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Other Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
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 of the Company’s warehouse facilities and loan agreements as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Period end balance (1) |  |  | Maximum borrowing capacity |  |  | Period end balance (1) |  |  | Maximum borrowing capacity |
The 2021 term repurchase agreement |  | $ | 21,962 |  |  | $ | 100,000 |  |  | $ | 74,334 |  |  | $ | 100,000 |
The 2021 repurchase agreement |  |  | 70,465 |  |  |  | 200,000 |  |  |  | 79,504 |  |  |  | 200,000 |
The July 2021 term repurchase agreement |  |  | 10,770 |  |  |  | 100,000 |  |  |  | 2,185 |  |  |  | 100,000 |
The 2013 repurchase agreement |  |  | 87,014 |  |  |  | 300,000 |  |  |  | 136,165 |  |  |  | 300,000 |
The bank credit agreement |  |  | 26,141 |  |  |  | 50,000 |  |  |  | 29,495 |  |  |  | 50,000 |
The October 2022 repurchase agreement |  |  | — |  |  |  | — |  |  |  | 10,057 |  |  |  | 18,818 |
The September 2022 term repurchase agreement |  |  | — |  |  |  | 60,000 |  |  |  | — |  |  |  | 60,000 |
Revolving credit line |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,000 |
Total |  | $ | 216,352 |  |  | $ | 810,000 |  |  | $ | 331,740 |  |  | $ | 831,818 |
(1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $1.2 million and $0.9 million as of September 30, 2023 and December 31, 2022, respectively.
Schedule of Activity and Effective Interest Rate | The following table provides an overview of the activity and effective interest rate for the three and nine months ended September 30, 2023 and 2022 ($ in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
Warehouse and repurchase facilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Average outstanding balance |  | $ | 192,855 |  |  | $ | 226,660 |  |  | $ | 218,793 |  |  | $ | 294,622 |  |
Highest outstanding balance at any month-end |  |  | 302,630 |  |  |  | 341,412 |  |  |  | 320,544 |  |  |  | 426,959 |  |
Effective interest rate (1) |  |  | 10.25 | % |  |  | 6.70 | % |  |  | 9.56 | % |  |  | 5.28 | % |
(1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 9.01% and 5.90%, and debt issuance cost amortization of 1.24% and 0.80%, for the three months ended September 30, 2023 and 2022, respectively, and includes average rate of 8.73% and 4.66%, and debt issuance cost amortization of 0.83% and 0.62%, for the nine months ended September 30, 2023 and 2022, respectively.
Summary of Interest Expense | The following table provides a summary of interest expense that includes interest, amortization of discount, and deal cost amortization for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
Warehouse and repurchase facilities |  | $ | 4,943 |  |  | $ | 3,798 |  |  | $ | 15,685 |  |  | $ | 11,678 |  |
Securitized debt |  |  | 42,640 |  |  |  | 30,763 |  |  |  | 119,377 |  |  |  | 75,191 |  |
Interest expense — portfolio related |  |  | 47,583 |  |  |  | 34,561 |  |  |  | 135,062 |  |  |  | 86,869 |  |
Interest expense — corporate debt |  |  | 4,138 |  |  |  | 4,011 |  |  |  | 12,417 |  |  |  | 25,333 |  |
Total interest expense |  | $ | 51,721 |  |  | $ | 38,572 |  |  | $ | 147,479 |  |  | $ | 112,202 |  |

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