Debt (Tables)

3 Months Ended

Mar. 31, 2020

Long-term Debt

Schedule of information on warehouse borrowings

	Maximum		Balance Outstanding at
	Borrowing		March 31,		December 31,
	Capacity		2020		2019		Maturity Date
Short-term borrowings:
Repurchase agreement 1 (1)	$	75,000	$	18,979	$	25,953	May 29, 2020
Repurchase agreement 2 (2)		100,000		87,408		72,971	May 28, 2020
Repurchase agreement 3 (1)		425,000		68,997		250,722	May 29, 2020
Repurchase agreement 4		200,000		142,423		119,838	July 30, 2020
Repurchase agreement 5 (3)		300,000		103,447		72,666	May 31, 2020
Repurchase agreement 6 (1)		600,000		79,832		159,413	June 25, 2020
Total warehouse borrowings	$	1,700,000	$	501,086	$	701,563

(1) In May 2020, we settled all of the loans on repurchase agreements 1, 3 and 6 and closed the lines.

(2) In May 2020, the line was extended 60 days pending the renewal process.

(3) In May 2020, the line was extended 30 days pending the renewal process.

Junior Subordinated Notes

Long-term Debt

Schedule of remaining principal balance and fair value

	March 31,		December 31,
	2020		2019
Junior Subordinated Notes (1)	$	62,000	$	62,000
Fair value adjustment		(22,368)		(16,566)
Total Junior Subordinated Notes	$	39,632	$	45,434

(1) Stated maturity of March 2034; requires quarterly interest payments at a variable rate of 3‑month LIBOR plus 3.75% per annum.