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Debt Obligations, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations, Net
The following tables summarize our debt obligations at June 30, 2025 and December 31, 2024.
Table 18.1 – Debt Obligations, Net
June 30, 2025
(Dollars in Thousands)Number of Facilities or Issuances Principal Amount
Carrying Value (1)
Facility Capacity
Weighted Average Interest Rate (2)
Final Stated MaturityCarrying Value of Collateral
Short-Term Facilities:
Residential consumer loan warehouse facilities8$1,264,287 $1,264,287 $2,956,740 6.19 %7/2025-6/2026$1,349,510 
Residential investor loan warehouse facilities4350,799350,6681,150,000 7.16 %7/2025-6/2026479,164
Real estate securities repurchase facilities457,41057,410— 5.76 %7/202577,118
Real estate securities repurchase facilities IO135,38835,38875,000 7.45 %6/202690,020
Residential MSR warehouse facility185,43885,438125,000 7.57 %10/2025193,198
HEI warehouse facility189,93889,938150,000 8.83 %12/2025170,544
Recourse Subordinate Securities Financing:
CAFL securities (3)
1265,097264,202N/A7.56 %9/2028330,340
Sequoia and other third-party securities (3)
192,50092,500N/A7.27 %6/2027118,277
Long-Term Facilities:
Residential investor loan warehouse facilities3353,557352,1661,030,000 8.14 %7/2026-4/2027533,663
Servicer advance financing1161,900161,166200,000 6.27 %12/2026227,518
Secured revolving financing facility (4)
1250,000247,140250,000 9.29 %3/2026403,345
Corporate Debt:
Promissory notes (3) (5)
311,38011,380— 7.07 %N/A— 
5.75% exchangeable senior notes (3)
1123,574123,534N/A5.75 %10/2025N/A
7.75% convertible senior notes (3)
1247,170243,487N/A7.75 %6/2027N/A
Trust preferred securities and subordinated notes2139,500138,883N/A6.79 %1/2037, 7/2037N/A
9.125% Senior Notes (3)
160,00058,087N/A9.13 %3/2029N/A
9.0% Senior Notes (3)
185,00082,362N/A9.00 %9/2029N/A
9.125% Senior Notes (3)
190,00086,832N/A9.13 %3/2030N/A
Total Debt Obligations$3,762,938 $3,744,868 $3,972,697 
December 31, 2024
(Dollars in Thousands)Number of Facilities or IssuancesPrincipal Amount
Carrying Value (1)
Facility Capacity
Weighted Average Interest Rate (2)
Final Stated MaturityCarrying Value of Collateral
Short-Term Facilities:
Residential consumer loan warehouse facilities7$956,010 $956,010 $2,175,000 6.24 %3/2025-10/2025$1,005,926 
Residential investor loan warehouse facilities2223,975223,876800,0007.31 %6/2025-7/2025300,843
Real estate securities repurchase facilities6210,352210,352— 5.81 %1/2025-3/2025281,997
Residential MSR warehouse facility158,16458,16475,0007.65 %10/202591,506
HEI warehouse facility197,49797,497150,0009.00 %12/2025207,097
Recourse Subordinate Securities Financings:
CAFL securities (3)
1268,240267,140N/A7.54 %9/2028318,106
Long Term Facilities:
Residential investor loan warehouse facilities5615,036 613,129 1,530,000 7.83 %5/2026-4/2027889,901 
Servicer advance financing1159,798159,031200,0006.32 %12/2026233,820
Secured revolving financing facility (4)
1225,000220,234250,000 9.50 %3/2026372,396 
Corporate Debt:
Promissory notes (3) (5)
312,85912,859— 7.06 %N/A— 
5.75% exchangeable senior notes (3)
1123,574123,087N/A5.75 %10/2025N/A
7.75% convertible senior notes (3)
1247,170242,652N/A7.75 %6/2027N/A
Trust preferred securities and subordinated notes2139,500138,860N/A7.10 %1/2037, 7/2037N/A
9.125% Senior Notes (3)
160,00057,877N/A9.13 %3/2029N/A
9.0% Senior Notes (3)
185,00082,112N/A9.00 %9/2029N/A
Total Debt Obligations$3,482,175 $3,462,880 $3,701,592 
(1)Carrying value presented net of total deferred issuance costs of $18 million and $20 million at June 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.