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Debt Obligations, Net (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations, Net

The following tables summarize our debt obligations at December 31, 2024 and 2023.

Table 17.1 – Debt Obligations, Net

												December 31, 2024
(Dollars in Thousands)												Number of Facilities or Issuances						Principal Amount						Carrying Value(4)						Facility Capacity						Weighted Average Interest Rate(1)						Final Stated Maturity						Carrying Value of Collateral
Short-Term Facilities:
Residential consumer loan warehouse facilities												7						$	956,010					$	956,010					$	2,175,000					6.24		%				3/2025-10/2025						$	1,005,926
Residential investor loan warehouse facilities												2						223,975						223,876						800,000						7.31		%				6/2025-7/2025						300,843
Real estate securities repurchase facilities												6						210,352						210,352						—						5.81		%				1/2025-3/2025						281,997
Residential MSR warehouse facility												1						58,164						58,164						75,000						7.65		%				10/2025						91,506
HEI warehouse facility												1						97,497						97,497						150,000						9.00		%				12/2025						207,097
Recourse Subordinate Securities Financing:
CAFL securities (3)												1						268,240						267,140						N/A						7.54		%				9/2028						318,106
Long-Term Facilities:
Residential investor loan warehouse facilities												5						615,036						613,129						1,530,000						7.83		%				5/2026-4/2027						889,901
Servicer advance financing												1						159,798						159,031						200,000						6.32		%				12/2026						233,820
Corporate Debt:
Promissory notes (2) (3)												3						12,859						12,859						—						7.06		%				N/A						—
Corporate Secured Revolving Financing Facility												1						225,000						220,234						250,000						9.50		%				3/2026						372,396
5.75% exchangeable senior notes (3)												1						123,574						123,087						N/A						5.75		%				10/2025						N/A
7.75% convertible senior notes (3)												1						247,170						242,652						N/A						7.75		%				6/2027						N/A
Trust preferred securities and subordinated notes												2						139,500						138,860						N/A						7.10		%				1/2037, 7/2037						N/A
9.125% Senior Notes (3)												1						60,000						57,877						N/A						9.13		%				3/2029						N/A
9.0% Senior Notes (3)												1						85,000						82,112						N/A						9.00		%				9/2029						N/A
Total Debt Obligations																		$	3,482,175					$	3,462,880																							$	3,701,592

												December 31, 2023
(Dollars in Thousands)												Number of Facilities or Issuances						Principal Amount						Carrying Value(4)						Facility Capacity						Weighted Average Interest Rate(1)						Final Stated Maturity						Carrying Value of Collateral
Short-Term Facilities:
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						153,653						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 Facilities:
Residential investor loan warehouse 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						16,064						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 primarily based on 1- or 3-month 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.

(4)Carrying value presented net of total deferred issuance costs of $20 million and $11 million at December 31, 2024 and 2023, respectively.

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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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