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Long-Term Debt (Tables)

3 Months Ended

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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