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Debt Obligations (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Obligations |
Summary of senior unsecured notes | ​ A summary of our senior unsecured notes is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior | ​ | ​ | ​ | ​ | ​ | March 31, 2023 |  | December 31, 2022 |
Unsecured | ​ | Issuance | ​ | ​ | ​ | ​ | ​ | ​ | Carrying | ​ | Wtd. Avg. | ​ | ​ | ​ | ​ | Carrying | ​ | Wtd. Avg. |
Notes |  | Date |  | Maturity |  | UPB |  | Value (1) |  | Rate (2) | ​ | UPB |  | Value (1) |  | Rate (2) |
7.75% Notes (3) | ​ | Mar. 2023 | ​ | Mar. 2026 | ​ | $ | 95,000 | ​ | $ | 93,518 | ​ | 7.75 | % | $ | — | ​ | $ | — | ​ | — | ​
8.50% Notes (3) | ​ | Oct. 2022 | ​ | Oct. 2027 | ​ | ​ | 150,000 | ​ | ​ | 147,647 | ​ | 8.50 | % | ​ | 150,000 | ​ | ​ | 147,519 | ​ | 8.50 | %
5.00% Notes (3) | ​ | Dec. 2021 | ​ | Dec. 2028 | ​ | ​ | 180,000 | ​ | ​ | 177,557 | ​ | 5.00 | % | ​ | 180,000 | ​ | ​ | 177,450 | ​ | 5.00 | %
4.50% Notes (3) |  | Aug. 2021 |  | Sept. 2026 |  | ​ | 270,000 | ​ | ​ | 267,136 | ​ | 4.50 | % | ​ | 270,000 | ​ | ​ | 266,926 | ​ | 4.50 | %
5.00% Notes (3) |  | Apr. 2021 |  | Apr. 2026 |  |  | 175,000 | ​ | ​ | 173,073 |  | 5.00 | % | ​ | 175,000 | ​ | ​ | 172,917 |  | 5.00 | %
8.00% Notes (3) |  | Apr. 2020 |  | Apr. 2023 |  |  | — | ​ |  | — |  | — | ​ |  | 70,750 | ​ |  | 70,613 |  | 8.00 | %
4.50% Notes (3) |  | Mar. 2020 |  | Mar. 2027 |  |  | 275,000 | ​ |  | 273,081 |  | 4.50 | % |  | 275,000 | ​ |  | 272,960 |  | 4.50 | %
4.75% Notes (4) |  | Oct. 2019 |  | Oct. 2024 |  |  | 110,000 | ​ |  | 109,457 |  | 4.75 | % |  | 110,000 | ​ |  | 109,369 |  | 4.75 | %
5.75% Notes (4) | ​ | Mar. 2019 | ​ | Apr. 2024 | ​ | ​ | 90,000 | ​ |  | 89,611 |  | 5.75 | % |  | 90,000 | ​ |  | 89,514 |  | 5.75 | %
5.625% Notes (4) | ​ | Mar. 2018 | ​ | May 2023 | ​ | ​ | 78,850 | ​ | ​ | 78,819 |  | 5.63 | % | ​ | 78,850 | ​ | ​ | 78,726 |  | 5.63 | %
​ | ​ | ​ | ​ | ​ | ​ | $ | 1,423,850 | ​ | $ | 1,409,899 | ​ | 5.42 | % | $ | 1,399,600 | ​ | $ | 1,385,994 | ​ | 5.40 | %
(1) | At March 31, 2023 and December 31, 2022, the carrying value is net of deferred financing fees of $14.0 million and $13.6 million, respectively.
(2) | At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate, including certain fees and costs, was 5.72% and 5.69%, respectively.
(3) | These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
(4) | These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
​
Summary of face value, unamortized discount and net carrying value of the liability and equity components | The UPB and net carrying value of our convertible notes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Unamortized Deferred | ​ | Net Carrying
Period |  | UPB |  | Financing Fees |  | Value
March 31, 2023 | ​ | $ | 287,500 | ​ | $ | 6,454 | ​ | $ | 281,046
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | $ | 287,500 | ​ | $ | 7,144 | ​ | $ | 280,356
​
Repurchase agreements and credit facilities |
Debt Obligations |
Summary of borrowings | Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | March 31, 2023 | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Note | ​ | Debt | ​ | Collateral | ​ | ​ | ​ | Debt | ​ | Collateral
​ | ​ | Current | ​ | Extended | ​ | Rate | ​ | Carrying | ​ | Carrying | ​ | Wtd. Avg. | ​ | Carrying | ​ | Carrying
​ |  | Maturity |  | Maturity |  | Type |  | Value (1) |  | Value |  | Note Rate |  | Value (1) |  | Value
Structured Business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$2.5B joint repurchase facility (2) | ​ | Mar. 2024 | ​ | Mar. 2025 | ​ | V | ​ | $ | 1,336,305 | ​ | $ | 1,876,423 | ​ | 7.26 | % | $ | 1,516,657 | ​ | $ | 2,099,447
$1B repurchase facility (2) | ​ | Dec. 2023 | ​ | N/A | ​ | V | ​ |  | 391,056 | ​ |  | 559,341 | ​ | 6.97 | % |  | 498,666 | ​ | ​ | 703,740
$500M repurchase facility | ​ | (3) | ​ | N/A | ​ | V | ​ | ​ | 198,152 | ​ | ​ | 240,799 | ​ | 7.89 | % | ​ | 154,653 | ​ | ​ | 188,563
$499M repurchase facility (2)(4) | ​ | Oct. 2023 | ​ | N/A | ​ | V | ​ | ​ | 339,819 | ​ | ​ | 487,321 | ​ | 7.22 | % | ​ | 351,056 | ​ | ​ | 504,506
$450M repurchase facility | ​ | Mar. 2024 | ​ | Mar. 2026 | ​ | V | ​ | ​ | 319,106 | ​ | ​ | 419,485 | ​ | 7.03 | % | ​ | 344,237 | ​ | ​ | 450,736
$450M repurchase facility | ​ | Oct. 2023 | ​ | Oct. 2024 | ​ | V | ​ | ​ | 102,470 | ​ | ​ | 131,924 | ​ | 6.57 | % | ​ | 186,639 | ​ | ​ | 239,678
$400M credit facility | ​ | July 2023 | ​ | N/A | ​ | V | ​ | ​ | 33,232 | ​ | ​ | 43,383 | ​ | 6.83 | % | ​ | 33,221 | ​ | ​ | 43,238
$225M credit facility | ​ | Oct. 2023 | ​ | Oct. 2024 | ​ | V | ​ |  | 64,877 | ​ | ​ | 116,288 | ​ | 7.52 | % | ​ | 47,398 | ​ | ​ | 81,119
$200M repurchase facility | ​ | Mar. 2024 | ​ | Mar. 2025 | ​ | V | ​ | ​ | 45,769 | ​ |  | 65,401 | ​ | 7.52 | % |  | 32,494 | ​ | ​ | 47,750
$200M repurchase facility | ​ | Jan. 2024 | ​ | Jan. 2025 | ​ | V | ​ |  | 147,948 | ​ | ​ | 187,508 | ​ | 6.92 | % | ​ | 154,516 | ​ | ​ | 200,099
$169M loan specific credit facilities | ​ | May 2023 to Aug. 2025 | ​ | May 2023 to Aug. 2027 | ​ | V/F | ​ | ​ | 169,111 | ​ |  | 238,458 | ​ | 6.97 | % |  | 156,107 | ​ | ​ | 225,805
$50M credit facility | ​ | Apr. 2024 | ​ | Apr. 2025 | ​ | V | ​ |  | 29,199 | ​ | ​ | 36,500 | ​ | 7.07 | % | ​ | 29,194 | ​ | ​ | 36,500
$35M working capital facility | ​ | Apr. 2024 | ​ | N/A | ​ | V | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | —
$25M credit facility | ​ | Oct. 2024 | ​ | N/A | ​ | V | ​ | ​ | 18,747 | ​ | ​ | 24,475 | ​ | 7.57 | % | ​ | 18,701 | ​ | ​ | 24,572
$25M credit facility | ​ | Apr. 2026 | ​ | Apr. 2027 | ​ | V | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | —
Repurchase facility - securities (2)(5) | ​ | N/A | ​ | N/A | ​ | V | ​ | ​ | 33,100 | ​ | ​ | — | ​ | 6.59 | % | ​ | 12,832 | ​ | ​ | —
Structured Business total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,228,891 | ​ | $ | 4,427,306 | ​ | 7.18 | % | $ | 3,536,371 | ​ | $ | 4,845,753
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency Business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$750M ASAP agreement | ​ | N/A | ​ | N/A | ​ | V | ​ | $ | 82,581 | ​ | $ | 82,679 | ​ | 5.78 | % | $ | 29,476 | ​ | $ | 30,291
$500M joint repurchase facility (2) | ​ | Mar. 2024 | ​ | Mar. 2025 | ​ | V | ​ | ​ | 8,047 | ​ | ​ | 11,350 | ​ | 7.03 | % | ​ | 104,629 | ​ | ​ | 135,641
$500M repurchase facility | ​ | Nov. 2023 | ​ | N/A | ​ | V | ​ | ​ | 112,978 | ​ | ​ | 125,336 | ​ | 6.18 | % | ​ | 66,778 | ​ | ​ | 66,866
$200M credit facility | ​ | Mar. 2024 | ​ | N/A | ​ | V | ​ | ​ | 167,480 | ​ | ​ | 167,681 | ​ | 6.27 | % | ​ | 31,475 | ​ | ​ | 33,177
$150M credit facility | ​ | July 2023 | ​ | N/A | ​ | V | ​ | ​ | 50,365 | ​ | ​ | 50,408 | ​ | 6.33 | % | ​ | 57,887 | ​ | ​ | 57,974
$50M credit facility | ​ | Sept. 2023 | ​ | N/A | ​ | V | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,664 | ​ | ​ | 14,671
$1M repurchase facility (2)(4) | ​ | Oct. 2023 | ​ | N/A | ​ | V | ​ | ​ | 534 | ​ | ​ | 907 | ​ | 7.18 | % | ​ | 534 | ​ | ​ | 920
Agency Business total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 421,985 | ​ | $ | 438,361 | ​ | 6.17 | % | $ | 305,443 | ​ | $ | 339,540
Consolidated total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,650,876 | ​ | $ | 4,865,667 | ​ | 7.06 | % | $ | 3,841,814 | ​ | $ | 5,185,293
V = Variable Note Rate; F = Fixed Note Rate ​
(1) | At March 31, 2023 and December 31, 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $11.1 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.8 million and $0.9 million, respectively.
(2) | These facilities are subject to margin call provisions associated with changes in interest spreads.
(3) | The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans.
(4) | A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business.
(5) | At March 31, 2023 , this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $47.4 million. At December 31, 2022, this facility was collateralized by B Piece bonds with a carrying value of $33.1 million.
​
Collateralized loan obligations |
Debt Obligations |
Summary of borrowings | Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Debt | ​ | Collateral (3)
​ | ​ | ​ | ​ | Loans | ​ | Cash
​ |  | ​ |  | Carrying |  | Wtd. Avg. |  | ​ |  | Carrying |  | Restricted
March 31, 2023 | ​ | Face Value | ​ | Value (1) | ​ | Rate (2) | ​ | UPB | ​ | Value | ​ | Cash (4)
CLO 19 | ​ | $ | 872,812 | ​ | $ | 867,037 | ​ | 7.33 | % | $ | 985,430 | ​ | $ | 980,805 | ​ | $ | 34,882
CLO 18 | ​ | ​ | 1,652,812 | ​ | ​ | 1,646,248 | ​ | 6.77 | % | ​ | 1,970,977 | ​ | ​ | 1,963,706 | ​ | ​ | —
CLO 17 | ​ | ​ | 1,714,125 | ​ | ​ | 1,708,200 | ​ | 6.63 | % | ​ | 1,939,977 | ​ | ​ | 1,933,198 | ​ | ​ | 129,142
CLO 16 | ​ | ​ | 1,237,500 | ​ | ​ | 1,232,352 | ​ | 6.26 | % | ​ | 1,411,145 | ​ | ​ | 1,405,680 | ​ | ​ | 55,931
CLO 15 | ​ | ​ | 674,412 | ​ | ​ | 671,983 | ​ | 6.32 | % | ​ | 607,100 | ​ | ​ | 604,704 | ​ | ​ | 186,520
CLO 14 | ​ | ​ | 655,475 | ​ | ​ | 653,034 | ​ | 6.27 | % | ​ | 673,732 | ​ | ​ | 671,839 | ​ | ​ | 73,802
CLO 13 | ​ | ​ | 294,477 | ​ | ​ | 293,022 | ​ | 6.76 | % | ​ | 400,617 | ​ | ​ | 399,695 | ​ | ​ | 24,175
CLO 12 | ​ |  | 203,027 | ​ | ​ | 202,375 | ​ | 6.93 | % | ​ | 257,714 | ​ | ​ | 256,655 | ​ | ​ | 27,900
Total CLOs | ​ | ​ | 7,304,640 | ​ | ​ | 7,274,251 | ​ | 6.63 | % | ​ | 8,246,692 | ​ | ​ | 8,216,282 | ​ | ​ | 532,352
Q Series securitization | ​ | ​ | 236,878 | ​ | ​ | 234,221 | ​ | 6.87 | % | ​ | 315,837 | ​ | ​ | 314,166 | ​ | ​ | —
Total securitized debt | ​ | $ | 7,541,518 | ​ | $ | 7,508,472 | ​ | 6.64 | % | $ | 8,562,529 | ​ | $ | 8,530,448 | ​ | $ | 532,352
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
CLO 19 | ​ | $ | 872,812 | ​ | $ | 866,605 | ​ | 6.75 | % | $ | 952,268 | ​ | $ | 947,336 | ​ | $ | 64,300
CLO 18 | ​ | ​ | 1,652,812 | ​ | ​ | 1,645,711 | ​ | 6.19 | % | ​ | 1,899,174 | ​ | ​ | 1,891,215 | ​ | ​ | 85,970
CLO 17 | ​ | ​ | 1,714,125 | ​ | ​ | 1,707,676 | ​ | 6.16 | % | ​ | 1,911,866 | ​ | ​ | 1,904,732 | ​ | ​ | 145,726
CLO 16 | ​ | ​ | 1,237,500 | ​ | ​ | 1,231,887 | ​ | 5.79 | % | ​ | 1,307,244 | ​ | ​ | 1,301,794 | ​ | ​ | 106,495
CLO 15 | ​ |  | 674,412 | ​ | ​ | 671,532 | ​ | 5.84 | % | ​ | 797,755 | ​ | ​ | 795,078 | ​ | ​ | 2,861
CLO 14 | ​ | ​ | 655,475 | ​ | ​ | 652,617 | ​ | 5.80 | % | ​ | 732,247 | ​ | ​ | 730,057 | ​ | ​ | 37,090
CLO 13 | ​ | ​ | 462,769 | ​ | ​ | 461,005 | ​ | 6.03 | % | ​ | 552,182 | ​ | ​ | 550,924 | ​ | ​ | 37,875
CLO 12 | ​ | ​ | 379,283 | ​ | ​ | 378,331 | ​ | 6.09 | % | ​ | 466,474 | ​ | ​ | 465,003 | ​ | ​ | 500
Total CLOs | ​ | ​ | 7,649,188 | ​ | ​ | 7,615,364 | ​ | 6.10 | % | ​ | 8,619,210 | ​ | ​ | 8,586,139 | ​ | ​ | 480,817
Q Series securitization | ​ | ​ | 236,878 | ​ | ​ | 233,906 | ​ | 6.30 | % | ​ | 315,837 | ​ | ​ | 313,965 | ​ | ​ | —
Total securitized debt | ​ | $ | 7,886,066 | ​ | $ | 7,849,270 | ​ | 6.11 | % | $ | 8,935,047 | ​ | $ | 8,900,104 | ​ | $ | 480,817
(1) | Debt carrying value is net of $33.0 million and $36.8 million of deferred financing fees at March 31, 2023 and December 31, 2022, respectively.
(2) | At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate for our collateralized loan obligations (“CLOs”), including certain fees and costs, was 6.86% and 6.32%, respectively.
(3) | At March 31, 2023, five loans with an aggregate UPB of $121.4 million were deemed a "credit risk" as defined by the CLO indentures. At December 31, 2022, there were no collateral deemed a “credit risk” as defined by the CLO indentures. Credit risk assets are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset.
(4) | Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $167.5 million and $230.0 million at March 31, 2023 and December 31, 2022, respectively.
​
Summary of company's CLO compliance tests as of the most recent determination dates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flow Triggers |  | CLO 12 |  | CLO 13 |  | CLO 14 |  | CLO 15 |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19 | ​
Overcollateralization (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current |  | 149.65 | % | 144.83 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | 120.30 | %
Limit |  | 117.87 | % | 118.76 | % | 118.76 | % | 119.85 | % | 120.21 | % | 121.51 | % | 123.03 | % | 119.30 | %
Pass / Fail |  | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass |  | Pass | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest Coverage (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current |  | 181.78 | % | 157.94 | % | 181.82 | % | 169.24 | % | 159.94 | % | 145.12 | % | 150.89 | % | 124.34 | %
Limit |  | 120.00 | % | 120.00 | % | 120.00 | % | 120.00 | % | 120.00 | % | 120.00 | % | 120.00 | % | 120.00 | %
Pass / Fail |  | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass | ​ | Pass |  | Pass | ​
(1) | The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO
| overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle.
(2) | The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of company's CLO overcollateralization ratios | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Determination (1) |  | CLO 12 |  | CLO 13 |  | CLO 14 |  | CLO 15 |  | CLO 16 |  | CLO 17 |  | CLO 18 |  | CLO 19 | ​
April 2023 | ​ | 149.65 | % | 144.83 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | 120.30 | %
January 2023 | ​ | 126.58 | % | 128.52 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | 120.30 | %
October 2022 | ​ | 118.87 | % | 119.76 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | 120.30 | %
July 2022 | ​ | 118.87 | % | 119.76 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | 120.30 | %
April 2022 | ​ | 118.87 | % | 119.76 | % | 119.76 | % | 120.85 | % | 121.21 | % | 122.51 | % | 124.03 | % | — | ​
(1) | This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.
​

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