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Capitalized Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Summary of Capitalized MSR Activity

A summary of our capitalized MSR activity is as follows (in thousands):

			Year Ended December 31, 2023																		Year Ended December 31, 2022
			Originated						Acquired						Total						Originated						Acquired						Total
Beginning balance			$	386,878					$	14,593					$	401,471					$	395,573					$	27,161					$	422,734
Additions			67,612						—						67,612						83,115						—						83,115
Amortization			(59,182)						(3,911)						(63,093)						(53,449)						(6,427)						(59,876)
Write-downs and payoffs			(12,726)						(2,010)						(14,736)						(38,361)						(6,141)						(44,502)
Ending balance			$	382,582					$	8,672					$	391,254					$	386,878					$	14,593					$	401,471

Summary of Expected Amortization of Capitalized MSRs Recorded

The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands):

Year						Amortization
2024						$	65,500
2025						62,514
2026						56,969
2027						52,366
2028						45,188
Thereafter						108,717
Total						$	391,254

At December 31, 2023, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows ($ in thousands):

			Wtd. Avg. Remaining Life (in years)						Estimated Amortization Expense for the Years Ending December 31,
									2024						2025						2026						2027
Finite‑lived intangible assets:
Broker relationships			0.5						$	1,693					$	—					$	—					$	—
Borrower relationships			2.5						1,440						1,440						780						—
Below market leases			3.2						126						126						126						21
			2.0						$	3,259					$	1,566					$	906					$	21

X

- Definition

Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

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X

- Definition

Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482665/350-30-50-2

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- References

No definition available.

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