Annual report [Section 13 and 15(d), not S-K Item 405]

WAREHOUSE LINES OF CREDIT, NET (Tables)

v3.25.0.1
WAREHOUSE LINES OF CREDIT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at December 31, 2024 and 2023. Changes subsequent to December 31, 2024 have been described in the notes referenced with the below table.
(in thousands)
December 31,
Maturity
 2024 2023
$165 million master repurchase facility agreement(1)
1/15/2025 $ 84,257  $ 122,462 
$250 million master repurchase facility agreement(2)
8/26/2025 164,382  99,059 
$400 million master repurchase facility agreement(3)
8/11/2025 287,631  158,412 
$200 million master repurchase facility agreement(4)
5/31/2025 99,084  87,252 
$200 million master repurchase facility agreement(5)
9/2/2025 89,597  91,039 
$350 million master repurchase facility agreement(6)
9/11/2025 245,821  134,964 
$300 million master repurchase facility agreement(7)
N/A 201,778  30,185 
$200 million master repurchase facility agreement(8)
10/1/2025 83,410  78,682 
$75 million master repurchase facility agreement(9)
N/A 22,216  34,280 
$350 million master repurchase facility agreement(10)
11/19/2025 138,201  — 
$200 million master repurchase facility agreement(11)
11/22/2025 1,076  — 
1,417,453  836,335 
Prepaid commitment fees (2,890) (2,554)
Warehouse lines of credit, net $ 1,414,563  $ 833,781 
______________________________
(1)The variable interest rate is calculated using a base rate tied to SOFR. Subsequent to December 31, 2024, this line was renewed and increased to $250.0 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 $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. Subsequent to December 31, 2024, this line was amended and split into two separate facilities.
(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)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%.
(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.
(10)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.
(11)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 3.00%, plus the applicable interest rate margin.