Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018.

Table 13.1 – Short-Term Debt



	March 31, 2019
(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	$	526,341	$	1,425,000	3.96	%	8/2019-03/2020	253
Real estate securities repo⁽¹⁾	9	1,081,079		—		3.53	%	04/2019-06/2019	23
Single-family rental loan warehouse ⁽²⁾	2	37,436		400,000		4.75	%	6/2020-6/2021	505
Residential bridge loan warehouse ⁽²⁾	2	61,593		80,000		5.21	%	11/2019-04/2021	529
Business purpose loan working capital ⁽²⁾	1	7,300		15,000		5.00	%	12/2020	611
Total Short-Term Debt Facilities	18	1,713,749
Servicer advance financing	1	249,557		350,000		4.34	%	11/2019	243
Convertible notes, net	N/A	199,925		—		5.63	%	11/2019	229
Total Short-Term Debt		$	2,163,231



	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


(1)	Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At March 31, 2019, 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 March 31, 2019. 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 as well as our convertible notes at March 31, 2019.

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



	March 31, 2019
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	—	$	526,341	$	526,341
Real estate securities	857,877		223,202		—		1,081,079
Single-family rental loans	—		—		37,436		37,436
Residential bridge loans	—		—		61,593		61,593
Business purpose loan working capital	7,300		—		—		7,300
Total Secured Short-Term Debt	865,177		223,202		625,370		1,713,749
Servicer advance financing	—		—		249,557		249,557
Convertible notes, net	—		—		199,925		199,925
Total Short-Term Debt	$	865,177	$	223,202	$	1,074,852	$	2,163,231