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DEBT (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Summary of Total Debt
Total debt consists of the following (in thousands):
 
 
As of
 
 
March 31, 2020
 
December 31, 2019
 
 
Principal
 
Unamortized Debt Issuance (Costs)/Premium
 
Carrying Value
 
Principal
 
Unamortized Debt Issuance (Costs) / Premium
 
Carrying Value
5.875% Senior Notes due 2023
 
350,000

 
(1,725
)
 
348,275

 
350,000

 
(1,867
)
 
348,133

6.00% Senior Notes due 2023(1)
 
350,000

 
16,242

 
366,242

 
—

 
—

 
—

5.625% Senior Notes due 2024
 
350,000

 
(2,108
)
 
347,892

 
350,000

 
(2,244
)
 
347,756

5.875% Senior Notes due 2025
 
436,886

 
—

 
436,886

 
—

 
—

 
—

5.875% Senior Notes due 2027
 
500,000

 
(5,614
)
 
494,386

 
500,000

 
(5,808
)
 
494,192

6.625% Senior Notes due 2027(1)
 
300,000

 
23,313

 
323,313

 
—

 
—

 
—

5.75% Senior Notes due 2028
 
450,000

 
(4,919
)
 
445,081

 
450,000

 
(5,073
)
 
444,927

Senior Notes subtotal
 
2,736,886

 
25,189

 
2,762,075

 
1,650,000

 
(14,992
)
 
1,635,008

Loans payable and other borrowings
 
299,184

 
—

 
299,184

 
182,531

 
—

 
182,531

Revolving Credit Facility
 
485,000

 
—

 
485,000

 
—

 
—

 
—

Mortgage warehouse borrowings
 
154,109

 
—

 
154,109

 
123,233

 
—

 
123,233

Total Senior Notes and other financing
 
$
3,675,179

 
$
25,189

 
$
3,700,368

 
$
1,955,764

 
$
(14,992
)
 
$
1,940,772


(1) Consists of remaining William Lyon Notes and New Notes issued by TM Communities in connection with the Exchange Offer as described below. Unamortized Debt Issuance (Cost)/Premium for such notes is reflective of fair value adjustments as a result of purchase accounting estimates.
Summary of Mortgage Subsidiary Borrowings
The following is a summary of our mortgage warehouse borrowings (in thousands):

 
 
As of March 31, 2020
Facility
 
Amount Drawn
 
Facility Amount
 
Interest Rate
 
Expiration Date
 
Collateral (1)
Warehouse A
 
$
16,594

 
$
25,000

 
LIBOR + 1.75%
 
On Demand
 
Mortgage Loans
Warehouse B
 
$
47,150

 
$
50,000

 
LIBOR + 1.75%
 
On Demand
 
Mortgage Loans
Warehouse C
 
$
66,865

 
$
75,000

 
LIBOR + 1.70%
 
On Demand
 
Mortgage Loans and Restricted Cash
Warehouse D(2)
 
$
13,875

 
$
60,000

 
LIBOR + 1.75%
 
7/3/2020
 
Mortgage Loans
Warehouse E(2)
 
$
9,625

 
$
70,000

 
LIBOR + 1.875%
 
4/15/2020
 
Mortgage Loans
Total
 
$
154,109

 
$
280,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
Facility
 
Amount Drawn
 
Facility Amount
 
Interest Rate
 
Expiration Date
 
Collateral (1)
Warehouse A
 
$
25,074

 
$
45,000

 
LIBOR + 1.75%
 
On Demand
 
Mortgage Loans
Warehouse B
 
38,481

 
85,000

 
LIBOR + 1.75%
 
On Demand
 
Mortgage Loans
Warehouse C
 
59,678

 
100,000

 
LIBOR + 1.70%
 
On Demand
 
Mortgage Loans and Restricted Cash
Total
 
$
123,233

 
$
230,000

 
 
 
(1) The mortgage warehouse borrowings outstanding as of March 31, 2020 and December 31, 2019 were collateralized by a) $208.2 million and $190.9 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage receivables, and approximately $3.3 million and $1.6 million, respectively, of cash which is included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.
(2) Warehouse D and Warehouse E are mortgage warehouse facilities assumed in connection with the acquisition of WLH. We expect to renew Warehouse D upon expiration. Warehouse E expired and was terminated as of April 15, 2020.