v3.26.1
Servicing Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Schedules of Concentration of Risk, by Risk Factor
The components of servicing revenue are as follows (in thousands):
Three Months Ended March 31,
20262025
Servicing and ancillary fees$12,693 $— 
Interest on escrows6,858 — 
MSR payoffs(1,517)— 
MSR amortization(10,085)— 
MSR impairment reversal2,601 — 
Total servicing revenue, net$10,550 $— 
Product type concentrations that impact our servicing revenue are as follows ($ in millions):
Product Type Considerations
March 31, 2026December 31, 2025
UPB% of TotalEffective Earnings RateUPB% of TotalEffective Earnings Rate
Fannie Mae$7,937 14 %0.10 %$7,860 16 %0.21 %
Ginnie Mae5,205 9 %0.08 %5,125 11 %0.17 %
Freddie Mac8,877 15 %0.03 %8,649 18 %0.08 %
Bridge422 1 %0.02 %836 2 %0.08 %
Affordable448 1 %0.03 %425 1 %0.13 %
Benefit Street Partners(1)
10,025 17 %0.03 %— — %— %
Private Label25,216 43 %0.01 %24,951 52 %0.02 %
Total/Weighted Average$58,130 100 %0.04 %$47,846 100 %0.07 %
________________________
(1) Represents the bridge book serviced for the Company's affiliates, including $4.9 billion of the $10.0 billion serviced for a wholly owned subsidiary; related revenue is eliminated in consolidation.
Geographic concentrations that impact our servicing revenue are as follows:
                               Geographic Considerations
March 31, 2026December 31, 2025
% of Total% of Total
New York14.8 %15.2 %
Texas10.4 %11.0 %
Maryland7.5 %8.5 %
California7.5 %7.2 %
Virginia6.3 %5.8 %
Florida5.4 %5.7 %
New Jersey5.1 %5.4 %
Other(3)
43.0 %41.2 %
Total100.0 %100.0 %
________________________
(3) No other individual state represented 5% or more of the total.