v3.26.1
Net Interest Expense
3 Months Ended
Mar. 31, 2026
Net Interest Expense  
Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:

Quarter ended March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

(in thousands)

Interest income:

Cash and short-term investments

$

9,569

$

10,007

Principal-only stripped mortgage-backed securities

(4,976)

11,595

Loans held for sale

113,182

87,394

Placement fees relating to custodial funds

89,939

79,795

Other

465

1,080

208,179

189,871

Interest expense:

Assets sold under agreements to repurchase

110,018

94,229

Mortgage loan participation purchase and sale agreements

4,194

3,804

Notes payable secured by mortgage servicing assets

22,389

36,578

Unsecured senior notes

83,279

60,137

Interest shortfall on repayments of mortgage loans serviced for Agency securitizations

26,131

9,774

Interest on mortgage loan impound deposits

2,737

2,581

Other

974

979

249,722

208,082

$

(41,543)

$

(18,211)