Net Interest Expense

3 Months Ended

Mar. 31, 2023

Net Interest Expense

Net Interest Expense

Note 19—Net Interest Expense

Net interest expense is summarized below:

	Quarter ended March 31,
	2023		2022
	(in thousands)
Interest income:
Cash and short-term investments	$	16,245	$	572
Loans held for sale at fair value		60,993		49,113
Placement fees relating to custodial funds		51,219		4,197
From Townsgate Closing Services, LLC		21		—
		128,478		53,882
Interest expense:
Assets sold under agreements to repurchase		59,223		23,770
Mortgage loan participation purchase and sale agreements		2,923		1,120
Notes payable secured by mortgage servicing assets		40,778		9,909
Unsecured senior notes		23,428		23,428
Obligations under capital lease		—		15
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		3,210		17,479
Interest on mortgage loan impound deposits		1,967		1,586
Other		242		—
		131,771		77,307
	$	(3,293)	$	(23,425)