XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Secured Borrowings | 9 Months Ended
--- | ---
Sep. 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 | September 30, 2022 | December 31, 2021
JPMorgan | SBA loans | October 2023 | SOFR + 2.875% | $ | 125,000 | $ | 108,643 | $ | 74,828 | $ | 54,164
KeyBank | Freddie Mac loans | February 2023 | SOFR + 1.35% | ​ | 100,000 | ​ | 7,575 | ​ | 7,429 | ​ | 41,864
East West Bank | SBA loans | October 2023 | Prime - 0.821% to + 0.00% | ​ | 75,000 | ​ | 96,120 | ​ | 72,835 | ​ | 58,622
Credit Suisse | Acquired loans (non USD) | December 2022 | Euribor + 2.50% to 3.00% | ​ | 198,080 | ​ | 43,737 | ​ | 34,726 | ​ | 40,373
Comerica Bank | Residential loans | June 2023 | 1M L + 1.75% | ​ | 100,000 | ​ | 53,197 | ​ | 53,769 | ​ | 63,991
TBK Bank | Residential loans | February 2023 | Variable Pricing | ​ | 150,000 | ​ | 56,104 | ​ | 57,641 | ​ | 125,145
Origin Bank | Residential loans | October 2023 | Variable Pricing | ​ | 80,000 | ​ | 12,148 | ​ | 11,560 | ​ | 16,052
Associated Bank | Residential loans | November 2023 | SOFR + 1.50% | ​ | 60,000 | ​ | 22,272 | ​ | 22,160 | ​ | 14,449
East West Bank | Residential MSRs | September 2023 | 1M L + 2.50% | ​ | 50,000 | ​ | 133,320 | ​ | 49,900 | ​ | 49,400
Credit Suisse | Purchased future receivables | October 2023 | 1M L + 4.50% | ​ | 50,000 | ​ | 8,593 | ​ | 2,000 | ​ | 1,000
Western Alliance | Residential loans | December 2022 | Variable Pricing | ​ | 50,000 | ​ | 12,396 | ​ | 10,680 | ​ | 6,823
Madison | Construction loans | June 2023 | 1 ML +7.00% | ​ | 260,000 | ​ | 272,365 | ​ | 65,165 | ​ | —
HSBC | Construction loans (non USD) | June 2026 | SONIA + 3.25% to 4.25% | ​ | 111,700 | ​ | 24,235 | ​ | 14,749 | ​ | —
Total borrowings under credit facilities and other financing agreements | $ | 1,409,780 | $ | 850,705 | $ | 477,442 | $ | 471,883
Citibank | Fixed rate, Transitional, Acquired loans | November 2022 | SOFR + 2.10% to 3.10% | $ | 500,000 | $ | 161,107 | $ | 124,976 | $ | 128,851
Deutsche Bank | Fixed rate, Transitional loans | November 2023 | SOFR + 1.90% to 2.75% | ​ | 350,000 | ​ | 328,373 | ​ | 236,432 | ​ | 236,073
JPMorgan | Transitional loans | November 2022 | SOFR + 1.75% to 3.60% | ​ | 1,250,000 | ​ | 1,344,994 | ​ | 979,027 | ​ | 825,265
Performance Trust | Fixed rate, Transitional, Acquired loans | March 2024 | 1M T + 2.00% | ​ | 263,000 | ​ | 218,002 | ​ | 189,502 | ​ | 124,057
Credit Suisse | Fixed rate, Transitional, Acquired loans | February 2023 | SOFR + 2.00% to 3.00% | ​ | 750,000 | ​ | 591,824 | ​ | 436,001 | ​ | 403,644
Credit Suisse | Residential loans | Matured | L + 3.00% | ​ | — | ​ | — | ​ | — | ​ | 27,058
Goldman Sachs | Fixed rate, Transitional, Acquired loans | February 2025 | SOFR + 1.50% to 3.00% | ​ | 350,000 | ​ | 228,580 | ​ | 181,713 | ​ | —
Churchill | Transitional, Acquired loans | March 2026 | SOFR + 2.85% | ​ | 500,000 | ​ | 407,710 | ​ | 331,477 | ​ | —
Various | MBS | November 2022 - February 2023 | 3.07% to 5.77% | ​ | 391,679 | ​ | 729,219 | ​ | 391,679 | ​ | 300,769
Total borrowings under repurchase agreements | $ | 4,354,679 | $ | 4,009,809 | $ | 2,870,807 | $ | 2,045,717
Total secured borrowings | $ | 5,764,459 | $ | 4,860,514 | $ | 3,348,249 | $ | 2,517,600
​ In the table above:
| ● | The current facility size for borrowings under credit facilities due to Credit Suisse and HSBC is approximately €200.0 million and £100.0 million, respectively but has been converted into USD for purposes of this disclosure.
| ● | The weighted average interest rate of borrowings under credit facilities was 6.7% and 2.8% as of September 30, 2022 and December 31, 2021, respectively.
| ● | The weighted average interest rate of borrowings under repurchase agreements was 5.3% and 2.1% as of September 30, 2022 and December 31, 2021, respectively.
| ● | The agreements governing secured borrowings require maintenance of certain financial and debt covenants. As of September 30, 2022, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of December 31, 2021, the Company received a waiver from certain financing counterparties to exclude the PPPLF from certain covenant calculations. As of both September 30, 2022 and December 31, 2021 the Company was in compliance with all debt and financial covenants.
​ The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pledged Assets Carrying Value
(in thousands) | ​ | September 30, 2022 | December 31, 2021
Collateral pledged - borrowings under credit facilities and other financing agreements | ​ | ​ | ​ | ​ | ​
Loans, held for sale, at fair value | ​ | $ | 161,980 | $ | 276,022
Loans, net | ​ | ​ | 546,812 | ​ | 206,169
MSRs | ​ | ​ | 133,320 | ​ | 86,714
Purchased future receivables | ​ | ​ | 8,593 | ​ | 7,872
Total | ​ | $ | 850,705 | $ | 576,777
Collateral pledged - borrowings under repurchase agreements | ​ | ​ | ​ | ​ | ​
Loans, net | ​ | $ | 3,091,831 | $ | 2,062,867
Mortgage-backed securities | ​ |  | 32,817 |  | 53,194
Retained interest in assets of consolidated VIEs | ​ | ​ | 696,402 | ​ | 379,349
Loans, held for sale, at fair value | ​ | ​ | 187,334 | ​ | 208,558
Real estate acquired in settlement of loans | ​ | ​ | 1,425 | ​ | 1,425
Total | ​ | $ | 4,009,809 | $ | 2,705,393
Total collateral pledged on secured borrowings | ​ | $ | 4,860,514 | $ | 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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