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LOANS HELD FOR INVESTMENT, AT FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Servicing Assets at Fair Value [Line Items] |
Summary of Changes in Servicing Rights | A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Balance at beginning of period |  | $ | 1,615,510 |  |  | $ | 1,985,718 |  |  |  |  |
Servicing rights additions |  | 52,686 |  |  | 48,375 |  |  |  |  |
Sales proceeds, net |  | (5,362) |  |  | (56,113) |  |  |  |  |
Changes in fair value: |  |  |  |  |  |  |  |
Due to changes in valuation inputs or assumptions |  | (23,689) |  |  | 28,244 |  |  |  |  |
Due to collection/realization of cash flows |  | (36,176) |  |  | (35,999) |  |  |  |  |
Realized gains (losses) on sales of servicing rights(1) |  | 62 |  |  | (61) |  |  |  |  |
Total changes in fair value |  | (59,803) |  |  | (7,816) |  |  |  |  |
Balance at end of period(2) |  | $ | 1,603,031 |  |  | $ | 1,970,164 |  |  |  |  |
(1) Includes realized MSR sale gain and broker fees. (2) Servicing assets of $1.6 billion and $2.0 billion, respectively, for the three months ended March 31, 2025 and 2024, are presented net of servicing liabilities of $18.5 million and $15.8 million, respectively.
Loans Held for Investment |
Servicing Assets at Fair Value [Line Items] |
Summary of Changes in Servicing Rights | A summary of the changes in the balance of loans held for investment is as follows:
|  | Three Months Ended March 31, |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Balance at beginning of period |  | $ | 116,627 |  |  | $ | — |  |  |  |  |  |  |
Principal payments |  | (3,138) |  |  | — |  |  |  |  |  |  |
Fair value gain |  | 958 |  |  | — |  |  |  |  |  |  |
Balance at end of period |  | $ | 114,447 |  |  | $ | — |  |  |  |  |  |  |
Fair Value Option, Disclosures | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for investment.
|  | March 31, 2025 |  | December 31, 2024
|  | Fair value |  | UPB |  | Difference |  | Fair value |  | UPB |  | Difference
Current through 89 days delinquent |  | $ | 108,238 |  |  | $ | 131,574 |  |  | $ | (23,336) |  |  | $ | 111,010 |  |  | $ | 135,335 |  |  | $ | (24,325) |
90+ days delinquent(1) |  | 6,209 |  |  | 8,223 |  |  | (2,014) |  |  | 5,617 |  |  | 7,600 |  |  | (1,983) |
Total |  | $ | 114,447 |  |  | $ | 139,797 |  |  | $ | (25,350) |  |  | $ | 116,627 |  |  | $ | 142,935 |  |  | $ | (26,308) |
(1) 90+ days delinquent loans are on non-accrual status.

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