Net Interest Expense (Tables)

3 Months Ended

Mar. 31, 2024

Net Interest Expense

Summary of net interest expense

	Quarter ended March 31,
	2024		2023
	(in thousands)
Interest income:
Cash and short-term investments	$	14,582	$	16,245
Principal-only stripped mortgage-backed securities		270		—
Loans held for sale at fair value		65,421		60,993
Placement fees relating to custodial funds		76,133		51,219
From Townsgate Closing Services, LLC		20		21
		156,426		128,478
Interest expense:
Assets sold under agreements to repurchase		70,435		59,223
Mortgage loan participation purchase and sale agreements		4,077		2,923
Notes payable secured by mortgage servicing assets		44,006		40,778
Unsecured senior notes		38,832		23,428
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		6,121		3,210
Interest on mortgage loan impound deposits		1,987		1,967
Other		311		242
		165,769		131,771
	$	(9,343)	$	(3,293)