v3.26.1
Investments in Servicing Related Assets
 6 Months Ended
Jun. 30, 2026
Investments in Servicing Related Assets [Abstract]  
Investments in Servicing Related Assets
Note 5 — Investments in Servicing Related Assets


The Company’s portfolio of Servicing Related Assets consists of Fannie Mae and Freddie Mac MSRs with an aggregate UPB of approximately $15.2 billion as of June 30, 2026.


The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands):

Servicing Related Assets Summary

As of June 30, 2026

 
Unpaid
Principal
Balance
    
Carrying
Value(A)
    
Weighted
Average
Coupon
    
Weighted
Average
Maturity
(Years)(B)
    
Year to Date
Changes in Fair
Value Recorded
in Other Income
(Loss)
  
MSRs
  
$
15,208,654
    
$
211,105
      
3.49
%
    
23.2
    
$
(3,712
)
MSR Total/Weighted Average
  
$
15,208,654
    
$
211,105
      
3.49
%
    
23.2
    
$
(3,712
)

As of December 31, 2025

 
Unpaid
Principal
Balance
    
Carrying
Value(A)
    
Weighted
Average
Coupon
    
Weighted
Average
Maturity
(Years)(B)
    
Year to Date
Changes in Fair
Value Recorded
in Other Income
(Loss)
  
MSRs
  
$
15,891,266
    
$
214,831
      
3.49
%
    
23.6
    
$
(18,825
)
MSR Total/Weighted Average
  
$
15,891,266
    
$
214,831
      
3.49
%
    
23.6
    
$
(18,825
)

(A)
See Note 8 regarding the estimation of fair value, which approximates carrying value for all pools.
(B)
Weighted average maturity of the underlying residential mortgage loans in the pool is based on the unpaid principal balance.


The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated:

Geographic Concentration of Servicing Related Assets

As of June 30, 2026

 
  
Percentage of Total Outstanding
Unpaid Principal Balance
  
California
    
14.9
%
Virginia
    
8.8
%
New York
    
8.6
%
Maryland
    
6.8
%
Texas
    
5.8
%
Florida     5.2 %
North Carolina
    
5.0
%
All other
    
44.8
%
Total
    
100.0
%


As of December 31, 2025

 
  
Percentage of Total Outstanding
Unpaid Principal Balance
  
California
    
14.8
%
Virginia
    
8.8
%
New York
    
8.5
%
Maryland
    
6.8
%
Texas
    
5.8
%
Florida
    5.3 %
North Carolina
    
5.0
%
All other
    
45.0
%
Total
    
100.0
%


Geographic concentrations of investments expose the Company to the risk of economic downturns within the relevant states. Any such downturn in a state where the Company holds significant investments could affect the underlying borrower’s ability to make the mortgage payment and, therefore, could have a meaningful, negative impact on the Company’s Servicing Related Assets.