XML 64 R50.htm IDEA: XBRL DOCUMENT v3.22.0.1

Long-Term Debt (Tables)

12 Months Ended

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.

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