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(4) Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
(4) Debt

(4) Debt

 

The terms and amounts of our other debt outstanding at September 30, 2021 and December 31, 2020 are summarized below: 

                
         Amount Outstanding at 
         September   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   60,713    45,689 
                 
   4.00% over a commercial paper rate (Minimum 5.00%)  December 2021   37,710    32,265 
                 
Residual interest financing  8.60%  January 2026   15,281    25,576 
                 
   7.86%  June 2026   50,000    – 
                 
Subordinated renewable notes  Weighted average rate of 9.35% and 10.09% at September 30, 2021 and December 31, 2020, respectively  Weighted average maturity of  October 2023 and  January 2023 at September 30, 2021 and December 31, 2020, respectively   27,462    21,323 
                 
         $191,166   $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 September 30, 2021, our short-term funding capacity is $200 million, comprising two credit facilities.

 

Unamortized debt issuance costs of $692,000 and $150,000 as of September 30, 2021 and December 31, 2020, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $655,000 and $1.5 million as of September 30, 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.