Quarterly report [Sections 13 or 15(d)]

WAREHOUSE LINES OF CREDIT, NET (Tables)

v3.25.3
WAREHOUSE LINES OF CREDIT, NET (Tables)
 9 Months Ended
Sep. 30, 2025
Line of Credit Facility [Abstract]  
Schedule of Warehouse Lines of Credit Changes subsequent to September 30, 2025 have been described in the notes referenced with the table below.
(in thousands)
Master Repurchase Facility Agreement as of September 30, 2025
Outstanding Balance as of
Facility Size
Maturity Date
 September 30,
2025		 December 31,
2024
$250 million(1)(13)
1/14/2026 $ 2,401  $ 84,257 
$500 million(2)
11/24/2025 379,062  164,382 
$600 million(3)
9/30/2026 422,552  287,631 
$60 million(4)
12/29/2025 17,219  99,084 
$140 million(5)
12/29/2025 64,107  — 
$200 million(6)(13)
12/5/2025 —  89,597 
$350 million(7)(13)
9/9/2026 13,392  245,821 
$750 million(8)
N/A 449,078  201,778 
$200 million(9)
9/30/2026 151,962  83,410 
$75 million(10)
N/A 10,988  22,216 
$350 million(11)
11/19/2025 74,941  138,201 
$200 million(12)
11/22/2025 9,307  1,076 
1,595,009  1,417,453 
Debt issuance costs
 (1,100) (2,890)
Warehouse lines of credit, net
 $ 1,593,909  $ 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 $2.5 million, included in restricted cash. Subsequent to September 30, 2025, this line was increased to $750.0 million.
(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. Subsequent to September 30, 2025, this line was reduced to $45.0 million.
(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. Subsequent to September 30, 2025, this line was increased to $1.0 billion.
(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. Subsequent to September 30, 2025, this line was reduced to $12.5 million.
(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.
(13)Subsequent to September 30, 2025, these lines were early terminated. See “Note 17—Subsequent Events” for additional information.