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| DEBT | NOTE 6—DEBT Warehouse Facilities As of June 30, 2025, to provide financing to borrowers under the Agencies’ programs, the Company had committed and uncommitted warehouse lines of credit in the amount of $3.8 billion with certain national banks and a $1.5 billion uncommitted facility with Fannie Mae (collectively, the “Agency Warehouse Facilities”). In support of these Agency Warehouse Facilities, the Company has pledged substantially all of its loans held for sale under the Company’s approved programs. The Company’s ability to originate mortgage loans for sale depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. The interest rate for all the Company’s warehouse facilities is based on an Adjusted Term Secured Overnight Financing Rate (“SOFR”). The maximum amount and outstanding borrowings under Agency Warehouse Facilities as of June 30, 2025 follow:
During 2025, the following amendments to the Company’s Agency Warehouse Facilities were executed in the normal course of business to support the Company’s business. No other material modifications have been made to the Agency Warehouse Facilities during the year. The maturity date of Agency Warehouse Facility #2 was extended to April 10, 2026. The maturity date of Agency Warehouse Facility #3 was extended to May 15, 2026. The maturity date of Agency Warehouse Facility #4 was extended to June 22, 2026. Notes Payable The Company has a senior secured credit agreement, which has been amended several times, that provides for a $450.0 million term loan (the “Term Loan”) and a revolving credit facility of $50.0 million. As of June 30, 2025, the balance of the Term Loan was $448.9 million and the revolving credit facility did not have an outstanding balance. The Company also has $400.0 million aggregate principal amount of senior unsecured notes (“Senior Notes”) as of June 30, 2025. The warehouse facilities and notes payable are subject to various financial covenants. The Company is in compliance with all of these financial covenants as of June 30, 2025. |
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