Net Interest Expense

9 Months Ended

Sep. 30, 2024

Net Interest Expense

Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:

	Quarter ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands)
Interest income:
Cash and short-term investments	$	15,641	$	15,814	$	43,395	$	53,186
Principal-only stripped mortgage-backed securities		20,412		—		29,756		—
Loans held for sale		80,103		65,641		231,807		205,414
Placement fees relating to custodial funds		109,201		85,076		277,564		209,319
From Townsgate Closing Services, LLC		—		21		20		63
Other		113		—		165		—
		225,470		166,552		582,707		467,982
Interest expense:
Assets sold under agreements to repurchase		102,708		62,758		279,730		209,461
Mortgage loan participation purchase and sale agreements		4,411		4,383		12,597		11,768
Notes payable secured by mortgage servicing assets		39,265		55,676		125,203		150,271
Unsecured senior notes		51,147		23,949		133,947		71,065
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		15,711		6,857		29,734		16,781
Interest on mortgage loan impound deposits		3,450		2,888		8,399		7,080
Other		905		352		1,627		850
		217,597		156,863		591,237		467,276
	$	7,873	$	9,689	$	(8,530)	$	706