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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.

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