Short-Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase |
Following is a summary of financial information relating to assets sold under agreements to repurchase:
|
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|
|
|
|
|
|
|
|
|
Quarter ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(dollars in thousands) |
|
Weighted average interest rate (1) |
|
|
4.64 |
% |
|
|
5.21 |
% |
Average balance |
|
$ |
7,812,433 |
|
|
$ |
6,180,911 |
|
Total interest expense |
|
$ |
91,392 |
|
|
$ |
81,148 |
|
Maximum daily amount outstanding |
|
$ |
8,673,233 |
|
|
$ |
7,068,600 |
|
(1)Excludes the effect of amortization of debt issuance costs of $1.9 million and $1.8 million for the quarters ended March 31, 2026 and 2025, respectively.
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|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
(dollars in thousands) |
|
Carrying value: |
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|
|
|
|
|
Unpaid principal balance |
|
$ |
7,304,211 |
|
|
$ |
8,023,156 |
|
Unamortized debt issuance costs |
|
|
(3,519 |
) |
|
|
(4,555 |
) |
|
|
$ |
7,300,692 |
|
|
$ |
8,018,601 |
|
Weighted average interest rate |
|
|
4.54 |
% |
|
|
4.71 |
% |
Available borrowing capacity (1): |
|
|
|
|
|
|
Committed |
|
$ |
553,463 |
|
|
$ |
595,085 |
|
Uncommitted |
|
|
5,174,734 |
|
|
|
5,032,598 |
|
|
|
$ |
5,728,197 |
|
|
$ |
5,627,683 |
|
Margin deposits placed with counterparties included in Other assets, net |
|
$ |
170,948 |
|
|
$ |
174,598 |
|
Assets securing agreements to repurchase: |
|
|
|
|
|
|
Mortgage-backed securities at fair value |
|
$ |
3,765,539 |
|
|
$ |
4,452,859 |
|
Loans held for sale at fair value |
|
$ |
2,328,824 |
|
|
$ |
2,676,700 |
|
Loans held for investment at fair value |
|
$ |
937,680 |
|
|
$ |
648,159 |
|
Credit risk transfer arrangements: |
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|
|
|
|
|
Derivative assets |
|
$ |
9,169 |
|
|
$ |
12,622 |
|
Deposits securing credit risk transfer arrangements |
|
$ |
153,742 |
|
|
$ |
176,694 |
|
Mortgage servicing rights at fair value (2) |
|
$ |
1,745,231 |
|
|
$ |
1,765,572 |
|
Servicing advances (3) |
|
$ |
38,930 |
|
|
$ |
44,653 |
|
(1)The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2)Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. (3)Beneficial interests in Fannie Mae servicing advances are pledged to secure Assets sold under agreements to repurchase.
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| Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date |
Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
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|
|
|
Remaining maturity at March 31, 2026 (1) |
|
Unpaid
principal
balance |
|
|
|
(in thousands) |
|
Within 30 days |
|
$ |
4,209,428 |
|
Over 30 to 90 days |
|
|
2,387,866 |
|
Over 90 days to 180 days |
|
|
153,151 |
|
Over 180 days to 1 year |
|
|
55,000 |
|
Over 1 year to 2 years |
|
|
498,766 |
|
|
|
$ |
7,304,211 |
|
Weighted average maturity (in months) |
|
|
2.3 |
|
The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease.
|
| Summary of Assets Sold under Agreements to Repurchase by Counterparty |
Securities
|
|
|
|
|
|
|
Counterparty |
|
Amounts at risk |
|
|
Weighted-average maturity |
|
|
(in thousands) |
|
|
|
Santander US Capital |
|
$ |
36,286 |
|
|
May 1, 2026 |
Bank of America, N.A. |
|
$ |
22,623 |
|
|
May 2, 2026 |
Goldman Sachs & Co. LLC |
|
$ |
15,649 |
|
|
April 15, 2026 |
Nomura Holdings America, Inc. |
|
$ |
1,200 |
|
|
June 30, 2026 |
Citibank, N.A. |
|
$ |
7,181 |
|
|
May 12, 2026 |
JPMorgan Chase & Co. |
|
$ |
39,757 |
|
|
April 28, 2026 |
Wells Fargo Securities, LLC |
|
$ |
22,788 |
|
|
April 30, 2026 |
Barclays Capital Inc. |
|
$ |
12,066 |
|
|
April 22, 2026 |
Bank of Montreal |
|
$ |
8,485 |
|
|
May 7, 2026 |
Daiwa Capital Markets America Inc. |
|
$ |
4,891 |
|
|
May 5, 2026 |
Mizuho Financial Group |
|
$ |
2,079 |
|
|
April 23, 2026 |
|
|
|
|
|
|
CRT arrangements
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|
|
|
|
|
|
Counterparty |
|
Amounts at risk |
|
|
Weighted-average maturity |
|
|
(in thousands) |
|
|
|
RBC Capital Markets, L.P. |
|
$ |
22,080 |
|
|
April 24, 2026 |
Morgan Stanley & Co. LLC |
|
$ |
17,349 |
|
|
April 30, 2026 |
|
| Summary of Mortgage Loan Participation Purchase and Sale Agreement |
The mortgage loan participation purchase and sale agreement is summarized below:
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|
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|
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|
Quarter ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(dollars in thousands) |
|
Average balance |
|
$ |
— |
|
|
$ |
8,653 |
|
Weighted average interest rate (1) |
|
|
— |
|
|
|
5.68 |
% |
Total interest expense |
|
$ |
31 |
|
|
$ |
152 |
|
Maximum daily amount outstanding |
|
$ |
— |
|
|
$ |
49,266 |
|
(1)Excludes the effect of amortization of debt issuance costs of $31,000 for the quarters ended March 31, 2026 and 2025.
|
| Loans and MSRs Sold Under Agreements to Repurchase [Member] |
|
| Summary of Assets Sold under Agreements to Repurchase by Counterparty |
Loans and MSRs
|
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|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average maturity |
Counterparty |
|
Amounts at risk |
|
|
Advances |
|
Facility |
|
|
(in thousands) |
|
|
|
|
|
Atlas Securitized Products, L.P. |
|
$ |
488,626 |
|
|
April 29, 2026 |
|
December 10, 2027 |
Santander US Capital |
|
$ |
69,951 |
|
|
June 25, 2026 |
|
June 25, 2026 |
Bank of America, N.A. |
|
$ |
66,920 |
|
|
April 7, 2026 |
|
March 3, 2027 |
Goldman Sachs & Co. LLC |
|
$ |
63,918 |
|
|
April 12, 2026 |
|
March 13, 2028 |
Nomura Holdings America, Inc. |
|
$ |
73,914 |
|
|
April 29, 2026 |
|
April 29, 2026 |
Citibank, N.A. |
|
$ |
53,729 |
|
|
July 12, 2026 |
|
July 27, 2026 |
RBC Capital Markets, L.P. |
|
$ |
21,268 |
|
|
June 13, 2026 |
|
January 19, 2027 |
JPMorgan Chase & Co. |
|
$ |
2,948 |
|
|
May 23, 2026 |
|
June 28, 2026 |
Morgan Stanley & Co. LLC |
|
$ |
23,971 |
|
|
June 2, 2026 |
|
August 18, 2027 |
Wells Fargo Securities, LLC |
|
$ |
5,949 |
|
|
May 20, 2026 |
|
March 18, 2027 |
BNP Paribas |
|
$ |
11,212 |
|
|
May 27, 2026 |
|
February 22, 2027 |
|