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Indebtedness
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Indebtedness
9. Indebtedness

Advance and Warehouse Facilities
March 31, 2023December 31, 2022
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOctober 2024Servicing advance receivables$350 $140 $179 $150 $189 
$300 advance facility(1)
November 2024Servicing advance receivables300 298 406 308 410 
$250 advance facilityJanuary 2024Servicing advance receivables250 161 192 171 209 
$75 advance facilityDecember 2023Servicing advance receivables75 43 65 40 45 
Advance facilities principal amount 642 842 669 853 
Warehouse Facilities
$1,500 Warehouse FacilityJune 2023Mortgage loans or MBS1,500 189 247 206 272 
$1,500 Warehouse FacilityJune 2023Mortgage loans or MBS1,500 145 144 135 133 
$750 Warehouse FacilityOctober 2023Mortgage loans or MBS750 135 140 202 209 
$500 Warehouse Facility(2)
September 2024Mortgage loans or MBS500 9 11 14 17 
$500 Warehouse FacilityJune 2023Mortgage loans or MBS500 64 67 76 80 
$500 Warehouse FacilityAugust 2023Mortgage loans or MBS500 76 78 31 32 
$450 Warehouse Facility(3)
April 2024Mortgage loans or MBS450 — — — — 
$300 Warehouse FacilityAugust 2023Mortgage loans or MBS300 161 165 115 117 
$250 Warehouse Facility(4)
April 2023Mortgage loans or MBS250 — — — — 
$200 Warehouse FacilityMay 2023Mortgage loans or MBS200 18 27 19 28 
$200 Warehouse FacilityJune 2023Mortgage loans or MBS200 50 51 18 21 
$75 Warehouse FacilityDecember 2023Mortgage loans or MBS75 18 18 1 1 
Warehouse facilities principal amount 865 948 817 910 
MSR Facilities
$1,450 warehouse facility(1)
November 2024MSR1,450 300 2,162 260 2,284 
$600 warehouse facilityApril 2025MSR600 400 977 380 927 
$500 warehouse facility(2)
September 2024MSR500 3901,1533801,482
$500 warehouse facility June 2024MSR500 325774365732
$50 warehouse facilityNovember 2023MSR50 25712574
MSR facilities principal amount 1,4405,1371,4105,499
Advance, warehouse and MSR facilities principal amount 2,947 $6,9272,896 $7,262 
Unamortized debt issuance costs(13)(11)
Advance and warehouse facilities, net$2,934$2,885

(1)Total capacity for this facility is $1,750, of which $300 is internally allocated for advance financing and $1,450 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations.
(2)The capacity amount for this facility is $1,000, of which $500 is a sublimit for MSR financing.
(3)The capacity decreased in April 2023 to $100.
(4)The facility was terminated in April 2023.
In April 2023, the Company increased capacity on MSR facilities by $1,150. See further discussion in Liquidity and Capital Resources section within Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The weighted average interest rate for advance facilities was 7.2% and 2.4% for the three months ended March 31, 2023 and 2022, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.0% and 2.1% for three months ended March 31, 2023 and 2022, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesMarch 31, 2023December 31, 2022
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
$850 $850 
$650 face value, 5.125% interest rate payable semi-annually, due December 2030
650 650 
$600 face value, 6.000% interest rate payable semi-annually, due January 2027
600 600 
$600 face value, 5.750% interest rate payable semi-annually, due November 2031
600 600 
Unsecured senior notes principal amount2,700 2,700 
Unamortized debt issuance costs(25)(27)
Unsecured senior notes, net $2,675 $2,673 

The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. No notes were repurchased or redeemed during the three months ended March 31, 2023 and 2022.

As of March 31, 2023, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2023 through 2026$— 
2027600 
Thereafter2,100 
Total unsecured senior notes principal amount$2,700 

Interest Expense
Interest expense primarily includes interest incurred on advance and warehouse facilities, unsecured senior notes, excess spread financing and compensating bank balances, as well as bank fees. The Company incurred interest expense related to advance and warehouse facilities, unsecured senior notes and excess spread financing of $99 and $86 for the three months ended March 31, 2023 and 2022, respectively.

Financial Covenants
The Company’s credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at the Company’s operating subsidiary, Nationstar Mortgage LLC. The Company was in compliance with its required financial covenants as of March 31, 2023.