Other Debt (Tables)

12 Months Ended

Dec. 31, 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 for the Company’s warehouse facilities and loan agreements as of December 31, 2022 and 2021 (in thousands):

	December 31,
	2022				2021
	Period end balance (1)		Maximum borrowing capacity		Period end balance (1)		Maximum borrowing capacity
The 2021 term repurchase agreement	$	74,334	$	100,000	$	41,636	$	100,000
The 2021 repurchase agreement		79,504		200,000		82,580		200,000
The July 2021 term repurchase agreement		2,185		100,000		—		100,000
The 2013 repurchase agreement		136,165		300,000		153,499		200,000
The Bank credit agreement		29,495		50,000		22,385		50,000
The 2019 loan agreement		—		—		2,700		3,000
The October 2022 repurchase agreement		10,057		18,818		—		—
The September 2022 term repurchase agreement		—		60,000		—		—
Revolving credit line		—		3,000		—		—
Total	$	331,740	$	831,818	$	302,800	$	653,000

(1)Warehouse repurchase facilities amounts in the consolidated balance sheet are net of debt issuance costs amounting to $0.9 million and $1.7 million as of December 31, 2022 and 2021.

Schedule of Activity and Effective Interest Rate

The following table provides an overview of the activity and effective interest rate for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):

	December 31,
	2022			2021			2020
Warehouse and repurchase facilities:
Average outstanding balance	$	299,060		$	183,663		$	168,098
Highest outstanding balance at any month-end		426,959			336,775			439,547
Effective interest rate (1)		5.84	%		5.28	%		4.97	%

(1)Represents interest expense divided by average gross outstanding balance and includes average rate of 5.22%, 4.23%, and 4.31%, and debt issue cost amortization of 0.62%, 1.05%, and 0.66%, as of December 31, 2022, 2021, and 2020, 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 years ended December 31, 2022, 2021, and 2020 (in thousands):

	December 31,
	2022		2021		2020
Warehouse and repurchase facilities	$	17,454	$	9,706	$	8,352
Securitizations		110,269		75,680		79,474
Interest expense — portfolio related		127,723		85,386		87,826
Interest expense — corporate debt		29,472		20,609		12,049
Total interest expense	$	157,195	$	105,995	$	99,875