XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt

(4) Debt

 

The terms and amounts of our other debt outstanding at September 30, 2023 and December 31, 2022 are summarized below:

           
          Amount Outstanding at 
          September 30,   December 31, 
          2023   2022 
          (In thousands) 
Description  Interest Rate  Maturity         
                
Warehouse lines of credit  3.00% over one month Libor (Minimum 3.75%) 8.59% and 7.48% at September 30, 2023 and December 31, 2022, respectively   July 2024   $163,462   $150,293 
                   
   4.15% over a commercial paper rate (Minimum 5.15%) 9.60% and 8.60% at September 30, 2023, and December 31, 2022, respectively   January 2024    78,009    137,585 
                   
Residual interest financing  7.86%   June 2026    50,000    50,000 
                   
Subordinated renewable notes  Weighted average rate of 8.16% and 7.82% at September 30, 2023 and December 31, 2022, respectively   Weighted average maturity of July 2025 and October 2024 at September 30, 2023 and December 31, 2022, respectively    19,163    25,263 
                   
           $310,634   $363,141 

 

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $163.5 million outstanding under this facility at September 30, 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 $78.0 million outstanding under this facility at September 30, 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 $188,000 and $377,000 as of September 30, 2023 and December 31, 2022, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.1 million and $2.6 million as of September 30, 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.