Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Schedule of Servicing Rights at Amortized Cost

The table below presents information about servicing rights at amortized cost.


	Three Months Ended March 31,
(in thousands)	2026		2025
SBA
Beginning net carrying amount	$41,056		$39,227
Additions	1,412		4,863
Amortization	(1,764)		(1,634)
Recovery (impairment)	(733)		833
Ending net carrying amount	$39,971		$43,289
Multi-family
Beginning net carrying amount	61,331		67,996
Additions	1,673		572
Amortization	(2,996)		(3,009)
Ending net carrying amount	$60,008		$65,559
USDA
Beginning net carrying amount	20,620		16,465
Additions	470		689
Amortization	(790)		(687)
Recovery	467		19
Ending net carrying amount	$20,767		$16,486
Small business loans
Beginning net carrying amount	3,272		4,752
Additions	440		544
Amortization	(661)		(789)
Impairment	(110)		(27)
Ending net carrying amount	$2,941		$4,480
Total servicing rights	$123,687		$129,814

Schedule of Servicing Assets at Fair Value

The table below presents additional information about servicing rights at amortized cost.


	As of March 31, 2026				As of December 31, 2025
(in thousands)	UPB		Carrying Value		UPB		Carrying Value
SBA	$1,902,485		$39,971		$1,916,211		$41,056
Multi-family	6,269,434		60,008		6,318,735		61,331
USDA	698,288		20,767		699,779		20,620
Small business loans	398,679		2,941		419,016		3,272
Total	$9,268,886		$123,687		$9,353,741		$126,279

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement

The table below presents significant assumptions used in the estimated valuation of servicing rights at amortized cost.


	March 31, 2026						December 31, 2025
	Range of input values				Weighted Average		Range of input values				Weighted Average
SBA
Forward prepayment rate	4.4%	-	21.6%		9.4%		6.0%	-	21.6%		9.8%
Forward default rate	0.0%	-	3.8%		1.2%		0.0%	-	3.8%		1.3%
Discount rate	7.4%	-	21.1%		12.7%		7.4%	-	19.0%		11.9%
Servicing expense	0.4%	-	0.4%		0.4%		0.4%	-	0.4%		0.4%

Multi-family
Forward prepayment rate	0.0%	-	7.6%		2.4%		0.0%	-	7.6%		7.3%
Forward default rate	0.0%	-	0.2%		0.1%		0.0%	-	0.2%		0.1%
Discount rate	5.2%	-	5.2%		5.2%		5.2%	-	5.2%		5.2%
Servicing expense	0.0%	-	0.8%		0.1%		0.0%	-	0.8%		0.1%

USDA
Forward prepayment rate	6.0%	-	17.7%		12.5%		5.5%	-	16.9%		12.1%
Discount rate	3.9%	-	5.1%		4.9%		4.9%	-	6.0%		5.8%
Servicing expense	0.1%	-	0.3%		0.2%		0.1%	-	0.3%		0.2%

Small business loans
Discount rate	6.0%	-	6.0%		6.0%		6.0%	-	6.0%		6.0%
Servicing expense	0.5%	-	0.5%		0.5%		0.5%	-	0.5%		0.5%

Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets

The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on servicing rights.


(in thousands)	March 31, 2026		December 31, 2025
SBA
Forward prepayment rate
Impact of 10% adverse change	$(1,127)		$(1,228)
Impact of 20% adverse change	$(2,195)		$(2,390)
Forward default rate
Impact of 10% adverse change	$(188)		$(199)
Impact of 20% adverse change	$(375)		$(396)
Discount rate
Impact of 10% adverse change	$(1,366)		$(1,356)
Impact of 20% adverse change	$(2,637)		$(2,621)
Servicing expense
Impact of 10% adverse change	$(2,630)		$(2,697)
Impact of 20% adverse change	$(5,261)		$(5,394)
Multi-family
Forward prepayment rate
Impact of 10% adverse change	$(454)		$(470)
Impact of 20% adverse change	$(892)		$(923)
Forward default rate
Impact of 10% adverse change	$(27)		$(28)
Impact of 20% adverse change	$(54)		$(56)
Discount rate
Impact of 10% adverse change	$(1,818)		$(1,852)
Impact of 20% adverse change	$(3,561)		$(3,625)
Servicing expense
Impact of 10% adverse change	$(2,365)		$(2,422)
Impact of 20% adverse change	$(4,730)		$(4,845)
USDA
Forward prepayment rate
Impact of 10% adverse change	$(1,136)		$(1,066)
Impact of 20% adverse change	$(2,167)		$(2,040)
Discount rate
Impact of 10% adverse change	$(453)		$(526)
Impact of 20% adverse change	$(887)		$(1,027)
Servicing expense
Impact of 10% adverse change	$(803)		$(797)
Impact of 20% adverse change	$(1,605)		$(1,593)
Small business loans
Discount rate
Impact of 10% adverse change	$(11)		$(15)
Impact of 20% adverse change	$(22)		$(29)
Servicing expense
Impact of 10% adverse change	$(277)		$(280)
Impact of 20% adverse change	$(554)		$(560)

Schedule of Servicing Rights, Future Amortization Expense

The table below presents estimated future amortization expense for servicing rights.


(in thousands)	March 31, 2026
2026	$17,417
2027	20,023
2028	16,720
2029	14,580
2030	12,825
Thereafter	42,122
Total	$123,687