Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Short-Term Debt

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

	Quarter ended March 31,
	2025		2024
	(dollars in thousands)
Average balance of assets sold under agreements to repurchase	$	6,109,683	$	3,542,537
Weighted average interest rate (1)		5.94%		7.24%
Total interest expense	$	94,229	$	70,435
Maximum daily amount outstanding	$	8,589,915	$	5,442,438

(1) Excludes the effect of amortization of debt issuance costs and non-utilization fees of $4.8 million and $6.7 million for the quarters ended March 31, 2025 and 2024, respectively.

		March 31,		December 31,
	2025		2024
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	7,064,948	$	8,692,756
Unamortized debt issuance costs		(6,895)		(7,549)
	$	7,058,053	$	8,685,207
Weighted average interest rate		5.80%		5.89%
Available borrowing capacity (1):
Committed	$	1,117,467	$	460,000
Uncommitted		4,613,856		3,104,026
	$	5,731,323	$	3,564,026
Assets securing repurchase agreements:
Principal-only stripped mortgage-backed securities	$	817,596	$	825,865
Loans held for sale	$	6,485,146	$	7,612,832
Servicing advances (2)	$	303,106	$	357,939
Mortgage servicing rights (2)	$	7,636,201	$	7,488,539
Deposits (2)	$	13,768	$	16,697

(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, Fannie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset financing 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 March 31, 2025 (1)	Unpaid principal balance
	(dollars in thousands)
Within 30 days	$	1,498,129
Over 30 to 90 days		4,863,578
Over 90 to 180 days		184,880
Over 180 days to one year		55,015
Over one year to two years		463,346
Total assets sold under agreements to repurchase	$	7,064,948
Weighted average maturity (in months)		3.4

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

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., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1)	$	5,919,844	March 18, 2026	March 18, 2026
Atlas Securitized Products, L.P.	$	156,111	August 21, 2025	June 26, 2026
Bank of America, N.A.	$	88,190	May 3, 2025	June 10, 2026
JP Morgan Chase Bank, N.A.	$	52,021	May 31, 2025	June 28, 2026
Royal Bank of Canada	$	47,349	May 1, 2025	February 12, 2026
Citibank, N.A.	$	39,446	June 1, 2025	June 11, 2026
BNP Paribas	$	24,716	June 16, 2025	September 30, 2026
Barclays Bank PLC	$	24,258	August 17, 2025	March 6, 2026
Morgan Stanley Bank, N.A.	$	21,106	June 9, 2025	May 22, 2026
Wells Fargo Bank, N.A.	$	16,838	June 14, 2025	October 15, 2025
Goldman Sachs Bank USA	$	8,653	June 14, 2025	February 13, 2027

(1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs, Fannie 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. The facilities mature on various dates through July 25, 2026 and the facility maturity date shown in this table represents a weighted average of those dates.

Principal-only stripped MBS

Counterparty	Amount at risk		Maturity
	(in thousands)
Bank of America, N.A.	$	2,300	April 24, 2025
JP Morgan Chase Bank, N.A.	$	19,294	April 7, 2025
Wells Fargo Bank, N.A.	$	20,178	April 23, 2025
Santander US Capital Markets LLC	$	16,711	April 15, 2025

Summary of participating mortgage loans

	Quarter ended March 31,
	2025		2024
	(dollars in thousands)
Average balance	$	261,045	$	234,874
Weighted average interest rate (1)		5.64%		6.69%
Total interest expense	$	3,804	$	4,077
Maximum daily amount outstanding	$	511,846	$	515,990

(1) Excludes the effect of amortization of debt issuance costs totaling $172,000 for the quarters ended March 31, 2025 and 2024.

	March 31,		December 31,
	2025		2024
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	510,313	$	496,856
Unamortized debt issuance costs		(172)		(344)
	$	510,141	$	496,512
Weighted average interest rate		5.58%		5.58%
Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements	$	542,613	$	528,002