Secured Borrowings

6 Months Ended

Jun. 30, 2020

Secured Borrowings

Secured borrowings

Note 11 – Secured borrowings

The following tables present certain characteristics of our secured borrowings:

									Carrying Value at
Lender	Asset Class	Current Maturity	Pricing	Facility Size			Pledged Assets Carrying Value		June 30, 2020		December 31, 2019
JPMorgan	Acquired loans, SBA loans	June 2021	1M L + 2.00 to 2.75%	$	250,000		$	47,576	$	34,525	$	88,972
Keybank	Freddie Mac loans	February 2021	1M L + 1.30%		100,000			15,355		15,071		21,513
East West Bank	SBA loans	October 2020	Prime - 0.821 to + 0.29%		50,000			43,572		33,887		13,294
Credit Suisse	Acquired loans (non USD)	December 2021	Euribor + 2.50%		224,680	(a)		51,025		37,709		37,646
FCB	Acquired loans	June 2021	2.75%		—			—		—		1,354
Comerica Bank	Residential loans	March 2021	1M L + 1.75%		100,000			92,811		85,930		56,822
TBK Bank	Residential loans	October 2020	Variable Pricing		150,000			129,298		123,459		52,151
Origin Bank	Residential loans	September 2020	Variable Pricing		70,000			26,079		24,277		15,343
Associated Bank	Residential loans	November 2020	1M L + 1.50%		40,000			22,097		20,477		5,823
East West Bank	Residential MSRs	September 2023	1M L + 2.50%		50,000			49,699		37,700		39,900
Credit Suisse	Purchased future receivables, PPP loans	June 2021	1M L + 4.50%		150,000			132,438		114,345		34,900
Rabobank	Real estate	January 2021	4.22%		14,500			18,953		12,353		12,485
Total borrowings under credit facilities (b)				$	1,199,180		$	628,903	$	539,733	$	380,203
Citibank	Fixed rate, Transitional, Acquired loans	October 2020	1M L + 1.875 to 2.125%	$	500,000		$	158,192	$	132,257	$	124,718
Deutsche Bank	Fixed rate, Transitional loans	November 2021	3M L + 2.00 to 2.40%		350,000			237,295		165,604		141,356
JPMorgan	Transitional loans	December 2020	1M L + 2.25 to 4.00%		400,000			269,399		182,293		250,466
JPMorgan	MBS	September 2020	2.82 to 4.82%		81,093			118,452		81,093		93,715
Deutsche Bank	MBS	January 2021	3.54%		16,354			20,189		16,354		44,730
Citibank	MBS	August 2020	4.37 to 5.60%		61,244			114,749		61,244		56,189
Bank of America	MBS	Matured	1.31 to 1.61%		—			—		—		38,954
RBC	MBS	October 2020	3.03 to 4.43%		40,317			60,484		40,317		59,061
Related party	Originated SBC, Originated transitional, Acquired loans	September 2020	1ML +12.0%		35,000			61,226		35,000		—
Total borrowings under repurchase agreements (c)				$	1,484,008		$	1,039,986	$	714,162	$	809,189
Total secured borrowings				$	2,683,188		$	1,668,889	$	1,253,895	$	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 3.2% and 4.0% as of June 30, 2020 and December 31, 2019, respectively.

(c) The weighted average interest rate of borrowings under repurchase agreements was 3.7% and 4.2% as of June 30, 2020 and December 31, 2019, respectively.

The following table presents the carrying value of the Company’s collateral pledged with respect to secured borrowings outstanding with our lenders:

	Pledged Assets Carrying Value at
(In Thousands)	June 30, 2020		December 31, 2019
Collateral pledged - borrowings under credit facilities
Loans, held for sale, at fair value	$	289,377	$	159,928
Loans, net		138,436		276,810
Mortgage servicing rights		49,699		61,304
Purchased future receivables		27,190		43,265
Loans, net (Originated PPP loans, at fair value)		105,248		—
Real estate, held for sale		18,953		19,950
Total collateral pledged on borrowings under credit facilities	$	628,903	$	561,257
Collateral pledged - borrowings under repurchase agreements
Loans, net	$	697,913	$	721,887
Mortgage backed securities		71,546		113,436
Investment in unconsolidated joint ventures		28,199		—
Retained interest in assets of consolidated VIEs		242,328		271,880
Total collateral pledged on borrowings under repurchase agreements	$	1,039,986	$	1,107,203
Total collateral pledged on secured borrowings	$	1,668,889	$	1,668,460

The agreements governing the Company’s secured borrowings and promissory note require the Company to maintain certain financial and debt covenants. The Company was in compliance with all debt and financial covenants as of June 30, 2020 and December 31, 2019.