Warehouse Lines of Credit (Tables) |
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| Schedule of Line of Credit Facilities | The underlying warehouse lines of credit agreements, as described below, contain financial and other debt covenants.
(1) Bank A's interest on funds borrowed is equal to the greater of 5.00%, or the 30-Day Secured Overnight Financing Rate (SOFR) plus 2.438%. The agreement ends in July 2025. Encompass was in compliance with debt covenants under this facility as of December 31, 2024.
(2) Bank B's interest on funds borrowed is equal to the note rate. The agreement ends in September 2025. As of December 31, 2024, Encompass was not in compliance with certain of these debt covenants under this facility related to earnings. Pursuant to an agreement signed on February 28, 2025, Encompass has received a waiver for the non-compliant covenant.
(3) Bank C's interest on funds borrowed is equal to the greater of 5.75% or the 1-month CME Term SOFR plus 2.00%. The agreement ended in October 2024. Bank C was replaced with Bank B in November 2024.
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- References No definition available.
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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