Capitalized Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2024

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


	Year Ended December 31, 2024						Year Ended December 31, 2023
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	382,582	$	8,672	$	391,254	$	386,878	$	14,593	$	401,471
Additions	54,346		—		54,346		67,612		—		67,612
Amortization	(65,570)		(2,852)		(68,422)		(59,182)		(3,911)		(63,093)
Write-downs and payoffs	(7,497)		(1,003)		(8,500)		(12,726)		(2,010)		(14,736)
Ending balance	$	363,861	$	4,817	$	368,678	$	382,582	$	8,672	$	391,254

Summary of Expected Amortization of Capitalized MSRs Recorded

The expected amortization of capitalized MSRs recorded at December 31, 2024 is as follows (in thousands):


Year	Amortization
2025	$	69,382
2026	64,023
2027	59,510
2028	52,288
2029	43,178
Thereafter	80,297
Total	$	368,678

At December 31, 2024, 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,
		2025		2026		2027
Finite‑lived intangible assets:

Borrower relationships	1.5	$	1,440	$	780	$	—
Below market leases	2.2	126		126		21
	1.6	$	1,566	$	906	$	21