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Indebtedness
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Indebtedness
13. Indebtedness

Advance, Warehouse and MSR Facilities    
December 31, 2023December 31, 2022
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOctober 2024Servicing advance receivables$350 $132 $169 $150 $189 
$300 advance facility(1)
November 2024Servicing advance receivables300 273 364 308 410 
$250 advance facilitySeptember 2025Servicing advance receivables250 250 326 171 209 
$50 advance facilityDecember 2024Servicing advance receivables50 27 49 40 45 
Advance facilities principal amount 682 908 669 853 
Warehouse Facilities
$1,500 Warehouse FacilityJune 2024Mortgage loans or MBS1,500 107 104 206 272 
$750 Warehouse FacilityJune 2024Mortgage loans or MBS750 137 176 135 133 
$750 Warehouse FacilityOctober 2024Mortgage loans or MBS750 155 166 202 209 
$500 Warehouse FacilityJune 2024Mortgage loans or MBS500 72 78 76 80 
$350 Warehouse FacilityAugust 2024Mortgage loans or MBS350 73 75 31 32 
$300 Warehouse Facility(2)
February 2024Mortgage loans or MBS300 — — 115 117 
$250 Warehouse Facility(3)
September 2025Mortgage loans or MBS250 158 177 14 17 
$200 Warehouse FacilityDecember 2024Mortgage loans or MBS200 82 84 18 21 
$200 Warehouse FacilityJanuary 2025Mortgage loans or MBS200 12 21 — — 
$100 Warehouse FacilityApril 2024Mortgage loans or MBS100 25 33 19 28 
$100 Warehouse FacilityApril 2024Mortgage loans or MBS100 ————
$100 Warehouse FacilityDecember 2024Mortgage loans or MBS100 1111
$1 Warehouse FacilityDecember 2024Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount 822 915 817 910 
MSR Facilities
$1,500 Warehouse FacilityApril 2025MSR1,500 980 1,455 260 2,284 
$1,450 Warehouse Facility(1)
November 2024MSR1,450 300 2,164 380 927 
$750 Warehouse Facility(3)
September 2025MSR750 545 1,306 380 1,482 
$500 Warehouse FacilityJune 2025MSR500 405 655 365 732 
$500 Warehouse FacilityApril 2025MSR500 305 634 — — 
$500 Warehouse FacilityJune 2025MSR500 250 677 — — 
$50 Warehouse Facility November 2024MSR50 29 67 25 74 
MSR facilities principal amount 2,814 6,958 1,410 5,499 
Advance, warehouse and MSR facilities principal amount 4,318 $8,781 2,896 $7,262 
Unamortized debt issuance costs(16)(11)
Total advance, warehouse and MSR facilities, net$4,302 $2,885 
(1)Total capacity for this facility is $1,750, of which $300 and $1,450 are internally allocated for advance financing and MSR financing, respectively; capacity is fully fungible and is not restricted by these allocations.
(2)This facility was terminated in February 2024.
(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 7.6% and 4.1% for the years ended December 31, 2023 and 2022, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.6% and 4.0% for the years ended December 31, 2023 and 2022, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesDecember 31, 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 January 2026(1)
500 — 
Unsecured senior notes principal amount3,200 2,700 
Purchase discount(1) and unamortized debt issuance costs
(49)(27)
Unsecured senior notes, net $3,151 $2,673 
(1)In connection with the Home Point Acquisition in 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 $5 has been accreted in the year ended December 31, 2023. See Note 2, Acquisitions, for further details.

The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees.

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 years ended December 31, 2023 and 2022.

As of December 31, 2023, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2024 through 2025$— 
2026500 
2027600 
2028850 
Thereafter1,250 
Total unsecured senior notes principal amount$3,200 
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 December 31, 2023.