v3.26.1
Servicing Revenue (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Servicing and ancillary fees$12,963 $— $25,656 $— 
Interest on escrows7,963 — 14,821 — 
MSR payoffs(1,490)— (3,007)— 
MSR amortization(9,778)— (19,863)— 
MSR impairment reversal— — 2,601 — 
Total servicing revenue, net$9,658 $— $20,208 $— 
Product type concentrations that impact our servicing revenue are as follows ($ in millions):
Product Type Considerations
June 30, 2026December 31, 2025
UPB% of TotalAnnualized Effective Service Fee RateUPB% of TotalAnnualized Effective Service Fee Rate
Fannie Mae$7,935 13 %0.41 %$7,860 16 %0.42 %
Ginnie Mae5,268 9 %0.31 %5,125 11 %0.35 %
Freddie Mac9,074 15 %0.13 %8,649 18 %0.15 %
Bridge401 1 %0.09 %836 2 %0.16 %
Affordable481 1 %0.13 %425 1 %0.26 %
Benefit Street Partners(1)
10,909 18 %0.17 %130 — %0.06 %
Private Label25,770 43 %0.04 %24,821 52 %0.04 %
Total/Weighted Average$59,838 100 %0.15 %$47,846 100 %0.14 %
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(1) Represents the bridge book serviced for the Company's affiliates, including $4.6 billion of the $10.9 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
June 30, 2026December 31, 2025
% of Total% of Total
New York14.2 %15.2 %
Texas11.2 %11.0 %
California7.4 %7.2 %
Maryland6.9 %8.5 %
Florida6.2 %5.7 %
Virginia6.0 %5.8 %
New Jersey4.8 %5.4 %
Other(3)
43.3 %41.2 %
Total100.0 %100.0 %
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(3) No other individual state represented 5% or more of the total.