Secured Borrowings

12 Months Ended

Dec. 31, 2021

Secured Borrowings

Secured borrowings

Note 11. Secured borrowings

The table below presents certain characteristics of secured borrowings.

						Pledged Assets		Carrying Value as of December 31,
Lender	Asset Class	Current Maturity	Pricing	Facility Size		Carrying Value		2021		2020
JPMorgan	Acquired loans, SBA loans	August 2022	1M L + 2.50% to 2.875%	$	200,000	$	77,534	$	54,164	$	36,604
Keybank	Freddie Mac loans	February 2022	SOFR + 1.41%		100,000		42,384		41,864		50,408
East West Bank	SBA loans	October 2022	Prime - 0.821% to + 0.00%		75,000		80,556		58,622		40,542
Credit Suisse	Acquired loans (non USD)	February 2022	Euribor + 2.50% to 3.00%		227,400		46,154		40,373		36,840
Comerica Bank	Residential loans	June 2022	1M L + 1.75%		100,000		69,194		63,991		78,312
TBK Bank	Residential loans	January 2022	Variable Pricing		150,000		127,018		125,145		123,951
Origin Bank	Residential loans	September 2022	Variable Pricing		60,000		16,932		16,052		27,450
Associated Bank	Residential loans	November 2022	1M L + 1.50%		60,000		15,137		14,449		15,556
East West Bank	Residential MSRs	September 2023	1M L + 2.50%		50,000		86,714		49,400		34,400
Credit Suisse	Purchased future receivables	October 2023	1M L + 4.50%		50,000		7,872		1,000		—
Bank of the Sierra	Real estate	August 2050	3.25% to 3.45%		22,770		—		—		22,611
Western Alliance	Residential loans	July 2022	Variable Pricing		50,000		7,282		6,823		—
Total borrowings under credit facilities and other financing agreements				$	1,145,170	$	576,777	$	471,883	$	466,674
Citibank	Fixed rate, Transitional, Acquired loans	October 2022	1M L + 2.00% to 3.00%	$	500,000	$	165,547	$	128,851	$	210,735
Deutsche Bank	Fixed rate, Transitional loans	November 2023	SOFR + 1.90% to 2.75%		350,000		309,295		236,073		190,567
JPMorgan	Transitional loans	November 2022	1M L + 2.00% to 2.75%		1,000,000		1,079,368		825,265		247,616
Performance Trust	Acquired loans	March 2024	1M T + 2.00%		239,000		142,722		124,057		—
Credit Suisse	Fixed rate, Transitional, Acquired loans	May 2022	1M L + 2.00% to 2.35%		500,000		543,139		403,644		—
Credit Suisse	Residential loans	January 2022	L + 3.00%		63,412		32,779		27,058		—
JPMorgan	MBS	January 2022	1.15% to 1.71%		83,267		107,837		83,267		65,407
Deutsche Bank	MBS	January 2022	2.37%		12,956		19,776		12,956		16,354
Citibank	MBS	January 2022	2.32%		47,777		82,260		47,777		58,076
RBC	MBS	January 2022	1.31% to 1.96%		61,302		90,012		61,302		38,814
CSFB	MBS	January 2022	2.09% to 2.95%		95,467		132,658		95,467		—
Total borrowings under repurchase agreements				$	2,953,181	$	2,705,393	$	2,045,717	$	827,569
Total secured borrowings				$	4,098,351	$	3,282,170	$	2,517,600	$	1,294,243

In the table above:

● The current facility size for borrowings under credit facilities due to Credit Suisse is €200.0 million, but has been converted into USD for purposes of this disclosure.

● The weighted average interest rate of borrowings under credit facilities was 2.8% and 3.0% as of December 31, 2021 and 2020, respectively.

● The weighted average interest rate of borrowings under repurchase agreements was 2.1% and 3.3% as of December 31, 2021 2020, respectively.

● The agreements governing secured borrowings require maintenance of certain financial and debt covenants. The Company received a waiver from certain financing counterparties to exclude the Paycheck Protection Program Liquidity Fund from certain covenant calculations as of December 31, 2021 and therefore was in compliance with all debt and financial covenants as of the current period ended. The Company was in compliance with all debt and financial covenants as of December 31, 2020.

The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding.

	Pledged Assets Carrying Value
(in thousands)	December 31, 2021		December 31, 2020
Collateral pledged - borrowings under credit facilities and other financing agreements
Loans, held for sale, at fair value	$	276,022	$	313,844
Loans, net		206,169		159,482
MSRs		86,714		50,941
Purchased future receivables		7,872		—
Real estate owned, held for sale		—		32,948
Total	$	576,777	$	557,215
Collateral pledged - borrowings under repurchase agreements
Loans, net	$	2,062,867	$	815,603
Mortgage backed securities		53,194		72,179
Retained interest in assets of consolidated VIEs		379,349		226,773
Loans, held for sale, at fair value		208,558		17,850
Loans, held at fair value		—		3,071
Real estate acquired in settlement of loans		1,425		829
Total	$	2,705,393	$	1,136,305
Total collateral pledged on secured borrowings	$	3,282,170	$	1,693,520