| Summary of Net Interest Expense |
Net interest expense is summarized below:
|
|
|
|
|
|
|
|
|
|
|
Quarter ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Interest income: |
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
4,976 |
|
|
$ |
5,686 |
|
Mortgage-backed securities |
|
|
56,249 |
|
|
|
58,234 |
|
Loans held for sale |
|
|
39,563 |
|
|
|
33,235 |
|
Loans held for investment |
|
|
133,759 |
|
|
|
33,679 |
|
Deposits securing CRT arrangements |
|
|
8,892 |
|
|
|
11,675 |
|
Placement fees relating to custodial funds |
|
|
31,448 |
|
|
|
32,029 |
|
Other |
|
|
1,204 |
|
|
|
1,553 |
|
|
|
|
276,091 |
|
|
|
176,091 |
|
Interest expense: |
|
|
|
|
|
|
Assets sold under agreements to repurchase |
|
|
91,392 |
|
|
|
81,148 |
|
Mortgage loan participation purchase and sale agreements |
|
|
31 |
|
|
|
152 |
|
Notes payable secured by credit risk transfer and mortgage servicing assets |
|
|
41,260 |
|
|
|
55,255 |
|
Unsecured senior notes |
|
|
20,274 |
|
|
|
13,613 |
|
Asset-backed financings |
|
|
120,540 |
|
|
|
28,715 |
|
Interest shortfall on repayments of loans serviced for Agency securitizations |
|
|
4,430 |
|
|
|
1,429 |
|
Interest on loan impound deposits |
|
|
1,696 |
|
|
|
1,454 |
|
Other |
|
|
127 |
|
|
|
371 |
|
|
|
|
279,750 |
|
|
|
182,137 |
|
|
|
$ |
(3,659 |
) |
|
$ |
(6,046 |
) |
|