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Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt  
Schedule of contractual debt maturities

Payments Due by Period

Less Than

One to

Three to

More Than

Total

One Year

Three Years

Five Years

Five Years

Warehouse borrowings

$

3,622

    

$

3,622

    

$

    

$

    

$

Convertible notes

15,000

5,000

10,000

Long-term debt

62,000

62,000

Total debt obligations

$

80,622

$

8,622

$

10,000

$

$

62,000

Schedule of information on warehouse borrowings

The following table presents certain information on warehouse borrowings for the periods indicated:

Maximum

Balance Outstanding at

Allowable

Borrowing

 December 31, 

December 31, 

Advance

Rate

Capacity

2022

2021

Rates (%)

Range

Maturity Date

Short-term borrowings:

    

    

    

    

    

    

    

    

    

    

Repurchase agreement 1 (1)

$

$

$

30,009

 

90 - 98

 

1ML + 2.00 - 2.25%

May 24, 2022

Repurchase agreement 2 (2)

 

 

 

153,006

 

100

 

1ML + 1.75%

September 13, 2022

Repurchase agreement 3 (3)

16,000

98

56,794

100

Note Rate - 0.375%

October 20, 2023

Repurchase agreement 4 (4)

25,000

3,524

45,730

99

Note Rate - 0.50 - 0.75%

December 31, 2022

Total warehouse borrowings

$

41,000

$

3,622

$

285,539

_________________________

(1)Repurchase agreement 1 was not renewed.
(2)Repurchase agreement 2 was not renewed.
(3)In October 2022, the Company entered into an agreement for a $1.0 million committed line in addition to the uncommitted line. In November 2022, the uncommitted portion of the line was renewed and reduced to $15.0 million for a total line size of $16.0 million.
(4)At December 31, 2022, the line expired, was not renewed and paid off with the loan sales in January 2023.

The following table presents certain information on warehouse borrowings for the periods indicated:

For the Year Ended

December 31, 

 

2022

2021

 

Maximum outstanding balance during the year

    

$

269,950

    

$

336,648

Average balance outstanding for the year

 

74,435

 

191,794

UPB of underlying collateral (mortgage loans)

 

4,577

 

296,841

Weighted average interest rate for period

 

4.19

%

 

3.41

%

Schedule of remaining principal balance and fair value

December 31, 

 

2022

2021

 

Junior Subordinated Notes (1)

    

$

62,000

    

$

62,000

Fair value adjustment (2)

 

(34,247)

 

(15,464)

Total Junior Subordinated Notes

$

27,753

$

46,536

(1)Stated maturity of March 2034; requires quarterly interest payments at a variable rate of 3-month LIBOR plus 3.75% per annum. In June 2023, with the cessation of LIBOR, the calculation agent will use the “Board-selected benchmark replacement” as the benchmark replacement for LIBOR, which, per the Federal LIBOR Act, will be a rate identified by the Federal Reserve Board that is (a) based on SOFR and (b) adjusted based on tenor spread adjustments. At December 31, 2022, the interest rate was 8.52%.
(2)For further detail on the determination of estimated fair value see Note 9.—Fair Value of Financial Instruments.