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 |
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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 | % |
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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. |
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