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Indebtedness | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Indebtedness | 9. Indebtedness Advance, Warehouse and MSR Facilities
|  |  |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
|  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$500 advance facility(1) |  | Jul 2026 |  | Servicing advance receivables |  | $ | 500 |  |  | $ | 211 |  |  | $ | 304 |  |  | $ | — |  |  | $ | — |
$500 advance facility(2) |  | Aug 2026 |  | Servicing advance receivables |  | 500 |  |  | 253 |  |  | 285 |  |  | 250 |  |  | 326 |
$350 advance facility |  | Oct 2026 |  | Servicing advance receivables |  | 350 |  |  | 113 |  |  | 144 |  |  | 132 |  |  | 169 |
$300 advance facility(3) |  | Nov 2024 |  | Servicing advance receivables |  | 300 |  |  | — |  |  | — |  |  | 273 |  |  | 364 |
$30 advance facility(4) |  | Dec 2024 |  | Servicing advance receivables |  | 30 |  |  | 27 |  |  | 40 |  |  | 27 |  |  | 49 |
Advance facilities principal amount |  |  |  |  |  | 604 |  |  | 773 |  |  | 682 |  |  | 908 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500 warehouse facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 1,500 |  |  | 61 |  |  | 61 |  |  | 107 |  |  | 104 |
$1,200 warehouse facility(5) |  | Sep 2026 |  | Mortgage loans or MBS |  | 1,200 |  |  | 426 |  |  | 473 |  |  | 158 |  |  | 177 |
$750 warehouse facility |  | Jan 2025 |  | Mortgage loans or MBS |  | 750 |  |  | 82 |  |  | 105 |  |  | 137 |  |  | 176 |
$750 warehouse facility |  | Oct 2025 |  | Mortgage loans or MBS |  | 750 |  |  | 530 |  |  | 558 |  |  | 155 |  |  | 166 |
$500 warehouse facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 500 |  |  | 72 |  |  | 75 |  |  | 72 |  |  | 78 |
$350 warehouse facility(6) |  | Aug 2025 |  | Mortgage loans or MBS |  | 350 |  |  | 276 |  |  | 282 |  |  | 73 |  |  | 75 |
$200 warehouse facility |  | Dec 2024 |  | Mortgage loans or MBS |  | 200 |  |  | 180 |  |  | 186 |  |  | 82 |  |  | 84 |
$200 warehouse facility |  | Jan 2025 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | 12 |  |  | 21 |
$100 warehouse facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 100 |  |  | 80 |  |  | 89 |  |  | 25 |  |  | 33 |
$100 warehouse facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 100 |  |  | — |  | — |  | — |  | —
$100 warehouse facility (4) |  | Dec 2024 |  | Mortgage loans or MBS |  | 100 |  |  | 56 |  | 56 |  | 1 |  | 1
$1 warehouse facility |  | Dec 2024 |  | Mortgage loans or MBS |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Warehouse facilities principal amount |  | 1,763 |  |  | 1,885 |  |  | 822 |  |  | 915 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,750 warehouse facility |  | Apr 2026 |  | MSR |  | 1,750 |  |  | 550 |  |  | 2,463 |  |  | 980 |  |  | 1,455 |
$1,500 warehouse facility(1) |  | Jul 2026 |  | MSR |  | 1,500 |  |  | 470 |  | 2,212 |  | — |  | —
$1,450 warehouse facility(3) |  | Nov 2024 |  | MSR |  | 1,450 |  |  | — |  |  | — |  |  | 300 |  |  | 2,164 |
$950 warehouse facility(5) |  | Sep 2026 |  | MSR |  | 950 |  |  | 155 |  | 1,287 |  | 545 |  | 1,306
$500 warehouse facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 250 |  |  | 501 |  |  | — |  |  | — |
$500 warehouse facility |  | Jul 2026 |  | MSR |  | 500 |  |  | 100 |  | 722 |  | 405 |  | 655
$500 warehouse facility |  | Apr 2026 |  | MSR |  | 500 |  |  | 250 |  | 740 |  | 305 |  | 634
$500 warehouse facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 150 |  | 745 |  | 250 |  | 677
$500 warehouse facility |  | Jul 2026 |  | MSR |  | 500 |  | 100 |  | 353 |  | — |  |  | — |
$50 warehouse facility |  | Nov 2025 |  | MSR |  | 50 |  |  | 10 |  | 78 |  | 29 |  | 67
MSR facilities principal amount |  | 2,035 |  | 9,101 |  | 2,814 |  | 6,958
Advance, warehouse and MSR facilities principal amount |  | 4,402 |  |  | $ | 11,759 |  | 4,318 |  |  | $ | 8,781
Unamortized debt issuance costs |  | (23) |  |  |  | (16) |  |  |
Advance, warehouse and MSR facilities, net |  | $ | 4,379 |  |  |  | $ | 4,302 |  |
(1)Total capacity for this facility is $2,000, of which $500 is internally allocated for advance financing and $1,500 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations. (2)The capacity for this advance facility increased from $300 to $500 during the three months ended September 30, 2024. (3)This facility was terminated in July 2024. (4)Total capacity for this facility is $100, of which $30 is a sublimit for advance financing. (5)The capacity for this facility is $1,200, of which $950 is a sublimit for MSR financing. (6)The capacity for this warehouse facility increased from $350 to $600 in October 2024. The weighted average interest rate for advance facilities was 7.4% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.6% for the nine months ended September 30, 2024 and 2023. The weighted average interest rate for warehouse and MSR facilities was 7.6% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.8% and 7.4% for the nine months ended September 30, 2024 and 2023, respectively. Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured Senior Notes | September 30, 2024 |  | December 31, 2023
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1) | $ | 1,000 |  |  | $ | — |
$850 face value, 5.500% interest rate payable semi-annually, due August 2028 | 850 |  |  | 850 |
$750 face value, 6.500% interest rate payable semi-annually, due August 2029(2) | 750 |  |  | — |
$650 face value, 5.125% interest rate payable semi-annually, due December 2030 | 650 |  |  | 650 |
$600 face value, 6.000% interest rate payable semi-annually, due January 2027 | 600 |  |  | 600 |
$600 face value, 5.750% interest rate payable semi-annually, due November 2031 | 600 |  |  | 600 |
$550 face value, 5.000% interest rate payable semi-annually, due February 2026 | 500 |  |  | 500 |
Unsecured senior notes principal amount | 4,950 |  |  | 3,200 |
Purchase discount and unamortized debt issuance costs | (65) |  |  | (49) |
Unsecured senior notes, net | $ | 4,885 |  |  | $ | 3,151 |
(1)In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. (2)In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees. The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. No n otes were repurchased or redeemed during th e nine months ended September 30, 2024 and 2023. As of September 30, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2024 through 2025 |  | $ | — |
2026 |  | 500 |
2027 |  | 600 |
2028 |  | 850 |
Thereafter |  | 3,000 |
Total unsecured senior notes principal amount |  | $ | 4,950 |
Financial Covenants The Company’s credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at Nationstar Mortgage LLC, the Company’s primary operating subsidiary, and Cypress Loan Servicing LLC. The Company was in compliance with its required financial covenants as of September 30, 2024.

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