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Debt Obligations, Net (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following tables summarize our debt obligations at September 30, 2024 and December 31, 2023. Table 17.1 – Debt Obligations, Net
|  |  |  | September 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 |  |  |  | 7 |  | $ | 1,269,512 |  |  | $ | 1,269,512 |  |  | $ | 2,675,000 |  |  | 6.69 | % |  | 10/2024-5/2025 |  | $ | 1,350,551 |
Residential investor loan warehouse facilities |  |  |  | 3 |  | 277,536 |  | 276,827 |  | 900,000 |  |  | 8.29 | % |  | 6/2025-7/2025 |  | 422,636
Real estate securities repurchase facilities |  |  |  | 6 |  | 185,393 |  | 185,393 |  | — |  |  | 6.45 | % |  | 10/2024-1/2025 |  | 250,416
Residential MSR warehouse facility |  |  |  | 1 |  | 54,306 |  | 54,306 |  | 75,000 |  |  | 8.25 | % |  | 10/2024 |  | 80,392
HEI warehouse facility |  |  |  | 1 |  | 100,302 |  | 100,302 |  | 150,000 |  |  | 9.52 | % |  | 11/2024 |  | 210,288
Servicer advance financing |  |  |  | 1 |  | 156,116 |  | 155,986 |  | 240,000 |  |  | 7.31 | % |  | 12/2024 |  | 212,446
Recourse Subordinate Securities Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CAFL securities (3) |  |  |  | 1 |  | 269,037 |  | 267,833 |  | N/A |  | 7.54 | % |  | 9/2028 |  | 324,874
Long-Term Warehouse Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Investor Facilities |  |  |  | 4 |  | 696,671 |  | 695,431 |  | 1,625,000 |  |  | 8.16 | % |  | 10/2025-6/2026 |  | 987,286
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (2) (3) |  |  |  | 3 |  | 13,663 |  | 13,663 |  | — |  |  | 7.02 | % |  | N/A |  | — |
Corporate Secured Revolving Financing Facility |  |  |  | 1 |  | 150,000 |  | 144,281 |  | 250,000 |  |  | 10.02 | % |  | 3/2026 |  | 290,320
5.75% exchangeable senior notes (3) |  |  |  | 1 |  | 156,666 |  | 155,772 |  | N/A |  | 5.75 | % |  | 10/2025 |  | N/A
7.75% convertible senior notes (3) |  |  |  | 1 |  | 207,410 |  | 203,525 |  | N/A |  | 7.75 | % |  | 6/2027 |  | N/A
Trust preferred securities and subordinated notes |  |  |  | 2 |  | 139,500 |  | 138,848 |  | N/A |  | 7.77 | % |  | 1/2037, 7/2037 |  | N/A
9.125% Senior Notes (3) |  |  |  | 1 |  | 60,000 |  | 57,776 |  | N/A |  | 9.13 | % |  | 3/2029 |  | N/A
9.0% Senior Notes (3) |  |  |  | 1 |  | 85,000 |  | 81,991 |  | N/A |  | 9.00 | % |  | 9/2029 |  | N/A
Total Debt Obligations |  |  |  |  |  | $ | 3,821,112 |  |  | $ | 3,801,446 |  |  |  |  |  |  |  |  | $ | 4,129,209 |
|  |  |  | 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 |  | — |  |  | 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 Warehouse Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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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