Quarterly report [Sections 13 or 15(d)]

WAREHOUSE LINES OF CREDIT, NET (Tables)

v3.25.1
WAREHOUSE LINES OF CREDIT, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at March 31, 2025 and December 31, 2024.
(in thousands)
Outstanding Balance as of
Master Repurchase Facility Agreement Facility Size as of March 31, 2025
Current Agreement Maturity Date
 March 31,
2025		 December 31,
2024
$250 million(1)
1/14/2026 $ 177,280  $ 84,257 
$250 million(2)
8/26/2025 184,220  164,382 
$400 million(3)
8/11/2025 244,041  287,631 
$60 million(4)
5/31/2025 29,674  99,084 
$140 million(5)
5/31/2025 56,969  — 
$200 million(6)
9/2/2025 90,143  89,597 
$350 million(7)
9/11/2025 84,398  245,821 
$300 million(8)
N/A 69,213  201,778 
$200 million(9)
10/1/2025 89,417  83,410 
$75 million(10)
N/A 12,569  22,216 
$350 million(11)
11/19/2025 184,631  138,201 
$200 million(12)
11/22/2025 4,088  1,076 
1,226,643  1,417,453 
Debt issuance costs
 (2,516) (2,890)
Warehouse lines of credit, net
 $ 1,224,127  $ 1,414,563 
______________________________
(1)The variable interest rate is calculated using a base rate tied to the Secured Overnight Financing Rate (“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 2.15% to 3.50%, plus the applicable interest rate margin. This facility requires a minimum deposit of $250,000, included in restricted cash.
(5)The variable interest rate is calculated using a base rate plus SOFR, with a floor of 0.60% plus the applicable interest rate margin.
(6)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.40%, plus the applicable interest rate margin.
(7)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.
(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 variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%.
(10)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.
(11)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.
(12)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.