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Long-Term Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | 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 June 30, 2022 and December 31, 2021. Table 15.1 – Long-Term Debt
|  | June 30, 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 |  | $ | 132,212 |  |  | $ | (104) |  |  | $ | 132,108 |  |  | N/A |  | 4.21 | % |  | 9/2024
CAFL |  |  |  |  |  |  |  |  |  |  |  |
Facility B |  | 102,018 |  |  | (202) |  |  | 101,816 |  |  | N/A |  | 4.21 | % |  | 2/2025
Facility C |  | 76,195 |  |  | (251) |  |  | 75,944 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 500,608 |  |  | (1,026) |  |  | 499,582 |  |  | $ | 600,000 |  |  | L + 2.50% |  | N/A
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility E |  | 294,702 |  |  | (103) |  |  | 294,599 |  |  | 450,000 |  |  | SOFR + 2.25% |  | 9/2023
Total Long-Term Debt Facilities |  | 1,105,735 |  |  | (1,686) |  |  | 1,104,049 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
4.75% convertible senior notes |  | 198,629 |  |  | (1,302) |  |  | 197,327 |  |  | N/A |  | 4.75 | % |  | 8/2023
5.625% convertible senior notes |  | 150,200 |  |  | (1,683) |  |  | 148,517 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 172,092 |  |  | (2,977) |  |  | 169,115 |  |  | N/A |  | 5.75 | % |  | 10/2025
7.75% convertible senior notes |  | 215,000 |  |  | (6,691) |  |  | 208,309 |  |  | N/A |  | 7.75 | % |  | 6/2027
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (756) |  |  | 138,744 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,981,156 |  |  | $ | (15,095) |  |  | $ | 1,966,061 |  |  |  |  |  |  |
|  | 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 C |  | 91,707 |  |  | (376) |  |  | 91,331 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 307,215 |  |  | (507) |  |  | 306,708 |  |  | $ | 400,000 |  |  | L + 2.75% |  | N/A
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility E |  | 234,349 |  |  | (123) |  |  | 234,226 |  |  | 450,000 |  |  | L + 2.21% |  | 9/2023
Facility F |  | 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. The following table summarizes the accrued interest payable on long-term debt at June 30, 2022 and December 31, 2021. Table 15.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | June 30, 2022 |  | December 31, 2021
Long-term debt facilities |  | $ | 2,775 |  |  | $ | 815 |
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 |
7.75% convertible senior notes |  | 1,018 |  |  | — |
Trust preferred securities and subordinated notes |  | 850 |  |  | 581 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 14,577 |  |  | $ | 11,330 |
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 June 30, 2022 and December 31, 2021. Table 15.2 – Collateral for Long-Term Debt
(In Thousands) |  | June 30, 2022 |  | December 31, 2021
Collateral Type |  |  |  |
Bridge loans |  | $ | 779,467 |  |  | $ | 554,597 |
Single-family rental loans |  | 180,482 |  |  | 244,703 |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | 198,640 |  |  | 247,227 |
CAFL securitizations (1) |  | 247,106 |  |  | 260,405 |
Total Collateral for Long-Term Debt |  | $ | 1,405,695 |  |  | $ | 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.

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