Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-Term Debt.

Summary of term notes issued

Following is a summary of the issued and outstanding Term Notes:

			Annual interest rate
Issuance date	Principal balance		Index	Spread	Stated maturity date (1)
	(in thousands)
February 28, 2018	$	650,000	One-month LIBOR	2.85%	2/25/2023 (2)
August 10, 2018		650,000	One-month LIBOR	2.65%	8/25/2023
June 3, 2022		500,000	SOFR	4.25%	5/25/2027
	$	1,800,000

(1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after the stated maturity.

(2) In January 2023, the Company exercised its option to extend the maturity for two years.

Summary of note payable

	Year ended December 31,
	2022		2021		2020
	(dollars in thousands)
Average balance	$	1,584,383	$	1,300,000	$	1,300,000
Weighted average interest rate (1)		4.88%		2.89%		3.42%
Total interest expense	$	79,813	$	39,782	$	46,222

(1) Excludes the effect of amortization of debt issuance costs totaling $2.5 million, $2.2 million and $1.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.

	December 31,
	2022		2021
	(dollars in thousands)
Carrying value:
Unpaid principal balance:
Term Notes	$	1,800,000	$	1,300,000
MSR Note Payable		150,000		—
		1,950,000		1,300,000
Unamortized debt issuance costs		(7,354)		(2,378)
	$	1,942,646	$	1,297,622
Weighted average interest rate		7.46%		2.84%
Assets pledged to secure notes payable (1):
Servicing advances	$	381,379	$	232,107
Mortgage servicing rights	$	5,897,613	$	3,856,791
Deposits	$	12,277	$	36,632

(1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits are pledged to the Issuer Trust and together serve as the collateral for the VFN, the GMSR Servicing Advance Notes and any outstanding Term Notes. The VFN financing and the GMSR Servicing Advance Notes financing are included in Assets sold under agreements to repurchase and the Term Notes are included in Notes payable secured by mortgage servicing assets on the Company's consolidated balance sheets.

Summary of Unsecured Notes issued

Issuance date	Principal balance		Coupon interest rate	Maturity date	Optional redemption date (1)
	(in thousands)		(annual)
September 29, 2020	$	500,000	5.38%	October 15, 2025	October 15, 2022
October 19, 2020		150,000	5.38%	October 15, 2025	October 15, 2022
February 11, 2021		650,000	4.25%	February 15, 2029	February 15, 2024
September 16, 2021		500,000	5.75%	September 15, 2031	September 15, 2026
	$	1,800,000

(1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued and unpaid interest.

Summary of unsecured notes payable

	Year ended December 31,
	2022		2021		2020
	(dollars in thousands)
Average balance	$	1,800,000	$	1,373,562	$	158,743
Weighted average interest rate (1)		5.07%		4.94%		5.38%
Total interest expense	$	95,014	$	70,208	$	8,774

(1) Excludes the effect of amortization of debt issuance costs of $3.7 million, $2.3 million and $225,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

	December 31,
	2022		2021
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	1,800,000	$	1,800,000
Unamortized debt issuance costs and premiums, net		(20,080)		(23,781)
	$	1,779,920	$	1,776,219
Weighted average interest rate		5.07%		5.07%

Summary of maturities of Long-Term Debt

	Year ended December 31,
	2023		2024		2025		2026		2027		Thereafter		Total
	(in thousands)
Notes payable secured by mortgage servicing assets (1)	$	1,300,000	$	150,000	$	—	$	—	$	500,000	$	—	$	1,950,000
Unsecured senior notes		—		—		650,000		—		—		1,150,000		1,800,000
Total	$	1,300,000	$	150,000	$	650,000	$	—	$	500,000	$	1,150,000	$	3,750,000

(1) The Term Notes’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after their stated maturities. In January 2023, the Company exercised its option to extend the maturity of $650 million Term Notes originally due on February 25, 2023 for two years.

Summary of obligations under capital lease

	Year ended December 31,
	2022		2021		2020
	(dollars in thousands)
Average balance	$	848	$	7,999	$	16,224
Weighted average interest rate		2.18%		2.11%		2.62%
Total interest expense	$	20	$	169	$	425
Maximum daily amount outstanding	$	3,489	$	11,864	$	20,810

	December 31,
	2021
	(dollars in thousands)
Unpaid principal balance	$	3,489
Weighted average interest rate		2.11%
Assets pledged to secure obligations under capital lease:
Capitalized software	$	4,546
Furniture, fixtures and equipment	$	4,116