v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company maintains various types of secured and unsecured financing, as presented in the tables below. Secured financing consists of master repurchase agreements, early funding facilities, MSR lines of credit, advance facilities and revolving credit and security agreements, and credit and security agreements. Unsecured financing, net consists of our revolving credit facility and senior notes. Interest rates typically have two main components; a base rate, most commonly SOFR, which is sometimes subject to a minimum floor, plus a spread. Certain financing is subject to a commitment fee, which can be up to 50 basis points per year. The commitment fee charged by lenders is calculated based on the committed line amount multiplied by a negotiated rate.

The amount owed and outstanding on the Company’s secured financing facilities is based on its origination volume, the timing of loan sales, and servicing-related liquidity needs. The Company may use surplus cash to “buy-down” the effective interest rate of certain secured financing facilities. Buy-down funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. We have the ability to withdraw these funds at any time, unless a margin call has been made or a default has occurred under the relevant facilities.

The Company is required to maintain certain covenants under its secured and unsecured financing facilities, including minimum tangible net worth, minimum liquidity, maximum total debt or liabilities to net worth ratio, pretax net income requirements and other customary debt covenants, as defined in the underlying agreements. A breach of these covenants may result in an event of default and permit lenders to pursue certain remedies. In addition, most of these facilities include cross default or cross acceleration provisions that could result in all facilities terminating if an event of default or acceleration of maturity occurs, under any such facility. The Company was in compliance with all covenants as of June 30, 2026 and December 31, 2025.
Secured financing
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of June 30,
 2026
Outstanding Balance as of December 31, 2025
Mortgage loan funding
1) Master Repurchase Agreement (1)
Mortgage loans held for sale9/16/2027$1,000 $100 $973 $983 
2) Master Repurchase Agreement (2)
Mortgage loans held for sale4/23/20271,500 250 1,059 437 
3) Master Repurchase Agreement
Mortgage loans held for sale12/17/20272,500 250 752 1,617 
4) Master Repurchase Agreement
Mortgage loans held for sale5/27/20272,500 500 1,544 1,475 
5) Master Repurchase Agreement
Mortgage loans held for sale9/3/20271,000 100 594 476 
6) Master Repurchase Agreement
Mortgage loans held for sale11/26/20271,500 100 1,468 1,452 
7) Master Repurchase Agreement (3)
Mortgage loans held for sale6/11/20273,000 250 2,657 2,834 
8) Master Repurchase Agreement
Mortgage loans held for sale6/11/20271,500 150 1,457 1,453 
9) Master Repurchase Agreement
Mortgage loans held for sale5/26/20281,500 200 652 615 
10) Master Repurchase Agreement
Mortgage loans held for sale11/27/2026500 — 41 30 
11) Master Repurchase Agreement (4)
Mortgage loans held for sale9/30/20271,200 — 137 145 
12) Master Repurchase Agreement (5)
Mortgage loans held for saleN/AN/AN/AN/A107 
13) Master Repurchase Agreement (6)
Mortgage loans held for sale7/12/2026200 30 54 46 
14) Master Repurchase Agreement (7)
Mortgage loans held for sale7/24/2026100 — 14 16 
15) Master Repurchase Agreement (8)
Mortgage loans held for sale3/26/2027750 100 626 514 
16) Master Repurchase Agreement (9)
Mortgage loans held for sale7/10/20261,000 50 485 234 
17) Master Repurchase Agreement
Mortgage loans held for sale11/18/20261,000 — 793 364 
18) Master Repurchase Agreement
Mortgage loans held for sale12/23/2026200 — — — 
19) Master Repurchase Agreement (5)
Mortgage loans held for saleN/AN/AN/AN/A— 
20) Early Funding Facility (10)
Mortgage loans held for sale
(10)
5,000 — 424 575 
21) Early Funding Facility (11)
Mortgage loans held for sale
(11)
2,000 — 255 478 
Total Mortgage loan funding
$27,950 $2,080 $13,985 $13,851 
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of June 30,
 2026
Outstanding Balance as of December 31, 2025
MSR and advance facilities
22) MSR line of credit (5) (12)
MSRsN/AN/AN/AN/A$— 
23) MSR line of credit (13)
MSRs9/30/2027950 — — 150 
24) MSR line of credit (5)
MSRsN/AN/AN/AN/A— 
25) MSR line of credit (14)
MSRs4/2/20271,750 700 225 700 
26) MSR line of credit
MSRs7/20/2027875 875 — 450 
27) MSR line of credit
MSRs4/1/2027500 — 250 360 
28) MSR line of credit
MSRs6/23/2027500 150 100 150 
29) MSR line of credit
MSRs7/17/2027500 250 100 310 
30) MSR line of credit (15)
MSRs7/25/20271,500 1,200 340 440 
31) MSR line of credit
MSRs6/27/2027500 250 265 265 
32) MSR line of credit
MSRs6/25/2027300 — 150 150 
33) Advance facility
Servicing advance receivables5/26/2028850 700 414 364 
34) Advance facility (16)
Servicing advance receivables7/12/202630 30 15 1 
35) Advance facility
Servicing advance receivables12/1/2027350 100 89 99 
36) Advance facility (15)
Servicing advance receivables7/25/2027500 500 359 342 
Total MSR and advance facilities
$9,105 $4,755 $2,307 $3,781 
Personal loan funding
37) Revolving Credit and Security Agreement
Personal loans held for sale8/19/2027$200 $200 $43 $63 
38) Revolving Credit and Security Agreement
Personal loans held for sale11/21/2028150 75 38 17 
39) Revolving Credit and Security Agreement
Personal loans held for sale12/20/2026175 175 — 13 
40) Revolving Credit and Security Agreement
Personal loans held for sale3/27/2028300 100 103 185 
41) Revolving Credit and Security Agreement
Personal loans held for sale12/26/2028300 300 163 26 
Total Personal loan funding
$1,125 $850 $347 $304 
Total Secured Financing (17)
$38,180 $7,685 $16,639 $17,936 

(1)    This facility has an overall line size of $1,000, of which $150 is a sublimit for early buy out financing.

(2)    This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to June 30, 2026, this facility was extended to July 23, 2027.

(3)    This facility has an overall line size of $3,000, of which $3,000 is a sublimit for early buy out financing. Capacity is fully fungible and is not restricted by these allocations.

(4)    This facility has an overall line size of $1,200, of which $950 is a sublimit for MSR financing.

(5)    This facility was voluntarily terminated during the six months ended June 30, 2026.
(6)    This facility has an overall line size of $200, of which $30 is a sublimit for Advance financing. Subsequent to June 30, 2026, this was facility was extended to October 10, 2026.

(7)     Subsequent to June 30, 2026, this facility was extended to October 22, 2026.

(8)    This facility has an overall line size of $750, of which $750 is a sublimit for early buy out financing. Capacity is fully fungible and not restricted by these allocations.

(9)    Subsequent to June 30, 2026, this facility was extended to July 5, 2028, with an overall capacity of $1,000 and a committed capacity of $250.

(10)    This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(11)    This facility will be reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.

(12)    This facility was a sublimit of Master Repurchase Agreement 4.

(13)    This facility is a sublimit of Master Repurchase Agreement 11.

(14)    Subsequent to June 30, 2026, this facility was extended to July 21, 2028, with an overall capacity of $2,000 and committed capacity of $700.

(15)    Total capacity for this facility is $2,000, of which $500 is internally allocated for Advance financing and $1,500 is internally allocated for MSR financing. Capacity is fully fungible and is not restricted by these allocations.

(16)    This facility is a sublimit of Master Repurchase Agreement 13. Subsequent to June 30, 2026, this facility was voluntarily paid off in full and terminated.

(17)    The interest rates charged by lenders on secured financing included the applicable base rate plus a spread ranging from 0.75% to 3.25% for the six months ended June 30, 2026 and from 0.80% to 3.25% for the year ended December 31, 2025.
Unsecured financing, net
Facility TypeCollateralMaturityLine AmountCommitted Line Amount
Outstanding Balance as of June 30,
 2026
Outstanding Balance as of December 31, 2025
Lines of credit
Revolving credit facility (1)
—7/3/2028$2,300 $2,300 $— $— 
Total Line of credit
$2,300 $2,300 $— $— 

(1)     Subsequent to June 30, 2026, this facility was amended to increase the total facility size to $2,500 fully committed, and was extended to July 16, 2029.
Facility TypeMaturityInterest Rate
Outstanding
Principal
June 30,
2026
Outstanding
Principal December 31, 2025
Senior Notes, net
Unsecured Senior Notes (2)(3)
10/15/20262.875 %$— $1,150 
Unsecured Convertible Senior Notes (4)
4/1/20270.500 %503 503 
Unsecured Senior Notes (2)(5)
1/15/20285.250 %62 62 
Unsecured Senior Notes (2)
3/1/20293.625 %750 750 
Unsecured Senior Notes (2)
8/1/20296.500 %12 12 
Unsecured Senior Notes (2)
8/1/20296.500 %738 738 
Unsecured Senior Notes (2)
8/1/20306.125 %2,000 2,000 
Unsecured Senior Notes (2)
12/15/20305.125 %76 76 
Unsecured Senior Notes (2)
3/1/20313.875 %1,250 1,250 
Unsecured Senior Notes (2)(6)
8/1/20316.125 %900 — 
Unsecured Senior Notes (2)
11/15/20315.750 %64 64 
Unsecured Senior Notes (2)
2/1/20327.125 %45 45 
Unsecured Senior Notes (2)
2/1/20327.125 %955 955 
Unsecured Senior Notes (2)
8/1/20336.375 %2,000 2,000 
Unsecured Senior Notes (2)
10/15/20334.000 %850 850 
Unsecured Senior Notes (2)(6)
6/15/20346.500 %600 — 
Total Senior Notes
$10,805 $10,455 
Unamortized premium, net of unamortized discount36 28 
Unamortized issuance costs(69)(60)
Total Senior Notes, net (7)
$10,772 $10,423 
Total Unsecured Financing, net$10,772 $10,423 

(2)    The indentures provide that the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates.

(3)    During the three months ended June 30, 2026, the entire outstanding principal amount of the notes were redeemed at a redemption price equal to 100% of the principal amount plus approximately $6 of accrued and unpaid interest.

(4)    The 2027 Convertible Senior Notes are unsecured obligation notes with no assets required to be pledged for this borrowing. The 2027 Convertible Senior Notes are convertible to cash, shares of the Company's common stock, or a combination thereof, at our election. The conversion rate is 8.47 shares of common stock per thousand principal amount.
(5)    Subsequent to June 30, 2026, the entire outstanding principal amount of the notes was redeemed at a redemption price equal to 100% of the principal amount plus approximately $2 of accrued and unpaid interest.

(6)    During the three months ended June 30, 2026, the Company completed the offering of the unsecured senior notes due 2031 and 2034.

(7)    The weighted average interest rate was 5.43% as of June 30, 2026 and 5.03% as of December 31, 2025.

The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) merge, consolidate or sell, transfer or lease assets and; (2) create liens on assets.

Refer to Note 3, Fair Value Measurements for information pertaining to the fair value of the Company’s debt.