DEBT - (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary of Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	June 30, 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	$	(2,695	)	$	547,305
6.625% Senior Notes due 2022 (1)	400,000		9,930			409,930		400,000		11,656			411,656
5.875% Senior Notes due 2023	350,000		(2,151		)	347,849		350,000		(2,434		)	347,566
5.625% Senior Notes due 2024	350,000		(2,512		)	347,488		350,000		(2,781		)	347,219
5.875% Senior Notes due 2027	500,000		(6,028		)	493,972		—		—			—
Senior Notes subtotal	1,600,000		(761		)	1,599,239		1,650,000		3,746			1,653,746
Loans payable and other borrowings	212,897		—			212,897		225,497		—			225,497
Revolving Credit Facility	—		—			—		—		—			—
364-Day Credit Agreement	200,000		—			200,000		200,000		—			200,000
Mortgage warehouse borrowings	79,458		—			79,458		130,353		—			130,353
Total Senior Notes and other financing	$	2,092,355	$	(761	)	$	2,091,594	$	2,205,850	$	3,746		$	2,209,596

⁽¹⁾ Refer to Note 19 - Subsequent Events for more details on refinancing of the Senior Notes due 2022 and the issuance of Senior Notes due 2028.

Summary of Mortgage Subsidiary Borrowings

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

	As of June 30, 2019
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Warehouse A	$	6,518	$	15,000	LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse B	18,721		50,000		LIBOR + 1.75%	On Demand	Mortgage Loans
Warehouse C	54,219		75,000		LIBOR + 1.95%	On Demand	Mortgage Loans and Restricted Cash
Total	$	79,458	$	140,000
	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 June 30, 2019 and December 31, 2018 were collateralized by a) $124.8 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 $1.1 million and $1.6 million, respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.