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Servicing Assets | 12 Months Ended
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Dec. 31, 2024
Transfers and Servicing [Abstract] |
Servicing Assets | Note 6—Servicing Assets Activity for servicing assets and the related changes in fair value for the years ended December 31, 2024, 2023, and 2022 is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 19,844 |  |  | $ | 19,172 |  |  | $ | 23,744 |
Additions, net |  |  | 5,812 |  |  |  | 5,761 |  |  |  | 7,171 |
Changes in fair value |  |  | (6,704 | ) |  |  | (5,089 | ) |  |  | (11,743 | )
Ending balance |  | $ | 18,952 |  |  | $ | 19,844 |  |  | $ | 19,172 |
Loans serviced for others are not included in the Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others were as follows as of December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Loan portfolios serviced for: |  |  |  |  |  |
SBA guaranteed loans |  | $ | 1,522,389 |  |  | $ | 1,530,401 |
USDA guaranteed loans |  |  | 190,503 |  |  |  | 197,942 |
Total |  | $ | 1,712,892 |  |  | $ | 1,728,343 |
Loan servicing revenue totale d $12.9 million for the years ended December 31, 2024, and $13.5 million for the years ended December 31, 2023 and 2022. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, totaled downward valuations of $6.7 million, $5.1 million, and $11.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Changes in the fair value of the loan servicing asset are reported on the Consolidated Statements of Operations. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in secondary market premiums and prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing, and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 17—Fair Value Measurement for further details.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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