Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2025

The following table presents activity related to MSRs for the three and nine months ended September 30, 2025, respectively (dollar amounts in thousands). The Company did not have MSRs during the three and nine months ended September 30, 2024.


		For the Three Months Ended September 30, 2025		For the Nine Months Ended September 30, 2025
Balance at beginning of period		$	19,449	$	21,003
Additions:

	MSRs received from equity investment in Constructive	3,405		3,405
	MSRs acquired through business combination	141		141

Changes in fair value due to:
	Changes in valuation inputs or assumptions used in valuation model	(506)		(1,088)
	Other changes in fair value, including runoff	(593)		(1,565)
Balance at end of period		$	21,896	$	21,896

Schedule of Servicing Income

The following table presents the components of servicing fee income recognized during the three and nine months ended September 30, 2025, respectively (dollar amounts in thousands). Servicing fee income is included in other income (loss) on the accompanying condensed consolidated statements of operations.


	For the Three Months Ended September 30, 2025		For the Nine Months Ended September 30, 2025
Servicing fees	$	1,290	$	3,755
Prepayment fees	657		2,052
Ancillary and other fee income (1)	52		145
Servicing fee income	$	1,999	$	5,952

(1)Includes default interest and late fee collections.