Financing (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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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June 30, 2026 |
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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 |
$ |
5,057,324 |
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|
$ |
575,000 |
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|
$ |
7,506 |
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|
$ |
5,639,830 |
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Revolving credit facilities |
— |
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|
862,771 |
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|
— |
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|
862,771 |
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Warehouse lines of credit |
— |
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|
— |
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|
4,333 |
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|
4,333 |
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Total |
$ |
5,057,324 |
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$ |
1,437,771 |
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$ |
11,839 |
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$ |
6,506,934 |
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December 31, 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 |
$ |
6,601,446 |
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$ |
650,000 |
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$ |
4,094 |
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$ |
7,255,540 |
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Revolving credit facilities |
— |
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|
919,371 |
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— |
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|
919,371 |
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Warehouse lines of credit |
— |
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— |
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|
9,406 |
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|
9,406 |
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Total |
$ |
6,601,446 |
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$ |
1,569,371 |
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$ |
13,500 |
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$ |
8,184,317 |
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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 12.
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| Schedule of Repurchase Agreements by Maturity |
At June 30, 2026 and December 31, 2025, the Company’s repurchase agreements had the following characteristics and remaining maturities:
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June 30, 2026 |
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Collateral Type |
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|
(dollars in thousands) |
Agency RMBS |
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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 |
$ |
1,911,230 |
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$ |
43,671 |
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$ |
— |
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$ |
— |
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$ |
1,954,901 |
| 30 to 59 days |
911,341 |
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— |
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— |
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— |
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911,341 |
| 60 to 89 days |
1,347,225 |
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— |
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— |
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7,506 |
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1,354,731 |
| 90 to 119 days |
843,857 |
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— |
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150,000 |
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— |
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993,857 |
| 120 to 364 days |
— |
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— |
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425,000 |
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— |
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|
425,000 |
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| Total |
$ |
5,013,653 |
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$ |
43,671 |
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$ |
575,000 |
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$ |
7,506 |
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$ |
5,639,830 |
Weighted average days to maturity |
55 |
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9 |
|
144 |
|
86 |
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|
64 |
Weighted average borrowing rate |
3.82 |
% |
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4.39 |
% |
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6.69 |
% |
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5.62 |
% |
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4.12 |
% |
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December 31, 2025 |
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Collateral Type |
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(dollars in thousands) |
Agency RMBS |
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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 |
$ |
2,194,337 |
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$ |
56,670 |
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$ |
— |
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$ |
— |
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$ |
2,251,007 |
| 30 to 59 days |
1,744,692 |
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— |
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— |
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— |
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1,744,692 |
| 60 to 89 days |
1,689,646 |
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— |
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— |
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4,094 |
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1,693,740 |
| 90 to 119 days |
916,101 |
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— |
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— |
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— |
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916,101 |
| 120 to 364 days |
— |
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— |
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650,000 |
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— |
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650,000 |
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| Total |
$ |
6,544,776 |
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$ |
56,670 |
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$ |
650,000 |
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$ |
4,094 |
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$ |
7,255,540 |
Weighted average days to maturity |
55 |
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7 |
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193 |
|
83 |
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|
67 |
Weighted average borrowing rate |
4.12 |
% |
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4.46 |
% |
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6.76 |
% |
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5.88 |
% |
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4.36 |
% |
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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) |
June 30,
2026 |
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December 31,
2025 |
| Available-for-sale securities, at fair value |
$ |
5,084,098 |
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$ |
6,505,374 |
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Mortgage servicing rights, at fair value (1)
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923,087 |
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958,947 |
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Mortgage loans held-for-sale, at fair value |
7,806 |
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3,746 |
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| Restricted cash |
123,861 |
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108,367 |
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| Due from counterparties |
5,984 |
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206,514 |
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| Derivative assets, at fair value |
53,211 |
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67,227 |
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| Total |
$ |
6,198,047 |
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$ |
7,850,175 |
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____________________
(1)As of June 30, 2026 and December 31, 2025, MSR repurchase agreements totaling $575.0 million and $650.0 million, respectively, were secured by VFNs issued by MSR Issuer Trust and collateralized by portions of the Company’s MSR portfolio. See Note 3 - Variable Interest Entities for further details.
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| Schedule of Remaining Maturities on Financing Arrangements |
At June 30, 2026, 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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Total |
| Remainder of 2026 |
$ |
5,639,830 |
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$ |
64,900 |
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$ |
4,333 |
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$ |
— |
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$ |
5,709,063 |
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| 2027 |
— |
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|
517,731 |
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|
— |
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— |
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|
517,731 |
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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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| 2029 |
— |
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|
280,140 |
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— |
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— |
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280,140 |
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| 2030 |
— |
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— |
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— |
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|
111,350 |
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|
111,350 |
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| Total |
$ |
5,639,830 |
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$ |
862,771 |
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$ |
4,333 |
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$ |
111,350 |
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$ |
6,618,284 |
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