Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021.

Table 16.1 – Long-Term Debt

	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

Table 16.1 – Long-Term Debt (continued)

	December 31, 2021
(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	$	144,385	$	(313)	$	144,072	N/A	4.21	%	9/2024
Facility B	102,351		(353)		101,998		N/A	4.21	%	2/2025
Facility C	91,707		(376)		91,331		N/A	4.75	%	6/2026
Non-Recourse BPL Financing
Facility D	307,215		(507)		306,708		400,000	L + 2.75%		N/A
Recourse BPL Financing
Facility G	234,349		(123)		234,226		450,000	L + 2.21%		9/2023
Facility H	110,148		—		110,148		450,000	L + 3.35%		6/2023
Total Long-Term Debt Facilities	990,155		(1,672)		988,483
Convertible notes
4.75% convertible senior notes	198,629		(1,836)		196,793		N/A	4.75	%	8/2023
5.625% convertible senior notes	150,200		(2,072)		148,128		N/A	5.625	%	7/2024
5.75% exchangeable senior notes	172,092		(3,384)		168,708		N/A	5.75	%	10/2025
Trust preferred securities and subordinated notes	139,500		(779)		138,721		N/A	L + 2.25%		7/2037
Total Long-Term Debt	$	1,650,576	$	(9,743)	$	1,640,833

(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, 2022 and 2021.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)	December 31, 2022		December 31, 2021
Long-term debt facilities	$	3,364	$	815
Convertible notes
4.75% convertible senior notes	—		3,564
5.625% convertible senior notes	3,896		3,896
5.75% exchangeable senior notes	2,332		2,474
7.75% convertible senior notes	741		—
Trust preferred securities and subordinated notes	1,633		581
Total Accrued Interest Payable on Long-Term Debt	$	11,966	$	11,330

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, 2022 and 2021.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)	December 31, 2022		December 31, 2021
Collateral Type
BPL bridge loans	$	897,782	$	554,597
BPL term loans	66,567		244,703
Real estate securities
Sequoia securitizations (1)	178,439		247,227
CAFL securitizations (1)	237,068		260,405
Total Collateral for Long-Term Debt	$	1,379,856	$	1,306,932

(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.