Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

(4) Debt

The terms and amounts of our other debt outstanding at June 30, 2023 and December 31, 2022 are summarized below: 

			Amount Outstanding at
			June 30,		December 31,
			2023		2022
			(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	3.00% over one month Libor (Minimum 3.75%) 8.38% and 7.48% at June 30, 2023 and December 31, 2022, respectively	July 2024	$	144,949	$	150,293
	4.15% over a commercial paper rate (Minimum 5.15%) 9.41% and 8.60% at June 30, 2023, and December 31, 2022, respectively	January 2024		101,898		137,585
Residual interest financing	7.86%	June 2026		50,000		50,000
Subordinated renewable notes	Weighted average rate of 7.98% and 7.82% at June 30, 2023 and December 31, 2022, respectively	Weighted average maturity of April 2025 and October 2024 at June 30, 2023 and December 31, 2022, respectively		21,204		25,263
			$	318,051	$	363,141

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $144.9 million outstanding under this facility at June 30, 2023. On June 28, 2022, we increased the capacity of its credit agreement with Ares Agent Services, L.P. from $100 million to $200 million. The revolving period for this facility was extended to January 2024 followed by an amortization period through January 2028 for any receivables pledged at the end of the revolving period.

On July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200 million. There was $101.9 million outstanding under this facility at June 30, 2023. The revolving period for this facility was extended to July 2024 followed by an amortization period through July 2025 for any receivables pledged at the end of the revolving period.

Unamortized debt issuance costs of $251,000 and $377,000 as of June 30, 2023 and December 31, 2022, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.6 million and $2.6 million as of June 30, 2023 and December 31, 2022, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.