Annual report pursuant to Section 13 and 15(d)

WAREHOUSE LINES OF CREDIT, NET (Tables)

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WAREHOUSE LINES OF CREDIT, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at December 31, 2023 and 2022. Changes subsequent to December 31, 2023 have been described in the notes referenced with the below table.
Maturity as of December 31,
2023		 2023 2022
$345 million master repurchase facility agreement(1)
January 2025 $ 122,462  $ 47,565 
$150 million master repurchase facility agreement(2)
August 2024 99,059  10,848 
$300 million master repurchase facility agreement(3)
June 2024 158,412  189,512 
$200 million master repurchase facility agreement(4)
May 2024 87,252  110,605 
$200 million master repurchase facility agreement(5)
September 2024 91,039  16,131 
$300 million master repurchase facility agreement(6)
September 2024 134,964  81,353 
$100 million master repurchase facility agreement(7)
N/A —  56,237 
$50 million master repurchase facility agreement(8)
N/A 30,185  — 
$75 million master repurchase facility agreement(9)
March 2025 34,280  40,096 
$200 million master repurchase facility agreement(10)
N/A 78,682  162,454 
836,335  714,801 
Prepaid commitment fees (2,554) (1,650)
Warehouse lines of credit, net
 $ 833,781  $ 713,151 
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(1)The variable interest rate is calculated using a base rate tied to SOFR. Subsequent to December 31, 2023, this facility was reduced $165.0 million.
(2)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000, included in restricted cash.
(3)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This facility requires a minimum deposit to $1.5 million, included in restricted cash.
(4)The variable interest rate is calculated using a base rate plus SOFR, with a floor of 0.375% plus the applicable interest rate margin. This facility requires a minimum deposit of $300,000, included in restricted cash.
(5)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.40%, plus the applicable interest rate margin.
(6)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.50%, plus the applicable interest rate margin.
(7)The facility matured in July 2023 and was not renewed.
(8)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company.
(9)The interest rate on this facility is 3.375%. This facility is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to four years.
(10)This facility agreement is due on demand and the variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%.