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v3.22.2

Secured Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2022
Secured Borrowings |
Schedule of characteristics of secured borrowings |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Pledged Assets | Carrying Value
Lender | Asset Class | Current Maturity | Pricing | Facility Size | Carrying Value | June 30, 2022 | December 31, 2021
JPMorgan | Acquired loans, SBA loans | August 2022 | 1M L + 2.50% SOFR + 2.875% | $ | 250,000 | $ | 101,855 | $ | 71,414 | $ | 54,164
KeyBank | Freddie Mac loans | February 2023 | SOFR + 1.35% | ​ | 100,000 | ​ | 17,859 | ​ | 17,648 | ​ | 41,864
East West Bank | SBA loans | October 2023 | Prime - 0.821% to + 0.00% | ​ | 75,000 | ​ | 93,908 | ​ | 68,502 | ​ | 58,622
Credit Suisse | Acquired loans (non USD) | August 2022 | Euribor + 2.50% to 3.00% | ​ | 209,680 | ​ | 41,208 | ​ | 35,670 | ​ | 40,373
Comerica Bank | Residential loans | June 2023 | 1M L + 1.75% | ​ | 100,000 | ​ | 61,096 | ​ | 58,703 | ​ | 63,991
TBK Bank | Residential loans | February 2023 | Variable Pricing | ​ | 150,000 | ​ | 72,435 | ​ | 71,931 | ​ | 125,145
Origin Bank | Residential loans | September 2022 | Variable Pricing | ​ | 60,000 | ​ | 22,919 | ​ | 22,211 | ​ | 16,052
Associated Bank | Residential loans | November 2022 | 1M L + 1.50% | ​ | 60,000 | ​ | 27,044 | ​ | 26,048 | ​ | 14,449
East West Bank | Residential MSRs | September 2023 | 1M L + 2.50% | ​ | 50,000 | ​ | 120,448 | ​ | 49,900 | ​ | 49,400
Credit Suisse | Purchased future receivables | October 2023 | 1M L + 4.50% | ​ | 50,000 | ​ | 8,704 | ​ | 1,000 | ​ | 1,000
Western Alliance | Residential loans | July 2022 | Variable Pricing | ​ | 50,000 | ​ | 14,204 | ​ | 12,080 | ​ | 6,823
Madison | Construction loans | June 2023 | 1 ML +7.00% | ​ | 360,000 | ​ | 339,324 | ​ | 76,096 | ​ | —
Total borrowings under credit facilities and other financing agreements | ​ | $ | 1,514,680 | $ | 921,004 | $ | 511,203 | $ | 471,883
Citibank | Fixed rate, Transitional, Acquired loans | October 2022 | SOFR + 2.10% to 3.10% | $ | 500,000 | $ | 169,967 | $ | 136,881 | $ | 128,851
Deutsche Bank | Fixed rate, Transitional loans | November 2023 | SOFR + 1.90% to 2.75% | ​ | 350,000 | ​ | 318,800 | ​ | 231,278 | ​ | 236,073
JPMorgan | Transitional loans | November 2022 | SOFR + 2.10% to 2.85% | ​ | 1,250,000 | ​ | 1,061,198 | ​ | 849,492 | ​ | 825,265
Performance Trust | Fixed rate, Transitional, Acquired loans | March 2024 | 1M T + 2.00% | ​ | 263,000 | ​ | 235,502 | ​ | 206,245 | ​ | 124,057
Credit Suisse | Fixed rate, Transitional, Acquired loans | February 2023 | SOFR + 2.00% to 2.35% | ​ | 750,000 | ​ | 584,888 | ​ | 430,509 | ​ | 403,644
Credit Suisse | Residential loans | Matured | L + 3.00% | ​ | — | ​ | — | ​ | — | ​ | 27,058
Goldman Sachs | Fixed rate, Transitional, Acquired loans | February 2025 | SOFR + 1.50%-2.25% | ​ | 350,000 | ​ | 227,806 | ​ | 181,713 | ​ | —
Churchill | Transitional, Acquired loans | March 2026 | SOFR + 2.50% | ​ | 500,000 | ​ | 326,385 | ​ | 258,551 | ​ | —
Various | MBS | July 2022 – November 2022 | 1.36% to 4.28% | ​ | 406,511 | ​ | 744,901 | ​ | 406,511 | ​ | 300,769
Total borrowings under repurchase agreements | $ | 4,369,511 | $ | 3,669,447 | $ | 2,701,180 | $ | 2,045,717
Total secured borrowings | $ | 5,884,191 | $ | 4,590,451 | $ | 3,212,383 | $ | 2,517,600
Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding |
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pledged Assets Carrying Value
(in thousands) | ​ | June 30, 2022 | December 31, 2021
Collateral pledged - borrowings under credit facilities and other financing agreements | ​ | ​ | ​ | ​ | ​
Loans, held for sale, at fair value | ​ | $ | 214,602 | $ | 276,022
Loans, net | ​ | ​ | 577,250 | ​ | 206,169
MSRs | ​ | ​ | 120,448 | ​ | 86,714
Purchased future receivables | ​ | ​ | 8,704 | ​ | 7,872
Total | ​ | $ | 921,004 | $ | 576,777
Collateral pledged - borrowings under repurchase agreements | ​ | ​ | ​ | ​ | ​
Loans, net | ​ | $ | 2,722,663 | $ | 2,062,867
Mortgage-backed securities | ​ |  | 34,992 |  | 53,194
Retained interest in assets of consolidated VIEs | ​ | ​ | 709,909 | ​ | 379,349
Loans, held for sale, at fair value | ​ | ​ | 200,458 | ​ | 208,558
Real estate acquired in settlement of loans | ​ | ​ | 1,425 | ​ | 1,425
Total | ​ | $ | 3,669,447 | $ | 2,705,393
Total collateral pledged on secured borrowings | ​ | $ | 4,590,451 | $ | 3,282,170
​ | ​ | ​ | ​ | ​ | ​

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