MORTGAGE SERVICING RIGHTS

9 Months Ended

Sep. 30, 2025

Mortgage Servicing Rights MSR Disclosure [Abstract]

MORTGAGE SERVICING RIGHTS

MORTGAGE SERVICING RIGHTS

As of September 30, 2025, the Company retained the servicing rights associated with an aggregate principal balance of $56,121,981 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 nine months ended September 30, 2025 and the nine months ended September 30, 2024:

	September 30, 2025			September 30, 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	(20,842)			(13,202)
Other changes to fair value(1)	(62,832)			(38,462)
Balance at end of period	$	565,613		$	640,309
Loans associated with MSRs(2)	$	56,121,981		$	63,448,342
MSR values as percent of loans(3)	1.01		%	1.01		%

(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 September 30, 2025 and September 30, 2024, respectively.

(3)Amounts represent the carrying value of MSRs at September 30, 2025 and September 30, 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 and nine months ended September 30, 2025 and September 30, 2024:

	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Servicing income, net	$	50,423	$	60,283
Total servicing income	$	50,423	$	60,283

	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Servicing income, net	$	128,502	$	117,056
Total servicing income	$	128,502	$	117,056