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Long-Term Debt (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021.

Table 16.1 – Long-Term Debt

						September 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						$	131,316					$	—					$	131,316					N/A						4.21		%				9/2024
CAFL
Facility B						102,006						(126)						101,880						N/A						4.21		%				2/2025
Facility C						71,792						(189)						71,603						N/A						4.75		%				6/2026
Non-Recourse BPL Financing
Facility D						565,028						(976)						564,052						$	750,000					L + 2.51%						N/A
Recourse BPL Financing
Facility G						—						—						—						500,000						SOFR + 2.25% - 2.50%						9/2024
Total Long-Term Debt Facilities						870,142						(1,291)						868,851
Convertible notes
5.625% convertible senior notes						150,200						(1,484)						148,716						N/A						5.625		%				7/2024
5.75% exchangeable senior notes						172,092						(2,769)						169,323						N/A						5.75		%				10/2025
7.75% convertible senior notes						215,000						(6,419)						208,581						N/A						7.75		%				6/2027
Trust preferred securities and subordinated notes						139,500						(745)						138,755						N/A						L + 2.25%						7/2037
Total Long-Term Debt						$	1,546,934					$	(12,708)					$	1,534,226

						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 September 30, 2022 and December 31, 2021.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)						September 30, 2022						December 31, 2021
Long-term debt facilities						$	2,685					$	815
Convertible notes
4.75% convertible senior notes						—						3,564
5.625% convertible senior notes						1,784						3,896
5.75% exchangeable senior notes						4,947						2,474
7.75% convertible senior notes						5,184						—
Trust preferred securities and subordinated notes						1,228						581
Total Accrued Interest Payable on Long-Term Debt						$	15,828					$	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 September 30, 2022 and December 31, 2021.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)						September 30, 2022						December 31, 2021
Collateral Type
Bridge loans						$	699,704					$	554,597
Single-family rental loans						—						244,703
Real estate securities
Sequoia securitizations (1)						184,363						247,227
CAFL securitizations (1)						240,683						260,405
Total Collateral for Long-Term Debt						$	1,124,750					$	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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