| Net Interest Expense |
Note 21—Net Interest Expense Net interest expense is summarized below:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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|
2025 |
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|
2024 |
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|
(in thousands) |
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Interest income: |
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|
|
|
|
|
|
Cash and short-term investments |
|
$ |
5,575 |
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|
$ |
7,085 |
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|
$ |
11,261 |
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|
$ |
15,277 |
|
Mortgage-backed securities |
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|
54,761 |
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|
|
58,418 |
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|
|
112,995 |
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|
|
118,189 |
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Loans acquired for sale |
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|
35,917 |
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|
|
14,958 |
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|
|
69,152 |
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|
|
26,904 |
|
Loans held for investment |
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|
50,694 |
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|
|
13,457 |
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|
|
84,373 |
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|
|
25,573 |
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Deposits securing CRT arrangements |
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|
11,401 |
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|
|
15,383 |
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|
|
23,076 |
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|
|
31,079 |
|
Placement fees relating to custodial funds |
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|
37,736 |
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|
|
41,530 |
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|
|
69,765 |
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|
|
76,970 |
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Other |
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|
397 |
|
|
|
1,004 |
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|
|
1,950 |
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|
|
1,402 |
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|
|
|
196,481 |
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|
|
151,835 |
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|
|
372,572 |
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|
|
295,394 |
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Interest expense: |
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|
|
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|
|
|
|
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Assets sold under agreements to repurchase |
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|
84,336 |
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|
77,364 |
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|
165,484 |
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|
|
157,921 |
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Mortgage loan participation purchase and sale agreements |
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|
168 |
|
|
|
219 |
|
|
|
320 |
|
|
|
465 |
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Notes payable secured by credit risk transfer and
mortgage servicing assets |
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|
53,804 |
|
|
|
67,466 |
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|
|
109,059 |
|
|
|
132,455 |
|
Unsecured senior notes |
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|
15,987 |
|
|
|
11,629 |
|
|
|
29,600 |
|
|
|
21,313 |
|
Asset-backed financings |
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|
46,449 |
|
|
|
11,402 |
|
|
|
75,164 |
|
|
|
24,080 |
|
Interest shortfall on repayments of loans serviced
for Agency securitizations |
|
|
2,455 |
|
|
|
1,805 |
|
|
|
3,884 |
|
|
|
3,098 |
|
Interest on loan impound deposits |
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|
1,460 |
|
|
|
1,652 |
|
|
|
2,914 |
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|
|
2,999 |
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Other |
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|
490 |
|
|
|
304 |
|
|
|
861 |
|
|
|
1,037 |
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|
|
|
205,149 |
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|
|
171,841 |
|
|
|
387,286 |
|
|
|
343,368 |
|
|
|
$ |
(8,668 |
) |
|
$ |
(20,006 |
) |
|
$ |
(14,714 |
) |
|
$ |
(47,974 |
) |
|