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Long-Term Debt (Tables)

12 Months Ended

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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