XML 129 R118.htm IDEA: XBRL DOCUMENT v3.25.1
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Outstanding Face Amount $ 31,157,091  
Carrying Value $ 30,927,578 $ 31,269,457
Weighted Average Funding Cost 5.60%  
Weighted Average Life (Years) 3 years 8 months 12 days  
Interest payable $ 225,463 260,931
Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 16,793,265  
Carrying Value $ 16,791,234 16,782,467
Weighted Average Funding Cost 5.30%  
Weighted Average Life (Years) 8 months 12 days  
Interest payable $ 184,300 239,400
Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,093,170  
Carrying Value $ 10,025,948 10,298,075
Weighted Average Funding Cost 6.40%  
Weighted Average Life (Years) 1 year 9 months 18 days  
Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 4,270,656  
Carrying Value $ 4,110,396 4,188,915
Weighted Average Funding Cost 5.10%  
Weighted Average Life (Years) 19 years 10 months 24 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 3,098,561  
Carrying Value $ 3,098,561 4,235,333
Weighted Average Funding Cost 5.90%  
Weighted Average Life (Years) 9 months 18 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 24 years 10 months 24 days  
Outstanding Face $ 3,453,730  
Amortized Cost Basis 3,523,244  
Carrying Value 3,482,020  
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 1,734,141  
Carrying Value $ 1,734,141 1,547,307
Weighted Average Funding Cost 6.80%  
Weighted Average Life (Years) 2 years 2 months 12 days  
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 1 year 1 month 6 days  
Outstanding Face $ 1,982,233  
Amortized Cost Basis 1,987,065  
Carrying Value 1,987,065  
Agency RMBS or Treasuries | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,762,429  
Carrying Value $ 10,762,429 9,782,976
Weighted Average Funding Cost 4.70%  
Weighted Average Life (Years) 3 months 18 days  
Agency RMBS or Treasuries | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years  
Outstanding Face $ 11,145,808  
Amortized Cost Basis 10,965,384  
Carrying Value 11,129,841  
Non-Agency securities | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 768,673  
Carrying Value $ 768,673 744,457
Weighted Average Funding Cost 6.30%  
Weighted Average Life (Years) 7 months 6 days  
Non-Agency securities | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 1 month 6 days  
Outstanding Face $ 15,303,080  
Amortized Cost Basis 1,087,771  
Carrying Value 1,153,601  
Excess MSRs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 223,241  
Carrying Value $ 222,565 222,452
Weighted Average Funding Cost 6.70%  
Weighted Average Life (Years) 1 year 4 months 24 days  
Excess MSRs | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years  
Outstanding Face $ 52,144,523  
Amortized Cost Basis 291,133  
Carrying Value 334,201  
CLOs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 196,721  
Carrying Value $ 195,366 170,990
Weighted Average Funding Cost 5.20%  
Weighted Average Life (Years) 9 years  
CLOs | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 9 years  
Outstanding Face $ 197,775  
Carrying Value 197,246  
CLOs | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,435  
Carrying Value $ 10,406 18,429
Weighted Average Funding Cost 6.00%  
Weighted Average Life (Years) 5 years 3 months 18 days  
CLOs | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 3 months 18 days  
Outstanding Face $ 13,185  
Carrying Value 12,220  
SFR properties and commercial | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 9,499  
Carrying Value $ 9,499 78,952
Weighted Average Funding Cost 7.80%  
Weighted Average Life (Years) 1 year 8 months 12 days  
SFR properties and commercial | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 16,293  
Carrying Value 16,293  
MSRs | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 5,789,600  
Carrying Value $ 5,771,848 5,838,250
Weighted Average Funding Cost 6.60%  
Weighted Average Life (Years) 2 years 1 month 6 days  
MSRs | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years 2 months 12 days  
Outstanding Face $ 564,749,600  
Amortized Cost Basis 7,884,106  
Carrying Value 9,839,199  
Servicer Advance Investments | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 246,438  
Carrying Value $ 246,438 258,183
Weighted Average Funding Cost 6.20%  
Weighted Average Life (Years) 10 months 24 days  
Servicer Advance Investments | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 8 years 1 month 6 days  
Outstanding Face $ 283,068  
Amortized Cost Basis 311,049  
Carrying Value 321,531  
Servicer Advances    
Debt Instrument [Line Items]    
Carrying Value 2,925,168 3,110,437
Servicer Advances | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 2,456,759  
Carrying Value $ 2,456,165 2,629,802
Weighted Average Funding Cost 6.80%  
Weighted Average Life (Years) 10 months 24 days  
Face amount of variable rate debt $ 1,700,000  
Face amount of fixed rate debt $ 1,000,000  
Servicer Advances | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread 1.60%  
Interest rate of fixed interest debt 3.90%  
Servicer Advances | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread 3.00%  
Interest rate of fixed interest debt 5.70%  
Servicer Advances | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 8 months 12 days  
Outstanding Face $ 2,849,773  
Amortized Cost Basis 2,823,306  
Carrying Value 2,823,306  
Consumer Loans    
Debt Instrument [Line Items]    
Carrying Value 460,391 564,791
Consumer Loans | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 485,171  
Carrying Value $ 460,391 564,791
Weighted Average Funding Cost 4.90%  
Weighted Average Life (Years) 3 years 4 months 24 days  
Consumer Loans | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 1 year 7 months 6 days  
Outstanding Face $ 663,117  
Amortized Cost Basis 650,956  
Carrying Value 554,168  
SFR Properties and Commercial    
Debt Instrument [Line Items]    
Carrying Value 807,385 795,601
SFR Properties and Commercial | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 819,737  
Carrying Value $ 797,886 716,649
Weighted Average Funding Cost 4.30%  
Weighted Average Life (Years) 2 years 3 months 18 days  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.50%  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 6.20%  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 995,693  
Carrying Value 995,693  
Residential Transition Loans    
Debt Instrument [Line Items]    
Carrying Value 2,793,901 2,606,330
Residential Transition Loans | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 200,000  
Carrying Value $ 200,000 200,000
Weighted Average Funding Cost 5.80%  
Weighted Average Life (Years) 1 year 3 months 18 days  
Interest rate, stated percentage 5.80%  
Residential Transition Loans | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 months  
Outstanding Face $ 224,882  
Amortized Cost Basis 224,882  
Carrying Value 226,169  
Residential Transition Loans | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 861,949  
Carrying Value $ 859,760 859,023
Weighted Average Funding Cost 6.30%  
Weighted Average Life (Years) 14 years 2 months 12 days  
Residential Transition Loans | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 10 months 24 days  
Outstanding Face $ 914,757  
Carrying Value 938,532  
Secured facility - asset management | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 75,000  
Carrying Value $ 72,784 71,971
Weighted Average Funding Cost 8.80%  
Weighted Average Life (Years) 7 months 6 days  
Interest rate, stated percentage 8.80%  
Other investments | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 10,030  
Carrying Value $ 10,030 0
Weighted Average Funding Cost 6.40%  
Weighted Average Life (Years) 4 years 10 months 24 days  
Other investments | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Carrying Value $ 14,046  
Residential Mortgage Loans | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 2,448,457  
Carrying Value $ 2,295,166 2,369,934
Weighted Average Funding Cost 4.40%  
Weighted Average Life (Years) 25 years 7 months 6 days  
Residential Mortgage Loans | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 25 years 7 months 6 days  
Outstanding Face $ 2,866,929  
Carrying Value 2,703,112  
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 960,250  
Carrying Value $ 955,470 $ 959,958
Weighted Average Funding Cost 5.90%  
Weighted Average Life (Years) 10 years 6 months  
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 1 month 6 days  
Outstanding Face $ 1,074,450  
Carrying Value 1,105,163  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 3,700,000  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread 2.50%  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread 3.00%  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 2,100,000  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.00%  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 7.40%  
Consumer Loan, UPB Class A | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 137,000  
Interest rate, stated percentage 2.00%  
Consumer Loan, UPB Class B | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 53,000  
Interest rate, stated percentage 2.70%  
Consumer Loan, Marcus | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 295,100  
Variable interest rate spread 2.40%  
Subordinated Notes | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Face amount of variable rate debt $ 32,000