Net Interest Expense

6 Months Ended

Jun. 30, 2025

Net Interest Expense

Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:

	Quarter ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Interest income:
Cash and short-term investments	$	10,919	$	13,172	$	20,926	$	27,754
Principal-only stripped mortgage-backed securities		6,948		9,074		18,543		9,344
Loans held for sale		105,725		86,283		193,119		151,704
Placement fees relating to custodial funds		97,975		92,230		177,770		168,363
Other		362		52		1,442		72
		221,929		200,811		411,800		357,237
Interest expense:
Assets sold under agreements to repurchase		112,685		106,587		206,914		177,022
Mortgage loan participation purchase and sale agreements		4,168		4,109		7,972		8,186
Notes payable secured by mortgage servicing assets		35,743		41,932		72,321		85,938
Unsecured senior notes		70,157		43,968		130,294		82,800
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		14,058		7,902		23,832		14,023
Interest on mortgage loan impound deposits		2,263		2,962		4,844		4,949
Other		503		411		1,482		722
		239,577		207,871		447,659		373,640
	$	(17,648)	$	(7,060)	$	(35,859)	$	(16,403)