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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022.

Table 16.1 – Long-Term Debt

						June 30, 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						$	128,287					$	—					$	128,287					N/A						5.71		%				9/2024
Facility B						101,465						—						101,465						N/A						5.71		%				2/2025
Facility C						63,309						—						63,309						N/A						4.75		%				6/2026
Non-Recourse BPL Financing
Facility D						504,735						(543)						504,192						$	750,000					SOFR + 2.87%						N/A
Facility E						283,144						(938)						282,206						335,000						SOFR + 3.25%						12/2025
Recourse BPL Financing
Facility F						17,615						(11)						17,604						500,000						SOFR + 2.35%-2.60%						9/2024
Recourse MSR Financing
Facility G						47,169						—						47,169						50,000						SOFR + 3.25%						9/2024
Total Long-Term Debt Facilities						1,145,724						(1,492)						1,144,232
Convertible notes
5.625% convertible senior notes						150,200						(868)						149,332						N/A						5.625		%				7/2024
5.75% exchangeable senior notes						162,092						(2,002)						160,090						N/A						5.75		%				10/2025
7.75% convertible senior notes						215,000						(5,570)						209,430						N/A						7.75		%				6/2027
Trust preferred securities and subordinated notes						139,500						(710)						138,790						N/A						L + 2.25%						7/2037
Total Long-Term Debt						$	1,812,516					$	(10,642)					$	1,801,874

						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. As described above within Note 3, as a result of legislation that was passed in the state of New York, our trust preferred securities and subordinated notes are expected to convert to SOFR upon the cessation of LIBOR in 2023.

The following table summarizes the accrued interest payable on long-term debt at June 30, 2023 and December 31, 2022.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)						June 30, 2023						December 31, 2022
Long-term debt facilities						$	4,569					$	3,364
Convertible notes
5.625% convertible senior notes						3,896						3,896
5.75% exchangeable senior notes						2,328						2,332
7.75% convertible senior notes						741						741
Trust preferred securities and subordinated notes						1,814						1,633
Total Accrued Interest Payable on Long-Term Debt						$	13,348					$	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 June 30, 2023 and December 31, 2022.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)						June 30, 2023						December 31, 2022
Collateral Type
BPL bridge loans						$	971,338					$	897,782
BPL term loans						20,564						66,567
Mortgage servicing rights (including certificated MSRs)						75,284						—
Real estate securities
Sequoia securitizations (1)						178,680						178,439
CAFL securitizations (1)						234,196						237,068
Total Collateral for Long-Term Debt						$	1,480,062					$	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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