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Indebtedness
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Indebtedness
10. Indebtedness

Advance, Warehouse and MSR Facilities
September 30, 2023December 31, 2022
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOctober 2024Servicing advance receivables$350 $129 $166 $150 $189 
$250 advance facility(1)
November 2024Servicing advance receivables250 207 284 308 410 
$250 advance facilityJanuary 2024Servicing advance receivables250 177 200 171 209 
$75 advance facilityDecember 2023Servicing advance receivables75 35 52 40 45 
Advance facilities principal amount 548 702 669 853 
Warehouse Facilities
$1,500 warehouse facilityJune 2024Mortgage loans or MBS1,500 162 163 206 272 
$750 warehouse facilityJune 2024Mortgage loans or MBS750 115 150 135 133 
$750 warehouse facilityOctober 2024Mortgage loans or MBS750 124 130 202 209 
$500 warehouse facilityJune 2024Mortgage loans or MBS500 39 44 76 80 
$500 warehouse facility(2)
August 2024Mortgage loans or MBS500 88 90 31 32 
$300 warehouse facilityNovember 2023Mortgage loans or MBS300 137 141 115 117 
$250 warehouse facility(3)
September 2025Mortgage loans or MBS250 14 16 14 17 
$200 warehouse facilityDecember 2024Mortgage loans or MBS200 48 50 18 21 
$200 warehouse facilityJanuary 2024Mortgage loans or MBS200 45 70 — — 
$100 warehouse facilityApril 2024Mortgage loans or MBS100 40 51 19 28 
$100 warehouse facilityApril 2024Mortgage loans or MBS100 ————
$75 warehouse facilityDecember 2023Mortgage loans or MBS75 5511
$1 warehouse facilityDecember 2023Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount817 910 817 910 
MSR Facilities
$1,500 warehouse facility(1)
November 2024MSR1,500 250 2,303 260 2,284 
$1,500 warehouse facilityApril 2025MSR1,500 900 1,324 380 927 
$750 warehouse facility(3)
September 2025MSR750 3251,3913801,482
$500 warehouse facility June 2025MSR500 255705365732
$500 warehouse facilityApril 2025MSR500 210396——
$500 warehouse facilityJune 2025MSR500 225434——
$50 warehouse facilityNovember 2024MSR50 30672574
MSR facilities principal amount 2,1956,6201,4105,499
Advance, warehouse and MSR facilities principal amount 3,560 8,232 2,896 7,262 
Unamortized debt issuance costs(15)(11)
Advance, warehouse and MSR facilities, net$3,545$2,885

(1)Total capacity for this facility is $1,750, of which $250 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.
(2)In October 2023, the Company decreased the capacity to $350.
(3)The capacity amount for this facility is $1,000, of which $750 is a sublimit for MSR financing.
The weighted average interest rate for advance facilities was 7.8% and 4.5% for the three months ended September 30, 2023 and 2022, respectively, and 7.6% and 3.4% for the nine months ended September 30, 2023 and 2022, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.8% and 4.6% for the three months ended September 30, 2023 and 2022, respectively, and 7.4% and 3.3% for the nine months ended September 30, 2023 and 2022, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesSeptember 30, 2023December 31, 2022
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
$850 $850 
$650 face value, 5.125% interest rate payable semi-annually, due December 2030
650 650 
$600 face value, 6.000% interest rate payable semi-annually, due January 2027
600 600 
$600 face value, 5.750% interest rate payable semi-annually, due November 2031
600 600 
$550 face value, 5.000% interest rate payable semi-annually, due February 2026(1)
500 — 
Unsecured senior notes principal amount3,200 2,700 
Purchase discount(1) and unamortized debt issuance costs
(53)(27)
Unsecured senior notes, net $3,147 $2,673 

(1)In connection with the Home Point transaction in the third quarter of 2023, the Company assumed an unsecured senior note with a principal balance of $500 and recorded a purchase discount of $32 on the acquisition date, of which $2 has been accreted in the nine months ended September 30, 2023. See Note 2, Acquisitions, for further details.

The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, 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. No notes were repurchased or redeemed during the nine months ended September 30, 2023 and 2022.

As of September 30, 2023, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2023 through 2025$— 
2026500 
2027600 
Thereafter2,100 
Total unsecured senior notes principal amount$3,200 

Interest Expense
Interest expense primarily includes interest incurred on advance, warehouse and MSR facilities, unsecured senior notes, excess spread financing and compensating bank balances, as well as bank fees. The Company incurred interest expense related to advance, warehouse and MSR facilities, unsecured senior notes and excess spread financing of $131 and $342 for the three and nine months ended September 30, 2023, respectively, and $90 and $266 for the three and nine months ended September 30, 2022, respectively.

Financial Covenants
The Company’s credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at the Company’s operating subsidiary, Nationstar Mortgage LLC. The Company was in compliance with its required financial covenants as of September 30, 2023.