​

​

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)