Short-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and December 31, 2017.

Table 12.1 – Short-Term Debt



	September 30, 2018
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse ⁽¹⁾	4	$	578,157	$	1,425,000	3.83	%	12/2018-8/2019	177
Real estate securities repo⁽¹⁾	8	780,818		—		3.29	%	10/2018-12/2018	27
Single-family rental loan warehouse ⁽²⁾	2	15,859		400,000		4.53	%	6/2020-6/2021	661
Fix-and-flip loan warehouse ⁽²⁾	2	49,441		60,000		5.63	%	10/2019-11/2019	205
Total Short-Term Debt	16	$	1,424,275



	December 31, 2017
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse ⁽¹⁾	4	$	1,039,666	$	1,575,000	3.17	%	1/2018-12/2018	197
Real estate securities repo⁽¹⁾	9	648,746		—		2.69	%	1/2018-3/2018	28
Total Short-Term Debt Facilities	13	1,688,412
Convertible notes, net	N/A	250,270		—		4.63	%	4/2018	105
Total Short-Term Debt		$	1,938,682


(1)	Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2018, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.


(2)	Due to the revolving nature of the borrowings under these facilities, we have classified these facilities as short-term debt at September 30, 2018. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.

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, 2018.

Table 12.2 – Short-Term Debt by Collateral Type and Remaining Maturities



	September 30, 2018
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	141,712	$	436,445	$	578,157
Real estate securities	575,017		205,801		—		780,818
Single-family rental loans	—		—		15,859		15,859
Fix-and-flip loans	7,913		9,091		32,437		49,441
Total Short-Term Debt	$	582,930	$	356,604	$	484,741	$	1,424,275