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v3.25.1

Indebtedness | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Indebtedness | 9. Indebtedness Advance, Warehouse and MSR Facilities
|  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024
|  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$500 advance facility(1) |  | Jul 2026 |  | Servicing advance receivables |  | $ | 500 |  |  | $ | 257 |  |  | $ | 366 |  |  | $ | 285 |  |  | $ | 394 |
$500 advance facility |  | Aug 2026 |  | Servicing advance receivables |  | 500 |  |  | 318 |  |  | 358 |  |  | 423 |  |  | 475 |
$350 advance facility |  | Oct 2026 |  | Servicing advance receivables |  | 350 |  |  | 108 |  |  | 136 |  |  | 119 |  |  | 151 |
$50 advance facility(2) |  | Jul 2025 |  | Servicing advance receivables |  | 50 |  |  | 22 |  |  | 26 |  |  | 22 |  |  | 40 |
Advance facilities principal amount |  |  |  |  |  | 705 |  |  | 886 |  |  | 849 |  |  | 1,060 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500 warehouse facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 1,500 |  |  | 90 |  |  | 90 |  |  | 68 |  |  | 71 |
$1,200 warehouse facility(3) |  | Sep 2026 |  | Mortgage loans or MBS |  | 1,200 |  |  | 283 |  |  | 323 |  |  | 131 |  |  | 148 |
$1,000 warehouse facility(4) |  | Oct 2025 |  | Mortgage loans or MBS |  | 1,000 |  |  | 388 |  |  | 417 |  |  | 489 |  |  | 530 |
$750 warehouse facility |  | Mar 2027 |  | Mortgage loans or MBS |  | 750 |  |  | 195 |  |  | 230 |  |  | 112 |  |  | 140 |
$600 warehouse facility |  | Aug 2025 |  | Mortgage loans or MBS |  | 600 |  |  | 404 |  |  | 413 |  |  | 368 |  |  | 381 |
$500 warehouse facility |  | Nov 2025 |  | Mortgage loans or MBS |  | 500 |  |  | 413 |  |  | 427 |  |  | 247 |  |  | 256 |
$500 warehouse facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 500 |  |  | 56 |  |  | 72 |  |  | 90 |  |  | 99 |
$250 warehouse facility |  | Nov 2025 |  | Mortgage loans or MBS |  | 250 |  |  | 155 |  |  | 166 |  |  | 238 |  |  | 253 |
$200 warehouse facility |  | Dec 2026 |  | Mortgage loans or MBS |  | 200 |  |  | 159 |  |  | 181 |  |  | 112 |  |  | 123 |
$200 warehouse facility(5) |  | Apr 2025 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | — |  |  | — |
$200 warehouse facility (2) |  | Jul 2025 |  | Mortgage loans or MBS |  | 200 |  |  | 145 |  | 145 |  | 105 |  | 105
$100 warehouse facility |  | Apr 2026 |  | Mortgage loans or MBS |  | 100 |  |  | 36 |  |  | 41 |  |  | 56 |  |  | 62 |
$100 warehouse facility |  | Apr 2026 |  | Mortgage loans or MBS |  | 100 |  |  | — |  | — |  | — |  | —
$1 warehouse facility |  | Dec 2025 |  | Mortgage loans or MBS |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Warehouse facilities principal amount |  | 2,324 |  |  | 2,505 |  |  | 2,016 |  |  | 2,168 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,750 warehouse facility |  | Apr 2026 |  | MSR |  | 1,750 |  |  | 900 |  |  | 2,753 |  |  | 950 |  |  | 2,669 |
$1,500 warehouse facility(1) |  | Jul 2026 |  | MSR |  | 1,500 |  |  | 475 |  | 2,583 |  | 475 |  | 2,607
$950 warehouse facility(3) |  | Sep 2026 |  | MSR |  | 950 |  |  | 345 |  | 1,414 |  | 550 |  | 1,711
$950 warehouse facility(6) |  | Jul 2026 |  | MSR |  | 950 |  |  | 550 |  | 1,017 |  | 670 |  | 1,066
$500 warehouse facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 250 |  |  | 496 |  |  | 250 |  |  | 519 |
$500 warehouse facility |  | Apr 2027 |  | MSR |  | 500 |  |  | 250 |  | 752 |  | 250 |  | 781
$500 warehouse facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 150 |  | 736 |  | 150 |  | 726
$500 warehouse facility |  | Jul 2026 |  | MSR |  | 500 |  | 355 |  |  | 616 |  |  | 330 |  |  | 629 |
$50 warehouse facility |  | Nov 2025 |  | MSR |  | 50 |  |  | 25 |  | 85 |  | 25 |  | 80
MSR facilities principal amount |  | 3,300 |  | 10,452 |  | 3,650 |  | 10,788
Advance, warehouse and MSR facilities principal amount |  | 6,329 |  |  | $ | 13,843 |  | 6,515 |  |  | $ | 14,016
Unamortized debt issuance costs |  | (16) |  |  |  | (20) |  |  |
Advance, warehouse and MSR facilities, net |  | $ | 6,313 |  |  |  | $ | 6,495 |  |
(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)Total capacity for this facility is $200, of which $50 is a sublimit for advance financing. (3)The capacity for this facility is $1,200, of which $950 is a sublimit for MSR financing. (4)The capacity for this warehouse facility increased from $750 to $1,000 during the three months ended March 31, 2025. (5)This facility was terminated in April 2025. (6)The capacity for this MSR facility increased from $750 to $950 during the three months ended March 31, 2025. The weighted average interest rate for advance facilities was 6.9% and 7.8% for the three months ended March 31, 2025 and 2024, respectively. The weighted average interest rate for warehouse and MSR facilities was 6.6% and 7.9% for the three months ended March 31, 2025 and 2024, respectively. Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured Senior Notes | March 31, 2025 |  | December 31, 2024
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1) | $ | 1,000 |  |  | $ | 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 |  |  | 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 |  |  | 4,950 |
Purchase discount and unamortized debt issuance costs | (54) |  |  | (59) |
Unsecured senior notes, net | $ | 4,896 |  |  | $ | 4,891 |
(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 three months ended March 31, 2025 and 2024. As of March 31, 2025, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2025 |  | $ | — |
2026 |  | 500 |
2027 |  | 600 |
2028 |  | 850 |
2029 |  | 750 |
Thereafter |  | 2,250 |
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 March 31, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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