XML 63 R52.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

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 rates, and the maturity information at March 31, 2024 and December 31, 2023.

Table 16.1 – Long-Term Debt

						March 31, 2024
(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 C						$	55,526					$	—					$	55,526					N/A						5.00		%				6/2026
Non-Recourse Residential Investor Loan Financing
Facility D						475,072						—						475,072						$	750,000					SOFR + 2.76%						N/A
Recourse Residential Investor Loan Financing
Facility F						—						—						—						500,000						SOFR + 2.25%-2.60%						9/2025
Facility H						368,363						—						368,363						450,000						SOFR + 2.25%-2.60%						7/2025
Facility I						228,970						—						228,970						450,000						SOFR + 2.25%-2.45%						6/2025
Facility J						25,368						(824)						24,544						100,000						AMERIBOR + 5.00%						12/2026
Other Recourse Financing
Facility K						—						—						—						200,000						SOFR + 5.00%						3/2026
Total Long-Term Debt Facilities						1,153,299						(824)						1,152,475
Convertible notes
5.75% exchangeable senior notes						156,666						(1,320)						155,346						N/A						5.75		%				10/2025
7.75% convertible senior notes						207,410						(4,499)						202,911						N/A						7.75		%				6/2027
Trust preferred securities and subordinated notes						139,500						(675)						138,825						N/A						SOFR + 2.51%						7/2037
Senior Notes						60,000						(2,419)						57,581						N/A						9.13		%				3/2029
Total Long-Term Debt						$	1,716,875					$	(9,737)					$	1,707,138

						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 Residential Investor Loan 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 Residential Investor Loan 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

(1)Variable rate borrowings are based on 1- or 3-month AMERIBOR or SOFR, plus an applicable spread.

The following table summarizes the accrued interest payable on long-term debt at March 31, 2024 and December 31, 2023.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)						March 31, 2024						December 31, 2023
Long-term debt facilities						$	5,498					$	5,502
Convertible notes
5.75% exchangeable senior notes						4,503						2,251
7.75% convertible senior notes						4,573						566
Trust preferred securities and subordinated notes						1,881						1,929
Senior Notes						1,049						—
Total Accrued Interest Payable on Long-Term Debt						$	17,504					$	10,248

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, 2024 and December 31, 2023.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)						March 31, 2024						December 31, 2023
Collateral Type
Residential investor bridge loans						$	1,223,044					$	1,205,366
Residential investor term loans						212,589						122,541
Real estate securities
CAFL securitizations (1)						115,025						237,607
Total Collateral for Long-Term Debt						$	1,550,658					$	1,565,514

(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.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481444/860-30-45-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

+ Details

Name:	us-gaap_ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration