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Debt Obligations, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations, Net | The following tables summarize our debt obligations at March 31, 2025 and December 31, 2024. Table 18.1 – Debt Obligations, Net
|  |  |  | March 31, 2025
(Dollars in Thousands) |  |  |  | Number of Facilities or Issuances |  | Principal Amount |  | Carrying Value (1) |  | Facility Capacity |  | Weighted Average Interest Rate (2) |  | Final Stated Maturity |  | Carrying Value of Collateral
Short-Term Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential consumer loan warehouse facilities |  |  |  | 8 |  | $ | 1,210,265 |  |  | $ | 1,210,265 |  |  | $ | 2,875,000 |  |  | 6.13 | % |  | 5/2025-2/2026 |  | $ | 1,289,721 |
Residential investor loan warehouse facilities |  |  |  | 2 |  | 234,338 |  | 234,281 |  | 800,000 |  |  | 7.36 | % |  | 6/2025-7/2025 |  | 335,708
Real estate securities repurchase facilities |  |  |  | 5 |  | 236,325 |  | 236,325 |  | — |  |  | 5.51 | % |  | 4/2025-6/2025 |  | 314,108
Residential MSR warehouse facility |  |  |  | 1 |  | 68,274 |  | 68,274 |  | 75,000 |  |  | 7.57 | % |  | 10/2025 |  | 139,720
HEI warehouse facility |  |  |  | 1 |  | 91,777 |  | 91,777 |  | 150,000 |  |  | 8.82 | % |  | 12/2025 |  | 207,778
Recourse Subordinate Securities Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CAFL securities (3) |  |  |  | 1 |  | 267,010 |  | 266,013 |  | N/A |  | 7.54 | % |  | 9/2028 |  | 319,926
Long-Term Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential investor loan warehouse facilities |  |  |  | 5 |  | 554,322 |  | 552,610 |  | 1,530,000 |  |  | 7.77 | % |  | 5/2026-4/2027 |  | 865,171
Servicer advance financing |  |  |  | 1 |  | 161,907 |  | 161,174 |  | 200,000 |  |  | 6.27 | % |  | 12/2026 |  | 229,708
Secured revolving financing facility (4) |  |  |  | 1 |  | 200,000 |  | 196,187 |  | 250,000 |  |  | 9.30 | % |  | 3/2026 |  | 302,815
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (3) (5) |  |  |  | 3 |  | 11,619 |  | 11,619 |  | — |  |  | 7.07 | % |  | N/A |  | — |
5.75% exchangeable senior notes (3) |  |  |  | 1 |  | 123,574 |  | 123,309 |  | N/A |  | 5.75 | % |  | 10/2025 |  | N/A
7.75% convertible senior notes (3) |  |  |  | 1 |  | 247,170 |  | 243,065 |  | N/A |  | 7.75 | % |  | 6/2027 |  | N/A
Trust preferred securities and subordinated notes |  |  |  | 2 |  | 139,500 |  | 138,871 |  | N/A |  | 6.80 | % |  | 1/2037, 7/2037 |  | N/A
9.125% Senior Notes (3) |  |  |  | 1 |  | 60,000 |  | 57,980 |  | N/A |  | 9.13 | % |  | 3/2029 |  | N/A
9.0% Senior Notes (3) |  |  |  | 1 |  | 85,000 |  | 82,235 |  | N/A |  | 9.00 | % |  | 9/2029 |  | N/A
9.125% Senior Notes (3) |  |  |  | 1 |  | 90,000 |  | 86,700 |  | N/A |  | 9.13 | % |  | 3/2030 |  | N/A
Total Debt Obligations |  |  |  |  |  | $ | 3,781,081 |  |  | $ | 3,760,685 |  |  |  |  |  |  |  |  | $ | 4,004,655 |
|  |  |  | December 31, 2024 |  |
(Dollars in Thousands) |  |  |  | Number of Facilities or Issuances |  | Principal Amount |  | Carrying Value (1) |  | Facility Capacity |  | Weighted Average Interest Rate (2) |  | 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 Financings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |
Secured revolving financing facility (4) |  |  |  | 1 |  | 225,000 |  | 220,234 |  | 250,000 |  |  | 9.50 | % |  | 3/2026 |  | 372,396 |  |  |
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (3) (5) |  |  |  | 3 |  | 12,859 |  | 12,859 |  | — |  |  | 7.06 | % |  | N/A |  | — |  |  |
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 |  |  |
(1)Carrying value presented net of total deferred issuance costs of $20 million at both March 31, 2025 and December 31, 2024. (2)Variable rate borrowings are based on 1- or 3-month SOFR, plus an applicable spread. (3)Borrowing has a fixed interest rate at period end. (4)Facility may be extended for one year at our option. (5)Promissory notes payable on demand to lender with 90-day notice.

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