Year ended December 31,

2024

2023

2022

(in thousands)

Interest income:

Cash and short-term investments

$

56,252

$

68,457

$

19,839

Principal-only stripped mortgage-backed securities

26,035

—

Loans held for sale

326,697

279,506

172,124

Placement fees relating to custodial funds

383,798

284,877

102,099

Other

784

84

—

793,566

632,924

294,062

Interest expense:

Assets sold under agreements to repurchase

393,977

279,289

105,459

Mortgage loan participation purchase and sale agreements

16,404

16,129

7,314

Notes payable secured by mortgage servicing assets

164,161

211,085

79,813

Unsecured senior notes

184,304

98,396

95,014

Interest shortfall on repayments of mortgage loans serviced for Agency securitizations

46,385

21,538

40,741

Interest on mortgage loan impound deposits

11,298

9,795

7,066

Other

2,819

1,545

20

819,348

637,777

335,427

$

(25,782)

$

(4,853)

$

(41,365)