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Debt Obligations, Net (Tables)

6 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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