Quarterly report pursuant to Section 13 or 15(d)

Revolving Credit Facilities

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Revolving Credit Facilities
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Revolving Credit Facilities Revolving Credit Facilities
To finance MSR assets and related servicing advance obligations, the Company has entered into revolving credit facilities collateralized by the value of the MSR and/or servicing advances pledged. As of September 30, 2024 and December 31, 2023, the Company had outstanding short- and long-term borrowings under revolving credit facilities of $1.0 billion and $1.3 billion with a weighted average borrowing rate of 8.11% and 8.66% and weighted average remaining maturities of 1.8 and 1.1 years, respectively.
At September 30, 2024 and December 31, 2023, borrowings under revolving credit facilities had the following remaining maturities:
(in thousands) September 30,
2024		 December 31,
2023
Within 30 days $ —  $ — 
30 to 59 days —  — 
60 to 89 days —  — 
90 to 119 days —  — 
120 to 364 days —  324,300 
One year and over 999,171  1,004,871 
Total $ 999,171  $ 1,329,171 

Although the transactions under revolving credit facilities represent committed borrowings from the time of funding until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or pay down the facility. As of September 30, 2024 and December 31, 2023, MSR with a carrying value of $1.8 billion and $2.2 billion, respectively, was pledged as collateral for the Company’s future payment obligations under its MSR revolving credit facilities. As of September 30, 2024 and December 31, 2023, servicing advances with a carrying value of $86.6 million and $79.7 million, respectively, were pledged as collateral for the Company’s future payment obligations under its servicing advance revolving credit facility. Additionally, as of September 30, 2024, $1.5 million of cash was held in restricted accounts as collateral for the future payment obligations of outstanding revolving credit facility balances. The Company does not anticipate any defaults by its revolving credit facility counterparties, although there can be no assurance that any such default or defaults will not occur.