MORTGAGE SERVICING RIGHTS

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

MORTGAGE SERVICING RIGHTS

7. MORTGAGE SERVICING RIGHTS

MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss).

The following table presents activity related to MSR for the three and nine months ended September 30, 2025 and 2024:  

Mortgage Servicing Rights	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(dollars in thousands)
Fair value, beginning of period	$	3,281,190	$	2,785,614	$	2,909,134	$	2,122,196
Purchases (1)	283,437		64,750		719,468		701,377
Sales	—		(68,635)		—		(69,703)
Change in fair value due to:
Changes in valuation inputs or assumptions (2)	(28,647)		(42,752)		12,585		63,286
Other changes, including realization of expected cash flows	(59,799)		(45,920)		(165,006)		(124,099)
Fair value, end of period	$	3,476,181	$	2,693,057	$	3,476,181	$	2,693,057
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.