Velocity Financial (VEL) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		33,109,360
Entity File Number	001-39183
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0659719
Entity Address, Address Line One	2945 Townsgate Road
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
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	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 47,366	$ 40,566
Restricted cash	32,293	21,361
Loans held for sale, at fair value		17,590
Loans held for investment, net	2,619,619	2,828,123
Loans held for investment, at fair value	1,971,683	1,306,072
Total loans, net	4,591,302	4,151,785
Accrued interest receivables	31,124	27,028
Receivables due from servicers	82,359	85,077
Other receivables	6,566	8,763
Real estate owned, net	50,757	44,268
Property and equipment, net	1,912	2,785
Deferred tax asset	1,144	2,339
Mortgage servicing rights, at fair value	12,229	8,578
Goodwill	6,775	6,775
Other assets	9,566	5,248
Total assets	4,873,393	4,404,573
LIABILITIES
Accounts payable and accrued expenses	138,033	121,969
Secured financing, net	283,909	211,083
Securitized debt, net	2,228,941	2,418,811
Securitized debt, at fair value	1,509,952	877,417
Warehouse and repurchase facilities, net	237,437	334,755
Fair Value	374	3,665
Total liabilities	4,398,646	3,967,700
Commitments and contingencies
EQUITY
Common stock ($0.01 par value, 100,000,000 shares authorized; 33,314,197 and 32,987,248 shares issued, 33,098,635 and 32,865,836 shares outstanding as of June 30, 2024 and December 31, 2023, respectively)	335	331
Additional paid-in capital	311,324	306,736
Retained earnings	160,935	128,906
Treasury stock, at cost (215,562 and 121,412 common shares as of June 30, 2024 and December 31, 2023, respectively)	(2,869)	(1,319)
Accumulated other comprehensive income (loss)	1,598	(1,210)
Total Velocity Financial Inc. stockholders' equity	471,323	433,444
Noncontrolling interest in subsidiary	3,424	3,429
Total equity	474,747	436,873
Total liabilities and equity	$ 4,873,393	$ 4,404,573

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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	33,314,197	32,987,248
Common stock, shares, outstanding	33,098,635	32,865,836
Treasury stock, common shares	215,562	121,412
ASSETS
Restricted cash	$ 32,293	$ 21,361
Loans held for investment, net	2,619,619	2,828,123
Real estate owned, net	50,757	44,268
Other assets	9,566	5,248
Total assets	4,873,393	4,404,573
LIABILITIES
Accounts payable and accrued expenses	138,033	121,969
Total liabilities	4,398,646	3,967,700
Variable Interest Entity Primary Beneficiary
ASSETS
Restricted cash	13,103	11,428
Loans held for investment, net	4,213,294	3,720,506
Accrued interest and other receivables	105,508	104,663
Real estate owned, net	43,572	36,133
Other assets	1	9
Total assets	4,375,478	3,872,739
LIABILITIES
Accounts payable and accrued expenses	83,582	74,153
Securitized debt	3,738,893	3,296,228
Total liabilities	$ 3,822,475	$ 3,370,381

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Interest income	$ 97,760	$ 74,897	$ 188,289	$ 145,418
Interest expense — portfolio related	59,188	45,451	114,863	87,480
Net interest income — portfolio related	38,572	29,446	73,426	57,938
Interest expense — corporate debt	6,155	4,139	11,535	8,278
Net interest income	32,417	25,307	61,891	49,660
Provision for credit losses	218	298	1,219	933
Net interest income after provision for credit losses	32,199	25,009	60,672	48,727
Other operating income
Gain on disposition of loans	3,168	1,237	4,865	3,149
Unrealized gain on fair value loans	17,123	2,413	36,049	9,767
Unrealized (loss) gain on fair value securitized debt	(4,643)	5,560	(6,961)	5,391
Origination fee income	5,072	2,735	10,058	5,145
Interest income on cash balance	1,731	1,189	3,362	2,136
Other income	110	903	963	1,290
Total other operating income	22,561	14,037	48,336	26,878
Operating expenses
Compensation and employee benefits	16,562	10,670	31,919	20,678
Origination expenses	749	123	1,395	72
Securitization expenses	6,232	2,699	9,106	5,284
Loan servicing	5,160	4,267	9,984	8,095
Professional fees	1,718	1,056	3,833	2,011
Rent and occupancy	617	458	1,115	905
Real estate owned, net	1,355	1,018	3,811	2,846
Other operating expenses	2,494	1,931	4,735	4,133
Total operating expenses	34,887	22,222	65,898	44,024
Income before income taxes	19,873	16,824	43,110	31,581
Income tax expense	5,162	4,602	11,066	8,623
Net income	14,711	12,222	32,044	22,958
Net (loss) income attributable to noncontrolling interest	(67)	39	15	126
Net income attributable to Velocity Financial, Inc.	14,778	12,183	32,029	22,832
Less undistributed earnings attributable to unvested restricted stock awards	182	185	394	347
Net earnings attributable to common stockholders	$ 14,596	$ 11,998	$ 31,635	$ 22,485
Earnings per common share
Basic	$ 0.45	$ 0.37	$ 0.97	$ 0.7
Diluted	$ 0.42	$ 0.36	$ 0.9	$ 0.67
Weighted average common shares outstanding
Basic	32,585	32,122	32,563	32,111
Diluted	35,600	34,140	35,519	34,095

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to Velocity Financial, Inc.	$ 14,778	$ 12,183	$ 32,029	$ 22,832
Other comprehensive income, net of tax:
Net unrealized gain on cash flow hedges arising during the period	909		2,800
Reclassification adjustments included in net income	(105)		8
Total other comprehensive income, net of tax	804		2,808
Total comprehensive income attributable to Velocity Financial, Inc.	$ 15,582	$ 12,183	$ 34,837	$ 22,832

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 (loss)	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, 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)
Net income (loss)	22,958
Ending balance at Jun. 30, 2023	405,242	$ 329	303,207	99,465	$ (1,294)		401,707	3,535
Ending balance, shares at Jun. 30, 2023		32,860,849			(119,221)
Beginning balance at Mar. 31, 2023	391,240	$ 328	301,308	87,282	$ (1,294)		387,624	3,616
Beginning balance, shares at Mar. 31, 2023		32,721,653			(119,221)
Issuance of common stock	875	$ 1	874				875
Issuance of common stock, shares		107,567
Restricted stock awarded and earned stock compensation	1,025		1,025				1,025
Restricted stock awarded and earned stock compensation, shares		31,629
Distribution to non-controlling interest	(120)							(120)
Net income (loss)	12,222			12,183			12,183	39
Ending balance at Jun. 30, 2023	405,242	$ 329	303,207	99,465	$ (1,294)		401,707	3,535
Ending balance, shares at Jun. 30, 2023		32,860,849			(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 (loss)	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)
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)
Net income (loss)	32,044
Other comprehensive income	2,808
Ending balance at Jun. 30, 2024	474,747	$ 335	311,324	160,935	$ (2,869)	1,598	471,323	3,424
Ending balance, shares at Jun. 30, 2024		33,314,197			(215,562)
Beginning balance at Mar. 31, 2024	456,452	$ 334	308,259	146,157	$ (2,603)	794	452,941	3,511
Beginning balance, shares at Mar. 31, 2024		33,186,464			(200,670)
Issuance of common stock	1,501	$ 1	1,500				1,501
Issuance of common stock, shares		127,733
Purchase of treasury stock, at cost	(266)				$ (266)		(266)
Purchase of treasury stock, at cost, shares					(14,892)
Restricted stock awarded and earned stock compensation	1,565		1,565				1,565
Distribution to non-controlling interest	(20)							(20)
Net income (loss)	14,711			14,778			14,778	(67)
Other comprehensive income	804					804	804
Ending balance at Jun. 30, 2024	$ 474,747	$ 335	$ 311,324	$ 160,935	$ (2,869)	$ 1,598	$ 471,323	$ 3,424
Ending balance, shares at Jun. 30, 2024		33,314,197			(215,562)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 32,044	$ 22,958
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	367	381
Amortization of right-of-use assets	716	642
Provision for credit losses	1,219	933
Reversal of loan repurchase reserve		(76)
Origination of loans held for sale		(19,088)
Proceeds from sales of loans held for sale		19,816
Net accretion of discount on purchased loans and amortization of deferred loan origination costs	2,310	2,446
Provision for uncollectible borrower advances	599	505
Gain on disposition of loans	(791)	(902)
Real estate acquired through foreclosure in excess of recorded investment	(4,074)	(2,248)
Amortization of debt issuance discount and costs	6,339	10,614
Gain on disposal of property and equipment	(9)
Change in valuation of real estate owned	2,261	1,670
Change in valuation of fair value loans	(36,049)	(10,494)
Change in valuation of mortgage servicing rights	(71)	(207)
Change in valuation of fair value securitized debt	6,961	(5,391)
(Gain) loss on sale of real estate owned	(249)	39
Stock-based compensation	2,936	2,026
Hedging activities	3,240
Deferred tax expense	648	3,154
Change in operating assets and liabilities:
Accrued interest and other receivables	(5,559)	(3,247)
Other assets	(5,466)	5,094
Accounts payable and accrued expenses	14,681	3,804
Net cash provided by operating activities	22,053	32,429
Cash flows from investing activities:
Purchase of loans held for investment	(15,114)	(8,546)
Origination of loans held for investment	(800,896)	(456,534)
Proceeds from sales of loans originally classified as held for investment	49,226	21,489
Payoffs of loans held for investment and loans at fair value	346,440	221,423
Proceeds from sale of real estate owned	15,956	9,411
Change in advances	(3,143)	858
Change in impounds and deposits	1,315	(662)
Purchase of property and equipment	(125)	(48)
Proceeds from sale of property and equipment	640
Purchase of mortgage servicing rights	(3,580)
Net cash used in investing activities	(409,281)	(212,609)
Cash flows from financing activities:
Warehouse repurchase facilities advances	733,776	463,038
Warehouse repurchase facilities repayments	(831,585)	(557,753)
Proceeds from secured financing	74,311
Proceeds of securitizations, net	718,079	461,684
Repayment of securitized debt	(286,987)	(196,457)
Debt issuance costs	(2,720)	(1,373)
Proceeds from issuance of common stocks, net	1,656	875
Purchase of treasury stock	(1,550)	(837)
Distribution to non-controlling interest	(20)	(280)
Net cash provided by financing activities	404,960	168,897
Net increase (decrease) in cash, cash equivalents, and restricted cash	17,732	(11,283)
Cash, cash equivalents, and restricted cash at beginning of period	61,927	62,056
Cash, cash equivalents, and restricted cash at end of period	79,659	50,773
Supplemental cash flow information:
Cash paid during the period for interest	115,961	83,445
Cash paid (received) during the period for income taxes, net	15,865	(844)
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to held for sale	34,191	25,075
Transfer of loans held for investment to real estate owned	20,383	15,935
Transfer of accrued interest to loans held for investment	981	878
Transfer of loans held for sale to held for investment	$ 2,612	4,218
Recognition of new leases in exchange for lease obligations		$ 656

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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 2024-3 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 Government National Mortgage Association (“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 June 30, 2024 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 or 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. Generally Accepted Accounting Principles (“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 (“SEC”). 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 June 30, 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 current expected credit loss (“CECL”) loan loss reserve on fair value option loans. The Company has elected to apply 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 FVO 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 $ 85.0 million and $ 83.5 million as of June 30, 2024 and 2023, respectively. These amounts are not reflected on the consolidated balance sheet 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 (In thousands) Cash and cash equivalents $ 47,366 $ 33,987 Restricted cash 32,293 16,786 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 79,659 $ 50,773

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: Loans Held for Sale, at Fair Value: June 30, 2024 December 31, 2023 (In thousands) 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	6 Months Ended
	Jun. 30, 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 June 30, 2024, and December 31, 2023: June 30, 2024 Loans Held for Investment, Net Loans Held for Investment, at Fair Value Total Loans Held for Investment (In thousands) Unpaid principal balance $ 2,599,016 $ 1,880,885 $ 4,479,901 Valuation adjustments on FVO loans — 90,798 90,798 Deferred loan origination costs 25,843 — 25,843 2,624,859 1,971,683 4,596,542 Allowance for credit losses ( 5,240 ) — ( 5,240 ) Total loans held for investment and loans held for investment at $ 2,619,619 $ 1,971,683 $ 4,591,302 December 31, 2023 Loans Held for Investment, Net Loans Held for Investment, at Fair Value Total Loans Held for Investment (In thousands) 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 credit 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 and six months ended June 30, 2024, and the year ended December 31, 2023: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 UPB % Amortized Cost % UPB % Amortized Cost % ($ in thousands) Beginning balance $ 165,141 $ 166,983 $ 174,571 $ 176,515 Foreclosures ( 2,329 ) ( 2,378 ) ( 3,962 ) ( 4,055 ) Repayments ( 4,295 ) ( 4,382 ) ( 12,092 ) ( 12,237 ) Ending balance $ 158,517 $ 160,223 $ 158,517 $ 160,223 Performing/Accruing $ 117,802 74.3 % $ 119,065 74.3 % $ 117,802 74.3 % $ 119,065 74.3 % Nonperforming/Nonaccrual $ 40,715 25.7 % $ 41,158 25.7 % $ 40,715 25.7 % $ 41,158 25.7 % December 31, 2023 UPB % Amortized Cost % ($ in thousands) 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 $ 412.5 million in UPB of loans, which includes capitalized interest of $ 14.4 million. As of June 30, 2024, $ 254.4 million in UPB of modified loans has been paid down, which includes $ 6.0 million of capitalized interest received. The Company has not forgiven any capitalized interest. Approximately 74.3 % and 75.8 % of the COVID forbearance loans in UPB were performing, and 25.7 % and 24.2 % were on nonaccrual status as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 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: June 30, 2024 December 31, 2023 (In thousands) The 2013 repurchase agreement $ 125,007 $ 132,505 The Bank credit agreement 33,475 39,619 The 2021 repurchase agreement 53,279 103,787 The 2021 term repurchase agreement 35,396 41,628 The July 2021 term repurchase agreement 33,823 30,923 The 2023 repurchase agreement 23,259 29,501 Total pledged loans $ 304,239 $ 377,963 2017-2 Trust $ 44,385 $ 50,554 2018-1 Trust 32,453 37,810 2018-2 Trust 73,594 85,122 2019-1 Trust 80,669 87,677 2019-2 Trust 60,581 73,166 2019-3 Trust 57,825 64,403 2020-1 Trust 107,542 116,843 2020-2 Trust 65,137 69,085 2021-1 Trust 172,053 182,184 2021-2 Trust 138,712 148,989 2021-3 Trust 149,432 159,565 2021-4 Trust 230,849 245,945 2022-1 Trust 232,804 245,372 2022-2 Trust 212,487 222,333 2022-MC1 Trust 62,803 73,840 2022-3 Trust 264,744 278,268 2022-4 Trust 283,443 298,758 2022-5 Trust 209,134 223,112 2023-1 Trust 204,048 217,220 2023-2 Trust 191,726 214,221 2023-3 Trust 244,105 255,699 2023-RTL1 Trust 85,123 79,465 2023-4 Trust 211,532 227,940 2024-1 Trust 207,688 — 2024-2 Trust 282,928 — 2024-3 Trust 208,162 — Total $ 4,113,959 $ 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 June 30, 2024 and December 31, 2023. There were no loans accruing interest that were greater than 90 days past due as of June 30, 2024 and December 31, 2023. June 30, 2024 Total Nonaccrual with No Allowance for Credit Losses Nonaccrual with Allowance for Credit Losses Allowance for Loans Individually Evaluated (In thousands) Commercial - Purchase $ 30,198 $ 29,162 $ 1,036 $ 111 Commercial - Refinance 99,844 94,067 5,777 552 Residential 1-4 Unit - Purchase 33,640 32,411 1,229 189 Residential 1-4 Unit - Refinance 132,448 126,721 5,727 273 Short Term 1-4 Unit - Purchase 6,904 6,904 — — Short Term 1-4 Unit - Refinance 24,256 20,138 4,118 489 Total $ 327,290 $ 309,403 $ 17,887 $ 1,614 December 31, 2023 Total Nonaccrual with No Allowance for Credit Losses Nonaccrual with Allowance for Credit Losses 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 6,402 — — Short Term 1-4 Unit - Refinance 29,663 27,059 2,604 129 Total $ 325,354 $ 315,905 $ 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. The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date. The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of June 30, 2024 and 2023, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal (In thousands) Commercial - Purchase $ 599,314 $ 147 $ 664,482 $ 136 Commercial - Refinance 758,179 762 854,048 667 Residential 1-4 Unit - Purchase 469,400 151 553,269 476 Residential 1-4 Unit - Refinance 734,003 421 882,020 881 Short Term 1-4 Unit - Purchase 33,113 10 49,242 7 Short Term 1-4 Unit - Refinance 30,850 54 59,505 347 Total $ 2,624,859 $ 1,545 $ 3,062,566 $ 2,514 Six Months Ended June 30, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal (In thousands) Commercial - Purchase $ 599,314 $ 202 $ 664,482 $ 268 Commercial - Refinance 758,179 1,629 854,048 1,183 Residential 1-4 Unit - Purchase 469,400 286 553,269 773 Residential 1-4 Unit - Refinance 734,003 614 882,020 1,597 Short Term 1-4 Unit - Purchase 33,113 10 49,242 31 Short Term 1-4 Unit - Refinance 30,850 115 59,505 443 Total $ 2,624,859 $ 2,856 $ 3,062,566 $ 4,295 The cash basis interest income recognized on nonaccrual loans, including loans held for investment at fair value, was $ 8.4 million and $ 8.0 million for the three months ended June 30, 2024 and 2023, respectively. The cash basis interest income recognized on nonaccrual loans was $ 15.8 million and $ 14.2 million for the six months ended June 30, 2024 and 2023, respectively. No accrued interest income was recognized on nonaccrual loans for the six months ended June 30, 2024 and 2023. The average recorded investment of individually evaluated loans, computed using month-end balances, was $ 322.8 million and $ 331.4 million for the three months ended June 30, 2024 and 2023, respectively, and $ 323.9 million and $ 316.9 million for the six months ended June 30, 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 June 30, 2024 and 2023. (b) Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - April 1, 2024 $ 861 $ 1,894 $ 973 $ 1,269 $ 17 $ 253 $ 5,267 Provision for credit losses ( 51 ) ( 142 ) ( 39 ) ( 61 ) 12 499 218 Charge-offs — — — — — ( 245 ) ( 245 ) Ending balance $ 810 $ 1,752 $ 934 $ 1,208 $ 29 $ 507 $ 5,240 Allowance related to: Loans individually evaluated $ 111 $ 552 $ 189 $ 273 $ — $ 489 $ 1,614 Loans collectively evaluated $ 698 $ 1,200 $ 745 $ 936 $ 29 $ 18 $ 3,626 Amortized cost related to: Loans individually evaluated $ 30,198 $ 99,844 $ 33,640 $ 132,448 $ 6,904 $ 24,256 $ 327,290 Loans collectively evaluated $ 569,116 $ 658,335 $ 435,760 $ 601,555 $ 26,209 $ 6,594 $ 2,297,569 Three Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - April 1, 2023 $ 796 $ 2,060 $ 468 $ 1,363 $ 24 $ 334 $ 5,045 Provision for credit losses ( 64 ) ( 34 ) ( 65 ) ( 99 ) 752 ( 192 ) 298 Charge-offs — — — — ( 717 ) — ( 717 ) Ending balance $ 732 $ 2,026 $ 403 $ 1,264 $ 59 $ 142 $ 4,626 Allowance related to: Loans individually evaluated $ 137 $ 552 $ — $ 246 $ — $ 108 $ 1,043 Loans collectively evaluated $ 595 $ 1,474 $ 403 $ 1,018 $ 59 $ 34 $ 3,583 Amortized cost related to: Loans individually evaluated $ 21,239 $ 93,176 $ 49,826 $ 139,356 $ 3,587 $ 47,603 $ 354,787 Loans collectively evaluated $ 643,243 $ 760,872 $ 503,443 $ 742,664 $ 45,655 $ 11,902 $ 2,707,779 Six Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - January 1, 2024 $ 935 $ 1,805 $ 585 $ 1,256 $ 23 $ 165 $ 4,769 Provision for credit losses ( 125 ) ( 51 ) 645 59 105 586 1,219 Charge-offs — ( 2 ) ( 296 ) ( 107 ) ( 99 ) ( 244 ) ( 748 ) Ending balance $ 810 $ 1,752 $ 934 $ 1,208 $ 29 $ 507 $ 5,240 Allowance related to: Loans individually evaluated $ 111 $ 552 $ 189 $ 273 $ — $ 489 $ 1,614 Loans collectively evaluated $ 698 $ 1,200 $ 745 $ 936 $ 29 $ 18 $ 3,626 Amortized cost related to: Loans individually evaluated $ 30,198 $ 99,844 $ 33,640 $ 132,448 $ 6,904 $ 24,256 $ 327,290 Loans collectively evaluated $ 569,116 $ 658,335 $ 435,760 $ 601,555 $ 26,209 $ 6,594 $ 2,297,569 Six Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - January 1, 2023 $ 639 $ 2,031 $ 542 $ 1,272 $ 21 $ 388 $ 4,893 Provision for credit losses 93 74 ( 112 ) 3 816 59 933 Charge-offs — ( 79 ) ( 27 ) ( 11 ) ( 778 ) ( 305 ) ( 1,200 ) Ending balance $ 732 $ 2,026 $ 403 $ 1,264 $ 59 $ 142 $ 4,626 Allowance related to: Loans individually evaluated $ 137 $ 552 $ — $ 246 $ — $ 108 $ 1,043 Loans collectively evaluated $ 595 $ 1,474 $ 403 $ 1,018 $ 59 $ 34 $ 3,583 Amortized cost related to: Loans individually evaluated $ 21,239 $ 93,176 $ 49,826 $ 139,356 $ 3,587 $ 47,603 $ 354,787 Loans collectively evaluated $ 643,243 $ 760,872 $ 503,443 $ 742,664 $ 45,655 $ 11,902 $ 2,707,779 (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 0.47 % and 0.76 % of average nonperforming loans for the six months ended June 30, 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 $ 160.2 million and $ 176.5 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of June 30, 2024 and December 31, 2023, respectively: 30–59 Days 60–89 Days 90+ Days Total Total June 30, 2024 Past Due Past Due Past Due (1) Past Due Current Loans (In thousands) Loans individually evaluated Commercial - Purchase $ 531 $ 920 $ 28,747 $ 30,198 $ — $ 30,198 Commercial - Refinance 3,931 1,290 94,623 99,844 — 99,844 Residential 1-4 Unit - Purchase 252 574 32,814 33,640 — 33,640 Residential 1-4 Unit - Refinance 3,679 1,005 127,764 132,448 — 132,448 Short Term 1-4 Unit - Purchase — — 6,904 6,904 — 6,904 Short Term 1-4 Unit - Refinance — — 24,256 24,256 — 24,256 Total loans individually evaluated $ 8,393 $ 3,789 $ 315,108 $ 327,290 $ — $ 327,290 Loans collectively evaluated Commercial - Purchase $ 24,496 $ 7,297 $ — $ 31,793 $ 537,323 $ 569,116 Commercial - Refinance 36,638 14,099 — 50,737 607,598 658,335 Residential 1-4 Unit - Purchase 28,494 5,600 — 34,094 401,666 435,760 Residential 1-4 Unit - Refinance 50,444 22,453 — 72,897 528,658 601,555 Short Term 1-4 Unit - Purchase 6,152 170 — 6,322 19,887 26,209 Short Term 1-4 Unit - Refinance 448 261 — 709 5,885 6,594 Total loans collectively evaluated $ 146,672 $ 49,880 $ — $ 196,552 $ 2,101,017 $ 2,297,569 Ending balance $ 155,065 $ 53,669 $ 315,108 $ 523,842 $ 2,101,017 $ 2,624,859 30–59 Days 60–89 Days 90+ Days Total Total December 31, 2023 Past Due Past Due Past Due (1) Past Due Current Loans (In thousands) 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 June 30, 2024 and December 31, 2023. Term Loans Amortized Cost Basis by Origination Year June 30, 2024: 2022 2021 2020 Prior Total (In thousands) Commercial - Purchase Payment performance Performing $ 239,996 $ 215,901 $ 26,441 $ 86,778 $ 569,116 Nonperforming 11,216 6,889 3,794 8,299 30,198 Total Commercial - Purchase $ 251,212 $ 222,790 $ 30,235 $ 95,077 $ 599,314 Commercial - Refinance Payment performance Performing $ 218,777 $ 175,608 $ 45,075 $ 218,875 $ 658,335 Nonperforming 27,166 19,296 4,350 49,032 99,844 Total Commercial - Refinance $ 245,943 $ 194,904 $ 49,425 $ 267,907 $ 758,179 Residential 1-4 Unit - Purchase Payment performance Performing $ 193,045 $ 183,755 $ 8,514 $ 50,446 $ 435,760 Nonperforming 13,084 11,921 1,615 7,020 33,640 Total Residential 1-4 $ 206,129 $ 195,676 $ 10,129 $ 57,466 $ 469,400 Residential 1-4 Unit - Refinance Payment performance Performing $ 251,267 $ 219,308 $ 15,998 $ 114,982 $ 601,555 Nonperforming 48,368 32,825 8,692 42,563 132,448 Total Residential 1-4 $ 299,635 $ 252,133 $ 24,690 $ 157,545 $ 734,003 Short Term 1-4 Unit - Purchase Payment performance Performing $ 5,225 $ 180 $ 15,671 $ 5,133 $ 26,209 Nonperforming 6,155 166 583 — 6,904 Total Short Term 1-4 $ 11,380 $ 346 $ 16,254 $ 5,133 $ 33,113 Short Term 1-4 Unit - Refinance Payment performance Performing $ 6,594 $ — $ — $ — $ 6,594 Nonperforming 3,813 153 4,201 16,089 24,256 Total Short Term 1-4 $ 10,407 $ 153 $ 4,201 $ 16,089 $ 30,850 Total Portfolio $ 1,024,706 $ 866,002 $ 134,934 $ 599,217 $ 2,624,859 Gross charge-offs - quarter-ended June 30, 2024 $ 245 $ — $ — $ — $ 245 Gross charge-offs - year-to-date June 30, 2024 $ 701 $ 34 $ — $ 13 $ 748 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2022 2021 2020 2019 Prior Total (In thousands) 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 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 June 30, 2024 and December 31, 2023 by loan segments: Fair Value Unpaid Principal Balance Difference Current–89 Days 90+ Days Past Due Current–89 Days 90+ Days Past Due 90+ Days Past Due June 30, 2024 Past Due or Nonaccrual Total Past Due or Nonaccrual Total or Nonaccrual (In thousands) Commercial - Purchase $ 351,328 $ 8,026 $ 359,354 $ 322,674 $ 9,685 $ 332,359 $ ( 1,659 ) Commercial - Refinance 401,470 11,777 413,247 365,119 14,143 379,262 ( 2,366 ) Residential 1-4 Unit - Purchase 320,969 20,578 341,547 309,173 24,978 334,151 ( 4,400 ) Residential 1-4 Unit - Refinance 652,918 70,317 723,235 614,884 84,276 699,160 ( 13,959 ) Short Term 1-4 Unit - Purchase 63,336 3,945 67,281 63,285 4,709 67,994 ( 764 ) Short Term 1-4 Unit - Refinance 59,433 7,586 67,019 58,965 8,994 67,959 ( 1,408 ) Ending balance $ 1,849,454 $ 122,229 $ 1,971,683 $ 1,734,100 $ 146,785 $ 1,880,885 $ ( 24,556 ) 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 (In thousands) 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	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Receivables Due From Servicers	Note 7 — Receivables Due From Servicers The following tables summarize receivables due from servicers as of June 30, 2024 and December 31, 2023: June 30, 2024 Securitized Debt Warehouse and Repurchase Facilities and Other Total (In thousands) Loan principal payments due from servicers $ 36,090 $ 337 $ 36,427 Other loan servicing receivables 12,430 3,677 16,107 Loan servicing receivables 48,520 4,014 52,534 Corporate and escrow advances receivable 27,455 2,370 29,825 Total receivables due from servicers $ 75,975 $ 6,384 $ 82,359 December 31, 2023 Securitized Debt Warehouse and Repurchase Facilities and Other Total (In thousands) 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	6 Months Ended
	Jun. 30, 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 $ 707.7 million and $ 500.7 million as of June 30, 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 June 30, 2024 and December 31, 2023 include: 1) Weighted average discount rate of 8.0 %, and 2) Weighted average conditional prepayment rate of 4.7 % and 6.5 %, respectively. The following table presents the Company's mortgage servicing rights activity during the quarter and year-to-date ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Balance at the beginning of period $ 9,022 $ 9,143 $ 8,578 $ 9,238 Mortgage servicing rights acquired 3,580 — 3,580 — Additions — 235 — 250 Fair value adjustments ( 373 ) 67 71 ( 43 ) Balance at the end of period $ 12,229 $ 9,445 $ 12,229 $ 9,445

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note 9 — Goodwill The following table presents the activity for goodwill as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (In thousands) Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at the end of period $ 6,775 $ 6,775

Securitized Debt and Securitize

Securitized Debt and Securitized Debt at Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2024, the Company is the sole beneficial interest holder of twenty-seven 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 % to 30 % of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from July 2028 through June 2054. The following tables summarize securitized debt and securitized debt at fair value as of June 30, 2024 and December 31, 2023: June 30, 2024 Securitized Debt, Net Securitized Debt at Fair Value Total Securitized Debt (In thousands) Securitized debt $ 2,263,958 $ 1,507,381 $ 3,771,339 Valuation adjustments on FVO securitized debt — 15,964 15,964 Valuation at issuance on FVO securitized debt — ( 13,393 ) ( 13,393 ) Deferred issuance costs and discounts ( 35,017 ) — ( 35,017 ) Total securitized debt and securitized debt at fair value $ 2,228,941 $ 1,509,952 $ 3,738,893 December 31, 2023 Securitized Debt, Net Securitized Debt at Fair Value Total Securitized Debt (In thousands) 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 ($ in thousands) Interest expense $ 102,355 $ 76,737 Average outstanding unpaid principal balance 3,602,754 2,973,388 Effective interest rate (1) 5.68 % 5.16 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.43 % and 4.54 %, and debt issuance cost amortization of 0.25 % and 0.62 % for the six months ended June 30, 2024 and 2023 , respectively.

Other Debt

Other Debt	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the balance of the 2022 Term Loan was $ 215.0 million. 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 June 30, 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 $ 6.1 million as of June 30, 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 collaterals at less than the carrying amounts. As of June 30, 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, 2025 , 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 SOFR plus 1.60 % with a 0.25 % floor. There was no outstanding balance as of June 30, 2024 and 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 9.3 % and 9.8 % as of June 30, 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 8.8 % and 9.2 % as of June 30, 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 20, 2025 , 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 9.2 % and 10.0 % as of June 30, 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 June 30, 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. The Company is currently working with the lender on the option to extend the term. 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 10.7 % and 14.2 % as of June 30, 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 9.8 % and 8.6 % as of June 30, 2024 and December 31, 2023, respectively. 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 June 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Period End (1) Maximum Period End (1) Maximum (In thousands) The September 2022 term repurchase agreement $ — $ 60,000 $ — $ 60,000 The 2013 repurchase agreement 101,424 300,000 111,086 300,000 The bank credit agreement 24,496 50,000 31,950 50,000 The 2021 repurchase agreement 42,466 200,000 88,817 200,000 The 2021 term repurchase agreement 24,550 100,000 30,460 100,000 The July 2021 term repurchase agreement 20,105 100,000 22,516 100,000 The October 2023 repurchase agreement — — 29,522 30,530 The 2023 repurchase agreement 25,500 75,000 22,000 50,000 Total $ 238,541 $ 885,000 $ 336,351 $ 890,530 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 1.1 million and $ 1.6 million as of June 30, 2024 and December 31, 2023 , respectively. The following table provides an overview of the activity and effective interest rate for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Warehouse and Repurchase Facilities: ($ in thousands) Average outstanding balance $ 263,029 $ 238,027 $ 265,294 $ 231,762 Highest outstanding balance at any month-end 333,850 320,544 361,677 320,544 Effective interest rate (1) 9.30 % 9.93 % 9.43 % 9.27 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.73 % and 9.12 % , and debt issuance cost amortization of 0.57 % and 0.81 % , for the three months ended June 30, 2024 and 2023 , respectively, and includes average rate of 8.78 % and 8.61 % , and debt issuance cost amortization of 0.65 % and 0.66 % , for the six months ended June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Warehouse and repurchase facilities $ 6,116 $ 5,910 $ 12,508 $ 10,743 Securitized debt 53,072 39,541 102,355 76,737 Interest expense — portfolio related 59,188 45,451 114,863 87,480 Interest expense — corporate debt 6,155 4,139 11,535 8,278 Total interest expense $ 65,343 $ 49,590 $ 126,398 $ 95,758

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the balance of repurchase liabili ty was $ 144 thousand and $ 66 thousand , respectively, and it is included in accounts payable and accrued expenses in the consolidated balance sheets. (b) Legal Proceedings The Company is a party to various legal proceedings in the normal course of business. The Company, after consultation with legal counsel, believes the disposition of all pending litigation will not have a material effect on the Company’s consolidated financial condition or results of operations as of June 30, 2024. (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 , are deferred until the uncertainty surrounding them is resolved. The net amount is included in accounts payable and accrued expenses on the consolidated balance sheets as of June 30, 2024 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 (“RSAs”) 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 the Company's common stock. The Company recognized a total of $ 1.6 million and $ 1.0 million compensation expense related to the outstanding stock options, unvested RSAs, unvested PSU awards, and Employee Stock Purchase Plan (“ESPP”) granted to employees and non-employee directors for the quarter ended June 30, 2024 and 2023, respectively. Stock-based compensation expense related to awards granted to employees is included in “Compensation and employee benefits” on the consolidated statements of income. Stock-based compensation expense related to awards granted to non-employee directors is included in “Other operating expenses” on the consolidated statements of income. The amount of unrecognized compensation expense related to unvested RSAs, unvested PSU awards, and ESPP totaled $ 8.4 million and $ 5.7 million as of June 30, 2024 and 2023, respectively. 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 June 30, 2024: Six Months Ended June 30, 2024 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (2) ($ in thousands, except per share amounts) Options outstanding at December 31, 2023 752,964 $ 12.88 Granted 100 15.86 Exercised — — Forfeited — — Options outstanding at June 30, 2024 753,064 $ 12.88 5.6 years $ 3,804 Options exercisable at June 30, 2024 747,500 $ 12.89 5.6 years $ 3,770 Options expected to vest (1) 5,564 $ 12.89 9.2 years $ 34 (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. RSAs The fair value of RSAs is determined based on the fair market value of the Company's common shares on the grant date. The estimated fair value of RSA 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 June 30, 2024: Employee Non-Employee Director Total June 30, 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 15,939 17.88 205,618 16.02 Vested ( 248,796 ) 8.61 ( 29,785 ) 9.57 ( 278,581 ) 8.71 Forfeited — — — — — — Nonvested at June 30, 2024 350,020 $ 13.45 47,430 $ 12.03 397,450 $ 13.28 PSUs In February 2022, the Company began granting 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. The table below summarizes PSU activity during the period ended June 30, 2024: June 30, 2024 Shares Weighted Average Grant Date Fair Value (per share) Outstanding at December 31, 2023, nonvested 256,387 (1) $ 11.05 Granted 157,994 (1) 15.86 Performance adjustment 102,750 12.63 Vested — — Forfeited — — Outstanding at June 30, 2024, nonvested 517,131 $ 12.83 (1) The number of PSUs are presented at 100 % of the specified target shares. 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. Treasury Stock 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 and/or non-employee directors restricted stock awards. During the quarter ended June 30, 2024 , the Company purchased 14,892 treasury shares at an average price of $ 17.88 per share. No treasury shares were purchased during the quarter ended June 30, 2023 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 14,778 $ 12,183 $ 32,029 $ 22,832 Less: earnings attributable to participating securities 182 185 394 347 Net earnings attributable to common shareholders $ 14,596 $ 11,998 $ 31,635 $ 22,485 Weighted average common shares outstanding 32,585 32,122 32,563 32,111 Basic earnings per common share $ 0.45 $ 0.37 $ 0.97 $ 0.70 Diluted EPS: Net income attributable to common stockholders $ 14,778 $ 12,183 $ 32,029 $ 22,832 Weighted average common shares outstanding 32,585 32,122 32,563 32,111 Add dilutive effects for warrants 2,395 1,883 2,369 1,877 Add dilutive effects for stock options 202 4 179 5 Add dilutive effects of unvested restricted stock awards 152 95 152 78 Add dilutive effects of unvested performance-based stock units 266 36 256 24 Weighted average diluted common shares outstanding 35,600 34,140 35,519 34,095 Diluted earnings per common share $ 0.42 $ 0.36 $ 0.90 $ 0.67 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 (1) 2023 Stock options 100 772,500 100 772,500 Unvested restricted stock awards 15,939 83,500 102,809 83,500 Employee stock purchase plan — — 53,770 — Share equivalents excluded from EPS 16,039 856,000 156,679 856,000 (1) Weighted average.

Warrants and Related Party Tran

Warrants and Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Warrants and Related Party Transactions [Abstract]
Warrants and Related Party Transactions	Note 15 — Warrants and Related Party Transactions 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 the 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. In the ordinary course of business, the Company sells held for sale loans to various financial institutions through a market bidding process. As a result of this process, the Company may sell held for sale loans to an affiliate. The Company sold $ 28.7 million in UPB of loans to an affiliate during the quarter ended June 30, 2024 . No loans were sold to any affiliate during the year ended December 31, 2023.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 SOFR between the time the fixed rate mortgages are originated and the fixed rate debt is issued. As of June 30, 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 and year-to-date ended June 30, 2024, $ 105 thousand after-tax net loss and $ 8 thousand after-tax net income on terminated derivative instruments was reclassified from AOCI to interest expense . There were no derivative instruments for the quarter and year-to-date ended June 30, 2023. As of June 30, 2024 , the Company had $ 2.8 million in after-tax net unrealized gain associated with cash flow hedging instruments recorded in AOCI. As of June 30, 2024, the Company expects to reclassify an estimated $ 0.6 million of after-tax net unrealized gain 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 June 30, 2024 and December 31, 2023: June 30, 2024 Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Fair Value (1) Cash flow hedges: (In thousands) Forward starting payer interest rate swaps Derivative liability $ 162,500 $ 374 December 31, 2023 Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Fair Value (1) Cash flow hedges: (In thousands) Forward starting payer interest rate swaps Derivative liability $ 166,000 $ 3,655 (1) Fair value reported is exclusive of collateral held and pledged. As of June 30, 2024 and December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty were $ 1.5 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	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	Note 17 — Accumulated Other Comprehensive Income The following table presents the changes in the component of accumulated other comprehensive income balances for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ 794 $ — $ ( 1,210 ) $ — Net unrealized gain on cash flow hedges arising during the period, net of tax 909 — 2,800 — Reclassification adjustments included in net income ( 105 ) — 8 — Ending balance $ 1,598 $ — $ 1,598 $ — The following table presents the component of other comprehensive income and the related tax effect for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax (In thousands) Cash flow hedges: Forward starting payer interest rate swaps: Net unrealized gain arising during the period $ 1,216 $ ( 307 ) $ 909 $ 3,843 $ ( 1,043 ) $ 2,800 Reclassification adjustments included in net income ( 144 ) 39 ( 105 ) 11 ( 3 ) 8 Other comprehensive income $ 1,072 $ ( 268 ) $ 804 $ 3,854 $ ( 1,046 ) $ 2,808

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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. 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 June 30, 2024 and December 31, 2023, by level, in the fair value hierarchy: Fair Value Measurements Using Total at June 30, 2024 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 16,273 $ 16,273 Real estate owned, net — — 50,757 50,757 Total nonrecurring fair value measurements — — 67,030 67,030 Recurring fair value measurements: Loans held for investment, at fair value — — 1,971,683 1,971,683 Mortgage servicing rights — — 12,229 12,229 Total recurring fair value measurements — — 1,983,912 1,983,912 Total assets $ — $ — $ 2,050,942 $ 2,050,942 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 1,509,952 $ — $ 1,509,952 Derivative liability — 374 — 374 Total recurring fair value measurements — 1,510,326 — 1,510,326 Total liabilities $ — $ 1,510,326 $ — $ 1,510,326 Fair Value Measurements Using Total at December 31, 2023 Level 1 Level 2 Level 3 Fair Value (In thousands) 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 and losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, Gain (Loss) on Assets Measured on a Nonrecurring Basis 2024 2023 2024 2023 (In thousands) Real estate owned, net $ ( 540 ) $ ( 492 ) $ ( 2,261 ) $ ( 1,670 ) Individually evaluated loans requiring specific allowance, net ( 183 ) ( 48 ) ( 640 ) 53 Total net loss $ ( 723 ) $ ( 540 ) $ ( 2,901 ) $ ( 1,617 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets that are recorded on a recurring and nonrecurring basis as of June 30, 2024 and December 31, 2023: June 30, 2024 Asset Category Fair Value Primary Unobservable Range Weighted (1) ($ in thousands) Nonrecurring: Individually evaluated $ 16,273 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 50,757 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,971,683 Discounted cash flow Discount rate 9.0 % 9.0 % Prepayment rate 0.7 % to 50.0 % 7.0 % Default rate 0.1 % to 2.0 % 0.8 % Loss severity rate 0.0 % to 13.0 % 2.0 % Mortgage servicing rights 12,229 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 2.2 % to 13.3 % 4.7 % (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. December 31, 2023 Asset Category Fair Value Primary Unobservable Range Weighted (1) ($ in thousands) 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ 1,649,540 $ 450,732 $ 1,306,072 $ 276,095 Originations 422,226 258,646 800,896 456,534 Loans liquidated ( 77,798 ) ( 13,464 ) ( 139,550 ) ( 21,485 ) Acquisition 3,399 — 14,990 — Principal paydowns ( 7,732 ) ( 1,764 ) ( 13,801 ) ( 2,796 ) Total unrealized gain included in net income 17,285 3,108 36,757 9,767 Loans transferred to held for sale ( 34,059 ) — ( 31,578 ) ( 20,857 ) REO transfer ( 1,296 ) — ( 2,221 ) — Loans repurchased 118 8,072 118 8,072 Ending balance $ 1,971,683 $ 705,330 $ 1,971,683 $ 705,330 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ — $ 18,080 $ 17,590 $ — Originations — — — 19,088 Loans liquidated ( 33,895 ) ( 17,385 ) ( 48,429 ) ( 39,945 ) Principal paydowns ( 2 ) — ( 31 ) — Total unrealized loss included in net income ( 162 ) ( 695 ) ( 708 ) — Loans transferred from held for investment 34,059 — 31,578 20,857 Ending balance $ — $ — $ — $ — 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 June 30, 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 were carried at approximately $ 16.3 million and $ 8.5 million as of June 30, 2024 and December 31, 2023, respectively, net of specific allowance for credit losses of approximately $ 1.6 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: June 30, 2024 Carrying Estimated Asset Category Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets: Cash $ 47,366 $ 47,366 $ — $ — $ 47,366 Restricted cash 32,293 32,293 — — 32,293 Loans held for investment, net 2,619,619 — — 2,483,332 2,483,332 Loans held for investment, at fair value 1,971,683 — — 1,971,683 1,971,683 Accrued interest receivables 31,124 31,124 — — 31,124 Mortgage servicing rights 12,229 — — 12,229 12,229 Liabilities: Secured financing, net $ 283,909 $ — $ — $ 287,435 $ 287,435 Warehouse repurchase facilities, net 237,437 — 237,437 — 237,437 Securitized debt, net 2,228,941 — 2,014,525 — 2,014,525 Securitized debt, at fair value 1,509,952 — 1,509,952 — 1,509,952 Derivative liability 374 — 374 — 374 Accrued interest payable 24,559 24,559 — — 24,559 December 31, 2023 Carrying Estimated Asset Category Value Level 1 Level 2 Level 3 Fair Value (In thousands) 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 19 — Subsequent Events The Company has evaluated events that have occurred subsequent to June 30, 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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Use of Estimates	(a) Use of Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“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 (“SEC”). 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 June 30, 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 current expected credit loss (“CECL”) loan loss reserve on fair value option loans. The Company has elected to apply 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 FVO 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 (In thousands) Cash and cash equivalents $ 47,366 $ 33,987 Restricted cash 32,293 16,786 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 79,659 $ 50,773

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Summary of Loans Held for Sale and at Fair Value	loans held for sale at fair value as of June 30, 2024 and December 31, 2023: Loans Held for Sale, at Fair Value: June 30, 2024 December 31, 2023 (In thousands) 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)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of June 30, 2024, and December 31, 2023: June 30, 2024 Loans Held for Investment, Net Loans Held for Investment, at Fair Value Total Loans Held for Investment (In thousands) Unpaid principal balance $ 2,599,016 $ 1,880,885 $ 4,479,901 Valuation adjustments on FVO loans — 90,798 90,798 Deferred loan origination costs 25,843 — 25,843 2,624,859 1,971,683 4,596,542 Allowance for credit losses ( 5,240 ) — ( 5,240 ) Total loans held for investment and loans held for investment at $ 2,619,619 $ 1,971,683 $ 4,591,302 December 31, 2023 Loans Held for Investment, Net Loans Held for Investment, at Fair Value Total Loans Held for Investment (In thousands) 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 credit 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 and six months ended June 30, 2024, and the year ended December 31, 2023: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 UPB % Amortized Cost % UPB % Amortized Cost % ($ in thousands) Beginning balance $ 165,141 $ 166,983 $ 174,571 $ 176,515 Foreclosures ( 2,329 ) ( 2,378 ) ( 3,962 ) ( 4,055 ) Repayments ( 4,295 ) ( 4,382 ) ( 12,092 ) ( 12,237 ) Ending balance $ 158,517 $ 160,223 $ 158,517 $ 160,223 Performing/Accruing $ 117,802 74.3 % $ 119,065 74.3 % $ 117,802 74.3 % $ 119,065 74.3 % Nonperforming/Nonaccrual $ 40,715 25.7 % $ 41,158 25.7 % $ 40,715 25.7 % $ 41,158 25.7 % December 31, 2023 UPB % Amortized Cost % ($ in thousands) 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 June 30, 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: June 30, 2024 December 31, 2023 (In thousands) The 2013 repurchase agreement $ 125,007 $ 132,505 The Bank credit agreement 33,475 39,619 The 2021 repurchase agreement 53,279 103,787 The 2021 term repurchase agreement 35,396 41,628 The July 2021 term repurchase agreement 33,823 30,923 The 2023 repurchase agreement 23,259 29,501 Total pledged loans $ 304,239 $ 377,963 2017-2 Trust $ 44,385 $ 50,554 2018-1 Trust 32,453 37,810 2018-2 Trust 73,594 85,122 2019-1 Trust 80,669 87,677 2019-2 Trust 60,581 73,166 2019-3 Trust 57,825 64,403 2020-1 Trust 107,542 116,843 2020-2 Trust 65,137 69,085 2021-1 Trust 172,053 182,184 2021-2 Trust 138,712 148,989 2021-3 Trust 149,432 159,565 2021-4 Trust 230,849 245,945 2022-1 Trust 232,804 245,372 2022-2 Trust 212,487 222,333 2022-MC1 Trust 62,803 73,840 2022-3 Trust 264,744 278,268 2022-4 Trust 283,443 298,758 2022-5 Trust 209,134 223,112 2023-1 Trust 204,048 217,220 2023-2 Trust 191,726 214,221 2023-3 Trust 244,105 255,699 2023-RTL1 Trust 85,123 79,465 2023-4 Trust 211,532 227,940 2024-1 Trust 207,688 — 2024-2 Trust 282,928 — 2024-3 Trust 208,162 — Total $ 4,113,959 $ 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 June 30, 2024 and December 31, 2023. There were no loans accruing interest that were greater than 90 days past due as of June 30, 2024 and December 31, 2023. June 30, 2024 Total Nonaccrual with No Allowance for Credit Losses Nonaccrual with Allowance for Credit Losses Allowance for Loans Individually Evaluated (In thousands) Commercial - Purchase $ 30,198 $ 29,162 $ 1,036 $ 111 Commercial - Refinance 99,844 94,067 5,777 552 Residential 1-4 Unit - Purchase 33,640 32,411 1,229 189 Residential 1-4 Unit - Refinance 132,448 126,721 5,727 273 Short Term 1-4 Unit - Purchase 6,904 6,904 — — Short Term 1-4 Unit - Refinance 24,256 20,138 4,118 489 Total $ 327,290 $ 309,403 $ 17,887 $ 1,614 December 31, 2023 Total Nonaccrual with No Allowance for Credit Losses Nonaccrual with Allowance for Credit Losses 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 6,402 — — Short Term 1-4 Unit - Refinance 29,663 27,059 2,604 129 Total $ 325,354 $ 315,905 $ 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 June 30, 2024 and 2023, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal (In thousands) Commercial - Purchase $ 599,314 $ 147 $ 664,482 $ 136 Commercial - Refinance 758,179 762 854,048 667 Residential 1-4 Unit - Purchase 469,400 151 553,269 476 Residential 1-4 Unit - Refinance 734,003 421 882,020 881 Short Term 1-4 Unit - Purchase 33,113 10 49,242 7 Short Term 1-4 Unit - Refinance 30,850 54 59,505 347 Total $ 2,624,859 $ 1,545 $ 3,062,566 $ 2,514 Six Months Ended June 30, 2024 2023 Amortized Cost Interest Reversal Amortized Cost Interest Reversal (In thousands) Commercial - Purchase $ 599,314 $ 202 $ 664,482 $ 268 Commercial - Refinance 758,179 1,629 854,048 1,183 Residential 1-4 Unit - Purchase 469,400 286 553,269 773 Residential 1-4 Unit - Refinance 734,003 614 882,020 1,597 Short Term 1-4 Unit - Purchase 33,113 10 49,242 31 Short Term 1-4 Unit - Refinance 30,850 115 59,505 443 Total $ 2,624,859 $ 2,856 $ 3,062,566 $ 4,295
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - April 1, 2024 $ 861 $ 1,894 $ 973 $ 1,269 $ 17 $ 253 $ 5,267 Provision for credit losses ( 51 ) ( 142 ) ( 39 ) ( 61 ) 12 499 218 Charge-offs — — — — — ( 245 ) ( 245 ) Ending balance $ 810 $ 1,752 $ 934 $ 1,208 $ 29 $ 507 $ 5,240 Allowance related to: Loans individually evaluated $ 111 $ 552 $ 189 $ 273 $ — $ 489 $ 1,614 Loans collectively evaluated $ 698 $ 1,200 $ 745 $ 936 $ 29 $ 18 $ 3,626 Amortized cost related to: Loans individually evaluated $ 30,198 $ 99,844 $ 33,640 $ 132,448 $ 6,904 $ 24,256 $ 327,290 Loans collectively evaluated $ 569,116 $ 658,335 $ 435,760 $ 601,555 $ 26,209 $ 6,594 $ 2,297,569 Three Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - April 1, 2023 $ 796 $ 2,060 $ 468 $ 1,363 $ 24 $ 334 $ 5,045 Provision for credit losses ( 64 ) ( 34 ) ( 65 ) ( 99 ) 752 ( 192 ) 298 Charge-offs — — — — ( 717 ) — ( 717 ) Ending balance $ 732 $ 2,026 $ 403 $ 1,264 $ 59 $ 142 $ 4,626 Allowance related to: Loans individually evaluated $ 137 $ 552 $ — $ 246 $ — $ 108 $ 1,043 Loans collectively evaluated $ 595 $ 1,474 $ 403 $ 1,018 $ 59 $ 34 $ 3,583 Amortized cost related to: Loans individually evaluated $ 21,239 $ 93,176 $ 49,826 $ 139,356 $ 3,587 $ 47,603 $ 354,787 Loans collectively evaluated $ 643,243 $ 760,872 $ 503,443 $ 742,664 $ 45,655 $ 11,902 $ 2,707,779 Six Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - January 1, 2024 $ 935 $ 1,805 $ 585 $ 1,256 $ 23 $ 165 $ 4,769 Provision for credit losses ( 125 ) ( 51 ) 645 59 105 586 1,219 Charge-offs — ( 2 ) ( 296 ) ( 107 ) ( 99 ) ( 244 ) ( 748 ) Ending balance $ 810 $ 1,752 $ 934 $ 1,208 $ 29 $ 507 $ 5,240 Allowance related to: Loans individually evaluated $ 111 $ 552 $ 189 $ 273 $ — $ 489 $ 1,614 Loans collectively evaluated $ 698 $ 1,200 $ 745 $ 936 $ 29 $ 18 $ 3,626 Amortized cost related to: Loans individually evaluated $ 30,198 $ 99,844 $ 33,640 $ 132,448 $ 6,904 $ 24,256 $ 327,290 Loans collectively evaluated $ 569,116 $ 658,335 $ 435,760 $ 601,555 $ 26,209 $ 6,594 $ 2,297,569 Six Months Ended June 30, 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 (In thousands) Allowance for credit losses: Beginning balance - January 1, 2023 $ 639 $ 2,031 $ 542 $ 1,272 $ 21 $ 388 $ 4,893 Provision for credit losses 93 74 ( 112 ) 3 816 59 933 Charge-offs — ( 79 ) ( 27 ) ( 11 ) ( 778 ) ( 305 ) ( 1,200 ) Ending balance $ 732 $ 2,026 $ 403 $ 1,264 $ 59 $ 142 $ 4,626 Allowance related to: Loans individually evaluated $ 137 $ 552 $ — $ 246 $ — $ 108 $ 1,043 Loans collectively evaluated $ 595 $ 1,474 $ 403 $ 1,018 $ 59 $ 34 $ 3,583 Amortized cost related to: Loans individually evaluated $ 21,239 $ 93,176 $ 49,826 $ 139,356 $ 3,587 $ 47,603 $ 354,787 Loans collectively evaluated $ 643,243 $ 760,872 $ 503,443 $ 742,664 $ 45,655 $ 11,902 $ 2,707,779
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 $ 160.2 million and $ 176.5 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of June 30, 2024 and December 31, 2023, respectively: 30–59 Days 60–89 Days 90+ Days Total Total June 30, 2024 Past Due Past Due Past Due (1) Past Due Current Loans (In thousands) Loans individually evaluated Commercial - Purchase $ 531 $ 920 $ 28,747 $ 30,198 $ — $ 30,198 Commercial - Refinance 3,931 1,290 94,623 99,844 — 99,844 Residential 1-4 Unit - Purchase 252 574 32,814 33,640 — 33,640 Residential 1-4 Unit - Refinance 3,679 1,005 127,764 132,448 — 132,448 Short Term 1-4 Unit - Purchase — — 6,904 6,904 — 6,904 Short Term 1-4 Unit - Refinance — — 24,256 24,256 — 24,256 Total loans individually evaluated $ 8,393 $ 3,789 $ 315,108 $ 327,290 $ — $ 327,290 Loans collectively evaluated Commercial - Purchase $ 24,496 $ 7,297 $ — $ 31,793 $ 537,323 $ 569,116 Commercial - Refinance 36,638 14,099 — 50,737 607,598 658,335 Residential 1-4 Unit - Purchase 28,494 5,600 — 34,094 401,666 435,760 Residential 1-4 Unit - Refinance 50,444 22,453 — 72,897 528,658 601,555 Short Term 1-4 Unit - Purchase 6,152 170 — 6,322 19,887 26,209 Short Term 1-4 Unit - Refinance 448 261 — 709 5,885 6,594 Total loans collectively evaluated $ 146,672 $ 49,880 $ — $ 196,552 $ 2,101,017 $ 2,297,569 Ending balance $ 155,065 $ 53,669 $ 315,108 $ 523,842 $ 2,101,017 $ 2,624,859 30–59 Days 60–89 Days 90+ Days Total Total December 31, 2023 Past Due Past Due Past Due (1) Past Due Current Loans (In thousands) 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 June 30, 2024 and December 31, 2023. Term Loans Amortized Cost Basis by Origination Year June 30, 2024: 2022 2021 2020 Prior Total (In thousands) Commercial - Purchase Payment performance Performing $ 239,996 $ 215,901 $ 26,441 $ 86,778 $ 569,116 Nonperforming 11,216 6,889 3,794 8,299 30,198 Total Commercial - Purchase $ 251,212 $ 222,790 $ 30,235 $ 95,077 $ 599,314 Commercial - Refinance Payment performance Performing $ 218,777 $ 175,608 $ 45,075 $ 218,875 $ 658,335 Nonperforming 27,166 19,296 4,350 49,032 99,844 Total Commercial - Refinance $ 245,943 $ 194,904 $ 49,425 $ 267,907 $ 758,179 Residential 1-4 Unit - Purchase Payment performance Performing $ 193,045 $ 183,755 $ 8,514 $ 50,446 $ 435,760 Nonperforming 13,084 11,921 1,615 7,020 33,640 Total Residential 1-4 $ 206,129 $ 195,676 $ 10,129 $ 57,466 $ 469,400 Residential 1-4 Unit - Refinance Payment performance Performing $ 251,267 $ 219,308 $ 15,998 $ 114,982 $ 601,555 Nonperforming 48,368 32,825 8,692 42,563 132,448 Total Residential 1-4 $ 299,635 $ 252,133 $ 24,690 $ 157,545 $ 734,003 Short Term 1-4 Unit - Purchase Payment performance Performing $ 5,225 $ 180 $ 15,671 $ 5,133 $ 26,209 Nonperforming 6,155 166 583 — 6,904 Total Short Term 1-4 $ 11,380 $ 346 $ 16,254 $ 5,133 $ 33,113 Short Term 1-4 Unit - Refinance Payment performance Performing $ 6,594 $ — $ — $ — $ 6,594 Nonperforming 3,813 153 4,201 16,089 24,256 Total Short Term 1-4 $ 10,407 $ 153 $ 4,201 $ 16,089 $ 30,850 Total Portfolio $ 1,024,706 $ 866,002 $ 134,934 $ 599,217 $ 2,624,859 Gross charge-offs - quarter-ended June 30, 2024 $ 245 $ — $ — $ — $ 245 Gross charge-offs - year-to-date June 30, 2024 $ 701 $ 34 $ — $ 13 $ 748 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 2022 2021 2020 2019 Prior Total (In thousands) 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 June 30, 2024 and December 31, 2023 by loan segments: Fair Value Unpaid Principal Balance Difference Current–89 Days 90+ Days Past Due Current–89 Days 90+ Days Past Due 90+ Days Past Due June 30, 2024 Past Due or Nonaccrual Total Past Due or Nonaccrual Total or Nonaccrual (In thousands) Commercial - Purchase $ 351,328 $ 8,026 $ 359,354 $ 322,674 $ 9,685 $ 332,359 $ ( 1,659 ) Commercial - Refinance 401,470 11,777 413,247 365,119 14,143 379,262 ( 2,366 ) Residential 1-4 Unit - Purchase 320,969 20,578 341,547 309,173 24,978 334,151 ( 4,400 ) Residential 1-4 Unit - Refinance 652,918 70,317 723,235 614,884 84,276 699,160 ( 13,959 ) Short Term 1-4 Unit - Purchase 63,336 3,945 67,281 63,285 4,709 67,994 ( 764 ) Short Term 1-4 Unit - Refinance 59,433 7,586 67,019 58,965 8,994 67,959 ( 1,408 ) Ending balance $ 1,849,454 $ 122,229 $ 1,971,683 $ 1,734,100 $ 146,785 $ 1,880,885 $ ( 24,556 ) 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 (In thousands) 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)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Summary of Receivables Due from Servicers	The following tables summarize receivables due from servicers as of June 30, 2024 and December 31, 2023: June 30, 2024 Securitized Debt Warehouse and Repurchase Facilities and Other Total (In thousands) Loan principal payments due from servicers $ 36,090 $ 337 $ 36,427 Other loan servicing receivables 12,430 3,677 16,107 Loan servicing receivables 48,520 4,014 52,534 Corporate and escrow advances receivable 27,455 2,370 29,825 Total receivables due from servicers $ 75,975 $ 6,384 $ 82,359 December 31, 2023 Securitized Debt Warehouse and Repurchase Facilities and Other Total (In thousands) 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)	6 Months Ended
	Jun. 30, 2024
Transfers and Servicing [Abstract]
Summary of Mortgage Servicing Rights Activity	The following table presents the Company's mortgage servicing rights activity during the quarter and year-to-date ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Balance at the beginning of period $ 9,022 $ 9,143 $ 8,578 $ 9,238 Mortgage servicing rights acquired 3,580 — 3,580 — Additions — 235 — 250 Fair value adjustments ( 373 ) 67 71 ( 43 ) Balance at the end of period $ 12,229 $ 9,445 $ 12,229 $ 9,445

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Activity for Goodwill	The following table presents the activity for goodwill as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (In thousands) Balance at the beginning of period $ 6,775 $ 6,775 Goodwill acquired — — Balance at the end of period $ 6,775 $ 6,775

Securitized Debt and Securiti_2

Securitized Debt and Securitized Debt at Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 Securitized Debt, Net Securitized Debt at Fair Value Total Securitized Debt (In thousands) Securitized debt $ 2,263,958 $ 1,507,381 $ 3,771,339 Valuation adjustments on FVO securitized debt — 15,964 15,964 Valuation at issuance on FVO securitized debt — ( 13,393 ) ( 13,393 ) Deferred issuance costs and discounts ( 35,017 ) — ( 35,017 ) Total securitized debt and securitized debt at fair value $ 2,228,941 $ 1,509,952 $ 3,738,893 December 31, 2023 Securitized Debt, Net Securitized Debt at Fair Value Total Securitized Debt (In thousands) 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 six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 ($ in thousands) Interest expense $ 102,355 $ 76,737 Average outstanding unpaid principal balance 3,602,754 2,973,388 Effective interest rate (1) 5.68 % 5.16 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.43 % and 4.54 %, and debt issuance cost amortization of 0.25 % and 0.62 % for the six months ended June 30, 2024 and 2023 , respectively.

Other Debt (Tables)

Other Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Period End (1) Maximum Period End (1) Maximum (In thousands) The September 2022 term repurchase agreement $ — $ 60,000 $ — $ 60,000 The 2013 repurchase agreement 101,424 300,000 111,086 300,000 The bank credit agreement 24,496 50,000 31,950 50,000 The 2021 repurchase agreement 42,466 200,000 88,817 200,000 The 2021 term repurchase agreement 24,550 100,000 30,460 100,000 The July 2021 term repurchase agreement 20,105 100,000 22,516 100,000 The October 2023 repurchase agreement — — 29,522 30,530 The 2023 repurchase agreement 25,500 75,000 22,000 50,000 Total $ 238,541 $ 885,000 $ 336,351 $ 890,530 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 1.1 million and $ 1.6 million as of June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Warehouse and Repurchase Facilities: ($ in thousands) Average outstanding balance $ 263,029 $ 238,027 $ 265,294 $ 231,762 Highest outstanding balance at any month-end 333,850 320,544 361,677 320,544 Effective interest rate (1) 9.30 % 9.93 % 9.43 % 9.27 % (1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.73 % and 9.12 % , and debt issuance cost amortization of 0.57 % and 0.81 % , for the three months ended June 30, 2024 and 2023 , respectively, and includes average rate of 8.78 % and 8.61 % , and debt issuance cost amortization of 0.65 % and 0.66 % , for the six months ended June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Warehouse and repurchase facilities $ 6,116 $ 5,910 $ 12,508 $ 10,743 Securitized debt 53,072 39,541 102,355 76,737 Interest expense — portfolio related 59,188 45,451 114,863 87,480 Interest expense — corporate debt 6,155 4,139 11,535 8,278 Total interest expense $ 65,343 $ 49,590 $ 126,398 $ 95,758

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The table below summarizes stock option activity during the period ended June 30, 2024: Six Months Ended June 30, 2024 Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (2) ($ in thousands, except per share amounts) Options outstanding at December 31, 2023 752,964 $ 12.88 Granted 100 15.86 Exercised — — Forfeited — — Options outstanding at June 30, 2024 753,064 $ 12.88 5.6 years $ 3,804 Options exercisable at June 30, 2024 747,500 $ 12.89 5.6 years $ 3,770 Options expected to vest (1) 5,564 $ 12.89 9.2 years $ 34 (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 June 30, 2024: Employee Non-Employee Director Total June 30, 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 15,939 17.88 205,618 16.02 Vested ( 248,796 ) 8.61 ( 29,785 ) 9.57 ( 278,581 ) 8.71 Forfeited — — — — — — Nonvested at June 30, 2024 350,020 $ 13.45 47,430 $ 12.03 397,450 $ 13.28
Summary of Performance Stock Units Activities	The table below summarizes PSU activity during the period ended June 30, 2024: June 30, 2024 Shares Weighted Average Grant Date Fair Value (per share) Outstanding at December 31, 2023, nonvested 256,387 (1) $ 11.05 Granted 157,994 (1) 15.86 Performance adjustment 102,750 12.63 Vested — — Forfeited — — Outstanding at June 30, 2024, nonvested 517,131 $ 12.83 (1) The number of PSUs are presented at 100 % of the specified target shares.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Basic EPS: Net income attributable to common shareholders $ 14,778 $ 12,183 $ 32,029 $ 22,832 Less: earnings attributable to participating securities 182 185 394 347 Net earnings attributable to common shareholders $ 14,596 $ 11,998 $ 31,635 $ 22,485 Weighted average common shares outstanding 32,585 32,122 32,563 32,111 Basic earnings per common share $ 0.45 $ 0.37 $ 0.97 $ 0.70 Diluted EPS: Net income attributable to common stockholders $ 14,778 $ 12,183 $ 32,029 $ 22,832 Weighted average common shares outstanding 32,585 32,122 32,563 32,111 Add dilutive effects for warrants 2,395 1,883 2,369 1,877 Add dilutive effects for stock options 202 4 179 5 Add dilutive effects of unvested restricted stock awards 152 95 152 78 Add dilutive effects of unvested performance-based stock units 266 36 256 24 Weighted average diluted common shares outstanding 35,600 34,140 35,519 34,095 Diluted earnings per common share $ 0.42 $ 0.36 $ 0.90 $ 0.67
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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 (1) 2023 Stock options 100 772,500 100 772,500 Unvested restricted stock awards 15,939 83,500 102,809 83,500 Employee stock purchase plan — — 53,770 — Share equivalents excluded from EPS 16,039 856,000 156,679 856,000 (1) Weighted average.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Fair Value (1) Cash flow hedges: (In thousands) Forward starting payer interest rate swaps Derivative liability $ 162,500 $ 374 December 31, 2023 Derivatives designated as hedging instruments: Balance Sheet Location Notional Amount Fair Value (1) Cash flow hedges: (In thousands) Forward starting payer interest rate swaps Derivative liability $ 166,000 $ 3,655 (1) Fair value reported is exclusive of collateral held and pledged. As of June 30, 2024 and December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty were $ 1.5 million and $ 4.2 million, respectively, and is recorded in other receivables.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 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 balances for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ 794 $ — $ ( 1,210 ) $ — Net unrealized gain on cash flow hedges arising during the period, net of tax 909 — 2,800 — Reclassification adjustments included in net income ( 105 ) — 8 — Ending balance $ 1,598 $ — $ 1,598 $ —
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 three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax (In thousands) Cash flow hedges: Forward starting payer interest rate swaps: Net unrealized gain arising during the period $ 1,216 $ ( 307 ) $ 909 $ 3,843 $ ( 1,043 ) $ 2,800 Reclassification adjustments included in net income ( 144 ) 39 ( 105 ) 11 ( 3 ) 8 Other comprehensive income $ 1,072 $ ( 268 ) $ 804 $ 3,854 $ ( 1,046 ) $ 2,808

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, by level, in the fair value hierarchy: Fair Value Measurements Using Total at June 30, 2024 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets: Nonrecurring fair value measurements: Individually evaluated loans requiring specific allowance, net $ — $ — $ 16,273 $ 16,273 Real estate owned, net — — 50,757 50,757 Total nonrecurring fair value measurements — — 67,030 67,030 Recurring fair value measurements: Loans held for investment, at fair value — — 1,971,683 1,971,683 Mortgage servicing rights — — 12,229 12,229 Total recurring fair value measurements — — 1,983,912 1,983,912 Total assets $ — $ — $ 2,050,942 $ 2,050,942 Liabilities: Recurring fair value measurements: Securitized debt, at fair value $ — $ 1,509,952 $ — $ 1,509,952 Derivative liability — 374 — 374 Total recurring fair value measurements — 1,510,326 — 1,510,326 Total liabilities $ — $ 1,510,326 $ — $ 1,510,326 Fair Value Measurements Using Total at December 31, 2023 Level 1 Level 2 Level 3 Fair Value (In thousands) 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 and losses recognized on assets measured on a nonrecurring basis for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, Gain (Loss) on Assets Measured on a Nonrecurring Basis 2024 2023 2024 2023 (In thousands) Real estate owned, net $ ( 540 ) $ ( 492 ) $ ( 2,261 ) $ ( 1,670 ) Individually evaluated loans requiring specific allowance, net ( 183 ) ( 48 ) ( 640 ) 53 Total net loss $ ( 723 ) $ ( 540 ) $ ( 2,901 ) $ ( 1,617 )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets that are recorded on a recurring and nonrecurring basis as of June 30, 2024 and December 31, 2023: June 30, 2024 Asset Category Fair Value Primary Unobservable Range Weighted (1) ($ in thousands) Nonrecurring: Individually evaluated $ 16,273 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 50,757 Market comparables Selling costs 8.0 % 8.0 % Recurring: Loans held for investment, $ 1,971,683 Discounted cash flow Discount rate 9.0 % 9.0 % Prepayment rate 0.7 % to 50.0 % 7.0 % Default rate 0.1 % to 2.0 % 0.8 % Loss severity rate 0.0 % to 13.0 % 2.0 % Mortgage servicing rights 12,229 Discounted cash flow Discount rate 8.0 % 8.0 % Prepayment rate 2.2 % to 13.3 % 4.7 % (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. December 31, 2023 Asset Category Fair Value Primary Unobservable Range Weighted (1) ($ in thousands) 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.
Rollforward 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ 1,649,540 $ 450,732 $ 1,306,072 $ 276,095 Originations 422,226 258,646 800,896 456,534 Loans liquidated ( 77,798 ) ( 13,464 ) ( 139,550 ) ( 21,485 ) Acquisition 3,399 — 14,990 — Principal paydowns ( 7,732 ) ( 1,764 ) ( 13,801 ) ( 2,796 ) Total unrealized gain included in net income 17,285 3,108 36,757 9,767 Loans transferred to held for sale ( 34,059 ) — ( 31,578 ) ( 20,857 ) REO transfer ( 1,296 ) — ( 2,221 ) — Loans repurchased 118 8,072 118 8,072 Ending balance $ 1,971,683 $ 705,330 $ 1,971,683 $ 705,330 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Beginning balance $ — $ 18,080 $ 17,590 $ — Originations — — — 19,088 Loans liquidated ( 33,895 ) ( 17,385 ) ( 48,429 ) ( 39,945 ) Principal paydowns ( 2 ) — ( 31 ) — Total unrealized loss included in net income ( 162 ) ( 695 ) ( 708 ) — Loans transferred from held for investment 34,059 — 31,578 20,857 Ending balance $ — $ — $ — $ —
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: June 30, 2024 Carrying Estimated Asset Category Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets: Cash $ 47,366 $ 47,366 $ — $ — $ 47,366 Restricted cash 32,293 32,293 — — 32,293 Loans held for investment, net 2,619,619 — — 2,483,332 2,483,332 Loans held for investment, at fair value 1,971,683 — — 1,971,683 1,971,683 Accrued interest receivables 31,124 31,124 — — 31,124 Mortgage servicing rights 12,229 — — 12,229 12,229 Liabilities: Secured financing, net $ 283,909 $ — $ — $ 287,435 $ 287,435 Warehouse repurchase facilities, net 237,437 — 237,437 — 237,437 Securitized debt, net 2,228,941 — 2,014,525 — 2,014,525 Securitized debt, at fair value 1,509,952 — 1,509,952 — 1,509,952 Derivative liability 374 — 374 — 374 Accrued interest payable 24,559 24,559 — — 24,559 December 31, 2023 Carrying Estimated Asset Category Value Level 1 Level 2 Level 3 Fair Value (In thousands) 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			6 Months Ended
	Jan. 28, 2020	Jan. 22, 2020	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 28, 2021	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation						Jul. 09, 2012
Minimum net worth required			$ 250,000			$ 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	127,733	9,537	107,567
Stock price	$ 13	$ 13

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Escrow balances payable	$ 85	$ 83.5

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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 47,366	$ 40,566	$ 33,987
Restricted cash	32,293	21,361	16,786
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 79,659	$ 61,927	$ 50,773	$ 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	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,240)	$ (5,267)	$ (4,769)	$ (4,626)	$ (5,045)	$ (4,893)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,599,016		2,804,541
Deferred loan origination costs	25,843		28,351
Total, gross	2,624,859		2,832,892
Allowance for loan losses	(5,240)		(4,769)
Total loans held for investment and loans held for investment at fair value, net	2,619,619		2,828,123
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,880,885		1,251,395
Valuation adjustments on FVO loans	90,798		54,677
Total, gross	1,971,683		1,306,072
Total loans held for investment and loans held for investment at fair value, net	1,971,683		1,306,072
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	4,479,901		4,055,936
Valuation adjustments on FVO loans	90,798		54,677
Deferred loan origination costs	25,843		28,351
Total, gross	4,596,542		4,138,964
Allowance for loan losses	(5,240)		(4,769)
Total loans held for investment and loans held for investment at fair value, net	$ 4,591,302		$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
UPB Beginning balance	$ 165,141	$ 174,571	$ 201,005
UPB Foreclosures	(2,329)	(3,962)	(833)
UPB Repayments	(4,295)	(12,092)	(25,601)
UPB Ending balance	158,517	158,517	174,571
UPB Performing/Accruing, Amount	117,802	117,802	132,389
UPB Nonperforming/Nonaccrual, Amount	$ 40,715	$ 40,715	$ 42,182
UPB Performing/Accruing, Percentage	74.30%	74.30%	75.80%
UPB Nonperforming/Nonaccrual, Percentage	25.70%	25.70%	24.20%
Amortized Cost Beginning balance	$ 166,983	$ 176,515	$ 203,346
Amortized Cost Foreclosures	(2,378)	(4,055)	(830)
Amortized Cost Repayments	(4,382)	(12,237)	(26,001)
Amortized Cost Ending balance	160,223	160,223	176,515
Amortized Cost Performing/Accruing, Amount	119,065	119,065	133,771
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 41,158	$ 41,158	$ 42,744
Amortized Cost Performing/Accruing, Percentage	74.30%	74.30%	75.80%
Amortized Cost Nonperforming/Nonaccrual, Percentage	25.70%	25.70%	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		6 Months Ended		51 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 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	$ 8,400,000	$ 8,000,000	15,800,000	14,200,000
Average recorded investment of individually evaluated loans, computed using month-end balances	322,800,000	$ 331,400,000	323,900,000	$ 316,900,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	160,200,000		$ 160,200,000		$ 160,200,000	$ 176,500,000
90+Days Past Due
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans			0.47%	0.76%
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Amount of loan granted for unusual risk forbearance	$ 254,400,000		$ 254,400,000		254,400,000		$ 412,500,000
Accrued interest income recognized on nonaccrual loans			$ 6,000,000		$ 14,400,000
Loans held for investment unpaid principal balance performing and accruing, percentage	74.30%		74.30%		74.30%	75.80%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	25.70%		25.70%		25.70%	24.20%

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	Jun. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Total	$ 4,113,959	$ 3,657,571
Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	304,239	377,963
2013 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	125,007	132,505
2021 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	53,279	103,787
Bank Credit Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	33,475	39,619
2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	35,396	41,628
July 2021 Term Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	33,823	30,923
2023 Repurchase Agreement | Asset Pledged as Collateral Without Right
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	23,259	29,501
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	44,385	50,554
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	32,453	37,810
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	73,594	85,122
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	80,669	87,677
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	60,581	73,166
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	57,825	64,403
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	107,542	116,843
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	65,137	69,085
2021-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	172,053	182,184
2021-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	138,712	148,989
2021-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	149,432	159,565
2021-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	230,849	245,945
2022-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	232,804	245,372
2022-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	212,487	222,333
2022-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	62,803	73,840
2022-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	264,744	278,268
2022-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	283,443	298,758
2022-5 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	209,134	223,112
2023-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	204,048	217,220
2023-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	191,726	214,221
2023-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	244,105	255,699
2023-RTL1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	85,123	79,465
2023-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	211,532	$ 227,940
2024-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	207,688
2024-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	282,928
2024-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 208,162

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	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 327,290	$ 325,354
Nonaccrual with No Allowance for Credit Loss	309,403	315,905
Nonaccrual with Allowance for Credit Loss	17,887	9,449
Allowance for Loans Individually Evaluated	1,614	974	$ 1,043
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	30,198	28,221
Nonaccrual with No Allowance for Credit Loss	29,162	27,037
Nonaccrual with Allowance for Credit Loss	1,036	1,184
Allowance for Loans Individually Evaluated	111	156	137
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	99,844	86,890
Nonaccrual with No Allowance for Credit Loss	94,067	84,575
Nonaccrual with Allowance for Credit Loss	5,777	2,315
Allowance for Loans Individually Evaluated	552	444	552
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	33,640	36,253
Nonaccrual with No Allowance for Credit Loss	32,411	36,253
Nonaccrual with Allowance for Credit Loss	1,229
Allowance for Loans Individually Evaluated	189
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	132,448	137,925
Nonaccrual with No Allowance for Credit Loss	126,721	134,579
Nonaccrual with Allowance for Credit Loss	5,727	3,346
Allowance for Loans Individually Evaluated	273	245	246
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	6,904	6,402
Nonaccrual with No Allowance for Credit Loss	6,904	6,402
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	24,256	29,663
Nonaccrual with No Allowance for Credit Loss	20,138	27,059
Nonaccrual with Allowance for Credit Loss	4,118	2,604
Allowance for Loans Individually Evaluated	$ 489	$ 129	$ 108

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	$ 2,624,859	$ 3,062,566	$ 2,624,859	$ 3,062,566
Financing Receivable, Accrued Interest, Writeoff	1,545	2,514	2,856	4,295
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	599,314	664,482	599,314	664,482
Financing Receivable, Accrued Interest, Writeoff	147	136	202	268
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	758,179	854,048	758,179	854,048
Financing Receivable, Accrued Interest, Writeoff	762	667	1,629	1,183
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	469,400	553,269	469,400	553,269
Financing Receivable, Accrued Interest, Writeoff	151	476	286	773
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	734,003	882,020	734,003	882,020
Financing Receivable, Accrued Interest, Writeoff	421	881	614	1,597
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	33,113	49,242	33,113	49,242
Financing Receivable, Accrued Interest, Writeoff	10	7	10	31
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	30,850	59,505	30,850	59,505
Financing Receivable, Accrued Interest, Writeoff	$ 54	$ 347	$ 115	$ 443

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Allowance for credit losses:
Beginning balance	$ 5,267	$ 5,045	$ 4,769	$ 4,893
Provision for credit losses	218	298	1,219	933
Charge-offs	(245)	(717)	(748)	(1,200)
Ending balance	5,240	4,626	5,240	4,626
Allowance for Loans Individually Evaluated	1,614	1,043	1,614	1,043	$ 974
Allowance related to Loans collectively evaluated	3,626	3,583	3,626	3,583
Amortized cost related to Loans individually evaluated	327,290	354,787	327,290	354,787
Amortized cost related to Loans collectively evaluated	2,297,569	2,707,779	2,297,569	2,707,779
Commercial - Purchase
Allowance for credit losses:
Beginning balance	861	796	935	639
Provision for credit losses	(51)	(64)	(125)	93
Ending balance	810	732	810	732
Allowance for Loans Individually Evaluated	111	137	111	137	156
Allowance related to Loans collectively evaluated	698	595	698	595
Amortized cost related to Loans individually evaluated	30,198	21,239	30,198	21,239
Amortized cost related to Loans collectively evaluated	569,116	643,243	569,116	643,243
Commercial - Refinance
Allowance for credit losses:
Beginning balance	1,894	2,060	1,805	2,031
Provision for credit losses	(142)	(34)	(51)	74
Charge-offs			(2)	(79)
Ending balance	1,752	2,026	1,752	2,026
Allowance for Loans Individually Evaluated	552	552	552	552	444
Allowance related to Loans collectively evaluated	1,200	1,474	1,200	1,474
Amortized cost related to Loans individually evaluated	99,844	93,176	99,844	93,176
Amortized cost related to Loans collectively evaluated	658,335	760,872	658,335	760,872
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	973	468	585	542
Provision for credit losses	(39)	(65)	645	(112)
Charge-offs			(296)	(27)
Ending balance	934	403	934	403
Allowance for Loans Individually Evaluated	189		189
Allowance related to Loans collectively evaluated	745	403	745	403
Amortized cost related to Loans individually evaluated	33,640	49,826	33,640	49,826
Amortized cost related to Loans collectively evaluated	435,760	503,443	435,760	503,443
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	1,269	1,363	1,256	1,272
Provision for credit losses	(61)	(99)	59	3
Charge-offs			(107)	(11)
Ending balance	1,208	1,264	1,208	1,264
Allowance for Loans Individually Evaluated	273	246	273	246	245
Allowance related to Loans collectively evaluated	936	1,018	936	1,018
Amortized cost related to Loans individually evaluated	132,448	139,356	132,448	139,356
Amortized cost related to Loans collectively evaluated	601,555	742,664	601,555	742,664
Short Term 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	17	24	23	21
Provision for credit losses	12	752	105	816
Charge-offs		(717)	(99)	(778)
Ending balance	29	59	29	59
Allowance related to Loans collectively evaluated	29	59	29	59
Amortized cost related to Loans individually evaluated	6,904	3,587	6,904	3,587
Amortized cost related to Loans collectively evaluated	26,209	45,655	26,209	45,655
Short Term 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	253	334	165	388
Provision for credit losses	499	(192)	586	59
Charge-offs	(245)		(244)	(305)
Ending balance	507	142	507	142
Allowance for Loans Individually Evaluated	489	108	489	108	$ 129
Allowance related to Loans collectively evaluated	18	34	18	34
Amortized cost related to Loans individually evaluated	24,256	47,603	24,256	47,603
Amortized cost related to Loans collectively evaluated	$ 6,594	$ 11,902	$ 6,594	$ 11,902

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	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 2,624,859	$ 2,832,892
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	327,290	325,354
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	30,198	28,221
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	99,844	86,890
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	33,640	36,253
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	132,448	137,925
Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,904	6,402
Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	24,256	29,663
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,297,569	2,507,538
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	569,116	603,704
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	658,335	712,926
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	435,760	474,827
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	601,555	670,224
Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	26,209	34,709
Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,594	11,148
30-59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	155,065	165,297
30-59 Days Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	8,393	10,632
30-59 Days Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	531	2,329
30-59 Days Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	3,931	4,716
30-59 Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	252	544
30-59 Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	3,679	2,988
30-59 Days Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans		55
30-59 Days Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	146,672	154,665
30-59 Days Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	24,496	21,342
30-59 Days Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	36,638	47,430
30-59 Days Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	28,494	29,236
30-59 Days Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	50,444	52,510
30-59 Days Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,152	1,169
30-59 Days Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	448	2,978
60-89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	53,669	55,899
60-89 Days Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	3,789	4,996
60-89 Days Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	920	668
60-89 Days Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	1,290	2,405
60-89 Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	574
60-89 Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	1,005	1,923
60-89 Days Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	49,880	50,903
60-89 Days Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	7,297	8,352
60-89 Days Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	14,099	14,002
60-89 Days Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	5,600	6,850
60-89 Days Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	22,453	20,828
60-89 Days Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	170	658
60-89 Days Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	261	213
90+Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	315,108	309,726
90+Days Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	315,108	309,726
90+Days Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	28,747	25,224
90+Days Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	94,623	79,769
90+Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	32,814	35,709
90+Days Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	127,764	133,014
90+Days Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,904	6,402
90+Days Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	24,256	29,608
Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	523,842	530,922
Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	327,290	325,354
Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	30,198	28,221
Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	99,844	86,890
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	33,640	36,253
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	132,448	137,925
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,904	6,402
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	24,256	29,663
Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	196,552	205,568
Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	31,793	29,694
Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	50,737	61,432
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	34,094	36,086
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	72,897	73,338
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	6,322	1,827
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	709	3,191
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,101,017	2,301,970
Current | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,101,017	2,301,970
Current | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	537,323	574,010
Current | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	607,598	651,494
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	401,666	438,741
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	528,658	596,886
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	19,887	32,882
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 5,885	$ 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		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	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	$ 1,024,706	918,313	$ 1,024,706	918,313
Term Loans Amortized Cost Basis by Origination Year, 2021	866,002	148,867	866,002	148,867
Term Loans Amortized Cost Basis by Origination Year, 2020	134,934	288,999	134,934	288,999
Term Loans Amortized Cost Basis by Origination Year, Prior	599,217	385,999	599,217	385,999
Total, gross	2,624,859	2,832,892	2,624,859	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	245		701
Term Loans Amortized Cost Basis by Origination Year, 2020, Gross Charge-offs			34	473
Term Loans Amortized Cost Basis by Origination Year, 2019, Gross Charge-offs				446
Term Loans Amortized Cost Basis by Origination Year, Prior, Gross Charge-offs			13
Gross Charge-offs, Total	245	744	748	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	251,212	232,571	251,212	232,571
Term Loans Amortized Cost Basis by Origination Year, 2021	222,790	32,259	222,790	32,259
Term Loans Amortized Cost Basis by Origination Year, 2020	30,235	48,602	30,235	48,602
Term Loans Amortized Cost Basis by Origination Year, Prior	95,077	60,740	95,077	60,740
Total, gross	599,314	631,925	599,314	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	239,996	226,467	239,996	226,467
Term Loans Amortized Cost Basis by Origination Year, 2021	215,901	31,692	215,901	31,692
Term Loans Amortized Cost Basis by Origination Year, 2020	26,441	43,829	26,441	43,829
Term Loans Amortized Cost Basis by Origination Year, Prior	86,778	53,563	86,778	53,563
Total, gross	569,116	603,704	569,116	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	11,216	6,104	11,216	6,104
Term Loans Amortized Cost Basis by Origination Year, 2021	6,889	567	6,889	567
Term Loans Amortized Cost Basis by Origination Year, 2020	3,794	4,773	3,794	4,773
Term Loans Amortized Cost Basis by Origination Year, Prior	8,299	7,177	8,299	7,177
Total, gross	30,198	28,221	30,198	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	245,943	202,891	245,943	202,891
Term Loans Amortized Cost Basis by Origination Year, 2021	194,904	52,090	194,904	52,090
Term Loans Amortized Cost Basis by Origination Year, 2020	49,425	106,986	49,425	106,986
Term Loans Amortized Cost Basis by Origination Year, Prior	267,907	184,335	267,907	184,335
Total, gross	758,179	799,816	758,179	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	218,777	188,723	218,777	188,723
Term Loans Amortized Cost Basis by Origination Year, 2021	175,608	47,883	175,608	47,883
Term Loans Amortized Cost Basis by Origination Year, 2020	45,075	92,819	45,075	92,819
Term Loans Amortized Cost Basis by Origination Year, Prior	218,875	150,449	218,875	150,449
Total, gross	658,335	712,926	658,335	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	27,166	14,168	27,166	14,168
Term Loans Amortized Cost Basis by Origination Year, 2021	19,296	4,207	19,296	4,207
Term Loans Amortized Cost Basis by Origination Year, 2020	4,350	14,167	4,350	14,167
Term Loans Amortized Cost Basis by Origination Year, Prior	49,032	33,886	49,032	33,886
Total, gross	99,844	86,890	99,844	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	206,129	208,850	206,129	208,850
Term Loans Amortized Cost Basis by Origination Year, 2021	195,676	10,282	195,676	10,282
Term Loans Amortized Cost Basis by Origination Year, 2020	10,129	25,850	10,129	25,850
Term Loans Amortized Cost Basis by Origination Year, Prior	57,466	40,355	57,466	40,355
Total, gross	469,400	511,080	469,400	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	193,045	198,110	193,045	198,110
Term Loans Amortized Cost Basis by Origination Year, 2021	183,755	9,581	183,755	9,581
Term Loans Amortized Cost Basis by Origination Year, 2020	8,514	24,429	8,514	24,429
Term Loans Amortized Cost Basis by Origination Year, Prior	50,446	34,251	50,446	34,251
Total, gross	435,760	474,827	435,760	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	13,084	10,740	13,084	10,740
Term Loans Amortized Cost Basis by Origination Year, 2021	11,921	701	11,921	701
Term Loans Amortized Cost Basis by Origination Year, 2020	1,615	1,421	1,615	1,421
Term Loans Amortized Cost Basis by Origination Year, Prior	7,020	6,104	7,020	6,104
Total, gross	33,640	36,253	33,640	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	299,635	273,503	299,635	273,503
Term Loans Amortized Cost Basis by Origination Year, 2021	252,133	27,587	252,133	27,587
Term Loans Amortized Cost Basis by Origination Year, 2020	24,690	89,388	24,690	89,388
Term Loans Amortized Cost Basis by Origination Year, Prior	157,545	96,419	157,545	96,419
Total, gross	734,003	808,149	734,003	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	251,267	237,159	251,267	237,159
Term Loans Amortized Cost Basis by Origination Year, 2021	219,308	19,752	219,308	19,752
Term Loans Amortized Cost Basis by Origination Year, 2020	15,998	61,136	15,998	61,136
Term Loans Amortized Cost Basis by Origination Year, Prior	114,982	74,197	114,982	74,197
Total, gross	601,555	670,224	601,555	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	48,368	36,344	48,368	36,344
Term Loans Amortized Cost Basis by Origination Year, 2021	32,825	7,835	32,825	7,835
Term Loans Amortized Cost Basis by Origination Year, 2020	8,692	28,252	8,692	28,252
Term Loans Amortized Cost Basis by Origination Year, Prior	42,563	22,222	42,563	22,222
Total, gross	132,448	137,925	132,448	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	11,380	345	11,380	345
Term Loans Amortized Cost Basis by Origination Year, 2021	346	19,214	346	19,214
Term Loans Amortized Cost Basis by Origination Year, 2020	16,254	4,561	16,254	4,561
Term Loans Amortized Cost Basis by Origination Year, Prior	5,133		5,133
Total, gross	33,113	41,111	33,113	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	5,225	180	5,225	180
Term Loans Amortized Cost Basis by Origination Year, 2021	180	18,510	180	18,510
Term Loans Amortized Cost Basis by Origination Year, 2020	15,671	4,561	15,671	4,561
Term Loans Amortized Cost Basis by Origination Year, Prior	5,133		5,133
Total, gross	26,209	34,709	26,209	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	6,155	165	6,155	165
Term Loans Amortized Cost Basis by Origination Year, 2021	166	704	166	704
Term Loans Amortized Cost Basis by Origination Year, 2020	583		583
Total, gross	6,904	6,402	6,904	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	10,407	153	10,407	153
Term Loans Amortized Cost Basis by Origination Year, 2021	153	7,435	153	7,435
Term Loans Amortized Cost Basis by Origination Year, 2020	4,201	13,612	4,201	13,612
Term Loans Amortized Cost Basis by Origination Year, Prior	16,089	4,150	16,089	4,150
Total, gross	30,850	40,811	30,850	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	6,594		6,594
Total, gross	6,594	11,148	6,594	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	3,813	153	3,813	153
Term Loans Amortized Cost Basis by Origination Year, 2021	153	7,435	153	7,435
Term Loans Amortized Cost Basis by Origination Year, 2020	4,201	13,612	4,201	13,612
Term Loans Amortized Cost Basis by Origination Year, Prior	16,089	4,150	16,089	4,150
Total, gross	$ 24,256	$ 29,663	$ 24,256	$ 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	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Fair Value	$ 1,971,683	$ 1,306,072
Unpaid Principal Balance	1,880,885	1,251,395
Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	1,849,454	1,245,499
Unpaid Principal Balance	1,734,100	1,178,617
90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	122,229	60,573
Unpaid Principal Balance	146,785	72,778
Difference	(24,556)	(12,205)
Commercial - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	359,354	208,933
Unpaid Principal Balance	332,359	194,559
Commercial - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	351,328	204,282
Unpaid Principal Balance	322,674	188,924
Commercial - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	8,026	4,651
Unpaid Principal Balance	9,685	5,635
Difference	(1,659)	(984)
Commercial - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	413,247	237,433
Unpaid Principal Balance	379,262	219,678
Commercial - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	401,470	230,034
Unpaid Principal Balance	365,119	210,716
Commercial - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	11,777	7,399
Unpaid Principal Balance	14,143	8,962
Difference	(2,366)	(1,563)
Residential 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	341,547	251,101
Unpaid Principal Balance	334,151	246,922
Residential 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	320,969	238,215
Unpaid Principal Balance	309,173	231,494
Residential 1-4 Unit - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	20,578	12,886
Unpaid Principal Balance	24,978	15,428
Difference	(4,400)	(2,542)
Residential 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	723,235	501,950
Unpaid Principal Balance	699,160	483,899
Residential 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	652,918	472,615
Unpaid Principal Balance	614,884	448,780
Residential 1-4 Unit - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	70,317	29,335
Unpaid Principal Balance	84,276	35,119
Difference	(13,959)	(5,784)
Short Term 1-4 Unit - Purchase
Financing Receivable, Past Due [Line Items]
Fair Value	67,281	48,081
Unpaid Principal Balance	67,994	47,838
Short Term 1-4 Unit - Purchase | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	63,336	46,312
Unpaid Principal Balance	63,285	45,695
Short Term 1-4 Unit - Purchase | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	3,945	1,769
Unpaid Principal Balance	4,709	2,143
Difference	(764)	(374)
Short Term 1-4 Unit - Refinance
Financing Receivable, Past Due [Line Items]
Fair Value	67,019	58,574
Unpaid Principal Balance	67,959	58,499
Short Term 1-4 Unit - Refinance | Current to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Fair Value	59,433	54,041
Unpaid Principal Balance	58,965	53,008
Short Term 1-4 Unit - Refinance | 90+days Past Due or Nonaccrual
Financing Receivable, Past Due [Line Items]
Fair Value	7,586	4,533
Unpaid Principal Balance	8,994	5,491
Difference	$ (1,408)	$ (958)

Receivables Due From Servicer_2

Receivables Due From Servicers - Summary of Receivables Due From Servicers (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan principal payments due from servicers	$ 36,427	$ 41,425
Other loan servicing receivables	16,107	16,371
Loan servicing receivables	52,534	57,796
Corporate and escrow advances receivable	29,825	27,281
Toral receivables due from servicers	82,359	85,077
Securitized Debt
Related Party Transaction [Line Items]
Loan principal payments due from servicers	36,090	41,289
Other loan servicing receivables	12,430	13,122
Loan servicing receivables	48,520	54,411
Corporate and escrow advances receivable	27,455	25,736
Toral receivables due from servicers	75,975	80,147
Warehouse and Repurchase Facilities and Other
Related Party Transaction [Line Items]
Loan principal payments due from servicers	337	136
Other loan servicing receivables	3,677	3,249
Loan servicing receivables	4,014	3,385
Corporate and escrow advances receivable	2,370	1,545
Toral receivables due from servicers	$ 6,384	$ 4,930

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Transfers and Servicing [Abstract]
Unpaid principal balance of mortgage loans serviced for others, amount	$ 707.7		$ 500.7
Fair value of servicing rights, weighted average discount rate	8%	8%
Fair value of servicing rights, weighted average constant prepayment rate	4.70%	6.50%

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Transfers and Servicing [Abstract]
Balance at the beginning of year	$ 9,022	$ 9,143	$ 8,578	$ 9,238
Mortgage servicing rights acquired	3,580		3,580
Additions		235		250
Fair value adjustments	(373)	67	71	(43)
Balance at end of year	$ 12,229	$ 9,445	$ 12,229	$ 9,445

Goodwill - Schedule of Activity

Goodwill - Schedule of Activity for Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Balance at the beginning of period	$ 6,775	$ 6,775
Goodwill acquired	0	0
Balance at the end of period	$ 6,775	$ 6,775

Securitized Debt and Securiti_3

Securitized Debt and Securitized Debt at Fair Value - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 Securities
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations	27
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	Jun. 30, 2024	Dec. 31, 2023
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Securitized debt, net	$ 2,228,941	$ 2,418,811
Securitized debt at fair value	1,509,952	877,417
Total securitized debt	3,738,893	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	2,263,958	2,458,439
Securitized debt at fair value	1,507,381	876,704
Total securitized debt	3,771,339	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	15,964	9,002
Total securitized debt	15,964	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	(13,393)	(8,289)
Total securitized debt	(13,393)	(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	(35,017)	(39,628)
Total securitized debt	$ (35,017)	$ (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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Average outstanding unpaid principal balance	$ 3,602,754	$ 2,973,388
Effective interest rate	5.68%	5.16%
Securitized Debt
Debt Instrument [Line Items]
Interest expense - portfolio related	$ 102,355	$ 76,737

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)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Transfers and Servicing [Abstract]
Average interest rate	5.43%	4.54%
Debt issuance cost amortization rate	0.25%	0.62%

Other Debt - Additional Informa

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

1 Months Ended

6 Months Ended

9 Months Ended

Feb. 05, 2024

Dec. 27, 2023

Dec. 14, 2023

Oct. 12, 2023

Mar. 15, 2022

Jul. 29, 2021

Apr. 16, 2021

Sep. 12, 2018

Jan. 04, 2011

Jan. 29, 2021

Jun. 30, 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

8.80%

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

6,100,000

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

$ 6,100,000

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

9.30%

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

9.20%

10%

2021 Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Agreement entered date

Jan. 29, 2021

Debt instrument, maturity date

May 20, 2025

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. The Company is currently working with the lender on the option to extend the term.

July 2021 Term Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Debt Instrument, effective interest rate

10.70%

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%

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

9.80%

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%

Facility Agreement

Debt Instrument [Line Items]

Agreement entered date

Jan. 04, 2011

Debt instrument, maturity date

Jul. 31, 2025

Facility Agreement | Secured Debt

Debt Instrument [Line Items]

Debt instrument, description

one-month SOFR

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%

October 2023 Repurchase Agreement | Secured Debt

Debt Instrument [Line Items]

Line of credit, maximum capacity

$ 30,530,000

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 ($)		Jun. 30, 2024	Dec. 31, 2023	Apr. 16, 2021	Jan. 29, 2021	Sep. 12, 2018
Debt Instrument [Line Items]
Period End Balance	[1]	$ 238,541,000	$ 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	[1]	24,550,000	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	[1]	42,466,000	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	[1]	20,105,000	22,516,000
Maximum Borrowing Capacity		100,000,000	100,000,000
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period End Balance	[1]	101,424,000	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	[1]	24,496,000	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	[1]		29,522,000
Maximum Borrowing Capacity			30,530,000
September 2022 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum Borrowing Capacity		60,000,000	60,000,000
2023 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period End Balance	[1]	25,500,000	22,000,000
Maximum Borrowing Capacity		$ 75,000,000	$ 50,000,000
[1] Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 1.1 million and $ 1.6 million as of June 30, 2024 and December 31, 2023 , respectively.

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 1.1	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Average outstanding balance	$ 263,029	$ 238,027	$ 265,294	$ 231,762
Highest outstanding balance at any month-end	$ 333,850	$ 320,544	$ 361,677	$ 320,544
Effective interest rate	9.30%	9.93%	9.43%	9.27%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Instrument, average rate	8.73%	9.12%	8.78%	8.61%
Debt issue cost amortization percentage	0.57%	0.81%	0.65%	0.66%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 59,188	$ 45,451	$ 114,863	$ 87,480
Interest expense — corporate debt	6,155	4,139	11,535	8,278
Total interest expense	65,343	49,590	126,398	95,758
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	6,116	5,910	12,508	10,743
Securitized Debt
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 53,072	$ 39,541	$ 102,355	$ 76,737

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Repurchase liability		$ 144	$ 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	6 Months Ended
	Feb. 28, 2022	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to the outstanding stock options granted		$ 1.6	$ 1
Amount of unrecognized compensation expense related to unvested stock options		$ 8.4	$ 5.7
Awards granted vesting period		3 years
Stock options granted		100
Treasury shares purchased		14,892	0
Treasury shares, average price per share		$ 17.88
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted exercisable period		10 years
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.
Performance Stock Unit | Maximum
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%
Performance Stock Unit | Minimum
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%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of purchase price		85%
Employee Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of payroll deduction		15%
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to grant		2,770,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options, Outstanding at beginning of year | shares	752,964
Stock 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 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable at end of year	5 years 7 months 6 days
Weighted Average Remaining Contractual Term, Expected to vest	9 years 2 months 12 days	[1]
Aggregate Intrinsic Value, Outstanding at end of year | $	$ 3,804	[2]
Aggregate Intrinsic Value, Exercisable at end of year | $	3,770	[2]
Aggregate Intrinsic Value, Expected to vest | $	$ 34	[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)	6 Months Ended
	Jun. 30, 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	205,618
Vested | shares	(278,581)
Nonvested at end of year | shares	397,450
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 9.38
Weighted Average Grant Date Fair Value, Granted | $ / shares	16.02
Weighted Average Grant Date Fair Value, Vested | $ / shares	8.71
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 13.28
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
Shares granted | shares	15,939
Vested | shares	(29,785)
Nonvested at end of year | shares	47,430
Weighted Average Grant Date Fair Value, Nonvested beginning | $ / shares	$ 9.31
Weighted Average Grant Date Fair Value, Granted | $ / shares	17.88
Weighted Average Grant Date Fair Value, Vested | $ / shares	9.57
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 12.03
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]
Performance adjustment | shares	102,750
Nonvested at end of year | shares	517,131
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, Performance adjustment | $ / shares	12.63
Weighted Average Grant Date Fair Value, Nonvested ending | $ / shares	$ 12.83
[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)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic EPS:
Net income attributable to common shareholders	$ 14,778	$ 12,183	$ 32,029	$ 22,832
Less: earnings attributable to participating securities	182	185	394	347
Net earnings attributable to common stockholders	$ 14,596	$ 11,998	$ 31,635	$ 22,485
Weighted average common shares outstanding	32,585	32,122	32,563	32,111
Basic earnings per common share	$ 0.45	$ 0.37	$ 0.97	$ 0.7
Diluted EPS:
Net income attributable to common stockholders	$ 14,778	$ 12,183	$ 32,029	$ 22,832
Weighted average common shares outstanding	32,585	32,122	32,563	32,111
Add dilutive effects for warrants	2,395	1,883	2,369	1,877
Add dilutive effects for stock options	202	4	179	5
Add dilutive effects of unvested restricted stock awards	152	95	152	78
Add dilutive effects of unvested performance-based stock units	266	36	256	24
Weighted Average Number of Shares Outstanding, Diluted, Total	35,600	34,140	35,519	34,095
Diluted earnings per common share	$ 0.42	$ 0.36	$ 0.9	$ 0.67

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	16,039	856,000	156,679	856,000
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	100	772,500	100	772,500
Unvested restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	15,939	83,500	102,809	83,500

Warrants and Related Party Tr_2

Warrants and Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 16, 2020
Class of Warrant or Right [Line Items]
Percentage of common stock held by warrant holder and affiliates	49%
Sales in UPB of loans affiliate		$ 19,816,000
Proceeds from loans			$ 0
Exercise Price of $2.96 per Share of Common Stock
Class of Warrant or Right [Line Items]
Exercise price per share	$ 2.96
Warrants to purchase an aggregate shares	2,008,749
Exercise Price of $4.94 per Share of Common Stock
Class of Warrant or Right [Line Items]
Exercise price per share	$ 4.94
Warrants to purchase an aggregate shares	1,004,375
Common Stock
Class of Warrant or Right [Line Items]
Convertible preferred shares outstanding into common stock				11,749,994
Unpaid Principal Balance
Class of Warrant or Right [Line Items]
Sales in UPB of loans affiliate	$ 28,700,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) net of tax	$ 2,800	$ 2,800
Estimated after tax gain to be reclassified from accumulated other comprehensive income into earnings		$ 600
Maximum length of time hedged in future cash flow hedge for forecasted transactions		4 years
Income (loss) on terminated derivative instruments reclassified from AOCI to interest expense, after-tax	$ (105)	$ 8
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Borrowings	Interest Expense, Borrowings

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value		$ 374	$ 3,665
Designated as Hedging Instrument | Cash Flow Hedging | Forward Starting Payer Interest Rate Swaps
Derivative [Line Items]
Notional Amount		162,500	166,000
Fair Value	[1]	$ 374	$ 3,655
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Fair Value	Fair Value
[1] Fair value reported is exclusive of collateral held and pledged. As of June 30, 2024 and December 31, 2023, collateral held related to derivative exposure between the Company and its derivative counterparty were $ 1.5 million and $ 4.2 million, respectively, and is recorded in other receivables.

Derivative Instruments - Fair_2

Derivative Instruments - Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral held and pledged recorded in other receivables	$ 1.5	$ 4.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in the Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 456,452	$ 436,873
Net unrealized gain on cash flow hedges arising during the period, net of tax	909	2,800
Reclassification adjustments included in net income	(105)	8
Ending balance	474,747	474,747
Accumulated Other Comprehensive Income, Net of Tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	794	(1,210)
Net unrealized gain on cash flow hedges arising during the period, net of tax	909	2,800
Reclassification adjustments included in net income	(105)	8
Ending balance	$ 1,598	$ 1,598

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Component of Other Comprehensive Income and Related Tax Effect (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain on cash flow hedges arising during the period, net of tax	$ 909		$ 2,800
Reclassification adjustments included in net income	(105)		8
Other comprehensive income, Before-Tax	1,072		3,854
Other comprehensive income, Tax Effect	(268)		(1,046)
Total other comprehensive income, net of tax	804	$ 2,004	2,808
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	1,216		3,843
Net unrealized gain arising during the period, Tax effect	(307)		(1,043)
Net unrealized gain on cash flow hedges arising during the period, net of tax	909		2,800
Reclassification adjustments included in net income, Before-Tax	(144)		11
Reclassification adjustments included in net income, Tax Effect	39		(3)
Reclassification adjustments included in net income	$ (105)		$ 8

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets and Liabilities Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Loans held for sale, at fair value			$ 17,590
Loans held for investment, at fair value	$ 1,971,683		1,306,072
Mortgage servicing rights	12,229	$ 9,022	8,578	$ 9,445	$ 9,143	$ 9,238
Assets	2,050,942		1,384,983
Real estate owned, net	50,757		44,268
Liabilities:
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Liabilities	1,510,326		881,082
Recurring Fair Value Measurements
Assets:
Loans held for sale, at fair value			17,590
Loans held for investment, at fair value	1,971,683		1,306,072
Mortgage servicing rights	12,229		8,578
Assets	1,983,912		1,332,240
Liabilities:
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Liabilities	1,510,326		881,082
Nonrecurring Fair Value Measurements
Assets:
Assets	67,030		52,743
Real estate owned, net	50,757		44,268
Individually evaluated/Impaired loans requiring specific allowance, net	16,273		8,475
Level 2
Assets:
Assets			17,590
Liabilities:
Liabilities	1,510,326		881,082
Level 2 | Recurring Fair Value Measurements
Assets:
Loans held for sale, at fair value			17,590
Assets			17,590
Liabilities:
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Liabilities	1,510,326		881,082
Level 3
Assets:
Assets	2,050,942		1,367,393
Level 3 | Recurring Fair Value Measurements
Assets:
Loans held for investment, at fair value	1,971,683		1,306,072
Mortgage servicing rights	12,229		8,578
Assets	1,983,912		1,314,650
Level 3 | Nonrecurring Fair Value Measurements
Assets:
Assets	67,030		52,743
Real estate owned, net	50,757		44,268
Individually evaluated/Impaired loans requiring specific allowance, net	$ 16,273		$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (723)	$ (540)	$ (2,901)	$ (1,617)
Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(540)	(492)	(2,261)	(1,670)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (183)	$ (48)	$ (640)	$ 53

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 2,050,942	$ 1,384,983
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,983,912	1,332,240
Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	67,030	52,743
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	2,050,942	1,367,393
Level 3 | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,983,912	1,314,650
Level 3 | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 67,030	$ 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	0.09	0.093
Mortgage servicing rights, at fair value	0.08	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	0.007	0.007
Mortgage servicing rights, at fair value	0.022	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	0.133	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	0.02	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	0.13	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	0.09	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	0.07	0.058
Mortgage servicing rights, at fair value	0.047	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	0.02	0.021
Level 3 | Real Estate Owned, Net | Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 50,757	$ 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	16,273	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	1,971,683	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	$ 12,229	$ 8,578

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans Held For Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 1,649,540	$ 450,732	$ 1,306,072	$ 276,095
Originations	422,226	258,646	800,896	456,534
Loans liquidated	(77,798)	(13,464)	(139,550)	(21,485)
Acquisition	3,399		14,990
Principal paydowns	(7,732)	(1,764)	(13,801)	(2,796)
Total unrealized (loss) gain included in net income	17,285	3,108	36,757	9,767
Loans transfer (to held for sale) from held for investment	(34,059)		(31,578)	(20,857)
REO Transfer	(1,296)		(2,221)
Loans repurchased	118	8,072	118	8,072
Ending balance	1,971,683	705,330	1,971,683	705,330
Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance		18,080	17,590
Originations				19,088
Loans liquidated	(33,895)	(17,385)	(48,429)	(39,945)
Principal paydowns	(2)		(31)
Total unrealized (loss) gain included in net income	(162)	$ (695)	(708)
Loans transfer (to held for sale) from held for investment	$ 34,059		$ 31,578	$ 20,857

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 16,300	$ 8,500
Allowance for loan losses	$ 1,614	$ 974	$ 1,043

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Restricted cash	$ 32,293		$ 21,361	$ 16,786
Loans held for sale, at fair value			17,590
Loans held for investment, net	2,619,619		2,828,123
Loans held for investment, at fair value	1,971,683		1,306,072
Mortgage servicing rights	12,229	$ 9,022	8,578	$ 9,445	$ 9,143	$ 9,238
Liabilities:
Secured financing, net	283,909		211,083
Derivative liability	374		3,665
Carrying Value
Assets:
Cash	47,366		40,566
Restricted cash	32,293		21,361
Loans held for sale, at fair value			17,590
Loans held for investment, net	2,619,619		2,828,123
Loans held for investment, at fair value	1,971,683		1,306,072
Accrued interest receivables	31,124		27,028
Mortgage servicing rights	12,229		8,578
Liabilities:
Secured financing, net	283,909		211,083
Warehouse repurchase facilities, net	237,437		334,755
Securitized debt, net	2,228,941		2,418,811
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Accrued interest payable	24,559		20,473
Estimate of Fair Value Measurement
Assets:
Cash	47,366		40,566
Restricted cash	32,293		21,361
Loans held for sale, at fair value			17,590
Loans held for investment, net	2,483,332		2,672,705
Loans held for investment, at fair value	1,971,683		1,306,072
Accrued interest receivables	31,124		27,028
Mortgage servicing rights	12,229		8,578
Liabilities:
Secured financing, net	287,435		212,625
Warehouse repurchase facilities, net	237,437		334,755
Securitized debt, net	2,014,525		2,155,718
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Accrued interest payable	24,559		20,473
Level 1 | Estimate of Fair Value Measurement
Assets:
Cash	47,366		40,566
Restricted cash	32,293		21,361
Accrued interest receivables	31,124		27,028
Liabilities:
Accrued interest payable	24,559		20,473
Level 2 | Estimate of Fair Value Measurement
Assets:
Loans held for sale, at fair value			17,590
Liabilities:
Warehouse repurchase facilities, net	237,437		334,755
Securitized debt, net	2,014,525		2,155,718
Securitized debt, at fair value	1,509,952		877,417
Derivative liability	374		3,665
Level 3 | Estimate of Fair Value Measurement
Assets:
Loans held for investment, net	2,483,332		2,672,705
Loans held for investment, at fair value	1,971,683		1,306,072
Mortgage servicing rights	12,229		8,578
Liabilities:
Secured financing, net	$ 287,435		$ 212,625