XML 59 R47.htm IDEA: XBRL DOCUMENT
v3.21.2

Long-Term Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 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. 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 |
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 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.

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 Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
Name: | us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration