BORROWINGS

12 Months Ended

Dec. 31, 2022

12.	BORROWINGS

Bank borrowings

During the years ended December 31, 2021 and 2022, the Company entered into revolving credit facilities that allowed the Company to borrow up to $200,000 and $475,000, respectively. As of December 31, 2021, the Company had $100,000 outstanding balance and $100,000 of undrawn revolving credit facilities. The amount drawn down bears a weighted average interest of 0.93% per annum. As of December 31, 2022, the Company had $49,000 outstanding balance and $426,000 of undrawn revolving credit facilities. The amount drawn down bears a weighted average interest of 3.98% per annum.

Secured borrowings

Sale proceeds from transfers of loans receivable that do not qualify for sale accounting are reported as secured borrowings. As of December 31, 2021 and 2022, nil and $39,410, respectively, remained outstanding. Net cash proceeds received from these transfers are presented in “Proceeds from secured borrowings, net” in the consolidated statements of cash flows.