| Net Interest Expense |
Note 21—Net Interest Expense Net interest expense is summarized below: | | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Interest income: | | | | | | | | | | | | | Cash and short-term investments | | $ | 10,993 | | $ | 10,919 | | $ | 20,562 | | $ | 20,926 | Principal-only stripped mortgage-backed securities | | | 8,905 | | | 6,948 | | | 3,929 | | | 18,543 | Loans held for sale | | | 120,822 | | | 105,725 | | | 234,004 | | | 193,119 | Placement fees relating to custodial funds | | | 101,258 | | | 97,975 | | | 191,197 | | | 177,770 | Other | | | 474 | | | 362 | | | 939 | | | 1,442 | | | | 242,452 | | | 221,929 | | | 450,631 | | | 411,800 | Interest expense: | | | | | | | | | | | | | Assets sold under agreements to repurchase | | | 132,070 | | | 112,685 | | | 242,088 | | | 206,914 | Mortgage loan participation purchase and sale agreements | | | 3,847 | | | 4,168 | | | 8,041 | | | 7,972 | Notes payable secured by mortgage servicing assets | | | 24,566 | | | 35,743 | | | 46,955 | | | 72,321 | Unsecured senior notes | | | 83,325 | | | 70,157 | | | 166,604 | | | 130,294 | Interest shortfall on repayments of mortgage loans serviced for Agency securitizations | | | 23,364 | | | 14,058 | | | 49,495 | | | 23,832 | Interest on mortgage loan impound deposits | | | 2,686 | | | 2,263 | | | 5,423 | | | 4,844 | Other | | | 852 | | | 503 | | | 1,826 | | | 1,482 | | | | 270,710 | | | 239,577 | | | 520,432 | | | 447,659 | | | $ | (28,258) | | $ | (17,648) | | $ | (69,801) | | $ | (35,859) |
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