Long-Term Debt (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Long-Term Debt. |
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| Summary of term notes issued |
| | | | | | | | | | | | | | | | | Maturity date | Issuance date | | Principal balance | | Annual interest rate spread (1) | | Stated | | Optional extension (2) | | | (in thousands) | | | | | | | Term Notes: | | | | | | | | | | February 29, 2024 | | $ | 425,000 | | 3.20% | | March 26, 2029 | | March 25, 2031 | August 14, 2025 | | | 300,000 | | 2.45% | | August 26, 2030 | | August 25, 2032 | Term Loans: | | | | | | | | | | February 28, 2023 | | | 480,000 | | 3.00% | | February 25, 2028 | | February 25, 2029 | October 25, 2023 | | | 125,000 | | 3.00% | | October 25, 2028 | | | | | $ | 1,330,000 | | | | | | |
| (1) | Interest is charged at a rate of SOFR plus a spread. |
| (2) | The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements. |
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| Summary of note payable |
| | | | | | | | | Quarter ended March 31, | | | 2026 | | 2025 | | | | (dollars in thousands) | Average balance | | $ | 1,332,222 | | $ | 1,863,611 | Weighted average interest rate (1) | | | 6.72% | | | 7.85% | Total interest expense | | $ | 22,389 | | $ | 36,578 |
| (1) | Excludes the effect of amortization of debt issuance costs totaling $305,000 and $513,000 for the quarters ended March 31, 2026 and 2025, respectively. |
| | | | | | | | | March 31, | | December 31, | | | 2026 | | 2025 | | | | (dollars in thousands) | Carrying value: | | | | | | | Unpaid principal balance: | | | | | | | Term Notes and Term Loans | | $ | 1,330,000 | | $ | 1,330,000 | Freddie Mac MSR notes payable | | | 100,000 | | | — | | | | 1,430,000 | | | 1,330,000 | Unamortized debt issuance costs | | | (3,675) | | | (3,979) | | | $ | 1,426,325 | | $ | 1,326,021 | Weighted average interest rate | | | 6.64% | | | 6.69% | Assets pledged to secure notes payable (1): | | | | | | | Servicing advances | | $ | 394,107 | | $ | 406,825 | Mortgage servicing rights | | $ | 8,831,375 | | $ | 9,367,851 | Margin deposits | | $ | 12,630 | | $ | 10,393 |
| (1) | Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets. |
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| Summary of Unsecured Notes issued |
| | | | | | | | | | Issuance date | | Principal balance | | Note interest rate | | Maturity date | | Optional redemption date (1) | | | (in thousands) | | (annual) | | | | | February 11, 2021 | | $ | 650,000 | | 4.25% | | February 15, 2029 | | February 15, 2024 | September 16, 2021 | | | 500,000 | | 5.75% | | September 15, 2031 | | September 15, 2026 | December 11, 2023 | | | 750,000 | | 7.875% | | December 15, 2029 | | December 15, 2026 | May 23, 2024 | | | 650,000 | | 7.125% | | November 15, 2030 | | November 15, 2026 | February 6, 2025 | | | 850,000 | | 6.875% | | February 15, 2033 | | February 15, 2028 | May 1, 2025 | | | 850,000 | | 6.875% | | May 15, 2032 | | May 15, 2028 | August 7, 2025 | | | 650,000 | | 6.750% | | February 15, 2034 | | August 15, 2028 | | | $ | 4,900,000 | | | | | | |
| (1) | Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued interest. |
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| Summary of unsecured notes payable |
| | | | | | | | | Quarter ended March 31, | | | 2026 | | 2025 | | | | (dollars in thousands) | Average balance | | $ | 4,900,000 | | $ | 3,710,000 | Weighted average interest rate (1) | | | 6.58% | | | 6.26% | Total interest expense | | $ | 83,279 | | $ | 60,137 |
| (1) | Excludes the effect of amortization of debt issuance costs of $2.7 million and $2.0 million for the quarters ended March 31, 2026 and 2025, respectively. |
| | | | | | | | | March 31, | | December 31, | | | 2026 | | 2025 | | | | (dollars in thousands) | Carrying value: | | | | | | | Unpaid principal balance | | $ | 4,900,000 | | $ | 4,900,000 | Unamortized debt issuance costs and premiums, net | | | (65,604) | | | (68,258) | | | $ | 4,834,396 | | $ | 4,831,742 | Weighted average interest rate | | | 6.58% | | | 6.58% |
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| Summary of maturities of Long-Term Debt |
Maturities of long-term debt (based on stated maturity dates) are as follows: | | | | | | | | | | | | | | | | | | | | | | | | Twelve months ended March 31, | | | | | | 2027 | | 2028 | | 2029 | | 2030 | | 2031 | | Thereafter | | Total | | | | (in thousands) | Notes payable secured by mortgage servicing assets (1) | | $ | — | | $ | 480,000 | | $ | 550,000 | | $ | — | | $ | 300,000 | | $ | — | | $ | 1,330,000 | Unsecured senior notes | | | — | | | — | | | 650,000 | | | 750,000 | | | 650,000 | | | 2,850,000 | | | 4,900,000 | Total | | $ | — | | $ | 480,000 | | $ | 1,200,000 | | $ | 750,000 | | $ | 950,000 | | $ | 2,850,000 | | $ | 6,230,000 |
| (1) | The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements. |
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