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Short-Term Debt (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022. Table 14.1 – Short-Term Debt
|  | September 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 |  | 4 |  |  | $ | 548,334 |  |  | $ | 1,050,000 |  |  | 7.28 | % |  | 10/2023-5/2024 |  | 132
Business purpose loan warehouse |  | 2 |  |  | 70,424 |  |  | 455,000 |  |  | 8.12 | % |  | 5/2024-6/2024 |  | 259
Real estate securities repo |  | 5 |  |  | 237,835 |  |  | — |  |  | 6.99 | % |  | 10/2023-1/2024 |  | 54
Residential MSR warehouse |  | 1 |  |  | 48,470 |  |  | 50,000 |  |  | 8.57 | % |  | 10/2023 |  | 30
HEI warehouse |  | 1 |  |  | 126,803 |  |  | 150,000 |  |  | 9.92 | % |  | 8/2024 |  | 306
Total Short-Term Debt Facilities |  | 13 |  |  | 1,031,866 |  |  |  |  |  |  |  |  |
Servicer advance financing |  | 1 |  |  | 154,127 |  |  | 240,000 |  |  | 7.67 | % |  | 11/2023 |  | 32
Subordinate securities financing |  | 1 |  |  | 126,506 |  |  | — |  |  | 5.71 | % |  | 9/2024 |  | 358
Promissory notes |  | N/A |  | 16,518 |  |  | — |  |  | 6.94 | % |  | N/A |  | N/A
Convertible notes, net |  | N/A |  | 147,637 |  |  | — |  |  | 5.63 | % |  | 7/2024 |  | 289
Total Short-Term Debt |  |  |  | $ | 1,476,654 |  |  |  |  |  |  |  |  |
|  | 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 September 30, 2023 and December 31, 2022. Table 14.2 – Collateral for Short-Term Debt
(In Thousands) |  | September 30, 2023 |  | December 31, 2022
Collateral Type |  |  |  |
Held-for-sale residential loans |  | $ | 608,649 |  |  | $ | 775,545 |
MSRs (1) |  | 79,809 |  |  | — |
Business purpose loans |  | 92,350 |  |  | 871,072 |
HEI |  | 229,625 |  |  | 191,278 |
Real estate securities |  |  |  |
On balance sheet |  | 4,448 |  |  | 72,133 |
Sequoia securitizations (2) |  | 51,542 |  |  | 74,170 |
Freddie Mac SLST securitizations (2) |  | 214,443 |  |  | — |
Freddie Mac K-Series securitization (2) |  | 32,904 |  |  | 31,767 |
CAFL securitizations (2) |  | 32,317 |  |  | — |
Total real estate securities owned |  | 335,654 |  |  | 178,070 |
Restricted cash and other assets |  | 4,128 |  |  | 1,097 |
Total Collateral for Short-Term Debt Facilities |  | 1,350,215 |  |  | 2,017,062 |
Cash |  | 15,162 |  |  | 12,713 |
Subordinate securities financing |  | 169,565 |  |  | — |
Servicer advances |  | 219,813 |  |  | 269,259 |
Total Collateral for Short-Term Debt |  | $ | 1,754,755 |  |  | $ | 2,299,034 |
(1)Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets. (2)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 September 30, 2023. Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities
|  | September 30, 2023
(In Thousands) |  | Within 30 days |  | 31 to 90 days |  | Over 90 days |  | Total
Collateral Type |  |  |  |  |  |  |  |
Held-for-sale residential loans |  | $ | 46,844 |  |  | $ | 314,269 |  |  | $ | 187,221 |  |  | $ | 548,334 |
Business purpose loans |  | — |  |  | — |  |  | 70,424 |  |  | 70,424 |
Real estate securities |  | 38,786 |  |  | 182,275 |  |  | 143,280 |  |  | 364,341 |
MSRs |  | 48,470 |  |  | — |  |  | — |  |  | 48,470 |
HEI |  | — |  |  | — |  |  | 126,803 |  |  | 126,803 |
Servicer advances |  | — |  |  | 154,127 |  |  | — |  |  | 154,127 |
Total Secured Short-Term Debt Facilities |  | 134,100 |  |  | 650,671 |  |  | 527,728 |  |  | 1,312,499 |
Promissory notes (unsecured) |  | — |  |  | 16,518 |  |  | — |  |  | 16,518 |
Convertible notes, net (unsecured) |  | — |  |  | — |  |  | 147,637 |  |  | 147,637 |
Total Short-Term Debt |  | $ | 134,100 |  |  | $ | 667,189 |  |  | $ | 675,365 |  |  | $ | 1,476,654 |

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- Definition 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 + Details
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