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Investments in Servicing Related Assets (Tables)
 9 Months Ended
Sep. 30, 2019
Investments in Servicing Related Assets [Abstract]  
Servicing Related Assets
The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands):

Servicing Related Assets Summary

As of September 30, 2019

  
Unpaid
Principal
Balance
  
Cost Basis
   
Carrying
Value(A)
  
Weighted
Average
Coupon
  
Weighted
Average
Maturity
(Years)(B)
  
Changes in
Fair Value
Recorded in
Other Income
(Loss)
 
MSRs
      
 
            
Conventional
 
$
24,794,818
  
$
324,360
 
(C)
 
$
227,522
   
4.36
%
  
26.9
  
$
(96,838
)
Government
  
3,069,392
   
40,216
 
(C)
  
28,323
   
3.37
%
  
26.1
   
(11,893
)
MSR Total/Weighted Average
 
$
27,864,210
  
$
364,576
   
$
255,845
   
4.25
%
  
26.8
  
$
(108,731
)

As of December 31, 2018

  
Unpaid
Principal
Balance
  
Cost Basis
   
Carrying
Value(A)
  
Weighted
Average
Coupon
  
Weighted
Average
Maturity
(Years)(B)
  
Changes in
Fair Value
Recorded in
Other Income
(Loss)
 
MSRs
      
 
            
Conventional
 
$
21,366,980
  
$
258,070
 
(C)
 
$
254,691
   
4.37
%
  
27.3
  
$
(3,379
)
Government
  
3,480,009
   
40,410
 
(C)
  
40,216
   
3.37
%
  
26.8
   
(194
)
MSR Total/Weighted Average
 
$
24,846,989
  
$
298,480
   
$
294,907
   
4.23
%
  
27.2
  
$
(3,573
)

(A)
Carrying value represents the fair value of the pools (see Note 9).
(B)
The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.
(C)
MSR cost basis consists of the carrying value of the prior period, adjusted for any purchases, sales and principal paydowns of the underlying mortgage loans.
Geographic Concentration of Servicing Related Assets
The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated:

Geographic Concentration of Servicing Related Assets

As of September 30, 2019

  
Percentage of Total Outstanding
Unpaid Principal Balance
 
California
  
12.5
%
Texas
  
6.1
%
Maryland
  
5.5
%
Florida
  
5.0
%
All other
  
70.9
%
Total
  
100.0
%

As of December 31, 2018

  
Percentage of Total Outstanding
Unpaid Principal Balance
 
California
  
12.7
%
Texas
  
6.4
%
Florida
  
5.1
%
All other
  
75.8
%
Total
  
100.0
%