Debt Obligations, Net (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations, Net

The following tables summarize our debt obligations at March 31, 2026 and December 31, 2025.

Table 18.1 – Debt Obligations, Net

	March 31, 2026
(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	9	$	2,854,214	$	2,854,215	$	4,700,000	5.43	%	4/2026-3/2027	$	3,050,559
Residential investor loan warehouse facilities	4	104,760		104,443		725,000		6.90	%	5/2026-12/2026	119,870
Real estate securities repurchase facilities	2	71,623		71,623		—		4.70	%	4/2026-6/2026	91,096
Real estate securities repurchase facilities IO	1	32,838		32,838		75,000		6.68	%	6/2026	45,106
Residential MSR warehouse facility	1	114,457		114,457		125,000		6.92	%	1/2027	263,286
HEI warehouse facility	1	43,073		43,073		150,000		8.17	%	12/2026	99,351
Servicer advance financing	1	135,239		134,972		200,000		5.63	%	12/2026	219,923
Recourse Subordinate Securities Financing:
CAFL securities (3)	1	262,091		261,506		(a)		7.54	%	9/2028	315,654
Sequoia and other third-party securities (3)	1	85,270		85,270		(a)		7.27	%	6/2027	104,367
Long-Term Facilities:
Residential investor loan warehouse facilities	2	75,793		75,778		1,300,000		6.88	%	8/2027	152,842
Secured revolving financing facility (4)	1	330,883		325,769		400,000		8.67	%	3/2027	563,436
Corporate Debt:
Promissory notes (3) (5)	3	8,359		8,359		(a)		6.91	%	N/A	(b)
7.75% convertible senior notes (3)	1	297,170		293,699		(a)		7.75	%	6/2027	(b)
Trust preferred securities and subordinated notes	2	139,500		138,917		(a)		6.18	%	1/2037, 7/2037	(b)
9.125% Senior Notes (3)	1	59,127		57,561		(a)		9.13	%	3/2029	(b)
9.0% Senior Notes (3)	1	84,015		81,782		(a)		9.00	%	9/2029	(b)
9.125% Senior Notes (3)	1	89,232		86,429		(a)		9.13	%	3/2030	(b)
9.5% Senior Notes (3)	1	100,000		96,677		(a)		9.50	%	12/2030	(b)
Total Debt Obligations		$	4,887,644	$	4,867,368						$	5,025,490

	December 31, 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	$	2,798,725	$	2,798,725	$	3,554,960	5.52	%	1/2026-8/2026	$	3,066,067
Residential investor loan warehouse facilities	4	157,999		157,571		825,000		7.22	%	5/2026-12/2026	159,074
Real estate securities repurchase facilities	4	30,867		30,867		—		5.20	%	1/2026-3/2026	40,568
Real estate securities repurchase facilities IO	1	—		—		75,000		6.87	%	6/2026	—
Residential MSR warehouse facility	1	95,862		95,862		125,000		7.12	%	1/2026	194,228
HEI warehouse facility	1	43,496		43,496		150,000		8.29	%	12/2026	98,308
Servicer advance financing	1	152,660		152,293		200,000		5.68	%	12/2026	223,677
Recourse Subordinate Securities Financings:
CAFL securities (3)	1	263,063		262,374		(a)		7.54	%	9/2028	330,212
Sequoia and other third-party securities (3)	1	87,477		87,477		(a)		7.27	%	6/2027	109,686
Long Term Facilities:
Residential investor loan warehouse facilities	2	131,138		131,069		1,300,000		6.68	%	1/2027-8/2027	205,833
Secured revolving financing facility (4)	1	282,883		276,580		400,000		8.66	%	3/2027	451,262
Corporate Debt:
Promissory notes (3) (5)	3	9,264		9,264		(a)		7.01	%	N/A	(b)
7.75% convertible senior notes (3)	1	297,170		292,993		(a)		7.75	%	6/2027	(b)
Trust preferred securities and subordinated notes	2	139,500		138,906		(a)		6.35	%	1/2037, 7/2037	(b)
9.125% Senior Notes (3)	1	59,127		57,444		(a)		9.13	%	3/2029	(b)
9.0% Senior Notes (3)	1	84,015		81,647		(a)		9.00	%	9/2029	(b)
9.125% Senior Notes (3)	1	89,232		86,270		(a)		9.13	%	3/2030	(b)
9.5% Senior Notes (3)	1	100,000		96,544		(a)		9.50	%	12/2030	(b)
Total Debt Obligations		$	4,822,478	$	4,799,382						$	4,878,915

(1)Carrying value presented net of total deferred issuance costs of $20 million and $23 million at March 31, 2026 and December 31, 2025, 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.

(a) Outstanding principal balance represents facility capacity at period end.

(b) Unsecured corporate debt; no related collateral at period end.