Short-Term Debt (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase |
Following is a summary of financial information relating to assets sold under agreements to repurchase:
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Quarter ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(dollars in thousands) |
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Weighted average interest rate (1) |
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4.66 |
% |
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5.16 |
% |
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4.64 |
% |
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5.19 |
% |
Average balance |
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$ |
8,074,731 |
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$ |
6,670,245 |
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$ |
7,792,572 |
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$ |
6,408,372 |
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Total interest expense |
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$ |
95,883 |
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$ |
88,587 |
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$ |
275,351 |
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$ |
254,071 |
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Maximum daily amount outstanding |
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$ |
8,817,164 |
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$ |
8,082,484 |
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$ |
9,146,860 |
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$ |
8,733,460 |
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(1)Excludes the effect of amortization of debt issuance costs of $1.1 million and $4.8 million for the quarter and nine months ended September 30, 2026, respectively, and $1.8 million and $5.4 million for the quarter and nine months ended September 30, 2025, respectively.
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September 30, 2026 |
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December 31, 2025 |
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(dollars in thousands) |
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Carrying value: |
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Unpaid principal balance |
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$ |
8,383,792 |
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$ |
8,023,156 |
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Unamortized debt issuance costs |
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(1,819 |
) |
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(4,555 |
) |
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$ |
8,381,973 |
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$ |
8,018,601 |
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Weighted average interest rate |
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4.63 |
% |
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4.71 |
% |
Available borrowing capacity (1): |
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Committed |
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$ |
311,299 |
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$ |
595,085 |
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Uncommitted |
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5,127,775 |
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5,032,598 |
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$ |
5,439,074 |
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$ |
5,627,683 |
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Margin deposits placed with counterparties included in Other assets, net |
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$ |
177,806 |
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$ |
174,598 |
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Assets securing agreements to repurchase: |
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Mortgage-backed securities at fair value |
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$ |
4,305,991 |
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$ |
4,452,859 |
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Loans held for sale at fair value |
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$ |
2,843,528 |
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$ |
2,676,700 |
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Loans held for investment at fair value |
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$ |
1,214,056 |
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$ |
648,159 |
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Credit risk transfer arrangements: |
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Derivative assets |
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$ |
9,542 |
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$ |
12,622 |
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Deposits securing credit risk transfer arrangements |
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$ |
110,227 |
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$ |
176,694 |
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Mortgage servicing rights at fair value (2) |
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$ |
1,640,068 |
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$ |
1,765,572 |
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Servicing advances (3) |
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$ |
27,940 |
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$ |
44,653 |
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(1)The amount of available borrowing capacity the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2)Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. (3)Beneficial interests in Fannie Mae servicing advances are pledged to secure Assets sold under agreements to repurchase.
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| Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date |
Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
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Remaining maturity at September 30, 2026 (1) |
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Unpaid
principal balance |
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(in thousands) |
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Within 30 days |
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$ |
5,873,114 |
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Over 30 to 90 days |
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2,029,097 |
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Over 90 days to 180 days |
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41,747 |
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Over 180 days to 1 year |
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29,916 |
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Over 1 year to 2 years |
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409,918 |
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$ |
8,383,792 |
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Weighted average maturity (in months) |
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1.6 |
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The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease.
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| Summary of Assets Sold under Agreements to Repurchase by Counterparty |
Securities
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Counterparty |
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Amounts at risk |
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Weighted-average maturity |
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(in thousands) |
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Santander US Capital |
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$ |
53,282 |
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October 27, 2026 |
Bank of America, N.A. |
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$ |
14,453 |
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October 15, 2026 |
Nomura Holdings America, Inc. |
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$ |
1,155 |
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January 6, 2027 |
Citibank, N.A. |
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$ |
14,152 |
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December 29, 2026 |
Wells Fargo Securities, LLC |
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$ |
19,900 |
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October 25, 2026 |
Goldman Sachs & Co. LLC |
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$ |
13,074 |
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October 30, 2026 |
JPMorgan Chase & Co. |
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$ |
28,385 |
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October 11, 2026 |
Barclays Capital Inc. |
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$ |
9,942 |
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October 12, 2026 |
Bank of Montreal |
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$ |
15,351 |
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October 15, 2026 |
Daiwa Capital Markets America Inc. |
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$ |
2,794 |
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October 8, 2026 |
Mizuho Financial Group |
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$ |
1,607 |
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October 5, 2026 |
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CRT arrangements
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Counterparty |
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Amounts at risk |
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Weighted-average maturity |
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(in thousands) |
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Morgan Stanley & Co. LLC |
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$ |
16,108 |
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January 6, 2027 |
RBC Capital Markets, L.P. |
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$ |
15,906 |
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October 26, 2026 |
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| Summary of Mortgage Loan Participation Purchase and Sale Agreement |
The mortgage loan participation purchase and sale agreement is summarized below:
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Quarter ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(dollars in thousands) |
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Average balance |
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$ |
— |
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$ |
1,612 |
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$ |
— |
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$ |
6,618 |
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Weighted average interest rate (1) |
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— |
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5.93 |
% |
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— |
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5.69 |
% |
Total interest expense |
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$ |
31 |
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$ |
55 |
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$ |
94 |
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$ |
375 |
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Maximum daily amount outstanding |
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$ |
— |
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$ |
11,371 |
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$ |
— |
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$ |
49,266 |
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(1)Excludes the effect of amortization of debt issuance costs of $31,000 and $94,000 for the quarter and nine months ended September 30, 2026 and 2025, respectively.
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| Loans and MSRs Sold Under Agreements to Repurchase [Member] |
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| Summary of Assets Sold under Agreements to Repurchase by Counterparty |
Loans and MSRs
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Weighted-average maturity |
Counterparty |
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Amounts at risk |
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Advances |
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Facility |
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(in thousands) |
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Atlas Securitized Products, L.P. |
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$ |
437,213 |
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November 12, 2026 |
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December 10, 2027 |
Santander US Capital |
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$ |
54,410 |
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November 5, 2026 |
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November 5, 2026 |
Bank of America, N.A. |
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$ |
79,525 |
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October 7, 2026 |
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May 14, 2027 |
Nomura Holdings America, Inc. |
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$ |
81,553 |
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October 26, 2026 |
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October 26, 2026 |
Citibank, N.A. |
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$ |
50,310 |
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October 6, 2026 |
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May 28, 2027 |
Morgan Stanley & Co. LLC |
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$ |
34,620 |
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December 1, 2026 |
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June 9, 2028 |
Wells Fargo Securities, LLC |
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$ |
28,251 |
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November 21, 2026 |
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January 9, 2027 |
Goldman Sachs & Co. LLC |
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$ |
34,907 |
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November 12, 2026 |
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March 11, 2028 |
JPMorgan Chase & Co. |
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$ |
8,253 |
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November 9, 2026 |
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June 25, 2028 |
RBC Capital Markets, L.P. |
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$ |
12,250 |
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December 15, 2026 |
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July 12, 2027 |
Barclays Capital Inc. |
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$ |
17,911 |
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November 9, 2026 |
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May 15, 2028 |
BNP Paribas |
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$ |
7,990 |
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November 6, 2026 |
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September 1, 2027 |
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