Note 11 — Mortgage Servicing Rights

The following table presents the Company’s mortgage servicing rights, unpaid principal balance of GNMA loans serviced for GNMA by Century and nonperforming loans serviced for BPC MC Trust, a related party (see Note 26 — Warrants and Related Party Transactions), and significant assumptions used in determining the fair value of servicing rights as of December 31, 2025, 2024 and 2023:


	Mortgage Servicing Rights		UPB Serviced		Weighted Average Discount Rate			Weighted Average Conditional Prepayment Rate
	($ in thousands)
December 31, 2025
GNMA loans	$	12,748	$	820,070		8.0	%		5.6	%
Nonperforming loans		215		128,047		15.0			36.5
Total	$	12,963	$	948,117		8.9			9.7
December 31, 2024
GNMA loans	$	13,712	$	807,916		8.0			5.1
December 31, 2023
GNMA loans	$	8,578	$	490,873		8.0			6.5

The following table presents the Company’s mortgage servicing rights activity for the years ended December 31, 2025, 2024 and 2023:


	December 31,
	2025			2024		2023
	(In thousands)
Balance at the beginning of year	$	13,712		$	8,578	$	9,238
Mortgage servicing rights acquired		—			4,759		—
Additions		249			—		—
Fair value adjustments		(998	)		375		(660	)
Balance at the end of year	$	12,963		$	13,712	$	8,578

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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+ Details

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