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Indebtedness
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Indebtedness
9. Indebtedness

Advance, Warehouse and MSR Facilities
March 31, 2024December 31, 2023
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOct 2024Servicing advance receivables$350 $122 $158 $132 $169 
$300 advance facilitySep 2025Servicing advance receivables300 271 305 250 326 
$250 advance facility(1)
Nov 2024Servicing advance receivables250 230 313 273 364 
$50 advance facility(2)
Dec 2024Servicing advance receivables50 27 49 27 49 
Advance facilities principal amount 650 825 682 908 
Warehouse Facilities
$1,500 warehouse facilityJun 2024Mortgage loans or MBS1,500 141 141 107 104 
$750 warehouse facilityJun 2024Mortgage loans or MBS750 138 175 137 176 
$750 warehouse facilityOct 2024Mortgage loans or MBS750 172 190 155 166 
$500 warehouse facilityJun 2024Mortgage loans or MBS500 54 58 72 78 
$350 warehouse facilityAug 2024Mortgage loans or MBS350 138 141 73 75 
$250 warehouse facility(3)
Sep 2025Mortgage loans or MBS250 177 203 158 177 
$200 warehouse facilityDec 2024Mortgage loans or MBS200 10 10 82 84 
$200 warehouse facilityJan 2025Mortgage loans or MBS200 11 21 12 21 
$100 warehouse facilityJul 2024Mortgage loans or MBS100 52 61 25 33 
$100 warehouse facilityApr 2025Mortgage loans or MBS100 ————
$100 warehouse facility (2)
Dec 2024Mortgage loans or MBS100 656511
$1 warehouse facilityDec 2024Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount958 1,065 822 915 
MSR Facilities
$1,500 warehouse facility(4)
Apr 2026MSR1,500 800 2,571 980 1,455 
$1,500 warehouse facility(1)
Nov 2024MSR1,500 250 2,334 300 2,164 
$950 warehouse facility(3)
Sep 2025MSR950 5851,6335451,306
$500 warehouse facility Jun 2025MSR500 335724405655
$500 warehouse facilityApr 2026MSR500 250788305634
$500 warehouse facilityJun 2025MSR500 250753250677
$50 warehouse facilityNov 2024MSR50 25682967
MSR facilities principal amount 2,4958,8712,8146,958
Advance, warehouse and MSR facilities principal amount 4,103 $10,7614,318 $8,781
Unamortized debt issuance costs(16)(16)
Advance, warehouse and MSR facilities, net$4,087$4,302

(1)Total capacity for this facility is $1,750, of which $250 is internally allocated for advance financing and $1,500 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations.
(2)Total capacity for this facility is $100, of which $50 is a sublimit for advance financing.
(3)The capacity amount for this facility increased from $1,000 to $1,200 during the three months ended March 31, 2024. $950 of the $1,200 is a sublimit for MSR financing.
(4)The capacity increased in April 2024 to $1,750.
The weighted average interest rate for advance facilities was 7.8% and 7.2% for the three months ended March 31, 2024 and 2023, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.9% and 7.0% for the three months ended March 31, 2024 and 2023, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesMarch 31, 2024December 31, 2023
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1)
$1,000 $— 
$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 
$550 face value, 5.000% interest rate payable semi-annually, due February 2026
500 500 
Unsecured senior notes principal amount4,200 3,200 
Purchase discount and unamortized debt issuance costs
(63)(49)
Unsecured senior notes, net $4,137 $3,151 

(1)In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.

The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees.

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, 2024 and 2023.

As of March 31, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2024 through 2025$— 
2026500 
2027600 
2028850 
Thereafter2,250 
Total unsecured senior notes principal amount$4,200 

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 Nationstar Mortgage LLC, the Company’s primary operating subsidiary, and Rushmore Loan Management Services LLC. The Company was in compliance with its required financial covenants as of March 31, 2024.