DEBT (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Summary of Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	September 30, 2018						December 31, 2017
	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
5.25% Senior Notes due 2021, unsecured	$	550,000	$	2,994	$	547,006	$	550,000	$	3,892	$	546,108
5.875% Senior Notes due 2023, unsecured	350,000		2,576		347,424		350,000		3,002		346,998
5.625% Senior Notes due 2024, unsecured	350,000		2,916		347,084		350,000		3,319		346,681
Senior Notes subtotal	1,250,000		8,486		1,241,514		1,250,000		10,213		1,239,787
Loans payable and other borrowings	160,173		—		160,173		139,453		—		139,453
Revolving Credit Facility(1)	—		—		—		—		—		—
Mortgage warehouse borrowings	54,457		—		54,457		118,822		—		118,822
Total Senior Notes and other financing	$	1,464,630	$	8,486	$	1,456,144	$	1,508,275	$	10,213	$	1,498,062

⁽¹⁾ The Revolving Credit Facility included $2.9 million and $2.0 million of unamortized debt issuance costs as of September 30, 2018 and December 31, 2017, respectively, which is presented in Prepaid expenses and other assets, net on the Consolidated Balance Sheets. As of September 30, 2018 and December 31, 2017, we had $53.7 million and $47.1 million, respectively, of utilized letters of credit, resulting in $546.3 million and $452.9 million, respectively, of availability under the Revolving Credit Facility.

Summary of Mortgage Subsidiary Borrowings

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

	As of September 30, 2018
Facility	Amount Drawn		Facility Amount			Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	1,129	$	45,000	(2)	LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse B	16,857		50,000			LIBOR + 2.25%	On Demand	Mortgage Loans
Warehouse C	36,471		100,000			LIBOR + 2.375%	On Demand	Mortgage Loans and Restricted Cash
Total	$	54,457	$	195,000
	As of December 31, 2017
Facility	Amount Drawn		Facility Amount			Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	12,990	$	39,000	(2)	LIBOR + 2.25%	30 days written notice	Mortgage Loans
Warehouse B	41,447		85,000			LIBOR + 2.25%	On Demand	Mortgage Loans
Warehouse C	64,385		125,000			LIBOR + 2.375%	September 24, 2018	Mortgage Loans and Restricted Cash
Total	$	118,822	$	249,000

⁽¹⁾ The mortgage warehouse borrowings outstanding as of September 30, 2018 and December 31, 2017 were collateralized by a) $83.8 million and $187.0 million, respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.3 million and $1.6 million, respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.

⁽²⁾ From time to time we have the ability to amend this warehouse agreement to increase or decrease capacity to accommodate funding needs.