Other Debt (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 (in thousands):

	December 31,
	2023				2022
	Period end balance (1)		Maximum borrowing capacity		Period end balance (1)		Maximum borrowing capacity
The 2021 term repurchase agreement	$	30,460	$	100,000	$	74,334	$	100,000
The 2021 repurchase agreement		88,817		200,000		79,504		200,000
The July 2021 term repurchase agreement		22,516		100,000		2,185		100,000
The 2013 repurchase agreement		111,086		300,000		136,165		300,000
The bank credit agreement		31,950		50,000		29,495		50,000
The October 2022 repurchase agreement		29,522		30,530		10,057		18,818
The 2023 repurchase agreement		22,000		50,000		—		—
The September 2022 term repurchase agreement		—		60,000		—		60,000
Revolving credit line		—		—		—		3,000
Total	$	336,351	$	890,530	$	331,740	$	831,818

(1)Warehouse repurchase facilities amounts in the consolidated balance sheet are net of debt issuance costs amounting to $1.6 million and $0.9 million as of December 31, 2023 and 2022.

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, 2023, 2022, and 2021 ($ in thousands):

	December 31,
	2023			2022			2021
Warehouse and repurchase facilities:
Average outstanding balance	$	227,911		$	299,060		$	183,663
Highest outstanding balance at any month-end		336,351			426,959			336,775
Effective interest rate (1)		9.53	%		5.84	%		5.28	%

(1)Represents interest expense divided by average gross outstanding balance and includes average rate of 8.76%, 5.22%, and 4.23%, and debt issue cost amortization of 0.77%, 0.62%, 1.05%, as of December 31, 2023, 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 years ended December 31, 2023, 2022, and 2021 (in thousands):

	December 31,
	2023		2022		2021
Warehouse and repurchase facilities	$	21,726	$	17,454	$	9,706
Securitized debt		164,742		110,269		75,680
Interest expense — portfolio related		186,468		127,723		85,386
Interest expense — corporate debt		16,556		29,472		20,609
Total interest expense	$	203,024	$	157,195	$	105,995