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v3.23.1

Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022. Table 16.1 – Long-Term Debt
|  | March 31, 2023
(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 |  | $ | 129,329 |  |  | $ | — |  |  | $ | 129,329 |  |  | N/A |  | 5.71 | % |  | 9/2024
Facility B |  | 101,691 |  |  | — |  |  | 101,691 |  |  | N/A |  | 5.71 | % |  | 2/2025
Facility C |  | 66,197 |  |  | (63) |  |  | 66,134 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 427,310 |  |  | (68) |  |  | 427,242 |  |  | $ | 750,000 |  |  | SOFR + 2.87% |  | N/A
Facility E |  | 305,159 |  |  | (912) |  |  | 304,247 |  |  | 335,000 |  |  | SOFR + 3.25% |  | 12/2025
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility F |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | SOFR + 2.25%-2.50% |  | 9/2024
Recourse MSR Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility G |  | 47,456 |  |  | — |  |  | 47,456 |  |  | 50,000 |  |  | SOFR + 3.25% |  | 9/2024
Total Long-Term Debt Facilities |  | 1,077,142 |  |  | (1,043) |  |  | 1,076,099 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
5.625% convertible senior notes |  | 150,200 |  |  | (1,076) |  |  | 149,124 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 162,092 |  |  | (2,207) |  |  | 159,885 |  |  | N/A |  | 5.75 | % |  | 10/2025
7.75% convertible senior notes |  | 215,000 |  |  | (5,859) |  |  | 209,141 |  |  | N/A |  | 7.75 | % |  | 6/2027
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (721) |  |  | 138,779 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,743,934 |  |  | $ | (10,906) |  |  | $ | 1,733,028 |  |  |  |  |  |  |
|  | December 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 |  | $ | 130,408 |  |  | $ | — |  |  | $ | 130,408 |  |  | N/A |  | 5.71 | % |  | 9/2024
Facility B |  | 101,706 |  |  | (50) |  |  | 101,656 |  |  | N/A |  | 4.21 | % |  | 2/2025
Facility C |  | 68,995 |  |  | (125) |  |  | 68,870 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 404,622 |  |  | (667) |  |  | 403,955 |  |  | $ | 750,000 |  |  | SOFR + 2.87% |  | N/A
Facility E |  | 308,933 |  |  | (838) |  |  | 308,095 |  |  | 335,000 |  |  | SOFR + 3.25% |  | 12/2025
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility F |  | 64,689 |  |  | (473) |  |  | 64,216 |  |  | 500,000 |  |  | SOFR + 2.25%-2.50% |  | 9/2024
Total Long-Term Debt Facilities |  | 1,079,353 |  |  | (2,153) |  |  | 1,077,200 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
5.625% convertible senior notes |  | 150,200 |  |  | (1,282) |  |  | 148,918 |  |  | N/A |  | 5.625 | % |  | 7/2024
5.75% exchangeable senior notes |  | 162,092 |  |  | (2,410) |  |  | 159,682 |  |  | N/A |  | 5.75 | % |  | 10/2025
7.75% convertible senior notes |  | 215,000 |  |  | (6,142) |  |  | 208,858 |  |  | N/A |  | 7.75 | % |  | 6/2027
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (733) |  |  | 138,767 |  |  | N/A |  | L + 2.25% |  | 7/2037
Total Long-Term Debt |  | $ | 1,746,145 |  |  | $ | (12,720) |  |  | $ | 1,733,425 |  |  |  |  |  |  |
(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) or SOFR, plus an applicable spread. The following table summarizes the accrued interest payable on long-term debt at March 31, 2023 and December 31, 2022. Table 16.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | March 31, 2023 |  | December 31, 2022
Long-term debt facilities |  | $ | 3,058 |  |  | $ | 3,364 |
Convertible notes |  |  |  |
5.625% convertible senior notes |  | 1,784 |  |  | 3,896 |
5.75% exchangeable senior notes |  | 4,662 |  |  | 2,332 |
7.75% convertible senior notes |  | 4,906 |  |  | 741 |
Trust preferred securities and subordinated notes |  | 1,659 |  |  | 1,633 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 16,069 |  |  | $ | 11,966 |
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 March 31, 2023 and December 31, 2022. Table 16.2 – Collateral for Long-Term Debt
(In Thousands) |  | March 31, 2023 |  | December 31, 2022
Collateral Type |  |  |  |
BPL bridge loans |  | $ | 922,296 |  |  | $ | 897,782 |
BPL term loans |  | — |  |  | 66,567 |
Mortgage servicing rights (including certified MSRs) |  | 73,366 |  |  | — |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | 181,897 |  |  | 178,439 |
CAFL securitizations (1) |  | 236,540 |  |  | 237,068 |
Total Collateral for Long-Term Debt |  | $ | 1,414,099 |  |  | $ | 1,379,856 |
(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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