Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2025

Long-Term Debt.

Summary of term notes issued

				Maturity date
Issuance date	Principal balance		Annual interest rate spread (1)	Stated	Optional extension (2)
	(in thousands)
Term Notes:
February 29, 2024	$	425,000	3.20%	March 26, 2029	March 25, 2031
Term Loans:
February 28, 2023		680,000	3.00%	February 25, 2028	February 25, 2029
October 25, 2023		125,000	3.00%	October 25, 2028
	$	1,230,000

(1) Interest is charged at a rate of SOFR plus a spread.

(2) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements.

Summary of note payable

	Quarter ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Average balance	$	1,698,132	$	1,872,857	$	1,780,415	$	1,911,593
Weighted average interest rate (1)		7.81%		8.85%		7.83%		8.89%
Total interest expense	$	35,743	$	41,932	$	72,321	$	85,938

(1) Excludes the effect of amortization of debt issuance costs totaling $2.7 million and $726,000 for the quarters ended June 30, 2025 and 2024, respectively, and $3.2 million and $1.5 million for the six months ended June 30, 2025 and 2024, respectively.

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Carrying value:
Unpaid principal balance:
Term Notes and Term Loans	$	1,230,000	$	1,730,000
Freddie Mac MSR Notes Payable		100,000		325,000
		1,330,000		2,055,000
Unamortized debt issuance costs		(2,857)		(6,028)
	$	1,327,143	$	2,048,972
Weighted average interest rate		7.49%		7.81%
Assets pledged to secure notes payable (1):
Servicing advances	$	265,118	$	357,939
Mortgage servicing rights	$	9,350,647	$	8,609,388
Deposits	$	13,124	$	16,697

(1) Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that include Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets.

Summary of Unsecured Notes issued

Issuance date	Principal balance		Note interest rate	Maturity date	Optional redemption date (1)
	(in thousands)		(annual)
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
December 11, 2023		750,000	7.875%	December 15, 2029	December 15, 2026
May 23, 2024		650,000	7.125%	November 15, 2030	November 15, 2026
February 6, 2025		850,000	6.875%	February 15, 2033	February 15, 2028
May 1, 2025		850,000	6.875%	May 15, 2032	May 15, 2028
	$	4,250,000

(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 interest.

Summary of unsecured notes payable

	Quarter ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Average balance	$	4,197,253	$	2,828,571	$	3,954,973	$	2,689,286
Weighted average interest rate (1)		6.41%		6.03%		6.34%		5.97%
Total interest expense	$	70,157	$	43,968	$	130,294	$	82,800

(1) Excludes the effect of amortization of debt issuance costs of $2.9 million and $1.5 million for the quarters ended June 30, 2025 and 2024, respectively, and $4.9 million and $2.9 million for the six months ended June 30, 2025 and 2024, respectively.

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	4,250,000	$	3,200,000
Unamortized debt issuance costs and premiums, net		(64,988)		(35,968)
	$	4,185,012	$	3,164,032
Weighted average interest rate		6.56%		6.15%

Summary of maturities of Long-Term Debt

Maturities of long-term debt (based on stated maturity dates) are as follows:

	Twelve months ended June 30,
	2026		2027		2028		2029		2030		Thereafter		Total
	(in thousands)
Notes payable secured by mortgage servicing assets (1)	$	100,000	$	—	$	680,000	$	550,000	$	—	$	—	$	1,330,000
Unsecured senior notes		—		—		—		650,000		750,000		2,850,000		4,250,000
Total	$	100,000	$	—	$	680,000	$	1,200,000	$	750,000	$	2,850,000	$	5,580,000

(1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.