Summary of Total Debt |
Total debt consists of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | June 30, 2021 | | December 31, 2020 | | | Principal | | Unamortized Debt Issuance (Costs)/Premium | | Carrying Value | | Principal | | Unamortized Debt Issuance (Costs)/Premium | | Carrying Value | | | | | | | | | | | | | | | | | | | | | | | | | | | 5.875% Senior Notes due 2023 | | $ | 350,000 | | | $ | (1,016) | | | $ | 348,984 | | | $ | 350,000 | | | $ | (1,300) | | | $ | 348,700 | | | | | | | | | | | | | | | 5.625% Senior Notes due 2024 | | 350,000 | | | (1,435) | | | 348,565 | | | 350,000 | | | (1,705) | | | 348,295 | | | | | | | | | | | | | | | 5.875% Senior Notes due 2027 | | 500,000 | | | (4,635) | | | 495,365 | | | 500,000 | | | (5,026) | | | 494,974 | | 6.625% Senior Notes due 2027(1) | | 300,000 | | | 19,317 | | | 319,317 | | | 300,000 | | | 20,915 | | | 320,915 | | 5.75% Senior Notes due 2028 | | 450,000 | | | (4,130) | | | 445,870 | | | 450,000 | | | (4,445) | | | 445,555 | | 5.125% Senior Notes due 2030 | | 500,000 | | | (5,757) | | | 494,243 | | | 500,000 | | | (6,074) | | | 493,926 | | Senior Notes subtotal | | $ | 2,450,000 | | | $ | 2,344 | | | $ | 2,452,344 | | | $ | 2,450,000 | | | $ | 2,365 | | | $ | 2,452,365 | | Loans payable and other borrowings | | 415,074 | | | — | | | 415,074 | | | 348,741 | | | — | | | 348,741 | | Revolving Credit Facility | | — | | | — | | | — | | | — | | | — | | | — | | Mortgage warehouse borrowings | | 215,230 | | | — | | | 215,230 | | | 127,289 | | | — | | | 127,289 | | Total debt | | $ | 3,080,304 | | | $ | 2,344 | | | $ | 3,082,648 | | | $ | 2,926,030 | | | $ | 2,365 | | | $ | 2,928,395 | |
(1) Consists of the remaining $9.6 million of 2027 6.625% WLH notes and $290.4 million 2027 6.625% TM Communities Notes issued by TM Communities in connection with the exchange offer as described below. Unamortized Debt Issuance (Cost)/Premium for such notes is reflective of fair value adjustments as a result of purchase accounting estimates.
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Summary of Mortgage Subsidiary Borrowings |
The following is a summary of our mortgage warehouse borrowings (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | Facility | | Amount Drawn | | Facility Amount | | Interest Rate(1) | | Expiration Date | | Collateral (2) | Warehouse A | | $ | 8,737 | | | $ | 10,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse B | | 55,050 | | | 75,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse C | | 97,176 | | | 125,000 | | | LIBOR + 2.05% | | On Demand | | Mortgage Loans and Restricted Cash | Warehouse D | | 54,267 | | | 100,000 | | | LIBOR + 1.65% | | November 15, 2021 | | Mortgage Loans | | | | | | | | | | | | Total | | $ | 215,230 | | | $ | 310,000 | | | | | | | | | | | | | | | | | As of December 31, 2020 | Facility | | Amount Drawn | | Facility Amount | | Interest Rate | | Expiration Date | | Collateral (2) | Warehouse A | | $ | 40,958 | | | $ | 55,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse B | | 19,457 | | | 85,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse C | | 43,148 | | | 75,000 | | | LIBOR + 2.05% | | On Demand | | Mortgage Loans and Restricted Cash | Warehouse D | | 23,726 | | | 80,000 | | | LIBOR + 1.65% | | November 15, 2021 | | Mortgage Loans | Total | | $ | 127,289 | | | $ | 295,000 | | | |
(1) Subject to certain interest rate floors. (2) The mortgage warehouse borrowings outstanding as of June 30, 2021 and December 31, 2020 were collateralized by $277.0 million and $201.2 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale, and approximately $1.8 million and $1.3 million, respectively, of cash which is restricted cash on our balance sheet.
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