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Debt Obligations, Net (Tables)

3 Months Ended

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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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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