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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 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 December 31, 2021 and 2020. Table 15.1 – Long-Term Debt
|  | December 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 |  |  |  |  |  |  |  |  |  |  |  |
Facility A |  | $ | 144,385 |  |  | $ | (313) |  |  | $ | 144,072 |  |  | N/A |  | 4.21 | % |  | 9/2024
CAFL |  |  |  |  |  |  |  |  |  |  |  |
Facility B |  | 102,351 |  |  | (353) |  |  | 101,998 |  |  | N/A |  | 4.21 | % |  | 2/2025
Facility G |  | 91,707 |  |  | (376) |  |  | 91,331 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility H |  | 307,215 |  |  | (507) |  |  | 306,708 |  |  | 400,000 |  |  | L + 2.75% |  | N/A
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility F |  | 234,349 |  |  | (123) |  |  | 234,226 |  |  | 450,000 |  |  | L + 2.21% |  | 9/2023
Facility I |  | 110,148 |  |  | — |  |  | 110,148 |  |  | 450,000 |  |  | L + 3.35% |  | 6/2023
Total Long-Term Debt Facilities |  | 990,155 |  |  | (1,672) |  |  | 988,483 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (1,836) |  |  | 196,793 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (2,072) |  |  | 148,128 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (3,384) |  |  | 168,708 |  |  | N/A |  | 5.75 | % |  | 10/2025
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (779) |  |  | 138,721 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,650,576 |  |  | $ | (9,743) |  |  | $ | 1,640,833 |  |  |  |  |  |  |
|  | December 31, 2020
(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 |  |  |  |  |  |  |  |  |  |  |  |
Facility A |  | $ | 178,167 |  |  | $ | (729) |  |  | $ | 177,438 |  |  | N/A |  | 4.21 | % |  | 9/2024
Facility B |  | 102,856 |  |  | (656) |  |  | 102,200 |  |  | N/A |  | 4.21 | % |  | 2/2025
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility C |  | 251,721 |  |  | (2,452) |  |  | 249,269 |  |  | 372,248 |  |  | L + 7.50% |  | 6/2022
Facility D |  | 115,081 |  |  | (666) |  |  | 114,415 |  |  | 185,240 |  |  | L + 3.85% |  | 7/2022
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility E |  | 51,950 |  |  | (488) |  |  | 51,462 |  |  | 350,000 |  |  | L + 3.00% |  | 5/2022
Facility F |  | 80,135 |  |  | (193) |  |  | 79,942 |  |  | 250,000 |  |  | L + 3.00% |  | 9/2023
Total Long-Term Debt Facilities |  | 779,910 |  |  | (5,184) |  |  | 774,726 |  |  |  |  |  |  |
FHLBC borrowings |  | 1,000 |  |  | — |  |  | 1,000 |  |  | 1,000 |  |  | 0.30 | % |  | 1/2026
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (2,862) |  |  | 195,767 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (2,815) |  |  | 147,385 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (4,159) |  |  | 167,933 |  |  | N/A |  | 5.75 | % |  | 10/2025
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (826) |  |  | 138,674 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,441,331 |  |  | $ | (15,846) |  |  | $ | 1,425,485 |  |  |  |  |  |  |
(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 December 31, 2021 and 2020. Table 15.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | December 31, 2021 |  | December 31, 2020
Long-term debt facilities |  | $ | 815 |  |  | $ | 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 |  | 581 |  |  | 669 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 11,330 |  |  | $ | 12,402 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table summarizes the value of loans and securities pledged as collateral under our long-term debt facilities at December 31, 2021 and 2020. Table 15.2 – Long-Term Debt
(In Thousands) |  | December 31, 2021 |  | December 31, 2020
Collateral Type |  |  |  |
Bridge loans |  | $ | 554,597 |  |  | $ | 544,151 |
Single-family rental loans |  | 244,703 |  |  | 154,774 |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | 247,227 |  |  | 249,446 |
CAFL securitizations (1) |  | 260,405 |  |  | 114,044 |
Total real estate securities owned |  | 507,632 |  |  | 363,490 |
Other BPL investments |  | — |  |  | 21,414 |
Restricted cash |  | — |  |  | 1,100 |
Total Collateral for Long-Term Debt |  | $ | 1,306,932 |  |  | $ | 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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