We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and investment banking firms. At June 30, 2020, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants.

The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at June 30, 2020 and December 31, 2019.


	June 30, 2020
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse ⁽¹⁾	3	$	13,581	$	700,000	3.14	%	2/2021	241

Business purpose residential loan warehouse ⁽²⁾	2	92,901		500,000		3.41	%	6/2021-5/2022	536
Real estate securities repo⁽¹⁾	4	311,888		—		4.21	%	7/2020-11/2020	39

Total Short-Term Debt Facilities	9	418,370
Servicer advance financing	1	244,437		400,000		1.99	%	11/2020	153

Total Short-Term Debt		$	662,807


	December 31, 2019
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse ⁽¹⁾	4	$	185,894	$	1,425,000	3.23	%	1/2020-10/2020	69

Business purpose residential loan warehouse ⁽²⁾	8	814,118		1,475,000		4.11	%	12/2020-5/2022	489
Real estate securities repo⁽¹⁾	10	1,176,579		—		2.94	%	1/2020-3/2020	23
Total Short-Term Debt Facilities	22	2,176,591
Servicer advance financing	1	152,554		400,000		3.56	%	11/2020	335

Total Short-Term Debt		$	2,329,145

(1)Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2020 and December 31, 2019, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

(2)Due to the revolving nature of the borrowings under these facilities, we have classified these facilities as short-term debt at June 30, 2020. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt facilities at June 30, 2020 and December 31, 2019.


(In Thousands)	June 30, 2020		December 31, 2019
Collateral Type
Held-for-sale residential loans	$	15,241	$	201,949
Business purpose residential loans	116,701		988,179
Real estate securities
On balance sheet	24,442		618,881
Sequoia Choice securitizations ⁽¹⁾	59,543		111,341
Freddie Mac SLST securitizations ⁽¹⁾	334,043		381,640
Freddie Mac K-Series securitizations ⁽¹⁾	24,384		252,284
CAFL securitizations ⁽¹⁾	—		127,840
Total real estate securities owned	442,412		1,491,986
Other assets ⁽²⁾	2,696		16,252
Total Collateral for Short-Term Debt Facilities	$	577,050	$	2,698,366

(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations.

(2)In addition to securities that serve as collateral for our securities repo borrowings, we had posted $3 million of cash collateral as margin with our borrowing counterparties.

For the three and six months ended June 30, 2020, the average balances of our short-term debt facilities were $1.30 billion and $1.97 billion, respectively. At June 30, 2020 and December 31, 2019, accrued interest payable on our short-term debt facilities was $3 million and $6 million, respectively.

Servicer advance financing consists of non-recourse short-term securitization debt used to finance servicer advance investments. We consolidate the securitization entity that issued the debt, but the entity is independent of Redwood and the assets and liabilities are not owned by and are not legal obligations of Redwood. At June 30, 2020, the fair value of servicer advances, cash and restricted cash collateralizing the securitization financing was $283 million. At June 30, 2020, the accrued interest payable balance on this financing was $0.1 million and the unamortized capitalized commitment costs were $1 million.

We also maintain a $10 million committed line of credit with a financial institution that is secured by certain mortgage-backed securities with a fair market value of $3 million at June 30, 2020. At both June 30, 2020 and December 31, 2019, we had no outstanding borrowings on this facility.

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt as well as our convertible notes at June 30, 2020.


	June 30, 2020
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	—	$	13,581	$	13,581
Business purpose residential loans	—		—		92,901		92,901
Real estate securities	150,774		140,682		20,432		311,888

Total Secured Short-Term Debt	150,774		140,682		126,914		418,370
Servicer advance financing	—		—		244,437		244,437

Total Short-Term Debt	$	150,774	$	140,682	$	371,351	$	662,807