Secured Borrowings (Tables)

9 Months Ended

Sep. 30, 2019

Secured Borrowings

Schedule of characteristics of secured borrowings

					Pledged Assets Carrying Value at				Carrying Value of Borrowing at
(In Thousands)	Maturity	Pricing	Facility Size		September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Borrowings under credit facilities
JPMorgan - Commercial (1)	August 2020	1M L + 2.00 to 2.50%	$	250,000	$	382,718	$	85,393	$	170,461	$	68,417
Keybank - Commercial (2)	February 2020	1M L + 1.50%		125,000		30,412		23,322		29,828		22,973
East West - Commercial (3)	July 2020	Prime - 0.821 to + 0.029%		50,000		65,057		37,255		47,885		27,443
Comerica - Residential (4)	April 2020	1M L + 1.75%		100,000		75,424		35,860		71,090		40,231
Associated Bank - Residential (4)	November 2019	1M L + 1.50%		40,000		13,953		13,653		13,283		15,907
Origin Bank - Residential (4)	May 2020	Variable Pricing		50,000		17,502		16,831		16,733		12,870
East West - Residential (4)	September 2023	1M L + 2.50%		50,000		56,513		63,479		35,800		8,500
Rabobank - Commercial (5)	January 2021	4.22%		14,500		19,950		—		12,584		—
TBK Bank - Residential (4)	July 2020	Variable Pricing		100,000		40,602		—		39,933		—
FCB - Commercial (6)	June 2021	2.75%		1,774		1,822		3,219		1,774		2,974
Total borrowings under credit facilities (10)			$	781,274	$	703,953	$	279,012	$	439,371	$	199,315
Borrowings under repurchase agreements
Citibank - Commercial (8)	August 2020	1M L + 1.875 to 2.125%	$	500,000	$	269,077	$	230,140	$	225,378	$	194,117
Deutsche Bank- Commercial (6)	February 2020	3M L + 2.30 to 2.80%		300,000		397,874		310,797		298,584		239,972
JPMorgan - Commercial (7)	December 2020	1M L + 2.25 to 4.00%		200,000		43,850		144,337		134,036		96,343
JPMorgan - MBS (9)	January 2020	3.54 to 4.84%		41,375		65,803		39,882		41,375		24,881
Deutsche Bank - MBS (9)	November 2019	3.14 to 4.27%		48,260		69,644		24,536		48,260		17,425
Citi - MBS (9)	November 2019	3.29 to 3.44%		25,289		29,845		—		25,289		—
Bank of America - MBS (9)	October 2019	2.76 to 3.06%		43,277		49,999		—		43,277		—
RBC - MBS (9)	February 2020	3.44 to 4.08%		59,965		77,496		83,818		59,965		62,494
Total borrowings under repurchase agreements (11)			$	1,218,166	$	1,003,588	$	833,510	$	876,163	$	635,232
Total secured borrowings			$	1,999,440	$	1,707,541	$	1,112,522	$	1,315,534	$	834,547

(1) Borrowings are used to finance SBC and SBA loan acquisitions, and SBA loan originations.

(2) Borrowings are used to finance Freddie Mac SBC loan originations.

(3) Borrowings are used to finance SBA loan acquisitions and loan originations.

(4) Borrowings are used to finance Residential Agency loan originations.

(5) Borrowings are used to finance Real estate acquired in settlement of loans.

(6) Borrowings are used to finance SBC loan originations, Transitional loan originations, and SBC loan acquisitions.

(7) Borrowings are used to finance SBC loan originations and Transitional loan originations.

(8) Borrowings are used to finance SBC loan originations and SBC loan acquisitions.

(9) Borrowings are used to finance Mortgage backed securities and Retained interests in consolidated VIE's.

(10) The weighted average interest rate of borrowings under credit facilities was 4.2% and 4.6% as of September 30, 2019 and December 31, 2018, respectively.

(11) The weighted average interest rate of borrowings under repurchase agreements was 4.3% and 4.0% as of September 30, 2019 and December 31, 2018, respectively.

Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding

	Pledged Assets Carrying Value at
(In Thousands)	September 30, 2019		December 31, 2018
Collateral pledged - borrowings under credit facilities
Loans, net	$	627,490	$	215,533
Mortgage servicing rights		56,513		63,479
Real estate acquired in settlement of loans		19,950		—
Total collateral pledged on borrowings under credit facilities	$	703,953	$	279,012
Collateral pledged - borrowings under repurchase agreements
Loans, net	$	710,801	$	685,274
Mortgage backed securities		92,189		112,552
Retained interest in assets of consolidated VIEs		200,598		35,684
Total collateral pledged on borrowings under repurchase agreements	$	1,003,588	$	833,510
Total collateral pledged on secured borrowings	$	1,707,541	$	1,112,522