Net Interest Expense

6 Months Ended

Jun. 30, 2024

Banking and Thrift, Interest [Abstract]

Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:

	Quarter ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
	(in thousands)
Interest income:
Cash and short-term investments	$	7,085		$	6,712		$	15,277		$	13,023
Mortgage-backed securities		58,418			62,542			118,189			113,681
Loans acquired for sale at fair value		14,958			25,779			26,904			62,767
Loans at fair value:
Held in consolidated variable interest entities		13,449			13,644			25,557			28,810
Distressed		8			31			16			24
Deposits securing CRT arrangements		15,383			15,779			31,079			29,991
Placement fees relating to custodial funds		41,530			37,677			76,970			66,597
Other		1,004			520			1,402			810
		151,835			162,684			295,394			315,703
Interest expense:
Assets sold under agreements to repurchase		77,364			96,346			157,921			196,613
Mortgage loan participation purchase and sale agreements		219			413			465			706
Notes payable secured by credit risk transfer and    mortgage servicing assets		67,466			66,150			132,455			121,097
Unsecured senior notes		11,629			8,395			21,313			16,775
Asset-backed financings at fair value		11,402			12,791			24,080			25,144
Interest shortfall on repayments of loans serviced    for Agency securitizations		1,805			1,790			3,098			2,819
Interest on loan impound deposits		1,652			1,315			2,999			2,658
Other		304			190			1,037			715
		171,841			187,390			343,368			366,527
	$	(20,006	)	$	(24,706	)	$	(47,974	)	$	(50,824	)