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Indebtedness
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Indebtedness 9. Indebtedness
Advance, Warehouse and MSR Facilities
September 30, 2024December 31, 2023
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$500 advance facility(1)
Jul 2026Servicing advance receivables$500 $211 $304 $— $— 
$500 advance facility(2)
Aug 2026Servicing advance receivables500 253 285 250 326 
$350 advance facilityOct 2026Servicing advance receivables350 113 144 132 169 
$300 advance facility(3)
Nov 2024Servicing advance receivables300 — — 273 364 
$30 advance facility(4)
Dec 2024Servicing advance receivables30 27 40 27 49 
Advance facilities principal amount 604 773 682 908 
Warehouse Facilities
$1,500 warehouse facilityJun 2025Mortgage loans or MBS1,500 61 61 107 104 
$1,200 warehouse facility(5)
Sep 2026Mortgage loans or MBS1,200 426 473 158 177 
$750 warehouse facilityJan 2025Mortgage loans or MBS750 82 105 137 176 
$750 warehouse facilityOct 2025Mortgage loans or MBS750 530 558 155 166 
$500 warehouse facilityJun 2025Mortgage loans or MBS500 72 75 72 78 
$350 warehouse facility(6)
Aug 2025Mortgage loans or MBS350 276 282 73 75 
$200 warehouse facilityDec 2024Mortgage loans or MBS200 180 186 82 84 
$200 warehouse facilityJan 2025Mortgage loans or MBS200 — — 12 21 
$100 warehouse facilityApr 2025Mortgage loans or MBS100 80 89 25 33 
$100 warehouse facilityApr 2025Mortgage loans or MBS100 ————
$100 warehouse facility (4)
Dec 2024Mortgage loans or MBS100 565611
$1 warehouse facilityDec 2024Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount1,763 1,885 822 915 
MSR Facilities
$1,750 warehouse facilityApr 2026MSR1,750 550 2,463 980 1,455 
$1,500 warehouse facility(1)
Jul 2026MSR1,500 4702,212——
$1,450 warehouse facility(3)
Nov 2024MSR1,450 — — 300 2,164 
$950 warehouse facility(5)
Sep 2026MSR950 1551,2875451,306
$500 warehouse facilityJun 2026MSR500 250 501 — — 
$500 warehouse facility Jul 2026MSR500 100722405655
$500 warehouse facilityApr 2026MSR500 250740305634
$500 warehouse facilityJun 2026MSR500 150745250677
$500 warehouse facilityJul 2026MSR500100353— — 
$50 warehouse facilityNov 2025MSR50 10782967
MSR facilities principal amount 2,0359,1012,8146,958
Advance, warehouse and MSR facilities principal amount 4,402 $11,7594,318 $8,781
Unamortized debt issuance costs(23)(16)
Advance, warehouse and MSR facilities, net$4,379$4,302

(1)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.
(2)The capacity for this advance facility increased from $300 to $500 during the three months ended September 30, 2024.
(3)This facility was terminated in July 2024.
(4)Total capacity for this facility is $100, of which $30 is a sublimit for advance financing.
(5)The capacity for this facility is $1,200, of which $950 is a sublimit for MSR financing.
(6)The capacity for this warehouse facility increased from $350 to $600 in October 2024.
The weighted average interest rate for advance facilities was 7.4% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.6% for the nine months ended September 30, 2024 and 2023. The weighted average interest rate for warehouse and MSR facilities was 7.6% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.8% and 7.4% for the nine months ended September 30, 2024 and 2023, respectively.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesSeptember 30, 2024December 31, 2023
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1)
$1,000 $— 
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
850 850 
$750 face value, 6.500% interest rate payable semi-annually, due August 2029(2)
750 — 
$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
500 500 
Unsecured senior notes principal amount4,950 3,200 
Purchase discount and unamortized debt issuance costs
(65)(49)
Unsecured senior notes, net $4,885 $3,151 

(1)In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.
(2)In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.

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 nine months ended September 30, 2024 and 2023.

As of September 30, 2024, 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 
Thereafter3,000 
Total unsecured senior notes principal amount$4,950 
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 Nationstar Mortgage LLC, the Company’s primary operating subsidiary, and Cypress Loan Servicing LLC. The Company was in compliance with its required financial covenants as of September 30, 2024.