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v3.22.2.2

Secured Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2022
Secured Borrowings |
Schedule of 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
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) | ​ | 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
​ | ​ | ​ | ​ | ​ | ​

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