v3.25.4
Notes Payable
 12 Months Ended
Dec. 31, 2025
Notes Payable [Abstract]  
Notes Payable
Note 12 — Notes Payable


As of December 31, 2025, the Company had two separate MSR financing facilities: (i) the Freddie Mac MSR Revolver, which is revolving credit facility for up to $100.0 million that is secured by all Freddie Mac MSRs owned by Aurora; and (ii) the Fannie Mae MSR Revolving Facility, which is a revolving credit facility for up to $100.0 million, that is secured by all Fannie Mae MSRs owned by Aurora. Both financing facilities are available for MSRs as well as certain servicing related advances associated with MSRs.


Freddie Mac MSR Revolver. The Company, Aurora and QRS V (collectively with Aurora and the Company, the “Borrowers”) have entered into a $100.0 million revolving credit facility (the “Freddie Mac MSR Revolver”), pursuant to which Aurora pledged all of its existing and future MSRs on loans owned or securitized by Freddie Mac. In June 2025, the Borrowers entered into an amendment that extended the revolving period for an additional 364 days with the Borrowers’ option for one renewal for similar terms followed by a one-year term out feature with a 24-month amortization schedule. Amounts borrowed bear interest at a weighted average borrowing rate of 7.1% At December 31, 2025 and December 31, 2024, approximately $55.5 million and $56.5 million, respectively, was outstanding under the Freddie Mac MSR Revolver.


Fannie Mae MSR Revolving Facility. Aurora and QRS III are parties to a loan and security agreement (the “Fannie Mae MSR Revolving Facility”), pursuant to which Aurora and QRS III pledged their respective rights in all existing and future MSRs for loans owned or securitized by Fannie Mae to secure borrowings outstanding from time to time. The original maximum credit amount outstanding at any one time under the Fannie Mae MSR Revolving Facility was $150.0 million. The revolving period is 24 months which may be extended by agreement with the lender. In October 2023, Aurora and QRS III entered into an amendment to the Fannie Mae MSR Revolving Facility that extended the revolving period for an additional 24 months. In October 2025, Aurora and QRS III entered into an amendment to the Fannie Mae MSR which (i) extended the revolving period by an additional 24 months, and (ii) reduced the credit amount to $100 million, with the option for Aurora and QRS III to increase the maximum credit to $150 million at any time during the extended 24-month revolving period. The revolving period may be further extended by a period of 1-year by agreement with the lender. Amounts borrowed bear interest at a weighted average borrowing rate of 7.0%. At the end of the revolving period, the outstanding amount will be converted to a three-year term loan that will bear interest at a rate calculated at a spread over the rate for one-year interest rate swaps. The Company has guaranteed repayment of all indebtedness under the Fannie Mae MSR Revolving Facility. At December 31, 2025 and December 31, 2024, approximately $90.8 million and $95.6 million, respectively, was outstanding under the Fannie Mae MSR Revolving Facility.


The outstanding borrowings had the following remaining maturities as of the dates indicated (dollars in thousands):

Long-Term Borrowings Repayment Characteristics

As of December 31, 2025

 
2026
    
2027
    
2028
    
2029
    
2030
     2031
    
Total
  
Freddie Mac MSR Revolver
                                          
Borrowings under Freddie Mac MSR Revolver
  
$
55,500
    
$
-
    
$
-
    
$
-
    
$
-
     $ -    
$
55,500
  
Fannie Mae MSR Revolving Facility
                                                        
Borrowings under Fannie Mae MSR Revolving Facility
    
-
      
548
      
6,806
      
7,239
      
76,157
       -    
90,750
  
Total
  
$
55,500
    
$
548
    
$
6,806
    
$
7,239
    
$
76,157
     $ -    
$
146,250
  

As of December 31, 2024

 
2025
    
2026
    
2027
    
2028
    
2029
     2030
    
Total
  
Freddie Mac MSR Revolver
                                          
Borrowings under Freddie Mac MSR Revolver
  
$
56,500
    
$
-
    
$
-
    
$
-
    
$
-
     $ -    
$
56,500
  
Fannie Mae MSR Revolving Facility
                                                        
Borrowings under Fannie Mae MSR Revolving Facility
    
555
      
6,915
      
7,408
      
80,722
      
-
       -      
95,600
  
Total
  
$
57,055
    
$
6,915
    
$
7,408
    
$
80,722
    
$
-
     $ -    
$
152,100