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(4) Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
(4) Debt

(4) Debt

 

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

                
         Amount Outstanding at 
         September 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  $138,596   $70,590 
                 
   4.15% over a commercial paper rate (Minimum 5.15%)  January 2024   106,891    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 7.67% and 8.93% at September 30, 2022 and December 31, 2021, respectively  Weighted average maturity of July 2024 and January 2024 at September 30, 2022 and December 31, 2021, respectively   27,249    26,459 
                 
         $322,736   $186,780 

 

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $106.9 million outstanding under this facility at September 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.

 

On July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200 million. There was $138.6 million outstanding under this facility at September 30, 2022. The revolving period for this facility was extended to July 2024 followed by an amortization period through July 2025 for any receivables pledged at the end of the revolving period

 

Unamortized debt issuance costs of $440,000 and $629,000 as of September 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 $3.0 million and $400,000 as of September 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.