Other Debt (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022				December 31, 2021
	Period end balance (1)		Maximum borrowing capacity		Period end balance (1)		Maximum borrowing capacity
The 2021 term repurchase agreement	$	47,777	$	100,000	$	41,636	$	100,000
The 2021 repurchase agreement		93,915		200,000		82,580		200,000
The July 2021 term repurchase agreement		1,632		100,000		—		100,000
The 2013 repurchase agreement		138,776		300,000		153,499		200,000
The bank credit agreement		43,120		50,000		22,385		50,000
The 2019 loan agreement		—		—		2,700		3,000
The 2011 facility agreement		16,192		60,000		—		—
Total	$	341,412	$	810,000	$	302,800	$	653,000

(1)Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.4 million and $1.7 million as of September 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 nine months ended September 30, 2022 and 2021 ($ in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Warehouse and repurchase facilities:
Average outstanding balance	$	226,660		$	182,383		$	294,622		$	154,297
Highest outstanding balance at any month-end		341,412			259,744			426,959			281,690
Effective interest rate (1)		6.70	%		5.19	%		5.28	%		5.56	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 5.90% and debt issuance cost amortization of 0.80%, and average rate of 4.00% and debt issuance cost amortization of 1.19%, for the three months ended September 30, 2022 and 2021, respectively, and includes average rate of 4.66% and debt issuance cost amortization of 0.62%, and average rate 4.35% and debt issuance cost amortization 1.21% for the nine months ended September 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 nine months ended September 30, 2022 and 2021 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
Warehouse and repurchase facilities	$	3,798	$	2,365	$	11,678		$	6,433
Securitizations		30,763		17,956		75,191			55,287
Interest expense — portfolio related		34,561		20,321		86,869			61,720
Interest expense — corporate debt		4,011		4,488		25,333	(1)		16,147	(2)
Total interest expense	$	38,572	$	24,809	$	112,202		$	77,867

(1)Included in the $25.3 million of interest expense – corporate debt for the nine months ended September 30, 2022 was the one-time debt issuance costs write-off of $7.7 million and prepayment penalties of $5.1 million associated with the repayment of $170.8 million in outstanding principal amount in March 2022.

(2)Included in the $16.1 million of interest expense – corporate debt for the nine months ended September 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.