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

Interest Income and Interest Expense (Tables)

v3.25.4
Interest Income and Interest Expense (Tables)
12 Months Ended
Dec. 31, 2025
Banking and Thrift, Interest [Abstract]  
Schedule of Interest Income and Interest Expense
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 
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)