Debt (Tables)

6 Months Ended

Jun. 30, 2020

Long-term Debt

Schedule of information on warehouse borrowings

	Maximum		Balance Outstanding at
	Borrowing		June 30,		December 31,
	Capacity		2020		2019		Maturity Date
Short-term borrowings:
Repurchase agreement 1 (1)	$	—	$	—	$	25,953	May 29, 2020
Repurchase agreement 2 (2)		100,000		1,571		72,971	July 28, 2020
Repurchase agreement 3 (1)		—		—		250,722	May 29, 2020
Repurchase agreement 4 (3)		200,000		—		119,838	August 29, 2020
Repurchase agreement 5		300,000		—		72,666	June 22, 2021
Repurchase agreement 6 (1)		—		—		159,413	June 25, 2020
Total warehouse borrowings	$	600,000	$	1,571	$	701,563

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

(2) In July 2020, the line was extended to July 2021, and the maximum borrowing capacity was reduced to $75.0 million.

(3) In July 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

	June 30,		December 31,
	2020		2019
Junior Subordinated Notes (1)	$	62,000	$	62,000
Fair value adjustment		(20,189)		(16,566)
Total Junior Subordinated Notes	$	41,811	$	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.