| | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Servicing-related receivables: | | | | | Government-insured loan claims - Reverse | $ | 126.6 | | | $ | 83.3 | | | Government-insured loan claims - Forward | 29.5 | | | 31.5 | | | | | | | | | | | | | | | Due from custodial accounts | 24.0 | | | 12.1 | | | Subservicing fees and reimbursable expenses | 16.4 | | | 16.4 | | | Receivable from sale of MSRs (holdback) | 5.0 | | | 9.7 | | | | | | | | | | | Subservicing fees, reimbursable expenses and other - Due from MAV | 0.6 | | | 2.1 | | | Other | 7.0 | | | 7.2 | | | 209.3 | | | 162.4 | | Income taxes receivable (1) | 28.3 | | | 28.2 | | | | | | | Other receivables | 4.0 | | | 4.0 | | | 241.5 | | | 194.6 | | | Allowance for losses | (19.2) | | | (18.1) | | | | $ | 222.3 | | | $ | 176.4 | |
(1)Includes $26.9 million and $26.6 million at March 31, 2025 and December 31, 2024, respectively, from the USVI Bureau of Internal Revenue (BIR) for a refund of income taxes paid in prior years. In December 2022, we executed an agreement with the BIR for payment of the income tax refunds related to tax years 2013 through 2015, plus accrued interest, over a two-year period ending December 31, 2024. The BIR did not make the payment that was due on December 31, 2023 nor any subsequent payments pursuant to the agreement. On February 8, 2024, we filed a lawsuit against the USVI for the refund of income taxes paid in prior years and for the USVI’s breach of the above-referenced agreement; the USVI is defending against such claims and contesting that such refunds are owed. | | | | | | | | | | | | | | | | Allowance for Losses | Three Months Ended March 31, | | | | 2025 | | 2024 | | | | | | Beginning balance | $ | 18.1 | | | $ | 25.1 | | | | | | | Provision | 2.6 | | | 4.0 | | | | | | | Charge-offs and other, net | (1.6) | | | (6.4) | | | | | | | Ending balance | $ | 19.2 | | | $ | 22.7 | | | | | |
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