Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At June 30, 2015, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014.

The table below summarizes the facilities that are available to us and the balances of short-term debt at June 30, 2015 and December 31, 2014 by the type of collateral securing the debt.

Short-Term Debt



	June 30, 2015
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Maturity
Collateral Type
Residential loans	5	$	776,824	$	1,800,000	7/2015-6/2016
Commercial loans	3	96,849		450,000		9/2015-10/2016
Real estate securities	8	493,389		—		7/2015-9/2015
Total	16	$	1,367,062



	December 31, 2014
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Maturity
Collateral Type
Residential loans	5	$	1,076,188	$	1,550,000	2/2015-12/2015
Commercial loans	3	109,128		400,000		4/2015-10/2016
Real estate securities	9	608,509		—		1/2015-3/2015
Total	17	$	1,793,825

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2015, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $860 million, $143 million, and $615 million, respectively, at June 30, 2015 and $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the three and six months ended June 30, 2015, the average balance of short-term debt was $1.38 billion and $1.48 billion, respectively. At both June 30, 2015 and December 31, 2014, accrued interest payable on short-term debt was $2 million.

We also maintain a $10 million committed line of credit with a financial institution that is secured by our pledge of certain mortgage-backed securities we own. At both June 30, 2015 and December 31, 2014, we had no outstanding borrowings on this facility.

Characteristics of Short-Term Debt

The table below summarizes short-term debt by weighted average interest rates and by collateral type at June 30, 2015.



	June 30, 2015
(Dollars in Thousands)	Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity
Collateral Type
Residential loan collateral	$	776,824	1.73	%	233
Commercial loan collateral	96,849		3.92	%	185
Real estate securities collateral	493,389		1.43	%	22
Total Short-Term Debt	$	1,367,062	1.78	%	154

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at June 30, 2015 and December 31, 2014.



	June 30, 2015
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Residential loans	$	—	$	—	$	776,824	$	776,824
Commercial loans	—		52,224		44,625		96,849
Real estate securities	363,099		127,864		2,426		493,389
Total Short-Term Debt	$	363,099	$	180,088	$	823,875	$	1,367,062



	December 31, 2014
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Residential loans	$	—	$	354,064	$	722,124	$	1,076,188
Commercial loans	—		—		109,128		109,128
Real estate securities	515,552		92,957		—		608,509
Total Short-Term Debt	$	515,552	$	447,021	$	831,252	$	1,793,825