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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The table below summarizes our long-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at March 31, 2021. Table 15.1 – Long-Term Debt
|  | March 31, 2021
(Dollars in Thousands) |  | Borrowings |  | Unamortized Deferred Issuance Costs / Discount |  | Net Carrying Value |  | Limit |  | Weighted Average Interest Rate (1) |  | Final Maturity
Facilities |  |  |  |  |  |  |  |  |  |  |  |
Recourse Subordinate Securities Financing |  |  |  |  |  |  |  |  |  |  |  |
Sequoia |  | $ | 172,805 |  |  | $ | (624) |  |  | $ | 172,181 |  |  | N/A |  | 4.21 | % |  | 9/2024
CAFL |  | 102,426 |  |  | (581) |  |  | 101,845 |  |  | N/A |  | 4.21 | % |  | 2/2025
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility A |  | 241,549 |  |  | (1,119) |  |  | 240,430 |  |  | 316,543 |  |  | L + 7.50% |  | 6/2022
Facility B |  | 84,017 |  |  | (555) |  |  | 83,462 |  |  | 84,017 |  |  | L + 3.85% |  | 7/2022
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility C |  | 75,109 |  |  | (368) |  |  | 74,741 |  |  | 250,000 |  |  | L + 3.00% |  | 3/2022
Facility D |  | 114,386 |  |  | (176) |  |  | 114,210 |  |  | 250,000 |  |  | L + 3.00% |  | 9/2023
Total Long-Term Debt Facilities |  | 790,292 |  |  | (3,423) |  |  | 786,869 |  |  |  |  |  |  |
FHLBC borrowings |  | 1,000 |  |  | — |  |  | 1,000 |  |  | 1,000 |  |  | 0.33 | % |  | 1/2026
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (2,610) |  |  | 196,019 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (2,634) |  |  | 147,566 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (3,970) |  |  | 168,122 |  |  | N/A |  | 5.75 | % |  | 10/2025
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (814) |  |  | 138,686 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,451,713 |  |  | $ | (13,451) |  |  | $ | 1,438,262 |  |  |  |  |  |  |
(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) plus an applicable spread. The following table summarizes the accrued interest payable on long-term debt at March 31, 2021 and December 31, 2020. Table 15.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | March 31, 2021 |  | December 31, 2020
Long-term debt facilities |  | $ | 1,642 |  |  | $ | 1,799 |
Convertible notes |  |  |  |
4.75% convertible senior notes |  | 1,206 |  |  | 3,564 |
5.625% convertible senior notes |  | 1,784 |  |  | 3,896 |
5.75% exchangeable senior notes |  | 4,948 |  |  | 2,474 |
Trust preferred securities and subordinated notes |  | 580 |  |  | 669 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 10,160 |  |  | $ | 12,402 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at March 31, 2021 and December 31, 2020. Table 15.2 – Collateral for Long-Term Debt
(In Thousands) |  | March 31, 2021 |  | December 31, 2020
Collateral Type |  |  |  |
Bridge loans |  | $ | 522,050 |  |  | $ | 544,151 |
Single-family rental loans |  | 228,125 |  |  | 154,774 |
Real estate securities |  |  |  |
Sequoia Choice securitizations (1) |  | 256,554 |  |  | 249,446 |
CAFL securitizations (1) |  | 112,451 |  |  | 114,044 |
Total real estate securities owned |  | 369,005 |  |  | 363,490 |
Other BPL investments |  | 19,358 |  |  | 21,414 |
Restricted cash |  | 1,100 |  |  | 1,100 |
Total Collateral for Long-Term Debt |  | $ | 1,139,638 |  |  | $ | 1,084,929 |
(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.

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