v3.26.3
Servicing Revenue (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2026202520262025
Servicing and ancillary fees$13,752 $11,651 $39,408 $11,651 
Interest on escrows8,217 7,890 23,038 7,890 
MSR payoffs(122)(2,052)(3,129)(2,052)
MSR amortization(9,571)(9,524)(29,434)(9,524)
MSR impairment— (4,359)2,601 (4,359)
Total servicing revenue, net$12,276 $3,606 $32,484 $3,606 
Product type concentrations that impact our servicing revenue are as follows ($ in millions):
Product Type Concentrations
September 30, 2026December 31, 2025
UPB% of TotalAnnualized Effective Service Fee RateUPB% of TotalAnnualized Effective Service Fee Rate
Fannie Mae$7,955 13 %0.41 %$7,860 16 %0.42 %
Ginnie Mae5,495 9 %0.31 %5,125 11 %0.35 %
Freddie Mac9,342 15 %0.14 %8,649 18 %0.15 %
Bridge361 1 %0.13 %836 2 %0.16 %
Affordable532 1 %0.13 %425 1 %0.26 %
Benefit Street Partners(1)
11,632 19 %0.13 %130 — %0.06 %
Private Label25,970 42 %0.04 %24,821 52 %0.04 %
Total/Weighted Average$61,287 100 %0.14 %$47,846 100 %0.14 %
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(1) Represents the commercial real estate debt book serviced for the Company's affiliates, including $4.4 billion of the $11.6 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
September 30, 2026December 31, 2025
% of Total% of Total
New York14.5 %15.2 %
Texas9.9 %11.0 %
Maryland7.4 %8.5 %
California7.1 %7.2 %
Virginia6.3 %5.8 %
Florida6.1 %5.7 %
New Jersey4.9 %5.4 %
Other(1)
43.8 %41.2 %
Total100.0 %100.0 %
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(1) No other individual state represented 5% or more of the total.