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LOANS HELD FOR INVESTMENT, AT FAIR VALUE (Tables)
 3 Months Ended
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,
20252024
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,
20252024
Balance at beginning of period$116,627 $— 
Principal payments(3,138)— 
Fair value gain958 — 
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, 2025December 31, 2024
Fair valueUPBDifferenceFair valueUPBDifference
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.