Quarterly report pursuant to Section 13 or 15(d)

WAREHOUSE LINES OF CREDIT, NET (Tables)

v3.24.3
WAREHOUSE LINES OF CREDIT, NET (Tables)
 9 Months Ended
Sep. 30, 2024
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at September 30, 2024 and December 31, 2023. Changes subsequent to September 30, 2024 have been described in the notes referenced with the below table.
(in thousands)
Maturity
 September 30,
2024		 December 31,
2023
$165 million master repurchase facility agreement(1)
January 2025 $ 95,961  $ 122,462 
$250 million master repurchase facility agreement(2)
August 2025 209,026  99,059 
$400 million master repurchase facility agreement(3)
August 2025 354,888  158,412 
$200 million master repurchase facility agreement(4)
May 2025 133,272  87,252 
$200 million master repurchase facility agreement(5)
September 2025 144,864  91,039 
$350 million master repurchase facility agreement(6)
September 2025 302,442  134,964 
$300 million master repurchase facility agreement(7)
N/A 248,147  30,185 
$200 million master repurchase facility agreement(8)
N/A 140,924  78,682 
$75 million master repurchase facility agreement(9)
N/A 22,635  34,280 
1,652,159  836,335 
Prepaid commitment fees (3,149) (2,554)
Warehouse lines of credit, net
 $ 1,649,010  $ 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 $1.3 million, 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 $2.0 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.
(8)This facility agreement has a maturity of 364 days on the first $150.0 million committed amount and $50.0 million is due on demand. The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%. Subsequent to September 30, 2024, this facility was amended to mature in full in October 2025.
(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 five years.