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DEBT (Tables)
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Summary of Total Debt
Total debt consists of the following (in thousands):
As of
June 30, 2021December 31, 2020
PrincipalUnamortized Debt Issuance (Costs)/PremiumCarrying ValuePrincipalUnamortized Debt Issuance (Costs)/PremiumCarrying 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 borrowings415,074 — 415,074 348,741 — 348,741 
Revolving Credit Facility— — — — — — 
Mortgage warehouse borrowings215,230 — 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.
Summary of Mortgage Subsidiary Borrowings The following is a summary of our mortgage warehouse borrowings (in thousands):
 As of June 30, 2021
FacilityAmount DrawnFacility Amount
Interest Rate(1)
Expiration Date
Collateral (2)
Warehouse A$8,737 $10,000 
LIBOR + 1.75%
On DemandMortgage Loans
Warehouse B55,050 75,000 
LIBOR + 1.75%
On DemandMortgage Loans
Warehouse C97,176 125,000 
LIBOR + 2.05%
On DemandMortgage Loans and Restricted Cash
Warehouse D54,267 100,000 
LIBOR + 1.65%
November 15, 2021Mortgage Loans
Total$215,230 $310,000 
 As of December 31, 2020
FacilityAmount DrawnFacility AmountInterest RateExpiration Date
Collateral (2)
Warehouse A$40,958 $55,000 
LIBOR + 1.75%
On DemandMortgage Loans
Warehouse B19,457 85,000 
LIBOR + 1.75%
On DemandMortgage Loans
Warehouse C43,148 75,000 
LIBOR + 2.05%
On DemandMortgage Loans and Restricted Cash
Warehouse D23,726 80,000 
LIBOR + 1.65%
November 15, 2021Mortgage 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.