Other Debt (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023:

	June 30, 2024				December 31, 2023
	Period End Balance (1)		Maximum Borrowing Capacity		Period End Balance (1)		Maximum Borrowing Capacity
	(In thousands)
The September 2022 term repurchase agreement	$	—	$	60,000	$	—	$	60,000
The 2013 repurchase agreement		101,424		300,000		111,086		300,000
The bank credit agreement		24,496		50,000		31,950		50,000
The 2021 repurchase agreement		42,466		200,000		88,817		200,000
The 2021 term repurchase agreement		24,550		100,000		30,460		100,000
The July 2021 term repurchase agreement		20,105		100,000		22,516		100,000
The October 2023 repurchase agreement		—		—		29,522		30,530
The 2023 repurchase agreement		25,500		75,000		22,000		50,000
Total	$	238,541	$	885,000	$	336,351	$	890,530

(1)Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.1 million and $1.6 million as of June 30, 2024 and December 31, 2023, 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, 2024 and 2023:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Warehouse and Repurchase Facilities:	($ in thousands)
Average outstanding balance	$	263,029		$	238,027		$	265,294		$	231,762
Highest outstanding balance at any month-end		333,850			320,544			361,677			320,544
Effective interest rate (1)		9.30	%		9.93	%		9.43	%		9.27	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 8.73% and 9.12%, and debt issuance cost amortization of 0.57% and 0.81%, for the three months ended June 30, 2024 and 2023, respectively, and includes average rate of 8.78% and 8.61%, and debt issuance cost amortization of 0.65% and 0.66%, for the six months ended June 30, 2024 and 2023, respectively.

Summary of Interest Expense

The following table provides a summary of interest expense that includes interest, amortization of discount, and deal cost amortization for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Warehouse and repurchase facilities	$	6,116	$	5,910	$	12,508	$	10,743
Securitized debt		53,072		39,541		102,355		76,737
Interest expense — portfolio related		59,188		45,451		114,863		87,480
Interest expense — corporate debt		6,155		4,139		11,535		8,278
Total interest expense	$	65,343	$	49,590	$	126,398	$	95,758