DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Summary of Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	March 31, 2019							December 31, 2018
	Principal		Unamortized Debt Issuance (Costs) / Premium			Carrying Value		Principal		Unamortized Debt Issuance (Costs) / Premium			Carrying Value
5.25% Senior Notes due 2021	$	550,000	$	(2,395	)	$	547,605	$	550,000	$	(2,695	)	$	547,305
6.625% Senior Notes due 2022	400,000		10,794			410,794		400,000		11,656			411,656
5.875% Senior Notes due 2023	350,000		(2,293		)	347,707		350,000		(2,434		)	347,566
5.625% Senior Notes due 2024	350,000		(2,647		)	347,353		350,000		(2,781		)	347,219
Senior Notes subtotal	1,650,000		3,459			1,653,459		1,650,000		3,746			1,653,746
Loans payable and other borrowings	192,764		—			192,764		225,497		—			225,497
Revolving Credit Facility	35,000		—			35,000		—		—			—
364-Day Credit Agreement	200,000		—			200,000		200,000		—			200,000
Mortgage warehouse borrowings	59,114		—			59,114		130,353		—			130,353
Total Senior Notes and other financing	$	2,136,878	$	3,459		$	2,140,337	$	2,205,850	$	3,746		$	2,209,596

Summary of Mortgage Subsidiary Borrowings

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

	As of March 31, 2019
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	12,271	$	45,000	LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse B	9,181		50,000		LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse C	37,662		75,000		LIBOR + 1.95%	On Demand	Mortgage Loans and Restricted Cash
Total	$	59,114	$	170,000
	As of December 31, 2018
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	29,484	$	45,000	LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse B	38,164		85,000		LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse C	62,705		100,000		LIBOR + 1.95%	On Demand	Mortgage Loans and Restricted Cash
Total	$	130,353	$	230,000

 

⁽¹⁾ The mortgage warehouse borrowings outstanding as of March 31, 2019 and December 31, 2018 were collateralized by a) $103.7 million and $181.9 million, respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.4 million and $1.6 million, respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.