Annual report [Section 13 and 15(d), not S-K Item 405]

Interest Income and Interest Expense

v3.25.4
Interest Income and Interest Expense
 12 Months Ended
Dec. 31, 2025
Banking and Thrift, Interest [Abstract]  
Interest Income and Interest Expense Interest Income and Interest Expense
The following table presents the components of the Company’s interest income and interest expense for the years ended December 31, 2025, 2024 and 2023:
Year Ended
December 31,
2025 2024 2023
Interest income:
Available-for-sale securities $ 374,987  $ 393,527  $ 412,310 
Mortgage loans held-for-sale 526  78  9 
Other 36,485  56,547  68,045 
Total interest income 411,998  450,152  480,364 
Interest expense:
Repurchase agreements 388,341  468,492  474,292 
Revolving credit facilities 75,691  108,623  121,124 
Warehouse lines of credit
 424  66  — 
Term notes payable —  12,426  28,994 
Senior notes 7,264  —  — 
Convertible senior notes 17,949  18,199  18,815 
Other
 1,274  —  — 
Total interest expense 490,943  607,806  643,225 
Net interest expense
 $ (78,945) $ (157,654) $ (162,861)