Net Interest (Expense) Income

9 Months Ended

Sep. 30, 2025

Net Interest (Expense) Income

Net Interest (Expense) Income

Note 21—Net Interest (Expense) Income

Net interest (expense) income is summarized below:

	Quarter ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Interest income:
Cash and short-term investments	$	11,698	$	15,641	$	32,624	$	43,395
Principal-only stripped mortgage-backed securities		13,881		20,412		32,424		29,756
Loans held for sale		113,039		80,103		306,158		231,807
Placement fees relating to custodial funds		109,706		109,201		287,476		277,564
Other		429		113		1,871		185
		248,753		225,470		660,553		582,707
Interest expense:
Assets sold under agreements to repurchase		121,170		102,708		328,084		279,730
Mortgage loan participation purchase and sale agreements		4,267		4,411		12,239		12,597
Notes payable secured by mortgage servicing assets		26,417		39,265		98,738		125,203
Unsecured senior notes		78,014		51,147		208,308		133,947
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		14,855		15,711		38,687		29,734
Interest on mortgage loan impound deposits		4,370		3,450		9,214		8,399
Other		807		905		2,289		1,627
		249,900		217,597		697,559		591,237
	$	(1,147)	$	7,873	$	(37,006)	$	(8,530)