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Debt Obligations, Net (Tables)

9 Months Ended

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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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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