Other Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding

The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Period end balance (1)		Maximum borrowing capacity		Period end balance (1)		Maximum borrowing capacity
The 2021 term repurchase agreement	$	21,632	$	100,000	$	41,636	$	100,000
The 2021 repurchase agreement		78,608		200,000		82,580		200,000
The July 2021 term repurchase agreement		454		100,000		—		100,000
The 2013 repurchase agreement		83,923		300,000		153,499		200,000
The Bank credit agreement		25,587		50,000		22,385		50,000
The 2019 loan agreement		—		—		2,700		3,000
Total	$	210,204	$	750,000	$	302,800	$	653,000

(1)Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.8 million and $1.7 million as of June 30, 2022 and December 31, 2021, respectively.

Schedule of Activity and Effective Interest Rate

The following table provides an overview of the activity and effective interest rate for the three and six months ended June 30, 2022 and 2021 ($ in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Warehouse and repurchase facilities:
Average outstanding balance	$	318,960		$	166,981		$	328,603		$	140,254
Highest outstanding balance at any month-end		379,169			250,927			426,959			250,927
Effective interest rate (1)		5.16	%		5.65	%		4.80	%		5.80	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 4.59% and debt issuance cost amortization of 0.57%, and average rate of 4.44% and debt issuance cost amortization of 1.21%, for the three months ended June 30, 2022 and 2021, respectively, and includes average rate of 4.23% and debt issuance cost amortization of 0.57%, and average rate 4.58% and debt issuance cost amortization 1.22% for the six months ended June 30, 2022 and 2021, respectively.

Summary of Interest Expense

The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Warehouse and repurchase facilities	$	4,115	$	2,361	$	7,880	$	4,067
Securitizations		24,637		18,205		44,428		37,332
Interest expense — portfolio related		28,752		20,566		52,308		41,399
Interest expense — corporate debt		4,182		4,309		21,322		11,658	(1)
Total interest expense	$	32,934	$	24,875	$	73,630	$	53,057

(1)Included in the $11.7 million of interest expense – corporate debt for the six months ended June 30, 2021 was the one-time debt issuance costs write-off of $2.9 million and prepayment fee of $1.6 million associated with the payoff of $78.0 million in outstanding principal amount in February 2021.