Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities

The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):

	September 30, 2024		December 31, 2023
5.875% Senior Notes due June 15, 2024	$	—	$	450,000
5.250% Senior Notes due June 1, 2027	300,000		300,000
5.700% Senior Notes due June 15, 2028	350,000		350,000
Discount and deferred loan costs	(3,720)		(5,751)
Total	$	646,280	$	1,094,249

The Company’s outstanding loans payable consisted of the following (in thousands):

	September 30, 2024		December 31, 2023
Term loan facility	$	250,000	$	250,000
Seller financed loans	25,914		38,337
Total	$	275,914	$	288,337

Schedule of Repurchase Agreements

The following table provides a summary of our Repurchase Agreements as of September 30, 2024 ($ in thousands):

Facility	Outstanding Balance		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	37,528	$	80,000	Term SOFR + 1.75%	3/11/2025	Mortgage Loans
Warehouse B	—		100,000		Term SOFR + 1.75%	5/28/2025	Mortgage Loans
Warehouse C (2)	37,937		50,000		Term SOFR + 1.75%	5/30/2025	Mortgage Loans
Warehouse C (2)	—		50,000		Term SOFR + 1.75%	On Demand	Mortgage Loans
Total	$	75,465	$	280,000

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(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of September 30, 2024, mortgage loans held for sale had an aggregate fair value of $80.1 million.

(2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.