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v3.25.1

WAREHOUSE AND OTHER LINES OF CREDIT (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents information on warehouse and securitization facilities and the outstanding balance as of March 31, 2025 and December 31, 2024:
|  |  |  |  |  |  |  | Outstanding Balance
|  | Committed Amount |  | Uncommitted Amount |  | Total Facility Amount | Expiration Date | March 31, 2025 |  | December 31, 2024 |  |
Facility 1(1) |  | $ | 400,000 |  |  | $ | 600,000 |  |  | $ | 1,000,000 |  | 9/23/2025 | $ | 596,587 |  |  | $ | 504,332 |  |  |
Facility 2(1) |  | 1,000 |  |  | 299,000 |  |  | 300,000 |  | 9/22/2025 | 276,618 |  |  | 201,735 |  |  |
Facility 3(3) |  | — |  |  | 225,000 |  |  | 225,000 |  | 4/15/2025 | 166,107 |  |  | 136,222 |  |  |
Facility 4 |  | — |  |  | 175,000 |  |  | 175,000 |  | 10/29/2025 | 140,913 |  |  | 91,160 |  |  |
Facility 5(1) |  | — |  |  | 200,000 |  |  | 200,000 |  | N/A | — |  |  | 332 |  |  |
Facility 6 |  | — |  |  | 300,000 |  |  | 300,000 |  | 9/19/2025 | 246,798 |  |  | 276,799 |  |  |
Facility 7(2) |  | 300,000 |  |  | — |  |  | 300,000 |  | 9/25/2026 | 300,000 |  |  | 300,000 |  |  |
Facility 8 |  | 250,000 |  |  | 350,000 |  |  | 600,000 |  | 11/13/2025 | 455,973 |  |  | 400,703 |  |  |
Facility 9(1) |  | — |  |  | 600,000 |  |  | 600,000 |  | 10/30/2025 | 307,451 |  |  | 465,844 |  |  |
Total |  | $ | 951,000 |  |  | $ | 2,749,000 |  |  | $ | 3,700,000 |  |  | $ | 2,490,447 |  |  | $ | 2,377,127 |  |  |
(1)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date. (2)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans. (3)In April 2025, the maturity date was extended to April 2026. The following table presents information on borrowings under warehouse and securitization facilities:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Maximum outstanding balance during the period |  | $ | 2,490,447 |  |  | $ | 2,070,875 |  |  |  |  |
Average balance outstanding during the period |  | 1,839,404 |  |  | 1,625,164 |  |  |  |  |
Collateral pledged (loans held for sale) |  | 2,709,524 |  |  | 2,181,270 |  |  |  |  |
Weighted average interest rate during the period |  | 6.40 | % |  | 7.24 | % |  |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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