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MSRs

12 Months Ended

Dec. 31, 2023

Mortgage Servicing Rights MSR Disclosure [Abstract]

As of December 31, 2023, the Company retained the servicing rights associated with an aggregate principal balance of $67,283,657 of residential mortgage loans that the Company had previously transferred to residential mortgage loan securitization trusts. The Company’s MSRs are held and managed at the Company’s TRS, and the Company employs two licensed sub-servicers to perform the related servicing activities.

The following table presents the Company’s MSR activity as of the years ended December 31, 2023 and December 31, 2022:


	December 31, 2023			December 31, 2022
Balance at beginning of year	$	795,656		$	551,997
Changes in fair value due to:
Realized loss	—			—
Changes in valuation inputs or assumptions used in valuation model	(23,963)			344,617
Other changes to fair value(1)	(79,720)			(100,958)
Balance at end of year	$	691,973		$	795,656
Loans associated with MSRs(2)	$	67,283,657		$	74,798,949
MSR values as percent of loans(3)	1.03		%	1.06		%

(1)Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio.

(2)Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at December 31, 2023 and December 31, 2022, respectively.

(3)Amounts represent the carrying value of MSRs at December 31, 2023 and December 31, 2022, respectively divided by the outstanding balance of the loans associated with these MSRs.

The following table presents the servicing income recorded on the Company’s consolidated statements of operations for the years ended December 31, 2023 and December 31, 2022:


	Year Ended December 31, 2023		Year Ended December 31, 2022
Servicing income, net	$	208,997	$	347,838
Income from MSRs, net	$	208,997	$	347,838