MORTGAGE SERVICING RIGHTS

6 Months Ended

Jun. 30, 2024

Mortgage Servicing Rights MSR Disclosure [Abstract]

As of June 30, 2024, the Company retained the servicing rights associated with an aggregate principal balance of $65,187,223 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 for the six months ended June 30, 2024 and the six months ended June 30, 2023:


	June 30, 2024			June 30, 2023
Balance at beginning of period	$	691,973		$	795,656
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	15,367			585
Other changes to fair value(1)	(21,015)			(49,507)
Balance at end of period	$	686,325		$	746,734

Loans associated with MSRs(2)	$	65,187,223		$	70,212,243
MSR values as percent of loans(3)	1.05		%	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 June 30, 2024 and June 30, 2023, respectively.

(3)Amounts represent the carrying value of MSRs at June 30, 2024 and June 30, 2023, 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 three and six months ended June 30, 2024 and June 30, 2023:


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023
Servicing income, net	$	18,270	$	45,396
Total servicing income	$	18,270	$	45,396


	Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Servicing income, net	$	56,773	$	96,924
Total servicing income	$	56,773	$	96,924