Financing (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Securities Financing Transactions |
The following tables summarize the Company’s secured financing arrangements by collateral type:
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September 30, 2025 |
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Collateral Type |
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(in thousands) |
RMBS (1)
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|
Mortgage Servicing Rights and Advances |
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Mortgage Loans Held-for-Sale |
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Total Secured Financing |
Repurchase agreements |
$ |
6,363,146 |
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|
$ |
738,000 |
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|
$ |
3,504 |
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|
$ |
7,104,650 |
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Revolving credit facilities |
— |
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|
945,371 |
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— |
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|
945,371 |
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Warehouse lines of credit |
— |
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— |
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|
8,452 |
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|
8,452 |
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Total |
$ |
6,363,146 |
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$ |
1,683,371 |
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$ |
11,956 |
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$ |
8,058,473 |
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December 31, 2024 |
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Collateral Type |
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(in thousands) |
RMBS (1)
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Mortgage Servicing Rights and Advances |
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Mortgage Loans Held-for-Sale |
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Total Secured Financing |
Repurchase agreements |
$ |
7,050,057 |
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$ |
755,000 |
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$ |
— |
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$ |
7,805,057 |
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Revolving credit facilities |
— |
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|
1,020,171 |
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— |
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|
1,020,171 |
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Warehouse lines of credit |
— |
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— |
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|
2,032 |
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|
2,032 |
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Total |
$ |
7,050,057 |
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$ |
1,775,171 |
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$ |
2,032 |
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$ |
8,827,260 |
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____________________
(1)Includes Agency and non-Agency AFS securities and Agency derivatives, as detailed within the Repurchase Agreements section of this Note 13.
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| Schedule of Repurchase Agreements by Maturity |
At September 30, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities:
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September 30, 2025 |
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Collateral Type |
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(dollars in thousands) |
Agency RMBS |
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Non-Agency Securities |
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Agency Derivatives |
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Mortgage Servicing Rights |
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Mortgage Loans Held-for-Sale |
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Total Amount Outstanding |
| Within 30 days |
$ |
2,232,383 |
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$ |
— |
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$ |
3,667 |
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$ |
— |
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$ |
— |
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$ |
2,236,050 |
| 30 to 59 days |
608,474 |
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— |
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102,346 |
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— |
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— |
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710,820 |
| 60 to 89 days |
— |
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— |
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— |
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— |
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3,504 |
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3,504 |
| 90 to 119 days |
967,433 |
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— |
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— |
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— |
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— |
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967,433 |
| 120 to 364 days |
2,448,314 |
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— |
|
529 |
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568,000 |
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— |
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3,016,843 |
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| One year and over |
— |
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— |
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— |
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170,000 |
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— |
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170,000 |
| Total |
$ |
6,256,604 |
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$ |
— |
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$ |
106,542 |
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$ |
738,000 |
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$ |
3,504 |
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$ |
7,104,650 |
Weighted average days to maturity |
89 |
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0 |
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31 |
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286 |
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86 |
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|
109 |
Weighted average borrowing rate |
4.29 |
% |
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— |
% |
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4.69 |
% |
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7.35 |
% |
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6.28 |
% |
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4.61 |
% |
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December 31, 2024 |
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Collateral Type |
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(dollars in thousands) |
Agency RMBS |
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Non-Agency Securities |
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Agency Derivatives |
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Mortgage Servicing Rights |
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Mortgage Loans Held-for-Sale |
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Total Amount Outstanding |
| Within 30 days |
$ |
2,373,562 |
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$ |
— |
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$ |
4,262 |
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$ |
— |
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$ |
— |
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$ |
2,377,824 |
| 30 to 59 days |
2,316,237 |
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— |
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— |
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— |
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— |
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2,316,237 |
| 60 to 89 days |
1,304,175 |
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|
207 |
|
731 |
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— |
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— |
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1,305,113 |
| 90 to 119 days |
759,177 |
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— |
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— |
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— |
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— |
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759,177 |
| 120 to 364 days |
291,706 |
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— |
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— |
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75,000 |
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— |
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366,706 |
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| One year and over |
— |
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— |
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— |
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680,000 |
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— |
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680,000 |
| Total |
$ |
7,044,857 |
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$ |
207 |
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$ |
4,993 |
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$ |
755,000 |
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$ |
— |
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$ |
7,805,057 |
Weighted average days to maturity |
49 |
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|
66 |
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17 |
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520 |
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0 |
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|
94 |
Weighted average borrowing rate |
4.90 |
% |
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5.39 |
% |
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5.31 |
% |
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7.44 |
% |
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— |
% |
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5.15 |
% |
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| Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets |
The following table summarizes assets at carrying value that are pledged or restricted as collateral for the future payment obligations of the Company’s repurchase agreements:
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| (in thousands) |
September 30,
2025 |
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December 31,
2024 |
| Available-for-sale securities, at fair value |
$ |
6,193,675 |
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$ |
7,097,561 |
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Mortgage servicing rights, at fair value (1)
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1,069,095 |
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1,355,639 |
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Mortgage loans held-for-sale, at fair value |
3,675 |
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— |
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| Restricted cash |
18,059 |
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218,363 |
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| Due from counterparties |
293,663 |
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25,231 |
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| Derivative assets, at fair value |
128,942 |
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5,031 |
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| Total |
$ |
7,707,109 |
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$ |
8,701,825 |
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____________________
(1)As of September 30, 2025 and December 31, 2024, MSR repurchase agreements totaling $738.0 million and $755.0 million, respectively, were secured by VFNs issued in connection with the Company’s securitization of MSR. The VFNs are collateralized by portions of the Company’s MSR portfolio.
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| Schedule of Remaining Maturities on Financing Arrangements |
At September 30, 2025, the Company had the following remaining maturities on its financing arrangements:
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| (in thousands) |
Repurchase Agreements |
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Revolving Credit Facilities |
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Warehouse Lines of Credit |
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Senior
Notes
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Convertible Senior Notes |
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Total |
| Remainder of 2025 |
$ |
2,950,375 |
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$ |
— |
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$ |
8,452 |
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$ |
— |
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$ |
— |
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$ |
2,958,827 |
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| 2026 |
4,154,275 |
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|
72,500 |
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— |
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— |
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|
261,370 |
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4,488,145 |
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| 2027 |
— |
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|
872,871 |
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— |
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— |
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— |
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|
872,871 |
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| 2028 |
— |
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— |
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— |
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— |
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— |
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— |
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| 2029 |
— |
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— |
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— |
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— |
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— |
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— |
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2030 |
— |
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— |
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— |
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|
110,866 |
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— |
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|
110,866 |
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| Total |
$ |
7,104,650 |
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$ |
945,371 |
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$ |
8,452 |
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$ |
110,866 |
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$ |
261,370 |
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$ |
8,430,709 |
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