Summary of Total Debt |
Total debt consists of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | September 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 | | | $ | (874) | | | $ | 349,126 | | | $ | 350,000 | | | $ | (1,300) | | | $ | 348,700 | | | | | | | | | | | | | | | 5.625% Senior Notes due 2024 | | 350,000 | | | (1,301) | | | 348,699 | | | 350,000 | | | (1,705) | | | 348,295 | | | | | | | | | | | | | | | 5.875% Senior Notes due 2027 | | 500,000 | | | (4,439) | | | 495,561 | | | 500,000 | | | (5,026) | | | 494,974 | | 6.625% Senior Notes due 2027(1) | | 300,000 | | | 18,518 | | | 318,518 | | | 300,000 | | | 20,915 | | | 320,915 | | 5.75% Senior Notes due 2028 | | 450,000 | | | (3,972) | | | 446,028 | | | 450,000 | | | (4,445) | | | 445,555 | | 5.125% Senior Notes due 2030 | | 500,000 | | | (5,599) | | | 494,401 | | | 500,000 | | | (6,074) | | | 493,926 | | Senior Notes subtotal | | $ | 2,450,000 | | | $ | 2,333 | | | $ | 2,452,333 | | | $ | 2,450,000 | | | $ | 2,365 | | | $ | 2,452,365 | | Loans payable and other borrowings | | 406,859 | | | — | | | 406,859 | | | 348,741 | | | — | | | 348,741 | | $800 Million Revolving Credit Facility(2), (4) | | 100,000 | | | — | | | 100,000 | | | — | | | — | | | — | | $100 Million Revolving Credit Facility(3), (4) | | 26,692 | | | — | | | 26,692 | | | — | | | — | | | — | | Mortgage warehouse borrowings | | 235,685 | | | — | | | 235,685 | | | 127,289 | | | — | | | 127,289 | | Total debt | | $ | 3,219,236 | | | $ | 2,333 | | | $ | 3,221,569 | | | $ | 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. (2) As of December 31, 2020, we had no outstanding borrowings on the $800 Million Revolving Credit Facility. (3) The $100 Million Revolving Credit Facility was entered into during the third quarter of 2021. (4)Unamortized debt issuance costs are included in Prepaid expenses and other assets, net on the Condensed Consolidated Balance Sheets. See balances of unamortized debt issuance cost below in the facility's description.
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Summary of Mortgage Subsidiary Borrowings |
The following is a summary of our mortgage warehouse borrowings (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2021 | Facility | | Amount Drawn | | Facility Amount | | Interest Rate(1) | | Expiration Date | | Collateral (2) | Warehouse A | | $ | 4,079 | | | $ | 10,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse B | | 57,047 | | | 75,000 | | | LIBOR + 1.75% | | On Demand | | Mortgage Loans | Warehouse C | | 109,207 | | | 125,000 | | | LIBOR + 2.05% | | On Demand | | Mortgage Loans and Restricted Cash | Warehouse D(3) | | 65,352 | | | 100,000 | | | LIBOR + 1.65% | | November 15, 2021 | | Mortgage Loans | | | | | | | | | | | | Total | | $ | 235,685 | | | $ | 310,000 | | | | | | | | | | | | | | | | | As of December 31, 2020 | Facility | | Amount Drawn | | Facility Amount | | Interest Rate(1) | | 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 September 30, 2021 and December 31, 2020 were collateralized by $286.0 million and $201.2 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale, and approximately $1.6 million and $1.3 million, respectively, of cash which is restricted cash on our Condensed Consolidated Balance Sheet. (3) We intend on renewing this warehouse upon expiration.
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