Other Debt (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020				December 31, 2019
	Period end balance (1)		Maximum borrowing capacity		Period end balance (1)		Maximum borrowing capacity
Barclays repurchase agreement	$	71,522	$	300,000	$	226,212	$	250,000
Citibank repurchase agreement		87,098		200,000		190,977		200,000
Pacific Western credit agreement		—		50,000		2,499		50,000
Hershiser Capital Finance loan agreement		2,820		3,000		3,000		3,000

(1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.6 million and $1.1 million as of June 30, 2020 and December 31, 2019, respectively.

Schedule of Activity and Effective Interest Rate

The following table provides an overview of the activity and effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands):

	Six Months Ended June 30,
	2020			2019
Warehouse repurchase facilities:
Average outstanding balance	$	295,013		$	197,721
Highest outstanding balance at any month-end		439,547			280,710
Effective interest rate (1)		4.70	%		5.90	%

(1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.29%) and debt issue cost amortization (.41%) and average rate (5.46%) and debt issue cost amortization (0.44%) for the six months ended June 30, 2020 and 2019, 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 six months ended June 30, 2020 and 2019 (in thousands):

	Six Months Ended June 30,
	2020			2019
Warehouse repurchase facilities	$	6,932		$	5,834
Securitizations		37,104			33,553
Interest expense — portfolio related		44,036			39,387
Interest expense — corporate debt		8,237	(1)		6,706
Total interest expense	$	52,273		$	46,093

(1) Included in the $8.2 million of interest expense – corporate debt for the six months ended June 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated with the repayment of $75.0 million in outstanding principal amountin January 2020.