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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The table below summarizes 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 December 31, 2023 and 2022. Table 16.1 – Long-Term Debt
|  | December 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 B |  | $ | 101,228 |  |  | $ | — |  |  | $ | 101,228 |  |  | N/A |  | 5.71 | % |  | 2/2025
Facility C |  | 57,982 |  |  | — |  |  | 57,982 |  |  | N/A |  | 4.75 | % |  | 6/2026
Non-Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility D |  | 481,465 |  |  | (194) |  |  | 481,271 |  |  | $ | 750,000 |  |  | SOFR + 2.94% |  | N/A
Facility E |  | 70,858 |  |  | (750) |  |  | 70,108 |  |  | 100,000 |  |  | SOFR + 3.25% |  | 12/2025
Recourse BPL Financing |  |  |  |  |  |  |  |  |  |  |  |
Facility F |  | 40,827 |  |  | (86) |  |  | 40,741 |  |  | 500,000 |  |  | SOFR + 2.35%-2.60% |  | 9/2025
Facility H |  | 244,263 |  |  | — |  |  | 244,263 |  |  | 450,000 |  |  | SOFR + 2.40%-2.60% |  | 7/2025
Facility I |  | 176,986 |  |  | — |  |  | 176,986 |  |  | 450,000 |  |  | SOFR + 2.25%-2.45% |  | 3/2025
Facility J |  | 8,985 |  |  | (646) |  |  | 8,339 |  |  | 100,000 |  |  | AMERIBOR + 5.00% |  | 12/2026
Total Long-Term Debt Facilities |  | 1,182,594 |  |  | (1,676) |  |  | 1,180,918 |  |  |  |  |  |  |
Convertible notes |  |  |  |  |  |  |  |  |  |  |  |
5.75% exchangeable senior notes |  | 156,666 |  |  | (1,528) |  |  | 155,138 |  |  | N/A |  | 5.75 | % |  | 10/2025
7.75% convertible senior notes |  | 210,910 |  |  | (4,878) |  |  | 206,032 |  |  | N/A |  | 7.75 | % |  | 6/2027
Trust preferred securities and subordinated notes |  | 139,500 |  |  | (687) |  |  | 138,813 |  |  | N/A |  | SOFR + 2.51% |  | 7/2037
Total Long-Term Debt |  | $ | 1,689,670 |  |  | $ | (8,769) |  |  | $ | 1,680,901 |  |  |  |  |  |  |
Table 16.1 – Long-Term Debt (continued)
|  | 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 December 31, 2023 and 2022. Table 16.3 – Accrued Interest Payable on Long-Term Debt
(In Thousands) |  | December 31, 2023 |  | December 31, 2022
Long-term debt facilities |  | $ | 5,502 |  |  | $ | 3,364 |
Convertible notes |  |  |  |
5.625% exchangeable senior notes |  | — |  |  | 3,896 |
5.75% exchangeable senior notes |  | 2,251 |  |  | 2,332 |
7.75% convertible senior notes |  | 566 |  |  | 741 |
Trust preferred securities and subordinated notes |  | 1,929 |  |  | 1,633 |
Total Accrued Interest Payable on Long-Term Debt |  | $ | 10,248 |  |  | $ | 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 December 31, 2023 and 2022. Table 16.2 – Collateral for Long-Term Debt
(In Thousands) |  | December 31, 2023 |  | December 31, 2022
Collateral Type |  |  |  |
BPL bridge loans |  | $ | 1,205,366 |  |  | $ | 897,782 |
BPL term loans |  | 122,541 |  |  | 66,567 |
Real estate securities |  |  |  |
Sequoia securitizations (1) |  | — |  |  | 178,439 |
CAFL securitizations (1) |  | 237,607 |  |  | 237,068 |
Total Collateral for Long-Term Debt |  | $ | 1,565,514 |  |  | $ | 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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