v3.26.1
Financing
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Financing
Secured Financing
The following tables summarize the Company’s secured financing arrangements by collateral type:
June 30, 2026
Collateral Type
(in thousands)
RMBS (1)
Mortgage Servicing Rights and Advances
Mortgage Loans Held-for-Sale
Total Secured Financing
Repurchase agreements
$5,057,324 $575,000 $7,506 $5,639,830 
Revolving credit facilities
— 862,771 — 862,771 
Warehouse lines of credit
— — 4,333 4,333 
Total
$5,057,324 $1,437,771 $11,839 $6,506,934 

December 31, 2025
Collateral Type
(in thousands)
RMBS (1)
Mortgage Servicing Rights and Advances
Mortgage Loans Held-for-Sale
Total Secured Financing
Repurchase agreements
$6,601,446 $650,000 $4,094 $7,255,540 
Revolving credit facilities
— 919,371 — 919,371 
Warehouse lines of credit
— — 9,406 9,406 
Total
$6,601,446 $1,569,371 $13,500 $8,184,317 
____________________
(1)Includes Agency and non-Agency AFS securities and Agency derivatives, as detailed within the Repurchase Agreements section of this Note 12.

Repurchase Agreements
The Company finances certain of its investment securities, MSR and mortgage loans held-for-sale through the use of repurchase facilities. At June 30, 2026 and December 31, 2025, the Company’s repurchase agreements had the following characteristics and remaining maturities:
June 30, 2026
Collateral Type
(dollars in thousands)
Agency RMBSAgency DerivativesMortgage Servicing Rights
Mortgage Loans Held-for-Sale
Total Amount Outstanding
Within 30 days$1,911,230$43,671$—$—$1,954,901
30 to 59 days911,341———911,341
60 to 89 days1,347,225——7,5061,354,731
90 to 119 days843,857—150,000—993,857
120 to 364 days——425,000—425,000
Total$5,013,653$43,671$575,000$7,506$5,639,830
Weighted average days to maturity
5591448664
Weighted average borrowing rate
3.82 %4.39 %6.69 %5.62 %4.12 %
December 31, 2025
Collateral Type
(dollars in thousands)
Agency RMBSAgency DerivativesMortgage Servicing Rights
Mortgage Loans Held-for-Sale
Total Amount Outstanding
Within 30 days$2,194,337$56,670$—$—$2,251,007
30 to 59 days1,744,692———1,744,692
60 to 89 days1,689,646——4,0941,693,740
90 to 119 days916,101———916,101
120 to 364 days——650,000—650,000
Total$6,544,776$56,670$650,000$4,094$7,255,540
Weighted average days to maturity
5571938367
Weighted average borrowing rate
4.12 %4.46 %6.76 %5.88 %4.36 %

The following table summarizes assets at carrying value that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:
(in thousands)June 30,
2026		December 31,
2025
Available-for-sale securities, at fair value$5,084,098 $6,505,374 
Mortgage servicing rights, at fair value (1)
923,087 958,947 
Mortgage loans held-for-sale, at fair value
7,806 3,746 
Restricted cash123,861 108,367 
Due from counterparties5,984 206,514 
Derivative assets, at fair value53,211 67,227 
Total$6,198,047 $7,850,175 
____________________
(1)As of June 30, 2026 and December 31, 2025, MSR repurchase agreements totaling $575.0 million and $650.0 million, respectively, were secured by VFNs issued by MSR Issuer Trust and collateralized by portions of the Company’s MSR portfolio. See Note 3 - Variable Interest Entities for further details.

Although the transactions under repurchase agreements represent committed borrowings until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or fund margin calls.
As of both June 30, 2026 and December 31, 2025, the net carrying value of assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest, with any individual counterparty or group of related counterparties did not exceed 10% of total stockholders’ equity. The Company does not anticipate any defaults by its repurchase agreement counterparties. There can be no assurance, however, that any such default or defaults will not occur.
Revolving Credit Facilities
To finance MSR assets and related servicing advance obligations, the Company has entered into revolving credit facilities collateralized by the value of the MSR and/or servicing advances pledged. As of June 30, 2026 and December 31, 2025, the Company had outstanding short- and long-term borrowings under revolving credit facilities of $862.8 million and $919.4 million with a weighted average borrowing rate of 6.67% and 6.77% and weighted average remaining maturities of 1.4 and 1.8 years, respectively.
Although the transactions under revolving credit facilities represent committed borrowings from the time of funding until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or pay down the facility. As of June 30, 2026 and December 31, 2025, MSR with a carrying value of $1.4 billion and $1.5 billion, respectively, was pledged as collateral for the Company’s future payment obligations under its MSR revolving credit facilities. As of June 30, 2026 and December 31, 2025, servicing advances with a carrying value of $67.1 million and $100.1 million, respectively, were pledged as collateral for the Company’s future payment obligations under its servicing advance revolving credit facility. The Company does not anticipate any defaults by its revolving credit facility counterparties, although there can be no assurance that any such default or defaults will not occur.
Warehouse Lines of Credit
To finance origination activities, the Company has entered into a warehouse line of credit collateralized by the value of the mortgage loans pledged for a period of up to 90 days or until they are sold to the GSEs or other third-party investors in the secondary market, typically within 60 days of origination. As of June 30, 2026 and December 31, 2025, the Company had outstanding short-term borrowings under its warehouse line of credit of $4.3 million and $9.4 million with a weighted average borrowing rate of 5.59% and 6.00% and weighted average remaining maturities of 84 and 80 days, respectively.
Although transactions under the warehouse line of credit represent committed borrowings from the time of funding until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or pay down the facility. As of June 30, 2026 and December 31, 2025, mortgage loans held-for-sale with a carrying value of $4.4 million and $9.6 million, respectively, were pledged as collateral for the Company’s future payment obligations under its warehouse line of credit. Additionally, as of both June 30, 2026 and December 31, 2025, cash of $0.4 million was held in restricted accounts as collateral for future payment obligations of outstanding balances under the warehouse line of credit. The Company does not anticipate any defaults by its warehouse line of credit counterparties, although there can be no assurance that any such default or defaults will not occur.
Unsecured Financing
Senior Notes
On May 13, 2025, the Company closed an underwritten public offering of $115.0 million aggregate principal amount of its senior notes due in 2030, which included $15.0 million aggregate principal amount sold by the Company to the underwriters of the offering pursuant to an overallotment option. The senior notes are unsecured and bear an interest rate of 9.375% per annum, payable quarterly in arrears on February 15, May 15, August 15 and November 15. The senior notes will mature in August 2030, unless earlier redeemed in accordance with their terms. The Company may redeem the senior notes, in whole or in part, any time on or after May 15, 2027, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest. The Company may also repurchase the senior notes in open market or privately negotiated transactions at the same or differing price without giving prior notice to or obtaining any consent of the holders. The net proceeds from the offering were approximately $110.6 million after deducting underwriting discounts and offering expenses payable by the Company. As of June 30, 2026 and December 31, 2025, the outstanding amount included on the consolidated balance sheets, net of unamortized deferred issuance costs, was $111.4 million and $111.1 million, respectively.
Convertible Senior Notes
The Company’s convertible senior notes were repaid in full on their January 15, 2026 maturity date, were unsecured, paid interest semiannually at a rate of 6.25% per annum and were convertible at the option of the holder into shares of the Company’s common stock. As of December 31, 2025, the outstanding amount included on the consolidated balance sheets, net of unamortized deferred issuance costs, was $261.8 million.
Future Maturities
At June 30, 2026, the Company had the following remaining maturities on its financing arrangements:
(in thousands)
Repurchase Agreements
Revolving Credit Facilities
Warehouse Lines of Credit
Senior
Notes
Total
Remainder of 2026$5,639,830 $64,900 $4,333 $— $5,709,063 
2027— 517,731 — — 517,731 
2028— — — — — 
2029— 280,140 — — 280,140 
2030— — — 111,350 111,350 
Total$5,639,830 $862,771 $4,333 $111,350 $6,618,284