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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Funding Facilities | Mortgage Funding Facilities
Facility Type |  | Collateral |  | Maturity |  | Line Amount |  | Committed Line Amount |  | Outstanding Balance as of June 30, 2024 |  | Outstanding Balance as of December 31, 2023
Mortgage Loan funding: |  |  |  |  |  |  |  |  |  |
1) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 11/27/2024 |  | 1,000,000 |  |  | 100,000 |  |  | 965,966 |  |  | 397,265 |
2) Master Repurchase Agreement (1)(8) |  | Mortgage loans held for sale (7) |  | 8/9/2024 |  | 2,000,000 |  |  | 250,000 |  |  | 250,623 |  |  | 429,976 |
3) Master Repurchase Agreement (2)(8) |  | Mortgage loans held for sale (7) |  | 4/25/2025 |  | 1,500,000 |  |  | 350,000 |  |  | 354,786 |  |  | 552,079 |
4) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 9/8/2025 |  | 1,000,000 |  |  | 250,000 |  |  | 939,150 |  |  | 547,016 |
5) Master Repurchase Agreement (3)(8) |  | Mortgage loans held for sale (7) |  | 11/6/2025 |  | 1,500,000 |  |  | 250,000 |  |  | 862,000 |  |  | 106,063 |
6) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 7/21/2025 |  | 1,000,000 |  |  | 100,000 |  |  | 320,688 |  |  | 241,574 |
7) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 9/26/2025 |  | 800,000 |  |  | 100,000 |  |  | 769,237 |  |  | 507,302 |
8) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 5/6/2026 |  | 1,000,000 |  |  | 100,000 |  |  | 860,325 |  |  | — |
9) Master Repurchase Agreement (4)(8) |  | Mortgage loans held for sale (7) |  | 5/29/2026 |  | 1,000,000 |  |  | — |  |  | — |  |  | — |
10) Master Repurchase Agreement (8) |  | Mortgage loans held for sale (7) |  | 6/12/2026 |  | 750,000 |  |  | — |  |  | 264,772 |  |  | — |
|  |  |  |  |  | $ | 11,550,000 |  |  | $ | 1,500,000 |  |  | $ | 5,587,547 |  |  | $ | 2,781,275 |
Mortgage Loan Early Funding: |  |  |  |  |  |  |  |  |  |  |  |
11) Early Funding Facility (5)(8) |  | Mortgage loans held for sale (7) |  | (5) |  | $ | 5,000,000 |  |  | $ | — |  |  | $ | 828,090 |  |  | $ | 286,594 |
12) Early Funding Facility (6)(8) |  | Mortgage loans held for sale (7) |  | (6) |  | 2,000,000 |  |  | — |  |  | 424,402 |  |  | 183,414 |
|  |  |  |  |  | 7,000,000 |  |  | — |  |  | 1,252,492 |  |  | 470,008 |
Total Mortgage Funding Facilities |  | $ | 18,550,000 |  |  | $ | 1,500,000 |  |  | $ | 6,840,039 |  |  | $ | 3,251,283 |
Personal Loan funding: |  |  |  |  |  |  |  |  |  |  |  |
13) Revolving Credit and Security Agreement (8) |  | Personal loans held for sale |  | 1/30/2025 |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 182,400 |  |  | $ | 116,100 |
Total Funding Facilities |  | $ | 18,750,000 |  |  | $ | 1,700,000 |  |  | $ | 7,022,439 |  |  | $ | 3,367,383 |
(1) Subsequent to June 30, 2024, this facility was amended to decrease the total facility size to $1,000,000 with no committed amount and extended to August 1, 2026. (2) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to June 30, 2024, the facility committed amount was downsized to $250,000 and extended to July 25, 2025. (3) This facility has an overall line size of $1,500,000. This facility also includes a $1,500,000 sublimit for MSR financing; Capacity is fully fungible and is not restricted by these allocations. (4) This facility is a sublimit of Financing Facility 6, found below in Financing Facilities. Refer to Subfootnote 4, Financing Facilities for additional details regarding this facility. Subsequent to June 30, 2024, this facility was amended to increase the total facility size to $2,000,000 with $250,000 committed and the newly originated mortgage loans held for sale sublimit increased to $2,000,000. (5) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (6) This facility has an overall line size of $2,000,000, which is reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (7) The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest. (8) The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the six months ended June 30, 2024 and year ended December 31, 2023.
Schedule of Financing Facilities | Financing Facilities
Facility Type |  | Collateral |  | Maturity |  | Line Amount |  | Committed Line Amount |  | Outstanding Balance as of June 30, 2024 |  | Outstanding Balance as of December 31, 2023
Line of Credit Financing Facilities |  |  |  |  |  |  |  |  |  |  |  |
1) Unsecured line of credit (1) |  | — |  | 7/27/2025 |  | $ | 2,000,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2) Unsecured line of credit (1) |  | — |  | 7/31/2025 |  | 100,000 |  |  | — |  |  | — |  |  | — |
3) Revolving credit facility (2)(5) |  | — |  | 8/10/2025 |  | 1,250,000 |  |  | 1,250,000 |  |  | — |  |  | — |
4) MSR line of credit (5) |  | MSRs |  | 11/8/2024 |  | 500,000 |  |  | — |  |  | — |  |  | — |
5) MSR line of credit (3)(5) |  | MSRs |  | 11/6/2025 |  | 1,500,000 |  |  | 250,000 |  |  | — |  |  | — |
|  |  |  |  |  | $ | 5,350,000 |  |  | $ | 1,500,000 |  |  | $ | — |  |  | $ | — |
Early Buyout Financing Facility |  |  |  |  |  |  |  |  |  |  |  |
6) Early buy out facility (4)(5) |  | Loans/ Advances |  | 5/29/2026 |  | $ | 1,000,000 |  |  | $ | — |  |  | $ | 134,615 |  |  | $ | 203,208 |
(1) Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit. (2) Subsequent to June 30, 2024, this fully committed facility was renewed with a line size of $1,150,000, maturing July 2, 2027. (3) This facility is a sublimit of Master Repurchase Agreement 5, found above in Mortgage Funding Facilities. Refer to Subfootnote 3, Mortgage Funding Facilities for additional details regarding this financing facility. (4) This facility has an overall line size of $1,000,000. This facility also includes a $1,000,000 sublimit for newly originated mortgage loans held for sale; Capacity is fully fungible and is not restricted by these allocations. Subsequent to June 30, 2024, this facility was amended to increase the total facility size to $2,000,000 with $250,000 committed and the newly originated mortgage loans held for sale sublimit increased to $2,000,000. (5) The interest rates charged by lenders on the financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 3.25% for the six months ended June 30, 2024 and 1.45% to 4.00% for the year ended December 31, 2023.
Schedule of Unsecured Senior Notes | Unsecured Senior Notes
Facility Type |  | Maturity |  | Interest Rate |  | Outstanding Principal June 30, 2024 |  | Outstanding Principal December 31, 2023
Unsecured Senior Notes (1) |  | 10/15/2026 |  | 2.875 | % |  | $ | 1,150,000 |  |  | $ | 1,150,000 |
Unsecured Senior Notes (2) |  | 1/15/2028 |  | 5.250 | % |  | 61,985 |  |  | 61,985 |
Unsecured Senior Notes (3) |  | 3/1/2029 |  | 3.625 | % |  | 750,000 |  |  | 750,000 |
Unsecured Senior Notes (4) |  | 3/1/2031 |  | 3.875 | % |  | 1,250,000 |  |  | 1,250,000 |
Unsecured Senior Notes (5) |  | 10/15/2033 |  | 4.000 | % |  | 850,000 |  |  | 850,000 |
Total Senior Notes |  |  |  |  |  | $ | 4,061,985 |  |  | $ | 4,061,985 |
Weighted Average Interest Rate |  |  |  |  |  | 3.59 | % |  | 3.59 | %
(1) The 2026 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Condensed Consolidated Balance Sheets by $5,141 and $6,284 as of June 30, 2024 and December 31, 2023, respectively. (2) The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Condensed Consolidated Balance Sheets by $248 and $207 as of June 30, 2024, respectively, and $285 and $237, as of December 31, 2023, respectively. (3) The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $4,679 and $5,181 as of June 30, 2024 and December 31, 2023, respectively. (4) The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $9,013 and $9,689 as of June 30, 2024 and December 31, 2023, respectively. (5) The 2033 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $850,000 carrying amount on the Condensed Consolidated Balance Sheets by $6,509 and $6,861 as of June 30, 2024 and December 31, 2023, respectively.

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