Debt Obligations, Net (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations, Net

The following tables summarize our debt obligations at June 30, 2026 and December 31, 2025.

Table 18.1 – Debt Obligations, Net

	June 30, 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	$	2,724,511	$	2,724,511	$	4,700,000	5.25	%	7/2026-4/2027	$	2,913,168
Residential investor loan warehouse facilities	4	106,172		105,994		475,000		6.87	%	7/2026-12/2026	122,634
Real estate securities repurchase facilities	2	94,048		94,048		—		5.26	%	7/2026	118,465
Real estate securities repurchase facilities IO	1	35,493		35,493		75,000		6.62	%	8/2026	145,966
Residential MSR warehouse facility	1	125,000		125,000		125,000		6.87	%	1/2027	291,676
HEI warehouse facility	1	42,388		42,388		150,000		8.16	%	12/2026	99,074
Servicer advance financing	1	128,191		128,025		200,000		5.59	%	12/2026	208,754
Recourse Subordinate Securities Financings:
CAFL securities (3)	1	261,457		260,976		(a)		7.54	%	9/2028	313,821
Sequoia and other third-party securities (3)	1	83,383		83,383		(a)		7.27	%	6/2027	103,097
Long-Term Facilities:
Residential investor loan warehouse facilities	2	104,842		104,819		1,300,000		6.39	%	8/2027	177,864
Secured revolving financing facility (4)	1	370,883		367,009		400,000		8.73	%	3/2027	899,288
Corporate Debt:
Promissory notes (3) (5)	3	8,023		8,023		(a)		6.91	%	N/A	(b)
7.75% convertible senior notes (3) (6)	1	297,170		294,369		(a)		7.75	%	6/2027	(b)
Trust preferred securities and subordinated notes	2	139,500		138,929		(a)		6.18	%	1/2037, 7/2037	(b)
9.125% Senior Notes (3)	1	59,127		57,675		(a)		9.13	%	3/2029	(b)
9.0% Senior Notes (3)	1	84,015		81,922		(a)		9.00	%	9/2029	(b)
9.125% Senior Notes (3)	1	89,232		86,577		(a)		9.13	%	3/2030	(b)
9.5% Senior Notes (3)	1	100,000		96,815		(a)		9.50	%	12/2030	(b)
9.75% Senior Notes (3)	1	125,000		120,618		(a)		9.75	%	6/2031	(b)
Total Debt Obligations		$	4,978,435	$	4,956,574						$	5,393,807

	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 $22 million and $23 million at June 30, 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.

(6)We may settle conversions in cash, shares, or a combination, with the principal amount settled in cash. At June 30, 2026, the conversion rate was 95.6823 shares per $1,000 principal amount of notes (a conversion price of $10.45 per share).

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

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