v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s debt components:
December 31, 2025December 31, 2024
Carrying ValueFacility Inception Date
Final Stated Maturity(A)
Weighted Average Funding CostCollateral Carrying ValueCarrying Value
Debt carried at cost:
Funding debt:
Warehouse Facility 1(B)
$— August 2020July 2025— %$— $28,286 
Warehouse Facility 2(C)
2,904 November 2022May 20266.8 4,686 61,007 
Warehouse Facility 3(D)
— October 2023October 2025— — 26,227 
Warehouse Facility 4(E)
7,039 February 2023January 20267.1 8,330 68,568 
Warehouse Facility 5(F)
— October 2023n.a.— — 21,697 
REIT Warehouse(G)
750 October 2024December 20269.1 560 99,204 
Warehouse Facility 6(H)
— May 2024May 2026— — — 
Warehouse Facility 7(I)
— February 2023August 2025— — — 
Warehouse Facility 8(J)
— March 2022n.a.— — — 
Warehouse Facility 9(K)
— March 2024March 2025— — 861 
Warehouse Facility 10(L)
1,700 April 2025April 20267.4 2,190 — 
Warehouse Facility 11(M)
6,063 July 2025June 20276.3 5,886 — 
Digital Asset Loan Facility(N)
3,097 April 2025October 202615.0 3,073 — 
21,553 305,850 
MSR financing:
Lender 1(O)
40,000 June 2024June 202616.9 63,767 40,000 
Financed retained interests:
Retained Interest Facility(P)
231,633 April 2023
Various(Q)
6.4 231,788 129,005 
Total debt carried at cost, gross293,186 474,855 
Unamortized deferred financing costs(R)
(2,603)(1,679)
Total debt carried at cost, net290,583 473,176 
Debt at fair value:
FCC(S)
76,110 — 
Democratized Prime YLDS(T)
24,409 — 
100,519 — 
Debt at fair value to related parties:
FCC - related parties(S)
2,050 — 
Democratized Prime YLDS - related parties(T)
164,085 — 
166,135 — 
Total debt carried at fair value266,654 — 
Total debt$557,237 $473,176 
(A)    Debt obligations with a stated maturity through the date of issuance of the Consolidated Financial Statements were refinanced, extended or repaid.
(B)    Warehouse Facility 1 was closed in July 2025.
(C)    Warehouse Facility 2 bears interest at Secured Financing Overnight Rate (“SOFR”) plus a spread of 2.25% at December 31, 2025.
(D)    Warehouse Facility 3 was paid down in September 2025 and subsequently reached maturity. The interest accrued on the loans was payable to the lender during the period the loans are held, and the Company paid a variable exit fee, which was determined on a quarterly basis as follows: (i) the first $50.0 million of principal balance repurchased is subject to a 0.5% exit fee, and (ii) amounts in excess of $50.0 million are subject to an exit fee that are between 0.125% to 1.50% of the price at which the Company securitizes repurchased loans (or otherwise agreed between the Company and the lender for repurchased loans not securitized).
(E)    Warehouse Facility 4 bears variable interest at SOFR plus a spread between 2.15% and 5.50% at December 31, 2025. A portion of the facility is also subject to a 0.5% non-use fee. The facility was amended in January 2026 to extend the maturity date; see Note 14 for additional information.
(F)    Warehouse Facility 5 is an advance facility in which the lender earns carry on collateral in the facility.
(G)    Real Estate Investment Trust ("REIT") Warehouse bears interest at SOFR plus a spread of (i) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is greater than or equal to $100.0 million, 3.00% or (ii) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is less than $100.0 million, 3.50%. The facility also carries a 0.15% exit fee on repurchased, non-securitized loans which in aggregate cannot exceed $0.5 million in a given calendar year.    
(H)    Warehouse Facility 6 bears interest at SOFR, plus a spread of 3.5% at December 31, 2025. The facility also carries a 0.5% exit fee on all loans repurchased from the facility.
(I)    Warehouse Facility 7 was closed in August 2025.
(J)    Warehouse Facility 8 was closed in December 2024.
(K) Warehouse Facility 9 was closed in March 2025.
(L)    Warehouse Facility 10 bears interest at SOFR, plus a spread of 2.35%.
(M)    Warehouse Facility 11 bears interest at SOFR, subject to a 2.0% floor, plus a spread of 1.75%.
(N)     The Digital Asset Loan Facility bears interest at a rate of 13.5%.
(O) The MSR Note bears interest at 16.5% per annum and secured by eligible servicing assets, which include servicing fees related to loan servicing rights owned by, or delegated to, the Company.
(P)    Under the Retained Interest Facility, the interest accrued on the securities and beneficial interests is payable to the lender during the period the loans are held plus a spread between 0.50% and 0.55%, depending on the tranche to which the Company pledges collateral.
(Q)    The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through November 2055.
(R)    During the year ended December 31, 2025 and 2024, the Company amortized $1.0 million, and $1.0 million of deferred financing costs, respectively.
(S)    Interest accrues at a rate of SOFR less 35 basis points based on the face-amount certificates issued by FCC. Certificates mature 20 years from the issue date, but may be surrendered at any time by the holder at face amount, plus accrued interest minus any applicable expenses or fees.
(T)    Interest is accrued at an hourly rate that is agreed upon through a Dutch auction process; during the year ended December 31, 2025, the average interest rate was 8.7%. YLDS can be redeemed by the holder at face amount, plus accrued interest minus any applicable expenses or fees on demand.
The following table represents borrowing capacity of committed debt facilities that have not matured at December 31, 2025:
December 31, 2025
Borrowing CapacityBalance OutstandingAvailable Financing
Funding Debt:
Warehouse Facility 2$150,000 $2,904 $147,096 
Warehouse Facility 4335,300 7,039 328,261 
REIT Warehouse200,000 750 199,250 
Warehouse Facility 6250,000 — 250,000 
Warehouse Facility 10300,000 1,700 298,300 
Warehouse Facility 11300,000 6,063 293,937 
Digital Asset Loan Facility30,000 3,097 26,903 
MSR financing:
Lender 140,000 40,000 — 
Financed retained interests:
Retained Interest Facility500,000 231,633 268,367 
$2,105,300 $293,186 $1,812,114 
Schedule of Maturities of Long-Term Debt
Maturities
Contractual maturities of recourse and nonrecourse debt obligations at December 31, 2025, are as follows:
Years Ending December 31, RecourseNonrecourseTotal
2026$49,943 $5,547 $55,490 
20276,063 — 6,063 
2028— — — 
2029— — — 
2030— — — 
Thereafter— 231,633 231,633 
$56,006 $237,180 $293,186