Long-Term Debt

6 Months Ended

Jun. 30, 2021

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 June 30, 2021.

Table 15.1 – Long-Term Debt


	June 30, 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	$	160,102	$	(521)	$	159,581	N/A	4.21	%	9/2024
CAFL	102,424		(505)		101,919		N/A	4.21	%	2/2025
Non-Recourse BPL Financing
Facility A	45,582		(444)		45,138		45,582	L + 3.85%		7/2022
Facility B	57,616		(199)		57,417		250,000	L + 3.00%		N/A
Recourse BPL Financing
Facility C	269,100		—		269,100		450,000	L + 3.40%		6/2023
Facility D	200,275		(158)		200,117		250,000	L + 3.00%		9/2023
Total Long-Term Debt Facilities	835,099		(1,827)		833,272
Convertible notes
4.75% convertible senior notes	198,629		(2,356)		196,273		N/A	4.75	%	8/2023
5.625% convertible senior notes	150,200		(2,450)		147,750		N/A	5.625	%	7/2024
5.75% exchangeable senior notes	172,092		(3,776)		168,316		N/A	5.75	%	10/2025
Trust preferred securities and subordinated notes	139,500		(803)		138,697		N/A	L + 2.25%		7/2037
Total Long-Term Debt	$	1,495,520	$	(11,212)	$	1,484,308

(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) plus an applicable spread.

Non-Recourse BPL Financing Facilities

In the second quarter of 2021, we repaid one of our non-recourse BPL financing facilities that had a balance of $242 million at March 31, 2021, and entered into a new non-recourse facility to finance business purpose bridge loans with a total borrowing capacity of $250 million (see details for "Facility B" above).

Recourse BPL Financing Facilities

In the second quarter of 2021, we reclassified one of our recourse facilities with a borrowing capacity of $450 million from short-term to long-term debt as we amended the terms of this facility, including an extension of its maturity (see details for "Facility C" above).

The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at June 30, 2021 and December 31, 2020.

Table 15.2 – Collateral for Long-Term Debt


(In Thousands)	June 30, 2021		December 31, 2020
Collateral Type
Bridge loans	$	555,791	$	544,151
Single-family rental loans	246,903		154,774
Real estate securities
Sequoia securitizations (1)	256,910		249,446
CAFL securitizations (1)	112,207		114,044
Total real estate securities owned	369,117		363,490
Other BPL investments	—		21,414
Restricted cash	—		1,100
Total Collateral for Long-Term Debt	$	1,171,811	$	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.

The following table summarizes the accrued interest payable on long-term debt at June 30, 2021 and December 31, 2020.

Table 15.3 – Accrued Interest Payable on Long-Term Debt


(In Thousands)	June 30, 2021		December 31, 2020
Long-term debt facilities	$	704	$	1,799
Convertible notes
4.75% convertible senior notes	3,564		3,564
5.625% convertible senior notes	3,896		3,896
5.75% exchangeable senior notes	2,474		2,474
Trust preferred securities and subordinated notes	585		669
Total Accrued Interest Payable on Long-Term Debt	$	11,223	$	12,402

Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for a full description of our long-term debt