XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

Long-Term Debt | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt 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 September 30, 2021. Table 15.1 – Long-Term Debt
|  | September 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 |  | $ | 147,182 |  |  | $ | (417) |  |  | $ | 146,765 |  |  | N/A |  | 4.21 | % |  | 9/2024
CAFL |  |  |  |  |  |  |  |  |  |  |  |
Facility A |  | 102,370 |  |  | (429) |  |  | 101,941 |  |  | N/A |  | 4.21 | % |  | 2/2025
Facility B |  | 95,011 |  |  | (439) |  |  | 94,572 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility C |  | 105,961 |  |  | (320) |  |  | 105,641 |  |  | 250,000 |  |  | L + 3.00% |  | N/A
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 168,228 |  |  | — |  |  | 168,228 |  |  | 450,000 |  |  | L + 3.10% |  | 6/2023
Facility E |  | 230,883 |  |  | (141) |  |  | 230,742 |  |  | 250,000 |  |  | L + 3.00% |  | 9/2023
Total Long-Term Debt Facilities |  | 849,635 |  |  | (1,746) |  |  | 847,889 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (2,098) |  |  | 196,531 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (2,262) |  |  | 147,938 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (3,582) |  |  | 168,510 |  |  | N/A |  | 5.75 | % |  | 10/2025
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (791) |  |  | 138,709 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,510,056 |  |  | $ | (10,479) |  |  | $ | 1,499,577 |  |  |  |  |  |  |
(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) plus an applicable spread. Recourse Subordinate Securities Financing In the third quarter of 2021, a subsidiary of Redwood entered into a repurchase agreement providing non-marginable recourse debt financing of certain securities retained from our consolidated CAFL securitizations. The financing is guaranteed by Redwood, with an interest rate of approximately 4.75% through June 2024. The financing facility may be terminated, at our option, in June 2023, and has a final maturity in June 2026, provided that the interest rate on amounts outstanding under the facility increases between June 2024 and June 2026. See "Facility B" above for details on borrowings and securities pledged as collateral under this facility at September 30, 2021. Non-Recourse BPL Financing Facilities In the third quarter of 2021, we reclassified one of our non-recourse facilities from long-term to short-term debt as the maturity of this facility was less than one year at September 30, 2021. 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 C" 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 D" above). The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at September 30, 2021 and December 31, 2020. Table 15.2 – Collateral for Long-Term Debt
(In Thousands) |  | September 30, 2021 |  | December 31, 2020
Collateral Type |  |  |  |
Bridge loans |  | $ | 373,597 |  |  | $ | 544,151 |
Single-family rental loans |  | 298,014 |  |  | 154,774 |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | 246,892 |  |  | 249,446 |
CAFL securitizations (1) |  | 256,976 |  |  | 114,044 |
Total real estate securities owned |  | 503,868 |  |  | 363,490 |
Other BPL investments |  | — |  |  | 21,414 |
Restricted cash |  | — |  |  | 1,100 |
Total Collateral for Long-Term Debt |  | $ | 1,175,479 |  |  | $ | 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 September 30, 2021 and December 31, 2020. Table 15.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | September 30, 2021 |  | December 31, 2020
Long-term debt facilities |  | $ | 900 |  |  | $ | 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 |  | 572 |  |  | 669 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 9,410 |  |  | $ | 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

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration