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LOANS HELD FOR INVESTMENT, AT FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Balance at beginning of period						$	1,616,854					$	1,566,463					$	1,615,510					$	1,985,718
Servicing rights additions						69,163						62,039						188,789						176,529
Sales proceeds, net						(11,642)						(8,466)						(27,478)						(503,777)
Changes in fair value:
Due to changes in valuation inputs or assumptions						(12,007)						(52,557)						(35,551)						(8,690)
Due to collection/realization of cash flows						(44,154)						(41,498)						(123,162)						(119,783)
Realized gains (losses) on sale of servicing rights(1)						45						32						151						(3,984)
Total changes in fair value						(56,116)						(94,023)						(158,562)						(132,457)
Balance at end of period(2)						$	1,618,259					$	1,526,013					$	1,618,259					$	1,526,013

(1)    Includes realized MSR sale gain and broker fees.

(2)    Servicing assets of $1.6 billion and $1.5 billion at September 30, 2025 and September 30, 2024, respectively, are presented net of servicing liabilities of $19.7 million and $16.7 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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Balance at beginning of period						$	111,591					$	120,287					$	116,627					$	—
Loans securitized, at fair value						—						—						—						122,532
Principal payments						(3,004)						(1,577)						(9,117)						(3,502)
Fair value gain						2,754						3,356						3,831						3,036
Balance at end of period						$	111,341					$	122,066					$	111,341					$	122,066

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.

						September 30, 2025																		December 31, 2024
						Fair value						UPB						Difference						Fair value						UPB						Difference
Current through 89 days delinquent						$	102,959					$	123,147					$	(20,188)					$	111,010					$	135,335					$	(24,325)
90+ days delinquent(1)						8,382						10,671						(2,289)						5,617						7,600						(1,983)
Total						$	111,341					$	133,818					$	(22,477)					$	116,627					$	142,935					$	(26,308)

(1)     90+ days delinquent loans are on non-accrual status.

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