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Long-Term Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The tables below summarize 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 March 31, 2022 and December 31, 2021. Table 15.1 – Long-Term Debt
|  | March 31, 2022
(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 |  | $ | 133,034 |  |  | $ | (208) |  |  | $ | 132,826 |  |  | N/A |  | 4.21 | % |  | 9/2024
CAFL |  |  |  |  |  |  |  |  |  |  |  |
Facility B |  | 102,351 |  |  | (278) |  |  | 102,073 |  |  | N/A |  | 4.21 | % |  | 2/2025
Facility G |  | 81,995 |  |  | (313) |  |  | 81,682 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility H |  | 430,026 |  |  | (755) |  |  | 429,271 |  |  | $ | 600,000 |  |  | L + 2.50% |  | N/A
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility F |  | 301,200 |  |  | (205) |  |  | 300,995 |  |  | 450,000 |  |  | SOFR + 2.25% |  | 9/2023
Facility I |  | 263,836 |  |  | — |  |  | 263,836 |  |  | 450,000 |  |  | SOFR + 3.24% |  | 6/2023
Total Long-Term Debt Facilities |  | 1,312,442 |  |  | (1,759) |  |  | 1,310,683 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (1,571) |  |  | 197,058 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (1,879) |  |  | 148,321 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (3,182) |  |  | 168,910 |  |  | N/A |  | 5.75 | % |  | 10/2025
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (768) |  |  | 138,732 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,972,863 |  |  | $ | (9,159) |  |  | $ | 1,963,704 |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |
(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) or 1-month SOFR plus an applicable spread. Refer to Note 15 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, for a full description of our long-term debt. Non-Recourse BPL Financing Facility During the three months ended March 31, 2022, we amended facility H (see Table 15.1 above) to increase the borrowing limit from $400 million to $600 million. Recourse BPL Financing Facilities During the three months ended March 31, 2022, we amended the interest rate for Facilities F and I (see Table 15.1 above) to be indexed to a spread over one-month SOFR compared to a LIBOR-indexed spread at December 31, 2021. The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at March 31, 2022 and December 31, 2021. Table 15.2 – Collateral for Long-Term Debt
(In Thousands) |  | March 31, 2022 |  | December 31, 2021
Collateral Type |  |  |  |
Bridge loans |  | $ | 815,580 |  |  | $ | 554,597 |
Single-family rental loans |  | 376,502 |  |  | 244,703 |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | 226,974 |  |  | 247,227 |
CAFL securitizations (1) |  | 264,774 |  |  | 260,405 |
Total Collateral for Long-Term Debt |  | $ | 1,683,830 |  |  | $ | 1,306,932 |
(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 March 31, 2022 and December 31, 2021. Table 15.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | March 31, 2022 |  | December 31, 2021
Long-term debt facilities |  | $ | 1,589 |  |  | $ | 815 |
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 |  | 607 |  |  | 581 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 10,134 |  |  | $ | 11,330 |

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- 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
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