| Schedule of warehouse lines of credit |
| | | | | | | | | | | | | | | | | | March 31, 2025 | | | | (in thousands) | | Committed | | Uncommitted | | Total Facility | | Outstanding | | | | Facility | | Amount | | Amount | | Capacity | | Balance | | Interest rate(1) | | Agency Warehouse Facility #1 | | $ | 325,000 | | | 250,000 | | | 575,000 | | $ | 19,622 | | SOFR plus 1.30% | | Agency Warehouse Facility #2 | | | 700,000 | | | 300,000 | | | 1,000,000 | | | 214,076 | | SOFR plus 1.30% | | Agency Warehouse Facility #3 | | | 425,000 | | | 425,000 | | | 850,000 | | | 130,226 | | SOFR plus 1.30% | | Agency Warehouse Facility #4 | | | 150,000 | | | 225,000 | | | 375,000 | | | 96,356 | | SOFR plus 1.30% to 1.35% | | Agency Warehouse Facility #5 | | | 50,000 | | | 950,000 | | | 1,000,000 | | | 178,093 | | SOFR plus 1.45% | | Total National Bank Agency Warehouse Facilities | | $ | 1,650,000 | | | 2,150,000 | | | 3,800,000 | | $ | 638,373 | | | | Fannie Mae repurchase agreement, uncommitted line and open maturity | | | — | | | 1,500,000 | | | 1,500,000 | | | 152,286 | | | | Total Agency Warehouse Facilities | | $ | 1,650,000 | | | 3,650,000 | | | 5,300,000 | | $ | 790,659 | | | | Liabilities associated with loans held for sale due to a repurchase option (NOTE 2) | | | — | | | — | | | — | | | 140,439 | | | | Total Borrowings | | $ | 1,650,000 | | $ | 3,650,000 | | $ | 5,300,000 | | $ | 931,098 | | | |
| (1) | Interest rate presented does not include the effect of any applicable interest rate floors. |
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| Schedule of notes payable |
| | | | | | | | | (in thousands, unless otherwise specified) | | March 31, 2025 | | December 31, 2024 | | Interest rate and repayments | Term Loan Note Payable | | | | | | | | | Unpaid principal balance | | $ | 450,000 | | $ | 778,481 | | Quarterly principal payments of $2.0 million in 2024 and $1.1 million in 2025. | Unamortized debt discount | | | (3,022) | | | (3,484) | | | Unamortized debt issuance costs | | | (9,802) | | | (6,953) | | | Carrying balance | | $ | 437,176 | | $ | 768,044 | | | | | | | | | | | | Senior Notes | | | | | | | | | Unpaid principal balance | | $ | 400,000 | | $ | — | | No recurring principal payments. Interest rate swapped to SOFR + 257 basis points. | Fair value adjustment (NOTE 8) | | | (3,923) | | | — | | | Unamortized debt issuance costs | | | (7,697) | | | — | | | Carrying balance | | $ | 388,380 | | $ | — | | | | | | | | | | | | Notes Payable | | $ | 825,556 | | $ | 768,044 | | | | | | | | | | | |
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