| Schedule of Debt Obligations, Net |
The following tables summarize our debt obligations at June 30, 2026 and December 31, 2025. Table 18.1 – Debt Obligations, Net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (Dollars in Thousands) | | | | Number of Facilities or Issuances | | Principal Amount | | Carrying Value (1) | | Facility Capacity | | Weighted Average Interest Rate (2) | | Final Stated Maturity | | Carrying Value of Collateral | | | | | | | | | | | | | | | | | | | Short-Term Facilities: | | | | | | | | | | | | | | | | | | Residential consumer loan warehouse facilities | | | | 9 | | $ | 2,724,511 | | | $ | 2,724,511 | | | $ | 4,700,000 | | | 5.25 | % | | 7/2026-4/2027 | | $ | 2,913,168 | | | Residential investor loan warehouse facilities | | | | 4 | | 106,172 | | 105,994 | | 475,000 | | | 6.87 | % | | 7/2026-12/2026 | | 122,634 | | Real estate securities repurchase facilities | | | | 2 | | 94,048 | | 94,048 | | — | | | 5.26 | % | | 7/2026 | | 118,465 | | Real estate securities repurchase facilities IO | | | | 1 | | 35,493 | | | 35,493 | | | 75,000 | | | 6.62 | % | | 8/2026 | | 145,966 | | | Residential MSR warehouse facility | | | | 1 | | 125,000 | | 125,000 | | 125,000 | | | 6.87 | % | | 1/2027 | | 291,676 | | HEI warehouse facility | | | | 1 | | 42,388 | | 42,388 | | 150,000 | | | 8.16 | % | | 12/2026 | | 99,074 | | Servicer advance financing | | | | 1 | | 128,191 | | 128,025 | | 200,000 | | | 5.59 | % | | 12/2026 | | 208,754 | | | | | | | | | | | | | | | | | | | Recourse Subordinate Securities Financings: | | | | | | | | | | | | | | | | | CAFL securities (3) | | | | 1 | | 261,457 | | 260,976 | | (a) | | 7.54 | % | | 9/2028 | | 313,821 | Sequoia and other third-party securities (3) | | | | 1 | | 83,383 | | 83,383 | | (a) | | 7.27 | % | | 6/2027 | | 103,097 | | | | | | | | | | | | | | | | | | | Long-Term Facilities: | | | | | | | | | | | | | | | | | | Residential investor loan warehouse facilities | | | | 2 | | 104,842 | | 104,819 | | 1,300,000 | | | 6.39 | % | | 8/2027 | | 177,864 | Secured revolving financing facility (4) | | | | 1 | | 370,883 | | 367,009 | | 400,000 | | | 8.73 | % | | 3/2027 | | 899,288 | | | | | | | | | | | | | | | | | | | Corporate Debt: | | | | | | | | | | | | | | | | | Promissory notes (3) (5) | | | | 3 | | 8,023 | | 8,023 | | (a) | | 6.91 | % | | N/A | | (b) | 7.75% convertible senior notes (3) (6) | | | | 1 | | 297,170 | | 294,369 | | (a) | | 7.75 | % | | 6/2027 | | (b) | | Trust preferred securities and subordinated notes | | | | 2 | | 139,500 | | 138,929 | | (a) | | 6.18 | % | | 1/2037, 7/2037 | | (b) | 9.125% Senior Notes (3) | | | | 1 | | 59,127 | | 57,675 | | (a) | | 9.13 | % | | 3/2029 | | (b) | 9.0% Senior Notes (3) | | | | 1 | | 84,015 | | 81,922 | | (a) | | 9.00 | % | | 9/2029 | | (b) | 9.125% Senior Notes (3) | | | | 1 | | 89,232 | | 86,577 | | (a) | | 9.13 | % | | 3/2030 | | (b) | 9.5% Senior Notes (3) | | | | 1 | | 100,000 | | 96,815 | | (a) | | 9.50 | % | | 12/2030 | | (b) | 9.75% Senior Notes (3) | | | | 1 | | 125,000 | | 120,618 | | (a) | | 9.75 | % | | 6/2031 | | (b) | | Total Debt Obligations | | | | | | $ | 4,978,435 | | | $ | 4,956,574 | | | | | | | | | $ | 5,393,807 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | (Dollars in Thousands) | | | | Number of Facilities or Issuances | | Principal Amount | | Carrying Value (1) | | Facility Capacity | | Weighted Average Interest Rate (2) | | Final Stated Maturity | | Carrying Value of Collateral | | | | Short-Term Facilities: | | | | | | | | | | | | | | | | | | | | Residential consumer loan warehouse facilities | | | | 8 | | $ | 2,798,725 | | | $ | 2,798,725 | | | $ | 3,554,960 | | | 5.52 | % | | 1/2026-8/2026 | | $ | 3,066,067 | | | | | Residential investor loan warehouse facilities | | | | 4 | | 157,999 | | 157,571 | | 825,000 | | 7.22 | % | | 5/2026-12/2026 | | 159,074 | | | | Real estate securities repurchase facilities | | | | 4 | | 30,867 | | 30,867 | | — | | | 5.20 | % | | 1/2026-3/2026 | | 40,568 | | | | Real estate securities repurchase facilities IO | | | | 1 | | — | | | — | | | 75,000 | | 6.87 | % | | 6/2026 | | — | | | | | Residential MSR warehouse facility | | | | 1 | | 95,862 | | 95,862 | | 125,000 | | 7.12 | % | | 1/2026 | | 194,228 | | | | HEI warehouse facility | | | | 1 | | 43,496 | | 43,496 | | 150,000 | | 8.29 | % | | 12/2026 | | 98,308 | | | | Servicer advance financing | | | | 1 | | 152,660 | | 152,293 | | 200,000 | | 5.68 | % | | 12/2026 | | 223,677 | | | | | | | | | | | | | | | | | | | | | | | Recourse Subordinate Securities Financings: | | | | | | | | | | | | | | | | | | | CAFL securities (3) | | | | 1 | | 263,063 | | 262,374 | | (a) | | 7.54 | % | | 9/2028 | | 330,212 | | | Sequoia and other third-party securities (3) | | | | 1 | | 87,477 | | 87,477 | | (a) | | 7.27 | % | | 6/2027 | | 109,686 | | | | | | | | | | | | | | | | | | | | | | | Long Term Facilities: | | | | | | | | | | | | | | | | | | | | Residential investor loan warehouse facilities | | | | 2 | | 131,138 | | | 131,069 | | | 1,300,000 | | | 6.68 | % | | 1/2027-8/2027 | | 205,833 | | | | Secured revolving financing facility (4) | | | | 1 | | 282,883 | | 276,580 | | 400,000 | | | 8.66 | % | | 3/2027 | | 451,262 | | | | | | | | | | | | | | | | | | | | | | | | Corporate Debt: | | | | | | | | | | | | | | | | | | | Promissory notes (3) (5) | | | | 3 | | 9,264 | | 9,264 | | (a) | | 7.01 | % | | N/A | | (b) | | | 7.75% convertible senior notes (3) | | | | 1 | | 297,170 | | 292,993 | | (a) | | 7.75 | % | | 6/2027 | | (b) | | | | Trust preferred securities and subordinated notes | | | | 2 | | 139,500 | | 138,906 | | (a) | | 6.35 | % | | 1/2037, 7/2037 | | (b) | | | 9.125% Senior Notes (3) | | | | 1 | | 59,127 | | 57,444 | | (a) | | 9.13 | % | | 3/2029 | | (b) | | | 9.0% Senior Notes (3) | | | | 1 | | 84,015 | | 81,647 | | (a) | | 9.00 | % | | 9/2029 | | (b) | | | 9.125% Senior Notes (3) | | | | 1 | | 89,232 | | 86,270 | | (a) | | 9.13 | % | | 3/2030 | | (b) | | | 9.5% Senior Notes (3) | | | | 1 | | 100,000 | | 96,544 | | (a) | | 9.50 | % | | 12/2030 | | (b) | | | | Total Debt Obligations | | | | | | $ | 4,822,478 | | | $ | 4,799,382 | | | | | | | | | $ | 4,878,915 | | | |
(1)Carrying value presented net of total deferred issuance costs of $22 million and $23 million at June 30, 2026 and December 31, 2025, respectively. (2)Variable rate borrowings are based on 1- or 3-month SOFR, plus an applicable spread. (3)Borrowing has a fixed interest rate at period end. (4)Facility may be extended for one year at our option. (5)Promissory notes payable on demand to lender with 90-day notice. (6)We may settle conversions in cash, shares, or a combination, with the principal amount settled in cash. At June 30, 2026, the conversion rate was 95.6823 shares per $1,000 principal amount of notes (a conversion price of $10.45 per share).
(a) Outstanding principal balance represents facility capacity at period end. (b) Unsecured corporate debt; no related collateral at period end.
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