Financing (Tables)
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6 Months Ended |
Jun. 30, 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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June 30, 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 |
$ |
7,992,622 |
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|
$ |
790,000 |
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|
$ |
— |
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|
$ |
8,782,622 |
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Revolving credit facilities |
— |
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|
1,011,871 |
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|
— |
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|
1,011,871 |
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Warehouse lines of credit |
— |
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|
— |
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|
9,275 |
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|
9,275 |
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Total |
$ |
7,992,622 |
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$ |
1,801,871 |
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$ |
9,275 |
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$ |
9,803,768 |
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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 |
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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 June 30, 2025 and December 31, 2024, the Company’s repurchase agreements had the following characteristics and remaining maturities:
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June 30, 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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Total Amount Outstanding |
| Within 30 days |
$ |
2,343,912 |
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$ |
— |
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$ |
15,414 |
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$ |
— |
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$ |
2,359,326 |
| 30 to 59 days |
2,319,847 |
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— |
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37,503 |
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— |
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2,357,350 |
| 60 to 89 days |
2,151,258 |
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195 |
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619 |
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— |
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2,152,072 |
| 90 to 119 days |
789,250 |
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— |
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— |
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— |
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789,250 |
| 120 to 364 days |
334,624 |
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— |
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— |
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620,000 |
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954,624 |
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| One year and over |
— |
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— |
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— |
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170,000 |
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170,000 |
| Total |
$ |
7,938,891 |
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$ |
195 |
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$ |
53,536 |
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$ |
790,000 |
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$ |
8,782,622 |
Weighted average days to maturity |
60 |
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66 |
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28 |
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321 |
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83 |
Weighted average borrowing rate |
4.48 |
% |
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5.01 |
% |
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4.84 |
% |
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7.39 |
% |
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4.74 |
% |
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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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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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$ |
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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2,316,237 |
| 60 to 89 days |
1,304,175 |
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207 |
|
731 |
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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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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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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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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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$ |
7,805,057 |
Weighted average days to maturity |
49 |
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66 |
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17 |
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520 |
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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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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) |
June 30,
2025 |
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December 31,
2024 |
| Available-for-sale securities, at fair value |
$ |
8,207,842 |
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$ |
7,097,561 |
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Mortgage servicing rights, at fair value (1)
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1,328,463 |
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1,355,639 |
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| Restricted cash |
44,216 |
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218,363 |
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| Due from counterparties |
38,221 |
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25,231 |
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| Derivative assets, at fair value |
65,676 |
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5,031 |
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| Total |
$ |
9,684,418 |
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$ |
8,701,825 |
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____________________
(1)As of June 30, 2025 and December 31, 2024, MSR repurchase agreements totaling $790.0 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 June 30, 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 |
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Warehouse Lines of Credit |
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Senior
Notes
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|
Convertible Senior Notes |
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Total |
| Remainder of 2025 |
$ |
7,827,998 |
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$ |
— |
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$ |
9,275 |
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$ |
— |
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$ |
— |
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$ |
7,837,273 |
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| 2026 |
954,624 |
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|
89,000 |
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|
— |
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|
— |
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|
260,944 |
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1,304,568 |
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| 2027 |
— |
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|
922,871 |
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— |
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— |
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— |
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|
922,871 |
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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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— |
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— |
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— |
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— |
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— |
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Thereafter |
— |
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— |
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— |
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|
110,867 |
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— |
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|
110,867 |
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| Total |
$ |
8,782,622 |
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$ |
1,011,871 |
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$ |
9,275 |
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$ |
110,867 |
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$ |
260,944 |
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$ |
10,175,579 |
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