DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	March 31, 2023							December 31, 2022
	Principal		Unamortized Debt Issuance (Costs)/ Premium			Carrying Value		Principal		Unamortized Debt Issuance (Costs)/ Premium			Carrying Value
5.625% Senior Notes due 2024		350,000		(494	)		349,506		350,000		(628	)		349,372
5.875% Senior Notes due 2027		500,000		(3,264	)		496,736		500,000		(3,459	)		496,541
6.625% Senior Notes due 2027(1)		27,070		1,238			28,308		27,070		1,310			28,380
5.75% Senior Notes due 2028		450,000		(3,025	)		446,975		450,000		(3,183	)		446,817
5.125% Senior Notes due 2030		500,000		(4,648	)		495,352		500,000		(4,807	)		495,193
Senior Notes subtotal	$	1,827,070	$	(10,193	)	$	1,816,877	$	1,827,070	$	(10,767	)	$	1,816,303
Loans payable and other borrowings		338,667		—			338,667		361,486		—			361,486
$1 Billion Revolving Credit Facility(2)(3)		—		—			—		—		—			—
$100 Million Revolving Credit Facility(2)(3)		—		—			—		—		—			—
Mortgage warehouse borrowings		146,334		—			146,334		306,072		—			306,072
Total debt	$	2,312,071	$	(10,193	)	$	2,301,878	$	2,494,628	$	(10,767	)	$	2,483,861

(1)Unamortized Debt Issuance (Cost)/Premium for such notes is reflective of fair value adjustments as a result of purchase accounting.

(2)Unamortized debt issuance costs are included in the Prepaid expenses and other assets, net on the Consolidated Balance Sheets.

(3)The $1 Billion Revolving Credit Facility Agreement together with the $100 Million Revolving Credit Facility Agreement, the “Revolving Credit Facilities”.

Summary of Mortgage Subsidiary Borrowings

The following is a summary of our mortgage warehouse borrowings (in thousands):

	As of March 31, 2023
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	39,608	$	60,000	Daily SOFR + 1.70%	on Demand	Mortgage Loans
Warehouse B		27,747		75,000	BSBY 1M + 1.65%	on Demand	Mortgage Loans
Warehouse C		31,614		75,000	Term SOFR + 1.65%	on Demand	Mortgage Loans & Pledged Cash
Warehouse D		17,077		70,000	Daily SOFR + 1.50%	September 6, 2023	Mortgage Loans
Warehouse E		30,288		70,000	Term SOFR + 1.60%	on Demand	Mortgage Loans
Total	$	146,334	$	350,000
	As of December 31, 2022
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	29,066	$	60,000	Daily SOFR + 1.70%	On Demand	Mortgage Loans
Warehouse B		94,258		150,000	BSBY 1M + 1.65%	On Demand	Mortgage Loans
Warehouse C		53,607		75,000	Term SOFR + 1.65%	On Demand	Mortgage Loans & Restricted Cash
Warehouse D		83,259		140,000	Daily SOFR + 1.50%	September 6, 2023	Mortgage Loans
Warehouse E		45,882		70,000	Term SOFR + 1.60%	On Demand	Mortgage Loans
Total	$	306,072	$	495,000

(1)The mortgage warehouse borrowings outstanding as of March 31, 2023 and December 31, 2022 were collateralized by $186.2 million and $346.4 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale, and approximately $6.7 million and $2.1 million, respectively, of restricted cash on our unaudited Condensed Consolidated Balance Sheets.