v3.26.1
Capitalized Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Capitalized Mortgage Servicing Rights Capitalized Mortgage Servicing Rights
Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 8% - 14% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 5.8 years and 6.1 years at June 30, 2026 and December 31, 2025, respectively.
A summary of our capitalized MSR activity is as follows ($ in thousands):
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
OriginatedAcquiredTotalOriginatedAcquiredTotal
Beginning balance$329,621 $2,308 $331,929 $338,174 $2,668 $340,842 
Additions13,051 — 13,051 23,478 — 23,478 
Amortization(17,954)(293)(18,247)(35,907)(633)(36,540)
Write-downs and payoffs(2,826)(20)(2,846)(3,853)(40)(3,893)
Ending balance$321,892 $1,995 $323,887 $321,892 $1,995 $323,887 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Beginning balance$353,005 $4,215 $357,220 $363,861 $4,817 $368,678 
Additions10,931 — 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 
We collected prepayment fees totaling $0.8 million and $1.7 million during the three and six months ended June 30, 2026, respectively, and $0.9 million and $1.9 million during the three and six months ended June 30, 2025, respectively, which are included as a component of servicing revenue, net on the consolidated statements of operations. At June 30, 2026 and December 31, 2025, no MSRs were considered impaired.
The expected amortization of capitalized MSRs recorded at June 30, 2026 is as follows ($ in thousands):
YearAmortization
2026 (six months ending 12/31/2026)$36,457 
202769,887 
202863,144 
202954,278 
203040,210 
Thereafter59,911 
Total$323,887 
Based on scheduled maturities, actual amortization may vary from these estimates.