Warehouse Notes Payable (Tables)

3 Months Ended

Mar. 31, 2016

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	March 31, 2016
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	425,000	$	49,773	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #2		650,000		63,155	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #3		240,000		53,435	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #4		250,000		201,779	LHFS	30-day LIBOR plus 1.40%
Fannie Mae repurchase agreement, uncommitted line and open maturity		450,000		93,268	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	2,015,000	$	461,410
CMBS warehouse facility #1	$	100,000	$	38,228	LHFS	30-day LIBOR plus 2.25%
CMBS warehouse facility #2		100,000		—	LHFS	30-day LIBOR plus 2.25%
Total CMBS warehouse facilities	$	200,000	$	38,228
Interim warehouse facility #1	$	85,000	$	—	LHFI	30-day LIBOR plus 1.90%
Interim warehouse facility #2		200,000		125,964	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #3		75,000		16,594	LHFI	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	360,000	$	142,558
Debt issuance costs		—		(1,889)
Total warehouse facilities	$	2,575,000	$	640,307

(1) Type of loan the borrowing facility is used to fully or partially fund – loans held for sale (“LHFS”) or loans held for investment (“LHFI”).