Short-Term Debt (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2019 and December 31, 2018.

Table 13.1 – Short-Term Debt



	September 30, 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	$	233,224	$	1,425,000	3.51	%	10/2019-3/2020	96
Real estate securities repo⁽¹⁾	9	1,157,646		—		3.11	%	10/2019-1/2020	28
Single-family rental loan warehouse ⁽²⁾	2	59,204		400,000		4.30	%	6/2020-6/2021	358
Residential bridge loan warehouse ⁽²⁾	4	138,988		330,000		4.54	%	10/2019-5/2022	707
Business purpose loan working capital ⁽²⁾	1	—		15,000		5.00	%	12/2020	N/A
Total Short-Term Debt Facilities	20	1,589,062
Servicer advance financing	1	191,203		350,000		3.89	%	11/2019	46
Convertible notes, net	N/A	200,552		—		5.63	%	11/2019	60
Total Short-Term Debt		$	1,980,817



	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	%	1/2019-3/2019	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	%	11/2019-4/2021	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 September 30, 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 September 30, 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 September 30, 2019.

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



	September 30, 2019
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	31,031	$	108,316	$	93,877	$	233,224
Real estate securities	834,748		293,108		29,790		1,157,646
Single-family rental loans	—		—		59,204		59,204
Residential bridge loans	—		—		138,988		138,988
Total Secured Short-Term Debt	865,779		401,424		321,859		1,589,062
Servicer advance financing	—		191,203		—		191,203
Convertible notes, net	—		200,552		—		200,552
Total Short-Term Debt	$	865,779	$	793,179	$	321,859	$	1,980,817