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Mortgage Servicing Rights | 6 Months Ended
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Jun. 30, 2025
Transfers and Servicing [Abstract] |
Mortgage Servicing Rights | 11. Mortgage Servicing Rights The Company owned MSRs as of June 30, 2025 and December 31, 2024 resulting from distributions of MSRs received from its equity investment in an entity that originates residential loans (see Note 6) and purchases of MSRs. The Company's MSRs are associated with business purpose loans, are reported at fair value pursuant to the fair value option election (see Note 17) and are included in other assets in the accompanying condensed consolidated balance sheets. The primary risks associated with the Company's MSRs are changes in interest rates and prepayment speeds. The following table presents activity related to MSRs for the three and six months ended June 30, 2025, respectively (dollar amounts in thousands). The Company did not have MSRs during the three and six months ended June 30, 2024.
|  |  | For the Three Months Ended June 30, 2025 |  | For the Six Months Ended June 30, 2025
Balance at beginning of period |  | $ | 20,297 |  |  | $ | 21,003 |
Changes in fair value due to: |  |  |  |
| Changes in valuation inputs or assumptions used in valuation model |  | (235) |  |  | (582) |
| Other changes in fair value, including runoff |  | (613) |  |  | (972) |
Balance at end of period |  | $ | 19,449 |  |  | $ | 19,449 |
The following table presents the components of servicing fee income recognized during the three and six months ended June 30, 2025, respectively (dollar amounts in thousands). Servicing fee income is included in other income (loss) on the accompanying condensed consolidated statements of operations.
|  | For the Three Months Ended June 30, 2025 |  | For the Six Months Ended June 30, 2025
Servicing fees |  | $ | 1,216 |  |  | $ | 2,465 |
Prepayment fees |  | 715 |  |  | 1,395 |
Ancillary and other fee income (1) |  | 42 |  |  | 93 |
Servicing fee income |  | $ | 1,973 |  |  | $ | 3,953 |
(1)Includes default interest and late fee collections. The Company recognized subservicing fee expenses in the amount of $0.2 million and $0.4 million related to MSRs during the three and six months ended June 30, 2025, respectively, which is included in portfolio operating expenses on the accompanying condensed consolidated statements of operations.

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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 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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