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Short-Term Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Short-Term Debt | 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 investment banking firms. At September 30, 2020, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. 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, 2020 and December 31, 2019. Table 13.1 – Short-Term Debt
|  | September 30, 2020
(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 |  |  | $ | 81,898 |  |  | $ | 600,000 |  |  | 2.90 | % |  | 10/2020-8/2021 |  | 203
Business purpose residential loan warehouse (2) |  | 2 |  |  | 96,811 |  |  | 500,000 |  |  | 3.28 | % |  | 6/2021-5/2022 |  | 437
Real estate securities repo (1) |  | 3 |  |  | 75,054 |  |  | — |  |  | 2.87 | % |  | 10/2020-12/2020 |  | 38
Total Short-Term Debt Facilities |  | 9 |  |  | 253,763 |  |  |  |  |  |  |  |  |
Servicer advance financing |  | 1 |  |  | 228,998 |  |  | 400,000 |  |  | 1.96 | % |  | 11/2020 |  | 61
Total Short-Term Debt |  |  |  | $ | 482,761 |  |  |  |  |  |  |  |  |
|  | December 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 |  |  | $ | 185,894 |  |  | $ | 1,425,000 |  |  | 3.23 | % |  | 1/2020-10/2020 |  | 69
Business purpose residential loan warehouse (2) |  | 8 |  |  | 814,118 |  |  | 1,475,000 |  |  | 4.11 | % |  | 12/2020-5/2022 |  | 489
Real estate securities repo (1) |  | 10 |  |  | 1,176,579 |  |  | — |  |  | 2.94 | % |  | 1/2020-3/2020 |  | 23
Total Short-Term Debt Facilities |  | 22 |  |  | 2,176,591 |  |  |  |  |  |  |  |  |
Servicer advance financing |  | 1 |  |  | 152,554 |  |  | 400,000 |  |  | 3.56 | % |  | 11/2020 |  | 335
Total Short-Term Debt |  |  |  | $ | 2,329,145 |  |  |  |  |  |  |  |  |
(1)Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2020 and December 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 September 30, 2020. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations. The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt facilities at September 30, 2020 and December 31, 2019. Table 13.2 – Collateral for Short-Term Debt Facilities
(In Thousands) |  | September 30, 2020 |  | December 31, 2019
Collateral Type |  |  |  |
Held-for-sale residential loans |  | $ | 95,023 |  |  | $ | 201,949 |
Business purpose residential loans |  | 110,505 |  |  | 988,179 |
Real estate securities |  |  |  |
On balance sheet |  | 24,670 |  |  | 618,881 |
Sequoia Choice securitizations (1) |  | 63,088 |  |  | 111,341 |
Freddie Mac SLST securitizations (1) |  | — |  |  | 381,640 |
Freddie Mac K-Series securitizations (1) |  | 26,550 |  |  | 252,284 |
CAFL securitizations (1) |  | — |  |  | 127,840 |
Total real estate securities owned |  | 114,308 |  |  | 1,491,986 |
Other assets |  | — |  |  | 16,252 |
Total Collateral for Short-Term Debt Facilities |  | $ | 319,836 |  |  | $ | 2,698,366 |
(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations. For the three and nine months ended September 30, 2020, the average balances of our short-term debt facilities were $313 million and $1.42 billion, respectively. At September 30, 2020 and December 31, 2019, accrued interest payable on our short-term debt facilities was $1 million and $6 million, respectively. Servicer advance financing consists of non-recourse short-term securitization debt used to finance servicer advance investments. We consolidate the securitization entity that issued the debt, but the entity is independent of Redwood and the assets and liabilities are not owned by and are not legal obligations of Redwood. At September 30, 2020, the fair value of servicer advances, cash and restricted cash collateralizing the securitization financing was $270 million. At September 30, 2020, the accrued interest payable balance on this financing was $0.1 million and the unamortized capitalized commitment costs were $0.2 million. We also maintain a $10 million committed line of credit with a financial institution that is secured by certain mortgage-backed securities with a fair market value of $3 million at September 30, 2020. At both September 30, 2020 and December 31, 2019, we had no outstanding borrowings on this facility. 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 September 30, 2020. Table 13.3 – Short-Term Debt by Collateral Type and Remaining Maturities
|  | September 30, 2020
(In Thousands) |  | Within 30 days |  | 31 to 90 days |  | Over 90 days |  | Total
Collateral Type |  |  |  |  |  |  |  |
Held-for-sale residential loans |  | $ | 1,217 |  |  | $ | — |  |  | $ | 80,681 |  |  | $ | 81,898 |
Business purpose residential loans |  | — |  |  | — |  |  | 96,811 |  |  | 96,811 |
Real estate securities |  | 37,217 |  |  | 37,837 |  |  | — |  |  | 75,054 |
Total Secured Short-Term Debt |  | 38,434 |  |  | 37,837 |  |  | 177,492 |  |  | 253,763 |
Servicer advance financing |  | — |  |  | 228,998 |  |  | — |  |  | 228,998 |
Total Short-Term Debt |  | $ | 38,434 |  |  | $ | 266,835 |  |  | $ | 177,492 |  |  | $ | 482,761 |

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