(4) Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

(4) Debt

(4) Debt

The terms and amounts of our other debt outstanding at June 30, 2022 and December 31, 2021 are summarized below:

			Amount Outstanding at
			June 30,		December 31,
			2022		2021
			(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	3.00% over one month Libor (Minimum 3.75%)	July 2024	$	99,866	$	70,590
	4.15% over a commercial paper rate (Minimum 5.15%)	January 2024		130,750		35,420
Residual interest financing	8.60%	January 2026		–		4,311
Residual interest financing	7.86%	June 2026		50,000		50,000
Subordinated renewable notes	Weighted average rate of 7.97% and 8.93% at June 30, 2022 and December 31, 2021, respectively	Weighted average maturity of June 2024 and January 2024 at June 30, 2022 and December 31, 2021, respectively		27,208		26,459
			$	307,824	$	186,780

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $130.8 million outstanding under this facility at June 30, 2022. On June 28, 2022, we increased the capacity of its credit agreement with Ares Agent Services, L.P. from $100 million to $200 million. The revolving period for this facility was extended to January 2024 followed by an amortization period through January 2028 for any receivables pledged at the end of the revolving period.

Unamortized debt issuance costs of $503,000 and $629,000 as of June 30, 2022 and December 31, 2021, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.7 million and $400,000 as of June 30, 2022 and December 31, 2021, 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.