The following table presents financing liabilities carried at fair value which include pledged MSR liabilities recorded in connection with MSR transfers, subservicing retained, that do not qualify for sale accounting, liabilities of consolidated mortgage-backed securitization trusts and MSR excess servicing spread (ESS) financing liability carried at fair value (see Note 14 — Borrowings for ESS financing liability carried at amortized cost).


			Outstanding Balance at December 31,
Borrowing Type	Collateral	Maturity	2024		2023
MSR transfers not qualifying for sale accounting (1)(3):
Pledged MSR liability, at fair value - MAV	MSRs	(1)	$	322.7	$	409.2
Rights to MSRs Agreements, at fair value - Rithm	MSRs	(1)	115.1		121.0
Pledged MSR liability, at fair value - Others	MSRs	(1)	145.8		115.3
Total Pledged MSR liability, at fair value			583.5		645.5
ESS financing liability, at fair value (2)	MSRs	(2)	263.3		248.9
Financing liability - Owed to securitization investors, at fair value: Residential Asset Securitization Trust 2003-A11 (RAST 2003-A11)	Loans held for investment	November 2033	—		5.6
Total Other financing liabilities, at fair value			$	846.9	$	900.0

(1)MSRs transferred in transactions which do not qualify for sale accounting treatment. Until such time as the transaction qualifies as a sale for accounting purposes, we continue to recognize the MSRs and the related financing liability (referred as Pledged MSR liability) on our consolidated balance sheets, as well as the full amount of servicing fee collected as revenue and the servicing fee remitted as Pledged MSR liability expense in our consolidated statements of operations.

(2)Consists of the obligation to remit to third parties a specified percentage of future servicing fee collections (servicing spread) on reference pools of MSRs, which we are entitled to as owner of the related MSRs. The servicing spread remittance is reported in Pledged MSR liability expense.

(3)Fair value gains and losses of the Pledged MSR liability and ESS financing liability are recognized in MSR valuation adjustments, net in our consolidated statements of operations - see Note 9 — MSR Valuation Adjustments, Net.

$33.4 billion UPB of MSR and Pledged MSR liability associated with Rithm servicing agreements were derecognized on December 31, 2023 as MSR sale accounting criteria were met. Effective January 1, 2024, as PHH continues to subservice the portfolio, our statement of operations reflects subservicing fee revenue as opposed to the gross presentation of servicing fee revenue and separate offsetting presentation of servicing fee remittances within Pledged MSR liability expense prior to January 1, 2024.

The following table presents the activity of the pledged MSR liability recorded in connection with the MSR transfer agreements with MAV and other unrelated parties, including Rithm, that do not qualify for sale accounting.


	Years Ended December 31,
Pledged MSR Liability	2024		2023		2022
Beginning balance	$	645.5	$	931.7	$	797.1
MSR transfers
MSR transfers to MAV	—		81.1		85.6
MSR transfers to Rithm and Others	26.2		100.0		0.6
Total MSR transfers	26.2		181.0		86.3
Derecognition of financing liability
Derecognition of financing liability - Rithm (1)	(0.1)		(421.7)		(0.7)

Derecognition of financing liability - MAV (2)	(85.7)		(32.5)		(39.0)
Total derecognition of financing liability	(85.7)		(454.3)		(39.7)
Fair value (gain) loss
Changes in fair value due to inputs and assumptions	40.3		51.3		192.1
Realization of expected cash flows	(42.8)		(64.2)		(104.1)
Total fair value (gain) loss	(2.4)		(12.9)		88.0
Ending balance (3)	$	583.5	$	645.5	$	931.7

(1)On December 31, 2023, we derecognized a portion of the Rithm Pledged MSR liability with a UPB of $33.4 billion as MSR sale accounting criteria were met upon the renewal of the servicing agreements.

(2)During 2024, 2023 and 2022, we derecognized a portion of the MAV Pledged MSR liability upon sale of the related MSRs by MAV to third parties with a UPB of $5.5 billion, $2.3 billion and $2.9 billion, respectively.

(3)The fair value of the Pledged MSR liability differs from the fair value of the associated transferred MSR asset mostly due to the portion of ancillary income that is contractually retained by PHH and other contractual cash flows.

The following tables present the Pledged MSR liability expense recorded in connection with the MSR sale agreements with MAV, Rithm and others that do not qualify for sale accounting and the ESS financing liabilities.


	Year Ended December 31, 2024
	Rithm and Others		MAV		Total
Servicing fees collected on behalf of MAV, Rithm and others	$	75.3	$	63.8	$	139.1
Less: Subservicing fee retained by Onity	(17.7)		(8.9)		(26.6)
Ancillary fee/income and other settlement (including expense reimbursement)	12.1		(1.0)		11.1
Transferred MSR net servicing fee remittance	$	69.7	$	54.0	123.7
ESS servicing spread remittance					51.8
Pledged MSR liability expense					$	175.4


	Year Ended December 31, 2023
	Rithm and Others (1)		MAV		Total
Servicing fees collected on behalf of MAV, Rithm and others	$	241.5	67.4		$	308.9
Less: Subservicing fee retained by Onity	(68.4)		(9.2)		(77.6)
Ancillary fee/income and other settlement (including expense reimbursement)	14.3		(0.8)		13.5
Transferred MSR net servicing fee remittance	$	187.4	$	57.5	244.8
ESS servicing spread remittance					51.5
Pledged MSR liability expense					$	296.3

(1)Includes $175.5 million of servicing fees collected on behalf of Rithm, $50.7 million of subservicing fee retained and $124.9 million of net servicing fee remittance related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023.


	Year Ended December 31, 2022
	Rithm and Others (1)		MAV		Total
Servicing fees collected on behalf of Rithm and MAV	$	255.0	67.5		$	322.5
Less: Subservicing fee retained by Onity	(74.0)		(8.8)		(82.8)
Ancillary fee/income and other settlement (including expense reimbursement)	5.7		0.4		6.1
Transferred MSR net servicing fee remittance	$	186.7	$	59.1	245.9
ESS servicing spread remittance					9.1
Pledged MSR liability expense					$	255.0

(1)Includes $194.7 million of servicing fees collected on behalf of Rithm, $56.0 million of subservicing fee retained and $138.7 million of net servicing fee remittance related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023.