WAREHOUSE AND CORPORATE NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of maturities of warehouse notes payable and corporate notes payable

Year Ending December 31,	Maturities
2026	$	1,451,117
2027		4,500
2028		4,500
2029		4,500
2030		4,500
Thereafter		824,125
Total	$	2,293,242

Warehouse Facilities

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of warehouse lines of credit

	December 31, 2025
(dollars in thousands)	Committed		Uncommitted		Total Facility		Outstanding
Facility	Amount		Amount		Capacity		Balance		Interest rate(1)
Agency Warehouse Facility #1	$	325,000		250,000		575,000	$	77,825	SOFR plus 1.30%
Agency Warehouse Facility #2		700,000		300,000		1,000,000		382,608	SOFR plus 1.30%
Agency Warehouse Facility #3		425,000		425,000		850,000		64,403	SOFR plus 1.30%
Agency Warehouse Facility #4		150,000		225,000		375,000		122,711	SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5		—		1,000,000		1,000,000		100,217	SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities	$	1,600,000		2,200,000		3,800,000	$	747,764
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		672,899
Total Agency Warehouse Facilities	$	1,600,000		3,700,000		5,300,000	$	1,420,663

	December 31, 2024
(dollars in thousands)	Committed		Uncommitted		Total Facility		Outstanding
Facility	Amount		Amount		Capacity		Balance		Interest rate(1)
Agency Warehouse Facility #1	$	325,000	$	250,000	$	575,000	$	69,401	SOFR plus 1.30%
Agency Warehouse Facility #2		700,000		300,000		1,000,000		137,792	SOFR plus 1.30%
Agency Warehouse Facility #3		425,000		425,000		850,000		102,463	SOFR plus 1.30%
Agency Warehouse Facility #4		150,000		225,000		375,000		66,861	SOFR plus 1.30% to 1.35%
Agency Warehouse Facility #5		50,000		950,000		1,000,000		11,461	SOFR plus 1.45%
Total National Bank Agency Warehouse Facilities	$	1,650,000	$	2,150,000	$	3,800,000	$	387,978
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		204,542
Total Agency Warehouse Facilities	$	1,650,000	$	3,650,000	$	5,300,000	$	592,520
Liabilities associated with loans held for sale due to a repurchase option (NOTE 2)		—		—		—		189,452
Total Borrowings	$	1,650,000	$	3,650,000	$	5,300,000	$	781,972

(1) Interest rate presented does not include the effect of any interest rate floors.

Notes Payable

WAREHOUSE AND CORPORATE NOTES PAYABLE

Schedule of corporate notes payable

	December 31,
(in thousands, unless otherwise specified)	2025		2024		Interest rate and repayments
Term Loan Note Payable
Unpaid principal balance	$	446,625	$	778,481	Quarterly principal payments of $1.1 million in 2025 and $2.0 million in 2024.
Unamortized debt discount		(2,688)		(3,484)
Unamortized debt issuance costs		(8,681)		(6,953)
Carrying balance	$	435,256	$	768,044
Senior Notes
Unpaid principal balance	$	400,000	$	—	No recurring principal payments. Stated interest rate is 6.625% Interest rate swapped to SOFR + 257 basis points.
Fair value adjustment (NOTE 10)		927		—
Unamortized debt issuance costs		(6,965)		—
Carrying balance	$	393,962	$	—
Corporate notes payable	$	829,218	$	768,044