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Secured Borrowings (Tables)

9 Months Ended

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