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Debt Obligations, Net (Tables)

9 Months Ended

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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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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