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Derivative and Hedging Instruments | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative and Hedging Instruments | DERIVATIVE AND HEDGING INSTRUMENTS Interest Rate Caps. We utilize interest rate cap agreements to manage the interest rate risk on certain secured financings. The following tables provide the terms of our interest rate cap agreements that were in effect as of September 30, 2024 and December 31, 2023:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of September 30, 2024
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 05/2023 |  | 11/2024 |  | $ | 300.0 |  |  | 7.50 | %
200.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 04/2023 |  | 01/2026 |  | 59.0 |  |  | 5.44 | %
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 09/2022 |  | 09/2025 |  | 183.3 |  |  | 5.42 | %
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of December 31, 2023
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 05/2023 |  | 11/2024 |  | $ | 300.0 |  |  | 7.50 | %
200.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 04/2023 |  | 01/2026 |  | 94.0 |  |  | 5.44 | %
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 09/2022 |  | 9/2025 |  | 200.0 |  |  | 5.42 | %
100.0 |  |  | Term ABS 2021-1 |  | Cap Floating Rate |  | 04/2023 |  | 06/2024 |  | 37.5 |  |  | 5.46 | %
200.0 |  |  | Term ABS 2022-2 |  | Cap Floating Rate |  | 12/2022 |  | 06/2024 |  | 200.0 |  |  | 6.50 | %
(1)Rate excludes the spread over the corresponding benchmark rate. The interest rate caps have not been designated as hedging instruments. As of September 30, 2024 and December 31, 2023, the fair value of the interest rate caps was negligible, as the capped rates were above market rates.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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