| Summary of Capitalized MSR Activity |
A summary of our capitalized MSR activity is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | Originated | | Acquired | | Total | | Originated | | Acquired | | Total | | Beginning balance | $ | 353,005 | | | $ | 4,215 | | | $ | 357,220 | | | $ | 363,861 | | | $ | 4,817 | | | $ | 368,678 | | | Additions | 10,931 | | | — | | | 10,931 | | | 20,337 | | | — | | | 20,337 | | | Amortization | (17,264) | | | (503) | | | (17,767) | | | (34,459) | | | (1,066) | | | (35,525) | | | Write-downs and payoffs | (2,042) | | | (16) | | | (2,058) | | | (5,109) | | | (55) | | | (5,164) | | | Ending balance | $ | 344,630 | | | $ | 3,696 | | | $ | 348,326 | | | $ | 344,630 | | | $ | 3,696 | | | $ | 348,326 | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Beginning balance | $ | 377,747 | | | $ | 7,773 | | | $ | 385,520 | | | $ | 382,582 | | | $ | 8,672 | | | $ | 391,254 | | | Additions | 14,717 | | | — | | | 14,717 | | | 27,401 | | | — | | | 27,401 | | | Amortization | (16,151) | | | (736) | | | (16,887) | | | (31,972) | | | (1,546) | | | (33,518) | | | Write-downs and payoffs | (2,154) | | | (477) | | | (2,631) | | | (3,852) | | | (566) | | | (4,418) | | | Ending balance | $ | 374,159 | | | $ | 6,560 | | | $ | 380,719 | | | $ | 374,159 | | | $ | 6,560 | | | $ | 380,719 | |
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| Summary of Expected Amortization of Capitalized MSRs |
The expected amortization of capitalized MSRs recorded at June 30, 2025 is as follows (in thousands): | | | | | | | | | | Year | | Amortization | | 2025 (six months ending 12/31/2025) | | $ | 35,164 | | | 2026 | | 66,172 | | | 2027 | | 61,719 | | | 2028 | | 54,745 | | | 2029 | | 45,764 | | | Thereafter | | 84,762 | | | Total | | $ | 348,326 | |
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