Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Secured Borrowings

Schedule of characteristics of secured borrowings

									Carrying Value at
Lender	Asset Class	Current Maturity	Pricing	Facility Size			Pledged Assets Carrying Value		March 31, 2020		December 31, 2019
JPMorgan	Acquired loans, SBA loans	August 2020	1M L + 2.00 to 2.50%	$	250,000		$	104,668	$	82,204	$	88,972
Keybank	Freddie Mac loans	February 2021	1M L + 1.30%		100,000			79,524		78,726		21,513
East West Bank	SBA loans	July 2020	Prime - 0.821 to + 0.29%		50,000			39,285		30,911		13,294
Credit Suisse	Acquired loans (non USD)	December 2021	Euribor + 2.50%		224,500	(a)		51,274		37,030		37,646
FCB	Acquired loans	June 2021	2.75%		1,218			1,737		1,218		1,354
Comerica Bank	Residential loans	March 2021	1M L + 1.75%		100,000			82,991		77,926		56,822
TBK Bank	Residential loans	July 2020	Variable Pricing		150,000			78,585		76,358		52,151
Origin Bank	Residential loans	May 2020	Variable Pricing		50,000			17,885		16,143		15,343
Associated Bank	Residential loans	November 2020	1M L + 1.50%		40,000			36,697		34,228		5,823
East West Bank	Residential MSRs	September 2023	1M L + 2.50%		50,000			53,044		49,200		39,900
Credit Suisse	Purchased future receivables	June 2021	1M L + 4.50%		50,000			49,150		43,250		34,900
Rabobank	Real estate	January 2021	4.22%		14,500			18,953		12,386		12,485
Total borrowings under credit facilities (b)				$	1,080,218		$	613,793	$	539,580	$	380,203
Citibank	Fixed rate, Transitional, Acquired loans	August 2020	1M L + 1.875 to 2.125%	$	500,000		$	305,046	$	246,417	$	124,718
Deutsche Bank	Fixed rate, Transitional loans	November 2021	3M L + 2.00 to 2.40%		425,000			472,064		331,181		141,356
JPMorgan	Transitional loans	December 2020	1M L + 2.25 to 4.00%		400,000			423,990		297,342		250,466
JPMorgan	MBS	September 2020	2.87 to 4.52%		90,507			122,070		90,507		93,715
Deutsche Bank	MBS	January 2021	3.14 to 3.81%		47,612			52,173		47,612		44,730
Citibank	MBS	April 2020	2.89 to 4.01%		55,275			76,566		55,275		56,189
Bank of America	MBS	April 2020	1.31 to 1.61%		34,886			33,968		34,886		38,954
RBC	MBS	August 2020	3.03 to 3.71%		56,137			63,200		56,137		59,061
Total borrowings under repurchase agreements (c)				$	1,609,417		$	1,549,077	$	1,159,357	$	809,189
Total secured borrowings				$	2,689,635		$	2,162,870	$	1,698,937	$	1,189,392

(a) The current facility size is €200.0 million, but has been converted into USD for purposes of this disclosure.

(b) The weighted average interest rate of borrowings under credit facilities was 2.9% and 4.0% as of March 31, 2020 and December 31, 2019, respectively.

(c) The weighted average interest rate of borrowings under repurchase agreements was 3.4% and 4.2% as of March 31, 2020 and December 31, 2019, 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)	March 31, 2020		December 31, 2019
Collateral pledged - borrowings under credit facilities
Loans, net	$	492,646	$	436,738
Mortgage servicing rights		53,044		61,304
Purchased future receivables		49,150		43,265
Real estate, held for sale		18,953		19,950
Total collateral pledged on borrowings under credit facilities	$	613,793	$	561,257
Collateral pledged - borrowings under repurchase agreements
Loans, net	$	1,201,100	$	721,887
Mortgage backed securities		74,439		113,436
Retained interest in assets of consolidated VIEs		273,538		271,880
Total collateral pledged on borrowings under repurchase agreements	$	1,549,077	$	1,107,203
Total collateral pledged on secured borrowings	$	2,162,870	$	1,668,460