Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Summary of financial data pertaining to assets sold under agreements to repurchase

	Year ended December 31,
	2023		2022		2021
	(dollars in thousands)
Average balance of assets sold under agreements to repurchase	$	3,701,448	$	2,580,513	$	6,911,843
Weighted average interest rate (1)		7.12%		3.59%		2.09%
Total interest expense	$	279,289	$	105,459	$	164,132
Maximum daily amount outstanding	$	6,358,007	$	7,289,147	$	10,969,029

(1) Excludes the effect of amortization of debt issuance costs and non-utilization fees totaling $15.7 million, $12.9 million and $19.4 million for the years ended December 31, 2023, 2022 and 2021, respectively

	December 31,
	2023		2022
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	3,769,449	$	3,004,690
Unamortized debt issuance costs		(5,493)		(3,407)
	$	3,763,956	$	3,001,283
Weighted average interest rate		7.05%		6.00%
Available borrowing capacity (1):
Committed	$	1,282,040	$	1,078,927
Uncommitted		5,548,511		5,391,383
	$	6,830,551	$	6,470,310
Assets securing repurchase agreements:
Loans held for sale	$	3,858,977	$	3,139,870
Servicing advances (2)	$	354,831	$	381,379
Mortgage servicing rights (2)	$	6,284,239	$	5,339,513
Deposits (2)	$	15,653	$	12,277

(1) The amount 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 the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets. The term notes and term loans are described in Note 15 — Long-Term Debt - Notes payable secured by mortgage servicing assets.

Summary of maturities of outstanding advances under repurchase agreements by maturity date

Remaining maturity at December 31, 2023 (1)	Unpaid principal balance
	(dollars in thousands)
Within 30 days	$	823,013
Over 30 to 90 days		2,389,502
Over 90 to 180 days		74,968
Over 180 days to one year		133,038
Over one year to two years		348,928
Total assets sold under agreements to repurchase	$	3,769,449
Weighted average maturity (in months)		3.4

(1) The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair value (as determined by the applicable lender) of the assets securing those agreements decreases.

Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty

			Weighted average
Counterparty	Amount at risk		maturity of advances	Facility maturity
	(in thousands)
Atlas Securitized Products, L.P. & Citibank, N.A. & Goldman Sachs Bank USA & Nomura Corporate Funding Americas (1)	$	4,002,911	March 25, 2025	June 27, 2025
Atlas Securitized Products, L.P.	$	103,737	May 4, 2024	June 27, 2025
Bank of America, N.A.	$	79,328	January 29, 2024	June 12, 2025
BNP Paribas	$	31,964	March 24, 2024	September 30, 2025
Barclays Bank PLC	$	28,314	May 22, 2024	November 13, 2024
Royal Bank of Canada	$	25,993	January 21, 2024	November 8, 2024
JP Morgan Chase Bank, N.A.	$	15,375	February 19, 2024	June 16, 2025
Goldman Sachs Bank USA	$	12,954	April 27, 2024	December 8, 2025
JP Morgan Chase Bank, N.A. (EBO facility)	$	12,612	October 17, 2024	June 9, 2025
Morgan Stanley Bank, N.A.	$	8,788	March 16, 2024	January 27, 2025
Citibank, N.A.	$	7,374	February 27, 2024	June 27, 2025
Wells Fargo Bank, N.A.	$	6,652	March 11, 2024	May 3, 2025

(1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets.

Summary of participating mortgage loans

	Year ended December 31,
	2023		2022		2021
	(dollars in thousands)
Average balance	$	238,197	$	211,035	$	249,255
Weighted average interest rate (1)		6.48%		3.16%		1.39%
Total interest expense	$	16,129	$	7,314	$	4,153
Maximum daily amount outstanding	$	515,537	$	515,043	$	532,819

(1) Excludes the effect of amortization of debt issuance costs totaling $688,000, $651,000 and $688,000 for the years ended December 31, 2023, 2022 and 2021, respectively.

	December 31,
	2023		2022
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	446,406	$	287,943
Unamortized debt issuance costs		(352)		(351)
	$	446,054	$	287,592
Weighted average interest rate		6.60%		5.71%
Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements	$	470,524	$	302,977