Financing (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Securities Financing Transactions |
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.
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| Schedule of Repurchase Agreements by Maturity |
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 RMBS | | | | | | Agency Derivatives | | Mortgage Servicing Rights | | Mortgage Loans Held-for-Sale | | | | Total Amount Outstanding | | Within 30 days | $ | 1,911,230 | | | | | | $ | 43,671 | | $ | — | | $ | — | | | | $ | 1,954,901 | | 30 to 59 days | 911,341 | | | | | | — | | — | | — | | | | 911,341 | | 60 to 89 days | 1,347,225 | | | | | | — | | — | | 7,506 | | | | 1,354,731 | | 90 to 119 days | 843,857 | | | | | | — | | 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 | 55 | | | | | | 9 | | 144 | | 86 | | | | 64 | Weighted average borrowing rate | 3.82 | % | | | | | | 4.39 | % | | 6.69 | % | | 5.62 | % | | | | 4.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Collateral Type | | | (dollars in thousands) | Agency RMBS | | | | | | Agency Derivatives | | Mortgage Servicing Rights | | Mortgage Loans Held-for-Sale | | | | Total Amount Outstanding | | Within 30 days | $ | 2,194,337 | | | | | | $ | 56,670 | | $ | — | | $ | — | | | | $ | 2,251,007 | | 30 to 59 days | 1,744,692 | | | | | | — | | — | | — | | | | 1,744,692 | | 60 to 89 days | 1,689,646 | | | | | | — | | — | | 4,094 | | | | 1,693,740 | | 90 to 119 days | 916,101 | | | | | | — | | — | | — | | | | 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 | 55 | | | | | | 7 | | 193 | | 83 | | | | 67 | Weighted average borrowing rate | 4.12 | % | | | | | | 4.46 | % | | 6.76 | % | | 5.88 | % | | | | 4.36 | % |
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| Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets |
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 cash | 123,861 | | | 108,367 | | | Due from counterparties | 5,984 | | | 206,514 | | | Derivative assets, at fair value | 53,211 | | | 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.
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| Schedule of Remaining Maturities on Financing Arrangements |
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 | |
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