Financing (Tables)
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12 Months Ended |
Dec. 31, 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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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 |
|
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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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 |
|
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 December 31, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities:
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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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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 |
$ |
2,194,337 |
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|
$ |
— |
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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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— |
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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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— |
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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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— |
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916,101 |
| 120 to 364 days |
— |
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— |
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— |
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650,000 |
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— |
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650,000 |
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| One year and over |
— |
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— |
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— |
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— |
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— |
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— |
| Total |
$ |
6,544,776 |
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$ |
— |
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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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0 |
|
7 |
|
193 |
|
83 |
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|
67 |
Weighted average borrowing rate |
4.12 |
% |
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— |
% |
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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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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 |
|
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) |
December 31,
2025 |
|
December 31,
2024 |
| Available-for-sale securities, at fair value |
$ |
6,505,374 |
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$ |
7,097,561 |
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Mortgage servicing rights, at fair value (1)
|
958,947 |
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1,355,639 |
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Mortgage loans held-for-sale, at fair value |
3,746 |
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— |
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| Restricted cash |
108,367 |
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|
218,363 |
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| Due from counterparties |
206,514 |
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|
25,231 |
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| Derivative assets, at fair value |
67,227 |
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|
5,031 |
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| Total |
$ |
7,850,175 |
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$ |
8,701,825 |
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____________________
(1)As of December 31, 2025 and December 31, 2024, MSR repurchase agreements totaling $650.0 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 December 31, 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 |
|
Warehouse Lines of Credit |
|
Senior
Notes
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|
Convertible Senior Notes |
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Total |
| 2026 |
$ |
7,255,540 |
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$ |
71,500 |
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$ |
9,406 |
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$ |
— |
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$ |
261,810 |
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$ |
7,598,256 |
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| 2027 |
— |
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|
567,731 |
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— |
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— |
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— |
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|
567,731 |
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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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— |
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| 2029 |
— |
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|
280,140 |
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— |
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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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|
111,055 |
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— |
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|
111,055 |
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| Total |
$ |
7,255,540 |
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$ |
919,371 |
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$ |
9,406 |
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$ |
111,055 |
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$ |
261,810 |
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$ |
8,557,182 |
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