| Net Interest (Expense) Income |
Note 21—Net Interest (Expense) Income Net interest (expense) income is summarized below:
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Quarter ended September 30, |
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Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
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|
2026 |
|
|
2025 |
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|
(in thousands) |
|
Interest income: |
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|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
4,123 |
|
|
$ |
5,694 |
|
|
$ |
13,606 |
|
|
$ |
16,955 |
|
Mortgage-backed securities |
|
|
30,222 |
|
|
|
69,908 |
|
|
|
137,313 |
|
|
|
182,903 |
|
Loans held for sale |
|
|
46,820 |
|
|
|
33,100 |
|
|
|
129,884 |
|
|
|
102,252 |
|
Loans held for investment |
|
|
186,214 |
|
|
|
67,160 |
|
|
|
480,550 |
|
|
|
151,533 |
|
Deposits securing CRT arrangements |
|
|
8,315 |
|
|
|
11,125 |
|
|
|
25,688 |
|
|
|
34,201 |
|
Placement fees relating to custodial funds |
|
|
37,959 |
|
|
|
42,306 |
|
|
|
104,548 |
|
|
|
112,071 |
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Other |
|
|
749 |
|
|
|
795 |
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|
|
3,154 |
|
|
|
2,745 |
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|
|
|
314,402 |
|
|
|
230,088 |
|
|
|
894,743 |
|
|
|
602,660 |
|
Interest expense: |
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|
|
|
|
|
|
|
|
|
|
|
Assets sold under agreements to repurchase |
|
|
95,883 |
|
|
|
88,587 |
|
|
|
275,351 |
|
|
|
254,071 |
|
Mortgage loan participation purchase and sale agreements |
|
|
31 |
|
|
|
55 |
|
|
|
94 |
|
|
|
375 |
|
Notes payable secured by credit risk transfer and mortgage
servicing assets |
|
|
44,943 |
|
|
|
51,465 |
|
|
|
131,614 |
|
|
|
160,524 |
|
Unsecured senior notes |
|
|
15,958 |
|
|
|
18,010 |
|
|
|
52,223 |
|
|
|
47,610 |
|
Asset-backed financings |
|
|
202,989 |
|
|
|
65,409 |
|
|
|
479,383 |
|
|
|
140,573 |
|
Interest shortfall on repayments of loans serviced for Agency
securitizations |
|
|
2,063 |
|
|
|
2,405 |
|
|
|
10,209 |
|
|
|
6,289 |
|
Interest on loan impound deposits |
|
|
2,090 |
|
|
|
2,235 |
|
|
|
5,353 |
|
|
|
5,149 |
|
Other |
|
|
333 |
|
|
|
228 |
|
|
|
1,158 |
|
|
|
1,089 |
|
|
|
|
364,290 |
|
|
|
228,394 |
|
|
|
955,385 |
|
|
|
615,680 |
|
|
|
$ |
(49,888 |
) |
|
$ |
1,694 |
|
|
$ |
(60,642 |
) |
|
$ |
(13,020 |
) |
|