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Debt Obligations, Net (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following tables summarize our debt obligations at June 30, 2024 and December 31, 2023. Table 17.1 – Debt Obligations, Net
|  | June 30, 2024
(Dollars in Thousands) |  | Number of Facilities or Issuances |  | Principal Amount |  |  |  | Carrying Value |  | Facility Capacity |  | Weighted Average Interest Rate (1) |  | Final Stated Maturity |  | Carrying Value of Collateral
Short-Term Warehouse Facilities and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential consumer loan warehouse facilities |  | 6 |  |  | $ | 886,801 |  |  |  |  | $ | 886,802 |  |  | $ | 1,650,000 |  |  | 7.21 | % |  | 10/2024-5/2025 |  | $ | 957,143 |
Residential investor loan warehouse facilities |  | 1 |  |  | 5,931 |  |  |  | 5,931 |  | 350,000 |  |  | 7.39 | % |  | 6/2025 |  | 7,377
Real estate securities repurchase facilities |  | 5 |  |  | 87,924 |  |  |  | 87,924 |  | — |  |  | 6.67 | % |  | 7/2024-9/2024 |  | 123,289
Residential MSR warehouse facility |  | 1 |  |  | 45,645 |  |  |  | 45,645 |  | 50,000 |  |  | 8.59 | % |  | 10/2024 |  | 86,152
HEI warehouse facility |  | 1 |  |  | 103,446 |  |  |  | 103,446 |  | 150,000 |  |  | 9.85 | % |  | 11/2024 |  | 212,422
Servicer advance financing |  | 1 |  |  | 146,110 |  |  |  | 145,785 |  | 240,000 |  |  | 7.69 | % |  | 12/2024 |  | 227,363
Recourse Subordinate Securities Financings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sequoia securities (3) |  | 1 |  |  | 121,123 |  |  |  | 121,123 |  | N/A |  | 7.21 | % |  | 9/2024 |  | 183,922
CAFL securities 1 (3) |  | 1 |  |  | 97,366 |  |  |  | 97,366 |  | N/A |  | 7.21 | % |  | 2/2025 |  | 128,526
CAFL securities 2 (3) |  | 1 |  |  | 52,954 |  |  |  | 52,954 |  | N/A |  | 4.75 | % |  | 6/2026 |  | 116,425
Long-Term Residential Investor Facilities |  | 6 |  |  | 991,843 |  |  |  | 989,939 |  | 2,175,000 |  |  | 8.53 | % |  | 7/2025-6/2026 |  | 1,360,667
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (2) (3) |  | 3 |  |  | 14,887 |  |  |  | 14,887 |  | — |  |  | 7.05 | % |  | N/A |  | — |
$250 Million Facility |  | 1 |  |  | 125,000 |  |  |  | 118,327 |  | 250,000 |  |  | 10.35 | % |  | 3/2026 |  | 297,619
5.625% convertible senior notes (3) |  | 1 |  |  | 107,339 |  |  |  | 107,339 |  | N/A |  | 5.63 | % |  | 7/2024 |  | N/A
5.75% exchangeable senior notes (3) |  | 1 |  |  | 156,666 |  |  |  | 155,557 |  | N/A |  | 5.75 | % |  | 10/2025 |  | N/A
7.75% convertible senior notes (3) |  | 1 |  |  | 207,410 |  |  |  | 203,214 |  | N/A |  | 7.75 | % |  | 6/2027 |  | N/A
Trust preferred securities and subordinated notes |  | 2 |  |  | 139,500 |  |  |  | 138,836 |  | N/A |  | 7.84 | % |  | 1/2037, 7/2037 |  | N/A
9.125% Senior Notes (3) |  | 1 |  |  | 60,000 |  |  |  | 57,677 |  | N/A |  | 9.13 | % |  | 3/2029 |  | N/A
9.0% Senior Notes (3) |  | 1 |  |  | 85,000 |  |  |  | 81,874 |  | N/A |  | 9.00 | % |  | 9/2029 |  | N/A
Total Debt Obligations |  |  |  | $ | 3,434,945 |  |  |  |  | $ | 3,414,626 |  |  |  |  |  |  |  |  | $ | 3,700,905 |
|  | December 31, 2023 |  |
(Dollars in Thousands) |  | Number of Facilities or Issuances |  | Principal Amount |  | Carrying Value |  | Facility Capacity |  | Weighted Average Interest Rate (1) |  | Final Stated Maturity |  | Carrying Value of Collateral |  |
Short-Term Warehouse Facilities and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential consumer loan warehouse facilities |  | 4 |  |  | $ | 796,537 |  |  | $ | 796,537 |  |  | $ | 1,150,000 |  |  | 7.27 | % |  | 2/2024-12/2024 |  | $ | 907,742 |  |  |
Residential investor loan warehouse facilities |  | 2 |  |  | 71,851 |  | 71,719 |  | 455,000 |  | 8.14 | % |  | 5/2024-6/2024 |  | 95,225 |  |
Real estate securities repurchase facilities |  | 3 |  |  | 82,622 |  | 82,622 |  | 0 |  | 7.01 | % |  | 1/2024-3/2024 |  | 122,110 |  |
Residential MSR warehouse facility |  | 1 |  |  | 47,858 |  | 47,858 |  | 50,000 |  | 8.60 | % |  | 10/2024 |  | 76,560 |  |
HEI warehouse facility |  | 1 |  |  | 122,659 |  | 122,659 |  | 150,000 |  | 9.89 | % |  | 8/2024 |  | 237,973 |  |
Servicer advance financing |  | 1 |  |  | 154,369 |  | 153,654 |  | 240,000 |  | 7.71 | % |  | 12/2024 |  | 225,345 |  |
Recourse Subordinate Securities Financings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sequoia securities (3) |  | 1 |  |  | 124,552 |  | 124,552 |  | N/A |  | 7.21 | % |  | 9/2024 |  | 175,096 |  |
CAFL securities 1 (3) |  | 1 |  |  | 101,228 |  | 101,228 |  | N/A |  | 5.71 | % |  | 2/2025 |  | 124,793 |  |
CAFL securities 2 (3) |  | 1 |  |  | 57,982 |  | 57,982 |  | N/A |  | 4.75 | % |  | 6/2026 |  | 112,813 |  |
Long-Term Residential Investor Facilities |  | 6 |  |  | 1,023,384 |  |  | 1,021,708 |  |  | 2,350,000 |  |  | 8.14 | % |  | 3/2025-12/2026 |  | 1,327,907 |  |  |
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (2) (3) |  | 3 |  |  | 16,063 |  | 16,063 |  | N/A |  | 6.97 | % |  | N/A |  | — |  |  |
5.625% convertible senior notes (3) |  | 1 |  |  | 142,977 |  | 142,558 |  | N/A |  | 5.63 | % |  | 7/2024 |  | N/A |  |
5.75% exchangeable senior notes (3) |  | 1 |  |  | 156,666 |  | 155,138 |  | N/A |  | 5.75 | % |  | 10/2025 |  | N/A |  |
7.75% convertible senior notes (3) |  | 1 |  |  | 210,910 |  | 206,032 |  | N/A |  | 7.75 | % |  | 6/2027 |  | N/A |  |
Trust preferred securities and subordinated notes |  | 2 |  |  | 139,500 |  | 138,813 |  | N/A |  | 7.90 | % |  | 1/2037, 7/2037 |  | N/A |  |
Total Debt Obligations |  |  |  | $ | 3,249,158 |  |  | $ | 3,239,123 |  |  |  |  |  |  |  |  | $ | 3,405,564 |  |  |
(1)Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread. (2)Promissory notes payable on demand to lender with 90-day notice. (3)Borrowing has a fixed interest rate at period end.

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