Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At March 31, 2015, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014.

The table below summarizes the facilities that are available to us and the balances of short-term debt at March 31, 2015 and December 31, 2014 by the type of collateral securing the debt.

Short-Term Debt



	March 31, 2015
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Maturity
Collateral Type
Residential loans	5	$	815,037	$	1,550,000	4/2015-2/2016
Commercial loans	3	80,858		400,000		4/2015-10/2016
Real estate securities	10	606,269		—		4/2015-6/2015
Total	18	$	1,502,164



	December 31, 2014
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Maturity
Collateral Type
Residential loans	5	$	1,076,188	$	1,550,000	2/2015-12/2015
Commercial loans	3	109,128		400,000		4/2015-10/2016
Real estate securities	9	608,509		—		1/2015-3/2015
Total	17	$	1,793,825

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At March 31, 2015, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $915 million, $125 million, and $734 million, respectively, at March 31, 2015 and $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the three months ended March 31, 2015 and 2014, the average balance of short-term debt was $1.59 billion and $1.01 billion, respectively. At March 31, 2015 and December 31, 2014, accrued interest payable on short-term debt was $2 million and $2 million, respectively.

We also maintain a $10 million committed line of credit with a financial institution that is secured by our pledge of certain mortgage-backed securities we own. At both March 31, 2015 and December 31, 2014, we had no outstanding borrowings on this facility.

Characteristics of Short-Term Debt

The table below summarizes short-term debt by weighted average interest rates and by collateral type at March 31, 2015 and December 31, 2014.



	March 31, 2015					December 31, 2014
(Dollars in Thousands)	Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity	Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity
Collateral Type
Residential loan collateral	$	815,037	1.74	%	191	$	1,076,188	1.74	%	156
Commercial loan collateral	80,858		4.40	%	288	109,128		3.66	%	185
Real estate securities collateral	606,269		1.38	%	26	608,509		1.38	%	20
Total Short-Term Debt	$	1,502,164	1.74	%	130	$	1,793,825	1.73	%	112

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at March 31, 2015 and December 31, 2014.



(In Thousands)	March 31, 2015		December 31, 2014
Within 30 days	$	427,720	$	515,552
31 to 90 days	269,050		447,021
Over 90 days	805,394		831,252
Total Short-Term Debt	$	1,502,164	$	1,793,825