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Other Debt (Tables)

9 Months Ended

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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