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Short-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Short-Term Debt Facilities

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 June 30, 2023 and December 31, 2022.

Table 14.1 – Short-Term Debt

						June 30, 2023
(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						5						$	176,592					$	1,250,000					7.26		%				8/2023-5/2024						175
Business purpose loan warehouse						4						603,196						1,355,000						7.68		%				7/2023-6/2024						93
Real estate securities repo						5						253,365						—						6.59		%				7/2023-9/2023						33
HEI warehouse						1						130,008						150,000						9.76		%				11/2023						125
Total Short-Term Debt Facilities						15						1,163,161
Servicer advance financing						1						162,981						270,000						7.44		%				11/2023						124
Promissory notes						N/A						18,483						—						6.89		%				N/A						N/A
Convertible notes, net						N/A						112,497						—						4.75		%				8/2023						46
Total Short-Term Debt												$	1,457,122

						December 31, 2022
(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						$	703,406					$	2,550,000					6.16		%				3/2023 - 12/2023						267
Business purpose loan warehouse						4						680,100						1,650,000						6.93		%				3/2023 - 9/2023						179
Real estate securities repo						7						124,909						—						5.22		%				1/2023 - 3/2023						27
HEI warehouse						1						111,681						150,000						8.54		%				11/2023						306
Total Short-Term Debt Facilities						19						1,620,096
Servicer advance financing						1						206,510						290,000						6.67		%				11/2023						305
Promissory notes						N/A						27,058						—						6.64		%				N/A						N/A
Convertible notes, net						N/A						176,015						—						4.75		%				8/2023						227
Total Short-Term Debt												$	2,029,679

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

(2)Promissory notes payable on demand to lender with 90-day notice.

Schedule of Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at June 30, 2023 and December 31, 2022.

Table 14.2 – Collateral for Short-Term Debt

(In Thousands)						June 30, 2023						December 31, 2022
Collateral Type
Held-for-sale residential loans						$	192,910					$	775,545
Business purpose loans						783,632						871,072
HEI						229,625						191,278
Real estate securities
On balance sheet						17,205						72,133
Sequoia securitizations (1)						67,455						74,170
Freddie Mac SLST securitizations (1)						231,313						—
Freddie Mac K-Series securitization (1)						32,514						31,767
CAFL securitizations (1)						8,750						—
Total real estate securities owned						357,237						178,070
Restricted cash and other assets						1,541						1,097
Total Collateral for Short-Term Debt Facilities						1,564,945						2,017,062
Cash						18,073						12,713
Servicer advances						234,304						269,259
Total Collateral for Servicer Advance Financing						252,377						281,972
Total Collateral for Short-Term Debt						$	1,817,322					$	2,299,034

(1)Represents securities we retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS issued from these securitizations.

Schedule of 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 at June 30, 2023.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities

						June 30, 2023
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential loans						$	—					$	4,267					$	172,325					$	176,592
Business purpose loans						316,881						187,588						98,727						603,196
Real estate securities						200,529						52,836						—						253,365
HEI warehouse						—						—						130,008						130,008
Total Secured Short-Term Debt						517,410						244,691						401,060						1,163,161
Servicer advance financing						—						—						162,981						162,981
Promissory notes						—						18,483						—						18,483
Convertible notes, net						—						112,497						—						112,497
Total Short-Term Debt						$	517,410					$	375,671					$	564,041					$	1,457,122

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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