We enter into repurchase agreements ("repo"), loan warehouse agreements, and other forms of collateralized (and partially uncommitted) short-term borrowings with several banks and major investment banking firms. At September 30, 2022, 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, 2022 and December 31, 2021.

Table 14.1 – Short-Term Debt


	September 30, 2022
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity (2)	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	9	$	748,962	$	2,850,000	4.83	%	12/2022 - 9/2023	150

Business purpose loan warehouse	4	775,491		1,750,000		5.67	%	3/2023 - 9/2023	289
Real estate securities repo	7	124,435		—		3.50	%	10/2022 - 12/2022	32

Total Short-Term Debt Facilities	20	1,648,888
Servicer advance financing	1	233,104		290,000		4.94	%	11/2023	397
Promissory notes	N/A	30,702		N/A		6.58	%	N/A	N/A
Convertible notes, net	N/A	197,585		N/A		4.75	%	8/2023	319
Total Short-Term Debt		$	2,110,279


	December 31, 2021
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	7	$	1,669,344	$	2,900,000	1.87	%	1/2022-12/2022	153

Business purpose loan warehouse	2	138,746		350,000		3.34	%	3/2022-7/2022	105
Real estate securities repo	4	74,825		—		1.13	%	1/2022-3/2022	33
Total Short-Term Debt Facilities	13	1,882,915
Servicer advance financing	1	294,447		350,000		1.90	%	11/2022	306
Convertible notes, net	N/A	—
Total Short-Term Debt		$	2,177,362

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over 1-month SOFR or 1- or 3-month LIBOR.

(2)Promissory notes payable on demand to lender with 90-day notice. Assumed maturity date at September 30, 2022 is December 30, 2022 for this presentation.

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at September 30, 2022 and December 31, 2021.


(In Thousands)	September 30, 2022		December 31, 2021
Collateral Type
Held-for-sale residential loans	$	828,192	$	1,838,797
Business purpose loans	982,745		167,687
Real estate securities
On balance sheet	60,457		5,823
Sequoia securitizations (1)	77,470		61,525

Freddie Mac K-Series securitization (1)	32,047		31,657

Total real estate securities owned	169,974		99,005
Restricted cash and other assets	4,116		1,962
Total Collateral for Short-Term Debt Facilities	1,985,027		2,107,451
Cash	15,891		6,480
Restricted cash	18,569		25,420
Servicer advances	274,934		310,953
Total Collateral for Servicer Advance Financing	309,394		342,853
Total Collateral for Short-Term Debt	$	2,294,421	$	2,450,304

(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, 2022, the average balance of our short-term debt facilities was $1.64 billion and $1.65 billion, respectively. At September 30, 2022 and December 31, 2021, accrued interest payable on our short-term debt facilities was $5 million and $2 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, 2022, the accrued interest payable balance on this financing was $0.3 million and the unamortized capitalized commitment costs were $0.1 million.

In connection with our acquisition of Riverbend, we assumed $43 million of promissory notes which are payable on demand with a 90-day notice from the lender or which may be repaid by us with a 90-day notice. These unsecured, non-marginable, recourse notes were issued in three separate series with fixed interest rates between 6% and 8%. During the three months ended September 30, 2022, we repaid $12 million of principal of these notes.

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 $1 million at September 30, 2022. At both September 30, 2022 and December 31, 2021, we had no outstanding borrowings on this facility.

During the three and nine months ended September 30, 2022, business purpose loan warehouse facilities with a borrowing limits of $450 million and $900 million, respectively, were reclassified to short-term debt from long-term debt as the maturity of these facilities became less than one year.

During the three months ended September 30, 2022, $199 million principal amount of 4.75% convertible debt and $1 million of unamortized deferred issuance costs were reclassified from long-term debt to short-term debt as the maturity of the notes was less than one year as of August 2022.

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt at September 30, 2022.


	September 30, 2022
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	262,804	$	486,158	$	748,962
Business purpose loans	—		—		775,491		775,491
Real estate securities	72,233		52,202		—		124,435
Total Secured Short-Term Debt	72,233		315,006		1,261,649		1,648,888
Servicer advance financing	—		—		233,104		233,104
Promissory notes	—		30,702		—		30,702
Convertible notes, net	—		—		197,585		197,585
Total Short-Term Debt	$	72,233	$	345,708	$	1,692,338	$	2,110,279