MORTGAGE SERVICING RIGHTS

3 Months Ended

Mar. 31, 2025

Mortgage Servicing Rights MSR Disclosure [Abstract]

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS

As of March 31, 2025, the Company retained the servicing rights associated with an aggregate principal balance of $60,896,737 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 three months ended March 31, 2025 and the three months ended March 31, 2024:

	March 31, 2025			March 31, 2024
Balance at beginning of period	$	649,287		$	691,973
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	(10,310)			(10,036)
Other changes to fair value(1)	(12,208)			14,663
Balance at end of period	$	626,769		$	696,600
Loans associated with MSRs(2)	$	60,896,737		$	66,370,595
MSR values as percent of loans(3)	1.03		%	1.05		%

(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 March 31, 2025 and March 31, 2024, respectively.

(3)Amounts represent the carrying value of MSRs at March 31, 2025 and March 31, 2024, 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 months ended March 31, 2025 and March 31, 2024:

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Servicing income, net	$	64,880	$	38,503
Total servicing income	$	64,880	$	38,503