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2022 2021 2020 2019 Pre-2019 Total Commercial - Purchase Payment performance Performing $ 248,153 $ 226,467 $ 31,692 $ 43,829 $ 53,563 $ 603,704 Nonperforming 9,600 6,104 567 4,773 7,177 28,221 Total Commercial - Purchase $ 257,753 $ 232,571 $ 32,259 $ 48,602 $ 60,740 $ 631,925 Commercial - Refinance Payment performance Performing $ 233,052 $ 188,723 $ 47,883 $ 92,819 $ 150,449 $ 712,926 Nonperforming 20,462 14,168 4,207 14,167 33,886 86,890 Total Commercial - Refinance $ 253,514 $ 202,891 $ 52,090 $ 106,986 $ 184,335 $ 799,816 Residential 1-4 Unit - Purchase Payment performance Performing $ 208,456 $ 198,110 $ 9,581 $ 24,429 $ 34,251 $ 474,827 Nonperforming 17,287 10,740 701 1,421 6,104 36,253 Total Residential 1-4 $ 225,743 $ 208,850 $ 10,282 $ 25,850 $ 40,355 $ 511,080 Residential 1-4 Unit - Refinance Payment performance Performing $ 277,980 $ 237,159 $ 19,752 $ 61,136 $ 74,197 $ 670,224 Nonperforming 43,272 36,344 7,835 28,252 22,222 137,925 Total Residential 1-4 $ 321,252 $ 273,503 $ 27,587 $ 89,388 $ 96,419 $ 808,149 Short Term 1-4 Unit - Purchase Payment performance Performing $ 11,458 $ 180 $ 18,510 $ 4,561 $ — $ 34,709 Nonperforming 5,533 165 704 — — 6,402 Total Short Term 1-4 $ 16,991 $ 345 $ 19,214 $ 4,561 $ — $ 41,111 Short Term 1-4 Unit - Refinance Payment performance Performing $ 11,148 $ — $ — $ — $ — $ 11,148 Nonperforming 4,313 153 7,435 13,612 4,150 29,663 Total Short Term 1-4 $ 15,461 $ 153 $ 7,435 $ 13,612 $ 4,150 $ 40,811 Total Portfolio $ 1,090,714 $ 918,313 $ 148,867 $ 288,999 $ 385,999 $ 2,832,892 Gross charge-offs - quarter-ended December 31, 2023 $ 744 $ — $ — $ — $ — $ 744 Gross charge-offs - year-ended December 31, 2023 $ 1,120 $ 473 $ — $ 446 $ — $ 2,039
Summary of Difference Between Aggregate Fair Value and Aggregate Unpaid Principal Balance by Loan Segments	The following tables present 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, 2024 and December 31, 2023 by loan segments (in thousands): Fair Value Unpaid Principal Balance Difference Current–89 days 90+days past due Current–89 days 90+days past due 90+days past due March 31, 2024 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 271,532 $ 6,428 $ 277,960 $ 249,586 $ 7,840 $ 257,426 $ ( 1,412 ) Commercial - Refinance 323,638 10,737 334,375 295,590 13,093 308,683 ( 2,356 ) Residential 1-4 Unit - Purchase 282,270 15,206 297,476 272,156 18,350 290,506 ( 3,144 ) Residential 1-4 Unit - Refinance 559,417 48,748 608,165 527,354 59,453 586,807 ( 10,705 ) Short Term 1-4 Unit - Purchase 59,361 1,247 60,608 59,256 1,417 60,673 ( 170 ) Short Term 1-4 Unit - Refinance 64,149 6,807 70,956 63,525 8,301 71,826 ( 1,494 ) Ending balance $ 1,560,367 $ 89,173 $ 1,649,540 $ 1,467,467 $ 108,454 $ 1,575,921 $ ( 19,281 ) Fair Value Unpaid Principal Balance Difference Current–89 days 90+days past due Current–89 days 90+days past due 90+days past due December 31, 2023 past due or nonaccrual Total past due or nonaccrual Total or nonaccrual Commercial - Purchase $ 204,282 $ 4,651 $ 208,933 $ 188,924 $ 5,635 $ 194,559 $ ( 984 ) Commercial - Refinance 230,034 7,399 237,433 210,716 8,962 219,678 ( 1,563 ) Residential 1-4 Unit - Purchase 238,215 12,886 251,101 231,494 15,428 246,922 ( 2,542 ) Residential 1-4 Unit - Refinance 472,615 29,335 501,950 448,780 35,119 483,899 ( 5,784 ) Short Term 1-4 Unit - Purchase 46,312 1,769 48,081 45,695 2,143 47,838 ( 374 ) Short Term 1-4 Unit - Refinance 54,041 4,533 58,574 53,008 5,491 58,499 ( 958 ) Ending balance $ 1,245,499 $ 60,573 $ 1,306,072 $ 1,178,617 $ 72,778 $ 1,251,395 $ ( 12,205 )

Receivables Due From Servicers

Receivables Due From Servicers (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Receivables Due from Servicers	The following tables summarize receivables due from servicers as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Securitized debt Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 41,871 $ 180 $ 42,051 Other loan servicing receivables 13,087 3,596 16,683 Loan servicing receivables 54,958 3,776 58,734 Corporate and escrow advances receivable 26,863 1,926 28,789 Total receivables due from servicers $ 81,821 $ 5,702 $ 87,523 December 31, 2023 Securitized debt Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 41,289 $ 136 $ 41,425 Other loan servicing receivables 13,122 3,249 16,371 Loan servicing receivables 54,411 3,385 57,796 Corporate and escrow advances receivable 25,736 1,545 27,281 Total receivables due from servicers $ 80,147 $ 4,930 $ 85,077

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Summary of Mortgage Servicing Rights	The following table presents the Company's mortgage servicing rights activity during the period of March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Balance at the beginning of year $ 8,578 $ 9,238 Additions — 15 Fair value adjustments 444 ( 110 ) Balance at end of period $ 9,022 $ 9,143

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity for Goodwill	The following table presents the activity for goodwill as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at end of period $ 6,775 $ 6,775

Securitized Debt and Securiti_2

Securitized Debt and Securitized Debt at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Summary of Securitized Debt and Securitized Debt at Fair Value	The following tables summarize securitized debt and securitized debt at fair value as of March 31, 2024 and December 31, 2023 ($ in thousands): March 31, 2024 (in thousands) Securitized debt, net Securitized debt at fair value Total securitized debt Securitized debt $ 2,367,132 $ 1,073,793 $ 3,440,925 Valuation adjustments on FVO securitized debt — 11,320 11,320 Valuation at issuance on FVO securitized debt — ( 11,270 ) ( 11,270 ) Deferred issuance costs and discounts ( 37,226 ) — ( 37,226 ) Total securitized debt and securitized debt at fair value $ 2,329,906 $ 1,073,843 $ 3,403,749 December 31, 2023 (in thousands) Securitized debt, net Securitized debt at fair value Total securitized debt Securitized debt $ 2,458,439 $ 876,704 $ 3,335,143 Valuation adjustments on FVO securitized debt — 9,002 9,002 Valuation at issuance on FVO securitized debt — ( 8,289 ) ( 8,289 ) Deferred issuance costs and discounts ( 39,628 ) — ( 39,628 ) Total securitized debt and securitized debt at fair value $ 2,418,811 $ 877,417 $ 3,296,228
Summary of Effective Interest Rate of Securitized Debt and Securitized Debt at Fair Value	The following table presents the effective interest rate of securitized debt and securitized debt at fair value for the three months ended March 31, 2024 and 2023 ($ in thousands): Three Months Ended March 31, Securitized debt: 2024 2023 Interest expense $ 49,283 $ 37,196 Average outstanding unpaid principal balance 3,486,173 2,926,153 Effective interest rate (1) 5.65 % 5.08 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.38 % and 4.44 %, and debt issuance cost amortization of 0.27 % and 0.64 % for the three months ended March 31, 2024 and 2023 , respectively.

Other Debt (Tables)

Other Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 41,845 $ 100,000 $ 30,460 $ 100,000 The 2021 repurchase agreement 93,303 200,000 88,817 200,000 The July 2021 term repurchase agreement 27,979 100,000 22,516 100,000 The 2013 repurchase agreement 102,967 300,000 111,086 300,000 The bank credit agreement 46,583 50,000 31,950 50,000 The October 2023 repurchase agreement — — 29,522 30,530 The 2023 repurchase agreement 49,000 75,000 22,000 50,000 The September 2022 term repurchase agreement — 60,000 — 60,000 Total $ 361,677 $ 885,000 $ 336,351 $ 890,530 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 1.5 million and $ 1.6 million as of March 31, 2024 and December 31, 2023 , 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, 2024 and 2023 ($ in thousands): Three Months Ended March 31, 2024 2023 Warehouse and repurchase facilities: Average outstanding balance $ 267,559 $ 225,497 Highest outstanding balance at any month-end 361,677 298,954 Effective interest rate (1) 9.56 % 8.57 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.83 % and 8.07 %, and debt issuance cost amortization of 0.72 % and 0.50 %, for the three months ended March 31, 2024 and 2023 , respectively.
Summary of Interest Expense	The following table provides a summary of interest expense that includes interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Warehouse and repurchase facilities $ 6,392 $ 4,833 Securitized debt 49,283 37,196 Interest expense — portfolio related 55,675 42,029 Interest expense — corporate debt 5,380 4,139 Total interest expense $ 61,055 $ 46,168

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The table below summarizes stock option activity during the period ended March 31, 2024: Three Months Ended March 31, 2024 ($ in thousands, except per share amounts) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (2) Options outstanding at December 31, 2023 752,964 $ 12.88 Granted 100 15.86 Exercised — — Forfeited — — Options outstanding at March 31, 2024 753,064 $ 12.88 5.8 years $ 3,857 Options exercisable at March 31, 2024 747,500 $ 12.89 5.8 years $ 3,822 Options expected to vest (1) 5,564 $ 12.89 9.5 years $ 35 (1) The number of options expected to vest reflects no expected forfeiture. (2) The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price.
Summary of Restricted Stock Award Activities	The table below summarizes RSA activity during the period ended March 31, 2024: Employee Non-Employee Director Total March 31, 2024 Restricted Stock Awards Restricted Stock Awards Restricted Stock Awards Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2023 409,137 $ 9.39 61,276 $ 9.31 470,413 $ 9.38 Granted 189,679 15.86 — — 189,679 15.86 Vested ( 248,796 ) 8.61 — — ( 248,796 ) 8.61 Forfeited — — — — — — Nonvested at March 31, 2024 350,020 $ 13.45 61,276 $ 9.31 411,296 $ 12.83
Summary of Performance Stock Units Activities	The table below summarizes PSU activity during the period ended March 31, 2024: March 31, 2024 Shares (1) Weighted Average Grant Date Fair Value (per share) Outstanding at December 31, 2023, nonvested 256,387 $ 11.05 Granted 157,994 15.86 Vested — — Forfeited — — Outstanding at March 31, 2024, nonvested 414,381 $ 12.88 (1) The number of PSUs are presented at 100 % of the specified target shares.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 17,251 $ 10,649 Less: earnings attributable to participating securities 217 160 Net earnings attributable to common shareholders $ 17,034 $ 10,489 Weighted average common shares outstanding 32,541 32,098 Basic earnings per common share $ 0.52 $ 0.33 Diluted EPS: Net income attributable to common stockholders $ 17,251 $ 10,649 Weighted average common shares outstanding 32,541 32,098 Add dilutive effects for warrants 2,344 1,871 Add dilutive effects for stock options 157 5 Add dilutive effects of unvested restricted stock awards 151 66 Add dilutive effects of unvested performance-based stock units 246 12 Weighted average diluted common shares outstanding 35,439 34,052 Diluted earnings per common share $ 0.49 $ 0.31
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, 2024 2023 Stock options 108 773 Unvested restricted stock awards 190 282 Unvested performance-based stock units — 154 Share equivalents excluded from EPS 298 1,209

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location	The following table presents the fair value of the Company’s derivative financial instruments on a gross basis, as well as its classification on the Company’s consolidated balance sheets as of March 31, 2024 and December, 31, 2023: March 31, 2024 (in thousands) Fair Value (1) Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Derivative Assets Derivative Liabilities Cash flow hedges: Forward starting payer interest rate swaps Derivative asset $ 226,000 $ 1,967 $ — December 31, 2023 (in thousands) Fair Value (1) Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Derivative Assets Derivative Liabilities Cash flow hedges: Forward starting payer interest rate swaps Derivative liability $ 166,000 $ — $ ( 3,665 ) (1) Fair value reported is exclusive of collateral held and pledged. As of March 31, 2024 and December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty were $ 0.5 million and $ 4.2 million, respectively, and is recorded in other receivables .

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Income) Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes in the Component of Accumulated Other Comprehensive Income	The following table presents the changes in the component of accumulated other comprehensive (income) loss balances for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Beginning balance $ 1,210 $ — Net unrealized (gain) on cash flow hedges arising during the period, net of tax ( 1,891 ) — Reclassification adjustments included in net income ( 113 ) — Ending balance $ ( 794 ) $ —
Component of Other Comprehensive Income and Related Tax Effect	The following table presents the component of other comprehensive (income) and the related tax effect for the quarter ended March 31, 2024: March 31, 2024 (in thousands) Before-Tax Tax Effect Net-of-Tax Cash flow hedges: Forward starting payer interest rate swaps: Net unrealized (gain) arising during the period $ ( 2,627 ) $ 736 $ ( 1,891 ) Reclassification adjustments included in net income ( 155 ) 42 ( 113 ) Other comprehensive income $ ( 2,782 ) $ 778 $ ( 2,004 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Information on Assets and Liabilities Measured and Recorded at Fair Value	The following tables present information on assets and liabilities measured and recorded at fair value as of March 31, 2024 and December 31, 2023, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2024 Level 1 Level 2 Level 3 fair value Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 12,918 $ 12,918 Real estate owned, net — — 46,280 46,280 Total nonrecurring fair value measurements — — 59,198 59,198 Recurring fair value measurements: Loans held for investment, at fair value — — 1,649,540 1,649,540 Mortgage servicing rights — — 9,022 9,022 Derivative assets — 1,967 — 1,967 Total recurring fair value measurements — 1,967 1,658,562 1,660,529 Total assets $ — $ 1,967 $ 1,717,760 $ 1,719,727 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 1,073,843 $ — $ 1,073,843 Total recurring fair value measurements — 1,073,843 — 1,073,843 Total liabilities $ — $ 1,073,843 $ — $ 1,073,843 Fair value measurements using Total at December 31, 2023 Level 1 Level 2 Level 3 fair value Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 8,475 $ 8,475 Real estate owned, net — — 44,268 44,268 Total nonrecurring fair value measurements — — 52,743 52,743 Recurring fair value measurements: Loans held for sale, at fair value — 17,590 — 17,590 Loans held for investment, at fair value — — 1,306,072 1,306,072 Mortgage servicing rights — — 8,578 8,578 Total recurring fair value measurements — 17,590 1,314,650 1,332,240 Total assets $ — $ 17,590 $ 1,367,393 $ 1,384,983 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 877,417 $ — $ 877,417 Derivative liabilities — 3,665 — 3,665 Total recurring fair value measurements — 881,082 — 881,082 Total liabilities $ — $ 881,082 $ — $ 881,082
Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis	The following table presents gains (losses) recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2024 2023 Real estate owned, net $ ( 1,722 ) $ ( 1,178 ) Individually evaluated loans requiring specific allowance, net ( 457 ) 101 Total net loss $ ( 2,179 ) $ ( 1,077 )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following table presents the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2024 ($ in thousands): March 31, 2024 Asset category Fair value Primary Unobservable Range Weighted Nonrecurring: Individually evaluated $ 12,918 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 46,280 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,649,540 Discounted cash flow Discount rate 9.1 % 9.1 % Prepayment rate 1.3 % to 50.0 % 6.6 % Default rate 0.1 % to 1.8 % 0.8 % Loss severity rate 0.0 % to 11.8 % 0.5 % Mortgage servicing rights 9,022 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 5.3 % to 15.4 % 6.0 % (1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB. The following table presents the primary valuation techniques and unobservable inputs related to Level 3 assets as of December 31, 2023 ($ in thousands): December 31, 2023 Asset category Fair value Primary Unobservable Range Weighted Nonrecurring: Individually evaluated $ 8,475 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 44,268 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,306,072 Discounted cash flow Discount rate 9.3 % 9.3 % Prepayment rate 0.7 % to 50.0 % 5.8 % Default rate 0.0 % to 1.7 % 0.7 % Loss severity rate 0.0 % to 14.8 % 2.1 % Mortgage servicing rights 8,578 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 5.3 % to 16.0 % 6.5 % (1) Individually evaluated loans requiring specific allowance, net is weighted by collateral value; real estate owned, net is weighted by selling price; loans held for investment at fair value and mortgage servicing rights are weighted by UPB.
Roll-forward of Loans held for investment and held for sale and Securitized Debt Measured at Estimated Fair Value on Recurring Basis	The following is a roll-forward 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, 2024 2023 Beginning balance $ 1,306,072 $ 276,095 Originations 378,671 197,888 Loans liquidated ( 61,753 ) ( 8,020 ) Acquisition 11,591 — REO Transfer ( 925 ) — Principal paydowns ( 6,069 ) ( 1,032 ) Total unrealized gain included in net income 19,472 6,658 Loans transferred from (to) held for sale 2,481 ( 20,857 ) Ending balance $ 1,649,540 $ 450,732 The following is a roll-forward 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, 2024 2023 Beginning balance $ 17,590 $ — Originations — 19,088 Loans liquidated ( 14,533 ) ( 22,560 ) Principal paydowns ( 29 ) — Total unrealized (loss) gain included in net income ( 547 ) 696 Loans transferred (to) from held for investment ( 2,481 ) 20,857 Ending balance $ — $ 18,081 The following is a roll-forward of mortgage servicing rights that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 8,578 $ 9,238 Additions — 15 Total unrealized gain (loss) included in net income 444 ( 110 ) Ending balance $ 9,022 $ 9,143
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, 2024 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 34,829 $ 34,829 $ — $ — $ 34,829 Restricted cash 24,216 24,216 — — 24,216 Loans held for investment, net 2,727,518 — — 2,587,648 2,587,648 Loans held for investment, at fair value 1,649,540 — — 1,649,540 1,649,540 Accrued interest receivables 29,374 29,374 — — 29,374 Mortgage servicing rights 9,022 — — 9,022 9,022 Derivative assets 1,967 — 1,967 — 1,967 Liabilities: Secured financing, net $ 283,813 $ — $ — $ 287,752 $ 287,752 Warehouse repurchase facilities, net 360,216 — 360,216 — 360,216 Securitized debt, net 2,329,906 — 2,089,608 — 2,089,608 Securitized debt, at fair value 1,073,843 — 1,073,843 — 1,073,843 Accrued interest payable 19,172 19,172 — — 19,172 December 31, 2023 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 40,566 $ 40,566 $ — $ — $ 40,566 Restricted cash 21,361 21,361 — — 21,361 Loans held for sale, at fair value 17,590 — 17,590 — 17,590 Loans held for investment, net 2,828,123 — — 2,672,705 2,672,705 Loans held for investment, at fair value 1,306,072 — — 1,306,072 1,306,072 Accrued interest receivable 27,028 27,028 — — 27,028 Mortgage servicing rights 8,578 — — 8,578 8,578 Liabilities: Secured financing, net $ 211,083 $ — $ — $ 212,625 $ 212,625 Warehouse repurchase facilities, net 334,755 — 334,755 — 334,755 Securitized debt, net 2,418,811 — 2,155,718 — 2,155,718 Securitized debt, at fair value 877,417 877,417 — 877,417 Accrued interest payable 20,473 20,473 — — 20,473 Derivative liability 3,665 — 3,665 — 3,665

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)			3 Months Ended
	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2024	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	9,537
Stock price	$ 13	$ 13

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Escrow balances payable	$ 86.7	$ 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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 34,829	$ 40,566	$ 39,397
Restricted cash	24,216	21,361	16,636
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 59,045	$ 61,927	$ 56,033	$ 62,056

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value - Summary of Loans Held for Sale and at Fair Value (Details) - Loans Held for Sale and at Fair Value $ in Thousands	Dec. 31, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Unpaid principal balance	$ 16,954
Valuation adjustments on FVO loans held for sale	636
Ending balance	$ 17,590

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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,267)	$ (4,769)	$ (5,045)	$ (4,893)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,705,612	2,804,541
Deferred loan origination costs	27,173	28,351
Total loans held for investment and loans held for investment at fair value, gross	2,732,785	2,832,892
Allowance for loan losses	(5,267)	(4,769)
Total loans held for investment and loans held for investment at fair value, net	2,727,518	2,828,123
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,575,921	1,251,395
Valuation adjustments on FVO loans	73,619	54,677
Total loans held for investment and loans held for investment at fair value, gross	1,649,540	1,306,072
Total loans held for investment and loans held for investment at fair value, net	1,649,540	1,306,072
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	4,281,533	4,055,936
Valuation adjustments on FVO loans	73,619	54,677
Deferred loan origination costs	27,173	28,351
Total loans held for investment and loans held for investment at fair value, gross	4,382,325	4,138,964
Allowance for loan losses	(5,267)	(4,769)
Total loans held for investment and loans held for investment at fair value, net	$ 4,377,058	$ 4,134,195

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, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
UPB Beginning balance	$ 174,571	$ 201,005
UPB Foreclosures	(1,633)	(833)
UPB Repayments	(7,797)	(25,601)
UPB Ending balance	165,141	174,571
UPB Performing/Accruing, Amount	120,077	132,389
UPB Nonperforming/Nonaccrual, Amount	$ 45,064	$ 42,182
UPB Performing/Accruing, Percentage	72.70%	75.80%
UPB Nonperforming/Nonaccrual, Percentage	27.30%	24.20%
Amortized Cost Beginning balance	$ 176,515	$ 203,346
Amortized Cost Foreclosures	(1,677)	(830)
Amortized Cost Repayments	(7,855)	(26,001)
Amortized Cost Ending balance	166,983	176,515
Amortized Cost Performing/Accruing, Amount	121,370	133,771
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 45,613	$ 42,744
Amortized Cost Performing/Accruing, Percentage	72.70%	75.80%
Amortized Cost Nonperforming/Nonaccrual, Percentage	27.30%	24.20%

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		48 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Accrued interest income recognized on nonaccrual loans	$ 0	$ 0
Cash basis interest income recognized on nonaccrual loans	7,300,000	6,200,000
Average recorded investment of individually evaluated loans, computed using month-end balances	325,000,000	302,300,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 167,000	$ 176,500,000	$ 167,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.63%	0.65%
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Amount of loan granted for unusual risk forbearance	$ 249,500,000		$ 249,500,000		$ 411,800,000
Loans held for investment unpaid principal balance performing and accruing, percentage	72.70%		72.70%	75.80%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	27.30%		27.30%	24.20%
Accrued interest income recognized on nonaccrual loans	$ 5,800,000		$ 13,600,000

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, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Total	$ 3,752,903	$ 3,657,571
Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	478,474	377,963
2013 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	128,294	132,505
2021 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	119,362	103,787
Bank Credit Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	62,222	39,619
2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	60,510	41,628
July 2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	39,805	30,923
2023 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	68,281	29,501
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	46,500	50,554
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	35,474	37,810
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	80,183	85,122
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	82,526	87,677
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	67,536	73,166
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	62,325	64,403
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	110,147	116,843
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	66,331	69,085
2021-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	175,819	182,184
2021-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	145,314	148,989
2021-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	155,463	159,565
2021-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	239,094	245,945
2022-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	242,899	245,372
2022-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	218,411	222,333
2022-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	64,654	73,840
2022-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	273,486	278,268
2022-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	291,804	298,758
2022-5 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	216,322	223,112
2023-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	211,047	217,220
2023-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	203,676	214,221
2023-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	249,396	255,699
2023-RTL1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	77,761	79,465
2023-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	217,925	$ 227,940
2024-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 218,810

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, 2024	Dec. 31, 2023	Mar. 31, 2023
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 327,564	$ 325,354
Nonaccrual with No Allowance for Loan Loss	313,215	315,906
Nonaccrual with Allowance for Loan Loss	14,349	9,449
Allowance for Loans Individually Evaluated	1,431	974	$ 996
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	28,127	28,221
Nonaccrual with No Allowance for Loan Loss	26,843	27,037
Nonaccrual with Allowance for Loan Loss	1,284	1,184
Allowance for Loans Individually Evaluated	130	156	138
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	97,571	86,890
Nonaccrual with No Allowance for Loan Loss	93,511	84,575
Nonaccrual with Allowance for Loan Loss	4,060	2,315
Allowance for Loans Individually Evaluated	642	444	416
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	38,090	36,253
Nonaccrual with No Allowance for Loan Loss	36,962	36,253
Nonaccrual with Allowance for Loan Loss	1,128
Allowance for Loans Individually Evaluated	185
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	130,052	137,925
Nonaccrual with No Allowance for Loan Loss	124,779	134,579
Nonaccrual with Allowance for Loan Loss	5,273	3,346
Allowance for Loans Individually Evaluated	253	245	204
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	5,584	6,402
Nonaccrual with No Allowance for Loan Loss	5,584	6,403
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	28,140	29,663
Nonaccrual with No Allowance for Loan Loss	25,536	27,059
Nonaccrual with Allowance for Loan Loss	2,604	2,604
Allowance for Loans Individually Evaluated	$ 221	$ 129	$ 238

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, 2024	Mar. 31, 2023
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	$ 2,732,785	$ 3,174,325
Financing Receivable, Accrued Interest, Writeoff	(1,311)	(1,783)
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	613,661	681,051
Financing Receivable, Accrued Interest, Writeoff	(136)	(132)
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	779,302	879,978
Financing Receivable, Accrued Interest, Writeoff	(545)	(517)
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	495,611	574,320
Financing Receivable, Accrued Interest, Writeoff	(264)	(297)
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	774,982	912,313
Financing Receivable, Accrued Interest, Writeoff	(305)	(717)
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	33,254	62,392
Financing Receivable, Accrued Interest, Writeoff	(30)	(24)
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	35,975	64,271
Financing Receivable, Accrued Interest, Writeoff	$ (31)	$ (96)

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses:
Beginning balance	$ 4,769	$ 4,893
Provision for loan losses	1,002	636
Charge-offs	(504)	(484)
Ending balance	5,267	5,045
Allowance for Loans Individually Evaluated	1,431	996	$ 974
Allowance related to Loans collectively evaluated	3,836	4,049
Amortized cost related to Loans individually evaluated	327,564	309,714
Amortized cost related to Loans collectively evaluated	2,405,221	2,864,611
Commercial - Purchase
Allowance for credit losses:
Beginning balance	935	639
Provision for loan losses	(74)	157
Ending balance	861	796
Allowance for Loans Individually Evaluated	130	138	156
Allowance related to Loans collectively evaluated	731	659
Amortized cost related to Loans individually evaluated	28,127	19,422
Amortized cost related to Loans collectively evaluated	585,534	661,629
Commercial - Refinance
Allowance for credit losses:
Beginning balance	1,805	2,031
Provision for loan losses	91	108
Charge-offs	(2)	(79)
Ending balance	1,894	2,060
Allowance for Loans Individually Evaluated	642	416	444
Allowance related to Loans collectively evaluated	1,252	1,644
Amortized cost related to Loans individually evaluated	97,571	87,439
Amortized cost related to Loans collectively evaluated	681,731	792,539
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	585	542
Provision for loan losses	684	(48)
Charge-offs	(296)	(26)
Ending balance	973	468
Allowance for Loans Individually Evaluated	185
Allowance related to Loans collectively evaluated	788	467
Amortized cost related to Loans individually evaluated	38,090	34,171
Amortized cost related to Loans collectively evaluated	457,521	540,149
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	1,256	1,272
Provision for loan losses	120	102
Charge-offs	(107)	(11)
Ending balance	1,269	1,363
Allowance for Loans Individually Evaluated	253	204	245
Allowance related to Loans collectively evaluated	1,016	1,159
Amortized cost related to Loans individually evaluated	130,052	124,390
Amortized cost related to Loans collectively evaluated	644,930	787,923
Short Term 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	23	21
Provision for loan losses	93	66
Charge-offs	(99)	(63)
Ending balance	17	24
Allowance related to Loans collectively evaluated	17	24
Amortized cost related to Loans individually evaluated	5,584	8,447
Amortized cost related to Loans collectively evaluated	27,670	53,945
Short Term 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	165	388
Provision for loan losses	88	251
Charge-offs		(305)
Ending balance	253	334
Allowance for Loans Individually Evaluated	221	238	$ 129
Allowance related to Loans collectively evaluated	32	96
Amortized cost related to Loans individually evaluated	28,140	35,845
Amortized cost related to Loans collectively evaluated	$ 7,835	$ 28,426

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, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 2,732,785	$ 2,832,892
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	327,564	325,354
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	28,127	28,221
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	97,571	86,890
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	38,090	36,253
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	130,052	137,925
Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	5,584	6,402
Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	28,140	29,663
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,405,221	2,507,538
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	585,534	603,704
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	681,731	712,926
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	457,521	474,827
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	644,930	670,224
Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	27,670	34,709
Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	7,835	11,148
30-59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	170,545	165,297
30-59 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	11,201	10,632
30-59 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,273	2,329
30-59 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,407	4,716
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,229	544
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,292	2,988
30-59 days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		55
30-59 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	159,344	154,665
30-59 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	23,807	21,342
30-59 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	38,035	47,430
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,406	29,236
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	59,779	52,510
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	15,797	1,169
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	520	2,978
60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	61,416	55,899
60-89 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,811	4,996
60-89 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	724	668
60-89 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,127	2,405
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	579
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,381	1,923
60-89 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	55,605	50,903
60-89 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	9,331	8,352
60-89 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,592	14,002
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	10,807	6,850
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	21,041	20,828
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,144	658
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	690	213
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	310,552	309,726
90+days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	310,552	309,726
90+days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	26,130	25,224
90+days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	91,037	79,769
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	36,282	35,709
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	123,379	133,014
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,584	6,402
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	28,140	29,608
Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	542,513	530,922
Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	327,564	325,354
Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	28,127	28,221
Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	97,571	86,890
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	38,090	36,253
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	130,052	137,925
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,584	6,402
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	28,140	29,663
Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	214,949	205,568
Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	33,138	29,694
Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	50,627	61,432
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	32,213	36,086
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	80,820	73,338
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,941	1,827
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,210	3,191
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,190,272	2,301,970
Current | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,190,272	2,301,970
Current | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	552,396	574,010
Current | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	631,104	651,494
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	425,308	438,741
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	564,110	596,886
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	10,729	32,882
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 6,625	$ 7,957

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		12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		$ 1,090,714	$ 1,090,714
Term Loans Amortized Cost Basis by Origination Year, 2022	$ 1,059,397	918,313	918,313
Term Loans Amortized Cost Basis by Origination Year, 2021	898,634	148,867	148,867
Term Loans Amortized Cost Basis by Origination Year, 2020	140,088	288,999	288,999
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	634,666	385,999	385,999
Total	2,732,785	2,832,892	2,832,892
Term Loans Amortized Cost Basis by Origination Year, 2022, Gross Charge-offs		744	1,120
Term Loans Amortized Cost Basis by Origination Year, 2021, Gross Charge-offs	456		473
Term Loans Amortized Cost Basis by Origination Year, 2020, Gross Charge-offs	34
Term Loans Amortized Cost Basis by Origination Year, 2019, Gross Charge-offs			446
Term Loans Amortized Cost Basis by Origination Year, Pre-2019, Gross Charge-offs	13
Gross Charge-offs, Total	503	744	2,039
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		257,753	257,753
Term Loans Amortized Cost Basis by Origination Year, 2022	254,530	232,571	232,571
Term Loans Amortized Cost Basis by Origination Year, 2021	228,267	32,259	32,259
Term Loans Amortized Cost Basis by Origination Year, 2020	31,044	48,602	48,602
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	99,820	60,740	60,740
Total	613,661	631,925	631,925
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		248,153	248,153
Term Loans Amortized Cost Basis by Origination Year, 2022	243,606	226,467	226,467
Term Loans Amortized Cost Basis by Origination Year, 2021	222,524	31,692	31,692
Term Loans Amortized Cost Basis by Origination Year, 2020	29,363	43,829	43,829
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	90,041	53,563	53,563
Total	585,534	603,704	603,704
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		9,600	9,600
Term Loans Amortized Cost Basis by Origination Year, 2022	10,924	6,104	6,104
Term Loans Amortized Cost Basis by Origination Year, 2021	5,743	567	567
Term Loans Amortized Cost Basis by Origination Year, 2020	1,681	4,773	4,773
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	9,779	7,177	7,177
Total	28,127	28,221	28,221
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		253,514	253,514
Term Loans Amortized Cost Basis by Origination Year, 2022	251,695	202,891	202,891
Term Loans Amortized Cost Basis by Origination Year, 2021	197,674	52,090	52,090
Term Loans Amortized Cost Basis by Origination Year, 2020	51,794	106,986	106,986
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	278,139	184,335	184,335
Total	779,302	799,816	799,816
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		233,052	233,052
Term Loans Amortized Cost Basis by Origination Year, 2022	225,875	188,723	188,723
Term Loans Amortized Cost Basis by Origination Year, 2021	179,412	47,883	47,883
Term Loans Amortized Cost Basis by Origination Year, 2020	47,595	92,819	92,819
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	228,849	150,449	150,449
Total	681,731	712,926	712,926
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		20,462	20,462
Term Loans Amortized Cost Basis by Origination Year, 2022	25,820	14,168	14,168
Term Loans Amortized Cost Basis by Origination Year, 2021	18,262	4,207	4,207
Term Loans Amortized Cost Basis by Origination Year, 2020	4,199	14,167	14,167
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	49,290	33,886	33,886
Total	97,571	86,890	86,890
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		225,743	225,743
Term Loans Amortized Cost Basis by Origination Year, 2022	217,225	208,850	208,850
Term Loans Amortized Cost Basis by Origination Year, 2021	205,213	10,282	10,282
Term Loans Amortized Cost Basis by Origination Year, 2020	10,160	25,850	25,850
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	63,013	40,355	40,355
Total	495,611	511,080	511,080
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		208,456	208,456
Term Loans Amortized Cost Basis by Origination Year, 2022	200,471	198,110	198,110
Term Loans Amortized Cost Basis by Origination Year, 2021	194,441	9,581	9,581
Term Loans Amortized Cost Basis by Origination Year, 2020	8,544	24,429	24,429
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	54,065	34,251	34,251
Total	457,521	474,827	474,827
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		17,287	17,287
Term Loans Amortized Cost Basis by Origination Year, 2022	16,754	10,740	10,740
Term Loans Amortized Cost Basis by Origination Year, 2021	10,772	701	701
Term Loans Amortized Cost Basis by Origination Year, 2020	1,616	1,421	1,421
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	8,948	6,104	6,104
Total	38,090	36,253	36,253
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		321,252	321,252
Term Loans Amortized Cost Basis by Origination Year, 2022	309,834	273,503	273,503
Term Loans Amortized Cost Basis by Origination Year, 2021	266,981	27,587	27,587
Term Loans Amortized Cost Basis by Origination Year, 2020	26,019	89,388	89,388
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	172,148	96,419	96,419
Total	774,982	808,149	808,149
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		277,980	277,980
Term Loans Amortized Cost Basis by Origination Year, 2022	265,199	237,159	237,159
Term Loans Amortized Cost Basis by Origination Year, 2021	234,380	19,752	19,752
Term Loans Amortized Cost Basis by Origination Year, 2020	18,147	61,136	61,136
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	127,204	74,197	74,197
Total	644,930	670,224	670,224
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		43,272	43,272
Term Loans Amortized Cost Basis by Origination Year, 2022	44,635	36,344	36,344
Term Loans Amortized Cost Basis by Origination Year, 2021	32,601	7,835	7,835
Term Loans Amortized Cost Basis by Origination Year, 2020	7,872	28,252	28,252
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	44,944	22,222	22,222
Total	130,052	137,925	137,925
Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		16,991	16,991
Term Loans Amortized Cost Basis by Origination Year, 2022	13,230	345	345
Term Loans Amortized Cost Basis by Origination Year, 2021	346	19,214	19,214
Term Loans Amortized Cost Basis by Origination Year, 2020	15,117	4,561	4,561
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	4,561
Total	33,254	41,111	41,111
Short Term 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		11,458	11,458
Term Loans Amortized Cost Basis by Origination Year, 2022	8,516	180	180
Term Loans Amortized Cost Basis by Origination Year, 2021	180	18,510	18,510
Term Loans Amortized Cost Basis by Origination Year, 2020	14,413	4,561	4,561
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	4,561
Total	27,670	34,709	34,709
Short Term 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		5,533	5,533
Term Loans Amortized Cost Basis by Origination Year, 2022	4,714	165	165
Term Loans Amortized Cost Basis by Origination Year, 2021	166	704	704
Term Loans Amortized Cost Basis by Origination Year, 2020	704
Total	5,584	6,402	6,402
Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		15,461	15,461
Term Loans Amortized Cost Basis by Origination Year, 2022	12,883	153	153
Term Loans Amortized Cost Basis by Origination Year, 2021	153	7,435	7,435
Term Loans Amortized Cost Basis by Origination Year, 2020	5,954	13,612	13,612
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	16,985	4,150	4,150
Total	35,975	40,811	40,811
Short Term 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		11,148	11,148
Term Loans Amortized Cost Basis by Origination Year, 2022	7,835
Total	7,835	11,148	11,148
Short Term 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2023		4,313	4,313
Term Loans Amortized Cost Basis by Origination Year, 2022	5,048	153	153
Term Loans Amortized Cost Basis by Origination Year, 2021	153	7,435	7,435
Term Loans Amortized Cost Basis by Origination Year, 2020	5,954	13,612	13,612
Term Loans Amortized Cost Basis by Origination Year, Pre-2020	16,985	4,150	4,150
Total	$ 28,140	$ 29,663	$ 29,663

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 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Fair Value	$ 1,649,540	$ 1,306,072
Unpaid Principal Balance	1,575,921	1,251,395
Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	1,560,367	1,245,499
Unpaid Principal Balance	1,467,467	1,178,617
90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	89,173	60,573
Unpaid Principal Balance	108,454	72,778
Difference	(19,281)	(12,205)
Commercial - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	277,960	208,933
Unpaid Principal Balance	257,426	194,559
Commercial - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	271,532	204,282
Unpaid Principal Balance	249,586	188,924
Commercial - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	6,428	4,651
Unpaid Principal Balance	7,840	5,635
Difference	(1,412)	(984)
Commercial - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	334,375	237,433
Unpaid Principal Balance	308,683	219,678
Commercial - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	323,638	230,034
Unpaid Principal Balance	295,590	210,716
Commercial - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	10,737	7,399
Unpaid Principal Balance	13,093	8,962
Difference	(2,356)	(1,563)
Residential 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	297,476	251,101
Unpaid Principal Balance	290,506	246,922
Residential 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	282,270	238,215
Unpaid Principal Balance	272,156	231,494
Residential 1-4 Unit - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	15,206	12,886
Unpaid Principal Balance	18,350	15,428
Difference	(3,144)	(2,542)
Residential 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	608,165	501,950
Unpaid Principal Balance	586,807	483,899
Residential 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	559,417	472,615
Unpaid Principal Balance	527,354	448,780
Residential 1-4 Unit - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	48,748	29,335
Unpaid Principal Balance	59,453	35,119
Difference	(10,705)	(5,784)
Short Term 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	60,608	48,081
Unpaid Principal Balance	60,673	47,838
Short Term 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	59,361	46,312
Unpaid Principal Balance	59,256	45,695
Short Term 1-4 Unit - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	1,247	1,769
Unpaid Principal Balance	1,417	2,143
Difference	(170)	(374)
Short Term 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	70,956	58,574
Unpaid Principal Balance	71,826	58,499
Short Term 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	64,149	54,041
Unpaid Principal Balance	63,525	53,008
Short Term 1-4 Unit - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	6,807	4,533
Unpaid Principal Balance	8,301	5,491
Difference	$ (1,494)	$ (958)

Receivables Due From Servicer_2

Receivables Due From Servicers - Summary of Receivables Due From Servicers (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan principal payments due from servicers	$ 42,051	$ 41,425
Other loan servicing receivables	16,683	16,371
Loan servicing receivables	58,734	57,796
Corporate and escrow advances receivable	28,789	27,281
Toral receivables due from servicers	87,523	85,077
Securitized Debt
Related Party Transaction [Line Items]
Loan principal payments due from servicers	41,871	41,289
Other loan servicing receivables	13,087	13,122
Loan servicing receivables	54,958	54,411
Corporate and escrow advances receivable	26,863	25,736
Toral receivables due from servicers	81,821	80,147
Warehouse and Repurchase Facilities and Other
Related Party Transaction [Line Items]
Loan principal payments due from servicers	180	136
Other loan servicing receivables	3,596	3,249
Loan servicing receivables	3,776	3,385
Corporate and escrow advances receivable	1,926	1,545
Toral receivables due from servicers	$ 5,702	$ 4,930

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Transfers and Servicing [Abstract]
Unpaid principal balance of mortgage loans serviced for others, amount	$ 485.9	$ 487.7
Fair value of servicing rights, weighted average discount rate	8%		8%
Fair value of servicing rights, weighted average constant prepayment rate	6%	6.50%

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfers and Servicing [Abstract]
Balance at the beginning of year	$ 8,578	$ 9,238
Additions		15
Fair value adjustments	444	(110)
Balance at end of year	$ 9,022	$ 9,143

Goodwill - Schedule of Activity

Goodwill - Schedule of Activity for Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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

Securitized Debt and Securiti_3

Securitized Debt and Securitized Debt at Fair Value - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Securities
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations	25
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%
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%

Securitized Debt and Securiti_4

Securitized Debt and Securitized Debt at Fair Value - Summary of Securitized Debt and Securitized Debt at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt, net	$ 2,329,906	$ 2,418,811
Securitized debt at fair value	1,073,843	877,417
Total securitized debt	3,403,749	3,296,228
Securitized Debt
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt, net	2,367,132	2,458,439
Securitized debt at fair value	1,073,793	876,704
Total securitized debt	3,440,925	3,335,143
Valuation Adjustments on FVO Securitized Debt
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt at fair value	11,320	9,002
Total securitized debt	11,320	9,002
Valuation at Issuance on FVO Securitized Debt
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt at fair value	(11,270)	(8,289)
Total securitized debt	(11,270)	(8,289)
Deferred Issuance Costs and Discounts
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt, net	(37,226)	(39,628)
Total securitized debt	$ (37,226)	$ (39,628)

Securitized Debt and Securiti_5

Securitized Debt and Securitized Debt at Fair Value - Summary of Effective Interest Rate of Securitized Debt and Securitized Debt at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Average outstanding unpaid principal balance	$ 3,486,173	$ 2,926,153
Effective interest rate	5.65%	5.08%
Securitized Debt
Debt Instrument [Line Items]
Interest expense - portfolio related	$ 49,283	$ 37,196

Securitized Debt and Securiti_6

Securitized Debt and Securitized Debt at Fair Value - Summary of Effective Interest Rate of Securitized Debt and Securitized Debt at Fair Value (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfers and Servicing [Abstract]
Average interest rate	5.38%	4.44%
Debt issuance cost amortization rate	0.27%	0.64%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 05, 2024

Dec. 27, 2023

Dec. 14, 2023

Oct. 12, 2023

Mar. 15, 2022

Apr. 16, 2021

Sep. 12, 2018

Jan. 04, 2011

Jan. 29, 2021

Mar. 31, 2024

Sep. 30, 2023

Dec. 31, 2023

Debt Instrument [Line Items]

Lines of credit fund maximum percentage of principle balance of mortgage loans

100%

Line of credit, maximum capacity

$ 885,000,000

$ 890,530,000

Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument, term

3 years

Debt Instrument, effective interest rate

9.40%

9.20%

Agreement entered date

Sep. 12, 2018

Debt instrument, maturity date

Nov. 10, 2025

Line of credit, maximum capacity

$ 50,000,000

SOFR | Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument, floor rate

4.25%

Debt instrument, spread rate

3.61%

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

$ 215,000,000

$ 215,000,000

Debt issuance costs, net

6,200,000

Debt instrument, maturity date

Mar. 15, 2027

Debt instrument, fixed interest rate

7.125%

Corporate Debt Agreement | 2024 Term Loan

Debt Instrument [Line Items]

Debt instrument, term

5 years

Debt instrument, face amount

$ 75,000,000

Term loans, balance

75,000,000

Debt issuance costs, net

$ 6,200,000

Debt instrument, maturity date

Feb. 15, 2029

Debt instrument, fixed interest rate

9.875%

2013 Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Debt instrument, spread rate

3.25%

Debt Instrument, effective interest rate

9.50%

9.80%

Agreement entered date

May 17, 2013

Debt instrument, maturity date

Sep. 26, 2024

Line of credit, maximum capacity

$ 300,000,000

$ 300,000,000

2021 Repurchase Agreement

Debt Instrument [Line Items]

Debt Instrument, effective interest rate

10.30%

10%

2021 Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Agreement entered date

Jan. 29, 2021

Debt instrument, maturity date

May 15, 2024

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%

2021 Repurchase Agreement | Maximum | Secured Debt

Debt Instrument [Line Items]

Debt instrument, spread rate

4%

2021 Term Repurchase Agreement

Debt Instrument [Line Items]

Debt instrument, spread rate

3.10%

2021 Term Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Debt Instrument, effective interest rate

8.70%

8.30%

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

July 2021 Term Repurchase Agreement

Debt Instrument [Line Items]

Debt instrument, description

one-month American Interbank Offered Rate ("AMERIBOR")

Agreement entered date

Jul. 29, 2021

Line of credit, maximum capacity

$ 100,000,000

Interest rate description

Each loan advance bears interest at one-month American Interbank Offered Rate ("AMERIBOR") with a 0.5% floor plus 4.50% 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]

Debt Instrument, effective interest rate

10.80%

14.20%

Line of credit, maximum capacity

$ 100,000,000

$ 100,000,000

July 2021 Term Repurchase Agreement | American Interbank Offered Rate [Member]

Debt Instrument [Line Items]

Debt instrument, floor rate

0.50%

July 2021 Term Repurchase Agreement | American Interbank Offered Rate [Member] | Secured Debt

Debt Instrument [Line Items]

Debt instrument, spread rate

4.50%

Facility Agreement

Debt Instrument [Line Items]

Agreement entered date

Jan. 04, 2011

Debt instrument, maturity date

Jul. 31, 2024

Facility Agreement | Secured Debt

Debt Instrument [Line Items]

Debt instrument, description

one-month Secured Overnight Financing Rate (“SOFR”)

Debt Instrument, effective interest rate

6.20%

Line of credit, maximum capacity

$ 60,000,000

Facility Agreement | SOFR | Secured Debt

Debt Instrument [Line Items]

Debt instrument, floor rate

0.25%

Debt instrument, spread rate

1.60%

2023 Repurchase Agreement

Debt Instrument [Line Items]

Debt instrument, maturity date

Dec. 27, 2026

2023 Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 75,000,000

Debt instrument, description

SOFR

Debt Instrument, effective interest rate

9.20%

8.60%

Line of credit, maximum capacity

$ 75,000,000

$ 50,000,000

Line of credit facility, description

bears interest at SOFR plus 3.00%.

2023 Repurchase Agreement | SOFR | Secured Debt

Debt Instrument [Line Items]

Debt instrument, spread rate

3%

Short-term Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Debt instrument, face amount

$ 10,000,000

$ 9,500,000

Debt instrument, spread rate

7%

Agreement entered date

Oct. 12, 2023

Line of credit facility, description

bore interest at 7.0%.

Short-term Repurchase One Agreement | Secured Debt

Debt Instrument [Line Items]

Line of credit facility, description

bore interest at 7.6%,

Short-term Repurchase The Other Agreement | Secured Debt

Debt Instrument [Line Items]

Line of credit facility, description

bore interest at 7.5%.

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Apr. 16, 2021	Jan. 29, 2021	Sep. 12, 2018
Debt Instrument [Line Items]
Period end balance	$ 361,677,000	$ 336,351,000
Maximum borrowing capacity	885,000,000	890,530,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50,000,000
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	41,845,000	30,460,000
Maximum borrowing capacity	100,000,000	100,000,000	$ 100,000,000
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	93,303,000	88,817,000
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	27,979,000	22,516,000
Maximum borrowing capacity	100,000,000	100,000,000
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	102,967,000	111,086,000
Maximum borrowing capacity	300,000,000	300,000,000
Bank Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Period end balance	46,583,000	31,950,000
Maximum borrowing capacity	50,000,000	50,000,000
October 2023 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance		29,522,000
Maximum borrowing capacity		30,530,000
2023 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	49,000,000	22,000,000
Maximum borrowing capacity	75,000,000	50,000,000
September 2022 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
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, 2024	Dec. 31, 2023
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 1.5	$ 1.6

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, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Average outstanding balance	$ 267,559	$ 225,497
Highest outstanding balance at any month-end	$ 361,677	$ 298,954
Effective interest rate	9.56%	8.57%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Instrument, average rate	8.83%	8.07%
Debt issue cost amortization percentage	0.72%	0.50%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 55,675	$ 42,029
Interest expense — corporate debt	5,380	4,139
Total interest expense	61,055	46,168
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	6,392	4,833
Securitized Debt
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 49,283	$ 37,196

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Repurchase liability	$ 66		$ 66
Coronavirus Aid Relief And Economic Security Act
Loss Contingencies [Line Items]
Employee retention credit amount received		$ 4,200
Third Party Specialist Fees | Coronavirus Aid Relief And Economic Security Act
Loss Contingencies [Line Items]
Employee retention credit amount received	4,200
Accounts Payable And Accrued Axpenses | Third Party Specialist Fees | Coronavirus Aid Relief And Economic Security Act
Loss Contingencies [Line Items]
Other Liabilities, Current	$ 600
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted vesting period		3 years
Treasury shares purchased		79,258	85,574
Treasury shares, average price per share		$ 16.2	$ 9.78
Compensation expense related to the outstanding stock options granted		$ 1.3	$ 1
Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Description of compensation expense related to stock options		Compensation expense related to PSUs 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.
Minimum | Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share issued based on vesting eligibility based on performance range percentage	0%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted exercisable period		10 years
Maximum | Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share issued based on vesting eligibility based on performance range percentage	200%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of purchase price		85%
Amount of unrecognized compensation expense related to unvested stock options		$ 9.6	$ 6.4
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 of authorized to grant		2,770,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options, Outstanding at beginning of year | shares	752,964
Options, Granted | shares	100
Options, Outstanding at end of year | shares	753,064
Options, Exercisable at end of year | shares	747,500
Options, Expected to vest | shares	5,564	[1]
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares	$ 12.88
Weighted Average Exercise Price, Granted | $ / shares	15.86
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	12.88
Weighted Average Exercise Price, Exercisable at end of year | $ / shares	12.89
Weighted Average Exercise Price, Expected to vest | $ / shares	$ 12.89	[1]
Weighted Average Remaining Contractual Term, Outstanding	5 years 9 months 18 days
Weighted Average Remaining Contractual Term, Exercisable at end of year	5 years 9 months 18 days
Weighted Average Remaining Contractual Term, Expected to vest	9 years 6 months	[1]
Aggregate Intrinsic Value, Outstanding at end of year | $	$ 3,857	[2]
Aggregate Intrinsic Value, Exercisable at end of year | $	3,822	[2]
Aggregate Intrinsic Value, Expected to vest | $	$ 35	[1],[2]
[1] The number of options expected to vest reflects no expected forfeiture. The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price.

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Award and Performance Stock Units Activities (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested at beginning of year | shares	470,413
Shares granted | shares	189,679
Vested | shares	(248,796)
Nonvested at end of year | shares	411,296
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 9.38
Weighted Average Grant Date Fair Value, Granted | $ / shares	15.86
Weighted Average Grant Date Fair Value, Vested | $ / shares	8.61
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 12.83
Restricted Stock Awards | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested at beginning of year | shares	409,137
Shares granted | shares	189,679
Vested | shares	(248,796)
Nonvested at end of year | shares	350,020
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 9.39
Weighted Average Grant Date Fair Value, Granted | $ / shares	15.86
Weighted Average Grant Date Fair Value, Vested | $ / shares	8.61
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 13.45
Restricted Stock Awards | Non-Employee Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested at beginning of year | shares	61,276
Nonvested at end of year | shares	61,276
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 9.31
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 9.31
Performance Stock Unit | 2020 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested at beginning of year | shares	256,387	[1]
Shares granted | shares	157,994	[1]
Nonvested at end of year | shares	414,381	[1]
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 11.05
Weighted Average Grant Date Fair Value, Granted | $ / shares	15.86
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 12.88
[1] The number of PSUs are presented at 100 % of the specified target shares.

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Award and Performance Stock Units Activities (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024
Performance Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of target shares percentage	100%

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, 2024	Mar. 31, 2023
Basic EPS:
Net income attributable to common shareholders	$ 17,251	$ 10,649
Less: earnings attributable to participating securities	217	160
Net earnings attributable to common shareholders	$ 17,034	$ 10,489
Weighted average common shares outstanding	32,541	32,098
Basic earnings per common share	$ 0.52	$ 0.33
Diluted EPS:
Net income attributable to common stockholders	$ 17,251	$ 10,649
Weighted average common shares outstanding	32,541	32,098
Add dilutive effects for warrants	2,344	1,871
Add dilutive effects for stock options	157	5
Add dilutive effects of unvested restricted stock awards	151	66
Add dilutive effects of unvested performance-based stock units	246	12
Weighted Average Number of Shares Outstanding, Diluted, Total	35,439	34,052
Diluted earnings per common share	$ 0.49	$ 0.31

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	298	1,209
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	108	773
Unvested restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	190	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)	Mar. 31, 2024 $ / shares shares
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 | $ / shares	$ 2.96
Warrants to purchase an aggregate shares | 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 | $ / shares	$ 4.94
Warrants to purchase an aggregate shares | shares	1,004,375

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative [Line Items]
Loss on terminated derivative instruments reclassified from AOCI to interest expense, after-tax	$ 113
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Borrowings
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) net of tax	$ 800
Estimated after tax gain to be reclassified from accumulated other comprehensive income into earnings	$ (300)
Maximum length of time hedged in future cash flow hedge for forecasted transactions	4 years

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 1,967
Derivative liabilities		$ 3,665
Designated As Hedging Instrument | Cash Flow Hedging | Forward Starting Payer Interest Rate Swaps
Derivative [Line Items]
Notional Amount	226,000	166,000
Derivative assets	$ 1,967
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Derivative assets
Derivative liabilities		$ (3,665)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative liabilities

Derivative Instruments - Fair_2

Derivative Instruments - Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities		$ 3,665
Collateral held and pledged	$ 500	$ 4,200
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts and Other Receivables, Net, Current	Accounts and Other Receivables, Net, Current

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Income) Loss - Schedule of Changes in the Component of Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (436,873)
Net unrealized (gain) arising during the period, net of tax	(1,891)
Reclassification adjustments included in net income	(113)
Ending balance	(456,452)
Accumulated Other Comprehensive Income, Net of Tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,210
Net unrealized (gain) arising during the period, net of tax	(1,891)
Reclassification adjustments included in net income	(113)
Ending balance	$ (794)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Income) Loss - Component of Other Comprehensive Income and Related Tax Effect (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized (gain) arising during the period, net of tax	$ (1,891)
Reclassification adjustments included in net income	(113)
Other comprehensive income, Before-Tax	(2,782)
Other comprehensive income, Tax Effect	778
Total other comprehensive income, net of tax	(2,004)
Cash Flow Hedging | Forward Starting Payer Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized (gain) arising during the period, Before tax	(2,627)
Net unrealized (gain) arising during the period, Tax effect	736
Net unrealized (gain) arising during the period, net of tax	(1,891)
Reclassification adjustments included in net income, Before-Tax	(155)
Reclassification adjustments included in net income, Tax Effect	42
Reclassification adjustments included in net income	$ (113)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Loans held for sale, at fair value		$ 17,590
Loans held for investment, at fair value	$ 1,649,540	1,306,072
Mortgage servicing rights	9,022	8,578	$ 9,143	$ 9,238
Derivative assets	1,967
Assets	1,719,727	1,384,983
Real estate owned, net	46,280	44,268
Liabilities:
Securitized debt, at fair value	1,073,843	877,417
Derivative liabilities		3,665
Liabilities	1,073,843	881,082
Recurring Fair Value Measurements
Assets:
Loans held for sale, at fair value		17,590
Loans held for investment, at fair value	1,649,540	1,306,072
Mortgage servicing rights	9,022	8,578
Derivative assets	1,967
Assets	1,660,529	1,332,240
Liabilities:
Securitized debt, at fair value	1,073,843	877,417
Derivative liabilities		3,665
Liabilities	1,073,843	881,082
Nonrecurring Fair Value Measurements
Assets:
Assets	59,198	52,743
Real estate owned, net	46,280	44,268
Individually evaluated/Impaired loans requiring specific allowance, net	12,918	8,475
Level 2
Assets:
Assets	1,967	17,590
Liabilities:
Liabilities	1,073,843	881,082
Level 2 | Recurring Fair Value Measurements
Assets:
Loans held for sale, at fair value		17,590
Derivative assets	1,967
Assets	1,967	17,590
Liabilities:
Securitized debt, at fair value	1,073,843	877,417
Derivative liabilities		3,665
Liabilities	1,073,843	881,082
Level 3
Assets:
Assets	1,717,760	1,367,393
Level 3 | Recurring Fair Value Measurements
Assets:
Loans held for investment, at fair value	1,649,540	1,306,072
Mortgage servicing rights	9,022	8,578
Assets	1,658,562	1,314,650
Level 3 | Nonrecurring Fair Value Measurements
Assets:
Assets	59,198	52,743
Real estate owned, net	46,280	44,268
Individually evaluated/Impaired loans requiring specific allowance, net	$ 12,918	$ 8,475

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, 2024	Mar. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (2,179)	$ (1,077)
Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(1,722)	(1,178)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (457)	$ 101

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 1,719,727	$ 1,384,983
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,660,529	1,332,240
Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	59,198	52,743
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,717,760	1,367,393
Level 3 | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,658,562	1,314,650
Level 3 | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 59,198	$ 52,743
Level 3 | Valuation, Market Approach | Measurement Input Selling Cost | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.08	0.08
Real estate owned, net	0.08	0.08
Level 3 | Discounted Cash Flow | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.091	0.093
Mortgage servicing rights, at fair value	0.08
Level 3 | Minimum | Discounted Cash Flow | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value		0.08
Level 3 | Minimum | Discounted Cash Flow | Measurement Input, Prepayment Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.013	0.007
Mortgage servicing rights, at fair value	0.053	0.053
Level 3 | Minimum | Discounted Cash Flow | Default Rate [Member] | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.001	0
Level 3 | Minimum | Discounted Cash Flow | Loss Severity Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0	0
Level 3 | Maximum | Discounted Cash Flow | Measurement Input, Prepayment Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.50	0.50
Mortgage servicing rights, at fair value	0.154	0.16
Level 3 | Maximum | Discounted Cash Flow | Default Rate [Member] | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.018	0.017
Level 3 | Maximum | Discounted Cash Flow | Loss Severity Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.118	0.148
Level 3 | Weighted Average | Valuation, Market Approach | Measurement Input Selling Cost | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.08	0.08
Real estate owned, net	0.08	0.08
Level 3 | Weighted Average | Discounted Cash Flow | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.091	0.093
Mortgage servicing rights, at fair value	0.08	0.08
Level 3 | Weighted Average | Discounted Cash Flow | Measurement Input, Prepayment Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.066	0.058
Mortgage servicing rights, at fair value	0.06	0.065
Level 3 | Weighted Average | Discounted Cash Flow | Default Rate [Member] | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.008	0.007
Level 3 | Weighted Average | Discounted Cash Flow | Loss Severity Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.005	0.021
Level 3 | Real Estate Owned Member | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 46,280	$ 44,268
Level 3 | Individually evaluated loans requiring allowance net | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	12,918	8,475
Level 3 | Loans Held for Investment | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,649,540	1,306,072
Level 3 | Mortgage Servicing Rights | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 9,022	$ 8,578

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-forward of Loans held for investment and held for sale and Securitized Debt Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loans Held For Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 1,306,072	$ 276,095
Originations	378,671	197,888
Loans liquidated	(61,753)	(8,020)
Acquisition	11,591
REO Transfer	(925)
Principal paydowns	(6,069)	(1,032)
Total unrealized (loss) gain included in net income	19,472	6,658
Loans transferred from (to) held for sale	2,481	(20,857)
Ending balance	1,649,540	450,732
Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	17,590
Originations		19,088
Loans liquidated	(14,533)	(22,560)
Principal paydowns	(29)
Total unrealized (loss) gain included in net income	(547)	696
Loans transferred from (to) held for sale	(2,481)	20,857
Ending balance		18,081
Mortgage Servicing Rights
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	8,578	9,238
Total unrealized (loss) gain included in net income	444	(110)
Additions	0	15
Ending balance	$ 9,022	$ 9,143

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 12,900	$ 8,500
Allowance for loan losses	$ 1,431	$ 974	$ 996

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Restricted cash	$ 24,216	$ 21,361	$ 16,636
Loans held for sale, at fair value		17,590
Loans held for investment, net	2,727,518	2,828,123
Loans held for investment, at fair value	1,649,540	1,306,072
Mortgage servicing rights	9,022	8,578	$ 9,143	$ 9,238
Derivative assets	1,967
Liabilities:
Secured financing, net	283,813	211,083
Securitized debt, at fair value	1,073,843	877,417
Derivative liability		3,665
Carrying Value
Assets:
Cash	34,829	40,566
Restricted cash	24,216	21,361
Loans held for sale, at fair value		17,590
Loans held for investment, net	2,727,518	2,828,123
Loans held for investment, at fair value	1,649,540	1,306,072
Accrued interest receivables	29,374	27,028
Mortgage servicing rights	9,022	8,578
Derivative assets	1,967
Liabilities:
Secured financing, net	283,813	211,083
Warehouse repurchase facilities, net	360,216	334,755
Securitized debt, net	2,329,906	2,418,811
Securitized debt, at fair value	1,073,843	877,417
Accrued interest payable	19,172	20,473
Derivative liability		3,665
Estimate of Fair Value Measurement
Assets:
Cash	34,829	40,566
Restricted cash	24,216	21,361
Loans held for sale, at fair value		17,590
Loans held for investment, net	2,587,648	2,672,705
Loans held for investment, at fair value	1,649,540	1,306,072
Accrued interest receivables	29,374	27,028
Mortgage servicing rights	9,022	8,578
Derivative assets	1,967
Liabilities:
Secured financing, net	287,752	212,625
Warehouse repurchase facilities, net	360,216	334,755
Securitized debt, net	2,089,608	2,155,718
Securitized debt, at fair value	1,073,843	877,417
Accrued interest payable	19,172	20,473
Derivative liability		3,665
Level 1 | Estimate of Fair Value Measurement
Assets:
Cash	34,829	40,566
Restricted cash	24,216	21,361
Accrued interest receivables	29,374	27,028
Liabilities:
Accrued interest payable	19,172	20,473
Level 2 | Estimate of Fair Value Measurement
Assets:
Loans held for sale, at fair value		17,590
Derivative assets	1,967
Liabilities:
Warehouse repurchase facilities, net	360,216	334,755
Securitized debt, net	2,089,608	2,155,718
Securitized debt, at fair value	1,073,843	877,417
Derivative liability		3,665
Level 3 | Estimate of Fair Value Measurement
Assets:
Loans held for investment, net	2,587,648	2,672,705
Loans held for investment, at fair value	1,649,540	1,306,072
Mortgage servicing rights	9,022	8,578
Liabilities:
Secured financing, net	$ 287,752	$ 212,625

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 11, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Total UPB			$ 485.9	$ 487.7
Subsequent Event
Subsequent Event [Line Items]
Securitization loans		$ 295.1
Century | Subsequent Event
Subsequent Event [Line Items]
Total UPB	$ 227.6
Purchased a servicing loan portfolio	$ 3.6