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Capitalized Mortgage Servicing Rights | 9 Months Ended
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Sep. 30, 2024
Transfers and Servicing [Abstract] |
Capitalized Mortgage Servicing Rights | Capitalized Mortgage Servicing Rights Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 8% - 14% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.1 years and 8.0 years at September 30, 2024 and December 31, 2023, respectively. A summary of our capitalized MSR activity is as follows (in thousands):
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Originated |  | Acquired |  | Total |  | Originated |  | Acquired |  | Total
Beginning balance | $ | 374,159 |  |  | $ | 6,560 |  |  | $ | 380,719 |  |  | $ | 382,582 |  |  | $ | 8,672 |  |  | $ | 391,254 |
Additions | 14,476 |  |  | — |  |  | 14,476 |  |  | 41,877 |  |  | — |  |  | 41,877 |
Amortization | (16,621) |  |  | (678) |  |  | (17,299) |  |  | (48,593) |  |  | (2,224) |  |  | (50,817) |
Write-downs and payoffs | (1,469) |  |  | (24) |  |  | (1,493) |  |  | (5,321) |  |  | (590) |  |  | (5,911) |
Ending balance | $ | 370,545 |  |  | $ | 5,858 |  |  | $ | 376,403 |  |  | $ | 370,545 |  |  | $ | 5,858 |  |  | $ | 376,403 |
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Beginning balance | $ | 383,267 |  |  | $ | 11,143 |  |  | $ | 394,410 |  |  | $ | 386,878 |  |  | $ | 14,593 |  |  | $ | 401,471 |
Additions | 16,550 |  |  | — |  |  | 16,550 |  |  | 49,416 |  |  | — |  |  | 49,416 |
Amortization | (14,988) |  |  | (912) |  |  | (15,900) |  |  | (43,866) |  |  | (3,054) |  |  | (46,920) |
Write-downs and payoffs | (2,400) |  |  | (457) |  |  | (2,857) |  |  | (9,999) |  |  | (1,765) |  |  | (11,764) |
Ending balance | $ | 382,429 |  |  | $ | 9,774 |  |  | $ | 392,203 |  |  | $ | 382,429 |  |  | $ | 9,774 |  |  | $ | 392,203 |
We collected prepayment fees totaling $0.4 million and $1.2 million during the three and nine months ended September 30, 2024, respectively, and $1.0 million and $6.1 million during the three and nine months ended September 30, 2023, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At September 30, 2024 and December 31, 2023, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at September 30, 2024 is as follows (in thousands):
Year |  | Amortization
2024 (three months ending 12/31/2024) |  | $ | 17,557 |
2025 |  | 67,899 |
2026 |  | 62,456 |
2027 |  | 57,942 |
2028 |  | 50,678 |
Thereafter |  | 119,871 |
Total |  | $ | 376,403 |
Based on scheduled maturities, actual amortization may vary from these estimates.

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