(4) Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

(4) Debt

(4) Debt

The terms and amounts of our other debt outstanding at March 31, 2021 and December 31, 2020 are summarized below:

			Amount Outstanding at
			March		December 31,
			2021		2020
			(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	5.50% over one month Libor (Minimum 6.50%)	N/A	$	–	$	42,558
	3.00% over one month Libor (Minimum 3.75%)	December 2022		44,956		45,689
	4.00% over a commercial paper rate (Minimum 5.00%)	December 2021		27,300		32,265
Residual interest financing	8.60%	January 2026		20,597		25,576
Subordinated renewable notes	Weighted average rate of 9.92% and 10.09% at March 31, 2021 and December 31, 2020, respectively	Weighted average maturity of March 2023 and January 2023 at March 31, 2021 and December 31, 2020, respectively		23,740		21,323
			$	116,593	$	167,411

As of December 31, 2020 we had short-term funding capacity of $300 million, comprising three credit facilities. We repaid the outstanding balance for the facility first established in April 2015 at its maturity date in February 2021 and elected not to renew it. As of March 31, 2021, our short-term funding capacity is $200 million, comprising two credit facilities.

Unamortized debt issuance costs of $57,000 and $150,000 as of March 31, 2021 and December 31, 2020, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.2 million and $1.5 million as of March 31, 2021 and December 31, 2020, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.