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Indebtedness
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness 9. Indebtedness
Advance, Warehouse and MSR Facilities
March 31, 2025December 31, 2024
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$500 advance facility(1)
Jul 2026Servicing advance receivables$500 $257 $366 $285 $394 
$500 advance facilityAug 2026Servicing advance receivables500 318 358 423 475 
$350 advance facilityOct 2026Servicing advance receivables350 108 136 119 151 
$50 advance facility(2)
Jul 2025Servicing advance receivables50 22 26 22 40 
Advance facilities principal amount 705 886 849 1,060 
Warehouse Facilities
$1,500 warehouse facilityJun 2025Mortgage loans or MBS1,500 90 90 68 71 
$1,200 warehouse facility(3)
Sep 2026Mortgage loans or MBS1,200 283 323 131 148 
$1,000 warehouse facility(4)
Oct 2025Mortgage loans or MBS1,000 388 417 489 530 
$750 warehouse facilityMar 2027Mortgage loans or MBS750 195 230 112 140 
$600 warehouse facilityAug 2025Mortgage loans or MBS600 404 413 368 381 
$500 warehouse facilityNov 2025Mortgage loans or MBS500 413 427 247 256 
$500 warehouse facilityJun 2025Mortgage loans or MBS500 56 72 90 99 
$250 warehouse facilityNov 2025Mortgage loans or MBS250 155 166 238 253 
$200 warehouse facilityDec 2026Mortgage loans or MBS200 159 181 112 123 
$200 warehouse facility(5)
Apr 2025Mortgage loans or MBS200 — — — — 
$200 warehouse facility (2)
Jul 2025Mortgage loans or MBS200 145145105105
$100 warehouse facilityApr 2026Mortgage loans or MBS100 36 41 56 62 
$100 warehouse facilityApr 2026Mortgage loans or MBS100 ————
$1 warehouse facilityDec 2025Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount2,324 2,505 2,016 2,168 
MSR Facilities
$1,750 warehouse facilityApr 2026MSR1,750 900 2,753 950 2,669 
$1,500 warehouse facility(1)
Jul 2026MSR1,500 4752,5834752,607
$950 warehouse facility(3)
Sep 2026MSR950 3451,4145501,711
$950 warehouse facility(6)
Jul 2026MSR950 5501,0176701,066
$500 warehouse facilityJun 2026MSR500 250 496 250 519 
$500 warehouse facilityApr 2027MSR500 250752250781
$500 warehouse facilityJun 2026MSR500 150736150726
$500 warehouse facilityJul 2026MSR500355 616 330 629 
$50 warehouse facilityNov 2025MSR50 25852580
MSR facilities principal amount 3,30010,4523,65010,788
Advance, warehouse and MSR facilities principal amount 6,329 $13,8436,515 $14,016
Unamortized debt issuance costs(16)(20)
Advance, warehouse and MSR facilities, net$6,313$6,495

(1)Total capacity for this facility is $2,000, of which $500 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 $200, of which $50 is a sublimit for advance financing.
(3)The capacity for this facility is $1,200, of which $950 is a sublimit for MSR financing.
(4)The capacity for this warehouse facility increased from $750 to $1,000 during the three months ended March 31, 2025.
(5)This facility was terminated in April 2025.
(6)The capacity for this MSR facility increased from $750 to $950 during the three months ended March 31, 2025.

The weighted average interest rate for advance facilities was 6.9% and 7.8% for the three months ended March 31, 2025 and 2024, respectively. The weighted average interest rate for warehouse and MSR facilities was 6.6% and 7.9% for the three months ended March 31, 2025 and 2024, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesMarch 31, 2025December 31, 2024
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1)
$1,000 $1,000 
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
850 850 
$750 face value, 6.500% interest rate payable semi-annually, due August 2029(2)
750 750 
$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 amount4,950 4,950 
Purchase discount and unamortized debt issuance costs
(54)(59)
Unsecured senior notes, net $4,896 $4,891 

(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.
(2)In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 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, 2025 and 2024.

As of March 31, 2025, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2025$— 
2026500 
2027600 
2028850 
2029750 
Thereafter2,250 
Total unsecured senior notes principal amount$4,950 
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 Cypress Loan Servicing LLC. The Company was in compliance with its required financial covenants as of March 31, 2025.