| Summary of Changes in Servicing Rights |
A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Balance at beginning of period | | $ | 1,669,648 | | | $ | 1,603,031 | | | $ | 1,637,706 | | | $ | 1,615,510 | | Servicing rights additions | | 98,335 | | | 66,940 | | | 185,485 | | | 119,626 | | | Sales proceeds, net | | (2,991) | | | (10,474) | | | (6,316) | | | (15,837) | | | Changes in fair value: | | | | | | | | | | Due to changes in valuation inputs or assumptions | | 36,677 | | | 145 | | | 37,125 | | | (23,543) | | | Due to collection/realization of cash flows | | (49,538) | | | (42,832) | | | (100,980) | | | (79,008) | | Realized (losses) gains on sale of servicing rights(2) | | (588) | | | 44 | | | (1,477) | | | 106 | | Total changes in fair value | | (13,449) | | | (42,643) | | | (65,332) | | | (102,445) | | Balance at end of period(2) | | $ | 1,751,543 | | | $ | 1,616,854 | | | $ | 1,751,543 | | | $ | 1,616,854 | |
(1) Includes realized MSR sale gain and broker fees. (2) Servicing assets of $1.8 billion and $1.6 billion at June 30, 2026 and June 30, 2025, respectively, are presented net of servicing liabilities of $28.3 million and $19.1 million, respectively.
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| Summary of Changes in Servicing Rights |
A summary of the changes in the balance of loans held for investment is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Balance at beginning of period | | $ | 108,230 | | | $ | 114,447 | | | $ | 109,821 | | | $ | 116,627 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal payments | | (2,908) | | | (2,974) | | | (4,574) | | | (6,112) | | | Fair value adjustment | | 946 | | | 118 | | | 1,021 | | | 1,076 | | | Balance at end of period | | $ | 106,268 | | | $ | 111,591 | | | $ | 106,268 | | | $ | 111,591 | |
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| Schedule of Fair Value Option |
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for investment.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Fair value | | UPB | | Difference | | Fair value | | UPB | | Difference | | Current through 89 days delinquent | | $ | 100,380 | | | $ | 120,066 | | | $ | (19,686) | | | $ | 103,611 | | | $ | 123,829 | | | $ | (20,219) | | 90+ days delinquent(1) | | 5,888 | | | 7,043 | | | (1,155) | | | 6,210 | | | 7,854 | | | (1,643) | | | Total | | $ | 106,268 | | | $ | 127,109 | | | $ | (20,841) | | | $ | 109,821 | | | $ | 131,683 | | | $ | (21,862) | |
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