Short-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at September 30, 2023 and December 31, 2022.

Table 14.1 – Short-Term Debt


	September 30, 2023
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity (2)	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	4	$	548,334	$	1,050,000	7.28	%	10/2023-5/2024	132

Business purpose loan warehouse	2	70,424		455,000		8.12	%	5/2024-6/2024	259
Real estate securities repo	5	237,835		—		6.99	%	10/2023-1/2024	54
Residential MSR warehouse	1	48,470		50,000		8.57	%	10/2023	30
HEI warehouse	1	126,803		150,000		9.92	%	8/2024	306
Total Short-Term Debt Facilities	13	1,031,866
Servicer advance financing	1	154,127		240,000		7.67	%	11/2023	32
Subordinate securities financing	1	126,506		—		5.71	%	9/2024	358
Promissory notes	N/A	16,518		—		6.94	%	N/A	N/A
Convertible notes, net	N/A	147,637		—		5.63	%	7/2024	289
Total Short-Term Debt		$	1,476,654


	December 31, 2022
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	7	$	703,406	$	2,550,000	6.16	%	3/2023 - 12/2023	267

Business purpose loan warehouse	4	680,100		1,650,000		6.93	%	3/2023 - 9/2023	179
Real estate securities repo	7	124,909		—		5.22	%	1/2023 - 3/2023	27
HEI warehouse	1	111,681		150,000		8.54	%	11/2023	306
Total Short-Term Debt Facilities	19	1,620,096
Servicer advance financing	1	206,510		290,000		6.67	%	11/2023	305
Promissory notes	N/A	27,058		—		6.64	%	N/A	N/A
Convertible notes, net	N/A	176,015		—		4.75	%	8/2023	227
Total Short-Term Debt		$	2,029,679

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR.

(2)Promissory notes payable on demand to lender with 90-day notice.

Schedule of Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at September 30, 2023 and December 31, 2022.

Table 14.2 – Collateral for Short-Term Debt


(In Thousands)	September 30, 2023		December 31, 2022
Collateral Type
Held-for-sale residential loans	$	608,649	$	775,545
MSRs (1)	79,809		—
Business purpose loans	92,350		871,072
HEI	229,625		191,278
Real estate securities
On balance sheet	4,448		72,133
Sequoia securitizations (2)	51,542		74,170
Freddie Mac SLST securitizations (2)	214,443		—
Freddie Mac K-Series securitization (2)	32,904		31,767
CAFL securitizations (2)	32,317		—
Total real estate securities owned	335,654		178,070
Restricted cash and other assets	4,128		1,097
Total Collateral for Short-Term Debt Facilities	1,350,215		2,017,062
Cash	15,162		12,713

Subordinate securities financing	169,565		—
Servicer advances	219,813		269,259
Total Collateral for Short-Term Debt	$	1,754,755	$	2,299,034

(1)Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets.

(2)Represents securities we retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS issued from these securitizations.

Schedule of Short-Term Debt by Collateral Type and Remaining Maturities

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at September 30, 2023.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities


	September 30, 2023
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	46,844	$	314,269	$	187,221	$	548,334
Business purpose loans	—		—		70,424		70,424
Real estate securities	38,786		182,275		143,280		364,341
MSRs	48,470		—		—		48,470
HEI	—		—		126,803		126,803
Servicer advances	—		154,127		—		154,127
Total Secured Short-Term Debt Facilities	134,100		650,671		527,728		1,312,499
Promissory notes (unsecured)	—		16,518		—		16,518
Convertible notes, net (unsecured)	—		—		147,637		147,637
Total Short-Term Debt	$	134,100	$	667,189	$	675,365	$	1,476,654