XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.2

Secured Borrowings

6 Months Ended

Jun. 30, 2022

Secured Borrowings

Secured borrowings

​

Note 11. Secured borrowings

​

The table below presents certain 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

​

In the table above:

● The current facility size for borrowings under credit facilities due to Credit Suisse is approximately €200.0 million, but has been converted into USD for purposes of this disclosure.

● Borrowings for certain assets under JPMorgan repurchase agreements are subject to an over-advance rate, by which incremental borrowings are at an interest rate of SOFR plus 6.25%.

● The weighted average interest rate of borrowings under credit facilities was 3.7% and 2.8% as of June 30, 2022 and December 31, 2021, respectively.

● The weighted average interest rate of borrowings under repurchase agreements was 2.7% and 2.1% as of June 30, 2022 and December 31, 2021, respectively.

● The agreements governing secured borrowings require maintenance of certain financial and debt covenants. The Company received a waiver from certain financing counterparties to exclude the Paycheck Protection Program Liquidity Fund from certain covenant calculations as of both June 30, 2022 and December 31, 2021 and therefore was in compliance with all debt and financial covenants as of the current period ended.

​

The table below presents the carrying value of collateral pledged with respect to secured borrowings 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
​	​	​	​	​	​

​

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration