Quarterly report pursuant to Section 13 or 15(d)

WAREHOUSE LINES OF CREDIT, NET (Tables)

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WAREHOUSE LINES OF CREDIT, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at March 31, 2024 and December 31, 2023. Changes subsequent to March 31, 2024 have been described in the notes referenced with the below table.
(in thousands)
Maturity
 March 31,
2024		 December 31,
2023
$165 million master repurchase facility agreement(1)
January 2025 $ 144,366  $ 122,462 
$150 million master repurchase facility agreement(2)
August 2024 117,676  99,059 
$300 million master repurchase facility agreement(3)
June 2024 224,468  158,412 
$200 million master repurchase facility agreement(4)
May 2024 79,205  87,252 
$200 million master repurchase facility agreement(5)
September 2024 109,497  91,039 
$300 million master repurchase facility agreement(6)
September 2024 183,168  134,964 
$50 million master repurchase facility agreement(7)
N/A 33,764  30,185 
$75 million master repurchase facility agreement(8)
N/A 33,390  34,280 
$200 million master repurchase facility agreement(9)
N/A 135,278  78,682 
1,060,812  836,335 
Prepaid commitment fees (2,855) (2,554)
Warehouse lines of credit, net $ 1,057,957  $ 833,781 
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(1)The variable interest rate is calculated using a base rate tied to SOFR.
(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 of $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 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. Subsequent to March 31, 2024, this line was increased to $200.0 million.
(8)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 five years.
(9)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%.