Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt

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 December 31, 2018 and December 31, 2017.

Table 13.1 – Short-Term Debt



	December 31, 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	$	860,650	$	1,425,000	4.10	%	2/2019-12/2019	178
Real estate securities repo ⁽¹⁾	9	988,890		—		3.47	%	01/2019-03/2019	26
Single-family rental loan warehouse ⁽²⁾	2	22,053		400,000		4.77	%	6/2020-6/2021	560
Residential bridge loan warehouse ⁽²⁾	2	66,327		80,000		5.20	%	11/2019-04/2021	629
Total Short-Term Debt Facilities	17	1,937,920
Servicer advance financing	1	262,740		350,000		4.32	%	11/2019	333
Convertible notes, net	N/A	199,619		—		5.63	%	11/2019	319
Total Short-Term Debt		$	2,400,279



	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 December 31, 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 December 31, 2018. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.

Remaining Maturities of Short Term Debt

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt as well as our convertible notes at December 31, 2018.

Table 13.2 – Short-Term Debt by Collateral Type and Remaining Maturities



	December 31, 2018
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for sale residential loans	$	—	$	458,955	$	401,695	$	860,650
Real estate securities	764,052		224,838		—		988,890
Single-family rental loans	—		—		22,053		22,053
Residential bridge loans	—		—		66,327		66,327
Total Secured Short-Term Debt	764,052		683,793		490,075		1,937,920
Servicer advance financing	—		—		262,740		262,740
Convertible notes, net	—		—		199,619		199,619
Total Short-Term Debt	$	764,052	$	683,793	$	952,434	$	2,400,279