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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt

(4) Debt

 

The terms and amounts of our other debt outstanding at March 31, 2023 and December 31, 2022 are summarized below: 

                
         Amount Outstanding at 
         March 31,   December 31, 
         2023   2022 
         (In thousands) 
Description  Interest Rate  Maturity        
               
Warehouse lines of credit  3.00% over one month Libor (Minimum 3.75%) 7.99% and 7.48% at March 31, 2023 and December 31, 2022, respectively  July 2024   168,781    150,293 
                 
   4.15% over a commercial paper rate (Minimum 5.15%) 9.09% and 8.60% at March 31, 2023, and December 31, 2022, respectively  January 2024   119,089    137,585 
                 
Residual interest financing  7.86%  June 2026   50,000    50,000 
                 
Subordinated renewable notes  Weighted average rate of 7.95% and 7.82% at March 31, 2023 and December 31, 2022, respectively  Weighted average maturity of December 2024 and October 2024 at March 31, 2023 and December 31, 2022, respectively   23,443    25,263 
         $361,313   $363,141 

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $119.1 million outstanding under this facility at March 31, 2023. 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 $168.8 million outstanding under this facility at March 31, 2023. 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 $314,000 and $377,000 as of March 31, 2023 and December 31, 2022, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $2.1 million and $2.6 million as of March 31, 2023 and December 31, 2022, 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.