XML 115 R103.htm IDEA: XBRL DOCUMENT v3.25.2
Debt Obligations, Net - Schedule of Debt Obligations, Net (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
facility
Dec. 31, 2024
USD ($)
facility
Jan. 31, 2025
USD ($)
Debt Instrument [Line Items]      
Debt instrument, face amount $ 3,762,938 $ 3,482,175  
Carrying value of collateral 3,972,697 3,701,592  
Carrying Value      
Debt Instrument [Line Items]      
Carrying Value 3,744,868 3,462,880  
Debt issuance costs $ 18,000 $ 20,000  
Short-Term Facilities: | Residential consumer loan warehouse facilities | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 8 7  
Debt instrument, face amount $ 1,264,287 $ 956,010  
Facility Capacity $ 2,956,740 $ 2,175,000  
Weighted Average Interest Rate 6.19% 6.24%  
Carrying value of collateral $ 1,349,510 $ 1,005,926  
Short-Term Facilities: | Residential consumer loan warehouse facilities | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 1,264,287 $ 956,010  
Short-Term Facilities: | Residential investor loan warehouse facilities | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 4 2  
Debt instrument, face amount $ 350,799 $ 223,975  
Facility Capacity $ 1,150,000 $ 800,000  
Weighted Average Interest Rate 7.16% 7.31%  
Carrying value of collateral $ 479,164 $ 300,843  
Short-Term Facilities: | Residential investor loan warehouse facilities | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 350,668 $ 223,876  
Short-Term Facilities: | Real estate securities repurchase facilities | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 4 6  
Debt instrument, face amount $ 57,410 $ 210,352  
Facility Capacity $ 0 $ 0  
Weighted Average Interest Rate 5.76% 5.81%  
Carrying value of collateral $ 77,118 $ 281,997  
Short-Term Facilities: | Real estate securities repurchase facilities | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 57,410 $ 210,352  
Short-Term Facilities: | Real estate securities repurchase facilities IO | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1    
Debt instrument, face amount $ 35,388    
Facility Capacity $ 75,000    
Weighted Average Interest Rate 7.45%    
Carrying value of collateral $ 90,020    
Short-Term Facilities: | Real estate securities repurchase facilities IO | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 35,388    
Short-Term Facilities: | Residential MSR warehouse facility | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 85,438 $ 58,164  
Facility Capacity $ 125,000 $ 75,000  
Weighted Average Interest Rate 7.57% 7.65%  
Carrying value of collateral $ 193,198 $ 91,506  
Short-Term Facilities: | Residential MSR warehouse facility | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 85,438 $ 58,164  
Short-Term Facilities: | HEI warehouse facility | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 89,938 $ 97,497  
Facility Capacity $ 150,000 $ 150,000  
Weighted Average Interest Rate 8.83% 9.00%  
Carrying value of collateral $ 170,544 $ 207,097  
Short-Term Facilities: | HEI warehouse facility | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 89,938 $ 97,497  
Recourse Subordinate Securities Financing: | CAFL securities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 265,097 $ 268,240  
Weighted Average Interest Rate 7.56% 7.54%  
Carrying value of collateral $ 330,340 $ 318,106  
Recourse Subordinate Securities Financing: | CAFL securities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 264,202 $ 267,140  
Recourse Subordinate Securities Financing: | Sequoia and other third-party securities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1    
Debt instrument, face amount $ 92,500    
Weighted Average Interest Rate 7.27%    
Carrying value of collateral $ 118,277    
Recourse Subordinate Securities Financing: | Sequoia and other third-party securities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 92,500    
Long-Term Facilities: | Residential investor loan warehouse facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 3 5  
Debt instrument, face amount $ 353,557 $ 615,036  
Facility Capacity $ 1,030,000 $ 1,530,000  
Weighted Average Interest Rate 8.14% 7.83%  
Carrying value of collateral $ 533,663 $ 889,901  
Long-Term Facilities: | Residential investor loan warehouse facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 352,166 $ 613,129  
Long-Term Facilities: | Servicer advance financing      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 161,900 $ 159,798  
Facility Capacity $ 200,000 $ 200,000  
Weighted Average Interest Rate 6.27% 6.32%  
Carrying value of collateral $ 227,518 $ 233,820  
Long-Term Facilities: | Servicer advance financing | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 161,166 $ 159,031  
Corporate Debt: | Secured revolving financing facility | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 250,000 $ 225,000  
Facility Capacity $ 250,000 $ 250,000  
Weighted Average Interest Rate 9.29% 9.50%  
Carrying value of collateral $ 403,345 $ 372,396  
Corporate Debt: | Secured revolving financing facility | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 247,140 $ 220,234  
Corporate Debt: | Promissory notes | Facilities      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 3 3  
Debt instrument, face amount $ 11,380 $ 12,859  
Facility Capacity $ 0 $ 0  
Weighted Average Interest Rate 7.07% 7.06%  
Carrying value of collateral $ 0 $ 0  
Corporate Debt: | Promissory notes | Facilities | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 11,380 $ 12,859  
Corporate Debt: | 5.75% exchangeable senior notes | Exchangeable Senior Notes      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 123,574 $ 123,574  
Weighted Average Interest Rate 5.75% 5.75%  
Corporate Debt: | 5.75% exchangeable senior notes | Exchangeable Senior Notes | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 123,534 $ 123,087  
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 247,170 $ 247,170  
Weighted Average Interest Rate 7.75% 7.75%  
Corporate Debt: | 7.75% convertible senior notes | Convertible Debt | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 243,487 $ 242,652  
Corporate Debt: | Trust preferred securities and subordinated notes      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 2 2  
Debt instrument, face amount $ 139,500 $ 139,500  
Weighted Average Interest Rate 6.79% 7.10%  
Corporate Debt: | Trust preferred securities and subordinated notes | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 138,883 $ 138,860  
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 60,000 $ 60,000  
Weighted Average Interest Rate 9.125% 9.125%  
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 58,087 $ 57,877  
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1 1  
Debt instrument, face amount $ 85,000 $ 85,000 $ 90,000
Weighted Average Interest Rate 9.00% 9.00% 9.125%
Corporate Debt: | 9.0% Senior Notes | Unsecured Debt | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 82,362 $ 82,112  
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt      
Debt Instrument [Line Items]      
Number of Facilities or Issuances | facility 1    
Debt instrument, face amount $ 90,000    
Weighted Average Interest Rate 9.125%    
Corporate Debt: | 9.125% Senior Notes | Unsecured Debt | Carrying Value      
Debt Instrument [Line Items]      
Carrying Value $ 86,832