Secured Borrowings

3 Months Ended

Mar. 31, 2021

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		March 31, 2021		December 31, 2020
JPMorgan	Acquired loans, SBA loans	June 2021	1M L + 2.25% to 2.875%	$	200,000		$	56,867	$	41,822	$	36,604
Keybank	Freddie Mac loans	February 2022	SOFR + 1.41%		100,000			24,707		24,260		50,408
East West Bank	SBA loans	October 2022	Prime - 0.821% to + 0.29%		50,000			45,717		39,623		40,542
Credit Suisse	Acquired loans (non USD)	December 2021	Euribor + 2.50% to 3.00%		234,470	(a)		56,895		35,372		36,840
Comerica Bank	Residential loans	June 2021	1M L + 1.75%		125,000			83,075		78,687		78,312
TBK Bank	Residential loans	October 2021	Variable Pricing		150,000			141,092		139,426		123,951
Origin Bank	Residential loans	June 2021	Variable Pricing		60,000			35,251		33,899		27,450
Associated Bank	Residential loans	November 2021	1M L + 1.50%		60,000			49,863		47,670		15,556
East West Bank	Residential MSRs	September 2023	1M L + 2.50%		50,000			68,202		49,400		34,400
Credit Suisse	Purchased future receivables	June 2021	1M L + 4.50%		150,000			13,240		1,000		—
Bank of the Sierra	Real estate	August 2050	3.25% to 3.45%		22,750			32,948		22,499		22,611
PPP Participant	PPP loans	June 2021	Sold 99.61% / Buyback Par		600,000			221,940		230,483		—
Total borrowings under credit facilities and other financing agreements (b)				$	1,802,220		$	829,797	$	744,141	$	466,674
Citibank	Fixed rate, Transitional, Acquired loans	October 2021	1M L + 2.50% to 3.25%	$	500,000		$	247,895	$	152,097	$	210,735
Deutsche Bank	Fixed rate, Transitional loans	November 2021	3M L + 2.00% to 2.40%		350,000			96,830		88,831		190,567
JPMorgan	Transitional loans	November 2022	1M L + 2.25% to 4.00%		650,000			414,099		282,974		247,616
Performance Trust	Acquired loans	March 2024	1M T + 2.00%		113,000			105,627		93,532		—
Credit Suisse	Acquired loans	July 2021	L + 2.25%		100,000			98,751		81,485		—
JPMorgan	MBS	June 2021	1.39% to 2.33%		62,300			99,088		62,300		65,407
Deutsche Bank	MBS	April 2021	2.47%		13,227			20,083		13,227		16,354
Citibank	MBS	April 2021	2.72%		46,847			85,593		46,847		58,076
RBC	MBS	April 2021	2.39% to 2.59%		39,053			60,495		39,053		38,814
CSFB	MBS	April 2021	2.45%		4,078			6,549		4,078		—
Various	MBS	April 2021	Variable Pricing		106,737			183,588		106,737		—
Various	Agency MBS	May 2021	Variable Pricing		349,483			387,388		349,483		—
Total borrowings under repurchase agreements (c)				$	2,334,725		$	1,805,986	$	1,320,644	$	827,569
Total secured borrowings				$	4,136,945		$	2,635,783	$	2,064,785	$	1,294,243
(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 2.0% and 2.8% as of March 31, 2021 and December 31, 2020, respectively.
(c) The weighted average interest rate of borrowings under repurchase agreements was 2.1% and 3.3% as of March 31, 2021 and December 31, 2020, 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)	March 31, 2021		December 31, 2020
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale, at fair value	$	192,492	$	313,844
Loans, net		159,883		159,482
Loans, held at fair value		141,092		73,799
Mortgage servicing rights		68,202		50,941
Paycheck Protection Program loans		221,940		—
Purchased future receivables		13,240		—
Real estate, held for sale		32,948		32,948
Total	$	829,797	$	631,014
Collateral pledged - borrowings under repurchase agreements
Loans, net	$	835,211	$	815,603
Mortgage backed securities		742,299		72,179
Retained interest in assets of consolidated VIEs		100,485		226,773
Loans, held for sale, at fair value		122,413		17,850
Loans, held at fair value		3,071		3,071
Real estate acquired in settlement of loans		2,507		829
Total	$	1,805,986	$	1,136,305
Total collateral pledged on secured borrowings	$	2,635,783	$	1,767,319

The agreements governing the Company’s secured borrowings require the Company to maintain certain financial and debt covenants. The Company was in compliance with all debt and financial covenants as of March 31, 2021 and December 31, 2020.