Financing (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Securities Financing Transactions |
The following tables summarize the Company’s secured financing arrangements by collateral type: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Collateral Type | | (in thousands) | RMBS (1) | | Mortgage Servicing Rights and Advances | | Mortgage Loans Held-for-Sale | | Total Secured Financing | Repurchase agreements | $ | 7,992,622 | | | $ | 790,000 | | | $ | — | | | $ | 8,782,622 | | Revolving credit facilities | — | | | 1,011,871 | | | — | | | 1,011,871 | | Warehouse lines of credit | — | | | — | | | 9,275 | | | 9,275 | | Total | $ | 7,992,622 | | | $ | 1,801,871 | | | $ | 9,275 | | | $ | 9,803,768 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Collateral Type | | | (in thousands) | RMBS (1) | | Mortgage Servicing Rights and Advances | | Mortgage Loans Held-for-Sale | | Total Secured Financing | Repurchase agreements | $ | 7,050,057 | | | $ | 755,000 | | | $ | — | | | $ | 7,805,057 | | Revolving credit facilities | — | | | 1,020,171 | | | — | | | 1,020,171 | | Warehouse lines of credit | — | | | — | | | 2,032 | | | 2,032 | | Total | $ | 7,050,057 | | | $ | 1,775,171 | | | $ | 2,032 | | | $ | 8,827,260 | |
____________________ (1)Includes Agency and non-Agency AFS securities and Agency derivatives, as detailed within the Repurchase Agreements section of this Note 13.
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| Schedule of Repurchase Agreements by Maturity |
At June 30, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Collateral Type | | | | | (dollars in thousands) | Agency RMBS | | | | Non-Agency Securities | | Agency Derivatives | | Mortgage Servicing Rights | | | | | | Total Amount Outstanding | | Within 30 days | $ | 2,343,912 | | | | $ | — | | $ | 15,414 | | $ | — | | | | | | $ | 2,359,326 | | 30 to 59 days | 2,319,847 | | | | — | | 37,503 | | — | | | | | | 2,357,350 | | 60 to 89 days | 2,151,258 | | | | 195 | | 619 | | — | | | | | | 2,152,072 | | 90 to 119 days | 789,250 | | | | — | | — | | — | | | | | | 789,250 | | 120 to 364 days | 334,624 | | | | — | | — | | 620,000 | | | | | | 954,624 | | | | | | | | | | | | | | | | | | One year and over | — | | | | — | | — | | 170,000 | | | | | | 170,000 | | Total | $ | 7,938,891 | | | | $ | 195 | | $ | 53,536 | | $ | 790,000 | | | | | | $ | 8,782,622 | Weighted average days to maturity | 60 | | | | 66 | | 28 | | 321 | | | | | | 83 | Weighted average borrowing rate | 4.48 | % | | | | 5.01 | % | | 4.84 | % | | 7.39 | % | | | | | | 4.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Collateral Type | | | (dollars in thousands) | Agency RMBS | | | | Non-Agency Securities | | Agency Derivatives | | Mortgage Servicing Rights | | | | | | Total Amount Outstanding | | Within 30 days | $ | 2,373,562 | | | | $ | — | | $ | 4,262 | | $ | — | | | | | | $ | 2,377,824 | | 30 to 59 days | 2,316,237 | | | | — | | — | | — | | | | | | 2,316,237 | | 60 to 89 days | 1,304,175 | | | | 207 | | 731 | | — | | | | | | 1,305,113 | | 90 to 119 days | 759,177 | | | | — | | — | | — | | | | | | 759,177 | | 120 to 364 days | 291,706 | | | | — | | — | | 75,000 | | | | | | 366,706 | | | | | | | | | | | | | | | | | | One year and over | — | | | | — | | — | | 680,000 | | | | | | 680,000 | | Total | $ | 7,044,857 | | | | $ | 207 | | $ | 4,993 | | $ | 755,000 | | | | | | $ | 7,805,057 | Weighted average days to maturity | 49 | | | | 66 | | 17 | | 520 | | | | | | 94 | Weighted average borrowing rate | 4.90 | % | | | | 5.39 | % | | 5.31 | % | | 7.44 | % | | | | | | 5.15 | % |
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| Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets |
The following table summarizes assets at carrying value that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements: | | | | | | | | | | | | | (in thousands) | June 30,
2025 | | December 31,
2024 | | Available-for-sale securities, at fair value | $ | 8,207,842 | | | $ | 7,097,561 | | | | | | Mortgage servicing rights, at fair value (1) | 1,328,463 | | | 1,355,639 | | | | | | | | | | | Restricted cash | 44,216 | | | 218,363 | | | Due from counterparties | 38,221 | | | 25,231 | | | Derivative assets, at fair value | 65,676 | | | 5,031 | | | | | | | Total | $ | 9,684,418 | | | $ | 8,701,825 | |
____________________ (1)As of June 30, 2025 and December 31, 2024, MSR repurchase agreements totaling $790.0 million and $755.0 million, respectively, were secured by VFNs issued in connection with the Company’s securitization of MSR. The VFNs are collateralized by portions of the Company’s MSR portfolio.
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| Schedule of Remaining Maturities on Financing Arrangements |
At June 30, 2025, the Company had the following remaining maturities on its financing arrangements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Repurchase Agreements | | Revolving Credit Facilities | | Warehouse Lines of Credit | | Senior Notes | | Convertible Senior Notes | | Total | | Remainder of 2025 | $ | 7,827,998 | | | $ | — | | | $ | 9,275 | | | $ | — | | | $ | — | | | $ | 7,837,273 | | | 2026 | 954,624 | | | 89,000 | | | — | | | — | | | 260,944 | | | 1,304,568 | | | 2027 | — | | | 922,871 | | | — | | | — | | | — | | | 922,871 | | | 2028 | — | | | — | | | — | | | — | | | — | | | — | | | 2029 | — | | | — | | | — | | | — | | | — | | | — | | Thereafter | — | | | — | | | — | | | 110,867 | | | — | | | 110,867 | | | Total | $ | 8,782,622 | | | $ | 1,011,871 | | | $ | 9,275 | | | $ | 110,867 | | | $ | 260,944 | | | $ | 10,175,579 | |
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