Quarterly report [Sections 13 or 15(d)]

Financing (Tables)

v3.26.1
Financing (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Securities Financing Transactions
The following tables summarize the Company’s secured financing arrangements by collateral type:
March 31, 2026
Collateral Type
(in thousands)
RMBS (1)
Mortgage Servicing Rights and Advances
Mortgage Loans Held-for-Sale
Total Secured Financing
Repurchase agreements
 $ 6,665,054  $ 575,000  $ 5,233  $ 7,245,287 
Revolving credit facilities
 —  916,871  —  916,871 
Warehouse lines of credit
 —  —  12,694  12,694 
Total
 $ 6,665,054  $ 1,491,871  $ 17,927  $ 8,174,852 

December 31, 2025
Collateral Type
(in thousands)
RMBS (1)
Mortgage Servicing Rights and Advances
Mortgage Loans Held-for-Sale
Total Secured Financing
Repurchase agreements
 $ 6,601,446  $ 650,000  $ 4,094  $ 7,255,540 
Revolving credit facilities
 —  919,371  —  919,371 
Warehouse lines of credit
 —  —  9,406  9,406 
Total
 $ 6,601,446  $ 1,569,371  $ 13,500  $ 8,184,317 
____________________
(1)Includes Agency and non-Agency AFS securities and Agency derivatives, as detailed within the Repurchase Agreements section of this Note 12.
Schedule of Repurchase Agreements by Maturity At March 31, 2026 and December 31, 2025, the Company’s repurchase agreements had the following characteristics and remaining maturities:
March 31, 2026
Collateral Type
(dollars in thousands)
 Agency RMBS Agency Derivatives Mortgage Servicing Rights
Mortgage Loans Held-for-Sale
 Total Amount Outstanding
Within 30 days $ 2,196,967 $ — $ — $ — $ 2,196,967
30 to 59 days 1,461,670 48,698 — — 1,510,368
60 to 89 days 826,037 — — 5,233 831,270
90 to 119 days 721,971 — — — 721,971
120 to 364 days 1,409,711 — 575,000 — 1,984,711
Total $ 6,616,356 $ 48,698 $ 575,000 $ 5,233 $ 7,245,287
Weighted average days to maturity
 71 37 215 84 82
Weighted average borrowing rate
 3.84  % 4.26  % 6.71  % 5.68  % 4.07  %
December 31, 2025
Collateral Type
(dollars in thousands)
 Agency RMBS Agency Derivatives Mortgage Servicing Rights
Mortgage Loans Held-for-Sale
 Total Amount Outstanding
Within 30 days $ 2,194,337 $ 56,670 $ — $ — $ 2,251,007
30 to 59 days 1,744,692 — — — 1,744,692
60 to 89 days 1,689,646 — — 4,094 1,693,740
90 to 119 days 916,101 — — — 916,101
120 to 364 days — — 650,000 — 650,000
Total $ 6,544,776 $ 56,670 $ 650,000 $ 4,094 $ 7,255,540
Weighted average days to maturity
 55 7 193 83 67
Weighted average borrowing rate
 4.12  % 4.46  % 6.76  % 5.88  % 4.36  %
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:
(in thousands) March 31,
2026		 December 31,
2025
Available-for-sale securities, at fair value $ 6,498,786  $ 6,505,374 
Mortgage servicing rights, at fair value (1)
941,598  958,947 
Mortgage loans held-for-sale, at fair value
 5,358  3,746 
Restricted cash 140,493  108,367 
Due from counterparties 255,451  206,514 
Derivative assets, at fair value 62,094  67,227 
Total $ 7,903,780  $ 7,850,175 
____________________
(1)As of March 31, 2026 and December 31, 2025, MSR repurchase agreements totaling $575.0 million and $650.0 million, respectively, were secured by VFNs issued issued by MSR Issuer Trust and collateralized by portions of the Company’s MSR portfolio. See Note 3 - Variable Interest Entities for further details.
Schedule of Remaining Maturities on Financing Arrangements
At March 31, 2026, the Company had the following remaining maturities on its financing arrangements:
(in thousands)
Repurchase Agreements
Revolving Credit Facilities
Warehouse Lines of Credit
Senior
Notes
Total
Remainder of 2026 $ 7,245,287  $ 69,000  $ 12,694  $ —  $ 7,326,981 
2027 —  567,731  —  —  567,731 
2028 —  —  —  —  — 
2029 —  280,140  —  —  280,140 
2030 —  —  —  111,200  111,200 
Total $ 7,245,287  $ 916,871  $ 12,694  $ 111,200  $ 8,286,052