Net Interest Expense

3 Months Ended

Mar. 31, 2025

Net Interest Expense

Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:

	Quarter ended March 31,
	2025		2024
	(in thousands)
Interest income:
Cash and short-term investments	$	10,007	$	14,582
Principal-only stripped mortgage-backed securities		11,595		270
Loans held for sale		87,394		65,421
Placement fees relating to custodial funds		79,795		76,133
Other		1,080		20
		189,871		156,426
Interest expense:
Assets sold under agreements to repurchase		94,229		70,435
Mortgage loan participation purchase and sale agreements		3,804		4,077
Notes payable secured by mortgage servicing assets		36,578		44,006
Unsecured senior notes		60,137		38,832
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		9,774		6,121
Interest on mortgage loan impound deposits		2,581		1,987
Other		979		311
		208,082		165,769
	$	(18,211)	$	(9,343)