Quarterly report [Sections 13 or 15(d)]

WAREHOUSE LINES OF CREDIT, NET (Tables)

v3.25.2
WAREHOUSE LINES OF CREDIT, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Line of Credit Facility [Abstract]  
Schedule of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at June 30, 2025 and December 31, 2024.
(in thousands)
Master Repurchase Facility Agreement as of June 30, 2025
Outstanding Balance as of
Facility Size
Maturity Date
 June 30,
2025		 December 31,
2024
$250 million(1)
1/14/2026 $ 179,835  $ 84,257 
$250 million(2)
8/26/2025 172,816  164,382 
$400 million(3)
8/11/2025 297,153  287,631 
$60 million(4)
8/31/2025 28,732  99,084 
$140 million(5)
8/31/2025 74,041  — 
$200 million(6)
9/2/2025 109,934  89,597 
$350 million(7)
9/11/2025 239,836  245,821 
$300 million(8)
N/A 178,807  201,778 
$200 million(9)
10/1/2025 152,833  83,410 
$75 million(10)
N/A 12,475  22,216 
$350 million(11)
11/19/2025 216,339  138,201 
$200 million(12)
11/22/2025 7,889  1,076 
1,670,690  1,417,453 
Debt issuance costs
 (387) (2,890)
Warehouse lines of credit, net
 $ 1,670,303  $ 1,414,563 
______________________________
(1)The variable interest rate is calculated using a base rate tied to the Secured Overnight Financing Rate (“SOFR”). The agreement includes an uncommitted accordion feature that permits the Company, at its option, to request an increase to the facility to an amount not to exceed $450 million, subject to lender acceptance.
(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.