| Summary of Net Interest Expense |
Net interest expense is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
4,507 |
|
|
$ |
5,575 |
|
|
$ |
9,483 |
|
|
$ |
11,261 |
|
Mortgage-backed securities |
|
|
50,842 |
|
|
|
54,761 |
|
|
|
107,091 |
|
|
|
112,995 |
|
Loans held for sale |
|
|
43,501 |
|
|
|
35,917 |
|
|
|
83,064 |
|
|
|
69,152 |
|
Loans held for investment |
|
|
160,577 |
|
|
|
50,694 |
|
|
|
294,336 |
|
|
|
84,373 |
|
Deposits securing CRT arrangements |
|
|
8,481 |
|
|
|
11,401 |
|
|
|
17,373 |
|
|
|
23,076 |
|
Placement fees relating to custodial funds |
|
|
35,141 |
|
|
|
37,736 |
|
|
|
66,589 |
|
|
|
69,765 |
|
Other |
|
|
1,201 |
|
|
|
397 |
|
|
|
2,405 |
|
|
|
1,950 |
|
|
|
|
304,250 |
|
|
|
196,481 |
|
|
|
580,341 |
|
|
|
372,572 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Assets sold under agreements to repurchase |
|
|
88,076 |
|
|
|
84,336 |
|
|
|
179,468 |
|
|
|
165,484 |
|
Mortgage loan participation purchase and sale agreements |
|
|
32 |
|
|
|
168 |
|
|
|
63 |
|
|
|
320 |
|
Notes payable secured by credit risk transfer and mortgage
servicing assets |
|
|
45,411 |
|
|
|
53,804 |
|
|
|
86,671 |
|
|
|
109,059 |
|
Unsecured senior notes |
|
|
15,991 |
|
|
|
15,987 |
|
|
|
36,265 |
|
|
|
29,600 |
|
Asset-backed financings |
|
|
155,854 |
|
|
|
46,449 |
|
|
|
276,394 |
|
|
|
75,164 |
|
Interest shortfall on repayments of loans serviced for Agency
securitizations |
|
|
3,716 |
|
|
|
2,455 |
|
|
|
8,146 |
|
|
|
3,884 |
|
Interest on loan impound deposits |
|
|
1,567 |
|
|
|
1,460 |
|
|
|
3,263 |
|
|
|
2,914 |
|
Other |
|
|
698 |
|
|
|
490 |
|
|
|
825 |
|
|
|
861 |
|
|
|
|
311,345 |
|
|
|
205,149 |
|
|
|
591,095 |
|
|
|
387,286 |
|
|
|
$ |
(7,095 |
) |
|
$ |
(8,668 |
) |
|
$ |
(10,754 |
) |
|
$ |
(14,714 |
) |
|