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Debt Obligations, Net (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations, Net | The following tables summarize our debt obligations at September 30, 2025 and December 31, 2024. Table 18.1 – Debt Obligations, Net
|  |  |  | September 30, 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 |  | $ | 2,264,410 |  |  | $ | 2,264,409 |  |  | $ | 3,369,258 |  |  | 5.94 | % |  | 10/2025-7/2026 |  | $ | 2,437,510 |
Residential investor loan warehouse facilities |  |  |  | 4 |  | 206,304 |  | 206,207 |  | 1,150,000 |  |  | 6.69 | % |  | 5/2026-8/2026 |  | 281,491
Real estate securities repurchase facilities |  |  |  | 5 |  | 27,585 |  | 27,585 |  | — |  |  | 5.75 | % |  | 10/2025 |  | 35,481
Real estate securities repurchase facilities IO |  |  |  | 1 |  | — |  |  | — |  |  | 75,000 |  |  | 7.45 | % |  | 6/2026 |  | — |
Residential MSR warehouse facility |  |  |  | 1 |  | 89,403 |  | 89,403 |  | 125,000 |  |  | 7.38 | % |  | 10/2025 |  | 183,907
HEI warehouse facility |  |  |  | 1 |  | 27,848 |  | 27,848 |  | 150,000 |  |  | 8.67 | % |  | 12/2025 |  | 55,486
Recourse Subordinate Securities Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CAFL securities (3) |  |  |  | 1 |  | 263,664 |  | 262,873 |  | (6) |  | 7.11 | % |  | 9/2028 |  | 333,457
Sequoia and other third-party securities (3) |  |  |  | 1 |  | 90,141 |  | 90,141 |  | (6) |  | 7.27 | % |  | 6/2027 |  | 114,768
Long-Term Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential investor loan warehouse facilities |  |  |  | 3 |  | 199,404 |  | 198,173 |  | 1,030,000 |  |  | 7.52 | % |  | 10/2026-4/2027 |  | 290,414
Servicer advance financing |  |  |  | 1 |  | 151,491 |  | 151,024 |  | 200,000 |  |  | 6.09 | % |  | 12/2026 |  | 214,641
Secured revolving financing facility (4) |  |  |  | 1 |  | 250,000 |  | 248,094 |  | 250,000 |  |  | 7.27 | % |  | 3/2026 |  | 500,786
Corporate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promissory notes (3) (5) |  |  |  | 3 |  | 10,900 |  | 10,900 |  | (6) |  | 7.05 | % |  | N/A |  | (7)
5.75% exchangeable senior notes (3) |  |  |  | 1 |  | 123,574 |  | 123,574 |  | (6) |  | 5.75 | % |  | 10/2025 |  | (7)
7.75% convertible senior notes (3) |  |  |  | 1 |  | 297,170 |  | 292,425 |  | (6) |  | 7.75 | % |  | 6/2027 |  | (7)
Trust preferred securities and subordinated notes |  |  |  | 2 |  | 139,500 |  | 138,894 |  | (6) |  | 6.82 | % |  | 1/2037, 7/2037 |  | (7)
9.125% Senior Notes (3) |  |  |  | 1 |  | 59,127 |  | 57,350 |  | (6) |  | 9.13 | % |  | 3/2029 |  | (7)
9.0% Senior Notes (3) |  |  |  | 1 |  | 84,015 |  | 81,536 |  | (6) |  | 9.00 | % |  | 9/2029 |  | (7)
9.125% Senior Notes (3) |  |  |  | 1 |  | 89,232 |  | 86,225 |  | (6) |  | 9.13 | % |  | 3/2030 |  | (7)
Total Debt Obligations |  |  |  |  |  | $ | 4,373,768 |  |  | $ | 4,356,661 |  |  |  |  |  |  |  |  | $ | 4,447,941 |
|  |  |  | 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 |  | (6) |  | 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 |  | (6) |  | 7.06 | % |  | N/A |  | (7) |  |
5.75% exchangeable senior notes (3) |  |  |  | 1 |  | 123,574 |  | 123,087 |  | (6) |  | 5.75 | % |  | 10/2025 |  | (7) |  |
7.75% convertible senior notes (3) |  |  |  | 1 |  | 247,170 |  | 242,652 |  | (6) |  | 7.75 | % |  | 6/2027 |  | (7) |  |
Trust preferred securities and subordinated notes |  |  |  | 2 |  | 139,500 |  | 138,860 |  | (6) |  | 7.10 | % |  | 1/2037, 7/2037 |  | (7) |  |
9.125% Senior Notes (3) |  |  |  | 1 |  | 60,000 |  | 57,877 |  | (6) |  | 9.13 | % |  | 3/2029 |  | (7) |  |
9.0% Senior Notes (3) |  |  |  | 1 |  | 85,000 |  | 82,112 |  | (6) |  | 9.00 | % |  | 9/2029 |  | (7) |  |
Total Debt Obligations |  |  |  |  |  | $ | 3,482,175 |  |  | $ | 3,462,880 |  |  |  |  |  |  |  |  | $ | 3,701,592 |  |  |
(1)Carrying value presented net of total deferred issuance costs of $17 million and $20 million at September 30, 2025 and December 31, 2024, respectively. (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. (6)Outstanding principal balance represents facility capacity at period end. (7)Unsecured corporate debt; no related collateral at period end.

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